The Washington herald., 1914-05-22
MARKET DECLINES
rule ON Street
Losses Of Over a Point in the
Leaders-New Haven and
M. P. Continue Weak.
B. & O. r. R. APRIL GAIN
Good Showing in Earnings Made
Through NEUTRALITY-SUSPICIOUS.
of System Severely Cut.
B. & o. R. R. APRIL GAIN
BY W. ~EALEY.

Leading issues on the New York Stock
Exchange went of over a point yester-
day the continued weakness OF Mis-
souri, Pacific and Western Maryland ef-
fecting the entire list
Steel closed 81 5-S Copper Y IA. Union
1S1-2, Reading 1s5 l-2 and Canadian
1gs is.
New Haven continued weak again.
striking g. but closing up an eighth
of course this can be attributed solely
to the sensational character OF the tes-
tiuuony which Charles S. Mellen, the
former president of the company, is CIV
ing before the Interstate Commerce Com
mission There is a vague dread lest
worse is to come from Mr.. Mellen's lips
and bears sold the New Haven stock
with more assurance than at any time
since the big break eliminated.
Viewed broadly the Mellen testimony
caused some uneasiness because of IT'S
possible effect on the freight rate case
bears circulating the report that OWING
to the Mellen testimony an excuse was
offered to couple other railroads with
New Haven.
A representative of the Western Mary
land Railway Company, said yesterday
that he knows no reason for the sharp
decline in the stock and the per cent
bonds, except that block Of the securi-
ties may have been held as collateral foi
a
there was a sharp decline also, ana
various adverse rumors were circulated
with respect tc the future OF the COM
many. 1t was stated that while the COM
papy was not earning its full liked
charges powerful financial interests, VINO
already nave a large investment in some
of the Junior issues, would advance what
ever money the company might need
until such time as it should be on a
sound financial footing. They believe
that there will be a decided turn for
the better in the earnings within COM
paratively short time and are entirely
confident as to the company's future
So far as can be learned there has been
no change in the status of the Western
Maryland The securities are not being
supported by anyone and when block
of them is offered there is no active bid
dins, and consequently the market drops
several points. The stock closed yester-
day at 19 l-3, a fractional gain over We'd
uesday.
Local stock Exchange.
Trading on the Washington Stock Ex-
change yesterday was light, type ma
chine stocks forming the principal part
Fifty-five shares of Lanston we're sold,
s3 l-4aSs L. Seven shares Of Mergen-
thaIer brought 216-
Railway preferred sold from 81 to
exchanged.
Twenty shares of Capital Traction sold
for 100 is.
For Washington Gas, 7s1-2 was bid.
"a 1-2 asked.
Bond sales were confined to 500 Rail-
way 4 at 81. a $1,000 Potomac Electric
Light at 104 3-s, and a $500 Traction
5 at los.
B. & o. April Gain.
The Baltimore and Ohio Railway Com
pany reports an increase in both gross
and net earnings for the month of April.
compared with the corresponding month |
year ago. but analysis of the figures
shows that the gain of sS53.73S in net
earnings, that item having been cut
SS34 929 |
The Baltimore and Ohio Railroad is |
doing what every important system in
the country is doing-cutting expenses |
to the bone-aud probably will continue
this policy until it is permitted to make !
a reasonable profit on the 6nly COM
modify il has to sell-transportation.
The Baltimore and OlIio's detailed |
statement of earnings and expenses for
the month of April, 1914. and for the l6 |
months Of the fiscal year follows: |