The Washington herald., 1913-07-18
Washington GAS
HITS HIGH Mark

MIO HUI Mhnn
CONTINUED FROM PAGE ONE.
creased cost of oil and coal II would
be impossible to materially increase the
earnings at this time. The directors have
not considered the matter.
Used for Betterments.
The company has not quite earned It's
$3.50 a share dividend in the last TWO
years, but it has diverted part OF the
net earnings to betterments, the exact
amount being S327. 900, which will be re-
funded to the company by sale Of bonds.
Parties connected with the manipuia-
ton and speculation In washington Gas
at this time have been prominent IN
similar operations from time to time. with
varying success. Also prominent IN the
movement that Influenced the directors OF
the corporation to decide to retire the
per cent bonds for per cent issue. Al
the same time extra dividends were cut
off and the rate made per cent on an
estimated valuation Of sl3.WO.ooo.
II was in writing his description OF the
unanimity of action of the shareholders
in APPROVING and voting for the increased
dividend that induced present Commits
sioner O. p. Newman to use his now rele-
brated sentence: Naked greed stalked
through the meeting of theshareholders
of the Washington Gas Company" &c.
One of the Rumor..
One of the rumors circulating on the
street was to the effect that the Wash
ington Gas Company intended to stamp
par value. s1GO a share on the back
r.. ctn
pay per cent, or S. a share, dividend
on the stock hereafter, an increase that
would be welcomed by every investor
with a share Of stock in the corporation.
for per cent does not mean greed In
these days of scarce money and high
yield on all investments
For many years effort after effort has
been made to increase the capitalization
of the Washington Gas Company-lesiti-
mains over and supply the wants of
city like Washington in 1913 on the CAPT.
talization as chartered by Congress in
lsis. And yet Congress has nipped in the
bud every attempt to increase the capt.
talization-yielded the power to the Dis
trict Supreme Court for time, then, so
jealous Of the action. withdrew it.
There no more reason to believe that
Congress would permit of making the
capital Sl3,UW,puD To-Day IMAM IL "Oulu III
the years that have passed.
Moreover. there is a utility commits
sion in Washington today, and the Jay
of increasing the stock of a utility cor
poration at will has passed.
July ] Washington Gas was selling at
sS6 a share. so that in the last sixteen
days. counting Sundays. the price has
advanced sl4 To this should be added
81 90 the dividend for which the books
closed on the 18th inst.
The rise to $50 was by reasonable
movements. a little more value on the
market each session of the exchange.
plainly manipulation. plainly speculation,
and when all selling orders were ex-
hausted, the price was raised to SOS bid.
with 100 shares offered at 500.
Manipulation and speculation are legiti-
mate enough: there are no laws against
it. Gas has been speculation before. and
may be again.
Heaviest Sale of Gas.
Yesterdays transactions totaled 4,a40I
shares. the largest record on the local
in years and the heaviest sales |
of Gas. The price rose from $50 to-
1901, with apparently liberal sales: then
at $50 - to s91 with % shares traded in. |
to s92 with nothing between. From S92 |
to $50 was accomplished with a sale of
. shares. to sS4 with . shares. and to !
on one sale of 5000 shares. the broker, |
Thomas l. Hume, simply making rec
ord of this transaction, being both the
buyer and seller.
This sale was reported to BE- the 5000
shares of stock upon which Mr.. Letter
sS6. 10 a share TO Thomas l.. Hume, on
which he recently demanded repayment,
the suit in the case, Letter VS.. Hume. be-
ing now on trial, testimony being taken
before a master.
There were rumors on the street of
a settlement of this case, but no later
han Wednesday an official of the Wash
ngton Gas Company was on the witness
stand in the matter at issue.
1t has been a great manipulation. with
he most sensational part of it yester-
lay: there is no short interest, no one
squeezed. nothing so far as can be dis
,erned or ascertained coming to warrant
he advance. save that the Washington
Jas Company is a good investment cor
,oration.
1t may be that the parties~in the mani
,ulation, if they continue their acquisi-
ion, may figure in the next annual cleo
ion. more than six months away, but the
control of the corporation is so tied up
n estates mat II would be hard to OBJ
ain.
other Stocks Ininteresting.
With the coup, or whatever one
nay call it, in Gas, the rest Of the mar
let was uninteresting.
Railway IS were in excellent demand
i 81 5-SaS2 3-4. Gas IS sold at 107, and
telephone IS 103.
Capital Traction in small lots at 119 L..
National Bank sold at 1876.
nd American Security and Trust at
800
Greene-Cananea.
Announcement was made by the man.
cement of the Greene-Cananea Copper
company that the new stock ertificates
4 che company will be ready for dis
ribution on and after August l next
Holders Of outstanding certificates of the
alue of so are requested to exchange
heir shares for the new 800 shares. Ger
licates are exchangeable whether is
ued in New York or Boston at the New
'ork Trust Company in New York or at
he Old Colony Trust Company, Boston.
20 Endorsement on certificates is neces-
airy unless il is desired to have the
ew stock issued in another name, in
Thich event an Endorsement guaranteed
y a well-known bank or banker will be
ecessary. and if the. stock is to be