Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-01-03
LOCAL FINANCIAL NEWS.

At the meeting of the Washington
Stock Exchange today the following let
ter, dated December 81 and addressed to
the secretary of the exchange by the
treasurer of the '. ashington Railway
and Electric Company, was read:
II beg to advise you of the additional
issue on this date of A.; Washington Rail-
way and Electric Company consolidated
mortgage 4 per cent bonds of the par
value of $1,000 each. bonds numbered
1902 to 9I24 inclusive.
"These bonds are issued for the fol-
lowing purposes: $4,000 in lieu of a
similar amount of Metropolitan Railroad
Company certificates of indebtedness.
series Il, maturing June 1, 1871; S1I3.O00
for extensive betterments and improve
ments as provided by tn, terms of the
mortgage, such extensions. betterments
and improvements consisting mainly of
the purchase of Twenty-Five cars complete
with all appurtenances and improvements
of cars of the Washington, Baltimore
and Annapolis Electric Railroad Company
into the city of Washington"
The communication given above was
read when this security was reached in
the call. and ,in the trading which fol-
lowed the bonds sold up to 75A. the high
est point reached in this security for some
days past. Yesterday. however. a sale
of 1000 in one lot was recorded at 20.
At the close today the bid was 1ols.
NOtllltlS was uOne III tie SlOChS VI tne
company with the exception of sales of
broken lots of the preferred. on range
from II to Tx. The bid for the stock re-
manned 80, which was the bid of yester-
day. An option of sixty days on 80
shares of the stock was offered for 13.
The upward tendency in Merganthaler,
which has been marked recently, con-
tinued today, and the largest portion OF
the days trading was in that stock. and in
some cases at better than recent figures.
A marked change in the feeling among
financial men of the banking class was
noticed by Washington banker who re-
Gently spent several days in New York
city. The tone, he says, is more cheer
full ana the outlook for future improve
ment is considered most promising.
An official of one of the large banks
in New York told the Washington visitor
that their reserves were now beyond the
legal limit and recently their deposits
had increased about million dollars,
the greater part of which. he said, had
been taken from the safe deposit boxes
of the bank for that purpose.
This bank. as we'll as others in that
center, is now paying out currency, and
the expectation is that by the middle of
January it will be possible to call in the
ment in conditions. SO the visitor was in
formed. was making more rapid progress
than had been anticipated.
In this connection. the reduction in the
rate of interest on the par. of the Bank
Of England, from to q per cent. is looked
upon as an evidence that the return to
normal conditions in the financial world
across the water is also going on with
rapidity
1t is said that the business recession is
still in progress. which bears out the pre-
diction made some time ago that the re-
covery from the recent financial strin-
gency would be manifest first in the
financial world and then would follow in
commercial circles.
Mr. e. Quincy Smith. the president of
the Union Savings and the Washington
Exchange banks, leaves on Monday for
New York and will sail the following day
for Paris. He expects to be gone about
three weeks.