The Washington times., 1914-04-13
TRACTION
DESCENDS TO PAR

| Inc eraQual decline IN SaplI3l lFd--
ton stock, which ha> aeen going On for
the las. few weeks. brought that stock
| to par on the Washington Stock EX-
j change, the first time 1t has reached
| that level in years. II is believed the
stock never has sold at par on the open
| market since the days It reached 100 on
! its climb TO rs. This figure was main
tsined until few months ago
! Washington brokers returned to the
city today filled with energy after their
three days vacation. and when the
Stock Exchange opened 1t seemed that
ever; mar had handful Of orders to
, be filed The session was a lively one.
Practically every class Of stocks and
bonds came in for some trading. Prices
remained firm in a majority OF the in
stances. 1t was only in Capital Trac-
ton that a marked decline was noted
It was a low level for the Traction
stock. During the closing days of last
no sales resulted Today. however. the
bid price OF 100. which obtained at the
close OF Thursdays session, was boosted
to 1o1 at the opening Of the market.
Five blocks Of the stock. 10. 5. l. I.
and share. sold at 10i. 1t dropped off
point then, shares changing hands
at l00iz. FIVE shares brought 100. When
this transfer was recorded the market
became quiet, and no other sales were
made.
The rer cent bonds of the Washing
ten Railway and Electric Company
were unusually strong. -Four of the
1000 bords sold at s2l3: one at Sss;
Soe bonds at Ss5s. and three of the So
tive. sixty-one shares having sold at
from sSA to 81.
Washington Gas was active. Althoush
but few sales were made there was
e. flNE
Sls both during the regular session
and on the after call.
Mergenthaler sold at s15 and @5is.
American National Bank sold at 160 and
ls2h.
Bryan Ruyck. recently elected to
membership of the Stock Exchange, oc-
cupied his seat for the first time today.
Announcement has been made that
the regular quarterly dividend of 2
per cent payable May l. has been de-
clared by the Washington oLan and
Trust Company. The books of the
company will be closed from April
"a till May for the transfer of stock
Formal opening OF the new Exchange
Savings Bank of Washington, at Penn
sylvania avenue and Twentieth street
northwest. will take place tomorrow.
The hank will open at o'clock IT the
morning and will remain open until
9 o'clock tomorrow night. The officers |
and directors of the institution have ex-
tended an invitation % its friends ana :
patrons to visit its new home and In ,
Spcct the bank and It's facilities for the |
transaction of business. |
Stockholders of the New York. New
Haven and Hartford railroad are urged !
by Chairman Howard Elliott, iC a no
tice sent out today. to approve the !
arrangement made between the diSec- |
tcrs Of the road ana Attorney General
McReynolds for the separation of the |
New Haven and its subsidiary prop
critics. The question will be voted upon
by the 1920 stockholders on April Fl. .
IN this statement Chairman Elliott !
explains why taf directors agreed to /
On amicable adjustment and did not |,
force the Attorney General to bring |
general dissolution suit IF tie fl
nancial plans of the company had not |
failed" Chairman Elliott's statement |
Gays. IF general business and the |
earnings Of the company had not shown |
such discouraging decreases, and If
there had been general friendly SEN
tirnent and feeling of confidence
been justified in contestinz the Govern
ment's right to insist upon the dis
solution demanded.
Under the conditions. however, con-
fronting the company. the directors felt
that a lawsuit, with attacks which
would. without doubt. have followed |
from other sources, would have resulted |
ir. a receivership Of the property. The
directors have felt that Il was their
dI.ty to the stockholders and to the peo-
pie of New England to avoid this re-
ceivership."
incorporated in the statement is an
advance in freight rates sought by the ,
Eastern roads. For the eight months
ended February rs a decrease in net
income of sTs5, 47SSa compared with |
the previous year is shown. The de-
crease in net earnings is ascribed to
the heavier transportation expenses. in
Guiding damage claims and loss from
accidents: increases in maintenance OF
way and equipment; an increase OF
from S1,0es.12 in 1903 to S2ss $50 in 1918
for the entrance TO New York city and
the use Of the passenger terminal: in
creases IN the payroll of $500 oC0 in the
last year: Increased expenses of S2no
0M due 10 such legislation as the full
crew. nire-hoUr, safety appliance, and
other laws
These facts about increased Day"
SAYS Chairman E1liott's statement" and
the requirements of the Government are
not referred TO in spirit of criticism.
but to show the effect they have on the
income of the company.
IF. However. the people through their
agencies impose these eE-
provide the money with which to meet
hIy ino 1