The Washington times., 1913-11-04
LINOTYPE KEEPS UP
UPWARD MOVEMENT
Washington Stock Exchange
Only One in Country to Do
Business Today.

Mergenthaler Linotype stock ad-
vanced a quarter from yesterdays high
price on the local Stock Exchange TINS
afternoon, which was TO the best lnfor-
nation of the local banking fraternity,
the only stock exchange in the United
States to transact business, though the
grain exchange in Chicago was open.
A total of sixteen shares OF Mergen-
thaler sold at 217A. After as spirited
bidding contest as would ordinarily oc-
cur in bid deal with juicy profits, two
shares of Security Storage sold at Zoo,
even money.
washington Railway and Electric As
figured largely in the trading, a total OF
$1,000 changing hands, at prices vary.
ing from 81, at which the first pond
was sold, to S01s, the low. The last
price was S0H.' Potomac Consolidated
b's sold for SO and s9A. Five shares
Of Capital Traction sold at 114S, after
which so shares sold at five-eighths.
After several days absence from
trading, Washington Railway and Elec-
tric common sold at 90, thirty shares
changing hands at this figures. Two
lots of Gas were sold at "a, one OF
twenty-five shares, and the other OF
washington Railway and Electric
preferred sold at So, twenty-five shares
selling.
and Trust Company stock was advanced
from 220 to 225, with none offered under
2I0. The bid price on United States
Trust was advanced to 134, with oner-
ings at 139.
In view of the drop in prices Of wheat
and foodstuffs generally, including pork
and provisions, on the Chicago Elk
change. today, local brokers opined that
operators in the center regafd the
chances for Intervention in Mexico as
slighter than yesterday.
This is based on the following rea-
soning. War would bring big in
crease in the army, with possibly vol
unteers mobilized, which means that the
Government would at once become a
heavy buyer Of foodstuffs On the 9TH
er hand, war always means fewer men
in the producing end. December wheat
dropped one-eighth from yesterday
close at the opening. which was So, al
OF to s4A. Prices for futures generally
and for other foodstuffs declined sim
ilarly.
A number of local holders of United
States Steel common, and OF other Sc
curities of big corporations which are
payi ngthe income tax on their bonds,
are indignant at this action of the COM
panies, in view of the present condition
Of the market. Most of the local hold
ers of Little Steel, for example, bought
their stock when the price was consid-
erably higher than at present They
bought If, those who are not pure specu-
lators in the belief that II would yield
them a comfortably high rate of in
come, and after the depression, would
mount to higher figure, on account Of
this large yield. Now. they point out
the price of the stock has sunk to a
very low level, SO low in fact that 1t
would not be justified for moment if
there were not a doubt Of the continu-
ance of the dividends.
Thus, these stockholders point out,
while there is a strong doubt that the
earnings of the company will continue
high enough to Justify a continuance of
the per cent dividends on the common,
the company is going out of its way to
pay out money, much of which accom-
plishes nothing except to save a few
bondholders a little trouble. For much
Of the tax which the Steel Corporation
is paying to the Government, the stock
holders say, could have been avoided
under the exemption clause anyway, as
IL is held by persons of incomes less
than 5000 and 5000
Local holders point to the case of some
of the local companies. one of which is
willing TO pay the tax, but wants all
the exempt ons II can obtain from bond
holders, and to one whose attorney has
advised II that such a payment would
not be legal, in view of the rights of its
common stockholders.
In the local quotation column yester-
day it was inadvertently printed that
% was bid for Washington Loan and
Trust Company stock, and that the
stock was offered at 140, whereas not
a share Of the stock was offered under
30. and 300 was offered for it.