Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-03
LOCAL FINANCIAL NEWS.


The members of the bankers convention
which is to meet here October 10 VIII not
have the chance to visit the home of the
most recent addition to the number of ma
tieDal banks La this city. They will, how
ever. be made aware that such an fnsfltu-
ton has its place here even though the
doors have not been opened for business.
A large sign Is to be stretched across the
trent of the building of the American Sc
eurity and Trust Company. on g street. an
ncuncing that the City National Bank viii
occupy that building. The exact date Is
not given. as that is dependent upon when
the trust company will be able to move into
its new home.
The payments on the stock of the new
bank are being made. and If there was
more stock to be had a ready sale could be
found for it, AS 1t is, premium has al
ready been offered for 1t. but the purpose
of those who looked after the distribution
was to place the stock among those who
Will be interested In the new institution
and will help along its business. The en-
tire amount was subscribed long ago
The heavy selling which developed yester-
day In the preferred stock of the WASH
ington Railway and Electric Company, with
the result that the marketing OF some LUoO
shares brought the prices down from SS%
TO s2a, as well as the continuation OF the
sale of gas stock, has given rise to renewed
gossip that some movement Is on foot at
fecting three of the uptown trust compa-
MES.
IL is believed by some that an effort Is
being made to secure control of the Ma
tional Safe Deposit Company and of the
Union Trust Company In the interests %
tire American Security and Trust Company.
At the same time those who are well in
formed declare that nothing of the sort Is
contemplated. The connection between the
selling of the blocks of securities mentioned
and the rumcred blending of interests Is in
the belief that the supposed sellers are
those who would be likely to want ready
money for such deal.
The seller in the case of the Gas stock is
generally supposed to be q prominent In
slider in that corporation, and while some
allege that the railway stock sold was held
by people here, ii is also reported that 1t
came from New York holders and that they
have more to dispose of.
The downward course in the preferred
stock Of the Washington Railway and Elee-
tric Company was continued at today's
meeting of the exchange. the range of the
selling being from 925s to 91A On Satur-
day sales were made at "a and the closing
bid was then 937s. A further drop In the
figures was predicted today ON the floor.
when a broker said that he would yet buy
the stock at 30.
The same seller who disposed of the ma
jority of the stock sold yesterday was also
He sold freely down to 81. which seemed to
b, his resting price. but there was not
CROUCH demand to take all the stock that
was to be had at that level.
Large blocks were offered at 90 and also
at 921a. At the close 90 was the asking
price and 91& was bid for fifty shares
There was not much interest shown in
the COMMON stock, but a good demand de-
veloped an 49, which is half point under
the bid prize of yesterday. At the close
42k was aa\ked and 42k was hid. The
range of sales was from 49, to 42h.
The liyeliest trading of the day was In
gas stock 1t was soon ,-eveloped that the
broker who has done the bulk of the SELL
Ing during the past two days had stin some
stock on sale. The bidding began on the
level of the close of yesterday, namely 60,
and then new source of supply for the
stock appeared in the person of another
broker. who sold one hundred-share lets
for 60 and one twenty-five-share lot for 60ls
Bids of 60, however. came from all parts
of the room. and following the same course
as that of yesterday when the bids amount
ed to nearly one thousand shares in lots of
one hundred shares, with one five hundred-
share lot and one fifty-share lot, the brok-
ers sold the entire assortment. F@A"s ~
Then followed attempts to get more stock
at cheaper rates. Fifty-nine and 59h were
freely bid but without avail. There was
no stock in the pile apparently at that fig
lre. as-l. 81
The broker who was the seller bid 60, and
he was followed by others. Quite a lot
could have been sold at that price, but it
was evidently not on the market. Several
twenty-fSe-share lots went for COZ and
one for CO.'S At the close. the trading hav-
ing aggregated over 1,a00 shares, the bid
was GOA and CO.'S was asked. Yesterday
the range of prices was from 62 to 60
The trading in the stocks of the trust
companies was confined to the sale of ten
SHARES OF the stock of the WASHINGTON T snan
and Trust Company at 2i5 and of Ave shares
OF Union Trust Company stock at 14J
The ten shares Were offered at that figure
ana were promptly taken and then a bid
was made the same basis for more
stock, but there were no further offerings
Yesterday the bid for this stock was 20
The bidding for the stock of the Ameri-
can Security and Trust Company ran UP
from 260 to 2I5, the closing bid yesterday
being 300 There was no trading. One hum
dred shares were offered at 80 and ten
shares We're at one time offered as low as
2111a. This was withdrawn, and at the
close the asking price was 30.
Union Trust Company stock was for
time offered at LAG. and Ibid of 44h was
made for fifty shares With the exception
of the sale of five shares at 145 there was
no trading. the closing figures being AT
asked and la bid.
The bid for National Safe Deposit stock
did not go beyond 191, and the best Offer
Ing was 1929. Nothing done. =
Several lots of Graphophone common sold
for and SIS, the better prices these fig
ures indicate being due, 1t Is said to the
belief that 1t is the intention to Increase in
the near future the dividend from 4 to :
per cent.
Greene Copper sold on higher. range. as
26&s was paid for few lots.
Today's Government Receipts.
National bank notes received today for re-