The Washington times., 1913-01-03
ACTIVITY STARTS
AFTER THE CALL
ON LOCAL 'CHANGE
Belated Brokers Are Forced
to Buy to Counteract
Soft Quotations.

The Washington Stock Exchange be-
came busy after call today when sew
eral members who had been detained
on inaugural committee meetings ar
rived. Quotations had softened through
their absence during the call, and, since
there was objection to revising figures,
the days rices in the more active Is
sues were largely established by the
after call sales.
len lots OF washington Railway rs,
aggregating $4,000, were sold after call
at s31e. i nirty-five shares OF the pre-
Ierrea- stock Slso sold at 90is, and ten
shares at ". On call ten snares ss9la
went at 2l7h. and a quarter better was
necessary to get iifteen shares more. Six
snares of Lanston also sold at 81, ana
seven more at 80.
Two of the largest bonding corporations
of Baltimore. the Fidelity and Deposit
Company and the American Bonding
lTol 80 EEh OF wli.eh ifar-e-Wesh-
agtnn drGEuEeS are doott - com
zine iat3 What Is declared viii , the
largest institution OF It's Kind - tss
woriu The capital o. tae new con.
pany, 10 be known a. the k.dsh and
Deposit Company, will be s,00o.eo and
the resources about xl2,ts9, 10
Former Gov Edwin Wsrhel viii
head the new COMPANY. BE > now
fhe American 3fanding Co.4p1g, W.!
be vice prestdet After sstc..h fife-
ings Of the tr boards o< dirertds
ysste. dag after on the two preEs.sts :
issued the folio ag ststemeu' - stes Z
kcldo!s
After rsrefs. 1pt.ssEe a - ne 1as5
aErcco that = sd Sc Nisesfe I'D as !,
1efft.- anc Be1s Esr rofnpzuv Rrid Jft !
American Doilu.Is, Compaasy--else txo3
oldest surety companies Of Baltimore
,.x oIv -
sets, thereby increasing the efficiency \
and strength of the two companies and |
bringing about economies in adminis- |
tration expenses. This merger will, in /
our opinion, inure to the profit Of the
and Increase materially the income |
from their investment.
The stock OF the two companies has /
been bringing about the same In the
public market, and the dividends paid \
est. 4
"The surety premium receipts of the /
two companies have been In the ratio |
Of 81. 200,000 for the American Bonding |
Company to about 8. 10000 for the Fidel-
Ity and Deposit Company. This has been |
the same ratio that the par value and
the market value of the shares OF
stock bore to each other.
las the par Of the stock of the FL
deity and Deposit Company is $50
Company SIS share. and as the stock \
Of the former has been selling around i
$50 and the stock OF the latter around |
SIS, II il an equitable proposition to
American Bonding Company for one
share OF stock of the Fidelity and De-
post Company of Maryland.
THE capital and surplus of the Fidel-
ity and Deposit Company Is A,S37, ,Oo
and its total assets are S6I5,553.H.
RI
can Bonding Company is N.706,S62. and
Its total assets are $2,962, ,935.8. This
makes the grand total OF assets OF the
two companies s1l,57s, ,4ss.1s and will
make the largest and strongest surety
company in the world.
"A savinl: of per cent in expenses
on this business alone would save the
companies s175, coo. We believe that the
will result in a greater sav.
ing than this, and that the merging Of
the two companies Will increase the
earnings In many directions.
We recommend that this merger be
carried out on the basis suggested. and
We are convinced that the stockholders
greatly profit by surrendering their !
stock and taking stock Of the Fidelity /
and Deposit Company In the ratio sug-l
gested, and that this merger will result
in great benefit and profit to the stock
holders of both companies.
This plan of merger has been unani-
approved by the executive COM
mittees and the directors of our re-
spective companies
Securities OF the Washington Utilities ]
Company are expected to be listed on
the Washington Stock Exchange at an ]
early date.
Joseph Letter, John ID. McIlhenny,
Ord Preston. Daniel Fraser. and VIII
lam B. Orme are the proxies named |
by the Washington Gas Company TO
act for stockholders who authorize |
hem at the annual meeting, Feb !
-uary 3.