Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-02
GAS STOCK L1sTLEss
REPORTED ACTION OF THE
BOARD OF DIREcToRa

After the rather spectacular movement
in gas stock at the meeting yesterday of
the stock exchange the attempt to deal in
1t today was listless and devoid Of interest.
The bid was maintained on the same level
as that Of yesterday, and the two lots sold
Of twenty-five shares each went for an
eighth Of q point higher that the best SELL
ing price of the day before. The price
secured was 1914
Some inquiry was made for options both
during the call and afterward. but the
only transaction was the sale of an option
on one hundred shares at sou. The asking
price for twenty-nve-share options was 81
and SO1a. and the best bid was 80. There
1T was evident there was but little dis
position to trade, and the closing figures
were 70 bid and so asked.
Today for the first time an occurrence
OF great Importance in the gas situation
became one of the topics in the current
gossip In financial circles. According to
this authority, meeting of the directors
OF the Washington company was held last
monday afternoon. when It was decided to
make an application to the. District court
ior an Increase in the capital stock Of the
company
1t Is stated that all the directors, with
the exception Of Mr.. Mclean the president
OF the company. favored the resolution
In placing himself on record against such
course 1t Is explained Mr.. Mclean
made his record consistent. as he has all
along said In answer to inquiries that he
was opposed to such q policy.
. however. after the vote was taken, so
the current gossip has 1t. the statement
was made that this was the first action
OF 80 great Importance In the history OF the
company that did not have behind It the
directors as a unit. On this repre- sehtatfon.
II 10 said. a resolution was introduced and
adopted making the action OF the board
unanimous. .
The story Of what happened at that
any information as to the exact amount
OF increase IN the capital stock the court
Is to be asked to authorize, but. It is
said. the legal advisers were instructed to
be submitted to another meeting of the
directors to be held next Monday, and
then the matter Is to be presented to the
court.
feet that the amount of the new stock Is to
be about 1900 600, or five of the new
shares for one of the old. If the par value
of so per share Is to be retained. but IL the
par value Is to be raised to $780, then 1t
Will be an exchange of new stock for the
old, share and share alike.
The other securities on the list did not
take much Of the attention of the brokers
There were some bonds sold at current
rates, and a new high record was made In
the case Of the preferred stock of the
Graphophone Company. two ten-share lots
selling for 70. Then the asking price was
an eighth Of point higher and the bid
was II. '-'
Bids for larger lots than the usual quota
ton lot of 100 shares were made both In
the case Of Greene Copper and of Mitchell
Mining For the former 81 was bid for 100
shares. and for the lattsr N. and both bid
ders could have been accommodated at 4
quarter of point advance.
Several lots Of the United States Trust
Company stock were disposed Of at o. and
the bid remained on that level, with the
asking price at 81.
The securities OF the Washington Alex
andria and Great Falls Electric Railway
Company are not listed on the local ex-
change. and. as far known, none of the
stock of 100000 or of the bonds amounting
to 100000. is held In this city.
1t Is stated the bonds are held by resi-
dents of Philadelphia, who also own a ma
jority Of the stock. The only local interest
in the announcement made yesterday that
a receiver for the road had been appointed
perhaps the difficulties which confront the
management may be solved and the prop
city i.ut on better basis.