The Washington herald., 1914-06-21
MARKET STRONG;
TRADINGLIGHT
Prices Show Cams. but Vol
ume Of Business Continues
at Low Figure.
TARIFF CUTTING SUGAR
Price one-half Cent Cheaper-The
German-American Fire Insurance
EIection-Local Dividends.
TARIFF CUTTING SUGAR
ny w. STEAI.EY,

ny w. STEAI.EY.
The New York Stock Market con-
tInues in a state OF stagnation. Yes
terday was another extremely duh day,
the sales approaching the smallest vol
ume OF the year.
Prices, however, were firm, and the
market generally showed an advance,
steel closing, 6eN; Reading. 1645s. and
Copper. 71%. Declines were few ana
unimportant
According to kilograms over the
ticker the market will not get out o.
it's rut until the Interstate Commerce
Commission renders its decision letting
the railroads, and industrials largely
depending upon them. know exactly
where they stand. The actual advance
in rates, so far as money Is concerned
is comparatively a small matter. At
the so-called per cent increase IL is
estimated that S5O.0O0.O0O would be al
lowed This spread over the Eastern
territory actually amounts to very lit
tie. The big question Involved Is the
attitude of the government to be ex-
Commission in its forthcoming deci-
sion.
local Stock Market.
Trading on the Washington Stock Ex-
change yesterday was confined to the
sale Of one $500 Railway 1, at 50 81
For Capital Traction 81 was bid, IS S-4
asked: Railway preferred 81 l-2. So IL;
Railway common, Sc. 90; Washington Gas.
76 76 IA.
Bond sales for the week ended yester-
day amounted to $4,000. The total shares
of stock sold was 2lS
Tariff Cutting SuEnr.
According to a statement issued in be-
half of Federal Sugar Refining Company,
three months operation under the new
tariff shows that the consumer is receiv-
ing. all the benefit of the . per cent re-
duction in the duty on sugar. Since the
new rates went into effect refiners' SELL
ing price has averaged 3.Sl9 cents per
pound, as compared with an average
price for the last ten years of 4S cents
per pound. The average in-bond price
of IS degree test raw sugar for the same
period has been cents per pound.
THE average price of refined sugar in
other years when raw sugars were sell
ing in bond at 2.O9 cents per pound, as
compared with 2O4 cents now, was 40
cents for pound, in contrast with 3Sl9
cents fer pound during. the last three
months. 1t is, therefore, clear that
saving of aa cent per pound is being
effected by the reduced duty, which igur-
ed on the amount of sugar consumed in
the United States last year, namely.
3743IS9 long tons. or S3S4. $50 pounds,
would be equal to S4s.7l4.7OS While the
. per cent reduction in the tariff af-
fords some relief from the exceptionally
high rate that We have been laboring
under the real benefit to the consumers
will come in 1916. after which further
saving Of some Sl00,OOOOO0 per year will
be effected"
Leading grocers in Washington say
sugar is selling approximately one-haf
a cent a pound cheaper than this time
last year.
y. W. Balance.
1t is probable that the board OF direc-
tors Of the Norfolk and Western Rail-
way will act on the quarterly dividends
on the preferred and common stocks at
their regular meeting next "Wednesday.
Under ordinary conditions the common
dividends would not be declared until
July, but there Will be no meeting OF the
board in that month
Indications are that Norfolk and West
ern for the full fiscal year ending this
month will earn balance available for
its common dividends of approximately
S9OOO,O10 compared with SlO,lS6g13 last
year, s., &C.. OO5 in 1872 and S6,S2O7ll in 1911.
The amount of common stock outstand-
ing varies as the convertible bonds are
presented for exchange, which for sew
eral years now has been going on con-
tinuously with Norfolk and Western, but
the per share earnings for 1914 will figure
about Sl-i per cent on the average
amount OF common stock drawing divi-
dends during the year.
Southern's New Improvement.
An automatic electric-hlock signaI-sys-
TEN has just been completed and placed
in service by the Southern Railway COM
pany on the main line between Seminary.
Va, and Orange. Va, a distance of
eighty miles. all double track, providing
continuous automatic signal protection
for trains from Orange into the WASH
ington Terminal Station. This system
Is now in use on other portions of the
line In Virginia and North Carolina,
giving in all total of 19S miles Uf
double track so protected, while arrange
ments have been made for equipping 12J
miles more.
Local Insurance Election.
At the annual meeting OF the stock
holders of the German-American Fire In
surance Company yesterday trustees
were elected as follows: c. B. Pearson,
o. L wolfsteiner W. F. Edmondston,