The Washington herald., 1914-06-03
SHARP BREAK AT
MARKET'S.CLOSE
Prices Off Over a Point IN
New York-Iragedy Of
New Haven.
BANKERS MISSION FAILS
Comptroller Williams Not to Modify
Order for Daily Statements.
Pennsylvania Economy.
BANKERS MISSION FAILS
BY w. STEALEY.

the New York Stock Exchange yester-
day.
The market opened strong, and a num-
Der Of important gains were recorded,
but in the last hours a selling movement
caused a general decline. Sales amount
ed TO 10000 shares, an improvement over
the last several days.
Missouri Pacific went to 19 3-4 on the
note-extension agreement, but closed at
1SS The stock was the only one in the
list to show net gain over Monday.
The principal weakness was in New
Haven, which closed 6S rs, a loss of
over two points, a new low record At
81 the stock shows loss of 211 points
from the record high price 275 made Sep
tember is, -1s&. In the last ten months
the stock has fallen steadily from a high
of 1C.
The stock market has had all the re-
ceiverships it wants in the cases of the
Rock Island and the Frisco systems and
even in circles not directly interested in
either the Missouri Pacific or the Boston
& Maine, the news that these two COM
panies had succeeded in weathering the
storm was received with a feeling of re-
lief
Failures like that have a very bad
sentimental effect on the investment
markets, both here and abroad In the
case of the Missouri Pacific some of
whose securities have been marketed
abroad. the result would have been
particularly unfortunate, as foreign
confidence in American railroad securi-
ties has been severely shaken already.
In this country. if it is true. as
President Wilson asserts, that the exist
ing pessmism is simply a state of mind
and not well-founded. restoration Of
confidence will come faster if receiver
ships are averted instead, of brought
about.
Local stock Exchange.
Washington gas sold down to 76 on the
local stock market yesterday-the low
est figure reached in some time. Ap-
proximately one hundred shares of the
stock were traded in prices ranging
from a IA to 16.
Mercenthaler continued strong
feature. nine shares selling 217 S-Sa2l7 IA
Railway preferred sold thirty-five
shares Sc 1-2aS3 5-S
Capital Traction sold nineteen shares,
100 5-Sa1Oo 3-4.
Bond sales aggregated $500. Traction
SIS brought lO7 l-2; Railway As. 81 1-2aS5;
Gas SIS, IG5 IA and Columbia SIS. 100 Is.
Bankers Fail on Mission.
REPRESENTATIVES of only two clearing
houses responded to the call for
meeting of the clearing houses of twelve
Eastern cities in this city yesterday
baltimore was represented by Waldo
Exchange Bank; A. ID. Graham, vice
president of the Citizens Bank, and ID.
II. Thomas president of the Merchants
and Mechanics Bank. Washington was
represented by President White, of the
National Metropolitan, and Vice Presl-
dent Sands, of the Commercial Ma
tional
The representatives saw Comptroller
Williams who declined to modify his
order for daily reports from the banks
on the ground that the information Is
necessary for the guidance OF the req
eral Reserve Board. The banks there-
fore. will continue to compile daily re- I
ports.
The order falls especially heavy upon
banks with out of town business For
instance, a large bank is compelled,
under the new order, to make up en-
tirelv new tabulations on an immense
business. owing to the radical difference
in form, Of the statistics required under
the new forms for the daily reports re-
Quired by the comptroller |
For instance, where the requirement is
for certain statistics of the business OF
the banks by States. it has teen the
banks method in conducting its ac-
counts TO tabulate by towns. 1t Is con-
side-ed additionally vexatious that al !
though the machinery of even the largest
of the local banks is fully taxed by
current business that further mass OF
material now has got to ne turnlsheo i
daily and that the statements under the |
new forms have to be sworn to by the |
president or the cashier OF each IN !
stitution.
How Pennsylv lvania Earned.
Some heroic pruning of operating ex-
penses enabled the Pennsylvania Rail |
road TO show an increase of 81, 900 in
its net earnings for April. As one OF the
two great Eastern trunk lines its state /
ment was awaited with interest and the |
result was gratifying. Unfortunately the
bullish edge was taken off by the poor |
exhibit of the New York Central, the
other big trunk line. 1t not only failed
TO make a gain, but actually exhibited t
a loss of S930, 600 in net compared with
April of the previous year. Gross of both
systems fell off compared with last year,
but the Pennsylvania was more sue
cessfpl in reducing its operating costs
than Sts great rival.
The report of the Pennsylvania, total
all lines, April and four months, is as
follows:
April. gross. SIS. .s02 6I5 s3015o. S02
Net aft tax....-......- 5,l6,SS5 S,1S,25s
Four months gross. 110,ceO.s2s 11S,S45, $50
Net aft taX...-.....-. 13,2S,72S 15.14l, 7S1
J. S. Biggar, who has returned from
Europe where he was closing out a |
foreign business Of the United States EX-
press Company, said that all the COM
panys European offices will be closed
by June 80. Mr.. Biggar says that the
parcel post eventually will drive all the
express companies out of business. /
In this connection Wells Fargo's total
receipts from operation for the last eight
months decreased s., 49, SIG. as compared
with the corresponding period in the year
before. American showed a decrease OF
$ls4S.064
The syndicate which underwrote the
sss 100000 Of per cent fve-year notes of
the Chesapeake G. Ohio Railway Company
was dissolved by limitation yesterday.
Stipulations of the agreement were that
syndicate participants should not sell 4
any Of their notes at less than 81 before
June 1. The dissolution of the syndi-
cate, however, removed this provision
and sale of the notes were made at
around 95 1-2.
At a meeting yesterday the stockhold-
ers Of the United Railway and Electric
Company of Baltimore ratified the sale
of -N.0 100000 two-year collateral trust
per cent notes, convertible at the option ,