Evening star., 1934-09-10
CAPITAL TRANSIT
EXCHANGE STARTS
Old Certificates Surrendered
for New Ones Under
Merger Plan.
BY EDWARD C. STONE.

Delivery of stock certificates of the
Capital Transit Co., in place of the
certificates of the old Capital Trac-
ton Co., commenced today at the
Office of the American Security g.
Trust Co., the merged street car
corporations transfer agent.
The certificates have been awaited
since the merger of the two local
street car concerns last December.
The old certificates were being sur
rendered today for cancellation and
exchange for the new stock. 1t was
an even exchange. each holder being
entitled to the same number of shares
of like par value. 500 a share. In a
letter of instructions to holders of
the old stock, President John H.
Hanna of the Capital Transit Co.,
said:
The assignment on the back of
each Of your Capital Traction certif1-
Gates must be dated. witnessed and
signed by you in the exact form in
which your name now appears on the
face of such certificates, and in addi-
tion you will please sign, in the same
way, the inclosed form of surrender
covering the Capital Traction stock
held by you and deliver the same
with your certificates to the said
American Security S5 Trust Co. Your
signature on each certificate and the
incloSed form of surrender must be
guaranteed by a national bank or
trust company, or member of the
New York or Washington Stock Ex-
changes. Executors, administrators
and other fiduciaries must furnish
certified copies of their appointment
bearing recent date"
AS soon as the old certificates have
been turned in the Capital Traction
Co. will be dissolved and pass out of
existence. The 100000 shares of the
new Transit stock already have been
listed on the Washington Stock Ex-
change and several transactions have
been recorded above $24 share.
Trade Mounts During Year.
Debts to individual, firm and cor
poration accounts in the banks in %
trade centers in the fifth Federal re-
serve district are reported by the Re-
serve Bank of Richmond for three
equal periods of five weeks ended
August Is and July II this year and
August 16 last year. These figures
reflect the volume of business which
passed through the banks in the sew
eral cities during the periods under
review.
During the five weeks ended August
is this year, aggregate debts to, in
adividual, firm and corporation ac-
counts in the reporting cities totaled
81 ,031, 176,000 a decrease of $50, ,361,-
600, or 5.4 per cent, under aggregate
debts in the preceding five weeks
ended July IL, 1894 A decline at this
time is seasonal, due chiefly to large
quarterly and Semi-annual payments
occurring in the earlier period, around
July 1, and this year the decline was
about normal. Five of the % cities
reported higher figures for the more
recent five weeks, these being Ashe-
vile, Columbia, Durham, Norfolk and
Raleigh.
A comparison of the figures re-
ported, for the five weeks ended August
is this year with the figures for the
corresponding period ended August 16,
1888, shows an increase of Sill, $685.
600, or 1872 per cent. Nineteen of the
% cities reported higher debts figures
for the 1884 five weeks. The decreases
reported for Dahville, Greenville,
Lynchburg and Winston-Salem were
probably due, in large part, to re-
stricted operations in the textile field
and were all small declines, the Rich
mond bank observes.
Conservative Banker Passes.
Wide regret was heard in the finan-
cial district today over the death of
Edison B. Olds, vice president OF the
Union Trust Co., who had been a
resident of Washington SO years,
started his career in finance as a |
messenger when he was IL years old
and had been with the trust COM
pany since 1905.
Mr.. Olds was a most conservative
banker, belonging to what is often
called 'the old school" His friends
say that if there had been a higher
percentage of such bankers during
the boom, there might never have
been financial crash in 1929. Had
such men been in the majority at that
time the conditions would not have
been permitted to develop which
brought about the breakdown.
A busy financier, Mr. Olds, also
found time to write a history of the
OldS family, which was widely cir
culated. He had other literary work
to his credit, was active in the
Washington Society of Fine Arts and
had been its treasurer for the last 20
years.
His work as one of the organizers
of the washington Clearing House As
sociation will give him lasting place
in the city's financial history.
TOday's Trading on Exchange.
The weeks trading on the Wash
ington Stock Exchange opened Po-
tomac Electric Power 51a per cent
preferred stock selling at Ill, same
price at which the stock sold last
Friday
Washington Railway & Electric pre-
ferred came out in 10 and Is share
lots today at 99l4, against the last
previous sale at 49, The stock closed
with 98l2 bid and 997s asked.
In the bond division $500 Capital
Traction SIS moved at 88, up a point
from the last previous sale. Washing
ton Gas IS, 1860, also figured in the
days transactions, $500 commanding
100.
Capital Traction stock closed today
with 24l4 bid and 26 asked.
Heard in Financial District.
Maurice Otterback, chairman of the
board of the Anacostia Bank, was back
at his desk today after a months visit
in New England. He is greatly i'm
proved in health.
Bank clearings last week in Balti-
more were ln % nnr cent above the