The Washington herald., 1913-10-11
LEADING RAILS
SUFFER LOSSES
Steel Helpful to List, but
Union Pacific, Reading and
Copper Slump.
BRANDIES In RATE CASE
Railway Common Bids Move Up
Steadily-Merger Is Set Aside.
Gossip of Street.
By i. A. Fleming.


Steel common was something of a sus-
tanning influence to the stock list, rather
than a weakening, as ii has been for
sCme time. while Union Pacific and Read
ing continued to weaken and trend to
still lower figures. Market is very un-
certain these days, with nothing to give
Il stimulus to higher figures, and but
little in the way of the bears in their
efforts TO make headway by short SELL
Ing.
Judge Lovett further knocked the hope
Of the seekers after big spOils from the
Union Pacific treasury by making palmer
the meaning of the statement made pub
lie Thursday, when he declared that the
directors in their deliberations concern
Ing an extra disbursement, never intend
I'd or considered any proposition which
would tend to a reduction in the regular
o per cent rate Of dividend
AS a matter of fact, Union Paciflc's
policy should advance the stock, conser-
vative and wise, but this is not the time
when big men are standing back or the
list; there does not seem TO be support
anywhere and the sagging, sloughing
movement continues and is likely to con-
tinue for some time, with recoVerles only
when it pleases the bears to take in their
profits or something decidedly favorable
occurs to change the trend.
DO NOI
One of the strongest bear factors in
the news of the day was the retention
Of Brandies as the special counsel for
the Interstate Commerce Commission i'll
the matter of the horizontal advance OF
) per centum i'll rates.
II is bad enough to endeavor TO sus-
tain any proposition giving railroads the
better Of almost anything without having
the added weight of Brandies and his
theories Wall Street accepted it as the
missing average in the game, meaning
that the chances for success were nil,
even before the arguments were ad-
VanCed.
Copper Weaker.
AmaIgamated Copper was very weak
in London and as a result Amalsamated
was also soft and other copper shares
were in sympathy. Europe showed de-
cided Uneasiness over conditions. In
dustriaI depression in Germany is the
latest report, in variance with the PROM
ised rush of competition with Ameri-
can manufacturers.
The only feature furnishing any salts
faction to the friends of securities was
the notable decrease in actual hquida-
tion. and a number of stocks rallied in
the afternoon, partially influenced by the
latent strength Of Steel common, which
recovered from So 3-S. the low of the
session to 56, or all but IA of a point
OF its loss.
The losses were quite marked in Union
Pacific. with l ii; Reading, 81; Copper,
ll-2: Interboro preferred. 3-4; Illinois
Central / and ! SIS in Canadian Pacitlc.
There was talk of government prose-
rution Of American Telegraph and Tele-
phone and a drop OF points resulted.
Pennsylvania, Northern Pacific, Great
Northern and Northern Central gave
good account Of themselves, while Mis-
souri, Pacific led the list with 3i net
advanc"
Approve Dissolution.
The majority of the shareholders of the
Washington Utilities Company. repre-
scented by proxies. met in the office of Mr..
Booth. at Alexandria. and approved the
recommendation of the directors that tht
merger whereby the WashingtOn-N Virginia
Railway Company was absorbed by the
Washington Utilities Company should be
dissolved and the conditions as to the
two companies prior to the merger re
stored.
Steps were ordered taken for the forma-
ton of a new washington-Virginia Railway
Company. and the stock of the new COM
Uany will be returned to the former share
holders of the Washington-Nirginia Rail
way Company. AS most of me Sharehold-
ers are also stockholders in the Wash
lngton Utilities Company, and the merger
was simply an exchange of stocks, the
matter presents few difficulties.
A small number of Washington-Virgini
Railway Company stockholders withheld
their stock from the merger exchange,
and will now be given stock in the new
company in exchange for the old and
they will also receive back dividends
which have been held in escrow for them.
The reincarnation of the Washington
Virginia Railway Company was made
necessary by the refusal Of the Washing
ton Public Utilities Commission to ap-
prove a Washington Utilities Company
bond ISSUE charging ownership OF more
than 20 per cent of the stock of the Wash |
ington-V Virginia Company.
1t will not be necessary to go before the |
commission in the event of the Washing |
ton Utilities Corporation now desiring to |
issue bonds, &c. The approval of the |
Virginia State Commission alone is
needed. |
Railway Common, 81 Bid.
With bid prices on Railway and Elec-
trio Common stock being marked up |
Y point daily, as during the current |
week, it is but natural that the owners |
of the shares should sit tight and refuse |
to part with their HOLDINGS. the more |
so as par is steadily predicted as |
probability of the near future. So much |
of this stock is tied up in the treasury |
of the Washington Utilities Company /
and in trust elsewhere that the float |
ing supply has been greatly reduced. 1t |
is reported that an extra dividend will |
be declared with the next pay
ment due December l. So far this year
4 per cent has been paid, two of IL
per cent and one of IL per cent. An
extra l per cent would make the dis
for the year per cent even.
It is also reported that the full dividend
on common shares was practically
earned by the first of the current month
Yesterdays bid price was "a and asked
IS, with but little chance for any amount
being sold at the asked price
And still the preferred stock fingers
around S0iz, where Is shares covered yes
terday's limited trade.
Ten shares of Capital Traction at
l15k and seven OF Gas at S6 covered the
limited stock trades. 80 shares in all.
Potomac Consolidateds were wanted to
the extent of five $1,000 bonds at s9Z
and like amount of Railway Is sold at
S2h
Government Bonds.
United States Is made a new low on
Thursday when they dropped to g41-2
yesterday IS was bid, offered at g5 Ia
The sale at s4h establishes a new low