Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-09
STOCKS GO DOW N
Effect OF FORCED SALE IN
TWO INSTANCES.

!ty to absorb securities was Brought out
to some extent at the meeting today OF
the stock exchange, when some or the
preferred stock Of the Washington Rail
way and Electric Company and also come
Greene Cananea copper stock was Tor
sale.
There were not more than 40 shares Of
the railway stock for sale, or, at least,
that was all that was sold by the broker
who had the stock. At the outset of the
trading he sold nifty shares in broken lots
at II and fractionally above, and then
two fifty-share lots at 701f and 20. the bid
going down to 691a and remaining at that
level at the close, with II the asking
price. Yesterday the bid for this stock
was 71A and a couple of sales were made
at 7l% and 11ss.
OF the other stock that was subjected
to the ordeal of the market there were for
sale about 5000 shares. The offering at
first was in 100-share lots and several
were taken at I and 6A. which was about
one-haif point less than the bid price re-
corded yesterday for this stock.
However, any part of 1000 shares was
onered at 6A, and the taking of the first
1.OU-share lot at that price was quickly
followed by further offerings in large
blocks until another 1.0OO-share lot and
one of $40 were sold at that price. The
buyers were two brokers who represent
large interests, but what they did was
ooihNACit ~ ilOlu the IUdrhet d. tndl ieNSt.
as at the close the bid was still 6N and
the asking price an eighth Of a point
higher.
Without having exact information as to
the reason for the sale of stock at any
time 1t is natural to suppose when it
comes on the market at such period as
the present, when money is hard to get.
that it means the sale of stock used as
collateral for loans which for one rea-
iyny h 10 70 lrry
any longer. There Is no change in the
copper situation to bring about lower
prices and in fact the forcing of the sale
OF most any security on the list would
result in scaling down in the figures
Even lower figures were recorded in
the case Of gas stock and four twenty
five share lots sold on a range of from
7SA to IS and that did not exhaust the
supply at the price. But while the offer
ing at the close was 49, the bid was only
an eighth of a point from It.
Yesterday the bid for this stock at the
close was 7Sk and the asking price 79%.
which shows a conSidera BILE movement In
this security. but in the opposite direction
from that which it has taken Of late days.
1t may be this is due to some informa-
ton that has leaked out of change In
the program to be followed re1itiye to the
proposed increase in the amount of the
stock. and instead of getting five shares
Of new in exchange for one of the old
the proportion of new stock may be less.
which, of course, would lessen the present
market price of the stock.
Saturday next an application Is going
to be made to the court at Norfolk, Va,
for the appointment OF a coreceiver for
the Falls Church electric railroad. Such
a request will be made on behalf of r.
H. Phillips, one of the creditors Of the
road.
The fact that officers of the Old Domin-
ION and Great Falls electric road have
been seen recently going over the Falls
rumor that the Old Dominion company
intends to secure its control and operate
1t In connection with its own road
The National Metropolitan Bank pro-
poses to have a housewarming next Mon
day. when 1t will begin business for the
first time In Its new home. wnich has just
been completed. and which Is located on
18th street between F and G streets. ad
Joining the building which 1t now occu-
pies. The depositors and friends Of this
institution will have an opportunity Of
seeing what a handsome and convenient
place the bank has for doing business.
The stockholders of the Washington
Market Company are to vote October 81
on the question of issuing $30O,OOO thirty
year per cent cold stora ge bonds In order
to provide funds for the erection of build
:ngs and machinery for the manufacture
of ice and for cold storage. The bonds
are to be secured by deed of trust on the
square bounded by 18th. 18th, E and F
streets southwest.
On the bulletin board OF a Wall street
brokers' Office the following was posted
last week:
Five thousand years ago Moses came
down from the Mount and brought with
him a tablet on which was written Thou
shalt not steal.
To-day President Roosevelt Is giving the
same advice, and Wall street thinks 1t Is
news"
In commenting on this announcement
the Wall Street Journal said:
This commandment In its application
to the conduct of great competitive bust
ness was in the nature of news. The
country is now at last learning that un-
fair competition. marked manipulation
and rate discrimination are stealing
Government Receipts.
National bank notes received today for
redemption, $124, 427. Government re-
ceipts From internal revenue. $927.Sl1;
sl.y- mi lon &.