The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-05-21
minor STOCKS
were STRONGEST
Market Slow, but There Were
More Important Gains
Than Losses.
B. & O. RAILROAD REPORT
Local Securities Steady-Col. Owen
7. Reeves in City-Favor-
able Outlook.
By 1. 4. FLEMING.

BY L. ~ F'LEMiN6.
Wall Street liked the looks of the situa
ton better than for several days. but
the hopeful feeling did not extend to
material advances nor to any great en-
largement of business The day produced
sales of $4,000 shares of stock. fair
average these days but far. far away
from the old average of a million a day.
the days of memory.
Tra.ers were committed to a close
watch Of the New York bond sale. They
were relieved. in a measure, when the
pressure that has been persstently kept
Rock Island and Frisco shares were
removed and these stocks showed some
signs Of actual strength
The local bond issue was oversubscrib-
ed. but the street complained Of the prices
and of the lack of sufficient interest to
please the trading element 1t would
have been Just the same had tie issue
been many times oversuhscriOed. It would
have been better and the price higher.
On the strength OF the dissatisfaction
they wip, / out d small rally in Union
tactic and Reading. but these two stocks
with Steel and Southern Pacific closed
just about the closing figures of Mon
day
Elsewherg throughout the list there
We-- strong spots and some few weak
ones, the latter including Canadian Pa
Cifc which dropped a point under pres
sure of shorts TO break values for cover
ing purposes
strong spots.
The strong spots i'm the list were Le-
high Valley, 81: General Electric. SIS; |
Consolidated Gas, IS; Atlantic Coast !
Line, I; Pan Handle. IL; American To- |
haCco. 6 points. the rise of the day.
I nd 81 bnip uni.
tics. 81. and some minor stocks, LEAST
The strength in the minors was clearly |
the feature Of the session. holding bet
ter than did the leaders. These stocks
have been used time and again by the
bears as Pushers of the rest of the list,
wCakeners Of the whole market and in
this way short interest has been de-
NeloT"d that was largely responsible for
the advance Yesterday.
Considering the condition Of the general
hond market for weeks there should have
been no the slightest fault finding with
the sale Of the New York I 1-2s.
Col. Reeves in CITY.
Col Owen 7. Reeves. national bank
examiner Cor Chicago. St Paul, Min
neapolis, and Detroit. is spending few
days in Washington, his old stamping
ground.
col Reeves declares that the interior
banks have withdrawn their deposits very
largely from reserve CenteTS. even though
they are heavy buyers of good COM
n rciaI paper. The farmers have not
marketed all their 1872 grain as yet. hold
ing off for prices that were more in
keeping with the high figures of two
years ago. then the floods came and they
were unable to get their grain to market
Now another crop IS coming on and the
agricultural community has practically
the greater part of 1872 to market, and
will soon follow with 1913 yield
Business in Chicago and the Twin
Cities is good. the opinion of the West
being against any currency legislation.
other than an extension of the emergency
act, at the current session of
Congress
p. a o. for April.
The April statement OF operations of
he Baltimore and Ohio Railroad shows
row costly was the food in the Ohio
Vale" which paralyzed transportation in
ereSts in that section in the latter part
IF Mar"h and the first of April
Besides suffering property loss esti-
mated a S0oo.O0. the Baltimore and +
ohio suffered severely from inability to
n traffic Before the visitation of
he flood. the gross operating revenue
II the company for several months had
hown increases averaging $500. 900 A
month. while in April there was a de-
resse of S2I.S9
For the eighth-month period the in 1
rease in gross was s7.921.oOO With
March and April returns added, the
otal increase reported. compared with
he corresponding period a year ago. is
: $40. 155 In other words. the increase
eported for the eight months prior to :
he food
April Shrinkagc. l
The shrinkage is even more marked
4 net earnings. particularly for April.
mich month bore tho brunt of expense
l making repairs. While gross operat-
* revenue in April fell off s21.sas. total l
peratinR expenses increased SS46 49, the .
Psult being decrease of ssSS.32 in net
arninGs. Every item of operation cost
IOre.
At the end Of the ten-morth period.
lille gross operating revenue is 81
IS, I77 greater than it was in the cor
esponding period year ago operat-
* expenses increased almost in the same u
roportion. being S,4S3. i35 larger than
ear ago. leaving only s15,39O as the in
ease in net
Before the flood the Baltimore and
hio was earning a surplus at the rate
over IL per cent on its common 81.
ock Now. because of the heavy losses
lstained on account of the flood the
dictated surplus at the end of the fiscal
EAR Will not much exceed per cent
The experience Of the Baltimore and
hio and other railroads operating in
lie flood area furnishes strong argu-
ent in favor of allowing the advance
per cent in freight rates, besides
e other reasons advanced ~
Following are the earnings and ex-
;nses Of the company for April and the
n months ended April 30:
FOR APRIL
Grating reTenue-................ S,5a,IY 81 sse
bperating expenses Jul
iintenance Of way and Struct.. Io5SI 3a0s DC