The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-07-12
MARKETS--FINANCE--CO COMMERCE
that have long prevailed in this couikry
as In England

that have long prevailed In this couiSry
| as In England.
Put it to the credit of sold-out wan
Street that there were only fractional
declines in securities. Southern PACING.
rs; Union Pacific. 5-S; Chesapeake and
Ohio. 1874: Reading, 1-2: Shelters. point,
and Steel common. Ia OF a point, large
short interest checking weakness In
Steel. American Tobacco lost 43-4 The
old high-grade Eastern trunk lines dis
played better tone and fractional gains.
Local Securities.
Everything else is being overshadowed
by the movement in Washington Gas.
Rounding out the week, l.Ts4 shares of
this stock has been taken, largely for
one interest. but no matter how liberal
the offerings the accumulation goes on,
and the price advance Is just as persist
ent. Yesterday they put Gas to 50 81, the
highest figure since the splurge just pre-
ceding the 1872 election Of officers for
the Gas Company.
So far this year L, III shares of WASH
ington Gas have been sold. Naturally
every one is asking what 1t means. Gas
officials can make no answer to the
query. Certainly they are not buying the
stock, and the entire sales for the year.
while greater than the holdings Of any
One interest, are not sufficient to control.
The public is not buying Washington
Gas. The movement doesn't look like
public buying, the only way one not Ia
miliar with the objects of the parties
responsible for the advance. can Judge.
But whatever the cause, going up
seems to be the order Of the day. and IT
has gone up before. About $50 shares
came out yesterday, and from IS 3-S to
Ss% was accomplished with just little
Of rAl xlyht Oh, "A lea m
peared on distributed orders being exc
cuted for AS shares at ss%.
Capital Traction was stronger. twenty
five shares selling at 1171s. small lots
il6Isall7 The directors are not support
ing the stock. Investors are tempted by
the price.
Railway As were a little firmer, SIX.
and Potomac Consolidated IS moved up
to l00l-S.
Government Is.
The price Of United States . per cent
bonds had advanced in response to the
statement by Secretary OF the Treasury
McAdoo that the circulation privilege
would not be taken away from them
for twenty years. The steady decline.
which had carried them to a bid price OF
9s1s against the high price Of 1Ul Is for
the year. was stopped by the statement
The price now is about $50 bid, 100 asked
Bond dealers were pleased with the Nc
Adoo order because they held that II
would insure gradual but certain re-
turn of the bonds to par. They pointed
cut that permission TO the national banks
TO retain the circulation privilege for
twenty years would prevent a scramble
Of holders of s4o.Ooo.0oo or s5o.oooooO of
the IS outside of national banks to throw
them on the market.
b. & o. Earnings.
The Baltimore and Ohio Railroad closed
the fiscal year on June 30 last with the
largest gross earnings in its history, but
by reason of flood damage operating in
come decrea sed s49S. So.
Surplus of the Baltimore and Ohio
Railroad for the fiscal year recently end
ed. according to a preliminary statement
just issued by the company, will be ap-
proXimately S1,600,O00 after the payment
of the full regular dividends on both
common and preferred shares. As COM
pared with the preceding fiscal year. that
amount represents a decrease of $500. 900.
Gross operating revenue of the COM
pany in the fiscal year, with June earn
ings partly estimated, were placed at
$40. 81 .9O5, an increase of S94I, $50, while
operating expenses were so. 30. 49,, an ad-
vance of 9.0S0,a54. Net operating revenue
was s27,.5l.4l3. a decrease of $13S-572. !
With outside operations included and
taxes deducted. operating income was
81, So. 2s6-a decrease of si9s.6s7. Net in |
come. before deduction of dividends was |
SIS, 20l ,13o-a decrease of s7i0.9s3
L. p. EarninGs.
Union Pacific earnings will show about |
AS per cent for its common stock in the |
year ended June 90. 1913, against 15.S per |
cent for the previous year. With June |
results estimated, the company's net i
for the past twelve months will |
be about s. 100000 greater than for the |
fiscal year 1912. Income from investments |
will probably be between sl,5o0,000 to
s., 100000 less than the previous year. |
Fixed charges will show little change.