The Washington times., 1913-11-05
TRADING IS DULL ON
CAPITAL EXCHANGE
Washington Railway and EleC-
trio Sells At 81 After Regu-
lar Call.

Eighty-fiVe shares of Washington
Railway and Electric common sold on
the Washington Stock Exchange this af
Iernoon at 81, after the regular call, this
being the bid price on the call, with
the Offering at 93 Trading generally
was very dull, besides the railway stock
there being only seven shares of stock
sold, and par value of $500 of bonds.
This is what a Democratic victory
does" remarked one of the brokers, hu-
morously. as the whole exchange hung
breathless on the sale of three shares OF
American Security and Trust
This sale was the only feature which
was even amusing, in an otherwise
hopeless market One broker bought
one share at 296, then bought another
from the same seller at ~, and tasn,
IN the juggling to get the price up, sold
back one of the shares to the seller at
2s9, the net result being really that one
share changed hands at 296.
-Four shares of Mergentnaler Linotype
sold at Us, an advance of another quar-
Ter of point
Washington Gas SIS were fairly active,
5000 selling at 1913. There has been a
good demand for most of the local
bonds lately, which has resulted in an
advance of prices, compared with prices
few weeks ago.
bond which has beea-fn excellent
demand is the Norfolk and Washington
Steamboat 5s, which are issued in the
800 denomination. Bids for these have
been made every day for some time.
but the holders want more for them. In
quotation lots the bid was 1919, while
none was offered.
That a quiet effort is being made to
obtain legislation which will prevent
faf6 fNf Nati al kraFa fro, l,nfV,
members of the Washington Stock Ex-
change was learned today. Those in
terested in the movement have been
calling the attention of the members
of the Senate Committee on Banking
and Currency, which has become SO
spectacular in the discussions of the
Gless-Owen BILL to what they consider
70 be the evils of a system which per
mtts National bank officers TO buy and
sell securities on the floor of a stock
exchange, and it may be that country
wide action will be urged, instead of a
bill applying only 10 the District.
The local trouble is thought to be
the result of friction, which has been
developing for a long time. The dis
contented ones point out that most OF
the members OF the Washington Stock
Exchange are also bankers, and that
this works hardship upon those who
are not bankers are not able to give
their customers the financial accommo-
cations which the banker members are
willing to extend
They declare that in the past some Of
the banks have been willing, for in
stance, to loan a larger percentage of
the market price of a local security il
the stocks or bonds were bought
through the banks stock exchang =
me nber than If they had been bought
Though some outsider.
II is freely conceded that this is not
handicap to some of the richer
brokers, who are able to keep plenty
of FUNDS for the accommodation of their
customers. but Il is declared that this
power Of the banks makes the struggle
Tor business an unequal one
That this is not at all a general view
however. was shown By comments made
by a number Of national bankers who
are not members of the stock exchange,
and whose banks have no direct repre-
sentatives on the floor. One of these
pointed out that naturally something
wrong might be done once in while
but that g. chicken were still being
stolen. anI ould probably continue 20
be stolen, f-spite laws to the contrary.
That the membership in the stock ex-
change might be an aid and convenience
TO the bank was one of his points, and
he called attention to the fact that a
broker on the local stock exchange must
have some other means of livelihood.
since there is not enough business to
Justify ones confirming his efforts to
this line alone.
The American Grahaphone COMPANY,
much of the stock OF which is he'd in
Washington, has declared a dividend of