The Washington herald., 1914-04-10
STOCK MARKET
AGAIN DECLINES
Steel and Canadian Pacific
Weak -Unfavorable Ton
mage Report Due.
HOLIDAY TODAY FOR ALL
New York and Washington Exchanges,
to Observe Good Friiday-Atlantic
Coast Line Bonds.
HOLIDAY TODAY FOR ALL
BY w. STEALEY.


The New York Stock Market yester-
day Continued its decline under the
leadership o: Canadian Pacific, which
went to 1sS 5-S, closing At 1e91-4, the
lowest point IN over two years.
The general list also vas affected by
Steel which closed at 62. Reading, clos
ing at 165 L., Union at l5S 5-S. Northern
ut LIZ IL, all showed losses.
"a In addition to the rate cut Canadian n
. Pacific was weak due TO belief that
the coming statement Of earnings
would be unfavorable. Texas on was
weak on report that deal for sale of
controlling stock at $50 a share by
former officers has been called OF.
b. r. Goodrich. was the exception,
closing at Is, a gain
Missouri. Kansas and Texas lost near
ly two points on ruInors of a dividend
cut Al the forthcoming meeting Of direc-
tors
There was heavy selling pressure on
Steel. not only by way of discounting
an unfavorable tonnage statement, but
In anticipation of reduction OF dividend
unless trade conditions improved decid-
edly in the near future. The price
broke under 81 for the first time in
.ong while
Traders said the decision in the rate
case would not come before the middle
of May at the earliest and that II would
then be quite too late to check the de-
clining tendency in business.
The Rumely stocks broke sharply on
selling which seemed TO be Of the nature
of liquidation. probably resulting from
unfavorable annual report published
few days ago.
Local stock Market.
Capital Traction was again the feature
the local stock exchange yesterday.
Thirty-eight shares of the stock were
sold. One tweRty-share lot brought
lOliS. five shares lOl4. the remainder l0l.
Twelve shares of Railway, preferred,
brought 81.
There were increased sales in bank
stocks, Ten shares of District National
bringing 1f2. Eight shares OF Federal
National I35.
Bond sales were light. one $l.OOO City and
Suburban bringing 1O2, one 500 Wash
ington Gas bringing l07.
The Stock Exchanged is closed today
and tomorrow.
Coast Line Bonds.
In a letter to holders of its 4 per cent
certificates of Indebtedness. the Atlantic
Coast Line Railroad Company says that
the new general unified mortgage bonds
Just authorized are to be dated June i,
1914. and mature June l, 1864 The priv
ilege Of exchange OF the per cent GER
%
per cent general unified bonds, par
for par, will cease July !, 1914. A letter
has also been addressed to the holders
of the preferred stock OF the Atlantic
Coast Line Railroad, drawing attention
TO the circular sent to the holders of the
4 per cent certificates of Indebtedness,
holders of preferred stock have the
right to convert their stock into certifi-
Gates of Indebtedness on the basis of
NJ of
ferred stock. To avail of the right given
to holders of certificates of Indebtedness
10 exchange for general unified bonds,
holders of the preferred stock must make
conversion prior to July l, 1914. The Safe
Deposit and Trust Company. of Balti-
more, has been appointed the agent of
the company TO make the exchange.
y. :. Dividend Suspension.
II was because Norfolk Southern direc-
tors would not rely on the expectation of
early productivity of the roads new line
between Charlotte and Raleigh, however
assured the outlook, that they decided
To suspend dividends. at this time.
Norfolk Southern to the end of Febru-
ary earned the propOrtiOnate share of its
dividends. and the prospect is that in the
fun fiscal year to end June 30 next. per
cent dividend requirements will be COW
cred: with very slight surplus to spare.
me current year 5 income VIII nave 10
bear about $1,000 additional interest,"
charge. part of the annual $3.50 600 charge
which the new SOO-mile line between Ra-
leigh and Charlotte, n. C, entails.
Interstate Commerce Commission has
TostpOned until April 2S-hearings on appli-
cations made under Panama Canal act
10y railroads desiring 10 retain water lines
after July !. Argument in Eastern roads
rate case is set for April y, and fixing
Of above date for other hearings is taken
IC Indicate commission intends to close
argument Of rate case by April e
The report OF the United Railways and
Electric Company. Of Baltimore, for the
year ended December 81. 1913, compares
as follows: