Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-18
LOCAL FINANCIAL NEWS.

The main interest in the trading at the
meeting today Of the stock exchange CEN
tered in what was done as regards the
common stock of the Washington Rail-
way and Electric Company. and mora
especially the advance in the figures.
which was a point and quarter higher
than the asking price at the close of
business Saturday
The buying was principally from one
broker although several at times took lots
of STOCK. while the selling was not very
had stock for sale at fractional advances
over the last selling price However. the
stock sold on a range of from 33a to b,
and at the close the bid was 30 and the
asking price So The aggregate OF sales
shown by the record was $50 shares.
During the trading there was a good
deal of talk about the future Of this
stock. and the prediction was made that
still higher levels will be reached. one of
the brokers saying that it now comes
nearer being worth 40 than when 1t was
selling for that price.
While the activity az we'll as the buoy
ancy of the market was more manifest in
this than In any of the other traction
securities. still the optimistic feeling that
was expressed had reference to all of
them.
The preferred stock sold up to S.. as
was the case Saturday, and the per cent
bonds of the company sold up to S3A.
which is a high recent figure. No change
of consequence was made in the prices
for the stock or the bonds Of the Capital
Traction Company. although it was sup
posed by some that an additional issue of
bonds to secure the money needed for the
extensions required by the Union station
bill would tend to have a depressing in
fiuence on current rates, but that was
not shown by the course Of the market
today.
1t is stated. however that it has not
been finally decided by the company ex
actly how the new expenditures will be
met. The entire issue of the per
cent bonds has not as yet been placed on
the market. having been reserved for such
uses, and the cost of the new work, which
1t Is estimated will reach about a million
and half of dollars. can be provided
for by tine sale of more Of the j per
cent bonds, or else the money can be bor-
rowed and given the form of floating
debt.
The cost of the changes will be much
less in the case of the Washington Rail-
way and Electric Company, as the pro-
portion of new trackage which that road
Will have to provide is very much less.
1t Is estimated that the company will be
called upon to expend quarter of q
million dollars
The typesetting machine stocks contin-
ued their forward movement and while
me business done was not large. still a
sensible advance was made MerRenthaler
sold up to 1891, and that was bid at the
close a high recent record, while Lanston
sold up to 10A. which is also the best late
record. There is no special cause as
signed TOT the better figures except, of
general tendency of things just now in the
stock market. 1t is also said Of Mergen-
thaler that the condition Of its treasury
and the outlook of its business furnish
suff1clent reason for the change.
In the case of Lanston it is said that
an anticipation Is INDUCED In that at the
next dividend period next fall the semi
annual payments to stockholders which
have been suspended for year. will be
resumed at the old rate Of 4 per cent on
par, which is equal to about per cent on
the present market price
The only change OF any extent In the
figures in the bank stock list was an ad-
mercial Bank from 1914. the last record
ed bid TO ITO. with sale Of ten shares
at the latter figure.
1t is estimated that the book value Of
the National City Bank is 1877. and that
which gives each share a value of nearly
$140. while in the recent agreement to
sell the price paid for 1000 out Of the
5000 shares was $40.
Today the anniversary of the birth of
Thomas r. Jones was remembered by the
officers and employees Of the National
Savings and Trust Company. Of which he
is the president. On his desk when he
made his appearance at the off3ce was q
magnificent bunch OF American beauty
roses. The number was exactly seventy,
and from that it was concluded the num-
Der represented the age reached by Mr..
Jones. although his activity and appear
ance do not bear out such a record. How
ever, Mr. Jones received the hearty con-
CALCULATIONS Of his many friends and OF
the officers Of the institution with which
he has so long been identified.
In granting authority to the Lehigh and
Hudson River Railway Company to issue
only $4,000 bonds in its application for
permission to issue $4,000 the public
sevice commission Of New York state de-
cides that an issue of stock or bonds can
not be permitted for the purpose Of reim-
bursting the treasury of the applicant for
moneys previously taken from the treas
ury, although such moneys may have been
expended for purposes which would have
The commission points out that the pres
ent statute permits capitalization for four
purposes only. namely. for the acquisition
OF property, construction completion and
extension or improvement of facilities:
improvement or maintenance Of service
and discharge or lawful refunding of OBJ
legations.
The applicant company did not, how
ever give any proof showing any pur-
poses for which the company desired to
use the $4,000 additional.
--o--
Washington Stock Exchange.