Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-05
The REPORT ON GAS
A PHASE OF THE FIRE INSUR-
ANCE SITUATION.

An event of note in the financial history
| of this city is the report of the business
Of the Washington Gas Light Company.
with list Of stockholders. which was yes
terday sent to Congress. The unusual
character Of this occurrence Is mainly
| due to the fact that 1t Is the first time a
| report of that description from that COM
pany has ever been made public. At least
such thing has not happened within the
recollection of the present generation,
bu. as the company has been in existe ncn
for more than half a century, 1t is posi-
BILE that such statements were made in the
early years.
If SO. 1t was voluntary act on the
part of the company. At the last session
Of Congre IS a law was enacted which for
the first time since Its organization re-
quired an annual statement Of its bust
ness.
The report is for the year ended De-
cember 81, 1906, and according to the
| judgme mt Of those who are familiar with
such matters. 1t gives but little informa-
| ton Of value except as to the cost Of the
| coal purchased and few other details Of
that sort. It shows that the cost Of oper-
ating the company, Independent Of the
fixed charges, such as interest and divi-
| dcnds. is So per cent of the gross receipts.
| The repLrt further states that the surplus
Is $170.S79. which. Of course, does not
| meet the general expectations in that re-
gard.
II that sum represents the net profits of
the company for one year, 1t would pro-
vide a dividend of 10 per cent-the divi-
dend now paid-on 81. 70O, 900 of additional
capital stock. Such an increase would
make the total stock something over
amount that has all along been generally
supposed would be issued In consequence
of the application recently made to the
District court for an increase in the stock
| of the company, based upon the valuation
of the plant.
The largest stockholder Of the Column
bia Fire Insurance Company is opposed
to the plan approved by the directors and
recommended to the stockholders of REIN
surfing the business of the company in the
Royal Insurance Company Of Liverpool,
England, and liquidating the company. 1t
is understood that he is making an effort
to enlist the interest Of the stockholders
In opposition to this plan. SO that they
will refuse to give their consent on the
4th Of next month, the time fixed for the
stockholders to express themselves on
this subject.
The position of this stockholder, as well
as those who agree with him, is that local
business of this kind should be done by a
local company. and not by foreign con-
Germ, and for that reason the organiza
ton should be maintained.
1t is stated, however that a majority
their approval of this proposition, and as
it requires only majority vote. it is said
that the prospects are that this move
ment will not be successful.
In this connection the opinion is ex
pressed by some that an effort might be
successful at this time to put into execu-
ton a plan that has frequently been pro-
posed, which is to bring together into one
company several of the local companies,
thus making possible an organization
the local companies now have. AS far as
known nothing has been done to carry
out such plan.
Announcement was made today at the
meeting of the stock exchange that on
the first Of next month the Norfolk and
Washington Steamboat Company will pay
to it's stockholders in addition to the quar-
terly dividned of per cent an extra divi-
dend Of per cent.
In many cases the reports of the ma
tional banks and trust companies as well
as savings banks of this city. called for
ed today in the usual printed forms issued
by the several institutions. AS expected,
great strength was shown by number of
the institutions in the amount of cash on
hand. The largest cash reserve noticed
In the. statements that have come to hand
thus far was that of the Riggs Bank,
which reports cash amounting to about
30 per cent of the individual deposits and
about 35 per cent of the combined indi-
vidual and government deposits.
| Some Of the institutions show Just a
| legal reserve In cash, which Is 25 per cent
of the deposits. while others run below
that limit Altogether, it is thought, the
showing made by the banks in this city
is one Of decided strength. 1t Is supposed
that now the resources OF the banks, not
alone in this city but throughout the
country, have been brought out by the re-
ports, the condition of the money market
will be easier. and in consequence the cur
rent of business will grow in volume and
in extent.
Nothing of consequence developed at the
| meeting Of the stock exchange today The
| trading was on the same level as that of
! yesterday and the volume was but little
| changed. The main buying was in the
preferred stock of the Washington Rail-
way and Electric Company.