Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-02
LOCAL FINANCIAL NEWS.

= 4
An effort is TO be made to secure from the
Now York state legislature a law providing
that the trust companies of that state shall
which one-haif shall be cash. The main
purpose of the proposed bill is to make the
trust companies eligible for membership In
the clearing house. IN that event the week
ly bank statement of the New York city
banks would include that of the trust COM
panies. and such consolidated statements
would give better idea of the condition of
the financial market, 1t is thought. than Is
furnished by the present statement of the
banks alone.
In commenting upon the correspondence
of President Stevens OF the Commercial
National Bank relative to the mailing by
the Treasury Department of circulars for
private business houses, the Wall Street
Journal says that 1t is bad practice. 'The
Treasury Department ought not to be
mailing agent for circulars of business in
situations Ii the Treasury Department
may properly mail circulars of the National
City Bank or of firm of bond dealers to
the names and addresses on a secret list OF
bondholders. then surely a financial news
paper might properly ask the Treasury De
partment to mail sample copies to these
bondholders; and IL a newspaper could
properly demand this, then surely the pro-
prietor of patent medicine might do the
same
At the meeting of the stock exchange to-
day, the feature of trading in the bonds of
the Washington Railway and Electric Com
pany were, as was the case yesterday the
buy1Gg of large lots. Five thousand dollar
blocks and one enty-five-thousand-d dollar
block changed hands, and for half of the
nifty thousand sold. 31zs was paid. which
was an eighth of point in advance OF the
best price paid yesterday.
"A DID OF 91A made for n block of
$4,000, and 1t was taken, and that con-
tinued to be the bid for another similar lot.
but there was no more to be had at less
than elss, while the bid was 91A.
A somewhat better price was paid for gas
certihcates then has been bid for some time
past Only one bond changed hands. but
has been the bid. There was still a chance
to sell more at the same price, but there
were no more for sale at less then 121.
One thousand dollars in the certificates OF
be paid up or funded into four per cent
bonds OF the company in a short time, the
price above indicates that the new issue
Will probably be at a premium, of which
however. there has been no doubt since the
announcement was made of the plan for re-
funding these securities.
For couple of the telephone bonds 1865
was paid. which is a good price for these
securities when the past record of prices is
considered After the bonds had been Sc
The asking price was lot.
The bid for the preferred stock OF the
Washington Railway and Electric Com
pany advanced to 93h, an increase on an
entire point as compared with the closing
bid of yesterday. There was no stock Of
fered for sale at any time less than 9Sa,
and at the close the asking price was an
eighth higher. The only sale was OF 10
share lot at 93k.
Nothing was done in the common stock,
although 1t was to be had for less than
it was offered yesterday. The lowest offer
ing today was 49, ", and the best bid was
43A. In the lower figures there was some
disappointment, as the expectation seemed
to be that this stock was scheduled for
further advance.
The stock Of the Union Trust Company
continues to attract buyers and at higher
figures. Today ten shares sold for 14S5s,
and the bid was renewed on that level, but
the lowest offering was 149, which was
finally with drawn and $50 wos substituted
for it
American National Bank stock also sold
for ISL and an eighth of point in ad-
vance The sales reached thirty shares.
The dealings in gas stock was rather linz
tied in amount and was on about the same
level as that of yesterday. The sales were
at 59A and 59as
A good deal of Greene Copper was dealt
in, and the range of prices was from 26%4
to 263s.
Lanston sold at 1874 and ISIS. and an OPP
ton was taken at 1875.