Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-01
LOCAL FINANCIAL NEWS.

LOCAL FINANCIAL NEWS.
The stockholders of the Union Savings
Bank will. at the annual meeting to be held
Saturday next, formally ratify what has al
ready been agreed to Informally. the pro-
gram being about as follows: From the
surplus of the bank stock dividend of SO
per cent will be declared, payable July 1;
that is, each holder of two shares will re-
ceive a dividend of one share. The present
stock is $4,000, and after the above divi-
dend has been declared the capital will be
$4,000 A further issue Of $4,000 in stock
win be allotted to stockholders pro rata at
$1I5 per share. The capital of the bank Will
then be 100000 and its surplus between
$4,000 and $4,000. The first payment of
dividends on the enlarged capital will be at
the rate of 10 per cent year. For the past
five years the bank has paid dividends on
Its present capitalization of $4,000 at the
rate of IL per cent, and has further added
II or 10 per cent each year to its surplus.
1t is expected that the stock will be listed
on the Washington Stock Exchange after
the change in the capitalization is made.
One share to every ten shares of stock
now held by stockholders of the Mergen-
thaler Company on record on the 10Th OF
the present month will be allotted at par
to stockholders. This is the substance of a
circular received today by stockholders of
the company by order Of the board OF d.
rectors.
The funds derived from the sale of the
10000 shares at S1C0 per share, it. is stated,
will be used "for the purchase of certain
patents. rights. privileges and property now
offered for sale to this company and for
other corporate purposes"
This issue of stock is made under the au-
thority recently given the company by the
stockholders to add to the present capital
ization of SIC, 600 coo by the issue of S., 000,-
nj above
first exercise of the privilege thus conferred.
The market value of the stock on Satur-
day was 2031z bid, 204 offered SO that the
right given to subscribe at par for one share
to every ten shares held amounts to a stock
dividend of about 500 on the par value OF
each share or $40 on the market value.
Holders of the bonds of the Washington
Gas Company known as series and b
today received a circular announcing that
the bonds would be called in on the LIST
OF January next. The holders. however,
are allowed to exercise the option of hav-
ing these securities continued to the date
of maturity on the condition that the rate
of interest be reduced from to per
cent.
The total issue amounts to 100000, d.
vided equally between the two series
The series natures in 1927 and the 3
series in 1920. 1t is expected that most or
the owners of the bonds will decide to
accept the reduction in interest. Other
wise they will be called In and paid by
the company. 1t Is probable that even at
the lower rate of interest there will not
be much change in the market price OF
the bonds. for which on Saturday the bid
was 10. The only other Indebtedness or
the company Is the 6 per cent certih-
Gates, amounting to $2,6O0.OOO which can
be called in after the year190S or allowed
to run until 1928.
The largest attendance that has been wit
dot
stock exchange occurred today, when all
but eight of the forty members were pres
ent at one time. 1t did not happen, now
ever that the largest volume of trading was
most of the list was passed over without
any attempt either to buy or sell.
In the case of Mergenthaler the aggregate
of the sales reached 216 shares. The hrst
lots sold for 203 and the last for 2041a Inc
level of prices was about the same as that
of Saturday, but then the lowest price paid
was 2O3A and the highest 2O5.
At the close today 2O4 was bid and 2o47s
was asked.
No interest was shown in Lanston. In
spite of the gossip that somehow links the
future of these two concerns with each
other. and which, no doubt, Is purely
gossip.
without result Saturday the stock sold at
14% and no lower. Today the stock was
offered at 145s and AN was bid.
1t is seldom that a transaction is record
ed in the City and Suburban Railroad per
cent bonds, but today eleven bonds sold for
1O5 and one for 104A.
Fifty shares Of Capital Traction stock
sold for 142h and then 142 was bid and l421s
was asked.
There was no trading. either In the pre-
ferred or in the common stock, by the
Washington Railway and Electric Company
until after call, when 325 shares of the
common in several lots were sold for 80.
AT the close of the call Ok was bid for
the preferred and 90 was asked. 34& was
bid for the common and 35A was asked.
Gas stock was not sold today ex-dividend,
as that period has passed. The bid for the
stock was 63 and 63A was asked. On Sat
urday the figures were 63A, 637s asked.
There were no offerings of the A. and 3.
certificates and the bid price was changed
from 10. which has been the quotation for
some days past, to 105.
For the other certificates 1924 was bid
and 123 was asked.