Evening star., 1901-11-26
WASHINGTON GAS STOCK
COMMENT ON PHASES OF MARKET
QUOTATIONS.
Floating Stock All Rought Up i'm the
Past Few Weeks-Current
Gossip.

For several weeks past there has been
strong and well-sustained market Tor
Washington gas stock. As one result that
stock is now selling between fifteen and
sixteen points above the price at which
it yields per cent on the present dividend
basis. AS the stock now pays 4 per cent
at 80, it is appreciated that the returns 10
purchasers at current rates amount to
little more than per cent. Another con-
sequence of the demand has been to clear
the market practically of what is known as
floating stock.
In addition, tips are not lacking that the
stock is a good buy at the present figures.
The situation has created a good deal Of
gossip in the local market, and conjectures
are plentiful. The latter vary all the way
from accounting for the rise as due to the
probable payment of extra dividend, to
the purchase of the company or its con-
solidation. Perhaps the favorite theory to
account for the popularity Of this security
Is that legislation Is expected at the COM
ing session of Congress similar to that
which was asked for at the last session,
but which was not secured. In effect, that
bill gave authority for the increase of the
capital stock of the company, which was to
be allotted to stockholders, and the proceeds
used for the purchase of any other illumi-
na ting company in the District. The latter
was supposed to refer to the Georgetown
Gas Company, which has been for some
time past controlled by the same interests
that control the Washington Gas Company,
and 1t was also thought that the acquisi
ton of the electric lighting companies was
contemplated. 1t is the theory held by
>scme that the possibility of securing legis-
lation of this or similar character is caus-
ing the demand for the stock.
Then the supposition is advanced that the
directors may be intending soon to declare
an extra dividend, something which has
generally been done once in every four or
hVe years 1t Is also the opinion of seme
that consolidation in one form or other is
contemplated.
Takes n Wide Range.
In this direction the range of conjecture
is wide one 1t is surmised that a COM
munity of interests, the modern term
goes, might be established between the
gas company and the Capital Traction
Company. There are also those to be found
who are inclined to the opinion that a
consolidation OF all the Illuminating COM
panies of the District may be in view The
latter, however, are confronted with the
announcement made in yesterdays Star of
the purpose of bringing the two electric
lighting companies now owned by the in
terests which control the Washington
Traction system Of street railroads into one
company, but with no change in control.
1t is thought that If the gas company in
tended to be purchaser, the reorganiza-
tion of the two electric lighting concerns
would not be undertaken by the present
owners.
The fact is that practically everybody is
at sea in regard to the future Of gas stock,
but 1t is quite evident that the market has
been cleaned up of floating stock, and that
most any price can now be bid for it, as
there Is practically none for sale.