Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-08-19

Is in the city looking for man 20
take charge OF an agency here which the
company proposes To open. The policy that
~ to be pursued outlined by the com
pany's representative is to begin at once a
radical cut I'm the prevailing rates on resi-
dence property. In this way the new C om-
petitor hopes to get business and also I'm tho
event existing companies are crippled by
the rate war to buy them up in the in
terests Of his own concern. While In the
opinion OF men who are familiar with the
local situation this is rather an ambitious
program and they are confident that he
Will not be able to carry 1t out, still they
are uncertain to the effect upon current
business In the event a vigorous cut-rate
campaign Is started.
The present rate on residences is CO cents
per hundred. In outlining his plans the
agent made the statement that n his com
pany started in business here that II Is tbs
purpose to cut this rate in half. While
there are non-board companies doing bust
ness here, yet the board rates are as 4
rule maintained. so that the new conner will
stand alone, unless the effort to upset ex-
istiny rates succeeds
The course of Mergenthsler at todays
meeting of the stock exchange was sensa-
tonal in the sense that II created a sensa-
tion of surprise For 1t was demonstrated
that there was no stock on the market at
ter some forty shares had been traded In
that could be had for less than ls9 or 1870
In fact there was no stock offered for sale
at any price except by the broker who
bought all the stock that sold.
The course of the stock is shown by the
record of yesterday of lsJ bid. while today
1856 was freely bid without result. Even the
securities of the Washington Railway Com
pany that have been so buoyant for the
past days, have no record Ike this to show.
rise OF six points is not often achieved
by security listed the exchange, and
by this accomplishment OF Mergenthaler
puts the exchange; for the time at least
in the class with Wall street. where the
range of the fall and rise i'm stock I'm one
day frequently exceeds that OF weeks and
months In less active markets
The story of the transaction is not In it
self specially significant. The bidding
started In on yesterdays level of 1870 and
went up rapidly until 1873 was reached.
and ten shares We're secured at that
point. The bid was promptly renewed for
ten shares, but when no stock was offered
the ascent began again. and 1873 was bid
for 1Oo shares. There WAS no response.
Then the rise continued, and when 1So was
gained three ten-share lots We're secured.
The bid was renewed but without result.
and an advance was made and 100 shares
were offered at 1855. and bought by the
broker who had the block for sale. Then
the broker resumed the bidding. and when
1856 was reached he gave up his hunt for
stock. and with that bid he added an offer
ing of 1S9. and the tradN,g under the call
ceased.
Another transaction that attracted a
good deal of attention was the Offering of
fifty shares of Traders Bank stock at I53ia.
and its being promptly taken at that figure
The bid was rene wed and finally advanced
to 154. but without result. Yesterday the
bid for this stock was t51. and the closing
bid of today show ed an advance of three
points.
The sale of such large block OF this
stock gave riIn to the rumor that some
deal was in progress. but nothing more
definite than the vague statement could
be learned.
The trading in Washington Railway bonds
was on the same level as that OF yesterday.
and the quotation at the close was I'M
changed, namely. S'1a bid. S,ss offered.
Ten thousand dollars in ten lots of $1,000
each were bought at S3ss, and then lot Of
$4,000 and one of $1,0CO at S31s. All bonds
offered at S!la were taken and then the
trading ceased.
The bid for the preferred was 6La and the
asking price was 40. but there was little
inclination to trade.
Three lots of 100 shares each of Lanston
were taken at 9k. and the bid was renew
ed, but there was no stock for sale for less
than "a.
A block of ten shares of Metropolitan
Bank stock was sold on a bid of $3.50. and
that seemed to satisfy the orders.
N