The Washington times., 1913-03-18
RA|LWAY ISSUES
STRONG ON CHANGE
Common and Preferred Are in
Demand and Formers Bid Is
Raised-List New Issues.

washington Railway stocks were in
demand again on the Washington Stock
Exchange today, but there was little
to be had. The bid for the common
stock was raised to S71k. with none Of
fered. Forty shares of the preferred
were obtained at SsH.
The only other sales made today were
$1,000 of Potomac consolidated SIS, at
l01, and $1,000 of Capital Traction SIS
1t 110le. The session was one of the
dullest in weeks. much like the New
York Exhcange today.
1t is expected that: application will
soon be made to list the securities of
the Washington Utilities Company on
the local exchange.
The State Of Missouri now follows
the example of the District of Columbia
by creating a public utilities commits
sion. Governor Major yesterday signed
the bill, " nfch creates a State board of
hve members TO regulate the rates and
service Of all public utilities corpora
uons in Missouri The law is modelled
after the New York law.
Provision Is made for a court appeal
from decisions of the commission, but a
clause in the bill provides for the
speedy advancement OF such cases on
court dockets.
-,
the Washington institution established
by the railways for the study of trans
portation problems, under the direction
Of Prof. Logan c. Mcpherson, has just
ifSled an interesting bulletin On the
relation between the DEVELOPMENT of the
railroads and agriculture in the last
census decade. The study liz sum-
married as follows:
During the last census decade the miles
of main track OF the railways increased
at nearly double the rate of increase
in improved farm land, and at three
times the rate of increase in the area
devoted 20 crops.
Measured in the aggregate, the out
put Of the railways-ton-miles and pas
observation-disclosures 50 per cent and
1o2 per cent, respectively, while the out
put of the ten principal crops aver
aged an increase of about per cent
While the railway output per mile
increased % per cent and 56 per cent,
respectively, the output per acre of the
ten principal crops averaged a decrease
Of about ] per cent.
Measured per loo inhabitants the
output and the revenue OF the rail-
ways-that is, the work performed and
money received-increased at very near
OF the ten principal crops, however,
measured per 1000 inhabitants de-
creased from ) TO 2 per cent, while
the farm value increased from 81 to
30 per cent. The output Of the remain
ing five crops increased. in the same
relation. from one-half of / per cent
to % per cent while the farm value in
creased from 81 10 Sc per cent.
The increase in the farm value of the
crops was a, a greater ratio than the
Increase in the prices OF the staple COM
modities. For example. i.oGJ bushels Of
corn in 1910 would purchase greater
quantities OF all commodities by "a
per cent than would loo bushels OF
corn In 1900 1000 bushels Of wheat
greater quantities by i3.S per cent. and
by s3.4 per cent One thousand bushels
OF corn would purchase iE 1910 I5.7 per
cent more ton-miles and S76 per cent
more passenger-miles than would 100
corn in 1900; 1000 bushels OF wheat
s5.s per cent more ton-miles ard al per
cent more passenger-m'les: 100 bale OF
cotton &.4 per cent more ton-miles and
I01.l per cent more Dasse engeT-niles.
Conversely the purchasing power OF
the receipts from 1000 ton-m!les in 1910
Of all commodities was l2.3 pr cent less
than that OF loo ton-milss in 1900. and
the purchasing power Of I CO.. pascng r
miles was Is.s per cent less.
Participants in the SCR 80 GOO Baltimore
and Ohio convertible ~ rer cen. bond
syndicate have been called unon fo~
he first payrnent nr 75 oer cent OF the
bonds allotted TO them. This indicates
that only about sIe 0n0ano cf tho ho-ds
were taken bv stockholders urdoub'" "d-
ly meaning that 7eifher the Penns-l-
vania nor ITn'o7 Pacific suoscribed for
its share. Failure OF Individual stonk-
holders who were entitled to about
$40. 900 900 Of the bonds. 20 take their
norton is Iaid largely at the doo- of
the MARYLAND public service commission,
which withheld its approval until the
last minute. saws the Wall Street Jour-
nal The bonds did not 20 below 96
until this situation, developed.