Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-04-24
LOCAL STOCK MARKET
DULL, WITH PRICES FIRM
Offers Made for Assets of United
States Trust Company, in
Receivers Hands.
Forty Dollars a Share Cash or 500
in Real Estate Bonds Offered
Stockholders.
BY I. A. FLEMING.

Trading on the Washington Stock EX-
change today was restricted, although a
fair show of strength was evidenced. In
activity In railway shares. generally the
active leaders. was the noticeable feature,
only few odd shares Of tho preferred
stock being sold at ssh, the bid price
No transactions were made in the COM
mon.
Capital Traction sold at 81. more being
offered at this figure
Washington Gas was firm at 20. and
though slow was the most active OF the
stocks, seventy-five shares being on the
sales list
Three lots of ten shares each District
National Bank stock sold at 1876.
The bond list was just as slow as the
stocks, one $1,000 Railway 4 per cent at
s2a4 covering the sales list.
United States Trust Company.
The Real Estate Trust Company has
made a proposition looking to the ex-
change of tAe unliquidated assets OF
the United States Trust Company, on
per cent ten-year bonds, covering GER
tain parcels of real estate in the
Bradley Hills region, for share OF
stock, both at par A second offer has
$40 a share on the capital stock in
exchange for the assets now in the
hands of the receiver. Tucker K. Sands.
The Real Estate Trust Company fur
shareholders at par in payment for
purchases of property in the tracts
covered by the mortgage.
The receiver has made the statement
that the liquidation of the remaining
assets, as turned over by the Munsey
Trust Company, after paying the de-
positors of the United States Trust
Company. in full and disposing of a
number of branch banks. in order to
bring the best results, would require
at least three years time
1t is said that 90 to 9o per cent of
the shareholders of the trust company
have agreed to accept the proposition
and the receiver will recommend its
acceptance to the court in the near
future.
There is still some stock held as col
lateral for loans by trust companies
and banks that will require the con-
sent of the lenders before the owner
can vote it with effectiveness.
Insiders declare that the expense of
complete liquidation, including that Of
the Munsey Trust Company, would
amount to nearly $350,000.
Given New Privileges.
The National Bank of Washington has
made application for and been given the
right to act as trustee, executor, reg
the federal reserve act.
The condition of the United States
Treasury at the close of business yes
terday was:
Net balance In general fund. s2s.4s2.-
307; total receipts, s1.754,702; total
payments. s2.1e3.424.
The deficit this fiscal year is $685.,
$3.50, against deficit of s29,913,1S7
last year, exclusive of Panama canal
and public debt transactions.
Will Test War Tax Law.
The Continental Commercial National
Bank. Continental-Commerc Trust
and Savings Company and the HI
peruian Savings Association, all OF
Chicago, have decided to bring suits to
test the constitutionality of the war
tax law, with regard to the section re-
lating to taxation on the capital stock
Of banks and tax on 81, e1nd
corporation attorneys. has been re-
tanned in the case. which will be
watched with interest by all bankers.
Although the law has been in effect
for months this will be the first test
case.
Financial Notes.
The Pacific coast salmon pack will
call for s12.O00,0O0 from San Francisco
banks for financing.
The president of the Mexican Petro-
Ieum Company. Just back from Europe.
says: We have accomplished all we
went abroad for. We have clinched
the sale of a large amount OF crude oil
and have opened market that will
take all the crude oil we have to sell"
Business failures this week numbered
49, against sol last week.
The William Cramp Shipbuilding
Company has paid Off 100000 three
year per cent notes out of the earn
ings of the company.