The Washington herald., 1914-06-12
MARKET STEADILY
Showing LOSSES.
Prices of New York Leaders
in Decline Gold Expor-
tations Increase.
RATE CASE THE KEYNOTE
Situation Promises to Await |. c. c.
Decision-Municipal Owner
ship Failures.
RATE CASE THE KEYNOTE
BY w. sTEALEY.

Thee New York stock market yester-
day continued to show small losses among
the leaders.
Steel, Reading, Union, and Canadian
were again of. Slight gains were made
In Lehigh, Atlantic Coast Line, and
Mexican petroleum
The reaction in the general stock mar
ket was due chiefly to a sharp rise In
sterling exchange rates tos new high rec
ord levels of 4.ss 1-2 for sterling cables
and nearly 4ss for demand bills. This
followed the engagement of e, 900. 900 more
gold for Paris, making H7,5Co 1900 for the
week so far and sS2, 900 since the first
OF January.
The fact that exchange rates are now
up to a point where gold can be shipped
profitably 10 London as well as to Paris
has developed apprehension OF further
large shipments.
There was some scattered liquidation
and fresh speculative selling on this pros
pect and the very sluggish trading con-
ditions with the weaker and lower copper
metal situation. The market Is depend
ent upon an early favorable decision TO
the railroads on the proposed increase
in freight rates for any revival OF bull
ish activity for fresh upturn in prices
Of any importance.
DeAcit In Municipal Railways.
operate their own street railway lines.
are now considering the proposition OF
raising all fares to straight cents, with
the abolition of all transfers and work
ingmen's tickets. These cities have been
operating their street railways at large
deficit, and IN at least one of them 1t Is
said that the increased fares will not
enable the lines to earn expenses.
For 1913 Edmonton had a deficit OF
S421, 900. Saskatoon one of $4,000. Regina
one of 81, 900 and Lethbridge a deficit Of
$4,000, according to figures furnished
Public Service of Chicago. In addition
the Regina street railways for the first
quarter of 1914 had deficit Of 81, eSs. Re
gina is considering not only the putting
in effect of a straight scent fare without
transfers, but also the operating of fewer
cars. In all the cities the public through
the press is demanding better service,
even II the fares must be raised much
higher to give it.
StecI's Small Tonnage.
The decrease Of 27S. .ScS tons in the Steel
corporation shipments during the month.
averaging about 5000 tons a working
day. exceeded new orders by little over
1900 tons a day, making the average
daily bookings of new business approx
mateIy 5000 tons. This represents a good
deal less than half capacity business as
the corporations plants can turn out ap-
proximately 5000 tons of steel, working
full. in one day.
Not since the end of October, 1911. has
the corporation reported bookings of less
than 1000. 900 tons until now. From 1884,
rs tons on that date the big company's
tonnage increased almost uninterrupted
ly until a high point of 7.s32, ,164 tons was
recorded on December 81, 1872. when a
turn came and the decline since has been
almost continuous.
Brown to Inspect Cotton.
Herbert Fl. Brown, manager for n. L.
Carpenter & Co., leaves tonight to ex-
anime the cotton crops in the Carolinas
and Georgia. J. W. Daniel will be in
charge of the office during Mr.. Browns
absence.
Il want to try and satisfy my own
mind as to real cotton crop conditions"
said Mr.. Brown yesterday.
Reports are SO exceedingly bad that
! am anxious to make a personal in
spection and at least see the tap root
of some plants which l am satisfied from
past experience will show that it has
been busy hunting moisture below while
the plant above the ground may look
very measly indeed from the lack of it,
but still give a good account Of itself in
the end"
The Philadelphia and Reading reports
for the ten months, including April, is
as follows: