Evening star., 1898-10-27
GAS STOCK CONTROL
Broker Hibbs Buys Large Blocks of
the Local Security.
PRICE ALMOST At TOP NOTCH
One Company May Buy Gas and
Electric Lighting Concerns.
MIR. LEANS HOLDING S

All the talk i'll local financial circles 10
day was in regard to gas stock and there
has been a steady demand for it on the
stock exchange
1t became known today that Mr. W. B.
Hibbs had acquired control of several
large blocks of the stock This caused
gcod deal of gossip with regard to the per-
sen or persons whom Mr.. Hibbs is sup
posed to represent, but there was very lit
tie definite informa ton to be obtained as
to this phase of the matter.
All that was positively known was that
higher prices were offered for gas than for
some time previously, and that all the
stock obtainabe upon the market had been
taken up.
On the exchange today 501a was bid fer
this stock, and while it is not the topmost
price ever reached in the security. yet 1t
was considerably in advance of the figures
thGt nave prevailed for some time
These transactions. it is understood,
mean that the control of a considerable
amount of gas stock has been secured by
purchase by certain parties and by the CO.
operation of other large holders of the
same stock in sympathy with them. AS
there are 10000 shares of stock control
IT cans Somethlng more than one-half of
that number.
Larger Profits Expected.
1t is not believed that a purchase out
right mas been made of 5000 or more
shares and control secured in this way, but
the understanding is that large holdings
have been acquired by people who have not
hitherto been interested in the company,
and tfat other large holders of stock are
IN sympathy with the plans and purposes
CT the new purchasers, and intend to CO.
operate with them.
c thn hali of Af hos ,rrla
purchased the stock that while the COM
rany is doing a good business now and a
the present rate of dividends is yielding
per cent on the n arket price, yet 1t is
thought that, with improved fac Titles and
methods in the manufacture of gas. the
business can be made to yield a much
greater profit.
1t Will be recalled that in March last
Representative White of Chicago. in the
course of an interview in The Star, stated
that he and others who were interested
with him were willing to pay S7,000,o00 for
the gas company's franchise, but a deal
was never conSummated.
"If make this deal" said Mr.
White at the time, I'VE will begin to fur
nlstl gas to the people of the District from
the outset at 30 cents per thousand feet.
After a while it might be possible to reduce
the price below that sum"
1t is not positively known that Mr.. White
is interested in the recent purchase of
stock. but it is generally understood that
MI L. H. Letter IS, ana II was also stated
that Mr.. Letter in March last was, interest
ed in the proposed purchase of the gas
company which was rumored to be made
about that time.
Mr.. McLenn's Attitude.
1t is also said thai, while the president of
the gas company, Mr.. John r. Mclean, has
not actually sold out his holdings and those
which are controlled by him. ne is in sym
pathy with the pans and purposes of those
who have recently acquired large blocks of
the stock. and that he will cooperate with
them.
A part of the current gossip on this sub
jcct is that there is a probability of a re-
organization of the company. 1t is not
known, in that event, who will be placed
at the head but it is generally supposed
that Mr. Mclean would like to be relieved
from the active duties of the position u
president. 1t has been known for some
time that he would like to make a change
when it could be done in accordance with
his interests and with those which he rep
resents, and it is now said that the oppor-
tun;ty has arrived.
1t is also currently stated that after the
new management of the company is well
under way there is a probability of their
acquiring a controlling interest in the elec-
trio lighting companies of the city. In that
event the business of electric and gas light
ing will be carried on under one manage
ment.