The Washington herald., 1907-10-03

Operations on the Washington sock
Exchange yesterday took one Of those
sudden turns. which cannot be foreseen
or predicted any more than the course Of
the wind. After the after ton Of the
brokers had been absorblngly turned to
Washington Gas for several days and
before that 10 the railway stocks,
Mitchell and the type machine stocks. the
principal sales yesterday were in bonds
investors seemingly being out for a good
snug place 10 lay by their savings. Twelve
thousand dollars was the amount put In
TO bonds, and stocks 30 the number Of
$50 shares we're recorded, one Of them
being a sixty-day option on 10 shares
Of Gas.
Among the stocks United States Trust
was active. the price ruling at 81, and
forty shares changing hands.
When the call reached Washington
Gas. two lots were auctioued of at 1872,
the price Of the day before, and in the
general demand for options. after call
one was laid for 100 shares al 60ji. be-
ing half a point above the asking price
Of the stock.
Gas Directors Take Action.
Information was let out yesterday that
at a meeting Of the directors Of the
Washington GasIight Company the propo-
sition TO apply to the court for permission
10 Increase its capital stock was voted on
favorably, and It is understood that a
special force Of clerks, attorneys. and
officials Of the company are fastening 20
prepare the data needful for the prepara-
tion of The petition TO the court. II is
stated that the proposition 10 petition the
court was passed by the directors with
one dissenting vote.
UnuI yesterday il was not certainly
known. outside Of the directorate, what
course the company would pursue. Il Is
understood that the plan Of carrying the
affairs Of the gas company into court
and asking for permission TO Increase the
capital stock has been strongly opposed
/ by one OF the prominent directors Of the
company. Il IS also understood that until
! recently the board has not been very near
Unanlm.ty of sentiment on the subject
Two Courses Are Open.
According to information given out yes
terday there are two courses which the
/ directors may pursue in carrying their
I petition 10 court. They may ask for an
increase Of the capitalization OF the com
I Ipauy 10 approximately Sl3 030. or five
| times the present capitalization, 10 be
exact. On the present basis OF the par
value OF the shares, 81 each. this would
I enable the shareholders OF record 70
/ receive i've new shares 10 one Of the
old, which, on the basis OF a five or six
! per cent dividend. would be a "sizabIe
stated Il yesterday.
/ Another course would be 10 increase the
value Of the new shares 70 800. par
value. which would result IN making
about an even exchange OF the new
shares for the old
/ No definite information with reference
10 which course the company Will puTS ue
was obtainable yesterday. and that fact
will probably be held sub rosa until the
fling Of the petition in court The
opinion was expressed yesterday that
final consent 20 following the programme
/ pursued by the Georgetown company was
obtained finally in the directorate, by
making concessions one way or the other
on this point.
Brokers Are at sea.
I When the news of the action cf the
( gas board became known yesterday the
/ brokers were not clear in their minds
what should be done under the CirCum.
/ stances II the shares are 20 remain viii
a par value OF so the fact was recOg-
uized that paying $50 a snare for them
was a pretty large premium. on the con-
/ trary. II the par value is 20 be advanced
20 500. they could be bid even higher
with the holder well In the game. The
. local brokers we're temporarily a little
dazed. and concluded TO mediate on the
situation before getting too brash En- buy
. ing gas yesterday.
Census Reports on Cotton.
/ The Census Bureau yesterday announced
that 1,430265 bales OF cotton had been
I ginned from the growth Of 1907 20 Sep
/ tember .. as compared with 2.057. .2Sl bales
to the corresponding date last year
The total number OF active ginneries
reporting was 1891. as compared with
/ 2o46 last year. The bureau adds tha'
/ about 1000 ginneries We're not heard from
| on account Of the ieleEraphers' strike
| The crop reporting board of the bureau
OF statistics OF the Department OF Agri
| culture finds from the reports Of the cor
| respondents and agents OF the bureau
that the average condition OF cotton OF
September . was ST., as compared witt
72.7 on August p, 1907; 71.6 on Septem-
Der .. 1905: Il2 on September .. 1906. anJ
a ten-year average of SIS