The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-11-14
By I. A. FLEMING.

ny H As r LL2IAA&NNNs
It was a peculiar day on Wall Street,
one of activity in spurts and of strength
and weakness. Weakness and stagna-
ton developed and then late In the
afternoon there came 2 strong squirt that
promised to give the list the strongest
kind Of a closing This squirt continued
for half an hour, until the last hai1 OF
the last hour and then the market was
weak and easier, prices easing graduaIy
until they were at Tuesdays levels Tor
most of the leaders and lower on many
stocks with but a few stronger. There
were more non-important price changes
than Wall Street has produced as
days record in some time
Talk is for or against an extra ses-
sion; that European situation Is closely
watched: industrial prosperity maintains
an excellent and encouraging pace
James McRea, president of the Penn
sylvania Railroad Company, rendered
his resignation to the board Of directors
Yesterday and it was Immediately &C
cepted, Vice President s. r. Rea being
advanced to the position of president
The sales on the New York Exchange
Yesterday we're but $4,000 shares, indi-
eating the stagnation. The noon hour
added but $1,000 shares to the total
Not since the panic of 1907 has there
been such a let up in the local security
market. Business around the-banks is
dull, real estate men are forced to ad-
NIT that their transactions are limited
in Importance, while some promising
operations await the willingness OF
financiers to furnish the sinews.
The local market is moving with the
slow. halting steps of midsummer quiet
ness. Brokers seem to have orders, but
not to any great extent, around market
values.
Not a single share of Washington
Railway and Electric Companys stock
sold Yesterday The total sales OF all
stocks was forty-fve shares, and $500
face value bonds.
Washington as a security center mas
been put out Of business for the Time
being, perhaps TO blossom out in much
better shape in the comparatively he an
future, but it will not be until after all
doubt has been cleared away as to the
fun scope intentions. &c, Of the wash
ingtOn Utilities Company.
Some inquiries as TO why Utilities
shares have not been listed have been
heard but so far as known it is not the
lnlentlOn Oh lllt ~
shares in the immediate future.
II the Utilities shares were listed II
would require protection Of the stock in
the open market.
There might be a movement on the
part OF the insiders who were let IN on
the ground floor at SIS and 50 a share
10 Iiuuidate. in the event Of the stock
being supported around 49, the highest
price so far as made public.
taking of profits would be nothing
moro than the most natural movement.
and can only be prevented by failure TO
list or by a pooling arrangement an
agreement not TO market stock for
stated period.
Despite the apparent speed OF the on
Gals of the Washington Utilities Com
pany TO put their plans through, they
have not gone so very fast. The only
actual movement that the public knows
Of is the change of name and increased
authorized capitalization.
II is-admitted that the company's
treasury holds much stock of the WASH
ington Railway and Electric COMPANY
in its vaults and also many shares OF
the NEUTRALITY-SUSPICIOUS. Railway Com
pany.
in the buying movement in the closing
months of 1911 and the current year
much was taken in on a basis OF 30 for
the common and preferred shares OF
Washington Railway and Electric ana
in exchange of observation-disclosures stock
for Utilities shares.
The sooner the plans of the Washing
ton Utilities Company are accomplished
the better for the local market.
Directors of various corporations re-
,ai,,e cornnensation for attending meet
ings. This payment varies from $3.50 to
SO, and in some especial cases even more
generous compensation is given.
Time was when the Georgetown Gas
Company gave its directors free gas. as
due consideration for their attendance on
regular monthly meetings.
This tip was more important then
than now. for gas was then 81 per 1000
feet: perhaps more.
Some of the directors went to consid-
cradle expense in equipping their resi-