The Washington herald., 1914-03-01
OUTSIDERS bid
FOR GAS STOCK
Middle Western Corporation
Seeks Control of George
town Company.
STOCK MARKET ACTIVE
Prices Generally Better in New York
Local Trading Featureless-Dis-
trict Bank Clearings.
By w. srEALEY.

The local gas situation took on an
important turn yesterday when 1t was
announced that an offer of $50 share
had Been made for the stock of the
Georgetown Gas Company.
1t is not known who makes the bid,
but in local financial circles there Is a
report TO the effect that the proposition
comes from a gas company which Is
operating on ar extensive scale in the
Middle West and is desirous of entering
the local field
pany, after obtaining control in George
town. would seek permission to enter
the Washington field and sell gas at a
lower rate to consumers than Is now
being paid, s. cents.
Robert d Weaver. president OF the
Georgetown Gas Company, on Friday
stated to a reporter of The Washington
Herald that he had not heard of any
such offer, but it can be stated positively
that the representatives of those who
are seeking control of the Georgetown
company wrote Mr.. Weaver last week
making the offer of sl6O for the $40
shares OF the Georgetown stock. OF the
6.oOO shares the company issues the
Washington Gas Light Company owns
$50 The legality of this holding is be-
ing contested in the local courts and a
decision is expected daily.
The Pending Amendment.
In the meantime an amendment 10 the
District appropriation bill is pending in
the Senate Committee on Appropriations.
This amendment represents an agreement
between the Washington and Georgetown
companies whereby the former company
l. aNafh izad t.Ns fO u
the Georgetown stock at I55 The amend
ment gives the Washington company
complete control, and, of course, legalizes
the shares now held by the Washington
company in the Georgetown company.
Commissioner Newman and his asso-
ciates, while advocating municipal own
ership, are favorable to the measure on
the ground that it would result in
cheaper gas in Georgetown and that it
would not prevent the governments TAX
ing over the gas when it gets ready to
spend the S20.000.O00 or SO necessary. 1t
might be well to state parenthetically
that with the hostile attitude assumed in
the House to the District that body
might not support Mr.. Newman in any
thing which he would consider adyan-
tageous to the District
The offer of $50 for the stock of the
Georgetown Company by parties other
than the Washington Company, of course,
completely changes the status of the gas
situation in Washington. With the
Georgetown stockholders being offered
r1usU than the Washington Company Of
fers the pending amendment which
Ngll5 have become law, naturally falls
Another interesting side of the situation
IS me complaint of some of the Wash
inEroa Company stockholders that the
p.fce of S155 for Georgetown stock is ex-
cessive, and il is known that IT was in
tended to file suit had the amendment
become law. Now, however. $50 is Of
fered-
New York Market.
There was a general upward tendency
IN the New York stock market yester-
day. Steel closed at 66 is, a fractional
gain, while Can. Copper, New Haven,
and Union also showed gains.
Losses were cOnfine~ TO Pennsylvania
and Reading.
General Motors made an advance of
points and several Of the minor special
ties were in demand.
The lessening - the tension over the
Mexican situation caused signs of bullish
activity.
The gain made yesterday practically
places the market where it was at the
close of the previous week
Railroad earnings have continued to de-
crease and reports of business condi-
tions are not as optimistic as they were
during January and the first two weeks