The Washington herald., 1914-06-06
STOCK MARKET
ASADULLDAY
Sales Only Reach 10000
and Movement Is Within
Fractions.
PENNSY'S- GREAT LOSSES
Millions in Idle Cars-Fideiity Saving.
Report Denied & W.
Statistics.
PENNSY'S- GREAT LOSSES
By w. sTEALEY.

Sales on the New York Stock Ex-
change yesterday amounted to approx
mately 5000 shares. one of the lowest
during the present depression.
Price changes were insignificant and
moved in fractions. Leading stocks
closed slightly off. Steel at 81 3-S: Read
ing. 16i SIS: Union. 1894; and Copper.
Il 3-S
The market continued dull and re-
manned so. Some strength was mani
tested in the transactions, Brooklyn
Rapid Transit being bought on the idea
that the anual report, to be published
soon, would make a good showing, and
Interborough preferred was strong on the
prospect of an extra dividend being de-
, clared on the old Interborough Rapid
Transit stock.
Among the specialties, Montana Power
also showed strength. There was no
disposition on the part of the public or
of the traders to participate actively In
the general market, and price changes
therein have been very trifling.
During the early afternoon the market
was at a complete standstill, and many
traders went away in the belief that
there would be nothing of interest dur
ing the remainder of the session.
good deal of interest was taken in
the St Paul bond issue, and in bond
circles it was said that the issue was
going of well. There had been such
apathy IN the bond market that a good
deal of satisfaction was felt over the re-
suit, and it was hoped the success of the
sale would stimulate investment demand
for other issues.
Local stock Exchange.
Sales on the Washington Stock Ex-
change yesterday amounted to thirty-one
shares. and 5000 in bonds.
Six shares of Washington Gas sold at
75 At close Is was bid, 70 asked.
Fifteen shares of Capital Traction sold
10O1-4 The same price was bid and the
shares held at 101 1-2.
Mergenthaler sold ten shares at 214 IA
yesterday. being ex-dividend.
Fer Railway common 81 was bid, for
the preferred IS L.
One $500 Gas sold los SIS a Capital
Traction 5, 1os.
Pennsy's Idle Equipment.
Eighty-six million dollars worth Of
freight cars and locomotives are stand
ing idle on the sidetracks. in the yards,
round-houses and shops of the Pennsyl-
vania Railroad system a consequence
of the depression in railroad traffic,
which in the last fortnight. according 10
the figures showing the decline in the
movement of loaded freight cars, has
become more acute than at any time
since the present era of retrogression
began months ago.
Very nearly one-third of the freight |
cars owned by the Pennsylvania lines, |
East and West are out of use. The |
number of cars idle, according to the |
latest reports which were available yes
terday. is S0O0O The Pennsylvania lines |
own. altogether, approximately 10000 |
freight cars. More than 200 locomotives |
are idle out of total of 1000 owned. |
The percentage of idle freight cars is
naturally greater than that of idle loco
motives because reducing the number of
cars in train is moro common pro-
ceeding than eliminating a train alto
gether.
Assuming that invested capital should
earn at least ) per cent. the Pennsyl-
vania system is losing interest at the
rate of s4,3oOOOO per year on its idle
cars and locomotives. freight car is
worth $1,000, as an average, and a loco
motive close to Se0000.
The actual daily figures for Nav show
that the decreases in the later part OF
the month were much heavier than in
the early part Thus. while the average
loss in traffic for the entire month, as
shown by the car movement observa
tions. was aslittle more than is per cent,
the losses in the last ten days of the
month averaged very close to 20 per
cent. The opening days of June have
shown no material change. Idle cars
on the Pennsylvania system are now at
the maximum and traffic is at the mini?
mum volume recorded since general bus.-
ness began to slump.
Before the 10th of the month the rail-
roads of the country much file a detailed
statement with the Interstate Commerce
Commission showing the location of all
freight cars engaged in interstate traffic.
An order to that effect has been served
on the carriers. and the first report must
be turned in on or before the 10th of this
month.
Railroads operating 80 miles of track
or under will not be required to give as
much detail as the larger companies. All
lines, however. have been ordered to turn
In the desired information.
Application has been made to the Mary
and public service commission by the I
Maryland Electric Railways for permis-
sion to sell s49S, 200 bonds secured by mort {
gage deed of trust of September Is, 1916, q
to the Mercantile Trust and I
Deposit Company, of Baltimore. The pro- 6