The Washington herald., 1914-01-24
STOCK MARKET
HOLDS UP WELL
Closing Prices Show Little
Change from Advances
Of Thursday.
GAS MERGER GOSSIP
District Bankers Hold Banquet tonight.
Franklin Fire Insurance Company
Re-insures with Boston Company.
GAS MERGER GOSSIP
By VI. sTEALEY.. .

BY VI. sTEALEY..
Closing prices continued good on the
New York stock Exchange yesterday.
reactions during the day were brief.
and there was present an apility 10
absorb what was offered.
Prices were Influenced by many cross
currents. Berlin was a steady seller
of Canadian Pacific, driving the price
at the close to s11h. while Amster-
dam brokers freely purcnaseo hoeA
island common. carrying the price
from 15& to l6M. London sold steer
common, Amalgamated, and Union "a
cific while orders from the Continent
advanced Baltimore and Ohio from sets
To e7Z carried Atchisop above par
and Norfolk and Western to lo4A.
Union Pacific rose to '1S2 Is.
southern Pacific gained two points
ana closed at 90. Trading in this issue
was unusually heavy
Coal stocks were active and higher'
Erie and Lehigh Valley gaining.
Copper stocks were firm. although no
further gains were recorded Gan
issues were strong, the common sen
ing IN to 35 and the preferred 9sH
Industrials were in good oemano,
American Locomotive, Pressed steer
Car, and other equipment issues gam
ing fractionaIly. Texas Company WAS
strong. selling. as high as 147.
Bonds were active and strong. new
York State AIS when issued, were
heavily traded in around lo1s. sea
board Air Line adjustment ss rose from
77h to 7sh. Rock Island issues were
strong. Union Pacific convertipie IS
were active and firm
Call money fell to a new low lever.
being offered at u per cent UnusuaI
interest is attached in today's bank
statement. Forecasts of the movement
of currency indicate gain Oh some
s2o,o00,0O0 The payment for the state
bonds. involving some s54,0o0,o0o, has
taken place. but this money. IT Is un-
derstood. has been retained in local
banks.
Local stock Market.
Trading in the Washington stock Ex-
change Yesterday showed considerable I'M
proyement, Bond sales aggregating szi'-
500 were made. There also was an III
crease in the demand for stock
Three N,OOO Washington Gas ss brougnt
1O7 7-salOS, Washington Railway and Elec-
,r;c As were sold at So Capital Traction
Is at los l.. and Metropolitan 5s at F'-
Potomac Consolidated IS brought lVo- 10
tonac Electric IS 10i l..
Three shares of District National Bank
stock sold at 14S 1-2, twelve shares Vi
Arlington Insurance 1e f-2 washington
Railway and Electric. common, and pre-
ferred, brought 80. Twenty-three snares
of Mergenthaler sold at 2liazia.
Norfolk and Western.
Re-ardless of reports of the contem-
plated disposal by Pennsylvania OF its
controlling interest in Norfolk ana Nese
ern. the stock closed yesterday at lVt %,
only q small fractional loss Nor1oik anu
western continues the second nishes'
priced per cent railroad STOCK IN ene
list second only to Pennsylvania tseh-
I,r xieId AT the present level is SIS per
cent compared with 6.5 per cent Tor
Union Pacific 81 per cent for Northern
Pacific. and 5.3 per cent for both fehn-
svlvania and New York Central.
Norfolk and Western is enjoying rec
o-d cross revenues is spending more
than ever on the maintenance OF lts roau-
way, structures and equipment, and is
earning at the rate OF about IL per eeh
on its common stock This is one OF the
few Eastern roads which has increased
gross revenues in the first five months OF
the 1914 wear over 5 per cent The m
crease in upkeep expenditures IN tnis
period was 900 greater than the Vs.
Oo0 decline in net operating income. IN
crease in maintenance this year follows
An increase of Il per cent in TINS Item
from 1910 to 1913.
ern under the Pennsylvania management
since 1901 is the basis for the present in
vestment position of the stock. Durins
this period the road has been practicaiIy
rebuilt. and almost one-third of the FUNDS
for this purpose has been appropriated
from income, and only about two-thiros
of total value has been charged to prop
erty accounts
Gas Merger Discussed.
Senator GaIlinger's proposed amend
ment to the District appropriation bill,
relative to the merger of the two gas
companies combined with the meeting
on February of the stockholders OF
the Washington Gas Light Company was
the principal theme of discussion in local
financial circles yesterday.
The GaIlinger amendment will be sent
to the District Commissioners for their
views and later hearings will be held.
The bin was favorably commented upon.
The realization that it will bring Scent
gas on both sides of Rock Creek Is
potent argument which also may have q
n AZ