The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-01-12
Traction IS and Gas IS Sell
Near the Record for the
Entire Nation.
NEW YORK STOCKS WEAK
To Lecture on Negotiable Instruments.
Berlin Has Women's Bank.
Gossip of Street.
BY ]. A. FLEMING.

Two ISSUES VI LOliNS a. Q
selling on nearly as high basis as
any utility issues in the entire United
States. With the exception of one is
sue in Philadelphia, one in New York.
and one in Boston, the Capital Traction
IS are to-day the highest priced utility
bonds in the country. When the bonds
were selling as per cents before the
interest rate was changed to ., and IN
the case of Gas 5s as well, these issues
were top priced of the United States
Potomac IS, when selling around no.
the highest priced electric issue in the
country, although fear that they might
he called for retirement has weakened
the price
While the yield is not as satisfactory
TO investors, there is stability in TINS
market OF the very highest character,
Indifference to the influences that aiect
other financial centers and ready sale
to investors for these issues at all times.
In the season of easy money the banks
Of the city find these issues especially
desirable for investment of surplus funds,
and the turn to cash may always be
accomplished without sacrifice of i'm
port
There are $5.sS0OOo ; per cent bonds.
first mortgage loaned on the entire ply
steal value of the Capital Traction Com
pany. franchises, &c. On the Washing
ton Gas Company's property there are
but S2,S6O.0OO on a plant estimated, or
rather appraised. at better than Slt.UOo,-
coo There are only 81. 10000 outstanding
first mortgage IS on the Potomac Elec-
trio Company's property.
As a matter of fact, all Washington
securities, almost without exception, are
desirable for the investment of trust
funds. Congress guards these corpora
tons, the Commissioners keep watch
full eve on their movements, and specu-
Iation plays little figure in the market
value Panics pass by without inJurlng,
and they grow with Washington.
stock. in Favor.
Washington utility stocks have also
been in favor with investors, and Capital
Traction and Washington Gas have been
the foundation stones in a number OF for
tunes Certificates are outstanding In
these and in Georgetown Gas that have
been held in one ownership. or in the
family of the original buyer, for over
half a century, adding increasing divi-
dends and cash through rights on bond
issues and new stock issues.
Washington Railway and Electric, with
a capable, thoroughly experienced rail-
way man as its head and manager, has
taken a prominent place in the standing
OF the investment community.
The most promising statements are
made as to what the earnings for tn"
year 1872 will show. and the strength in
the stocks, both common and preferred,
is by no means forced.
II the wise men who are supposed TO
preside over the destinies of Washington.
in the Municipal Building and ION the
hill will only give Washington public
utilities commission. one that will wisely
;,, ,,aff will
be even better than to-day.
Washington investments ought to ap-
peal to some of the winter residents of
the District as the safest and surest div
idend and interest payers-and our bank
ers owe It to Washington to advance
these ideas TO the capitalist within our
gates.
Mr.. Guy Not n Candidate.
Benjamin W. Guy. vice president of the
Columbia National Bank, is not candi-
date for the position of president of that
institution in the event of Mr.. Fox re-
fusing to stand for election next Tues
day.
In common with all other directors in
the institution, Mr.. Guy hopes that Mn
Fox will relent and permit the honors
and the harness to cucumber him yet
another year. Mr.. Fox has always been
a working president in the fullest mean
ing OF the term That he is in need
of a rest and a long vacation is I'M
questioned. and the general opinion is
that he will take il in the immediate
future.
Candidates" for the position OF pres-
dent, should Mr.. Fox cary out his de-
termination to retire, are not numerous.
It is probable that there are few bank
ers who might be in a receptive mood.
even though they are not candidates at
this time.
Local Market.
1t was a decidedly slow day on
Change yesterday, 50 shares of stock
and 5000 bonds, par value, being the
aggregate of the record.
The sales for the week, So shares of
stock and $4,000 bonds, Traction IS, Riggs
rs and Railway As leading showed a
better investment demand than for some
weeks. There was not any speculative
nor much 'bluffing'' during
the weeks operations. save on one day
when bids were made for much Gas
stock and a wad was also offered.
The bid price of Railway preferred
rose yesterday to SOS with none offered
under 9l1z. The common was also
nominal at SSaS9.
Washington Gas sold at S5Tsas6 and
was offered at IS.
Gas IS were active at Ito 1-2. Riggs
IS, long, 1OS, and Chesapeake & Potomac
IS. lO6.
Wall Street Market.
With the opening of the short session
yesterday the indications seemed rather
favorable for advances on the usual Sat-
uTday theory that on Monday the Mime
sofa rate case would be passed upon by
the Supreme Court and that it would
i've favorable.
For several weeks this brand of elixir
las been used on Saturday to give the
market a good closing.
But before the trading had fairly set
tied in its trend values were weakening
and the result was that but one or two
stocks on the entire list moved upward
even fractionally, while practically
everything else was lower.
European conditions were not to the
liking OF the, street: subsequent devel-
opments showed a large expansion in
in loans and but a nominal increase In
! eserves of the banks, with our English
cousins counting on drawing down $780,
100000 in gold, despite the enormous BAL
ance in our favor. "a.
The weakness in coppers had much to
40 with the turn to lower prices in the
rest of the list, although the majority of
losses were SAL point.