The Washington herald., 1913-02-07
Asa Gambler Buys Property,
and Will Erect a Big
Office Structure.
NEW YORK STOCKS DULL
Interest Centers in Plan for Dissolution
of Southern Pacific and Union
Pacific Merger.
BY I. 4. FLEMING.


Washington Gas was the chief feature
OF the trading yesterday on the Wash
inston Stock Exchange. There was a
drop in the price from sales of l@5
shares at 81 IL. Doubtless the pending
suits which will establish the owner
ship of the Georgetown Gaslight Com
pany. with the imminence of fight at
the annual meeting of the Washington
company has unsettled the confidence of
some holders of Gas. and they arb
taking favorable opportunity to dispose
of their holdings. This at least appears
TO be the proper explanation of yester-
days sale Of the shares on falling
market.
Asa Gambler, of CocU-Cola fame, and
known as the Grand Old Man of At
lan.a" has made a venture in Washing
ton real estate. by the purchase of the
property at southwest corner Of Four
teenth and X Streets Northwest, for
Sl11.JOO. The property was purchased in
Two deals through the Office of Thomas
J. Fisher & Co. and it is understood
that Mr.. Gambler proposes TO erect
new office building on the corner pur-
chased. Mr.. Gambler believes in big
office buildings. being owner Of one OF
the biggest ones in the City of Atlanta.
1t will be interesting TO watch develop
ment when the old banker and manu-
factUrer hcSins TO settle upon plans for
his Washington structure.
Has Building in New York.
Mr.. Gambler also owns one of the big
sky-scrapers in the city of New York.
and his knowledge and experience with
his class of buildings. with the location
chosen for the new one in Washington
is proof that he has sized up the main
facts about the future growth of the
nj nf
has selected a site well out of the
present chief center OF activities. but
wait until the Gambler Building is finished
and then begin 10 take stock of the
situation.
Tracing WAS very dull yesterday on the
New York Stock Exchange. the volume
Of business being fully 20 per cent below
recent averages. Such trading as there
was proved to be of a purely professional
character. Continued weakness in COP
per was a feature of the market, and
helped to depress prices.
Chief interest centered in the plans
for the dissolution of the Union Pacific
and southern Pacific merger, and the ar
rangemcnts being made to place the
properties on a n~w footing. The latest
report ON the plans for dissolving the
merger ere that the SIPS 10000 OF South
ern Pacific stock will be offered to the
stockholders for subscriptions at par and
TO the public generally. with a syndicate
composed of the National City Bank.
Kuhn, Loeb & Co. and the Deutchcr
Bank and others to guarantee its suc-
"eSsful lptation at the price of q net to
the I'nion Pacific COMPANY
The report was that Southern PaCifIc
stockholders would have the right to sub
scribe for it at par. and that the Union
Pacific common and preferred stockhold- |
ers would have the right TO subscribe on
the basis of four Of their shares to one
of the stock.
The directors of both the Union Pacific |
and Southern Pacific met in New York !
Yesterday afternoon, and it was prom |
ised that an announcement would be |
made which it is believed will be as out |
lined
Improvement at Close.
Stocks improved slightly in the last |
few minutes of trading and closed at the |
best figures Of the day. Southern Pacific |
remained weak, but Union Pacific rallied |
sharply. The market was at a standstill |
most of the day. awaiting announcement
OF merger aff2irs. The idea that Rock |
Island may acquire Southern Pacific is |
gaining ground. and a deal is possible in |
that direction. The market is in an over
sold condition. but is liable TO rally at
any moment.
"A
Line Railway for the last quarter of
the first half of the current fiscal year
was for the three months ended with
September
Whereas the figures for the first
quarter showed that the Company lacked
SS.172 "f earning sufficient TO pay
the periods proportion of interest on
the adjustment mortgage bonds this
deficit was wiped out in the three months
ended December 81, and the surplus re-
ported at the end of the first half OF
the fiscal year was short a little more
more than $4,000 of being enough to pay
interest on this issue of bonds for the
full l2 months.
And the credit of this splendid show
ing must in all fairness be given to
President Harahan, for the turn in the
fortunes of the Company dates from the
time ne assumed the direction of the
roads affairs.
Needed n Strong Head.
Incidentally. it bears out the conten-
tion that the Seaboard was suffering
not so much from insufficiency of gross
revenue as it was for want of a strong
man at the helm-a man who would sit
on the job" win the confidence of those
serving under him, and who would not
tolerate petty jealOusies among depart
chiefs.
President Harahan appears to be that
type of man, and that he is obtaining
results is evidenced by the performance
Of the company since he became oper-
ating head.
Following are the results of operations
for the month of December and the six
ended December 81:
December 1871. Inc
Gross ............................s2 s2l65js S72I33
Expenses and tazes............... Ls53.Ia lM,lF
Nct............................. sl2lTJ slss
From July i