Evening star., 1909-02-26
LOCAL FINANCIAL NEWS.

The bid for the ) per cent bonds OF
the Georgetown Gas Company at today S
meeting of the Stock Exchange advanced
from 11J to 116. with the asking price at
40 instead of 124. The bid for the GER
tihcates of the Washington company did
not change. but the asking price fell a
point to 11S.
The demand did not appear to be in
sistent and in fact ever since the ap-
pearance of a broker several days ago
who was anxious to get d large block OF
the certificates and paid 10 for all OF
could gether In, there has been lacking a
market for them ut that level. 1t is of
course impossible to say why these secur-
tiles were wanted two or three days ago
at that figure and now there is no market
for them at cheaper price, but such are
the facts.
There has been some conjecture that
the latest form of the proposed gas legis-
lation favored the holders OF the certifi-
Gates by giving them double chance,
SO TO speak, to participate in the con-
version OF their holdings into stock, first
exchanged for new stock and then coming
In for pro rata distribution of the bal
ance of the authorized issue.
While this is a device not entirely un-
heard of in this city. those who hav
looked over the latest gas measure are of
the opinion that such contingency has
been guarded against. IN additi ion to a
falling off in the current figures for gas
bonds. which may have no significance, as
Such securities like every class issued by
this company are strongly held and 90
not quickly show changes which are like
ly to affect the market values.
The stock, however, IS more sensitive
than any other security Of the company
a g there is a certain amount Of what is
called floating stock that comes on the
market, and that movement affects the
fluctuations. AS far as may be determin-
ed by such barometer, the prospect o.
something occurring that may be profitable
to stockholders appears to be not quite
as certain as was the case some days ago.
Today. for example, the stock sold at
nearly a point less than the lowest selling
price of yesterday which,, in turn, mark
ed the recent low notch in the course of the
stock. 1t is true only couple of twenty
fve-share lots were dealt in and a couple
OF ten-share lots. But the quotation lots
went for 7% and then the bid was 711l
and the asking price 717s.
The high point of gas stock reached dur
ing the past week was 1914 and the low
I5. while for the week before the high
price was 7Sas and the low 7l1s. The
course of the stock today brings it back
to about the level of two weeks ago.
Mergenthaler sold down to 2O91a to-
day, The bid receded to 2OS with the
asking price at 2O01s. The downward
course is quite rapid as the progress in
the opposite direction, but the former does
not attract as much attention as the lat
ter.
An option on Greene Cananea copper
sold today for 9a and the seller had
more stock to dispose of in the same
manner, but there was no further de-
mand. The bid for the stock was 91s and
the asking price 91a
This stock shares with the copper stocks
generally in the decline in prices that has
been going on for several days past and
forms one of the features of the general
market during the current slump.
Carroll Pierce, vice president of the Citi-
zens' National Bank Of Alexandria. and
who recently became a member of the eX-
change. attended the meeting today for
the first time.