Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-08
LOCAL FINANCIAL NEWS.

A rather free buying of bonds was a
| feature of the trading at today's meeting
| of the stock exchange. Any tendency
toward a revival of business of that class
is always studied with a good deal of
interest, as it Is looked upon as invest
ment buying. The latter phase Of business
Is one of the most substantial in the
stock market
Gas certificates were wanted at 1854
which does not look as If the prospective
buyers believed it Is the intention to re-
deem these securities right away. The
lowest asking price was los.
A Metropolitan Railway per cent bond
sold for 1OS1a and then the bid rose to
1O9t4, with none offered. Potomac Elec-
trio Light fives sold for 102l2a1625s, and
then they were offered at 103-
The new power house of this company.
near Benning, is going to be the scene
of reception pretty soon, as IT IS the
intention of the officials of the Washing
ton Railway and Electric Company. Whicn
owns 1t, to invite a number OF culzens
to see this modern and well equipped
plant. 1t has a capacity of 81 COO horse
power, and owing to the. economy OF
space. due to the use of steam turbines,
the room occupied by the machinery Is
not greater than would have been neces,
with the old style machinery.
There was nothing done in gas stock
and no change of consequence made IN
the figures as compared with those OF
yesterday. 1t is said there has been no
change In the plan recently announced OF
making an application to the court TOT
an increase in the capital stock OF the
company. Such a step will be taken, II
is rumored. quite soon. or promptly upon
of h0 nf
town company.
1t Is now thought there will be no men
ton in this application of the amount OF
the proposed stock increase. but that the
court will be asked to grant such an In,
crease as will repre- sent the appraised
value Of tn plant. In that event 1t Will
be some time before 1t Is definitely known
how much stock Is to be issued, and con-
seQuently a delay in getting at the more
interesting Information just now to a
large number Of people as to what the
stock will be worth when the show down
Is made.
A new low level was reached In
for 7. and 1000 shares were offered at
IN. After call the bid for the stock
was 7. and the asking price quarter
Of a point in advance.
An advance was made in the bid for
Mitchell Mining of an eighth Of point
as compared with the bid of yester-
day. There was no trading. although
the stock was offered an eighth higher.
This change in the figures Is attrib-
uted to the news that has come from
the recent meeting held in New York
by the directors Of the company. when
1t was decided to submit to the stock
holders for their action a plan Of re-
ducing the par value of the stock from
SO to IS, and thus increasing the num-
Der of shares from 100000. the pres
emit authorized capital. to 100000
shares.
1t is also a part Of this plan that the
new shares will be purchased from the
company by a syndicate to be formed
for that purpose, and which Will pay
$50 per share The proceeds OF this
sale will be used in completing the
railroad to the coast and for other
company needs.
Some OF the Metropolitan Bank stock
sold for BOT. but the supply was limited.
The new banking house of this institution
is rapidly getting in such a shape that
the bank officers will be able to take pos
session Of It in a very short time now.
The exterior Of this building has been
admired by the public for some time past,
and when there Is chance to see the
interior 1t is believed that there will be
equal praise awarded to 1t. The entrance
is on a level with the street and the en-
trance hall Is fanked on each side by
room, one Of which will be used by woman
depositors. The main counting room Is
a carefully worked out scheme on the
part of architects and decorators. so that
from the massive pillars of green marble
to the highly decorated ceiling and great
skylight, filed with soft shades of stained
glass, the eye falls upon harmony Of color
and form that is pleasing.