The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-27

reserve to liabilities is now f7.5U per cent
against 5l.a per cent last week, ana
compares with a decline from 1850 to
45s per cent in this week last year.
General Counsel Clark, of the Union
Pacific Railroad, left Washington Thurs
day for st. Paul, to be present when the
Circuit Court renders its decision with
respect to the dissolution plan. II is not
improbable that Judge Lovett and pos
sibly some other officials, will go to ST.
Paul also for this purpose.
In the Federal Court at st. Paul, H S.
Priest. attorney for the receivers of the
st. Louis and San Francisco Railroad,
asked the court to receivership the Texas,
New Orleans and Mexico and other SUBJ
sidiary lines of the Frisco. Mr.. Priest
said that receivership proceedings were
threatened in local courts, where the
lines were located. which would sever
the roads from the system.
Subtreasury gained s2,156ooO from the
banks on Wednesday, making a cash
net gain since Friday of s7,127,0oo.
The l. c. c. says: THE fact that we
have decided to further investigate this
subject must not be taken as an intima-
ton that the Commission has reached
a conclusion that revenues are made
quate or that rates should be advanced.
Upon this question no opinion has been
formed. The statute gives to any party
the right to take by complaint any rate
and no general conclusion which the
Commission may reach or announce I'M
this investigation can effect that rate"
The directors of the Virginia Carolina
Chemical Company at their meeting yes
terday decided to postpone action on the
semi-annual dividend Of l-2 per cent on
the common stock. The regular quarter
ly per cent dividend on the preferred
was declared.
Simmons & slade-we favor the pur-
weakness.
The Pittsburg Coal Company has de-
clared the regular quarterly dividend of
IA per cent.
The De Beers Consolidated Mines Com
pany yesterday declared a dividend of
Is shillings a share and a bonus of 5
shillings a share. The declaration
equaled expectations.
+, A cable from London to Harris, Win
throp & Co. says that the Anglo-Ameri-
can OH Company has declared a 10 per
of 100 per cent. subject to the approval of
stockholders on August I.
After a special meeting of the directors
of the Union Pacific yesterday r. S
Lovett said: We are still working on a
plan of dissolution for the Hartman
lines. There are certain features of the
plan which We're discussed by the Attor-
ney General, myself. and Mr. Cravath in
Washington Wednesday, which I desired
to place before the board of directors
For that reason I called a special meet
ing yesterday morning" When asked for
further details with regard to the special
meeting and the progress which is being
made with the plan. Mr.. Lovett said that
he preferred not to discuss the matter |
further.
The fact that Judge Lovett is about TO |
sail for Europe is regarded as the strong |
est indication that the segregation matter |
has been fully arranged
Southern Pacific for May-Gross in
crease, s75l.l94; operating expenses, in |
crease. sSiisCS; net operating revenue. |
increase, S2S6,6s
American Car and Foundry Companv
reports for year ended April ~ total
earnings, increase, sl.34S,077; net increase |
siss,3oO; surplus, increase, 80, $50.
1t is understood that the directors or
the Pacific Gas and Electric Company
have decided to pass the per cent dIvI-
dend that has been paid for some time
past on its common stock, II, indeed.
such action has not already been taken |
The cause OF this action Is SAID not TO
be poor business or unfavora bic condI-
tons, but lack OF funds In the treasury
to meet this obligation. Earnings con-
unue to hold up remarkably well, ana
1t is expected that at least or 6Ik PEI
cent will be earned on the common stock
this year.
Chesapeake and Ohio has sold to Kuhn.
S.5UO.V1 notes maturing June l. 1914
Improvement work is well IN hand ana
no additional notes are to be sold, as
this provides for the company's require
ments for the year.
E. & c. Randolph-rhe opening of our
market was extremely active. and prices
were higher. London houses were the
principal buyers. taxing IU.UV snares on
balance. So far as actual knowledge is
concerned. the street has no Information
re the nature OF the dissolution plan
arrived at, but the activity or Union
Pacirlc and Its advance would indicate
that the larger interests seem TO be
buying the stock ana regard the settle
ment plan with favor. A good deal or
comment was aroused Thursday morn
ing by the publication IN Boston or an
article which appeared in the London
Statlst on the American railway situa-
ton. Tne article is very Interesting. and
sums up the fact that the financial
position OF the American railways IN
which the British investors are inter-
ested is exceptionally strong, and that,
taken as a whole, the results or 1911
and 1917 were most satisfactory. IN the