The Washington herald., 1914-03-10
STOCK MARKET
TRADING Light
United States Express Up
Eight Points, but Other
Changes Are Few.
EXPENSE OF RAILROADS
Physical Valuation Organization Per
fected by B. x o. System-Quo-
,ations on New Haven Notes.
BY W. STEAIEY.

The New York Stock Market yesterday
closed at prices which did not materially
differ from those OF Saturday
Steel lost is closing at Sc S-4; Reading
was firm al iGs rs; Copper gained IL and
Can lost Is Lehigh Valley dropped tc
1f2 SIS. aut closed at 1l5. Telegraph and
Telephone gained, closing IL Is
The feature Of the day was an eight
point rise in United States Express. The
stock opened at 70 S4. went 10 20 L.
closing at 7S IL.
The rise is due to continued reports
that the company Is going out of business
and has the assets TO liqutdate at over
s.
The market made a GOOD recovery dur
eng the late afternoon from the rather
sharp further declines which followed the
large selling which appeared carly IN
the day for foreign accounts.
The bear element followed London S
lead and sold stocks freely down to the
bottom prices. But with the closing or
the London market there was no further
pressure and when some of the big shorts
started TO cover the absence OF outside
liquidation or local selling compelled
many to bid up prices to get the stocks
back.
The market again looks so oversold
that il is now in a position TO promptly
respond to any favorable developments,
particularly on the Mexican situation or
the railroad rate question. The topics
most under discussion speculatlVely are
the Mexican troubles, the rate delay. the
interIocking directorate developments,
and the reorganiza ton of several big rail-
road systems. OTsetting these factors
of uncertainty are cheap money good
crop prospects restoration of confidence.
with a continued removal of imitation
from business. which continues to eS-
hibit reactionaTy tendencies in trade as
a whole.
Local stock Market
Bond transactions on the Washington
Stock Exchange yesterday amounted to
81 900, while go shares Of stock were sold.
The bond transactions were in Wash
ington Railway and Electric IS at s. "a
TO s. rs. Two thousand dollars Potomac
Consolidated rs sold at 10l.
The principal trading in stocks was in
Washington Gas. $50 shares bringing from
81 to 81 Ia Twenty-Five shares Wash
i:iEton- Virginia Railway Common brought
$
MergenthaIer sold five shares at PA
Expenses Of Railroads.
Some idea of the enormous expense to
which the railroads will be put in OBJ
tanning information on physical valuation
for the government may be obtained by
an announcement yesterday made by the
Baltimore & Ohio Railroad.
The valuation committee is headed by
II. R. TaIcott and the task probably will
.Hke several years to complete.
He will prepare the engineering re-
ports for the government on the original
cost OF building the Baltimore and Ohio
and its subsidiary lines, the estimated
cost of reproducing these properties new
and for reproduction of the properties,
less depreciation. \ corps of engineers
will work.
In furnishing the government the Bal
timore and Ohio valuation figures, II
will be necessary TO make careful
search to authenticate early records of
facilities showing the money which was
spent in original construction and in inn
proving the lines. building extra tracks,
enlarging terminals and facilities, as well
as the cost OF right-of-way and other
property used for railroad purpose
Property owned by the Baltimore and
Ohio lines, but not used for transporta-
ton service, will be listed separately.
Mr. jenkins regards the Baltimore and
Ohio lines as unique with respect to ar
irving at a figure of their valuation. as
it will be difficult to obtain some Of
the information because many of the
records were destroyed by the Baltimore
fire: and further, because there have
been so many changes in facilities since
the original road was constructed that
the entire property has been renewed
. in the eighty-six years it has been in eN-
istcnce. Under the programs of rehabili-
tatiOn. some sections Of the property
have been rebuilt three or four times
and when the demands of traffic for
facilities of greater capacity were met
the tracks and bridges which had been
replaced were abandoned
his estimated that the final report of
the Baltimore and Ohio lines to the COM
mission will consist OF 1000 to 5000 docu-
ments, including maps. profiles, drawings,
plans, estimated and tabulations.
New Haven Notes.
New Haven c per cent notes due May
~ arc quoted at 81 lass. or about an is