Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-29
LOCAL FINANCIAL NEWS.

1t was evident from what took place at
the meeting Of the stock exchange today
that 1t would be possible to swing a deal
evolving large blocks of local street rail-
way stocks. A proposition of this sort was
made at the meeting on Friday, when q
broker proposed to exchange 3,0OO shares
or Capital Traction stock for 10000 shares
OF the common stock of the Washington
Railway and Electric Company at 49,
owing to the proportions of the transac-
tons apparently nothing was done at that
time. but the following day a broker who
is identified with the Capital Traction in
terests stated that he was prepared 10
make a trade. The proposition in form
was made to him today, but it seems from
statements from both sides that II was
made - "
II appears that the broker who first pro-
posed the trade intended to furnish the
y, OF common stock that would figure
IN the deal, while the broker who ex-
pressed his Willingness to take hold of the
transaction said that he had made arrange
ments TO get the common stock which he
Traction
After these and other details had been
thrashed over both in the public meeting
ana at an executive meeting the matter
trade
not as yet taken place. still it has been
demonstrated that the fnanciers on the To-
car market are capable of swinging such a
deaA II they want to.
There was evidently some premonition of
TINS matter when Capital Traction stock
was reached on the regular CALL for the bid
olng seemed to be carried on with much
Var waiin ts as II there was an expectation
mat the three thousand shares that ha
been offered in trade might be dumped
down on the market and brokers wanted
10 get 1t, If they got it at all, at low fig
However, the bidding on the low level was
without avail and it was not until the fig
ures reached l4612 that the word sold" was
neard After that the bid did not get be-
yond l491s and the lowest asking price was
The preferred stock of the Washington
Railway and Electric Company was to be
mad at %,, and all the sales, quotation lots
OF Ifactlonal lots, were made on that
level. An option. was sold at 91b and the
seller supplied himself with the stock at
There was not much interest taken in the
common IN spite of the fact that the asking
price OF the 10000 shares in the proposed
trade was 40, which is about 21s points
above the current market rate. On that
oasis the price of the Capital Traction
STOCK would have been $50 per share.
The bonds of the Potomac Electric Light
Company sold for 1851, which is the best
price yet paid. More of the bonds were
wanted at the same figure. but there did
not seem to be any for sale, at least there
were none offered less than 1OS The bid
Tor 10000 went to 105%.
There was no special market for bonds.
although it has been supposed If there was
money in abundance locally, as is MAIN
tanned, that the bond list would be apt to
show it, especially as the demand for
money on account of the inactivity of the
market is not very great just at present.
Washington will be represented in the
personnel of the committee on bank legis-
lation of the American Bankers Associa-
ton by Mr.. William V. Cox, president of
the Second National Bank. This committee
has just been appointed by the president
of the association. Mr.. John l.. Hamilton
who is an ex offiCio member of the COM
mittee. The other members are: Arthur
Reynolds, president Des Moines National
Bank, Des Mones, Iowa; E. +. Swinney
president First National Bank kansts
City, Mo, and ]. A. McCord. cashier Third
National Bank Atlanta, Ga.