The Washington herald., 1913-10-07

IMAM wait dPOh AOACA6h
delivery or to establish a foreign credit
and buy the material in bulk as would
then be necessary, as against the con-
venience Of buying at home In smaller
quantities, where credits are literally ex-
tended, and where the materia, is deliv-
cred in better condition
Allowing for practical influences OF this
kind, the German invasion. IL it comes.
would suggest prices which would SUBJ
stantially net better rates than were cur
rent during the year 1911, which rates
were brought about by domestic compe-
tition alone, but as the United States
Steel Corporation and other Of the lead
ing producers Of steel reported fair earn
ings for the year 1911, il is quite appar-
ent that the stories OF danger to the
American trade are too highly colored
and absurd on their face.
Local STOCKS Strong.
Washington gave a splendid exhibition
of strength in opposition TO the weak
ness OF Wall Street
Railway and Electric issues while not
active were strong. The preferred was
30 1-2 bid, 90 asked; the common 80 bid,
the highest on the recovery movement
while no stock was offered under 50. The
recent advancing movement has been on
increased earnings, the year promising
the best in the corporations history.
Capital Traction was a little firmer at
1l5al15 "a. Washington Gas very firm,
s. 7-SaS6.
Bonds were in good demand at 100 for
Potomac Consolidated IS. los for the first
mortgate IS, and 81 l-2 for Railway As.
District Holds DepOsItOrs.
The merger of the District National
and the Citizens Savings Bank was sue
cessfully concluded yesterday morning.
Ninety-nine per cent Of the District
shareholders and practically all Of the
Citizens shareholders approved the mer-
ger and the missing one per cent of the
District stockholders probably were
abroad and did not receive notification
in time to vote
Vice President Waters, late the active
official of the Citizens had his desk in
the front of the bank and met his old
customers, making them welcome. Prac-
tically all depositors OF the Citizens Saw
ings are lined UP with the District Ma
tional.
The savings department OF the District
National will be open daily until $50
p. m, the commercial department closing
as usual at o'clock.
President Harper appeared decidedly
self-satisfied over the success of this
important movement
GaI Earnings Large.
No better testimonial Of the develop
ment in the gas industry can be offered
at this time than the record of earnings
by such organizations during the past
decade or so. While returns Of railroads
and industrials have huctuated widely
from time to time, revenues of practically
all organizations serving the public with
gas have continued upward with uninter-
Tupted regularity.
There are many features of the gas in
dustry which furnish elements of GER
tainty for the stakeholder of such or
and little difficulty has been
in recent years in financing
improvements, betterments and new ad-
ditlOns TO already existing and going con-
terms. In this connection attention is
directed to the sale a few months ago
IF $l5,0JO,0OO of nine-mOnths' notes by the
Gas Co. of New York. |
These were taken so quickly that they |
we're at premium within a few hours |
rom the time of Offering.
Going a little further, il is recalled |
hat the ConsOIidateds earnings in re-
;ent. years have been unusually favor
bile and Notwithstanding the reduction |
o soc. per thousand feet of gas, yearly 1
urpluses over dividend requirements |
lave been shown and the indications are |
hat the future will present even more
gratifying returns. Growth and develop
nent of the territory served has necessi- |
ated the expenditure OF large amounts /
" money for improvements. betterments |
md new additions and today the COM
'any occupies a unique position in the |
field.
Recently the Peoples Gas Light and |
Coke and Commonwealth Edison COM
Danies, OF Chicago, announced compre-
lensive financial plans for the future |
which were necessitated by the unusual /
growth Of the city served. Earnings of |
hese companies have expanded rapidly
n recent years and the former an
lounced that the next dividend would be
II the rate of per cent, white its capt.
al stock is to be increased by 81. 600. 900
o $jO,OOO,O0O. The Commonwealth com
ANY also decided to increase its CAPT
alization from S4O.O0O,OOO to $50 OOO, 900 and
he distribution of a 10 per cent stock
dividend.
Special attention is directed to the af-
airs and operations of the United Gas |
Improvement Company, of Philadelphia.
This important organization has made
IN exceptionally noteworthy record of
perations since the date of its inception. |
returns of the company have shown I'M
Interrupted improvement. both as regards
he gross and net and the percentage
4 gross gain from year to year that has
,een saved for the rise in net is note
worthy. At the close of 1872 its profit
nd loss surplus was more than S24. 900 600.
The Washington Gas Company will
urely earn its dividend in 1913.