The Washington herald., 1914-04-18
M. P. and |. Y.
DEPRESS MARKET
Both Stocks Down Six Points
and General List
Affected.
LOCAL 'CHANGE BETTER
More Activity in Washington Trading.
A. c. l. Bond Issue-C. & o.
February Loss.
LOCAL CHANGE BETTER
Nv W. STEALEY.


Slumps of six points each in Missouri
Pacific and Lehigh Valley was the fea-
ture of the New York Stock Exchange
yesterday The former stock closed at
IS 81 the later 135.
The general list was depressed sym
pathetically, Steel and Copper losing u
fraction, Union and Reading 4 point.
The tone of the market at the close
vas irregular and so unsettled there was
little inducement for the bull interests
to render further support Of any i'm
portance.
Most OF the developments aside from
the fresh bad turn the Mexican situation
has taken. were of a bearish character.
The bad break in Missouri Pacific
speaks for itself as showing the unfor-
tunate position of that company at pres
ent, with its S25.O0O,oOO of short time
notes maturing on June l to be taken
care of, while Lehigh Valley has not
only the most serious government suit
ever filed against a railroad or indus
trial corporation to contend against, but
also heavily decreased earnings greatly
jeopardizing the probable continuance of
its 10 per cent dividend.
In addition to the above the reports
in steel and iron industry current in
inner circles were of an unfavorable
character.
1t is regarded as very doubtful whether
actual hostilities in Mexico would cause
any material bear market and the prob
abilities are that after a few days an
actual bull movement would set in.
War probably would assist the general
business situation. 1t would result in
increased expenditures and circulation
The principal advantage would be that
it would turn the speeches of the jingoes
at the Capital from business to patriotic
oTatOry.
Local stock Market.
There was improved trading on the
Washington Stock Exchange yesterday.
Bank stocks were more active. Ten
shares of Commercial National sold at
100. three shares District National at 142.
and fifteen shares American Security at
&C
F-ond sales aggregated $500. One IS. 900
Potomac Electric Consolidated sold, 100:
one Capital Traction ), lO7%s: one 500
Washington Gas 5. l01; one $1,000 of the
same company. l0T.
One hundred and fifty-seven shares |
Railway preferred sold at S6H four
shares Capital Traction at 101, and thir |
teen shares Washington Gas at s..
A. c. L. Railroad Bonds.
In letter addressed to holders of the |
unified per cent gold bonds issued un- |
der the mortgage dated November l6, |
1903, the Atlantic Coast Line Railroad |
Company offers to exchange $30,S47,OO0 |
series "A" new general unified mortgage
l-2 per cent bonds, par for par, for |
the $50, 81, 900 4 per cent bonds issued un- |
der the recently closed unified mortgage |
OF November 16. 1909.
This privilege of exchange will expire |
December l, 1914. OF the outstanding uni
fled bonds of 1909, 81. 900 were in the
treasury of the Atlantic Coast Line Rail-
road Company, and $3.OOS.0OO in the treas
ury of the Atlantic Coast Line Company |
and will be exchanged for the new bonds.
Under the new general unified mortgage
which is practically similar to the closed
mortgage in terms and authorized
amount. bonds can be issued in series
bearing different rates not exceeding
per cent as may be fixed by the board of
directors.
As the new general unified series "a
bonds will bear interest at 41-2 per cent
from June l. 1914, if the exchange in
bonds be made before that date, the
coupon or registered interest for so due
June l, 1914. upon each bond surrendered
will be paid in cash when exchange is
made.
Price on Cotton Trade.
Theodore H. Price, reviewing the cot
iron trade and industry in Commerce and
Finance, says: The disclosures of the
past week tend to show that the business
OF cotton manufacturing is unique in its
immunity from influences that have ex-
ercised depressing effect in nearly every
other field OF human endeavor. From
figures OF visible supply, it appears the
worlds supply of cotton of all growths
Is now the largest in history at this sea-
son ana that the deficiency in the supply
OF American growth is more than COM
pensated for by the surplus of cotton I
grown elsewhere
In February, Chesapeake and Ohio !
hauled L15l.6S9 tons of coal as compared ,
with l-S06,22S tons last year.
For the eight months ended February
IS, cOmpany's total coal tonnage was L. :
1886 compared with 1862 4O6 for the ;
year previous, an increase of over 1000, 900 J
tons.
Practically all of the local national I
banks have sent TO the Treasury Depart !
nent their subscriptions for Richmond ,,
4