The Washington times., 1908-07-26
WASHINGTON STOCKS
! QUIET DURING WEEK
Small Volume of Business
Confined to Utility
Corporations.

The Washington Stock Market during
the week has been quiet and firm.
Business has been small IN volume. be-
ing confined largely 10 the securities CT
the public utility corporations. u has
been increasingly apparent that some
OF the money received by washington
investors on their July dividend and in
terest accounts has been seeking outlay
in the bonds Of the railway. gas. and
electrical companies.
Capital Traction per cents, especially.
have been in demand and have advanced
in price since a week ago about 81 on
the quotation. The new certificates Of
the Georgetown Gas Company have
also been eagerly taken mp at premium
Of about s. on the hundred. Washington
Railway rs and the Telephone bonds
have been bought readily when they
could be had. Several hundred thou
sand dollars are believed 10 have passed
into these securities within the past
ten days. the sales on the exchange
being only a small part OF the trading
that mas been going on IN the brokers'
Offices ard through the banks.
Stock transactions have been limited.
Most Of the trading has been in the
shares If the Washington Railway and
Electric Company, specially the pre-
ferred shares. In most instances the
buying has been wei above the official
quotation price or the board Of the Ex-
change which has been advanced nearly
81 a share within a week. The coElWoa
stock has beer less In evidence. and the
few trodes in this and the many OF the
prefe I'd shares have gone largely 10
a sinsle broker who IS the main stay OF
these securities in the local market.
LanstOn Is Active.
Lanston stock has been fairly active.
The affairs Of this company are regard
ed as IN a sound condition, and much Of
the stock bought months ago for specu-
lative purposes. and some OF II held
probably as an investment. has been
seeking the market on the higher prices
that nave recently prevailed
The bank and trust company shares
are exceedingly hard 20 get. though
there has been recently a call for them.
and some desultcry trading IN them.
Nearly all the local bank shares listed
on the exchange are dividend PAYERS
and are looked upon as gllt-edged in
vestments- The majority Of them are
held at a high premium. and only frac-
tional lots come ont on the exchange.
Several OF them, like The Riggs Bank
shares and those Of the Metropolitan
National Bank. have been recently
without bid or offered price. and have
not appeared IN the daily quotations
This means that none Of the stock IS
for sale a. any price that any bidder
VIII give.
The shares Of this class are closely
held. and II IS only when some estate
IS settled ~ some investment disturbed
that the stock appears in the trading
The prices OF the bank shares some
times fuctuate widely within a shor.
perio6 OF time. but the significance Of
this lies IN the fact that q buyer hopes
20 pick up a few shares BY bidding the
price Up so or so a share. This. how
ever. as often fails as it succeeds.
The situation in the local market
therefore. is essentially strong. II takes
uCney-much money-tO get AZ the Sc
curities, and for that reason the trading
is held. specially in midsummer. within
very narrow bounds
Local Stocks Valuable.
Il is sometimes matter Of ridicule
that the local stock exchange does not
make q better showing in the volume
OF its trading. but when the situation
is better understood. and the circum-
stances all taken into account. the
trading is in as large volume as could
be expected. The truth Is the Wash
lngton stocks are valuable they arC
I held in comparatively few hands, and
are IN the nature Of investments Ths
volume Of stocks available for specu-
lative purposes IS small. and when tbs
local exchange records sales Of 100 shares
it is equivalent 10 1000 shares on most
Of the exchanges Of the country.
The Washington stock Exchange is
neither a mOribund institution nor g
cIub OF bankers who meet daily 10 az
range prices for rheir private purposes
as has sometimes been charged. II.
members are less ventUrcsome probably
and less given 10 mere speculation thar
/ is true Of the personnel Of similar bodies
elsewhere. but they do Q big bushes,
and a safe business. taking the matter
week in and week out during the year.
Washington securities are desirabl.
assets In any account. and the exchang,
Of them during the last week has beer
indicative of the sound financial basi.
upon which all the corporations repre-
scented in the list upon. the local stocl
/ hoard =