The Washington herald., 1914-06-27
MARKET GAINS
over A POINT
Better Feeling on New York
Stock Exchange Following
thursdays Slump.
MAY EARNINGS DECLINE
Greene Cananea Reports Encourag-
ing-Willard on |. c. c. Delay.
c. & O.'s Increase.
BY w. sTEALEY.

Gains Of over a point were made on the
New York Stock Exchange yesterday.
The Street made a recovery from the
Clafiin failure and the low prices Of
Thursday were taken advantage Of by
yesterdays buyers.
United Dry Goods continued to'decline.
the stock being offered at S.
Steel closed 597-S, 5-s up; Reading
at 162, Is up; Union at 15S Is, 5-S up,
and Copper at IS, gain of point
Lehigh Valley, which sold ex-dividend,
was a weak spot on reports that another
dividend on the present 10 per cent basis
was unlikely in view Of existing business
conditions The stock closed 154 1-2.
The recovery in the stock market was
due chiefly to covering of shorts on the
absence OF any further sensationally bad
news. Liquidation Thursday proved
sufficiently extensive for present condi
tions, and as there was a good deal of
short selling, the absence Of any further
pressure from the opening yesterday
; showed a somewhat oversold technical
speculative position.
There was nothing else discussed of i'm
portance in connection with the rally
and the temporarily oversold condition
Of the market other than the usual week
end rumors as to the probability Of the
Interstate Commerce Commissions long
expected decision on the rate question.
Local Stock Market.
Trading on the Washington Stock Ex-
change yesterday was confined principally
to bonds. Railway Is to the extent of
$1,000 sold at 2s-L One $500 bond
brought S "a. Two 800 Norfolk and
Washington Steamboat IS brought 105 IL
On the stock list Railway preferred
brought s. a. Gas IS IL. and Lanston S.
For Railway common IS 1-2 was bid. for
Capital Traction 81.
May Earnings Reduced.
Earnings of the railroads of the United
States in May promise to make but
poor showing as compared with earnings
in May last year. A compilation of the
earnings OF roads that furnish early es-
Inmates of gross covering a little over
One-fourth Of the country's mileage.
shows a decrease in that item of 81 per
cent.
This compares with an estimated de-
crease in gross by the same roads for
April of SO per cent and for March OF
o. per cent The final results of all
roads in the country for April and March
showed a decrease in the former month
of "a per cent and an increase in the
latter of O4 per cent
The roads included in the preliminary
estimate are mostly Western crop car
riers and roads operating in the South
lines are included and as these suffered
considerably from the general depression
In trade in May il is quite likely that
the final results for the month will show
a heavier decrease in gross than the
R4 per cent indicated by the early re-
turns, for example. Baltimore and Ohio. !
the first trunk line to report had Is per
cent less gross revenue in May than last
year.
According to a statement of the Bureau
of Railways Economics, returns for April
reduced to a per mile of line basis and
compared with the returns for April, 1915, |
show a decrease in total operating reve- |
nues per mile of ~ per cent and a de- !
crease in operating expenses per mile of |
SO per cent Net operating revenue per |
mile was less by 81. or Is per cent than |
for April 1913, while that for April 1873 |
was "a per cent greater than for April !
1872 Comparison Of returns for ten |
months of the current fiscal year with |
those of the corresponding months of the |
previous fiscal year reveals a decrease in |
total operating revenues per mile of s.5 |
per cent, an increase in operating ex- |
penses per mile of L6 per cent and |
decrease in net operating revenue per |
mile Of 11.6 per cent. This net operating |
revenue per mile decreased ISL per cent |
in the East as compared with the cor |
responding period of the previous year. |
increased 03 per cent in the South, and |
decreased So per cent in the West
Big Roads to Compete.
Within two weeks, or. to be more exact, |
July 10, the Union Pacific and the South
ern Pacific for the first time since their |
divorce was decreed will be on an actual |
competitive basis for freight traffic with /
lines in Northwestern territory. !
This will be the sequel to the order of |
the Interstate Commerce Commission re-
quiring the Ogden gateway to be reopened
and comes in the form of supplemental
tariffs issued by the transcontinental rail-
ways freight bureau, which named for the
Southern Pacific, east and west-boun1
rates via that gateway. The west-bound
is in effect and the east-bound becomes
effective on the date. July 10. They apply
so far only to points south of Portland,
Greg, but it is expected that others will
follow which will open the Ogden route
to freight over the Southern Pacific to
points in the State of Washington.
fa taI