The Washington herald., 1912-11-19
Local Financial Matters

to whv the certificates are highly priced
by their owners.
Last sales of Georgetown stock, re-
ported privately. were around 40 a share.
II the holders of the certificates are en-
abled to convert them there would be
the handsomest kind of a profit in the
transaction. The Georgetown Gas Com
pany was Incorporated in 1854, and the
capitalization is just the same as 1t was
at that time a self-evident injustice to
the corporation.
The Georgetown Gas Company has eX-
elusive franchise for furnishing gas west
and north OF Rock Creek Park. : At the
time it was formed the limits of George
town did not call for more than $4,000
capitalization for the gas company, but
to-day. with miles of mains north Of
Connecticut Avenue Bridge and out Chevy
Chase and Cleveland Park way, the small
capitalization is certainly inadequate.
Where are the certificates of indebted
ness?
1t is interesting to note that the larg-
est holders is the Washington Gas Com
pany. the owner of a majority OF stock
in the Georgetown Company. Four to
one on its certificate holdings in stock
would make the minority holdings much
less important than 1t is to-day.
Just at present there is little likely
hood OF any increase in capitalization.
Half a century of small capitalization
does not entitle this utility company to
an increase simply because it was char
tered by Congress. Under the provi-
sions of its charter the Supreme Court
of the District had the say on capitali-
cation increase, this has been repealed
and the capital can only be altered by
Congressional action.
Georgetown Gas certificates are still
listed on Exchange but they rarely show
in the sales list. They are closely held
and in the hope that in time they may
be converted. The last sale was at los
Slxty-six shares of stock, and $500
bonds. face value, were traded in on
the local Exchange on Monday. 1t
was. comparatively speaking, a large in
crease on the average Of the last few
days. due to the trades in bonds and
yet the action was just about as slow
as possible.
Railway preferred was a little hrmer
the preferred selling at SO IL and 20.
Capital Traction brought 124 and 123 "a
was bid for stock with none offered
under rs.
small sale Of Gas at s6S ga and
few hsraes of National Savings and
Trust Company shares at 265.
Gas IS and Traction IS 10 1-2 Poto-
mac IS 1O7. Chesapeake & Potomac IS
104.
Building operations in Washington in
October increased nearly 2 per cent
from the operations OF October Of 1879.
The total figures of last month are
given as SS03, 123. and yet a decrease of
about $S9, 900 from the total OF Septem-
Der.
That there was a reduction from Sep
TENDER was probably due to the COM
mencement of the period of tight mon
ey, of lessening accommodations for
realty operations. There seems to be
plenty of money for the merchants and
for borrowers on collateral security, but
for the time being apartment buildings
and real estate loans generally are COM
PEELED to wait.
The average gain Of the cities Of the
country in October, as compared with
October 1911, was but per cent, so
that Washington, with its 25.4 per cent
increase, is really showing a good rec
ord.
Many of the large cities, Chicago, St.
Louis, and New York. showed decreases,
Manhattan island operations being the
Ightest since 1908.
The annual meeting Of the stockhold-
ers OF Inc Baltimore anu ONO NalHodn
Company took place in Baltimore yes
terday. In the absence of President
Willard. who was detained in Chicago
on account of the locomotive engineers
arbitration. George F. Randolph, first
vice president. presided. c. W. Wool
ford, secretary of the company, acted
as secretary of the meeting. Thornton
Rollins. James Shriver, and George f.
NJ Hauck were judges and tellers. The
stockholders approved the annual report
and ratified the consolidation of the sew
eral small railroads in West Virginia.
and Pennsylvania, which was individual
ly acted upon recently by the respective
companies. The retiring members OF the
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