Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-03
LOCAL FINANCIAL NEWS.

At a meeting of the stock exchange today
Gas stock sold for 66,s, nearly two points
| and half higher than the best selling
price at the meeting Of the exchange on
Saturday last. The buyer was the broker
who is currently spoken Of as the represen-
tative of the so-called pool which Is sup
posed to have been the principal buyers OF
the stock during the present movement
Although he bid the stock up from the
level of 6i. yet 1t is estimated that he Sc
! cured as the result of the paying of higher
figures only about 200 shares. Included in
this estimate is block Of 100 SHARES. At
the close the bid was 66h and no stock was
offered for sale.
The upward course in the movement In
this security was in striking contra-t to
the tendency Of the past few days. which
has been decline from the higher ievels
1t naturally gave rise to a good deal Of
gossip as It's significance. There is moth
ing that Is more positively known at this
time than was the case some days ago.
One wel-informed broker said today he
had no doubt that 1t was the intention OF
the company to avail itself OF the powers
1885, and apply to the judges Of the Su-
preme Court Of the District for authority
to increase the capital stock OF the COM
of the plant and the cost Of the construc-
ton Of future extensions or future enlarge
ment.
He also stated as his belief that the
Georgetown Gas Company had already
adopted q resolution authorizing the IN
crease of the capital stock of the com
pany from $50. 600 to 100000. His Idea Is
that the papers Of the application to the
court sanctioning such an increase are now
being made out, and later apPli shinu'
would be made in the case Of the Washing
ton Gas Light Company o,,a
AS an indication that something Is going
to be along these or other lines 1t Is men
toned In the current talk that the presl-
dent Of the Washington company, MT.
John R. Mclean, has postponed his start.
Ing on trip to Europe from the Both OF
May to the Goth of June.
Owing to the existing conditions consid-
cradle interest was manifested In financial
circles today as to the outcome Of the an
nual meeting Of the stockholders OF the
Georgetown Gas Company. which was heio
today at the Office of that corporation in
Georgetown. The members of the board or
directors were reelected as follows: Maui
rice ]. Adler. 8. Thomas Brown, Robert D.
Weaver, William B. Orme. William A.
Leetch George L. Nicolson and William A.
Mearns.
1t was stated by a director Of the COM
pany today that neither the stockholders
of the company nor the directors have
taken any action looking toward the appd-
cation to the court for permission to In
crease the capital stock.
The annual meeting of the Bankers AS
sociaton of the District was he'd Saturday
at the Blue Ridge Rod and Gun Club near
Harpers Ferry. Officers were elected as
follows: President, W. V. Cox; vice pres
ident. E. ]. Stellwagen: second vice pres
ident, w. B. Hibbs; secretary. VIM. A.
Mearns; treasurer. George O. Watson. The
following were elected members OF the
council: B. F. Saul, c. ]. Bell. W. j.
Father and s. Thomas Brown,
The members were guests OF the retiring
president. Mr.. c. F. Norment, during their
stay at the club and the hospitality which
they enjoyed made up in warmth for the
rather cold and chilly atmosphere which
was provided by the weather bureau for the
opening day Of the first month of summer.
In a review of the conditions Of the mar
ket the Wall Street Journal has this to
say in its issue today:
Either stocks are due for substantial
rally to figure more IN accord with the
price of money or such a reduction in earn
inCs Is foreshadowed as the country has
not seen for decade.
ut cannot be said trade reports indicate
any such severe contraction as this. An
easier tendency in the price of copper may,
and proba bly, does. mark reduction In the
consumptive demand.
There is conservatism also apparent IN
other great industries. but the orders IN
hand are excellent. The labor market IS
still unable to fill the demand for skilled
and unskilled workers.
at can at least be asserted with some
confidence that the selling price OF active
railroad stocks, to say nothing of the In
dustrials Is much below their true value
as indicated by earning capacity or even
yield to the investor in DIVIDENDS.
"Any condition. therefore. which can be
estimated and foreseen may fairly be SAID
to be discounted fully. 1t is consequently
only liquidation arising out OF special per
dents which can hurt the market at pres
ent.'