The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-08
few Changes IN
new YORK PRICES
Leading Issues Show Small
Declines-C. & O. and
M. P. Off.
WORK ON SOUTHERN RY.
System Arranging for Double Track
Between Washington and Atlanta.
Mergenthaler Shows Gain.
By w. sTEALEY.

Light trading and in small volume
characterized the new York Stock Ex-
change yesterday.
Prices fell slightly lower, but leading
stocks were little under Wednesday s
close.
Steel closed 50 IA: Reading, 1854: Union
is Is; Northern. 100 81; Southern Pa
cific. 81 SIS, and Copper. 70 is.
Missouri Pacific and c. and O., were
the weakest in the list. the former ow-
ing to reports that its financing could
not be accomplished, the latter on re-
ports that earnings, and expenditures
would necessitate passing its dividend.
Missouri Pacific, went OF two points
closing IS 3-S. Chesapeake lost one point
closing 81 81.
The R. i. col. As, continued strong on
the belief that the company could get
along with less money than has been
previously anticipated.
Operations were almost entirely pro-
fessional and the tone inclined to be
heavy. During the afternoon the mar
ket was practically at a standstill.
The government report on grain was
about as expected and was construed as
highly favorable
Calf. Petroleum issues sold off sharply,
their decline being in response to unfav-
orable conditions in the oil industry
which must be reflected in the COM
pany's earnings.
Local Stock Market
Trading on the Washington Stock Ex-
change yesterday showed Improvement.
Bond sales amounted TO $40. 500 of which
amount sll.0O0 was in Potomac Electric
Consolidated IS at 80 1-2. One 5000 City
and Suburban brought 10e; three 5000
Riggs Realty SIS dong, To-; one s1,o00
Railway 4, s1Z: one $1,000 Telephone 5.
In the stock list % shares of Washing
ton Gas brought 7924. eleven shares Trsc-
ton 10OI4, and 10 District National Bank
I42
Southcrn's Double Tracking.
Stockholders of the Atlanta and Char
lotte Air Line Railway Company have
received a circular from the commit
te appointed under the agreement dated
May I, 1906, and supplemental agreement
of December %, 1903 with authority TO
consent to an increase in the existing
mortgage Indebtedness of the company,
conditioned upon an increase in the divi-
dend of its stock, and with further au-
thority to sell the stock represented by
it on such terms as it deemed proper.
subject TO the approval of the depositing
stockholders
The committee announces that a tenta-
tive arrangement has been formulated
which has its unanimous approval and
which has also been accepted by the
Southern Railway Company and its eff
fectiveness depends entirely of the unan;-
nifty and promptness with which it is
accepted by stockholders OF the Air Line
Railway Company.
The plan calls for an issue of first
mortgage bonds of the Air Line Com
pany to the amount of s2O.OO0.OO0 TO bear
interest at not to exceed 5 per cent per
niS nm
be issued Immediately and sold and the
proceeds used for the purchase and can
collation. Of an equal amount of bonds
now held in the treasury of the South
ern hallway Comp any. The balance will
be sold from time to time as it may be
deemed desirable by the directors of the
Southern Railway Company and the pro-
ceeds turned over TO that company fo-
the sole purpose of double-tracking and
improving the Air Line Railways PROP
erty and terminal
The double-trackin program of the
Southern has been carried on for a num-
Der of years past and had money market
conditions been more favorable would
have been completed before this 1t is
believed however. that conditions are now
favorable for the Offering of bonds Of
this line which is leased by the South
ern and forms an important link in the
system. Double-tracking work is now 10
be actively pushed and when the last
link is completed the company will have
a twO-track main line between Washing
ton and Atlanta.
Through the Atlanta & Charlotte Air
Line Railway Company financing the
Southern is enabled to complete its dou-
ble-tracking without the necessity of
doing any further financing itself for
this purpose. At the same time it gives
the company sJ,50O,OOO of first mortgage
bonds on the entire property of the
leased line.
The last financing by the Southern
Railway Company was the sale of SIC
100000 of ) per cent three-year notes
which were sold to J. p. Morgan & Co. |
in February of this year.
MergenthaIer shows Gain.
p. T. Dodge. president of the Mergen- |
thaler Linotype Company, says that the
output of the company during the seven
months of the present fiscal year. be- |