The Washington herald., 1907-10-16
BROKERS WAIT RISE
Little Business Done OH the
Local Exchange.
RAILWAY PREFERRED FALLS
Some FiHanciers Dubious Of Brighter
Outlook for Gas-GOssip Connects
Decline of hallway shares with
Coup I'm Electric Lighting-Hoyv
Plan Would Work Out.

Business on the Washington Stock Ex-
change yesterday amounted 10 7S7 shares
OF stock and $500 in bonds. Five hun
dred shares OF the stock represented the
only sale OF Mitchell Mining. which was
at the usual price, Sl.25 a share. Taken
al in all. il was a dull day, or what
might be termed waiting market. as
prices were maintained at good figures.
and the few sales made at fair prices
When the call reached Mitchell Mining
another attempt was made 10 beat il
down on low bids. The first bid Of the
day was at 81 a share and one broker bid
70 cents a share. When it came 10 ac-
tual trading, however. the price went
back to SIS. where the 500 shares were
sold
Washington Gas yesterday sold at Is
and 76 the later sale being a fractional
lot Of four shares. Bidding was done at
other figures, but there was no stock TO
sell and none could be called out at the
low level which the stock has taken
within the past few days.
Many RumOrs Current.
The financial part Of the city is alive
with talk about the probabilities Of some
thing being done for the stockholders.
Yesterday these rumors were especially
thick. some OF them being TO the effect
that in the passing OF the dividend goes
all hope Of division Of the surplus. and
the pessimistic ones declared they did not
believe the company would 20 into court
with its petition
1t Is known, however, that both the
large insiders and some rich outside in
terests are still after the stock, and this
would be hardly true, if IL was certain
there is not 10 be a cutting OF the
melon It is probable that the COM
pany's lawyers will turn up az the court
house to-day or one day this week with
the petition smoothly folded in their port
folio, and that il Will be presented in due
form in the equity court. II this should
not be done there will be a disappointed
lot of brokers and recent buyers OF the
stock IN Washington.
Preferred Railway Lower.
Washington Railway and Electric pre-
ferred stock made a new low record yes
terday, and there IS considerable specu-
lation as &c the reason for the hammer
ing which this stock has been receiving
for the past month. The fact has revived
talk. which was current several weeks
ago, that the McDermott holdings Of this
stock have passed into the hands of a
Washington capitalist. having been first
given as security for a loan Of liberal
dimensions to a firm Of New York bank
ers. On the supposition that this deal
was carried through, it points to a COM
plete change in the control of the COM
pany at the next annual meeting of the
stockholders next January. It also points
TO the smashing of the plan TO make the
secretary Of the President the executive
head of the corporation which was an
nounced with a good degree Of positive
ness earlier in the year.
Some Of those in the financial district
are predicting that the capitalist in ques-
tion will acquire control of the company
name its president, and the majority of
the directors, and inaGgurate a new plan
of administration between it and the cleo
tric-lighting plants with which il is con-
solidated. 1t is believed by many that
the outlook for the electric-lighting busi-
ness in Washington is specially prOmis-
ing. 1t is also a fact that the franchise
for the use Of the Great Falls of the Po-
tomac as motive power for the manufac-
tuTe Of electrical current is bound up
with the Washington Railway and Elec-
trio Company. and it is hinted that the
new policy viii be to segregate the rail-
ways and the lighting business, at least
TO the extent of turning a good part of
the revenue Of the roads into the lighting
business.
Great Falls May BE Used.
In any event, it is predicted that the
Great Falls will be harnessed. the cur
rent manufactured more cheaply than Il
Is now. and the corporation in control
will naturally be in position to profit by
the cheaper cost of production and the
constantly increasing demand for the cur
rent for lighting and as a means Of
power.
1t is impossible to say that all this is
involved in the apparent beating down of
the preferred shares of the Washington
Railway and Electric Company, but these
are some of the things that are suggested
in explanation of the fact.
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