The Washington herald., 1914-08-25

PUBLIC UTILITIES
LOSSBUT Slight
Street Railway, Electric, and
Gas Stocks Practically
Held Old Prices.
JULY FOREIGN TRADE
Commerce Increased Last Month Over
Preceding Year-No Early
Exchange Opening.
JULY FOREIGN TRADE

The fact that few public utility stocks
showed any material loss during the
closing days Of the exchanges of the
country is being pointed to as an indica-
ton Of their value for investment pur-
poses Business depression seems to ef-
feet them very slightly except in cases
where an electric company furnishing
power for illumination at night would
lose its work during the day by the shut
ting down OF the manufacturing plants IL
serves.
Comparatively few people use street
| cars, electricity and gas in hard times to
a less degree than when conditions are
normal They have come TO be necessi-
ties Of modern life. OF course. any Sc
rious reduction in receipts would have q
relatively greater effect upon net earn
ings, because fixed charges and operat-
ing expenses cannot be readily adjusted
to new conditions.
It is. however. the consensus Of opin-
ion in public utility circles that there Il
little chance Of the earnings Of street
railway and gas and electric lighting
companies being so seriously curtailed as
to endanger dividends. though there
probably will be few isolated excsp-
tions.
Data collected from more than 100
light and power concerns throughout the
United States show that gross income
from the sale of energy increased from
Sl2. SIS. 900 in May, 1919 to S4.On,soo IN
May, 1914. or at a rate Of 81 per cent:
while the combined energy output in
creased in the same timeSfrom 5soss+ 37 to
SIS, ,70S. IDS kilowatt-hours, or at q rate Of
lis per cent.
The figures for income include the
amounts paid by the railway companies
to the light and power companies for
energy used in the operation Of electric
railways. but no Inclusion is made Of
street car fares received by any Of the
operating street railway systems Be-
tween them the companies reporting
make up about one-half Of the entire
light and power industries, and included
in the returns are the figures from the
companies operating in over eighty Of the
first one hundred cities Of the country.
The rates OF increase for May seem
10 be about normal, although they are
little less than the values developed for
April That month found an increase of
l0.2 per cent on gross income and al per
cent on total energy output, while the
values for March, for q rather smaller
number of companies, were 81 and 13s
per cent. respectively.
+ Railway Reports Compared.
The United States vice consul general
at London sends to the Department Of
Commerce a report on the operations OF
English railways in 1873. It is shown by
this that the length OF the lines. reduced
to single track, was s., ,43S miles The
gross receipts Of the companies were ssT7,
sT4,T24, of which SZ77.O44.s7s was derived
from passenger traf1c, $S24.19l. SO from
freight trafic, and S7s. 43s,115 from other
sources. mainly subsidiary businesses.
The gross expenditure was 1924 563, 195, Of
which $SS3, .799 was devoted to oper-
ating expenses, leaving a net income Of
s253, Iii, ,53l.
For purpose of comparison in the
United States for the fiscal year, 1918,
the total operating. revenues, gross. of
railways having annual operating reve-
nues in excess OF $4,000 annually, were
g, rs, ,135, ,TSs, of which passenger revenue
was $50. .sS7. .sI7, and freight revenue,
s., ,1ss, go. So. Operating expenses amount
ed to s2.lSs. .sSs,e24.
A Net operating revenue OF railways
having annual operating revenues above
100000 per year. for fiscal year ending
June 30, 1918, 1857, ,Is6, ,9oS. B. Net operat-
ing revenue Of railways having equal op-
Grating revenues of $4,000 or less. fiscal
year ending June 30, 1913 Cestimated),
s2,6SO147. Total net operating revenue,
S95s, ,s75. .355. Mileage, single track Qor
''B" roads. mileage Of 1912 used), s25s, ,ss4;
net operating revenue per mile Of line,
$3,7a.
July Foreign Trade.
The foreign commerce Of the United
States in July. 1874 aggregated $314, 80, 25s,
an increase Of 4,207,SlO over July of the
preceding year. July imports aggregated
$3.50, lis, 1873, compared with NSs.O61.T7o in
July Of last year. and July exports,
S154. .OS2, 225. compared with $50 sso,TS in
July 1913 For the seven months ended
with July. 1914 the total trade was valued
at $2.342,Ms.S55. or <3.sO2,157 Cone-sixth Of
/ per cent? below that for a like period
of the preceding year.
OF the July imports. 592 per cent were
free of duty, as against 5LS per cent in
July, 1913.
OF the July exports, domestic products
were valued at S15l.6ls,sOO and foreign
goods re-exported, s., 463 3S.
Gold imports in July were 1851, I15,
against S7,s59,5l2 in July last year, and
gold exports $S36es, ,424, against IS, ,s6s in
July, 1913. Corresponding movements for
the seven months ended with July OF 1914
and 1913, respectively. were: Gold imports,
$34, ,l35 137. against S35, ,769, ,1O7 and gold ex-
ports S1l7. $50, $50, against 81. 2.SSs,5s5.
Imports of silver in July, 1914 and 1913,
were s, ,23s,1O4 and g, 7ss, $50 respectively;
respectively. For the seven months end
ed with July silver imports were S13. 5ss
against $50. 800 629 last year. and silver ex-
ports SO, 9,46S126. against $5s,25s,23L
No Early Opening.
Members Of the Washington Stock Ex-
change yesterday manifested interest in
reports from London that a plan Is ad-
vanced for the resumption Of business
on the London Stock Exchange, but the
consensus of opinion seemed to be that
If the English exchange really reopens
within the next few days It will be on q
cash basis, somewhat after the plan
adopted by the Wall Street Exchange,
which permits closing out of impaired
accounts under restrictions. 1t Is not be-
lieved that any thought has been given |
by the London Stock Exchange authori- |
ties to an open market at this time. Pres |
ident Woodruff. when asked when in his |
opinion trading in stocks and bonds In |
the regular way would be resumed, re-
piled:
II have no opinion to express. Il |
would be guess pure and simple. The |
situation here Is Just as 1t was three
weeks ago when the governing commit |
tee ordered trading suspended. We are
developments on the other side, |
and we will do nothing until all danger Of |
a flood Of liquidation had passed"
Wheat Moving Better.
From all accounts wheat is moving
rather freely to United Kingdom and |