The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-27
BY 1. A. FLEMING.

J It was one Of the dullest days OF the
the days when there was plenty Of tine
to record 100 and 200 share sales, when
the ticker was silent for minutes at
a time and the changes in prices were
of a purely nominal character.
Half of the holiday merry-makers had
not returned to business. and very many
will make a fortnight of the holidays
after the cupstom of our English cousins.
The news Of the day was of an equally
unimportant character, other than as
regards the earnings of a number OF
prominent railroads, which were salts
factory, an increase of $540096 In the net
November operating revenue OF Union
Pacific being a source Of satisfaction
Southern Pacific added $SO5,074 to its
net operating earnings and Atchison $Zyi,-
E24 these Figures for the month OF NO
vember.
That these three great Western lines
should do so well is a promise Of better
things for even the less important roads
Southern Railway furnished a $2sI.OOO IN
crease for, November and gave en-
couragement to the little cotorje OF bulls
that watched the tickers in customers
rooms.
The Industrial world is moving on
pace. Everywhere the story Is OF m
creased business, and It has come TO the
stage where premiums are being offered
for speedy deliveries Of steel work. The
mills have sufficient orders to run them
six months of 1913.
The chief change of the day was IN
Rubber common. which broke from
closing on Tuesday at So to 81 5-S anu
came back to s., leaving two points net
loss. Car Foundry preferred, with los
gain. was the strongest stock.
The big g. leaders OF many har u-
fousht~hght, did not move either way
with much freedom, and the net changes
were unimportant
Naturally the uncertainty OF the
money market between now and the hrst
of the year also had an effect in re-
stricting trading. Money went from Oh
TO Il per cent and back to 81.
The banks have about $Soo,0o.OoO OF IN
terest and dividend payments TO MAKE
with the first Of the year and with the
present surplus of only $,OOO,OOO on an
requirements, the big interests are nat
uraIIv interested in keeping the market
quiet. That they have succeeded and
that the market has had sufnclent
comment is evidenced from the fact that
the total sales for the five hours were
but ZOO shares, or an average OF lS'-U
shares an hour.
No wonder matching and other forms
of amusement took the place OF trad
ing.
Despite conditions, sentiment is hope
full that with the return Of money from
the country the opening of the new
years business will be satisfactory.
Tuesday furnished the Washington Gas
Company with its record days business,
II 100000 cubic feet of gas, consumed by
washingtonians in cooking turkeys and
other viands, in lighting homes over the
Christmas Eve festivities, &c.
The estimate of increased consump-
ton for the year has been revised ana
now stands at 30 00O, 600 cubic feet.
Public utilities furnish one Of the most
fruitful sources Of careful and conserv-
alive investments available to those seek
ing steadiness in prices, limited huctua-
tons, and enhancement Of values. This,
with reference to utilities that are honest
" managed and carefully conducted, not
wildcat railway financing after the man
ner of Charles T. Yerkes, who took two
small capitalized street railway companies
and piled millions on millions of securities
on them until, staggering, they were
smashed not on Mr.. Yerkes' hands, but on
the syndicate to which he sold out.
Public utilities are not influenced by tar
III legislation to any great extent; panics
do not hit them hard. for the people must
ride in street cars cook with gas, or cleo
tricity, or coal: light with one or the 9TH
er. and the streets and great buildings
must also have the benefit of light and
power.
There is an increasing tendency On the
part of the public to seek investments
where there is stability, and those who
have placed their funds in Washington
utilities, whether in bonds on stocks, have
nothing to regret.
Industrial depression. incident to tariff
changes, &c, make for increased prohts
TO the public utility corporation.
In 1907, when values were melting in
Wall Street, gas, power, and street rail-
road vlues the country over the little
affected and the earning power Of the COM
panies not in the least.
AS It is only in the last two or three
years that the gas and electric COM
panies have been generally reporting
earnings it is difficult, in fact i'm
possible, to obtain complete statements