The Washington herald., 1913-06-14


be sustaining factor on any recessions.
The emergency announcement from
Washington is considered by conserva-
tive interests to be important chiefly be-
cause II indicates helpful attitude of
the administration
s. B. Chaplin & Cove are reliably
informed. and the published statements
will substantiate this. that the earnings
of the Wabash road are not only SUI
ficient to pay all interest charges on the
receivers certificates. but show a sur
plus earned In the neighborhood of $780,
600 to $4,000
Were II not for the abnormal condi-
tons existing both in the stock and
money markets they would go ahead
forthwith with the reorganization. Our
purpose In issuing this statement Is to
reassure the holders that the decline In
these securities has nothing to do with
the company's affairs, but is purely a
reflection of what Is happening in Wall
Street.
Baltimore and Ohio could not pick its
market for selling seo.00o.ooo one-year
notes. For that reason 1t had to pay
around IL per cent for its money. The
s11, 557, 600 five-year 4 per cent Cincinnati.
Hamilton and Dayton notes. which 1t had
guaranteed principal and interest, ma
ture the first Of next month and there
was only three weeks time to arrange
their refinancing. That the road went
further and secured over 100000 cash
for its own corporate purposes was
something of surprise. II undoubtedly
means that sale OF the 100000 equip
ment bonds recently authorized will be
postponed until better times. BY this
method but one sale is necessary at
present.
The Interstate Commerce Commission
yesterday handed down half a dozen
decisions affecting rates on coal and
coke from the Connellsville region over
various roads TO several points. In most
cases the rates are ordered reduced, the
reductions running from to 10 per cent
There is a feeling growing that the
Union Pacific-Southern Pacific deal is a
past thing in this market.
z. & C. Randolph.-After irregularity in
the first fifteen minutes, aggressive buy
ing appeared in many issues, causing a
resumption OF the upward movement
This buying was most pronounced in
Union Pacific, OF which a few brokers,
supposed to be acting for one interest,
bought more than 5000 shares. making
the stock cross l45, against 1857 in the
early trading. Advances OF a point or
more were made in Southern Pacific,
Steel common, and Copper. The demand
for American Can increased in volume.
and the common touched 26ls. against 81
yesterday. A large part OF the demand
at higher levels came from covering of
shorts "A week nradir-
tons that proceedings against the COM
pany would be commenced by the gov
eminent An important factor in deter
mining the tone was the appearance or
leading banks. like the National city ana
Chase National. as offerers OF time
money, chiefly siNty-day loans. at AZ
per cent. Utah Copper was an excep-
ton to the general strength, recedIng
on profit-taking. In the aft
ernoon stocks were quieter, but the tone
was strong. The large interests seemed
to have become Indifferent and conserva-
tive interests thought II might be risky
to take the bear side at present.
For the purpose of building thirty miles
of new road in Idaho and Washington
to form a connection between the Puget
Sound and Willapa Harbor Railway and
its main line, the Chicago, Milwaukee.
and ST. Paul Railroad Company has sold
to Clark. Dodge. 4 Co. s2.sss5Oo per
cent 5-year trust certificates. which are
guaranteed as to principal and interest
by st. Paul. The bankers are offering
the issue at IS Ia to yield $40 per cent
The Carnegie Steel Company placed
for two 1000. 600 gallon turbine
driven centrifugal pumps with a Pitts
burg company for installation at its new
open hearth works at Braddock.
London Copper firm: spot up los, and
futures up lbs I'd.
Exports of copper for the week ended
!. 10.55e tons.
The reported movements of currency
his week indicate a gain in cash by the
banks of about S,5O0.ooo.
Sloss-Sheffield Steel and Iron Company
declared regular quarterly dividend of
q on preferred stock.
Commenting on the fact that the Penn
'ylvania Railroad has agreed to exchange
AZ. 0o0,oo of its Baltimore and Ohio
stock for SIS, 900 of Southern Pacific
n connection with the Union Pacific
Southern Pacific dissolution case at st.
Paul, Interstate Commerce Commission
officials say: There is nothing in the
Sherman antitrust law to prohibit a
'ailroad from extending its line to any
sStent. provided that 1t does not inter-
ERE with competition" In making this
1t is pointed out that the Penn |
'ylvania Railroad may acquire control
.W OF TRADE