The Washington herald., 1914-02-17
STOCK MARKET
SHOWS DECLINE
Commerce Commissions De-
laying Rate Decision
Causes Depression.
GAS MERCER CONSIDERED
Washington Company May Purchase
2.470 Shares of Georgetown Stock.
N & W. and A. c. L. Reports.
By w. STEAI.EY.


The action of the Interstate Com
merce Commission. suspending until
September the proposed rate increase
in official classification territory. hao
the effect of causing a general decline
of about a point on the New York
Stock Exchange yesterday.
The action at first was construed in
Wall street as indicative of an un-
favorable attitude on the part of the
commission. The suspension, however,
was merely an announcement that fur
ther time must be used by the commits
sion before deciding the question at
issue. The decision is not necessarily
delayed until September Il. 1t is ex-
planned by the commission that GER
tain inquiries have been propounded to
the railroads which have not as yet
been answered. In addition hearings
are still being given TO shippers who
are protesting against advances in
their territory. The street however.
chose at the start TO take the more
unfsvorable view and to sell. The
market closed above the low prices for
the day.
Steel closed at 65 5-S, losing a point
from Saturday. Amalgamated Copper.
Canadian Pacific, and Great Northern
lost a point and fraction. Mexican re-
troleum closed at 65 L., loss OF over
four points. The regular quarterly meet
ing of Mexican Petroleum directors is
overdue. which was taken TO mean that
the common and preferred dividends may
not be restored.
Western Union and American Telegraph
and Telephone made sharp advances, the
former closing at Sc "a as against 81 IA
Saturday while a. T. T. closed at III IL,
a gain of over a point
In connection with Western Union it
was reported that plans for the sale OF
Western Union holdings by American
Telephone and Telegraph are well under
way. Rumor has it that the American
Telephone and Telegraph Company will
sell to a syndicate on a basis of around
SOL a share Syndicate on an increase in
dividend 10 or per cent is expected to
realize considerably more than the price
it expects to pay to the phone company.
Local stock Market.
Trading in the Washington stock
market yesterday was OF a limited ma
turc. Only twenty-seven shares Of stock
were bought. while bond sales amounted
to $500.
Ono Sl.rGO Potomac consolidated 5 sold
at 100 S-s ana one 500 Capital Traction .
sold at 1Gs.
Ten shares of Capital Traction stock
brought lO9 IA: two shares of Washing
ton Gas. 81: ton shares OF District Ma
tionaI Bank. l4% -. and five shares of
Morgcnthalcr. 2l6 Ia
There were no sales in Railway stock.
The common was held at 81, and the pre-
lerred at 50.
Gas Merger Agreement.
4 tentative agreement is stated to have
been reached under which the George
town Gas Company stock will he pur-
chased by the Washington Gas Light
Company at l55.
Following the hearing before the Senate
Appropriations Committee last week at
torneys of the two companies. in the
effort to reach compromise which will
effect a merger. have been in frequent
conference II is understood that an
amendment is being prepared as a sub
Stitute for The C-allinger amendment 10
the District of Columbia appropriations
bill, which will permit the merger and
fix the price for the Georgetown stock.
This. if agreeable to the two companies.
would not be opposed in Congress. The
Commissioners. while in favor of muni-
cipal ownership. are on record as not be-
ing opposed to consolidation. and s. cent
gas on each side of Rock Creek. Munich
pal ownership would not be retarded by a
merger.
The rate Of l5J for Georgetown Gas Is
based on the estimated value of the
Georgetown plant. Sl.Gl6.O6S3l. as stated
in the cOmpauys report to Congress
early this month. OF the 500 shares
Of stock 1850 shares now are held by
the Washington Gas Light Company.
leaving $40 shares to be purchased in
the event the merger is authorized by
Congress.
The last sale Of Georgetown stock on
the stock exchange was at lc5.
Report of y. & W.
The Norfolk and Western reports for
the last six months of the year. compared