The Washington herald., 1914-06-14
STOCK MARKET
TRADING Light
Sales in New York Drop to
$4,000 Shares, with the
Prices Unchanged.
RATE CASE oBsEssIoN
Street Sees No Factor Ahead but |.
c. c. Decision-Speculation on
Stock Movement.
:. ny w. sTEALEY.

ny w. sTEALEY.
Total sales on the New York Stock Ex-
change yesterday were IS. 800 shares, maxi
Ing a real thirteenth of the month as
well as a record of seventeen years.
Prices practically were unchanged,
Steel closing at s. 3-S. Reading l65 Union
i5s, and Copper Il L.
There is still no change in situation and
no reason to anticipate one The Street
Is obsessed with the Importance of the
coming rate decision, and the entire
speculative community refuses to take
any position pending that announcement.
1t seems highly probable that when
the decision is rendered, II will be OF
such a mixed character that il will be
difficult to know whether to construe II
favorably or unfavorably, but even this
Is only guess, and guesses just now are
both plentiful and worthless.
A moot question is whether tho ex-
pected granting of approximately per,
sent increase to Eastern lines will be re-
garded as bullish or bearish. The man in
the Street might suggest that since ii is
by no means established what the rail-
roads will get, il q premature what
would follow granting OF per cent. But
The financial district always looks ahead,
and then speculates on its judgment. So
II comes about that interest centers on
increase is granted.
Bears saw that stocks have already dis
counted a per cent increase and will go
down IL it is granted; but bulls are con-
fident that it would advance. Disinter-
ested observers are inclined to look for
higher stock prices if as much as per
sent increase is allowed for the reason
that railroads then will know where they
stand and how much money they can
afford to spend. They will them place be-
!ated equipment orders, and that should
start the wheels of industry moving
,aster.
Further along there will be the largest
wheat crop of record to move in the West.
so that with the rate question settled the
market should do better
Local stock Market.
Trading in the Washington Stock Ex-
change yesterday amounted to eighty
sight shares. fifty shares of which were
in Railway common at 81. and fifteen of
the preferred vat So.
Nineteen shares of Mergenthaler sold
at 2l4.-
Washington Gas was stronger, four
shares selling at IS.
Bond sales were confined to one $500
Washington Gas at 1o4 SIS. and $500
Traction 5 at los
United Railways Notes.
Maryland public service commission
mas withheld its approval of the issue of
the sl.000o0O two-year per cent con-
yertible notes of the United Railways
and Electric Company. of Baltimore, and
L may be that the plan OF financing will
have to be changed.
The notes are convertible into the COM
mon stock at 35 for the $50 shares and
Il is this feature. it is understood. to
which the commission took exception.
The checks sent in payment Of the allot-
monts have been returned. but in case
the issue is finally authorized. the sub
scrfbers to the issue will get their notes
on the original subscriptions.
In case the issue is not approved the
company probably will offer straight
per cent two-year note without the
convertible, feature. !
Depression In East.
Publication of statistics on the activi |
ties of some of the largest railroad sys- |
tens point to great depression in the
East than in tine West. For example |
the Pennsylvania Railroad has reduced
its pay roll to the equivalent of full time
for $500 men while il has 0.coo idle cars
lying on its sidngs. Its gross earnings
are running 10 per cent under those OF
last year. Compare this record with
that of the St Paul which is employing
81 900 men against 5000 last year. has
only $50 cars idle and its gross earnings
are running but per cent under those
of last year. Further statistics are neces- |
sary before any definite conclusion can
be drawn. but the suggestion is plain |
that the West is doing better than the
East.
George NJ. Reynolds says the reason
why national banks are not inclined TO
buy many government IS. which offer op- !
portunity through circulation privilege to
make profit on money invested of 1a1 1-2
more than in loaning money in the ordi-
nary way, Is that no one can tell when
there might be aother shift in legislative
sentiment and when the new law will be
put into effect. II the circulation privi-
lege was removed and maturity date
again made optional with government as
before the new currency law was amend |
ed, these bonds probably would drop to
20 over night.
- The Seaboard Air Line Railway has
placed an order for between 500.0G and |
100000 tons of coal The order was di- |
vided between the Pratt Consolidated !
Coal and Iron Company, the Alabama
Fuel and Iron Company, and the Ala |
bama Company. |
]. Fendan Cain, cashier Of the Franklin |
National Bank, is spending several days
IN Atlantic City.