Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1909-05-19
LOS ANGELES STOCK EXCHANGE


Yesterdays stock market active and
well distributed though prices in most cases
showed decline.
Bond prices were a par with Monday s
close and many of the issues were offered that
have not been quoted in some time. Associated
active and there is still an order out for
10 or 10 of these, although two changed hands
yesterday
Bank stocks were quiet. German American
Savings was the only one changed. 1t closed
at 1918 at 1927 up points in the bid.
Industrials, outside of the Edison and Home
Issues were quiet. Edison common closed
with an advance of 81 points in bid price. at
s4S.75 at $50, The preferred has been strong
all through the fight on the common stock.
Oil stocks were in the limelight yesterday.
Union was weak, although 40 shares were
handled at from s1O25 to slO2 % and it is
thought that the order Is not yet completed.
The selling is supposed to have come from east
ern sources. Associated market will continue
to decline until the selling order Is disposed
of, and it Is understood to be a big block,
some 100 shares or so. The price is not far
from the present market. Olinda is stiffening
again. 1t closed 81 at 271s, with 5000 shares
selling off board at 81.
The mining call was active for a change,
Clark Copper and Consolidated being leaders.
Some days ago there came to light an overissue
of the stock of a mining company by trusted
secretary to the extent of some 500 shares,
and running back over a period of between ten
and fifteen years, and during this time assess
ments have been collected on this oyerissue.
L. F. Parsons, manager of the Los Angeles
Stock exchange, the subject says:
again the subject of registration and trans
fer OF stocks by a trust company not con-
nected with the corporation whose stock is be-
ing placed before the public is brought prom-
nently to mind. The directors of this company
holding meeting with the intent Of taking
care of this overissue of stock made by the Sec
rotary, whom they had trusted for years. In
fact, according to the newspaper reports, this
overissue occurred ten or fifteen years ago,
when the stock was worth much more money
than it is now. This secretary has been col
lecting assessments on the overissued stock
ever since 1t is almost impossible to say how
much money he has received. The directors
have taken steps to have him prosecuted, but
this does not help the innocent purchaser Of the
stock or get hack the money the secretary has
stolen.
THAT such an offense as this is possible is
the fault of the system of handling the stock,
both here and other coast cities. Had the stock
of this company been transferred by trust
company or a reliable transfer agency, as is
required in all eastern cities, such a thing as
overissue would be practically an impossi-
bility and II such thing does occur the trust
company has to make good
Il have advocated this for two years and
have brought the matter before the bank clear
ing house think that 1t is serious menace
and that the bankers of this city should
help the Los Angeles Stock exchange to elimi-
nate. The exchange has done all 1t can; it
cannot enact ex post facto law and there
fore the companies already listed have the
privilege of exercising their own option In the
matter
Morning sales-5 Home pfd. at $50; 10 do com
at $11; 10 San Diego Home at $50. 25; 10 Asso-
ciated Oil at $3.50; 1000 Billilxen Oil at Ice;
80 Union Oil at $1O2 25; 30 do at s1O2, so.
Afternoon sales-40 Associated OIL at $34. SO;
1000 Billlken Oil at 151tc; Associated bonds at
80; so Union OIL at rs; 1900 olinda Land,
off board at &c