Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-09
LOCAL FINANCIAL NEWS.

WaShin gtOn Gas again occupied the center
of the stage today on the local stock ex-
change. and there are many optimistic
prophecies concerning the future transac-
tons in that issue. Large holders of the
stock. 1t Is declared. have become thor
oughiy aroused about the efforts Of certain
brokers to acquire the shares Of the COM
pany, and have determined to head OF the
movement before 1t acquires further mo-
mentum.
The whole affair Is said to have had Its
beginning in the law passed by the last
Congress requiring annual reports by the
Washington Gas Light Company.
According to more than one of the brokers
now actively interested in shares Of the
company. the passage of this law was the
signal for hurried search for ways and
means by which the company might avoid
appearing before the District committees
next December with large accumulation
of reserve. and thus open the way for hos
tile legislation reducing the price Of gas to
consumers. And it has already gone down
In local history that the company recently
appealed to the District courts for permits
sion to Increase its capital stock to an
amount which would be equal to the value
of its plant and equipment.
With this stock issued and with dividends
paid on 1t. it is declared the first annual
report to Congress will not contain the
burdensome surplus. When this plan was
launched only a chosen few were allowed
on the inside. and the general intention
was to absorb all gas stock offered at the
then obtaining price of about $50 per share
But the feline escaped from the sack, or
some one anticipated the Intentions of the
company and it's friends and the result has
been evident on the market during several
weeks past. Each day has seen rise in
the stock. and the general average has
transactions until the shares are now SELL
ing above 60 A new record for the move
ment was established on change to-day
when Sixty-day options were written for
125 shares at IN.
There were several transactions in Wash
ington railway securities today at II and
fractions over that figure.
Considerable long stock was reported
coming out at the opening. Stop orders
were said to be responsible for some of this
liquidation. The selling pressure was in
elusive. however. of a great deal Of short
commissions.
The room was on top Of stock market
promptly at the opening this morning as
sisted by some office traders. This crowd
followed the uptown attack. The offering
down was noted on part of some of big
floor operators in Union Pacific, Smelling,
Reading and Amalgamated.
Advice is given by a house that often does
business for Standard Oil Company to buy
Standard active issues this morning when
ever weak. 1t is predicted that a good turn
can be had within the next forty-eight
hours.
London settlement begins tomorrow.
Market broadening and absorbing profit
taking sales very well.
Good demand for stocks in the loan
crowd.
Further gold exports expected IL money
rate continues to ease Off.
London market generally inclined to sell
Off with special pressure in the copper
stocks.
Continuance Of fairly stiff money rates
expected abroad.
Thirty Eight roads for fourth week of
June show average gross Increase OF 1881
per cent.
amounts to $27 $4,000 on present move
ment.