The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-06-08
LOCAL FINANCIAL GOSSIP.

After two days cessation from bust
ness. the local stock exchange settled
down TO one of the biggest days II has
seen in several months. Sales Of stock
were at slight concessions for the most
part and trading was especially active in
the railway shares and Lanston rights.
At the opening 5000. face value, OF the
Consolidated Potomac Electric bonds
were taken at i01. this being fraction
under previous sales.
Capital Traction stock came out in
fragments. at 129 to $50. most Of the deals
being in one-share lots.
Railway common sold quite freely at
SO 1-2 to SO IA, with many bids entered as
low as 80. At the close the bid and ask
ed prices were put g little above the
transactions OF the day.
The preferred shares were even more
active than the common. the deals for
the day amounting 10 about $50 shares.
The sales were effected between 81 "A and
Sc IL, all fractions between being repre-
sented by one or more transactions. At
the close 100 shares were sold at Sc H.
The Lanston rights sold from 4 IA down
to 4, changing hands in lots from 20 to
800. The rights carry with them the priv
ilege OF subscribing for the new stock and
will represent a margin of profit amount
ing to about s. a share.
After call few bargains in bonds were
consummated and some fragmentaTy trad
ing In the bank shares was recorded.
A committee appointed to draft suitable
resolutions of respect upon the death Of
Norman BestOr reported TO the exchange
yesterday and the report was unanimous
~ adopted. The resolutions, commendatory
Of his character and expressive of SYM
patty with the friends of Mr.. Bestor, were
ordered spread upon the minutes of the
exchange
The Consolidated Cotton Duck Com
pany, with mills in Baltimore and Boston,
will be provided with $4,000 new work
ing capital under the new plan for
financing its needs. OF this sum approx
imately 81. 100000 viii be used to pay OF
its debts. leaving a balance of 5000. 0ol
for future corporate purposes.
The money VIII be raised without Incur
ring any additional fixed charge. There
will be no new issue of bonds. Indeed,
the 100000 of new money which win go
into the company VIII increase the equity
OF the outstanding bonds 10 that extent.
II is proposed 10 form new company
under the laws OF Massachusetts, which
viii acquire 81 per cent each Of the CON-
mon and preferred stocks Of the Console
dated Cotton Duck Company. TIE new
corporation also will acquire control OF
the Boston Yarn Company. which Is af-
nliated with the Cotton Duck Company.
While the officials OF the Washington
Baltimore and Annapolis Electric line
have not yet issued statement of earn
ings for the month Of May. it is learned
that the company's gross revenues show
an increase Of slightly more than Is pei
cent over the corresponding period of las
year. II Is predicted that when the re-
port is made public ii will be found that
May was perhaps the best month since
the road went into the hands Of receiver!
and possibly since it was first opened
An official statement Of earnings will bt
issued within the next few days,
The American Steel Foundries. which
maintain Offices in the principal cities Of
the country, have decided 10 open one IL
Washington. Offices have been fitted UT
and will be opened to-day at 905 Munsey
Building, under the charge Of w. Ross
GraYener.