The Washington times., 1910-05-01
MARKET CONDITIONS
BETIEREOBY RULES
: 52c:%tionS VIII Reflect Act
VI COndihOnS-Game of
BluH-PTice Changes.
By L a FLEMING.

By L A FLEMING.
During the past week the Washington
sock Exchange has materially improved
rs position with the people Interested in
local securities This has been accom-
F'lslca hy The adoption OF two rules.
roth or which we're passed bv q large
majority vote OF lie members. one.
providing tFat self-to-seIf trades shall
E-t ae recorded. derives the records
OF --ca apparent business. but Is in
ire interest II The average broker The
t--c requiring the acceptance Of recOE-
s's=a amounts when Bidding for $50 or
I'D ..-el5s er other 5lr-e an1-9r,Is- and
s-i- gl recognized lots when offer
-. ok ~ -arEe quantities, Is but
~'-. '.-E OF checking possible bluffs
---- ti-ia- "a broker may have orders
DO --5--e Both ways az the same price
-- -l-ls5g- -cEtly records have been
- "E tracing Of this character.
the actual prevailing conditions
- ID as represented The habit on
= other exchanges is to make the
iseo-a as between one broker and an
o-Ecr-no self-to-self- But a narrow
market Ike Nashllgton's IS easily al
lec-ad AID Is not broad enough for trans
actions other than those that reflect
Na't.'f.AaIt.71 DUH rules VIII
work to make quotations nearer a cor
rect reflection Of actual values
4 Chicago Bluff.
Some bluffs have been called. others
have gone through The late John R
HoXie, formerly a big trader IN Chica-
60 only made an offer once TO sell
alley l. How much VIII YOU seTg-'
Charles Henrotin, the model stock
broker IN rna ssEIerr-5-----
cranes great success. asked the cues
ton The capital stock" answered
HoXle- III take IT, said Henrotfn
me game OF oluf was played by both
IaGc-S- aO1le could not nave deIiE-I
80 80 an4 Eelrotln, probably. could not
nave raised the necessary millions f0-
me trade The resUlts2 Why tee GOV
eTnorS Of the Chicago stock Exchan-a
q45sclpiined both men, giving the veteran
F1oXle the grear er dose
4 Local Bluff.
A small game Of bluff was PLAYED On
the Washington Exchange q few months
ago The members were thrown into a
furry OF excitement by one broker Of
ferinS TO trade 80 shares Of d certain
bank stock for 800 shares Of another,
at the same time the relative market
value Of the two beng - a share in IA
Nor OF the stock which was hawked in
this uncOmmerCial manner The pro
poser would not make the exchange for
lois OF me SIZE OF the TeCOEulZed GUAM
titles on Change. Lots Of 10 % y ed
OF l-o shares did not sult-it was 80
or nothing
The proposition might as well have
been capital stock for capital stock.
And yet the bluff had its effect. IT
could not be made under the rule now
II vogue L might not be our of DIzrs
70 recall that the broker making the or
fer IS not a member Of the Exchange l
The blum should have been disciplined
Immediately
IN the Ions run the new regulations
viii make FOR the welfare Of the EE-
change and avoid explanations which
brokers have been called on 10 make IN
the past
= Dull Market
Transactions during the week just
passed were confined TO 80 shares Of
stock and $4,000 bonds. Only one stock
reached the activity necessary 10 re-
quire three figures 10 express trail
way and EIectric-and in this both
common and preferred attracted con
siderable attention. with 90 shares Of
the common and 252 Of the preferred
changing hands Both issues were
easier dropping on = on common and
5 on preferred. due largely TO the fear
that the interchange OF transfers on all
lines may materially lessen the net
earnings OF the road In all prOba bility
the transfer system would no more than
even itself in the net results Traction
stock. on the other hand, was held
firmly at 1916
Washington Gas shows 2 little frmer
tone and closed = uIz- The gossip Of
the Street is fos58 IiEher prices for the
stock or course il Is strongly held by
q number OF pools These pools seem
able 20 carry the burden and all at
tempts 10 disIOdge holdings have been
unsuccessful No attempts have been
made lately to bring this stock out Of
strong boxes
Bank shares IRE steady with only q I
limited businels
Bonds were slow. but they did not
show much change
Money IS rather plentiful here but I
bankers are making a little closer
scrutiny Of paper Merchants have not
been borrowers 20 any particular ey- 1
tent the last few DAYS and bank en-
plOyes have been enjoying unusually
early closing hours But With the adj
vent Of May business VIII pick I'D !
sharply.
No Reflection.
The smashing Of the New York mar |
ket during the week has not been re- /
feCted 10 any considerable extent in I
this city. either IN market values. ner- /
vous feeling or money tightness. And
YET washington Is probably as nervous /
over political affairs as New York and (.
the failure Of our market 10 respond /
ls due TO the fact that there IS no spec
Ul7tiOn in local seCUriIies-they are in I
EeSrrneur stocks and bonds