The Washington herald., 1913-12-05
UNDERTONE firm,
BUT GAINS LOST
General Sentiment Seems to
Favor Higher Prices-Talk
on "Melon" Resumed.
RESIDE TO HEAD GAS co.
Cooper to Go on Union Savings Board.
Local Securities Were
Steady.
RESIDE TO HEAD GAS co.
BY 1. A. FLEMING.

wall Street bears, worried over the
fact that the market appeared bare OF
stock. and the show of strength, did con-
siderable covering yesterday. They found
some satisfaction in a small bull profit
taking movement Immediately following
the opening, but it did rot last long, and
thereafter, while trade was not espe-
cially active, the feeling was rather
favorable to higher prices, and the lead
ers, Union Pacific, Steel and Reading,
acted excellent, as did many other stocks.
while here and there was enough weak
ness to give possible check to the rise,
late in the last hour.
Dame Rumor was a busy body. The
revival of our old-time friend, the Union
Pacific melon cutting rumor, was not
surprise. 1t is now said to be coming
soon after the arrival of the bright New
Year. But the rehabilitation Of the
stop-the-suit on Steel Corporation, under
the Sherman law, caused some amuse-
ment, and yet some were found who be-
lieved that it might yet be true. 1t
would be a popular movement as so
many thousands of laocrers and skilled
workmen, to say nothing of the share
holders. would decidedly approve of 1t.
Wall Street would hail such action with
glad acclaim. In itself it would be ex-
cuse for more strength than has been
shown in weeks. Tens Of thousands
believe that it should be dropped.
Some of the strongest operators are
buying Steel, and from being one of the
weak sisters under the hammer 1t has
become one Of the best supported.
The general list was strong in tone
rather than in actual advances made,
many of the secondary list, in import
ance, failing to hold their advances, 9TH
er than small fractions. Tobacco showed
a big gain of 81 points, Biscuit, Vir-
ginia Chemical, and Harvester all gained
a point
Awnit Trust Message.
The business world awaits with anxiety
the story of proposed changes or laws
to specialize the Sherman law and make
it more plain, or rather plain. Hearings
have commenced in the House
IT. volume of trade ii was one of the
best days that the market has enjoyed
for some time. $4,000 shares.
In the last half OF the final hour profit
taking increased materially. while the
faith in the rumors seemed to lessen.
The effect was recession from high on
the leaders, losses of all the advance, |
and frequently net declines of 1-2 point |
Steel held its own. So did Union Pa
cific, and Reading gained a net frac-
ton. Chesapeake and Ohio went back, 1
and so did most of the active securities |
of the final figures of Wednesday or
very close thereto.
Wall Street is skepucal on the Mexican
situation, failing TO see improvement in |
the chaotic conditions prevailing there. |
and the chances for speedy currency |
legislation are being dimmed.
Letter to Retire.
Joseph Letter, president of the Wash
ington Gas Company, will not be 2 candi- |
date for reelection at the annual meet
ing in February next. He will be sue
ceeded by Howard S. Reside, present
vice president and acting president. When
Mr.. Letter started on his trip around
the world he practically closed his con-
nection with the company as an official.
Mr.. Reeside has been active in paving
the way for a union of the two gas cor
porations. smoothing out the rough spots,
and making easy the way over. 1t is
probable that two or even three George
town men may join the directory of the
Washington Gas Company at the annual
election, so peacefully does the old bird,
Harmony, roost on high.
Mr.. Letter abandoned his salary when
he sailed away, as well as the duties of
the ofice, and the cash has been added
to company's funds
Meeting Called on.
The meeting of the Union Savings
Bank, called for yesterday, was called
off
At the next meeting of the directors,
Wade H. Cooper, president OF the United
States Savings Bank, will be elected as a
director.
Gas Shares Strong.
With a continuation of the limited in
vestment movement on the local eX-
change, and an entire absence of mani
puIation the sales were not at all large.
Features of the session were the weak
ness IN Columbia IS and Potomac Con-
S. These issues were not sup
ported in the least as some bonds have
been from time to time. Potomac Con-
soIidated IS sold on to IS "a. with a fair
ly good demand at the low. Columbia Is
steady at 991-S Ia
Traction 5s are still pegged at 1G 1-2, i
and railway IS at 80.
Strength in Gas shares was q feature
Of the stock list, number of orders be-
ing untitled at the close, prices 1-Sal-4 :
higher and shares strong at 81. Il
Lanston was run up from 81 to So 1-2,
proving the contention that there were
orders on the market for several days
that could not be filled at the price. The
other "typesetter," Mergenthaler, brought
916. '
Traction steady at 112. {
Washington Loan and Trust had the G
distinction of furnishing the only bank q
stock traded in, 10 shares at 235.
Tobacco Dividends.