Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-14
LOCAL FINANCIAL NEWS.


way and Electric Company took place at
the meeting Of the stock exchange today.
1t was at the conclusion of the call, which
had been without feature, when the broker
who has been the principal buyer of the
securities of this company called out that
he would be willing to pay good big pre-
MUM on long option on the preferred
stock.
When asked what exactly he meant. he
said that he would give So or 81 above the
quoted price for a six months option. No
one offered to sell him an option on such
terms or on any other, and he went on to
say that the prospects of The company
were such that he thought higher figures
for its securities were insured. He said
that during the month of November the
earnings of the company. as compared
with the corresponding month of last
year, were $500 in excess.
This led another broker to remark that
with a good strong local management the
standing of the company, as we'll as the
confidence of the public. would be much
improved. The first named broker agreed
with this statement, but another struck In
with the observation that he did not see
how the election of Mr.. Loeb to the presi-
dency would be in line with such policy
\ doubt was expressed of these views
of the future of the company by broker.
who said that large sums of money would
be needed to rehabllitate the road, and
when another suggested that the depre-
citation fund of the surplus would provide
for such needs. the originator of this OBJ
lection said that such funds were In the
bonds of the company.
1t was also the opinion of some who
took part in this interchange that If the
cars were swept out and all the fares col
lected the volume of business would be
improved as well as the receipts increased.
There was no dissent from the opinion
or rather there was no further expression
of such dissent If 1t was entertained, that
the future of this company would be
brighter and improve, and also with
pected for its securities. AT any rate, as
was stated, the preferred stock ought to
be selling on a per cent basis, which Is
about SO.
sions. there is not very much known, or
If there is it was not announced, about
the reorganization of the company, which
is expected to take place next month
when the stockholders assume control.
Nothing is known definitely as to the
| slate, il one has been prepared for the an
nual election. In fact, there is not much
in the current gossip about this event, and
very seldom are names mentioned in con-
nection with the presidency.
OF course. the name of Mr.. Loeb is again
heard in this connection, and also that of
Gen. Harries, the vice president of the
company. and of F. c: Stevens, who was
at one time at the head of the COM
pany. But there is no more certainty
about these stories than If the date of the
contemplated change was six months or d
year away instead of only comparative
ly few days.
1t Is supposed that this apparent in
difference may be attributed in part at
least to the current condition of the money
market, and that if it was possible to
command money in any sums, the
this property would before this. have
been heard beyond the borders of any
limited circle.
The stockholders of the American
Graphophone Company have been notified
that at a meeting of the directors of the
company held the 9th of December it was
decided not to declare the usual quarterly
divide I'D of ia per cent upon the common
stock, .'in view of the unsettled general
business conditions
The only competitor of the Chesapeake
and Potomac Telephone Company in
Maryland has been eliminated by the
Maryland Telephone Company to that
corporation.
According to the recommendations of
report of a committee of the Chicago
city council, there is to be but one tele-
phone company In that city. In order to
secure to the public the main bene-
fits of competition, the committee pro-
poses to do away with unWarranted
function under the grant of privileges"
which the company enjoys, resulting in
a sense of unfairness and popular dis
approval
The way to do this, as outlined in the
report. is to regulate by law the corpora
ton providing the service. 1t is proposed
to grant to this company now in the field
a twenty-year franchise, required through
publicity of accounts, payment of 8 per
cent on gross receipts to the city, free
telephone service through the city hall
| to fire engine houses and police stations.
with the privilege of taking over the
property at the expiration of the grant at
the cost of duplication. less depreciation.
| regardless of its earning power or the
value of the rights and privileges granted
by the ordinance.
The feature of interest is the elimina-
ton of franchise values from any future
estimate of the worth of the company S
property and business.
The directors of the Merchants Trans
fer and Storage Company have just de-
cIared the regular sem1-annual dividend
of 21a per cent. Books for the transfer
of stock will be closed from December 16
to January - inclusive