The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-08-01
BONDS FEATURE
LOCAL MARKET
Potomac Electric Consoidat-
ed Elves Find Sale For
$4,000 at Par.
NEW YORK STOCKS QUIET
Profit Taking Smashes Prices After
One Point Rise in Early
Trading.
NEW YORK STOCKS QUIET

Potomac Electric Consolidated IS were
the feature in the trading on the WASH
lngton Stock Exchange yesterday, $4,000
going under the hammer at par. THESE
bonds pay per cent, and at yesterdays
prices are regarded as a good investment
as local securities go. Proof Of this is
found in the fact that while a consider
able block Of them was for sale, the sell
ing brokers would not part with them at
the lower bid prices of last week. 1t was
only when the bid was advanced to par
that the securities could be had. and all
efforts to lower the price met with fall
ure.
washington Railway and Electric As
were also in demand. and s.. 900 face value
were sold at IS SIS to IS -. A few shares
Of Capital Traction also were taken over
at lis IA to 1151-2 Other trading was
cofined to fragments Of Mergenthaler bid
in at 213
Gen. wynne Resigns.
Robert ]. Wynne. former Postmaster
General, yesterday announced his resig-
nation as third vice president and direc-
tor Of the Washington and Southern
Bank, to take effect Immediately. He ex-
planned that he was influenced to hand
in his resignation because of several
months prospective absence from the
city Gen. Wynne will first take a trip
ness and pleasure, going to the Pacific
Coast Immediately upon his return he
will go to Europe to visit several MEM
bers OF his family. Gen. Wynne has two
sons in school in England and a married
daughter who lives abroad. He will not
return to the United States until late in
the year. At a meeting Of the directors
Of the bank yesterday Henry B. Perrett
was chosen director TO succeed Gen.
Wynne
Washington real estate men and others
in BUSINESS circles are making an effort
to bring the annual meeting of the United
States League Of Local Building and
Loan Associations to Washington next
year. The convention will meet this year
in Milwaukee. The Washington delegates
are James F. Shea, Albert Schulties,
Charles F. Benjamin, and C. Clinton
James. The alternates are John Shugru.
James NJ. Woodward, r. Morrison John
son. and Thomas NJ. Stanton.
New York Market Quiet.
The New York market was quiet and
steady, with considerable irregularity inI
the price changes. During the first
hour Steel advanced to 90 IA. a new high |
record on the present movement. Union |
Pacific sold up to 149 S. and Reading to
$50 Is Other stocks also showed good
advances. but at these high levels offer |
lngS became very Tree ana tne prices |
of all stocks declined rapidly under the |
pressure of profit taking. The decline |
persisted until about the level of last |
nights closing was reached, Wen there |
was a slight rally in the last hour of
trading. several issues adding stout frac-
tons to the lowest quotations for the day. !
Chesapeake and Ohio showed the
greatest pressure and lost a point net for
the day. Southern Pacific declined 3-S, |
but gained a portion of the loss, closing |
at Ia The weakness OF Southern
Pacific, which was largely instrumental
for the fall in the western rails. was due
to the belief that the subscription price !
of the new certificates would be lower
than expected.
Erie Stocks Strong.
Erie stocks moved up steadily and held |
the advance. confidence in the earning
power Of the system holding the securi- |
ties at the higher level. The convertible |
bonds as well as the stocks were notably |
strong.
A decision was issued by the Illinois |
Central yesterday in the Mississippi
River case. holding that the present rates |
between the upper Mississippi River |
crossings ~ Iowa and points east OF the |
Indiana illinois State line We're excessive |
and unreasonable in themselves and also |
unduly discriminatory when compared
with the rates to the lower crossings |
Lower rates were prescribed to take
effect November /.