Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-12
LOCAL FINANCIAL NEWS.

The attendance at the meeting of the
stock exchange today was small as re-
CARDS the number of brokers. but large
in respect to the general public. the for
mer being mainly those. as one of the
brokers remarked. who wanted to observe
the Lincoln holiday as is done at other
centers by closing the exchange, while
those who opposed this motion at the
meeting yesterday were absent today.
1t was inferred that the sudden interest
displayed in the proceedings of the ex-
Dictated by the increase in the size of the
gallery audience. was due to the de-
sire to know what was going to happen
to gas stock. Owing to the decision of the
Court of Appeals yesterday in holding
the law under which the company had
begun proceedings for the increase of its
capital stock was unconstitutional. the
holders of stock. especially those who
bought at the high level of last summer
would apparently have % change their
ideas as to the character of such pur-
chases as being something more than a
mere passing investment.
The only hopeful suggestion made from
that point of view was that perhaps al
some date. in the interval that would
have to elapse before it could be finally
determined whether or not the law OF
1896 would be available for the use OF
the company, an extra dividend might be
declared.
When the stock was called in the regu-
lar course. however. a support was de-
veloped that was strong enough to keep
the bid up to 6224. with the asking price
at 20. Yesterday a sale was made at 81
and the bid at the close was g.. with g.
the asking price, so it was considered
that the stock was today well sustained
however they did not loter over the
figures. and when the bid price reached
the level where it remained the presid-
ing officer closed the thing up with a
snap and the record was made.
The law which the court yesterday de-
clared to be unconstitutional was in a
way unique. for it embodied the principle
of the enactment which gave to the state
of New York the public utilities commits
sion. and is also expressed on the statute
books of the state of Wisconsin. The
purpose Of such legislation is to place
corporations performing a service for the
public in the way of operating street cars
and running gas and electric lighting
plants under public supervision, especial
~ as to the issue of securities and their
manner Of performing the service which
they are incorporated to do.
1t is such legislation that seems to be
recognized as an important step in the
direction of giving to the public that
measure of control which now appears
to be generally thought must be exercised
needed. This law of Congress. enacted
twelve years. ago. is. therefore. a pioneer
in progressive legislation of this character
and was enacted years before the discus
sion of the subject had passed beyond
the stage Of mere theory.
One feature about it was its limited
scope. as it applied only to the gas COM
pany and to no other public utility cor
poration in this District. However, now
the District Commissioners are asking for
such powers which will apply to all cor
porations Of this character
There was no attempt made at the
meeting today of the directors of the
Capital Traction Company to choose a
successor to the late President Dunlop.
1t was not supposed there would be any
action. as 1t appears this question Is one
that requires some consideration. and ap-
parently there is no one in sight singled
out as the man for the place, although.
as naturally might be expected in the
case of a position of this sort and carry
ing a salary of over $4,000. there is not
lacking the mention of names and some
highly eligible ones.