Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-07-22
LOCAL FINANCIAL NEWS.

"A Snittlng OF investments Is supposed
to be the explanation OF the coming upon
the market of quite a large block Of
the bonds Of the Washington Railway and
Electric Company. The selling has been
going on for several days past. and it is
estimated that from this one source alone
about 100000 has been disposed Of The
prevailing price has been S0h. Today.
however. at the meeting of the stock ex-
change! the seller stood out for sos. but
did not find buyer. One bond sold for
soy
1t Is supposed that these bonds were
purchased ut a figure which yields a prof
1t at this time, when the change Is being
made in the form OF the investment.
The demand for the bonds of the Can't
tai Traction Company was such today
that the bid for them rose to III. while
the asking price was point in advance.
Another buoyant part of the list was
where the preferred stock OF the Washing
ton Railway and Electric Company is
found. Today the bid for the stock went
to 79%. while the asking price was 80.
There We're no transa ctions during the
CALL despite the rise in the bid of over
a point. as compared with the figures re-
sold for 1919.
Only a languid interest was aroused by
the prediction of one Of the brokers that
gas stock will be up to about IS by Au-
gust. He did not give any reason why.
the asking price for the stock being 81
today, there would be an advance in a
few weeks of some twenty points.
One of the skeptical listeners asked the
prophet what he would give at that min
ute for 1000 shares, and he responded
with a bid of So for such a lot. 1t was
not offered.
According to students of railroad bust
ness the reports for the year ended June
20 when compiled are going to show an
increase in taxation throughout the coun-
try. although the figures will also show
reduction in net earnings of from % to 80
per cent.
1t is claimed. as illustrating such con-
dition. that the increase in the taxes OF
the Atclison for the past eleven months
amount to 40 per cent more than they did
in 19O6-07
The increase in the case of the Pennsy4-
vania will amount to about 30 per cent,
and that of the Southern Pacific will be
As per cent. These are said to be only
of most Of the roads in the country.
It Is assumed that as the advance In
taxation is so general 1t must be due
to the taxing authorities basing their
valuation upon the business or last year.
which witnessed a great expansion. As
the net earnings have not come up this
year to the level of the preceding year
and the ratio of taxation has not been
changed 1t is explained that the anomaly
has arisen of a declining business and a
rising levy Of taxation.
Negotiations for the sale of about S24.-
COO 900 of Central Pacific first refunding
4 per cent bonds have been concluded.
The bonds are quoted at about 9IA. at
which price they will yield about Az
per cent on the investment This road
is one of the leased lines Of the Southern
Pacific Company.
The improvement in the steel business
is attributed, in part, to the buying OF
steel bars by implement manufacturers
and to the demand for wire and TIN
plate. These two sources Of demand arise,
it is said from the prosperity OF the
agricultural classes. There has been. II
is stated, no heavy increase In the buy
ing of other grades of steel. particularly
the classes of material required In the
construction Of railroads.
The latest bank statements show an IN
crease in the amount Of securities held.
which illustrates the current condltlon
of small demand for money.