The Washington herald., 1913-09-13
GAS REDUCTION
FOR CONCESSION
Lower Gas Rates for Entire
City if Companies Are Per-
mitted to Merge.
BOOM ON WALL STREET
! Local Securities Firm-Statisties-Pro-
gram for Bankers Convention.
Topics for Discussion.
BY l. 4. FLEMING.


% less strained, and both have shown a
disposition to get together in the interest
Of cheaper gas west of Rock Creek Park,
b.. II is not within reason that Congress
should offer strong objection to the ANAL
gamation, if recommended by the Com
rr nissiOners. a cut of Is cents per LOO
q cubic feet west of Rock Creek is great
iuducement to that section of the city.
but for the clear title TO the entire busi-
ness Of the District. the Washington Gas
Company might be induced TO consider a
further reduction. effective throughout
? the entire territory.
L has been stated by insiders in both
companies that the Georgetown Gas
Company's territory could be supplied by
Tn" Washington company at an annual
ing Of SlOO.OO0 as compared with the
cost Of the same service to the George
town company.
This annual saving might be effective
q :n giving consumers even SD-cent. gas,
% Without enCrOaC ching on the present divi-
Ceuds to the shareholders, which are
. based on valuation OF sl3,C9OOO on the
" stock. Recent appraisemcnt by the mos
'&ncrt gas mechanics has given the com-
nany a physical valuation OF SIS, zoo O,sO
mt this is of no Considera ton in figur-
ing Jhc dividends, for the company can
rot nor would not be permitted to in
o. crease the cost of gas. and cannot earn
more than present dividends and small
surplus.
p. EiEhty-cent gas for all WASHINGTON
should De conc, ssion enough. 70 cents
est OF Rock Greek, cents this side. to
make it an indUcement for the Commits
Sion"rs to recommend such a union and
Tor Congress 10 take action. the more -
as at present the two companies are in
no way competitors.
No Eject on stock.
@ Such a merger. II ordered or per-
. lmJied. would have no effect in iucreas-
"S the value Of the stock Of either
COMPANY, materially. It would make
market for Georgetown Gas shares and
but 1.f7o shares Of the st ok would have
10 he 2equired by the Washington Gas
light Company to make il owner of
Ihe entire capitalization. provided the
. S,5So share holding is IcsaIized
dissolution proceedings are far off.
broad Higher Market.
Yesterday witnessed broad. active,
higher New York stock market The
street Was said 10 be more than ever
convinced that the Union Pacific di-
o. rectors were about 10 cut loose a melon
of large proportions: cut loose millions
. and, perhaps. pay out in dividends some
. "i the b. a O. stock received in ex-
Whether the directors OF the Union Pa
'cihc Company will hold on to their
valuable cash. whether they will retire
some Of their bonded Indebtedness and
Keep that which they have against the
day Of need. or whether they will hand
II out as a panacea to the shareholders
b and tc the stock market remains to be
seen.
Having either obtained the idea that
o. 9 IN ha
impression could be made workable, the
bulls got under the stock list, taking
ihC liaTrimans for leaders and follow
imS throughout the entire list of high
grad" rails, many stocks that have re-
Gently been in the dumps, so far as
activity is concerned, joining in the hur-
ran Of genuine bail market that made
a $4,000 day recOrd-better than any
DAYS for weeks
Right from the opening until shortly
Z before the closing the advance was
pressed. Some few unfortunate shorts
. that took the bear side Thursday were
squeezed. and the advance made them
nervous and sent them in TO cover.
Even Chesapeake and Ohio. with a
POINTS rise, shared in the advance so did
New York Central. 3; Louisville and
Nashville, ,; Lehigh Valley. ?: Illinois
central >, and other stocks also that
were many times removed from the sup
posed Union Pacific distribution.
The latter stock rose from 154 to l5g rs
"n nothing tangible, except the melon
ripening in belief that amounted 10 faith
Southern Pacific rose points St Paul |;
Northern Pacific, ]: Mop. 3-S while
Reading trailed behind, lower in the face
Of so much strength.
Bull Market.
It was given out just before the enact
hat
would get under the list following its
passage. Big business has been pretend
ing TO ignore tariff and has Joined the
Street in an effort to give the impression
that it's bull rise, get aboard.
In the industrials the same happy mood
prevailed, yet there were grunblers he
cause Steel did not move with Union
Paciic-though just what was expected is
mystery. Steel rose IL points, do
ing fairly we'll: Copper, ,; Smelter, "a;
General Electric, 2, and other industrials
fractionally TO points Pennsylvania did
not advance and was marked With Read
ing for its action.
Bank Statistics.
Comparisons and statistics as of Au-
gust as compared with September 4,
1912, follow:
The Riggs National Bank in the period
named made rs, net funds increased
from SlZ,ZSl,lS IN l9l2 to Sl4 81, lO2 in 1913;
the bank earned 2.42 on net funds. l0.l
per cent on capital and surplus and 3. SO
on capital alone.
The National Metropolitan is second in
the list of national banks on net earn
ings during the period named, with SsS-
49, Net funds increased about SI31 900: |
the bank earned l.61 on net funds, 6.1s on
capital and surplus and Il.O6 on capital |
alone.
The Commercial National is third in |
this group with S73,Sl7 earned, a slight
loss in net funds, earned LIB on net |
funds. O.s6 on capital and surplus and |
g.S on capital
The Commercial National and prob
ably the other banks as well, make |
practice of writing of twice a year on |
furniture and fixtures account, also pre-
miHms on bonds
Local Stocks Firm.
Fifty shares OF Capital Traction at
ll6 5-4 and 20 Mergenthaler at 2l5, COM
pleted the stock transfer record on |
Change yesterday. In all nine Sl.UOo
bonds were sold at 1OSa163 IL for Chesa-
peake and Potomac Telephone IS and
~ 1-gsS2 IL tor Railway Is.
Bid and asked prices on other utilities,
st2ps. Gas, Si 7-S bid; $ IL asked,