The Washington herald., 1913-02-12
LOCAL MARKET
HOLDS STEADY
Joseph Letter Expected to Re-
sign as President Of
Gas Company.
NEW YORK MARKET QUIET
Mexican Situation Is a Disturbing
Factor and the Balkan War
a Menace.
By 4. A. FLEMING.

By I. \. FDEMlN6.
The news leaked out yesterday that
the troubles which have beset the man.
ngement of the Washington Gaslight
Company had been salved over in sat
isfactory manner TO all concerned. The
directors at Mondays meeting duly and
formally elected the old officers to serve
until their successors should be named.
THIS has all the moral effect and real
effect OF a vindication for Mr.. Letter and
his administration of the affairs of the
company.
Now, at his leisure, it is said, Mr..
Letter will resign as president. and then,
probably. Howard Reeside will be elect
cd his successor. The arrangement ind-
Gates good feeling all around. and II
proof that differences of opinion within
the directorate did not arrive at the
point of bitterness. and was honest and
sincere on both sides. The plan will al
low Mr.. Letter to retire gracefully. and
leave no sting to him and his supporters
in the board.
1t is uncertain Just when the resigna-
tion of Mr. Letter will be presented to
the board, but il may come within few
DAYS The fact that Mr.. Letter is ah-
sent from the city. and took no part IN
the proceedings on Monday, indicates
that his connection with the afairs ol
the company has reached a point when
IL
that the pecuniary interests of Mr.. Letter
and his friends in the company Will not
he disturbed. and that his good will and
moral support will be extended TO Mr.
Reesidc when he takes up the manage
ncnt of affairs
Georgetown stands Pat.
1t was also learned yesterday that the
Georgetown Company is not disposed
to look faNurably upon the suggestion OF
buying gas from the Washington Com
pany at % cents a thousand feet. at least
not any longer than is necessary 10
adjust its new plant for the needed sup
PLY. The managers of the Georgetown
Company are inclined to cut loose from
the Washington Company for good and
alI and to run it's business independently
west of Roc. Creek. They express the
opinion that they have had quite enough
of consolidation. wherein the weaker
company was being continually tmpoVer-
ished by the stronger. II is believed that
there is room for good business for the
Georgetown Company apart from the
Washington Company. and that the two
can exist and do better apart than TO
operate in conjunction.
The local market yesterday was strong
and one of the busiest fer some time in
point of sales and general interest The
settlement Of the rumorsd troubles in
the gas company had good effect. and
the determination of the Georgetown
company TO play the game with its own
hand also was All inspiration to good
ira ding Prices were firm for the local
public utility stocks and bonds and some
attention was paid to the hank shares.
New York Market Dull.
The New York stock market was an
ante holiday affair. so dull as TO he OF
no interest even to traders. Conditions
Yesterday were a continuation of those
that have prevailed for weeks. While
the market is vastly Oversold, the hold
crs of long stock will not brook an
attack upon stocks with a view to their
fall, the bears are timOrous and start
covering on the smallest rises, but even
that does not last, and prices sag back
to former levels.
The market remains in a waiting atti-
tude; waiting for the Balkan situation
in Europe TO clear up: waiting for af-
fairs in Mexico to simmer down: wait
ing for the inauguration of Wilson and
the installation of the Democrats into
power: waiting for the proposed tariff
legislation; waiting for time to pass and
IS a trying time, speculatively speaking.
and no man knows the outcome. Yet
traders saw wood and hope on for the
movement which does not start.
Stocks were weak throughout the ses-
sion, several making new low levels for
the movement. and nearly all closed with
net losses. Final prices were only a
little better than the worst for the day. |
Europe sold again. Southern Pacific and
Steel were under pressure from the be
ginning Of the session. Causes given for
Jhc selling were continuation of the for
cGn war. which resulted in higher
money. and the official announcement
that railroad firemen had voted 80 per
cent for strike on fifty-foUr roads east
of ChfcaEo. Most Of the selling was pro-
fessionaI and after the holiday there
may be a wild rally.
Mexican Situation Give. Concern.
In governmental and official circles
deep concern is felt over the Mexican
situation; not that this government con-
templates interference OF its own vol- |
tion, but because of the realization that |
the whole situation can be Iikened TO |
one great powder mine, with plenty of |
careless flrebrands close by.
Conditions are in a way similar to !
those existing in Cuba when the blowing |
up of the Maine caused this country to |
take the step which had long been held |
i'll allegiance. Along the Texas-Mexfcan |
border State troops and rangers are con- |
fronting revolutionists and Mexican reg
ulars, with the United States troops |
ready for instant action.
Four warships are en- route to MexI- |
can waters to make a peaceful demon |
stration" and protect American lives and |
the lives Of foreigners. Europe looks to |
the United States as the big brother"
TO keep the younger bad boy from
smashing glass. Where fighting men
gather with gun on hip there is always I
a chance to start something"
The question is asked whether there
is not method and premeditation in the
crisis in Mexico just on the eve Of a
change in the American gov
There will be no change for some
time, however, in the machinery of the
diplomatic and military service below
the Executive. and it is believed that the
Taft policy will be followed by Wilson
until provocation beyond endurance
comes from the Mexicans.
yellow press" agitation. demagoguery
in Congress. European pressure and the
natural cussedness of ill-disposed persons
in Mexico are elements sufficient to keep
the government officials uneasy for some
time to come.
An irregular mafket in London re-
fected the uncertainty as to the time
Of ending the Balkan war. Proiongation
Of that struggle is beginning to have in
huence again on the money markets OF
Europe and of the world.
The Pennsylvania and the Union Pa