Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-02-09
LOCAL FINANCIAL NEWS.

Gas stock today at the meeting of the
Stock Exchange sold at -. This is an adj
vance of points over the best selling price
of yesterday. At that time the advance
of 81. points was made on sales aggre-
eating 12J shares. Today sales of 3OC
shares were recorded. The range of to-
days transactions were 1855 to IT, with
the major part at the latter price. and nj
the close the stock was offered at the
latter figure, while the bid was an eighth
of point below it.
There was no change in the character
of the dealings, as the demand came
from substantially where most of the
stock purchased on the market has gone.
given in the annual report of the Wash
ington Gas Light Company to Congress
that its business is not failing one A
comparison of the receipts from the sale
of gas for the year ended December 81
last with similar figures for the preceding
year shows a gain OF about 100000. or
about per cent, while the increase In
the expenses for operation was under
$50 600
But some two hundred thousand dollars
more was spent in extension than was
the case last year. No change was made
in the fixed charges-that Is. on account
of dividend and interest. The two latter
amounted to s4i6.OOO. so that what was
and the charge for interest and dividends
was $492.OOO
All that net income with the exception
of sl26,S was expended in repairs and re-
newalS and in the extension of plant. The
sources of income for the company are
given as coming from the sale of gas
and its by-products wit hthe exception of
the single item of $1S.2S5 which is de-
scribed as income from other sources,
whatever that may mean
There no indiCa lions of the existence
of surplus except the above item and
the entire revenue CT the company was
used in paying it's expenses and in keep
ing up it's property and in making extern
sions. If the outstanding stock and bonds
of the company are taken up in new is
sue of stock based on the estimated
value of the property, which is about
thirteen million dollars. the gross income
to pay an annual dividend of 6 per cent
upon the new capitalization. but there
would be available from the receipts of
the company. something less than 100000
Tor repairs and renewals and extensions.
AS shown by its receipts the company
does business of over two million dol
lars per year on a capital Of 5000 900
and bonded debt of So, 19s.7OO.
Ten shares of Mergenthaler sold for
2oS1a and then the bid for the stock was
on that level and 900 was asked This
Is about the level reached yesterday. and
IL is recovery from the decline which
mas been going on from the higher range
which at one time was 2O91h The recent
movement in the stock has been attrib-
uted to the negotiations with the English
concern and these are now completed.
The stockholders of the company have
received circular announcing that an
understanding has been reached between
the company and the Linotype Machinery
Company. Ltd, of London. England, for
settling the differences between the two
concerns The basis of this settlement
Is the purchase by the American company
OF the whole. or not less than Is per
cent. OF preference and ordinary shares
or the English company for the entire
issue OF the English company by direct
sale of individual shareholders of their
shares.
The American company is to procure
the transfer of the Mergenthaler com
pany, free from debt of the Canadian
linotype business and assets. including
the whole interest of the English com
pany therein. Also the virtual continuity
or the English management of the Eng
ish company and the rearrangement of
the territories between the two com
panies.
A holding and conversion company with
a capital Of s3.OO0.OOO is to be formed ia
England in which will be vested the
American shares e