The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-12-13
DECLINES rule
STOCK EXCHANGE
Renewed Weakness of New
Haven Again Causes Mar
ket to Drift Downward.
LOCAL TONE FAVORABLE
Capital Traction IS in Demand-Diy-
idends Are DecIared-President
Norment in Baltimore.

stop-iosS ORDERS were uncovered, ana
general decline carried leading issues
down two points.
Fears regarding President Wilson s
health had a disquieting effect in financial
circles
Traders forced down the price of steel
The focus of interest was New Haven.
investors who were slow to believe the
directors entirely would stop dividends
now are bringing their shares to market,
out are waiting better market to actu-
ally sell. Dribbling liquidation will no
doubt continue for some time and carry
the price to new low levels.
From s. the stock dropped to s. So
Canadian Pacific fell two points further.
Considerable disappointment is felt over
the recent issue of certificates. 1t is fig
ured that the railroad company has trans
ferred direct to the stockholders the right
TO collect future payments on past sales
of real estate This may, perhaps, prove
a dubious asset If a further readjustment
of land values occurs in Canada.
New York Central made what was re-
garded as a wretched statement in its
report for October to the Interstate Com
merce Commission. With a gross in
crease of $37s,OOO maintenance expenses
including operation increases S4s1. 900. For
the four months ending with October,
gross increased $2.7OO,OO0 but operating
income fell OF S697 900. In view of these
figures the Street wonders why the 5 per
cent dividend rate was maintained. The
wisdom Of such action is gravely ques-
toned and the price of the shares re-
fleets this sentiment The stock closed
weak at 81 3-S, a loss of / IS.
Reading, Union Pacific, and Copper, re-
Gently notable for strength, succumbed
10 the general tendency, with losses that
averaged points Stop-loss Orders were
noted in Union Pacific and the buying
in Amalgamated Copper became poorer
as the price receded.
Corn Products sold at 3-& Pennsyl-
vania, as a large holder of New Haven,
reflected the weakness in the latter stock
by dropping to log Il
Rock Island IS dropped from 81 to 40 "a.
The recent declaration of the regular
dividend on the old stock has not inn
proved the position of these securities.
Present dividends are not being earned,
and it is considered extremely doubtful
If the prevailing rates can be maintained
for the next six months.
Traction IS in Demand.
The feature of the. trading on the
Washington Stock Exchange yesterday
was the demand for Capital Traction S.
Following the sale of 5000 at IO7 IL,
$1,000 sold at 107 5-S
Announcement of the declaration Of the
cent on Capital Traction was made. One
share of the conpany's stock was sold at
IL IL Ccash).
A 5000 Potomac Consolidated 5 was
sold at IS IS a 500 certificate of in
debtedness of the Georgetown Gas Com
pany was sold at par.
Fifty shares of Washington Railway
and Electric went at 81. Later 81 Ia
was bid.
Three shares of Mergenthaler went at
III and ten shares at ~.
Two New Directors Elected.
Richard c. Kerens. Ambassador from
the United States to Austria-Hungary
under the Taft administration, and Robert
B. Roosevelt. capitalist of this city, were
elected to the board of directors of the
Real Estate Trust Company, at a meet
ing of the board yesterday.
Mr. kerens has decided to make Wash. |
ington his residence through the winter
season. Mr.. Roosevelt who recently
come here from New York, will maintain
permanent residence here. Mr. Kerens
is the third largest individual stock
holder in the company, which controls |
the Bradley Hills development, running
from Wisconsin avenue at Chevy Chase
10 Gfeat Falls. Mr.. Roosevelt is a
cousin of former President Roosevelt
The board of directors of the Real
Estate Trust Company is now composed !
OF Gist Blair, A. G. Chaplain, H. Bradley
DAVIDSON, r. Golden Donaldson Wade
II. Ellis II. G. Hamilton, Hunting
ton w. Jackson, EIdrIdge E. Jordan,
Frank l.. Denny, Arthur Lee. Richard
9. kerers, J. Walter Long, Robert B.
Roosevelt, o. G. Staples and Frederick
w Treat. II. Bradley Davidson is pres
ident.
Decreased Earnings Likely.
II is expected that the gross earnings
OF the Baltimore and Ohio Railroad for
November will show decrease of close
TO million dollars over the same month
OF last year. The figures will be issued
within a few days.
There is nothing surprising wrapped up
IN that news, for the Pennsylvania
showed a big decrease for October, and
recently the figures on the earnings of
twelve roads. published in this column,
showed marked decreases in the gross
Therefore, il would really be surprising
IL the Baltimore and Ohio, in the face of
many other roads showing declines in
earnings, should produce an increase
over last years business.
The information, which comes from an
official, carries with It comment to the
effect that the present volume Of bust
ness is suhnormaI and II is difficult to
forecast when there will be a return
to normal volume Of traffic, In the L
meantime the Baltimore and Ohio, in
company with the Pennsylvania and 9TH
ers, has laid of large number of men
in order to keep pace with the diminish
ing earnings.
President Norment I'm Baltimore.
Clarence F. Norment, president of the
National Bank of Washington and direc-
tor OF the Dreadnought Tire and Rubber
Company OF Baltimore. was in Baltimore
yesterday inspecting the plant prior to
the beginning of the manufacture OIL
automobile tires. II
Declarations of Dividends.
The Potomac Savings Bank has in-iI
creased its dividend rate to a per cent !
basic. The first semi-annual dividend at
the new rate will be paid January . ,
The increase is / per cent
Tho regular quarterly dividend of 1I-at
per cent wiz be paid by the Union Trust
Company, January Is to stockholders oil
record January /.
The regular semi-annuaI dividend of 5 i
per cent has been declared by the Home i
savings Bank to holders of record De.
sember 20, payable January &
The Norfolk and Washington Steam-l !
boat Company has, declared the regulsrl