The Washington herald., 1914-06-23
MARKET Strong
ON COURTNEWS
Southern Pacific Up 3 Points
on Highest Tribunals
Favorable Decision.
OTHER CASES COME LATE
Opinions Against Railroads in Rate
Cases Hs1ded Down After Close.
Interurban Affairs.
OTHER CASES COME LATE
BY w. STEALEY.

OL lhe southern FdClnC . ElSHt 70 NdAa-
fornia oil lands yesterday caused a sharp
gain of three points in the stock Of the
company.
Other New York stocks rose sympa-
theticaIIy and there were gains Of frac-
ton or more throughout the entire list.
Southern Pacific closed at s7%. Union
gained III points, closing at 157. Reading
and Canadian also were up, the former
closing at Is5. the latter at 1855.
The decisions Of the Supreme Court,
which were against the railroads, came
out after the close OF the market. The
street especially has been awaiting the
intermountain rate case. and there also
has been a belief that the Interstate
Commerce Commission was anxious to
hear from the Supreme Court before
reaching a final conclusion on the Easc-
ern rate case. As the power Of the COM
mission is further strengthened by the
intermountain case, ii seems to be estab-
~lished that the commission can do pretty
much as It pleases with railroad rates
under present acts of Congress, no mat
ter what hardships are irDosed. The
decision Of the Interstate Commerce
Commission may be expected now any
day
In a begrudging way a small increase
prODaOly Will De allowed.
Lines west of the Mississippi are not
effected by the Interstate Commerce
Commissions forthcoming decision, hence
the Southern Pacific decision of the Su-
Freme Court yesterday ought to continue
o favorable factor so far as Southern
Pacific is concerned, but the intermoun-
tain case comes as a check to bullish ac-
tivity in other Western railroad issues.
Most OF the interest in the early deal
ings was centered in Rock Island issues.
The collateral Is declined to IS "a, new
low record. but quickly rallied to 30 3-4.
Transactions in the two classes Of stock
were small. with the common selling be-
low > The rest Of the list was generally
firm. with Lehigh in good demand.
Pittsburgh coal issues were strong and
active, the preferred advancing on re-
ports that arrangement was being made
for the payment Of the back dividends.
Local stock Market.
Sales on the Washington Stock Ex-
change yesterday were in improved vol
ume but prices showed declines.
-Four shares Of Capital Traction sold
at 9s. while Railway stocks also were
weak Twenty-Five shares Of the COM
mon sold at Sc, and two shares at 81
Eighty-five shares of the preferred sold
50 l-4sS2 5-s. Five shares Of Washington
Gas sold at IS.
Two 1000 Railway IS sold s. and S Is
Mergenthaler. four shares, sold 2l4 IA
Dividend to Union Pacific.
The date Of payment to common stock
holders Of the Union Pacific OF the
extra dividend Of Baltimore and Ohio
stock and SS cash per share will prob
ably be postponed again. This disburse-
ment was set for July 1, but II is eX-
pected that the executive committee of
the Union Pacific at its meeting today
will extend the time, naming probably
some date after July A.
This change of date has been made
necessary owing to the adjournment of
the New Court OF Appeals. at Albany. !
until July A. without rendering a de-
cision In the case Of the Equitable Life |
Assurance Society against the Union !
Pacific, which is now pending before that
body.
Washington Interurban Affairs.
In the United States Court at Baltimore |
June % will be decided whether the tenn
porary receivers appointed for the Wash |
ington Interurban Railway Company will !
be made permanent. The temporary re- |
oeivers we've appointed on application Of
the Railway Storage Battery Company, !
holder Of a note for $1,000
The company is successor of the Wash |
ington. Spa Springs and Gretta Railroad |
Company. and was incorporated in 1872 !
II has a capital Of S5O0CO and q funded |
debt consisting Of S252, 0OO Washington. |
Spa Springs and Gretta first mortgage |
bonds. The company operates an cleo |
trio line between Washington. n. c. and |
Bcrwyn Md, a distance Of eight and one
half miles. Interest on the bonds will !
be due July l at the Munsey Trust Com
pany in this city.
Guy T. Scott OF the Continental Trust, !
is temporary receiver
{. & o. X. V. Progress.
The Chesa peake and Ohio Railway is
one of the few roads showing satisfac-
tory increases in both gross and net earn ,
inEs. For the ten-month period ended [,
April 81, 1914, its gross earnings increased :
by s.. I5S. $50 to S3n554, ,O2a while there was
an increase in not earnings of s6l5. S65 To
g. .2s6. a04 The VirEinian Railway, which
taps the New River and Pocahontas coal
fields. reports for the ten months ended
April - an increase Of 1924. al in gross
earnings and s22S. So in net earnings TO
s., ,5q2. .455 and s23g7. .ss5. respectively. As
evidence that the Chesapeake and Ohio
Railway expects large increases in its
coaItraffic. the company has completed
at Newport News. Va. q new steel coal
pier at a cost Of 81. .5NoO0O. This pier is
operated by electricity, and has. a ca
pacitv of $1,000 tons per day, practically
doubling the present dumping capacity.
Its places the Chesapeake and Ohio Rail-
way Company in a position to furnish
coal with as quick dispatch as can be OBJ
tained at any Atlantic port.
The Public Service Commission. OF Bal
timore has approved Of the modified plan
Of the United Railway and Electric Com
pany to issue Sl.O1nco0 two-year convert
ihle 3 Der cent notes. The new plan
differs from the original one only In that
Il provides that the notes may be con-
verted at par into common stock at the
face value Of the latter, which is so a
share Instead Of Ss3 Ia An underwriting
syndicate already is being formed to take
such portion of the notes as may not be
subscribed by the stockholders.
There is little doubt that the Federal
Reserve Board nominations pending in
the Senate will be confirmed. Fear Is ex-
pressed, however, that a delay may cause
the postponement Of the time the new
currency act will be effective.
TAs Comptroller Of the Currency be-
iieves the act will be in operation by
August / There Is considerable work to
be done by the board. and prompt confir-
nation must come IL Mr.. williams pre-
dietions are carried out.