Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-08-28
LOCAL FINANCIAL NEWS.

Some changes were made in, the figures
at the meeting today Of the stock ex-
change, which, as rule, showed adj
vances as compared with recent recorded
prices.
For the common stock Of the Washing
ton Railway and Electric Company the
bid rose to 35. while for the preferred
stock the bid was SO.
For Commercial Bank stock the bid rose
from 165. which was the last figure. to
1853. and the change in the case of the
bid price for American Bank stock was
from 185 to 166.
A willingness to pay PIT for the stock
Of the American Security and Trust Com
pany was expressed. which Is an increase
Of two points as compared with the latest
figures.
United States Trust Company stock
reached the highest level on the recent
advance when 95h was paid for ten
shares, and the same was bid for ten
more. At that time the asking price
was sc.
The annual meeting Of the stockholders
Of this company will be held on Tuesday
next, and it is expected at that time
of directors representative OF new inter-
ests outside of the city. 1t is supposed
the business OF the company will be at
fected favorably. and that Is given as an
explanation by some Tor the recent &C.
tivity in the stock,
For the first time in a long period an
effort was made to trade in the stock OF
seven shares of common stock and he an
nounced he would offer II at half of the
recorded asking price. which was 40. The
stock was not taken and he then offered
10 flrn - no ola
the asking price for quotation lot of ten
shares was 10.
The preferred stock was also offered
down from 631s the last recorded figure,
to 49h, but there was nothing done.
The substitution Of electricity FOR steam
by some Of the railroads OF the country.
especially for use at terminals. has not
yet demonstrated what effect 1t will have
in the cost of operation. 1t Is said the
isfled with the economy which is being
brought about by this change, but are
not as yet satisfied as to just what it
means in dollars and cents.
1t Is probable saving Is being effected
in the consumption of coal, as 1t is be-
lieved less fuel Is used at a central power
plant than by the individual engines. But
even this effect has not AZ yet been GER
tainly determined. 1t Is, however. quite
certain that the advantage In point Of
49,
compared with steam. and there Is also
the further advantage Of the absence OF
smoke and steam along city terminals
where electricity has taken the place OF
steam as a motive power.
Yesterday was marked as being one OF
the six days since the first Of the year
having a record sale of bonds on the New
York stock exchange. 1t is stated that
only twice before this year has the
amount of yesterdays bond trading been
exceeded.
The demoralized condition Of the sur
face street railway service in New York
city. owing to the process Of disintegra-
ton which Is going on under the direction
OF the receivers Of the Metropolitan Rail-
way Company, is becoming acute. The
giving up OF leased lines. and, with them.
transfer privileges, is adding to the cost
OF street railway travel while the outlook
of the owners Of the securities of both the
subsidiary lines and Of the main company
is not regarded as at all promising.
The advantages OF one system under
one control. II 1t means adequate facil-
tiles to the public at reasonable charge.
are recognized, but the question is how
that can be restored and the necessary
adjustment made Of the securities Of the
operating company 80 that they may rep
resent the value of the property from the
basis of its earning capacity.