Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-01-21

LOCAL FINANCIAL NEWS

A rather novel suggestion has been made.
with special reference to conditions In New
York city. to the effect that a general law
be enacted under which street railroad COM
panies could organize and do business with
out the aid of special legislation. The OBJ
ject of such a change. outlined by the
Wall Street Journal. is to bring about re-
form in the service rendered by such com
panies. and this method Is described as
likely to be more effective than that OF the
much discussed municipal ownership. 1t
is argued that IL corporations seeking such
privileges were freed from the necessity OF
securing special charters they would be
saved from the expense due to grating.
and in consequence there would not be the
same necessity to introduce water In the
stock.
In this District there is a general law
governing certain classes of corporations
which makes 1t possible for a company to
be organized and engage in business with
cut going to the law-makipg power to
secure permission. Trust companies. in
surance companies and other lines of busi-
ness can be carried on under a corporate
form merely by complying with the CON
ditions of the general Incorporation law.
In the same way under the national bank
ing law. national banks can be organized
in any part of the country. In the case OF
street railroad companies the suggestion Is
that general law could be enacted by
which certain streets could be open to
companies. w men SuCn q privilege
is taken advantage of. then the companies
are to be required to pay fair remunera-
ton to the public and the award is to be
made to the highest bidder.
The stockholders Of the Washington Saw
ings Bank today elected the following az
directors: l.. M Saunders, o. q. Staples,
T. H. Anderson, C. II. Davidge. Samuel
Nesbit. b. F. Edwards, r. ]. Tracewell.
George E. Howard, Samuel Ross, s. b.
Hege, Thomas E. Waggaman and Thomas
II. Hall
The only change in the list as compa red
with that of last year is the election of
MIR. w. F. Guide to fill vacancy
The demand for the bonds of the Wash
fngton Street Railway Company at today's
meeting of the stock exchange was strong
and proved to be well sustained The first
Offering, at 1874 met with ready response
The price advanced to 76ss and two 500
bonds went for the same figure. Then bid
of 16i2 was made which met with a prompt
response. and this repeated until
Sl2.oO of the bonds. In 81 600 lots had
changed hands.
Still the bid continued at that figure hut
the Offering had advanced to 764s and there
was apparently no bonds to be had at that
price. At the close of the regular call the
bid price was 7611
After call the bonds were offered I'm lots
OF 5000 at 1914. and In 81 600 lots at 761s.
The latter offering lowered to 76ia,
and bid one-eighth lower resulted in a
sale. After that the bonds were offered at
46as, but the highest succeeding bid was
76A. There was no further trading
The market for gas certificates was a
limited one They were at frst offered at
115. while the bid price was 1884, which adj
vanced to 1885 The Offering gradually fell
to 1874, and finally a couple of lots of 81 900
each were sold for 1137s. The bid continued
at 113ss. but the best Offering was 11S3
There was no further dealing.
There was more interest shown in gas
stock although the prices were not sus-
tained and there was a shading of in the
figures from the first sale at 55h to the
last at 547s One hundred shares were Of
fered at sos or any part thereof at 554
without finding a purchaser There seemed
to be no market at those figures and a
broker who had 100 shares for sale bought
them at IS. He again offered 100 at So,
and it was sold and the offer was continued
but the best bid was 54&a Quotation lots Of
twenty-five shares were sold at 55 and at
54s- The selling at these prices was not
continued
A $1,000 bond, Columbia Railroad 6'a
was offered for sale at 49, The best bid
was 119.