The Washington herald., 1914-05-02
STOCKS UP TWO
TO THREE POINTS
London Holiday and a Court
Decision Give Bulls a
Chance.
NEW VIRGINIA RAILROAD
Twenty-6ve-mile Spur of Southern to
Be Built-Pennsy's Dis
oourasing Report
NEW VIRGINIA RAILROAD
BY w. sTEALEY.

by w. sTEALEY.
There was a good gain on the New
York Stock Exchange yesterday.
The london market, which has been
q consistent seller of American securi-
ties for the last two weeks, has closed
and this probably had something TO do
with the New York advance
Steel closed at 5s;s. a gain of 1% points
over. Thursdays close; Union closed 15sSs,
up ,, points; Reading. 1914. up 2 points;
Copper. 73k. gain of l point.
Nearly the entire list was effected,
even Missouri Pacific gaining.
The market opened quiet but generally
strong with a sharp rise in Missouri
Pacific on reports that Kuhn, Loeb &
Co. would undertake the financing II
the notes. The stock was supplied on the
advance, however, and the price of Mis-
souri, Pacific soon broke point. On the
announcement that the appellate division
has refused the application of the Equi-
table Life for an injunction to restrain
the distribution of the Union Pacifc's
holdings Of Baltimore and Ohio. the en-
tire market turned very strong under the
lead of Union.
Heavy covering of shorts took place
throughout the list and good deal Of
buying for long account helped to force
prices upward The result was the most
active and strongest market the street
has seen for some time past, with sharp
gains throughout the entire list.
The strength and activity were MAIN
tanned all day The fact that decision
IN the Union Pacific case in the appel
late division was unanimous as had been
that in the lower court, causes confident
belief that the decision of the Court OF
Appeals, when the case reaches them
will be i'm line with the decisions OF the
two lower courts.
The report current that the Interstate
Commerce Commission decision on the
proposed increase in freight rates Tor the
Eastern railroads would be handed down
within week. was characterized by
Chairman Harlan as ridiculous.
There is little doubt that the circula-
tion of such optimistic reports had very
potent influence in causing the further
sharp advance in the market.
Local stock Market.
washington Gas formed the basis Of
trading on the Washington Stock Ex-
-hange yesterday. fifty shares selling at
;gI-3 and twenty-five shares selling at
q 5-s
veive shares Of Mergenthaler sold at
-
the bank list two shares of Fed
- National sold at l35.
Ids for Railway preferred were 81 Ia;
The PennsyIvaniH Statement.
he PENNSYLVANIA Railroad for March
scented another Giscouraging report
hough not by any means as bad rs
preceding moEth- Yhe lines east OF
.tsburgh rep1-teS a decrease Of $491, Ia
gross rsy.,uu and o. S20S-IJ9 in net.
sc lines west CT Pittsburgh. Un the
her hand. showed m increase OF S52l,S05,
:. lille operating esT ense decreased SSSS, ,9Sl.
Therefore th- net registered an increase
OF SSsA Es7 CombininT Eastern and West
en- lines tn, gross. which may be con.
sidered as representing the movemnt Of
trade, decreased SI6e,67 while the net in
CEASED s65l,jsi
New Virginia Railroad.
The Virginia Bite Ridge Railway, for
which a charter will soon ne applied, will
be built from Tye River, On the mail
line If the Snatn"rn Railway. to Massie' s
Hi'is. distance OF twenty-five miles. The
railway will follow the Tye and Piny
TfV ers, in Ne sen County. and will open
a territory rich in natural resources. The
road is being built by a Syndicate which
owns 2, 600 acres of timber rights alonS
Tie route ii is underEtood that local
ono New York capital is interested in the
Itolect -.-
Surveys for the line hava been COM
pleted ana ten railway contractors have
been asked to fLI nit bi Is for tbs con-
struction. The bids are expected to be in
tomorrow.
Reorganization of Railway.
The committee, of which Frederick
Aver is chairman, has given notice TO the
depositing security holders OF the At
lanta, Birmingham and Atlantic Railroad
Company and subsidiary companies that
the plan of reorganization, presented
some time ago, has been declared ef-
fective/ On account however of a de-
crease in the earnings of the railroad
company during the past few months, it
has been decided to postpone the actual
operation Of the plan for the present. II
Is understood that such action does not
bind the bankers to the underwriting
agreement nor subscribe. 70 their sub
seriptions. &.
II is sincerely hoped by the committee
that future developments will enable it
4 10 carry out the plan either with its pres
ent terms or with such notifications as
may be found necessary. In that event,
subscriptions will again be invited, and
an underwriting agreement arranged.
Reading promises this year to fail to