The Washington herald., 1913-11-22
ISTOCKS STEADY,
| BUT VERY SLOW
Neither the Bears Nor Bulls
Care to Do Anything-New
Haven Very Soft.
LOCAL SECURITIES FIRM
Bankers Oppose Wall Street Ex-
pansion-Baltimore and Ohio
0etDber Statement.
LOCAL SECURITIES FIRM
BY L. A. FLEMING.

A review of yesterdays New York
stock market is practically the retelling
of the stories that have been tofd from
day to day for month. One observer
summed it up as follows: THE bears
were the only traders, and they were on
both sides of the market"
The quotations showed up very little
net change from those Of Thursday, with
the exception of New Haven, which
weakened on dribbling liquidation in the
final hour of the session and lost three
points easily.
Practically the only new feature in the
news line was the development of graft
ing among the officials OF the Frisco sys-
tenn at the expense OF that road, one of
the most unfortunate disclosures as il
will be hard, TO make the public see that
this is but one case, and the theory that
they all do it will be advanced and find
believers.
From the steel and iron foundries and
mills the discouraging news continues.
The Carnegie Steel Company has closed
down and thrown 900 men out of employ
ment, while other mills are blowing out
furnaces and preparing to shut down until
trade is better.
Money is working easier. but there is
no especial urgency to get it out. The
short interest has not been materially
reduced, and the bears are apparently
so confident of the let-up in business,
save in the way of a large hand-to-mouth
trade to meet consumptive demand, that
they are not made nervous by temporary
rallies here and there.
Wall Street continues to talk of the
developments in the Mexican situation
from day to day, and indicates that un-
til something definite occurs nothing need
be expected. But it is the general situa-
ton that makes for slow, neglected mar
nnf 1ly he
heard that Brandeis would argue that
the Eastern roads were extravagantly
managed and for that reason the per
cent advance asked for would be better
refused.
Watching French Loan.
Europe Is watching the French loan
which seems to be meeting with some
rather serious political obstacles. The
position of a number of Paris cliques
is strained by reason of the loans being
carried for Balkan interests. This fact
rather prevents any foreign buying of
Americans.
The entire absence of any investment
buying impresses the observer with
each recurring day. Ninety-nine members
of the Frisco syndicate made profits of
100000 in promotion of the Brownsville |
road and its sale to the Frisco. This |
looks as if there was an opportunity for
the Department of Justice to make capi- |
tai and stop all such last century meth |
DDS in railroading.
Mr.. McReynolds declares that New Ha-
ven must speed up its plans for reor
ganization or the matter will be taken
into court.
Not Taking Liberties.
Many traders are afraid to take lib |
critics with the market for the reason |
eHuE tt,nT frrfnfI Eel
practically over. while a number of
traders with bullish inclinations cannot |
bring themselves to get busy, nor can
they find the necessary courage, being |
Without a stalwart leader. The net !
changes were not worthy of mention.
b. & o. Earnings for October.
Traffic returns of the Baltimore and
Ohio Railroad for the month Of October |
reflected the shrinkage IN tonnage, which |
the business world has been experiencing |
for several months.
Compared with the corresponding month |
a year ago a decrease is shown in gross |
earnings of s7O.392. This is the first loss |
in earnings reported since April last, |
when the comparative loss was so, 900, |
due to the floods in the Middle West, |
which paralyzed railroad service in Ohio.
The big decrease in earning in October
is softened somewhat when it is recalled |
that comparison is made with the second
largest month in the history of the COM
pany, August last having been the BAN
ner month.
The company spent $S4,6l6 less on
maintenance of way and structures than
il did a year ago, but maintenance Of
equipment consumed s195, ,567 more of gross
operating revenue than in October, 1912,
net earnings fell of s6S1,Sss.
For the four months ended October 81
gross earnings exceeded those OF the cor
responding period q year ago by 81, Ill, ,S99.
but owing 10 high cost of operating, this
item being ,o63 more than a year
ago, net revenue was $S.1e4 less.
The experience of the Baltimore and
Ohio Railroad Is not unlike that of other
systems. 1t is handicapped by excessive
operating cost, and 1t is becoming more
and more apparent that the roads must
be allowed to advance freight rates to
offset the inroads on revenues or they
cannot maintain efficient service.
The company's statement OF earnings
and expenses In detail for the month
of October, 1913, and for the four months
Of the fiscal year follows:
OCTOBER.
ousratinF revenus ................. 2STEI $50 O3oI
Operating expenses:
MHint way & struct.............. H.22ld 'Ss4.6s
E .