The Washington herald., 1914-02-10
CHANGES Slight
ON WALL Street
New York Stock Market Close
at Practically Satur.-
days Figures.
EXPENSES OF RAILROADS
President Smith. of New York Central.
EXPENSES OF RAILROADS
President Smith. of New York Central.
Answers Criticism -Reeside Heads
Washington Gas Company.
by w. sTEALEY.

BY w. STEALEY.
After strong opening the New York
stock market yesterday drifted into ir-
regularity and closed at figures approxi-
mating those of Saturday.
Amalgamated Copper closed at q, n
gain Of is points; Steel 65 L. frac-
ticnal gain: Reading 167 IA. slight loss;
Union Pacific 1s2 3-S, fractional gain.
Rock Island touched a new low level,
5S-4. 1t looks as IL Rock Island, COM
mon and preferred, will have to pay a
large assessment IL they wish to main-
tain any equity in the old Rock Island
Company after the dissolution of the
holding companies which seems newt
able. The old company is a valuable one
and ordinarily a large Garner.
Mexican Petroleum yesterday closed at
&c. scoring another gain.
Many Of the Standard Oil shares are
in demoralized condition OH the curb
and the collapse in Atlantic Refining and
Standard Oil of New York has been re-
fected in other shares. Confidence has
been severely shaken first by the poor
on Of New York dividend which was
smaller than even conservative curb
brokers had looked for. On the poor
statement of Atlantic Refining Com
pany's earnings for 1913 the stock broke
from $50, its closing price on Saturday
down to us The latter price shows
loss of 1856 points from last weeks high.
California broke from 314 to 2ss: New
York Standard from 1ss to 1ss; Prairie,
80 to 4s5; South Pennsylvania, SO to
S24, and Ohio from 460 to 40.
Local Stock Market.
Bonds and stocks Of the Washington
Railway and Electric Company formed
the main basis of trading on the WASH
ington Stock Exchange yesterday. The
$1,000 and $500 IS of the company, to the
extent OF $4,000. sold 81 LAS. Thirty
eight shares of common sold soasl, so
shares of the preferred IS 1-4aSs l-2
Two $1,000 Capital Traction IS brought
los one $500 IS 1O7 rs. Five thousand in
Potomac Consolidated IS brought 100 La
100 S-S One $1,000 c. and p Telephone s.
brought 1O5
Six shares 'of Norfolk and Washington
Steamboat sold at lS9.
Expenses of Railroads.
burgh Saturday by President Smith. of
the New York Central Lines, have been
received here. A striking paragraph is
as follows
Serious thought is being given to the
constantly increasing cost placed upon
railroads by Federal State and munich
pal regulations, with concern as to where
L
proper that the government through its
commission sholId pass upon the outlays
made by these properties in providing
facilities for the service Of the public
as q sound basis on which to charge the
users Of these railroads for the transpor-
tation sold to them. and yield to investors
a fair return IL private capital is to con-
tinue to be called upon. |
There is criticism afoot that the rail- |
roads have not used their money judici- |
ously. The efficiency and integrity of |
railroads must be judged by facts pal |
pable to all-their strength in heavy steel |
rails, good ballast, steel cars, modern |
signal systems. and other appurtenances
that constitute safe transportation ma
chine whose efficiency is proved by pay
ing the highest wages for services rend- |
cred by its employees. and furnishing
transportation at the lowest cost. This
is a simple problem. Those who confuse |
II and complicate it serve only to hide /
the truth |
New Currency System.
In the opinion of the Irving National
Bank, OF New York. the new Federal
reserve act will have no appreciable ef-
feet upon the relations at present exist
ing between out-of-town banks and tiD
present reserve banks which HAY enter
the Federal reserve system.
The Irving expresses this opinion In a
letter mailed to its correspondents
part as follows:
I'VE believe the Federal reserve act
substantially and effectively provides a
workable basis for a flexible currency
and credit system. We see no reason
why our present relations need be ap-
preciably disturbed, and whether We deal
with member or nonmember banks We
4
tofore and can continue to handle our
business just as fully and
acceptsbly as in the past"
Few Witnesses Remain.
But few witnesses now remain to be
heard for the United States Steel Cor
poration in its defense in the government
suit for its dissolution, and IT 10 expected
that the corporation will conclude its de-
tense about the end of this week, or
early next week, II
The government will then have the op-
to present further testimony in '
and it is improbable that much
tiIEe will be consumed by this whetherl
the co-defendants, Messrs. Carnegie Hill, ,
and Cromwell, will take the
stand In their own behalfs is not known,
but 1t is considered likely that they viii
allow their cases to depend on the cor
Doration's. u
Consolation for Banks. ls
Banks throughout the country which
are going to such great expense to col
ect the governments income tax will
console themselves IL they consider the
;ase OF the railroads. 1t is estimated that
ast year the cost of the railroads of
furnishing the information and reports /,
required by the Interstate Commerce
commission amounted to between $780,
90 and Sl0.ooo0oo. an amount equal to
per cent dividends on close to 5000
10000 Of capital. This does not include
he expenses involved in connection with
he investigations of multitudious sStateI
commissions and various legislative conn.,
nttees.
Mr.. Reside Elected,
At meeting of the board of directors J
Il the Washington Gas Light Company .
yesterday Howard 8. Reside was elected
PRESIDENT Mr.. Reeside has been acting
resident since the retirement of Joseph
>eiter.
Mr.. Reeside said after the election that
will be his policy to give the public | :,
he best service possible. He win vieor- Z
usly urge the adoption OF the GallinTer-t 4
deyer amendment n
OUTSIDE SECURITY NOTES