The Washington herald., 1914-02-21
STOCK MARKET
AGAIN INACTIVE
Prices In New York Move
Within Remarkably Mar
row Range.
SOUTHERN SELLS NOTES
len Million Dollars Available for Inn
proving System-Bankins Chapter
Banquet Tonight.
BY w. sTEALEN.

went through an unusually dull day, CLOS
ing prices varying little from those OF
the two days previous.
Fractional gains were made IN Steeir
Copper. Can. Baltimore and Ohio, Great
Northern, and Mexican Petroleum. To-
bacco. Leather. Western Union, and
Rock Island lost fractionally. Rock
Island touched SIS, closing at rs. The
bands of the company showed strength.
he REORGANIZATION plans daily are eX-
pected to be announced. There is great
future for the road. but the present stock
quotation is not regarded as any lower
than il should be.
The feature of the market was the good
undertone shown by the-general list, not
Withstanding the dizziness of the trading.
With a half holiday today, followed by
Z whole holiday Monday, and nothing
new TO excite speculative activity, most
traders were more inclined to anticipate
narrow and unimportant fluctuations
pending the resumption of business next
Tuesday.
A better trading market is expected
next week. Prices have been moving
within a remarkably narrow range.
Local Stock Exchange.
\ slight advance in Washington Rail-
way and Electric preferred was made on
the local stock market yesterday, twenty
five shares of the stock selling at 81 L.
Fifty-seven shares sold S7aS7 Ia. Twenty
five shares of Railway common sold at
s. IS Twenty shares of Capital Traction
stock sold at 10.
Three shares of Washington Gas sold
at s. L.
Trading in bonds was confined TO two
s.. eco Potomac Electric IS at l07.
Southern Sells Notes.
in the continued prosperity and growth of
the territory it serves. and. recognizing
the necessity of charging its facilities TO
keep pace with that growth, has. pend
ing the improvement of the market for
Iong-term securities, sold Sl0.0oooo0 of 8
per cent three-year notes secured by the
pledge of development and general mort
gage 4 per cent bonds Of the company,
which for some time past has been held
in the treasury of the company available
for sale.
This new capital is to be applied by
southern Railway Company in carrying
through to completion plans for improve
ments and betterments TO and upon the
property of Southern Railway Company,
which were included in the general plan
for the future of the railroad made at
tho time the development and general
mortgage was created in 1876.
undertaken said President Harrison
yesterday, arc chiefly additional and en-
Iarged shops. yards and other freight ter
minaIs which have been greatly desired,
and have been earnestly recommended,
for several years past to facilitate econ
Omical operation and to enlarge the op-
portunity of the company for securing
competitive freight traffic, as well as for
taking care of local business. These i'm
L.
and pushed to completion as rapidly as
possible
In addition to the improvements pro-
vided for, as above stated. Southern Rail-
way Company also has arranged to fl
nance, through a ten-year equipment
trust, the acquisition of additional mod
ern rolling stock, largely of steel con-
struction. representing an aggregate cost
of more than $i.OC0.OG0. Bids for this addi-
tional rolling stock are now being re-
ceived from manufacturers and the or
ders for immediate construction will be
placed promptly.
Monday Legal Holiday.
Monday is a generally observed legal
holiday, and the banks in this city. the
stock exchange, and the New York Stock
Exchange will be closed on that day.
The New York Cotton Exchange is closed
today, owing to the death of President
George W. Neville. The New Orleans
Cotton Exchange will be closed Tuesday.
well as Monday. on account of the
Mardi Gras festival.
Banking Chapter Banquet.
Washington Chapter. American Insti-
tutc of Banking will hold its eleventh
annual banquet tonight at the Raleigh
Hotel
Robert n. Harper. president OF the
District National Bank. will act as toast
master. He will be introduced by L. B.
Dcvercux. of the National Savings and
Trust Company, president of the chapter.
Tho guests of honor and speakers will be
Commissioner Siddons and Senator Var
dHman, of Mississippi. Special music and
vaudeville entertainment features have
hcen arranged under the direction of the
banquet committee, OF which W. NICK.
Stowell is chairman.
Norfolk and Western Earnings.
Norfolk and Westerns gross earnings
have reached record totals. Six months
total revenues increased s1,s7j,0o0. or al
per cent Maintenance appropriations in
creased $665. 600. an amount s2l4,Oo0 greater
than the loss in net. This condition fol-
lows, moreover, q steady expansion in
maintenance charges on Norfolk and
Western in recent years, whereby the
percentage OF gross consumed by this
class of expenditures has increased from
2a.S per cent in 1910 to 2. per cent In 1913
Transportation costs, however, also
show an advancing tendency, which is
rot encouraging, but which is not at all
peculiar TO Norfolk and Western. In
the first half year transportation costs
reached 31-S per cent OF gross. against
81 per cent in the same period a yeaI
ago, and Sol per cent in the full 1913
fiscal year.
Six months surplus after charges OF
8, 39S.62I, while $500 under the 1912 fig
ure, is the largest with this exception in
the roads history. and companies with
} S9S2,lS3 in 1911, and s4,405.6I9 in 1910.
Virginia Annual Report.
The Virginia Railway and Power Com
pany reports as follows:
1914 1913
Cross. s+41,S2s $40 coz