The Washington herald., 1914-06-26
COMMERCE AND FINANCE

I The fortnlghtly bulletin OF the Ameri-
can Railway Association states that on
June Is the net surplus of Idle cars on
the lines 5f the United States and Canada
was % S34 compared with "a, ,s02 on May
81. decrease of 9,46S.
During the two weeks the gross surplus
decreased from 2{2.572 to 1884, while the
gross shortage showed a nominal change
from 40 TO $50. The net surplus Of box
cars on June Is was SS,2T against ss6S3,
while the coal car surplus on June Is OF
| 93,41 compared with 94,770. Flat car
| surplus fell from 7,27S to 6.745.
This decrease in the net surplus Of idle
| freight cars. while not remarkably large,
follows a long period of rising totals. and
gives some indication of a better demand
for cars. Most OF the decline in the
surplus was due to decreased numbers of
miscellaneous cars. The principal classes
OF cars, such as box and coal, showed
little change from the figures OF the pre-
| ceding fortnight. With the movement of
the winter wheat crop Immediately ahead
of the railroads, II is natural to antici-
pate some decreases in the box car sur
pluses, although the carriers, II pressed.
will draft their miscellaneous equipment
into service for the grain shipments.
railroad Share Earnings.
Now that most Of the big railroads Of
the country have reported results of op-
erations for ten months of their fiscal
year. it is possible to calculate with some
degree or accuracy what earnings on their
respective common stocks will amount to
for the year ending June 30. The share
balance is, Of course. what most interests
the stOckholder, and is largely his gauge
OF prosperity.
The sharp falling of in traffic, COM
bined with the higher cost of operation,
the full force OF which has been felt this
year. have affected practically every rail-
road in the country. Save for one or two
exceptions earnings of individual roads
will make an unfavorable comparison
with the big traffic period of 1919 There
is hardly a railroad that will show as
large a balance for its common stock as
it did last year.
On January l. 191+the latest date for
which statistics are avaIIable-the Penn
sylvania Railroad system, with 2,554 all
steel PASSENGER cars in service and 3T9
others under construction. owned more
than one-third of all the steel passen-
ger equipment cars IN use in the United
States.
The above figures are exclusively of
sleeping and parlor cars. The total num-
her OF all-steel passenger cars, other
than Pullman cars, in service in the
United States on January !, 1914 was
1871. To replace with steel all wooden
passenger cars now in use in the United
States will cost about S5Sl, 10000.
In the near future the seaboard Air
Line is to buy new equipment which will
cost $4,000 for which equipment trust
certificates will be issued. Application |
will be made TO the Georgia Railroad |
Commission for this purpose. 1t is pro-
posed also to put on a new train for |
business between New York and Birm-
ingham. Ala. in order to properly handle |
increasing passenger business. New steel !
cars will be operated.
Extremes to which the mania for pat |
ernalism can go was illustrated when |
Virginia tobacco growers appealed TO |
Congress for governmental aid in mar
keting their crop on the ground that |
otherwise it was impossible for them to |
secure a fair price. The next thing no |
doubt will be attempts to legislate pro- |
hibiting smoking of cigars made out OF
tobacco.
As the Comptroller's office has the
right to ask banks to furnish information
relative to the salary Of bank officials
stories to the effect that an unusual
course is being taken in this regard are
not accurate. The same information can
be obtained by any stockholder. hence
are not a matter of any secrecy
whatever.
Norfolk and Western has declared the
regular quarterly dividend of l per cent
on the adjustment preferred stock, pay
able August 19, to stockholders of record
July 81. The board also declared the
regular quarterly dividend of 1-2 per
cent on the common stock, payable
September Is to stockholders of record
August 81
The directors of the Seaboard Air Line
yesterday declared the semi
annual interest of ? 1-2 per cent on the
bonds.
Vice President Johnson, OF the Ma
tional Metropolitan, left yesterday for
Port Hope, Canada, where he will spend
the summer
UnnU