The Washington herald., 1913-11-13
GOOD Recovery
In STOCK LIST
Improvement IN the Situation
Seems to Be on Tech
nical Position.
NO MEXICAN DIVIDEND
The Debt of the World-Local
Stocks Very SIow-Capital
Traction Lower.
BY 1. a. FLEMING.

mains to be seen. Railroads still hav'
the rapidly rising operating expense t
keep down If possible, they have s
been called on to make another per cen
Increase in wages on Eastern roads, anC
sS per cent of the Southern Pacific
. force in the Sunset division have callet
Tor strike and presumably another ad
vance in wages. while it is next door Il
: certainty that Western railroad meT
iEtl demand the same advance that tht
Eastern workers have received.
The New York Central stands to losi
million on the increase, and other road:
will get 1t worse.
In all these matters the shareholder and
ne bondholder are not considered; itS
labor alone, and arbitration always gives
&st at least
1t is within the possibilities that some
Of the strength of the last two days has
been induced by the belief that the hard
and finty heart of the Interstate Com
merce Commission may be touched, and
the further suspension Of freight ad-
Nances stopped, but just why they should
expect mercy for railroad Is question.
Herhaps this strength was due to the
chances of a currency bill being jammed
through the caucus to be held tomorrow
. and made effective so that commercial
tude, may be rediscounted and money be
SO plentiful that 1t will once more be
profitable to buy stocks for the difference
between dividend rates and rates for
money on call or time.
The change in weather has stopped ore
shipments, the Mexican Petroleum Oil
Company after beating around the bush
for few days has passed its dividend,
and is now a non-dividend payer and S45
hRInW what W. Ia
Joint ownership by the Lake Shore and
Michigan Southern of the Kanawka and
Michigan has been enjoined; factories in
North Eastern Ohio are shutting down
. by' reason Of lack Of raw material
Shorts Nervous.
The continued strength for two days
has alarmed the shorts who are unaccus-
somed to having an advance for mere
Ign day at a time. and Of turning the
tide the other way the minute they felt
like it.
They covered rather freely yesterday.
getting out OF Steel, where they have
been the heaviest short and Union Pacific,
indeed the second day of the recovery
has almost as general as the first, Tues
lays
canadian Pacific made more than the
Serage advance, while Mexican Pc
-troleum lost 4 points, and New Haven
IldOS d new lOWs "ulle Ndll6y On
a reported intent to reduce dividend, fol-
lowed by a 25 per cent dividend by the
Lehigh Valley Coal Company, managed
to retain about 1-2 point net advance.
Many industrials like Biscuit. Copper,
Pittsburgh Coal, General Electric, Smelt-
ing, Woolworth, &c, gained a point.
Rock Island issues showed the first
strength in some days, advancing a point
on the common and 11-2 on the pre-
ferred-
See Good Signs.
Most of the street observers were OF
the opinion that the signs We're indica- |
tive Of higher prices and the advance Is
expected to continue The Mexican
situation was reported as more placid, !
although just what has been accom- |
plished is State secret rather than pub |
Tic. property, If any real action has been |
taken one way or the other.
Admittedly the situation was better on
the street; money was easier; everyone
believes that higher freight rates must |
be granted by the commission and the !
fact that many stop orders have been
lifted out of the market has made the 1
ashorts a little more anxious in cashing in
London started the showing of strength, !
possibly on American orders, but about |
$4,000 shares of stock were bought on our /
market for London and this also had a |
helpful effect
The closing was strong and the greater
part Of the advance was held to the /
end.
Local Securities.
, There wasn't much business transacted
on the local exchange The investigation !
now under way by the Utilities Commits /
sion has caused but little uneasiness /
among the preferred shareholders of the /
Railway and Electric Company, because
the stock has merit and a payment of
per cent back OF it, even though the COM
mon dividend might be affected, although I
the officials Of the company do not look
for any interruption of their plans, hold
ing that they have acted in good faith.
The stock was offered, common, at 90 IL,
with 81 bid-a little lower than on Tues
day.
The preferred was held at 81, with IS 1-2
bid-1-2 on from the previous quotation.
There is an impression on the street
that the investigation now started may
be expected to continue until the COM
mission had familiarized itself with every
detail of the utility corporations of the
city-that, having made a beginning by
action, it win be kept up. There are but
four other utilities-Capital Traction, the
two gas companies, and the Chesapeake
and Potomac Telephone Company. |
Capital Traction shares made a new
low yesterday, when they sold at I12 to
Iil, and after call were offered at 10 L.
This weakness was probably due to the
placing Of few stop orders, perhaps, by
tired holders who have watched the con-
tinued recessions.
There was no life on change, only %
shares selling, all told. Telephone 5s, loe;
Potomac Consolidated a little hrmer, at
% S-s; Railway As nominally SOaO IL.
Income Tax.
Tomorrow night the Bankers Associa-
tion meeting, at which the ins and outs
and between the lines Of the income tax
law, dismembered and exhibited by the
committee of the Association, will surely ,
draw a large audience to the gathering i
1t the New Willard.
\ ntioDaI Indebtedness of the World. ]
The national debts of the world now
aggregate $1,000, 200, having increased
o per cent in the last decade and doubled
n the last forty years. The interest and
,ther annual charges amounted in 1872 to )
l. 7S2, 600 or an average slightly more .
han per cent, though In many cases,
specially those of the stronger nations,
he interest rates are materially below
hat figure.
The above figures compiled by the Bu- b
eau Of Foreign and Domestic Commerce. b