Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-23
LOCAL T1EAHc1AL NEWS.

A sensation in the local stock market
came yesterday from an entirely unexpected
source. and that was from the Senate Dis
trict committee In Its action In reporting
favorably a bi11 providing for an increase
In taxation to be paid by public utility cor
porations In the District. such a measure
was entirely unexpected, even to those who
are supposed to keep well posted in regard
to such matters. 1t is true about week
ago there was some intimation that legtsia-
ton of this sort was proposed, but when
an effort was made to trace 1t down II
was reported that nothing or the sort was
In contemplation.
In consequence the action OF yesterday
was a complete surprise, and nothing was
known of 1t until the committee went into
session.
As to the outcome there is some difference
Of opinion. According to the ideas of some
there WIN be nothing done at this session
OF congress, while others are inclined to
the beiief that possibly there may be some
slight addition made to the amount OF the
.aA wnicn these corporations pay yearly
lieved that the bill In its present form will
pass nor is it thought that it was so in
tended. but rather that 1t would afford u
basis to reach compromise.
Some effect of the action of the District
committee was seen at todays meeting OF
the stock exchange when the securities of
the five companies that are in the list were
called. There was no special rush to put
the stock of any OF the companies on the
market. but the disposition seemed to be to
scale down the prices somewhat in the case
of what was for sale.
The Capital Traction stock showed the
greatest decline as the difference between
the closing bid of today and that OF yes
terday amounted to one and fiye-eighths of
Il point
The preferred stock of the Washington
Railway and Electric Company went off
three-quarters of point and the common
quarter of a point.
There was only the difference of a quar-
ter of point between the figures of the
two days in the case of the Washington
Railway bonds. Gas stocks went off ys
of point, while Telephone stock showed
a decline of points The latter does not
hold the same relation to the local market
as the others do. for the reason that it Is
comparatively inactive.
All these securities were dealt in, as one
of the brokers remarked, Tex all increase
of taxes" AT the same time there did not
seem to be very settled idea of exactly
what would be the effect of the step that
has been taken.
In case an increase in the tax receives
the sanction of lazy, then it is suggested
that it may not be to the extent as pro-
vided in the bill, and on that account may
of the revenue of the companies.
The remark of a representative of one
OF the street railway companies shows a
possible attitude on the part of those cor
porations in regard to this measure when
he said today that it did not make any Diff
ference to the companies whether they were
given the privilege named in the bill Of
bringing their tracks into the plaza of the
new union station. In other words they
were not in favor of sacrificing substantial
interests merely for the sake of the action
of the bill, which grants the right of &C
cess to the railroad companies to a closer
approach to the depot than their present
tracks.
Charles E. Worthington was elected tenn
porary treasurer of the Metropolis Build
ing Association, No s, at a meeting of the
directors of the association last evening
The vacancy filled by the election of Mr.
Wcrtmngton was caused by the death of
John p. Hinkel.
Additional directors of the Second Ma
tional Bank have been chosen as follows
b. Nj. Bridget of Parker, Bridget & Co.
Charles w. Fairfax of Stone & Fairfax.
Samuel ]. Prescott, builder and contractor;
Fred s. Smith of F. s. Smith & Co. United
States mail contractors; William p Van
Wlckle, vice president of the Bradbury Pr
ano Company; William II. Walker of r.
W. Walker q Sons, real estate; Nathaniel
the E. o. Whitford Company.
The above and the following members of
the old board now compose the directorate:
William V. Cox, w. w. Burdette William
F. Mattingly, George w. Pearson Simon
Wolf, Charles Schneider, Walter C. Gle
plane, James B. Lambie, Somerset r. Wa
ters, A. III. Stephenson. Charles Graft