The Washington herald., 1914-05-15
TAMPICO FALL
AID TO MARKET
New York Prices Up on Mex
lean News Leaders Make
Good Gains.
POSITION OF W. m. R. R.
Capital Traction Falls to 90 on Local
Market-Owners of Mexican
Oil Fields.
BY w. sTEAI.EY.

lead q strong opeIliii5 "hiSh - NA--
tanned Throughout the day gains in lead
ing stock gaining one a point
The fan of Tampico caused Mexican
Petroleum to open at g., gain OF SIX
points. During the day the stock fell TO
s. and a fraction. but closed at 81. Even
Missouri Pacific. which has been pear
: factor during the past two weeks showed
gain, closing a. IS 3-4
Steel and Union were especially strong,
the former gaining 1-2 points. closing
at g., the latter nearly two points clos
ing at l5f is, Copper was strong at % S-A'
Reading at le5 5-S.
There was greater confidence IN the
stability of the general market yester-
d.y than has been noticeable in some
time.
The effect of this was fully rehecteo
by the much better class of buying which
continued from the opening in all the
standard railroad and industrial Stocks.
Traders who have been operating on
the short side for sometime have not
vet covered, and the foreign short IN
terest also is still outstandins- Most oi
the traders and commission houses usual
ly bull:sh have been caught by this week
rise practically without any stocks
Local stock Market.
Capital Traction reached new low
level on the local stock exchange yester-
day five shares of the stock selling at
ae TotaI sales of the stock amounted to
iso shares at prices ranging from IS to
1ooILs At close 80 "a was bid, 80 is
asked.
Railway preferred sold twenty-five
shares at Sf1s.
Mefgenthaler sold four shares at 2l' to
H51-S
Bond sales were light. One $1,000 Gas
bringing 1G5 "a and one 500 loS12. 4
$500 Columbia Railroad sold 1oe Is
Western Mnryland's Position.
Regardless of the slump in Western
MARYLAND stock certain powerful hnan-
cial interests own a large part OF all the
securities outstanding other tnan tne
$4,000. 900 first mortgage per cent oonos-
The earnings have shown for some niue
time that the company was not earning
its fixed charges 1t has been assumed
that this condition could not continue in
definitely. 1t seems to have been forgot
ten however, that II a default were per-
mitted the first mortgage bondhoiders
would come into control of the property
1t is understood that the interests VINO
own mcst Of the preferred stock and the
two issues of notes are not large owners
therefore they would be inclined to pro-
tect the property until such time as
II stall be able to take care Of itself.
IT is learned from excellent authority
that this has been the policy of those
interests for some time and will be un-
I'll t,e company is on a sound financial
basis At their meeting on Tuesday
the directors authorized the expenditure
of something like 100000 for tie plates
1hf1rl n nj
the section of the road where the traffic
is the most dense. This expenditure was
not agreed UpCn because it was regarded
as necessary for the volume of traffic
expected in the immediate future, but
in order to bring the road up to the
desired standard and to thus put it in
shape to handle economically the larger
volume of business that is confidently
expected in due time. Other expendi-
lures are being made in the furtherance
of this same broad policy.
On July | next, or at the beginning of
the coming fiscal year, it is authorita-
tiyely stated that the power OF the
Western Maryland will be up to the
nar-ral,' according to the strictest STAN
dard.
c. 4 o. to Exterd Lines.
Chesapeake and Ohio Railroad prac-
ticany has abandoned the plan for the
building of an extension Of the Hooking
Valley Railway from Jackson TO Ports
mouth, Ohio, and instead vii! build
line of its own from Portsmouth to
Columbus. paralleiing the Norfolk and
Western for 100 miles up the Scioto
River. ..-
The Observation-Disclosures line will
probably he much better for handling
coal traffic from the Kentucky mines. 1t
is not expected that more than $6,000,CO0
or S7,G3O.0C0 will be required.
Oil experts of Waters-Pierce Oil Com
pany. estimates the amount Of oil stored
at Tampico at Is, eco Geo barrels, valued at
sT,5Ge,eoO. Chief owners are: Mexican
Petroleum Company, 100000 barrels;
Mexican Eagle Oil Company, 3,oo0,oJ
barrels: Royal Dutch-Shell, 100000 bar
rels; National Oil Company. $4,000 bar
rels; Texas Oil Company, loo 000 barrels;
East Coast Oil Company (Southern
Pacific, 100000 barrels; International
Oil Company (John Hays Hammond SYM
dicate), 100000 barrels: Waters-Pierce
Oil Company, 100000 barrels; Sims & Bow
ser, 100000 barrels, and Spellacy' Bros.
10000 barrels.
Secretary Frederick r. Fenton, of the
Investment Bankers Association of
America, has issued forty-page bulletin
embodying the report of general counsel,
to the board Of governors, on their work
since last October. The report points
out the results obtained in legislation,
litigation, income tax rulings and other,
subjects, besides showing the need Of con-
structive legislation along certain lines.
Another subject covered very ex-7
haustively is that of taxation. This ques-
ton is one of grave concern to invest.
ment bankers at the present time.
The Tennessee blue sky law just passed,
and the Ohio blue sky law, as recently
amended, also are printed in full in the
bulletin.
The Supreme Court of Appeals has de-
cided against the city Of Wheeling which
has long enjoyed a monopoly in the sale
OF gas to private consumers, in its at
tempt to enjoin the Natural Gas Com
peny. Of West Virginia, from selling gas.
Cotton census reports 49s77z running
bales Of linters consumed in April.
previous month lss.774 year ago l7s,5O6.
Glass manufacturers Of Moreantown,
W. Va, complained to the Interstate
Commerce Commission yesterday Of be-
ing discriminated against In the matter
OF rates on glass articles to points In
Central Freight Association and western