The Washington herald., 1913-07-23
IT'S ALL over
IN GAS MARKET
Forty-Five Shares Cover
Tuesdays Transactions
at 1917 to 80.
NEW YORK MARKET FIRM
But Little Net Result So Far n Price
Changes Are Concerned.
Gossip.
by /. A. FLEMING.

ny I. A. FLEMING.
II lis either all over or appearances are
more deceitful than usual. The road to
100 is rocky; ii will be months. probably
before Gas reaches the record OF last
Thursday, IS bid. for the IS bid ID not a
record, there being no sales at that figure.
II the buyers wanted to bring out stock
they certainly took the way to get it and
had they thought wise to go on to the 81,
again either Monday or yesterday they
would have been swamped.
Yesterdays transactions were Is shares,
20 at 50 1-2 and 3 cash at 80 Midsummer
dullness reigned supreme on the ex-
change
Before the tap Of the bell closing the
session, a number Of heretofore active
traders were engaged in an elaborate dis
cussion of the price Of Memberships on
the New York exchange in the years that
have been gathered to their fathers.
Many prominent operators were absent
and others are going.
The chief broker in Gas for some time
was interested in Capital Traction and
the whole market presented a tired ap-
pearance-just as tired as Gas did.
Railway preferred sold in a desultory
manner at 81 SIS with the old 50 IA for the
common. Capital Traction was the active
leader If transactions Of g. shares en-
titles a market 10 Dt Cdlltu
There was very fair demand for
bonds. much better than for weeks past
Railway Is rose to s. 3-iaS IS. Traction Is,
100, and Gas 5s, l0IaloI IA.
Nuts for +. Quincy Smith.
E. Quincy Smith, formerly president Of
the Union Savings Bank of this city,
who went to New York a year and
half ago to become president Of the
United States and Mexican Trust Com
rany, has resigned from the Trust Com
pany to become the president of the
Florida Pecan Endowment Company.
The United States and Mexican Trust
Company was organized eight or ten
years ago mainly for the purpose of
forming fiscal agency for the kansss
City, Mexico and Oriental Railway. and
when the railway went into receiver
ship the future OF the auxiliary COM
pany also became problematical.
The Trust Company went into liquida-
ton a month or more ago. Mr.. Smitl:
purchasing the major part of its inter
est in the Pecan Company; the company
operating a plantation of some five
thousand acres of nut groves at ITALIA
hassee. Fla, which was one of oe
Trust Company's sub-corporations.
The Pecan Company will retain its
present quarters on the twenty-sixth
moo" OF the Singer Building, New York.
Wall Street Firm.
Wall Street markets gave a fairly good
account of themselves, but the net
changes Of the day were by no means
important, nor was the volume of activity
equal to that of Monday.
The opening was strong and the closing
firm, but in the interim there was a weak
spell, with a drop of about SIS on the
average. The final recovery brought the
market back to an even keel, to a slightly
lower general range, but the losses were
decidedly unimportant
Market slows down easier for the rea-
son that the large covering of shorts
has reduced the line. and there is less
backing up of the strong tone, while it
is but natural that there should be some
profit-takins.
Europe was a moderate buyer. and the
feeling on the street was favorable to
an early settlement of the European
troubles. Most of the business was in
the three leadeTs-Steel. Reading, and
Union Pacific. Copper also attracted con-
siderable attention and held its own.
The Union Pacific directors are prepar-
ing circular giving the price at which
Subscriptions will be received for South
ern Pacific stock and the terms of set
Element. At the same time 1t is expected
that an announcement will be made as to
the formation of an underwriting syndi-
cate to take the stock unsubscribed for.
Mr.. Mellen's successor has not been Sc
lected as yet, but will be in the immediate
future.
New Haven financing was an important
factor in the market, and helped to check
an advance. Convertible IS declined 3 1-2
points. the stock rs on small sales.
California Petroleum was weak, and
Mexican Petroleum declined 10 point.
d. & O. Bonds.
1t was said yesterday that the Balti-
more and Ohio Railroad had sold in New
York 81, 10000 of its first mortgage Is,
dated July ], 1888. and due July 1, 1913, re-
deemable after July i, 1873. at 1O5 and in
terest.
The bonds were being offered in New
York by Harris, Forbes & Co., Clark,
Dodge & Co., and White, Weld & Co., at
80, to yield SIS per cent, and some Of the |
local houses were handling them.
The Baltimore and Ohio has authority |
to issue SIS, 600 600 of these bonds and has |
issued $50 10000. The appearance of the !
bond on the market was regarded as
proof of the reports which have been cur
rent for a week or more to the effect that |
there was a better inquiry for long-term |
bonds than there had been-an indication |
Of the relieving of the dull condition |
which has existed in the bond market for |
some time.
Apparently, the Baltimore and Ohio had |
lone nothing with the SO. 900, 900 equipment |
trusts, to run ten years, redeemable at the |
-ate Of 81, 100000 a year, the authority to |
ssue which IL secured from the Public |
Service Commission Of Maryland several |
weeks ago. Nor has the Seaboard AIR |
Line taken any action regarding the a.
$4,000 which it was expected to bring out
Dividend Declared.
The Equitable Life Insurance Company |
has declared the regular semi-annual |
dividend Of per cent to be paid Au-
gust i.
Mexican Petroleum..
Mexican Petroleum Company IL report
ed to be in a fiourishing condition and
has been unaffected by disturbances in |
Mexico. Three Of the large tank steam
ers have been placed in service, and with /
two barges the company now has an |
aggregate carrying capacity of about 49, |
900 barrels- Capacity will soon be in
creased to nearly 10000 barrels BY the \
addition of new tonnage.
Although the building Of more steamers |
and barges may be undertaken next year. /
the likely plan will be to hold new con.
struction In allegiance pending arrange /
ments which are being made by certain
concerns. including Standard
OIL Company and Magnolia Petroleum
Company, to take care Of larger quanti-
lies Of oil IN the Mexican fields. Mexican /
Petroleum will use its own tapkern n, tbe :.