The Washington herald., 1918-01-13
From the Financial Ticker

Steels declined and carried the
whole list downward with the single
exception of shipping shares.
Marine preferred made wild open
ing; proposal to regulate issuance OF
new securities IL will be recalled was
fostered by largest financial interests
In Wall Street. There is nothing es-
sentially new in the suggestion. Pro-
posed plan Is a substitute for mora
torium, and it will undoubtedly have
favorable effect on companies en-
gagged in war work. The reflex will
be seen in business not OF war ma
ture.
Decline In the market at opening
came as a surprise to market OBJ
servers because they had judged that
the new developments were most con-
structive.
The trading in steel was one of the
largest eyer seen; traders took stock
in lots of thousands Of shares. One
lot of 400 was followed by a lot of
1000.
A concerted drive seemed to be
made in Steel by bear traders; weak
ness was not attributed SO much to
the governments plan for controlling
securities as II was to bear rumors
about pooling all steel companies; it
is said that there is no official state
ment confirming these rumors, which
started in steel trade circles. and they
may have been intended only to stop
radical measures in Washington.
Should predictions by men in the
financial world come true, another 10
per cent cash dividend on the account
of dividends now in arrears on pre-
ferred stock will be declared by the
directors of the International MeT-
camille Marine Company, who meet
Tuesday.
Such a dividend declaration would
bring down the total dividends in ar
rears to 81 per cent. Funds now in the
hands of the company, supposed to be
ample to take care OF the dividend,
were secured from the sale OF Hol-
land American securities to a syndi-
cate of Holland bankers at a price
said TO be close to $500 share.
James II. Reed, president Of the
Philadelphia company, is authority
for the statement that action of the
Public Service Commission is being
awaited by the company before any
application for a receiver for the
Pittsburgh Railways Company is
taken.
Public sentiment against the Pitts
burgh Railways Company reached its
height when a street railway accident
resulted in the death Of a score of
passengers. Investigations of the ac-
cident are under way.
In its monthly~statement just issued
the United states Steel CORPORATION
reports untitled orders on its books
as of December 81 last of 9,SSl, us tons.
This compares with S.s97, ,106 tons on
November 90 last. an increase of 4S4,-
612 tons, and with 1l,547, ,2s6 tons De-
cember 81. 1916. This is the first time
that the untitled tonnage record OF
the corporation has shown an in
crease since April, 1917. when the un-
filed orders reached a high mark Of
u, 1S3,0S3 tons.
An order for forty locomotives. cali
ing for an expenditure Of nearly g.,
OOO, 200, has been equally split between
the American Locomotive Company
and the Baldwin Locomotive Com
pany by the Norfolk and Western
Railway. This is the first large order
given by a domestic road since the
first of November.
Other orders that should be placed
soon will be the fifteen engines for
the D. L. and w. R. R.; 5000 cars,
including fats, gondolas and hoppers
for the B. & o. 1000 box cars for the