The Washington herald., 1914-05-28
foreign BUYERS
ADVANCE PRICES
Good London Trading Causes
Gain IN Canadian Pacific
and Other Stocks.
GENERAL MOTORS GAIN
District Bank to Select Electors This
Week-Weather and the
Cotton Market.
py w. sTEALEY.

a Cotton Market
ny w. STEALEY.
The New. York stock market yester-
6av became more active. Gains were
scored In the leading issues.
The Improvement initiated abroad. for
eieners buying extensively. CANADIAN
Pacific closed iss 81. a gain of 8 1-2 points
steel. closing at s. 81; Reading. 1ss Il;
Union, I5s 3-s. and Copper, D1-4, all
showed gains.
General Motors was the feature OF the
market, closing at IS, gain OF el-s
points during the day and "A points TINS
week.
The upturn in General Motors ap-
parently is based entirely upon earnings
The probable result in the way OF divi-
dends on the common stock Is something
for which a good many appear willing 70
watch and wait The presumption seems
to be that with earnings as large as they
have been the company can well anord
TO pay a good dividend. Last fiscal year
$50 per cent was shown on tine common
and this record will doubtless be ex>
ceeded during the current fiscal term,
which ends July 81.
The compeny is strong in cash ana ex-
pects to do little borrowing next season.
The note payment of 100000 due next
October has already been paid out OF
funds so that there are no more notes
to be taken up prior to October !. 1sl5,
when the $500. 900 unpaid balance falls
due :.
According to an important interest OF
,h. corporation, no plan for taking up
these notes has been considered as yet,
and probably will not be until after the !
close Of the fiscal year. Directors hoio
their regular semi-annual meeting TO de-
clare the preferred dividend In Sep
tember. -.....-- .-.
Local stock Market.
Aersenthaler continued active in the
local market yesterday. One hundred and
fifty-two shares, In odd lots, sold from
2ls 1-sa216 s-4.
The market showed frmer tone' anu
trading was broader. -.
Ten shares of Railway preferred sold
S Is md six shares Of Traction, loo 50
Bond sales aggregated $1,000. One sLoo
Gas sold los l., and two 800 al tne
same price A 1900 Railway brought
50 l-2. and a $1,000 Potomac Eiectric |on-
solidated 8, 90 rs
The closing bid on Traction was 100;
Railway common, 81 1-2; Railway pre-
ferred, 50 l-2, and Gas, 49,
Banks Manning Electorr.
The national banks and two trust COM
panies Of Washington which will enter
the new currency system, viii name
within the next few days, through tneir
directors, electors who will cast the
votes of their respective banks Tor Ciass
A and Glass B directors, in Group i. ior
the Richmond Federal reserve oank
agreed upon at the Richmond conference
The blank ballots are expected TO De
received from the Treasury today
The six directors to be elected by the
member banks do not comprise the en-
tire directorate of the reserve oank- Inree
Glass C directors are to be appointed py
the Federal Reserve Board, and one OF
these Glass c men will be chairman OF
the bank board. Under the new currency
law the Class c directors are to have no
connection with any other bank They
NAV not even be stockholders Of bank.
Class A directors must be active bankers,
and Class B directors may hold stock In
another bank, but cannot be officers or
employees of such institution
Cotton md Bad Weather.
The activity of the cotton markets,
May yesterday closing at 14l5, Is Que 10
had weather reports. 1t recalls that In
1sOo-d9Ol Texas was flooded with copious
rainfall that spring and on June the
whole crop-was late, particularly Texas,
where planting was still going on at that
late period. On June q crop accounts
were persistently bad from Alabama |
Mississippi, Georgia, Tennessee and the
Carolinas.
On the 18th of July the crop accounts !
from Texas were fine. but September 20
to "a was a period of heavy rains in that |
State and of floods all over, the South |
west Following this disaster there were |
killing frosts in Texas on the following |
November II.
The yield that season was the largest |
except the bumper crops of 1897 and 1888. |
while Texas raised absolutely the larg- |
est crop it ever produced up to that time. |
Comment on Mr. BrahdeSs.
A new view Of the attitude taken by |
Louis D. Brandeis, special counsel for |
the Interstate Commerce Commission. in |
the railroad rate case. is commented up |
on by the Railway Age-Gazette editorial !
ly, and the magazine also publishes Mr.. |
Brandeis' argument
Says the editorial: "A careful read |
ing Of the oral argument made by Mr.. !
Brandeis in this case on April 30 and May |
discloses that in order clearly and fully |
to understand the position taken and the |
conclusions reached by him it Is necessary |
to consider his brief and his oral argu- |
ment together. His brief, considered |
alone. conveyed the impression that he !
was criticising the efficiency with which |
the railways of the United States are |
operated, for in it he contended that |
many other classes Of concerns had been |
able to increase wages without finding !
II necessary to increase their rates or |
prices. But the typewriter report of |
his oral argument shows that in it he |
did not criticise the efficiency with which |
our railways handle freight He gave it |
the highest praise What he did point |
out Is that the roads have been unable to !
introduce similar economics in the ham
ding OF their passenger traffic, and that |
In consequence, the expense incurred |
In the passenger service has increased IN /
the earnings from passengers, mail and !
other passenger train business, that on !
all the roads in Eastern territory which
tried to allocate their freight and pas
senger expenses. the passenger business is /
being handled at a loss. In some cases |
passenger train operating expenses ac-
tualiy exceed passenger earnings; and In |
no case are there any considerable net /
earnings from the passenger business /
with which TO pay return on the invest
ment property assignable to passenger
service"
President Stevens. Of the Chesapeake
and Ohio says the entire line from
Newport News to Chicago, Including
the parallel James River line. e i
equipped for telephone train Dispatch