The Washington times., 1915-03-12
MOTOR STOCKS TURN
MARKETS ATTENTION
Reaction Caused by False Re-
port That John D. Rookie
feIIer Is Dead.

NEW YORK. March 12.-Attention
was diverted from the general list on
the stock market at the opening and
centered In the motor stocks. but a
quiet absorption Of standard issues was
reported and the general undertone was
firm.
Shortly before noon there was re-
action, caused. the floor traders said.
by report that John d. Rockefeller
was dead. The recession carried price
levels down fractionally.
The most active stocks were General
Motors and Maxwell Motor. General
Motors common, Notwithstanding that
no dividend Is maintained, passed the
company's z per cent preferred stock
by advancing ~ points to 97k. but
later reacted, falling below the pre-
ferred issue, which was firm around
96k. Maxwell common advanced from
317s to 32k. and Studebaker gained at
one time III points by selling up to 4Sl3
The annual report OF the Philadelphia.
Baltimore and Washington Railroad
Company. owned by the Pennsylvania
Railroad Company, for the year ended
December 81. shows net income Of
$1,229,152. a decrease from the previous
year of $146.629. The total operating
revenues were $20,357.562. a falling off
of Ss06,77S. Operating expenses were
a million dollars.
The operating income, despite tlse
losses In the various departments, was
s173.o35 above the previous years rec
est on capital obligations wiped out
the increase After paying 4 per cent in
dividends, amounting to $1,0O5,520. the
balance Of s223.632 was applied to
equipment improvements.
Announcement has been received from
Bonne Terre, Mo. that all the lead
mines in st. Francis county would re-
sumo operations on full time March 16.
Four mining companies and $500 en-
plOyes will be affected. Since October
the mines have been running five days
r week, and output has been curtailed
% per cent.
julius Kruttschnitt. chief executive Of
the Southern Pacific railroad, replying
yesterday to questions propounded by
the Governments counsel In the Cen
trail Pacific-Southern Pacific dissolution
suit in San Francisco. made the follow
ing terse comments on the Government S
attitude toward railroads:
THE Government Is a great big man
welding great big stick. and the stick
oftener.
THE Interstate Commerce Commission
is one man choking another man to
death.
prises Is failure.
Tho ideal condition for the rail-
roads," said Mr.. Kruttschnitt would be
a single private control OF all railroads
in the United States not exposed to gov
ernmental regulation"
A special meeting of the directors OF
the United States Steel Corporation will
be held Tuesday to consider the reduc-
ton of the board from twenty-four to
eighteen. II a quorum can be obtained
and the plan is adopted 1t will neCessi-
tie the dropping Of only one of the
present directors. as there are now five
vacancies. The director whose resigna-
ton will be accepted has been inactive
in the affairs of the corporation for
were caused by the deaths of Norman
b. Ream and Gardiner NJ. Lane.
The change probably Will result in
reduction of two in the finance com
mittee. which now conAkks of seven
members In addition to Chairman L. II.
Gary and President James A. Farrell.
One reason for the proposed change is
the difficulty of obtaining a quorum
with SO large board as twenty-four.
which has been considerable on several
occasions. Another Is found In the pro-
visions Of the Clayton act, rendering II
difficult to ill the vacancies with new
men OF sufficient caliber who would not
become ineligible within the next two
years. For the same reason 1t is not
unlikely that further changes will be
made later in the personnel OF the
board.
There are .wo provisions OF the Clay
ton act that might affect directors Of
the steel corporation. The steel corpo-
panies to take any action with refer
ence to the limitations imposed by the
Clayton act. which will not be operative
for nearly two years.