Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-17
LOCAL FINANCIAL NEWS.

With the securities Of two companies
that are figuring in two big rumored
mergers listed on the local board 1t might
seem as II the dealings there would as
sumo something of a metropolitan bear
ing at least for the time. That such was
not the case today at the meeting of the
Stock Exchange was not because of any
lack of interest either In the stock of the
American Telephone and Telegraph Com
pany or In that of the Greene Cananea
Copper Company. but simply that the law
of all stock markets Is the law here. and
the influence of the current gossip on the
subject. and to some extent that of the
actual mergers, should they take place.
has already been discounted.
With the exception of the sale of a
couple of lots of Greene at ia there was
no trading in either of the securities. Aft
er these transactions the figures for
Greene remained about the same as at the
close yesterday. which represented the
level in the New York market for this
stock. The bid at the close was 14k and
the asking price 14as
The par value of the stock is twenty,
but the best figure mentioned for 1t thus
far has been fifteen. The current Cos
sip in New York and in Boston is to the
effect that Greene is to be included in
the proposed merger of large copper in
terests, and it is supposed that a COM
pany capitalized at half a billion of dol
lars will be the result. The latter fig
ure is reached by adding together the
present market value of the stocks of the
various companies that are supposed to
be included in the merger.
Telephone stock did not enter into the
trading at all. which is not unusual, for
it is not ordinarily among the active
stocks on this exchange. There are
large holdings in this city surviving from
the Chesapeake and Potomac companies
and the Bell Company Of Pennsylvania,
and while the announcement made yes
terday of the control Of the Western
Union Company. secured by the Ameri-
can Telegraph and Telephone Company.
was discussed good deal in financial
circles here, yet there did not seem to
be dissenting opinion to the verdict
that it was good move on the part of
the telephone company to bring these
lines of business together under one
management.
A uniform shading off in the figures for
traction securities. with the exception of
the warrants and bonds of the Capital
Traction Company. seemed rather I'M
usual. but the only explanation was that
there were blocks of the stocks of both
companies for sale and that the demand
was not sufficient to maintain the pre-
vailing level of prices.
In the case of Capital Traction stock
only about forty-f1ve shares were offered
for sale but the bid fell back about half
point. as compared with the closing bid
of yesterday. The stock was offered a
point and half below the figures of yes
terday.
The common stock of the Washington
Railway and Electric Company was OFFER
ed a point less than II was yesterday,
while the bid receded to A. After cali
one hundred shares were taken at the
bid price.
The supply for sale of the preferred
stock Of the company was apparently
larger and couple Of hundred shares
sold at 81, with some odd lots. and that
did not exhaust all there was to be had,
as the offering of 800 shares at that price
was made. At the close the STOCK was
still to be had at 81. with the bid an
eighth of a point less.
The bonds of the company also came on
the market in rather larger quantities
than usual, and at the comparatively low
level of S1ae were taken. but the buying
was not sufficient to clear the market of
the bonds at that price The bid did not
go beyond S7A at the close