The Washington herald., 1914-03-13
Low RECORD in
CANADIAN PACIFIC
Foreigners Sell Stock and
General List Falls in
Sympathy.
OUTLOOK FOR NEW BANK
Franklin National Gets Advance Pur-
chase Ofer-American Institute
Meeting.
OUTLOOK FOR NEW BANK
nv w. sTEALEY.

Exchange yesterday.
Canadian Pacific lost points. closing
at sO4I-2. II comes within fraction OF
The low figure established about this time
last year.
Even Steel. which has been holding
up exceedingly well, compared with other
leaders, was Influenced losing nearly a
point, and closing at s. H.
A syupathetic effect upon the general
list resulted. Reading closed at 1e2 S-4.
Pennsylvania 1l01-S. Union 156 IL, Balti-
more and Ohio IS IA, and Chesapeake and
Ohio 81 34.
American Sugar reached 81, the lowest
price in six years. This was due to the
company's poor report. Gross profits
showed a decrease.
The report says: lowing to the pro-
longed tariff discussion at Washington,
the year 1918 was one of uncertainty and
wide fluctuation in the sugar markets
The uncertainty regarding rates, as well
as dates when change of duties would
|. take effect. restricted business in re-
ghned and brought prices to unusually low
levels. such shrinkage in valves affected
refiners' stocks of both raw and refined
sugar.
''The competition between refiners, and
between the refiners and beet sugar pro-
ducers has been exceptionally severe,
and refine-s' margin between raw and
refined averaged lower than for any year.
with one exception, during the last four
teen years. The year opened with a
price for granuIated sugar of $50 cents
per pound and closed with a price of $50
cents per pound, a drop of about rs OF
a cent per pound. While raws declined
from 3.1S to 323, there was far greater
decline in the price of refined than in
the price of raws. which were selling at
the end of the year at below their average
". I'll
decline, largely owing to the uncertainties
Of the tariff and acute competition be-
tween refners, resulted in an improbable
wear TO the refining and other sugar in
teTests."
Local stock Exchange.
Fifty shares of Second National Bank
stock sold on the Washington Stock Ex-
change yesterday at 80
Washington Gas was steady at 81 In
spite of the action at the Capitol Wednes-
day. SiXty-four shares were sold
Forty shares of Mergenthaler sold at
elJ. Railway Common, 10 shares, sold
at s. IA, three shares of the preferred
at 81 Is
Bond sales amounted to $780, Railways
bringing SS-i. Gas lO7 S-i, and Capital
Traction IGS rs.
Franklin National Bank.
The organizers OF the proposed Frank |
lin National Bank yesterday received an |
offer from a group OF local financiers |
for a controlling interest at a figure
which would yield a handsome profit. The |
offer was declined.
J. Fendar Cain. who will be cashier. is |
sratified highly at the success with which !
the stock of the company is going. 1t is |
believed il viii be oversubscribed by Tues
day. Fifty per cent will be paid in on |
March q, and organization perfected a |
few days following
bank which starts with deposits of |
N.1OOO00 is in an enviable position and |
Its success would seem assured
Bank Chapter Meeting.
At the regular monthly meeting Of |
Washington Chapter, American Institute |
of Banking. held last night a special |
committee, under the Craftsmanship of |
Harry v. Haynes, offered several i'm |
portant amendments 10 the constitution, |
among them being a change in the |
method Of electing officers and board of |
governors.
Provided the amendments meet with \
the approval of the chapter, in the fu- |
ture the officers and board of governors |
will be nominated by a committee ap- |
pointed by the board.
Another amendment deals with those |
ent constitution no member above the |
rank Of assistant cashier is eligible. 1t |
is the purpose of the amendment to al |
low members who have the rank Of CASH |
icr to he eligible for Office
This amendment was offered in view |
OF the many small institutions the CASH |
iers of which are the younger members |
of the chapter.
Another Poor Report.
The Philadelphia, Baltimore and WASH
ington Railroad for the fiscal year ended
December 81 1913. showed 5.F per cent
earned on its S25. 13S. .925 stock, which is a
sT,IaII margin over the 4 per cent divi- |,
dcnG In the previous year SH per cent 1
was earned The difference was largely |
accounted for by s1,525, ,93S increase in
operating expenses. while gross revenue
increased sSS4.e9S There was, however, |
an increase Of sl56,g77 in fixed charges.
The causes for the heavier expenses
outside Of those incident to the enlarged |
business were fully set forth by Presi- |
dent Rea. They were proper outlays for |
maintenance, new bridges, culverts, sig |
nal system, etc, and essential to keep |
ing the road up to a modern state of
efficiency. In transportation higher costs
figured also the greater cost and con-
sumption OF fuel for locomotives, higher !
wages, the additional expenses of COM
pliarce with the extra crew laws in this |
State and Maryland
While an earning ability Of around s
per cent on the stock, as evidenced in |
1912 and 1911, is but moderate, the earn |
ings on the actual property investment |
% the road are much smaller, being
20 per cent on s5302s,sss cost of road
and equipment With allowance for S14.-
6l1,9i2 betterments provided out OF earn
ings since 1857, the earnings in 1913 were /
but l.95 per cent on the total property
valuation.
Taking the results OF the lines directly |
operated by the Philadelphia, Baltimore
and Washington, a large growth OF busi-
ness is evidenced by the operating reve-
nue and ton mileage. The former in
1913 was si2.lGi.3to, as compared with |
Sl1. .Sei .5S1 in 1900 when the tons carried one
mile was below 5O0.ooO 001. The tons car
ried one mile last year exceeded LES. .0oo.-
Go. Bui this rapidly growing business has
been proportionaliy less profitable. and
SO the return earned on actual property
-Salue on the Philadelphia. Baltimore and /
Washington, as on many other railroads.
is small.
President Willard Optimistic.
Daniel willard, president of the Balti- 1
more and Ohio Railroad and chairman of
the committee CT afty-two EastGrn rail.