The Washington herald., 1913-03-13
MISUNDERSTANDING COMMERC CE

purposes high openings unfit the stock
for traders. The market has some snap
to it and should be better.
New York Central and Hudson River
Railroad declared regular quarterly divi-
dend of ~ per cent, payable April Is.
Boston-United Shoe Machinery declared
regular quarterly dividend of III per cent
on preferred and per cent on common
stock.
Word has been received by officials Of
the Hartman lines from Attorney Gen.
eral McReyonlds that his attitude with
regard to the dissolution plan is entirely
neutral-that is to say. he will not take is
sue with either the Hartman officials or
the California State Railroad Commission;
In sother words, he is thoroughly In ac-
cord with the original plan of dissolution
and II now remains for the directors Of the
Union and Southern Pacific companies to
adjust their differences with the Califor-
mia State Railroad Commission.
II is stated that there is yet a possibility
of adjusting the matter between now and
Saturday so that the underwriting syndi-
cate which was formed will not go by de-
fault.
Childs-Whole situation changes as soon
as foreign houses show n disposition to
buy. Yesterday afternoon the buying
orders from abroad were quite large, and
not much stock Is for sale. Under this
impulse this rally may go further. al
though do not believe that the market
has touched bottom yet.
President Work. OF the B. F. Goodrich
Company. in his report at the annual
meeting yesterday. said: Since the pur-
chase Of the Diamond Rubber Company
on April 10. 1872. excellent progress has
been made in unification OF the Goodrich
and Diamond organization. and their
plants providing thereby for great i'm
provement in economy and large increase
In capacity.
The report of the treasurer shows the
company to be in strong financial condi-
ton. Ii has been the policy of your
directors to place the company upon a
sound, economical basis of operation as
quickly as possible. and while this may
have interfered with the showing OF
earnings for the period. they feel that
the best interests of stockholders have
been conserved for the future.
In reference TO the future. | believe
that 1t should be the policy of this COM
pany 10 husband its resources and aCcu-
mulate substantial surplus. and I shall
not recommend to the directors the pay
ment Of a dividend on the common stock
for the current period. nor until such
substantial surplus over and above the
preferred dividend and requirements
otherwise shall have been accumulated
from the earnings"
Houses with international connections
say that their advices indicate that the
financial in (.arnNanv iS
at its worst. While the stringenCy may
last some days longer. II is believed that
the maximum has been reached. and that
within week arrangements for the pay
ments due March y on the Prussian and
imperial loans issued last week and be-
fore the April settlement will be COM
pIeted. Within thirty days. II is predict
ed. money in Germany will be materially
easier.
The directors OF the Pennsylvania Rail-
road Company al meeting yesterday
decided to eleCtrify the four tracks be-
tween Broad Street station. Philadelphia.
and PAUL. for the SUBURBAN passenger
service. The work will cost about $500 =
0Oo. and is expected to be completed next
year.
Otis Elevator declared regular quarterly
dividends Of per cent on common and
l.: per cent on preferred stocks.
Europe bought 3O.0oo shares. Call money
touched per cent in the final dealings
s. r. Chapin & co.-The engagement
Of s2.Go.co0 in gold to go to Paris by
to-day's steamer and the proba bility of
s;.oco.oOo more to go out at the end Of
the week for Berlin. together with the
advance in the rate for time loans to
: 1-2 per cent for all dates and greatly
increased demands for call money ad-
vancinE such rates to per cent. upset
yesterdays market.
The apprehension that these conditions
would cause an unfavorable bank state
ment on Saturday. in view of the fact
that last Saturdays statement did not
take into account the s.. 135.0oo which
was then exported to Argentina and Eu-
rope. caused SO much reselling of stocks
during the late afternoon that all Of the
sharp rally in the general list of the
morning was cancelled in this movement
Therefore, there is little probability of
the resumption of any real bullish activ-
ity here. Fundamental conditions In
this country. however, continue so sound
that We believe so many of the bearish
features still being discussed have been
discounted to such an extent that there
will be a continuance of a good trading
market in which the long side on further
breaks should be favored in operations
for moderate turns.