The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-04-22
Stocks Higher
ON Days news
Union Pacific Given to July |
to Sell Its Southern
Pacific Shares.
NOTE ISSUE A SUCCESS
Government Interpleads in Rate Suits.
Utility Law lndexed.
Locals Firm.
Nv 4. 4. FLEMING.

kOC01 Tums
ny L. 4. FLEMING.
Starting slowly, more or less neglected
until after the noon hour. the New York
stock market was sufficiently active in
the last two hours of the afternoon to
make an average days trading, and the
gains were very general within / to
points range.
The betterment came early i'm the aft
ernoon. Probably the fact the Union Pa
cific's request for more time i'm which
10 meet the demands of the courts for
separation and reconstruction was the
main factor of strength in the situation.
That the government will interpead
in the Minnesota and other rate cases
brings a powerful ally to the cause OF
the railroads and makes it even more
certain than il has been heretofore that
the roads will be the winners. with the
authority of the Interstate Commerce
Commission more :irmly established than
ever rnis is the position the govern
ment believes in. Federal jurisdiction
and not State authority.
Extension Granted.
And then, just at adjournment, came
.he announcement that the Union Pacifc-
Southern Pacific disruption case had been
extended to July ] as TO the final date
for the sale Of the Southern Pacific stock
in the Union Pacific's treasury. The eN-
tension is counted upon as sufficient TO
permit the sale without sacrifice.
Foreign news was considered more
favora BILE and the show of strength in
the market in the last two hours of the
session was sufficient to make shorts
uneasy, resulting in considerable cover
ing.
The old leaders, Reading. Union Pacific,
Southern Pacific. and st. Paul in the
rails and Steel, and Mexican Oil in the
lndustrials monopolized the interest.
Union Pacific moved up Ia. Reading. ~;
Steel common. /; preferred. Is; Southern
Pacific, ia; Nipper. a; Chesapeake and
Ohio 111; General Electric, Ia; Canadian
Pacific, FONTS and Mexican Petroleum,
~ touching 66si again.
California Oil was 6-S higher, Can is
sues la1 SIS. Guggenhem 81, and Cop
per 2 points. Tobacco was easier by
as Of a point.
Another Factor.
Another favorable factor was the quick
sale of the siOOC000O per cent notes OF
the New York Central Company. The
sale was announced, the books were
closed. and there were scores of disap-
pointed ones who wanted this nigh grace
I.
was paid for the notes, which have but
one year to run.
The keen disappointment over the par
tal failure of the high grade st. PAU
bonds was softened by the success OF the
New York Central issue
Will Make Test.
Central corporations or companies are
said to have refused to furnish the
AL. Wi
ficers copies of their charters and IL
ccnses under which they operate. The
refusal. so it is stated, is based on the
contention that the concerns were mol
meant TO be affected by the law.
The clause defining public utility Is
very plain; every street railroad, street
railroad corporation, common carrier
gas plant gas corporation, electric plant
electric corporation. water power com
pany, telephone corporation, telephone
line, telegraph company, telegraph hne
and pipe line company.
Steam railroads. Norfolk and Washing
ton Steamboat Company and the Ter
minal Company alone are exempted.
There doesn't seem to be much chance
for misunderstanding in the definition
and any utility making fight is likely
To be brought up with short turn
The big utilities Washington Railway
and Electric Washington Gas Company
s ard Capital Traction Company, are aid
ing the commission in every way pos
sible.
Railway shares Firm.
There was good action in the common
stock of the Washington Railway ant
Electric Company on Change yesterday
The buying was scattered and not al
10y one concern. The price was moved III
OH
bid where sales were made and nothin;
offered under ~ after the sales had becl
rec ordcd.
The prefcrred also opened at g. bu
there were sales all around the room
then cased TO 81 - for small lots only
To come back to ~ bid, none offere'
under ~.
Washington Gas was second in point o
trading, seventy-five shares selling a
So i'll. sHd at the close twenty-five share
ut 50 IL.
The rest of the market did not amour
to much. Lanston 50 and "a rs. Tractio'
Us, and Norfolk Steamboat at 2oS IL.
Bond Lists.
Assistant Secretary Williams has befor
him this morning a list of the bond
held by the national banks of Washing
ton. Ii is safe to say that the lists con
tain Capital Traction 5s, Gas 5s, Poto
mac first IS. Railway As, Chesapeake
and Potomac Telephone 5s, Riggs Realt
IS, and bonds of subordinate companies
underlying issues under Washington Rail
way and Electric Company, i'm large mum
bers Some insGlar and government is
sues will he offered.
The chances are that the 100000 la
money for the banks will be forthcomin
on time. and that the 10 per cent MONTH.
payments will be approved.
Public Utilities Law.
There has just come from the press
pamphlet of the Law Creating the Pub
lie Utilities Commission of the Distric
of Columbia" annotated. and indexed b.
Daniel E. Garges.
Mr.. Garges has accomplished notabi
work, making the understanding of tn
law in the case much easier. Every fea
tire stands out plainly, and there Is m
chance of misunderstanding the Ian
guage.
The delay of the President i'm makini
the appointments for commissioners /
operating against the organization o
the commission, as there is no dispo
sition to go ahead with the work witt
tine certainty that the board will not re
main as at present constituteds
The work of preparing records, books
and forms of the various description
needed is progressing.
b. 4 o. and Flood Damage.
The surplus Of the Baltimore and Obi
Railroad in the current fiscal year in ex
reas of the amount necessary to pay