Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-12-02
LOCAL FINANCIAL NEWS.

In spite of the revival of gossip in
financial circles in regard to the Wash
ington Gas Company and the permission
obtained Tuesday night from the authori-
ties Of Alexandria county by the newly
chartered Virginia corporation, the Ross
lyn Electric and Gas Company to lay
gas pipes in that county, but little inter-
est was displayed in the stock of the COM
pany at the meeting Of the stock ex-
change today.
The bid remained at the high level Of
yesterday. and, while the offering price
was slightly less, there was but little
attempt at trading. The bid was y and
nouncement of the right granted to the
Virginia company included the statement
that the company had concluded con-
tract with the United Gas Improvement
Company of Philadelphia for laying the
mains and erecting the gas-making plant.
yet the conclusion was reached by some
that this new company was merely an
auxiliary of the Washington company.
This idea seemed to find confirmation in
that in the event the new plant is not
completed within eight weeks an arrange
ment has been made by which gas will be
piped across the Aqueduct bridge from
the mains of the Georgetown company.
There are two theories relating to this
new company. One is that it is analogous
to the companies chartered and operating
in Maryland. one in Takoma Park and
branches of the Washington concern and
are merely distributing agents In Mary
land territory for gas manufactured by
the Washington company.
1t is also pointed out as significant and
as having bearing on the second theory,
which is that this is merely the begin
ming of scheme for financing the COM
pany, which has been attempted through
legislation from Congress, and which
has not been effective. Such legislation
was designed to give authority to the
company to represent in its issues of
stock the expenditures for capital re-
quirements which have been made for
years past. At the present time, accord
the company, it represents about $4,000
600. while the bonds and stocks amount
to about $1,000. 600, thus leaving surplus
Of value unrepresented by stock Of about
S1OOO0,OOO
1t is pointed out that the new Virginia
company may be intended as a sort Of
holding company for the issue of stock
which will represent more fully the prop
erty of the Washington company. Some
emphasis is laid by men in financial cir
cles upon the mention of the United Gas
Improvement Company in this connection.
as that corporation is probably the larg-
est gas concern in the country, control
ling all the gas concerns Of Philadelphia
and having affiliations with other similar
companies in other cities.
1t may be, according to this theory,
that ultimately that great corporation
may also secure an interest in the local
gas company. and, of course, such posi-
bility has interesting phases.
The largest dealing in the common stock
of the Washington Railway and Electric
Company that has. taken place for a good
while occurred today, when one of the
brokers disposed of 800 shares. The prices
ranged from 43 to 417s. although with the
exception OF 80 shares, all the sales were
made from 421a down. The supply at AZ
was not exhausted when the trading
ceased, but the best bid was then Al 49,.
The buying was quite general but several
of the brokers took good sized blocks.
The preferred stock also was dealt in
on lower levels, but in much smaller vol
ume than was the case with the common
stock. Fifty shares sold for 91k and 100
for 80. The bid fell to S9h and the asking
price to 9Ol4 After call two fifty-share
lots sold a 80.