The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-26
London Copper firm; up Is Sd.

The plan for the dissolution OF the
Union Pacific and Southern Pacific mer-
ger was laid before the President We'd
nesday. 1t is. understood that the At
torney General is inclined to approve the
proposed exchange of Southern Pacific
stock held by the Union Pacific for Bal
timore and Ohio stock owned by the
Pennsylvania.
Union Pacific for May, gross operating
revenue increase s296, SOL Operating ex-
penses increase sscs sos. Net revenue in
crease si9. 1872.
The National City Bank has purchased
SIS, 100000 s per cent collateral gold notes
of the Consolidated Gas Company. TIE
notes are to run for months, being dated
June %, 1913. and are due February Is,
1914 They are being offered by the bank
at price to yield IL per cent.
chesapeake and Ohio was under pres
sure and so was Copper. The street ex-
c. & o. The bearish opera tions in Cop
per were believed 10 have Boston
origin.
The Attorney General announced, after
two-hour conference with Judge
Lovett and Attorney Paul Cravath, that
II appeared that a satisfactory arrange
ment had at last been reached for the
dissolution of the Hartman merger. This
plan, il finally agreed upon, will be SUBJ
mitted to the court at St. Paul before
July !.
E. &, c. Randolph-After the first If
teen minutes a wavering tendency de-
veloped. although buying orders on a
large scale appeared in a number of i'm
portant issues. Union lost a good part
of its early gain. The buying of this
stock, however, was of a more aggressive
character than in any other issue. with
those active on the long side talking Of
the prospects of the Union Pacific plan
to exchange the stock and trusteeship
being approved by the court. Chesapeake
and Ohio continued under pressure de-
Ginning over two points. and Copper was
more literally supplied, yielding in all
one point. good part of the dealings
all through the list were of a professional
character, and at the close the tone was
irregular, with some recessions from best
prices.
Fosier-Market acts as IL stocks are
being handed out on this rally.
Shareholders of Canadian Pacific Rail-
way have increased by 1900. or 10 per
cent in the last two years and a half.
and Canadian accounts for 800. or 30 per
cent of the additional shareholders.
Sir Thomas Shaughnessy says that the
total number of Canadian Pacific COM
mon stock shareholders at present is
about 1000, the number OF Canadian
holders being 500. Great Britain has ap-
proximately 80 per cent. About Is per
cent is held in Germany and France: q
L. o..
ada and the United States: the remain
ing per cent being scattered in the col
onies and other countries. Nearly all
the per cent consolidated debenture
stock and the per cent preference stock
is still held in Great Britain.
Considering that the capital stock OF the
c, ...pany has increased from sls0oOo.Ooo to
$3.50, 10000. or about a per cent in the
last two years, the increase in the num-
Der of Shareholders is a comparatively
small one. The presumption would natur-
ally be that an ever larger proportion
of the old shareholders awaited themselves
of the opportunity to take up the two
new issues than was thought to he the
case. The average holdings. which were
about 20 shares in 1911. have risen to ap-
proximately 100 shares.
People who think they know about the
Hartford have declared that the company
must, before long, issue a blanket
mortgage for $50, OOO. 600. and put its credit
over the Boston and Maine system.
The difficulty about such a plan is that
a mortgage that will fit in one State.
will not fit in another. What will do
for Massachusetts will not do for Con-
necticut. and vice versa.
In Connecticut you can issue a railroad
mortgage for 80 per cent of the expendi-
lures on railroad as certified to by the
engineers. &c.
Now under the new Washburn bill in
Massachusetts. a railroad can issue de-
belture notes and Indebtedness up to
twice the sum of the capital and surplus
paid in upon the shares, and the issue
of debentures under the Massachusetts,
law would not be in conflict with the
Connecticut laws.
blanket mortgage would, therefore,
seem to be out of the question; but a
blanket debenture bond, large enough to
take up existing mortgages, and specify
ing that no mortgage lien would be
placed on the property ahead of such
debentures, might, in time. find a very
good market. and give the New Haven
road sufficient resources for New Eng