The Washington herald., 1913-07-15
MARKETS. llANCE CONNER CE

Union Pacific. and IA on Steel Sloss'
Shemetd lost . point: New Haven ros<
-; Mexican on on "a. -
Markets close was tired and apollo
getic for remaining open five hours. -Four
hours brought q record of 5000 shares
ulse Sky Law.
Secretary Frederick r. Fenton. Of the
Investment Bankers Association OF
America, has mailed to the membership
of the association a hfty-page bulletin
which contains information OF value to
investment bankers in this country. The
bulletin supplements former issues and
brings up to date many State legislative
conditions affecting the purchase and
sale Of investment securities.
The survey of the association as set
forth in this bulletin treats with the
eighteen blue sky laws that have been
enacted in the various States, and in
cludes comprehensive tabulated sum-
mary Of the requirements OF each act,
printing In full all the laws passed re-
Gently on this subject. The proposed in
come tax law and a timely discussion
of the German methods Of regulating the
purchase and sale of securities also form
part of the current bulletins.
President George B. Caldwell has an
nounced q general committee, composed
Of Chicago members Of the association.
which has begun elaborate preparations
for the second annual convention. which
will be held in Chicago this fall This
committee is headed by II. l.. Stuart,
n. w. Haisey & CO., Chicago, and
is composed of the following: John E.
Blunt. Homer w. Mccoy, r. E. wilsey.
F. w. Leach. George H. Taylor. Clark l.
Poole, John :. Abbott, Charles Counsel
man, r. L. Lansing. Robert Stevenson.
Y ID ID i've
w. G. Leisenring, Walter G-eensbaum.
n. Roberts, c. F. Childs, b. r. Taylor, c.
Edward Carlson. James L. Martin. jr..
Paul Chapman, Joseph A. Rushton,
Gerald W. Peck. T. j. Bolser, r. B.
uphsIn, Stanley Miller B. L. johnson. r.
E. Danielson, Percy c. Hord, and George
F. Hardie. A New York committee.
headed by l. B. Franklin. of the Guar
anty Trust Company, New York. has al
ern contingent to the Chicago conven-
ton.
Definite arrangements have not yet
been announced. but the tentative dates
of October Is. 9. and 30 have been fixed
and are expected to be decided upon for
this big gathering. The first annual con-
vention. held last year in New~Yor at
tracted over 500 investment bankers from
all parts of the United States and Can
ada. Inasmuch as the association will
have completed its first year Of activity.
the approaching convention is expected to
far surpass this first gathering in point
of attendance.
Local Securities.
Features Of yesterdays local security
market were the strength in Capital
Traction and the continuation OF the daily
advance in Washington Gas ION its way
to 800 share
Yesterdays rise was to 30 3-s from 80.
and the close 90 is, and 90 3-S asked. Less
stock is coming out. but as the price ap-
proa, hes the high record there will be
increased selling. Buyers talk just as
strong as ever. Certainly they are buy
ing Gas, and they are taking a wad
Of it on the rise and with equal assur-
ance; the reason why. to put II plainly. Is
as much a mystery to the public and
actual insiders in the company as ever.
It. is professional buying and plainly
with a purpose in view.
Capital fractions strength was purely
investment buying. and the price ad-
vanced to 11sa1ls 3-s. with lis "a the ON
cial quotation.
Lanston 80. No other stocks traded in
except two share Of Railway preferred
at S.
Railway Is showed strength at SC 3-la
s. 7-s.
Some local bankers assert that the
money market is slowly working easier
There is very general complaint against
cole tons. curtailments even being small
er than usual.
Wall Street sends the following on
money in New York.
Money.
Some Of the most prominent bankers
say with reference to the monetary Con-
ditions that the average individual in the
community does not at the pres |
ent time appreciate the real monetary
condition. Regardless of the nominal quo
tations there is a decided scarcity of time |
accommodation, and 1t Is no exaggeration |
to state that there Is little or no market |
for prime mercantile paper at the mo-
ment. Many Of the very largest corpora |
tons, both industrial and otherwise, |
which in ordinary years only depend to a |
moderate extent upon their own bankers |
being able to negotiate their own paper |
in the open market. are this year greatly |
hampered and unfavorably affected by |