The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-08-06
ADJUSTMENT OF
THE GAS FLUKE
Probably $4,000 to $4,000
Shares Have Passed Into
Stronger Hands.
BOOM ON WALL STREET
Leaders Move Up la1 II Points.
Shorts Punished-Loeal
Financial Matters.
BOOM ON WALL STREET
Nv 1. A. FLEMING.

ny 1. A. FLEMING.
The recent splurge and speculative
furry in Washington Gas stock, whel
it rose ten points in a jiffy and wen
back almost as quickly, has produces
some interesting features in the read
justment, the aftermath OF an ill-ad
vised movement.
1t is estimated by those who know
something about it that from 10000 t,
5000 shares of this high-grade in
vestment security passed into stront
holdings, some voluntary, more as tn
result Of conditions that were avoid
able, but that were not avoided.
Part Of this holding was acquired
for investment. The greater part bu
awaits a market where it can be liqui
dated at the acquired price. 1t is be
lieved that this stock is divided be
tween six or eight different interests
who will have no difficulty in carrying
IT. II yields 5.33 per cent at 80
good. safe investment-with more ga.
sold every day than on the correspond
ing day year ago. although the gair
is not as large as the daily average
increase in 1912 over 1911.
Washington Gas management il
making evc-v movement at this time
TO lower the cost of production in max
ing changes advised by the new man.
ager and in increasing sales of the
product.
Over the Market.
The stock recently acquired by in
terests referred to does not all hang
over the market should a rise give the
opportunity to sell out. But there is
enough that awaits opportunity to as
sure that nothing will be started in a
speculative way in the bulling of Gas
for at least a protracted period. For
five years it has been doomed inter-
mittently. with small chances for sue
cess.
For the future 1t will be an invest
ment stock, worth all it sells for in
the dividend yield. There is not the
slightest chance for change in control.
though two more directors may be
added TO the board; nor should any
consideration be given to talk of in
creased dividends. Any increase would
suggest another matter to be avoided.
Prices steady.
In all, twenty-siN shares of Gas sold on
change yesterday. There was no de-
inand and no pressure on. the shares:
fifteen sold at Sil1. and eleven at 81 3-S.
To such trading comment is unnecessary.
The bid price was 81 3-S at the close.
Probably the feature of the trading
was the activity i'm Railway Is, $4,000 of
this issue. face value. being taken at S1z.
With 81 IS bid at the official close. none
offered under NJ. Capital Traction IS sold
at los. and Gas SIS at 107. both small bond
tranSa ctions.
Capital Traction sales were 81 shares
on a raising scale from 1l5l2 for round
lots to 10 for odd shares. though quo
tation lots were offered at 115 SIS at the
close. and IL was the best bid.
Railway preferred was distinctly
stronger on light sales at IS 3-Sassis. the
common nominal at 81 bid, and 90 IL
asked.
Mercy 10 IS. The bid on United States
Trust shows at 1874. and the asking price
10.
Alexander II. Mccormick was re-elect
ed a member of the exchange, paying
$50 for his seat.
Mr.. Hann's Resignation.
Washington bankers TO a man bear
testimony to the devotion OF former
Bank Examiner Ham to his duty. He
was extremely careful: he felt in the
fullest the responsibility of his position.
even though he sometimes inclined to be
a little hard in his judgment of credits
and to weigh advice that might not
have been unprejudiced.
Financial Washington Lad come 10
know Mr.. Ham well: TO appreciate his
scrupulous honesty of purpose: to regard
his high ability, for he was prepared
10 examine a bank in a quick, classy
way. and do it quickly.
Our bankers are wondering who his
successor will be- and IL they will be as
fortunate in the matter of knowledge
and ability in the coming examiner as
they were in the outgoing.
strong New York Market.
Yesterdays New York market was
slow at the opening, gaining strength in
the afternoon and making broad,
strong and rather sensational closing.
The days operations, like those of the
last few months, were entirely profess
sional and the shorts were taught a
professional lesson that il really does
Of actual liquidation.
Influences were rather unfavorable, the
crop damage stories were discouraging,
business is less active in a general way,
the prospect for currency legislation is
not good, and there were rumors that
Reading suit was on Mr.. Reynolds
slate.
All Of which had nothing to do with
the case. The bears were in a hole and
they tried to get out OF II. taking their
losses and charging of the account from
previous profits.
The street had a report that Union
Pacific shareholders would receive fat
distribution from the sales of
s., 100000 Southern Pacific stock now in
the hands of the Central Trust Company.
1t is thought that the directors are in
favor of the melon-cutting, and while
the matter has not reached definite
form, 1t was sufficiently discussed and
considered to act as a tonic to every
thing.
Should the Bank of England surprise
the street with a reduction of the dis
count rate tomorrow there would be
further rise Some of the Northwestern
roads. notably the Hills. have shown -ex-
cellent earnings. and this is helping the
market.
The Balkan and Mexican uncertainties
are in the way. If they are eliminated
the changes would be better for traders.
The crop report will be out on the Sth
and will have a most important bearing.
The Gains.
The advances through the list averaged
better than a point. Steel rose 15-S,
Union Pacific "a. Reading 3-S Great |
Northern 1 IA, Nipper 27-s, and st. Paul
2 3-S while the less important rails |
added 1-2aS-4 to their closings of Monday, |
Canadian Pacific was an exception, |
dropping / L., even while foreign gossip
advised its purchase. It was quite active. !
Denver was also an exception to the |
run of minor rails in that it rose L. /
points.
Jndustria;s xciaJ excelje,.Iy with ooo6