The Washington herald., 1913-09-26
TOPAY S5OO,OOO
FOR HOLIDAYS
u. S. Trust Company Will
Give Christmas Savers
Clubs This Sum.
GEORGETOWN GAS REPLY
Does Not Recognize Washington Com
pany's Holdings as Legal.
Stocks Lower.
GEORGETOWN GAS REPLY
by 1. A. FLEMING.

Trust Company to aid IN making Dusl-
ness better than it would have been but
for the wise movement that started the
savers on the way to accumulation.
That such a large amount of practical
additional spending money will be in the
hands Of shoppers, means just that
amount extra for the merchants of the
city, because only a very small percen.
tage Of It would have been saved but
for the inception of the club which be-
gan with the advent of 1913.
Over a year ago the then Merchants
and Mechanics Savings Bank, inaugu-
rated a Christmas Savings Club which
was afterwards transferred on the sale
of the bank TO the United States Trust
Company, and which. in 1912, added a
very large amount of cash to the holi-
day shopping.
The success of the effort last year was
noticed by none more than the savers
themselves and almost without excep-
tion they renewed their efforts with
January, 1913. and will receive checks
about the middle OF December next for
$500,oOO. including : per cent interest
during the time the savings had been
in the hands of the United States Trust
Company
Vice President Henry i'm an interview.
declared that the members of the club
had maintained their regular payments
10 much larger percentage than might
have been expected. very few having
fallen by the wayside. and he expressed
the opinion that this large accession to
the buying power of the people would
result in one OF the best business
periods during the holidays that Wash
inGtOn has ever known.
One or two other banks have recently
inauSurated Christmas clubs. and alto
Eether the merchants OF the city will
ma substantial reason for congratulate
ing the bankers and themselves on the
results OF movement so promising.
Wants stock Back
From the answers filed by the George
town Gas Company in the case Of the
Utilities Commission VS.. the Washing
ton Gas Company. and in the Thomas
j. Hume case vs.. the Washington Gas
ampany. the former asking an adjudi-
a don OF the question of the right of
L.. Washington Gas Company to hold
3 , shares OF Georgetown Gas stock
a. dissolution for violation of the La !
E"rette amendment. and the latter ask
ing a distribution OF the $40 shares
among the stockholders of the Washing
ton Gas Company. the GEORGETOWN Gas
Company officials evidently have no no.
ton OF recognizing the right to the
Washington Gas Company 10 own anv
stock in their corporation
1t Is also fact that the GEORGETOWN
Gas Company officials are not willing to
even pay the purchase price OF the stock |
IN consideration Of the surrender Of tho
certificate. The claim is made that the
oINldends which have been paid in times
past to the Washington Gas Conpanv
1910 shares paid by the Washington Gas
Company 10 its individual stockholders
who wrongfully purchased these shares
naming ID. II. Bartol, Charles c. Glover
Henry G. Winship. WiIliar7 B. Orne |
and John r. Mclean. and later sold TO |
the Washington Gas Company for !
SI72.C04
The answer of the Georgetown Gas
Company cites the fact that none Of the
stockholders OF the Washington Gas
Company is in any way responsible for |
the debts OF the Georgetown Gas Com !
pany. including the bonds issued by that
corporation, and sets forth that there is |
no harmony between the organizations |
and contends that the court has no right
10 order the sale OF the stock I'm uues- !
tlOn, part of the process of dissolu-
tiOn Of the Washington Gas Company. |
because the said shares constitute no
part OF the assets OF the said Washing
ton Gaslight Company"
The bill also requests an order re-
turning the certificate in question to the
Georgetown Gas Company ror cancclIa
ton.
Reading between the lines one NAV
discern that the Georgetown Gas Com
nany is perfectly willing 10 merge with
the Washington Gas Company at a price
which the legal minority snare holders
will accept.
They maintain their independence.
holding that they acted in coed faith at
all times and practically answer in the
same manner Mr.. Hume's bill asking for
of the $40 shares to-wit.
That as the Washington Gas COMPANY Is
possessed OF no legal ownership they
cannot distribute il.
The various parties named as the buy
ers Of the 354O shares of Georgetown
stock named in the bill were all oficials
Of the Washington Gas Company, save
Mr.. Winship' who was a Georgetown Gas ,
official 1t is claimed that D. II. Bar
lois holdings were transferred after his
death without process of law.
Stocks Lower. j.
There was fairly good support in Wall
Street with the first trading. but the
Dears soon scented general distribution
u STOCKS acquired many points lower, |
he same kind of selling that has been
Soing on for some time past, and where a
harp rise was made in Reading and
steel they took advantage of the move
nent to start selling and continued until ,
Lfter the first hour of the afternoon. when
heir covering gave little better closing,
specially in Steel and Union Pacific, an
of the Usage orange being
expected with Friday. and it may be bet
er than expected, so the shorts consid-
red it wise to cover.
Reading, however, was under strong
ressure when the turn came from 159 3-4
he high OF the day, down to 157, and the \
ally was but a fraction TO 157 IL, loss !
over a point G
The weakness in Can, in Southern Pa \
ifc, and New Haven all acted as bear S
rguments.
Southern Pacifc's August statement, '
howing a gross decrease of $193,09S and a =
ct of ss75.0o0 was looked upon as de- B
idedly unfavorable, and the stock broke V
, 81 3-Ss The poor report was also taken
Indicate that the Union Pacific's re-
ort would be unfavorable.
The drop in Can was due TO the report a
nat the Attorney General would bring n
issoiution suit. and the same reports s
lay be started and spread throughout L