The Washington herald., 1913-01-26
LOCAL MARKETS
Buying power
Shown by Manner in Which
Blocks of Securities
Were Absorbed.
NTERCITY DEBATE Is ON
Wall Street Reported Slow but Firmer.
Gossip of the Street.
Statistics.
NTERCITY DEBATE Is ON
BY 1. 4. FLEMING.

BY i. 4. FLEMING.
The Washington stock market has
given a very good account of itself
during the past week. Naturally
narrow market, void to a large degree
of anything approaching speculative
activity il has shown its ability to OBJ
sorb bargains and without the slight
est evidence OF inside support in two
notable instances First, in the alb
sorption of 800 shares of Washington
Gas stock. put on the market at one
session. with but l. of a point reces-
sion. Second, in taking 2OS shares OF
Union Trust stock at 1868 TO 1868,
with evidences that insiders gave no
support to either.
Following on the record of the pre-
vious and the past weeks, when Com
mercial National stock was sold freely
between zoo and 1876 and back to 2O4
bid and none offered, it shows that
when opportunities are offered there Is
investment money here to take it, al
though the Commercial National oper-
ations indicated a well-devised and
successful plan of support.
The Union Trust stock came from an
estate. a big block, relatively speaking.
and perhaps unexpectedly. and it FOUND
a ready market awaiting. II Is not
often that such block comes on the
market.
Gas COmpany's Best Year.
Washington Gas. with the best year
in the company's existence, and the re-
port will bear out this statement, ana
with the promise of another big year
in sight, earning over and paying near
" 524 per cent on the market price
should be, and probably is. a bargain.
That number of suits have been or
will be filed is not matter for worry
on the part of any shareholder, for
the relations between the two gas
compa nies promise more harmony ere
long.
The Washington Gas meeting. February
!" will be interesting. II is said that
there will he opposition to the reelection
of two Of the directors, and there may
be opposition to the reelection of Presl-
dent Letter. on the ground that he is
but a small holder of the stock and not
I practical man, nor yet endowed with
necessary diplomacy To meet the situa-
ton with Congress when necessary
The entire market has acted well
Bonds and stocks brought satisfactory
prices.
VIII List Utilities Stock.
1t is reported that the next movement
nr the Washington Utilities Company
will be to apply for listing on the
local exchange. The members all hope
that the report is true, as il would give
tie exchange one more active security.
Federal National will be listed after a
time. and the action on the street and
on change would seem to indicate that
il will be good trading stock.
IntercIty Debate.
An interesting tricity debate has been
planned. and will BE- staged in Philadel-
rhia. Baltimore. and Washington on the
hn Inhl tors
being members of the local chapter in
ZACH city Of the American Institute of
Bank Clerks.
The subject is decidedly interesting,
Resolved That tn" National Banking
Act Be q Amended as to Permit the
establishment of Branch Banks"
-Four members of each chapter are to
debate. Two of the local debaters will
go TO Baltimore. where they will sup
port the negative with powerful argu-
nents while two others will remain i'll
Washington and meet two from Philadel-
I,hia. the home side taking the affirma-
tive of the resolution. and the Philadel-
phia contingent the negative.
f B. DevereauX. OF the National Saw
incs and Trust Company. is the chair
man Of the local dehaters and is using
every facility at his command to coach
his speakers so that they will win both
the Baltimore and Philadelphia contests
and the work is keeping him busy.
The Workers.
H. II. Smith. of the National Savings
and Trust Company, and II. Z. Blandon,
Of the Riggs National, support the af-
firnative for Washington. while J. G.
Allison of the Home Savings Bank, and
F. a Mooers, of the Washington Loan
and Trust Company, will go TO Balti-
more and present Cogent reasons why
1N1a hlnT
sition.
The Judges have been selected, but
will not be named. in order that the
danger of influential efforts to prejudice
their views may be avoided.
Saturdays Local Market.
Local securities continued to act well
on tine closing day of the week. The
list showed more general activity, four
stocks and one bond issue moving
freely.
Prices were easier on Railway pre-
ferred and Washington Gas, stronger on
Mergenthaler. and the few shares of
Union Trust that sold were at IS advance
over Friday.
Railway Electric preferred. which has
been strong but slow, was active to the
extent of 126 shares on a declining
scale from 81 TO 80, round lots being at
9Oa9Ok.
The common sold at Sc but sparingly, |
with Sc the bid price and 81 asked at the
close.
Gas sold to the amount of 1SS shares, |
at S414aSils, against S43s on Friday.
Mergenthaler brought lis.
National Union Insurance broke into |
the sales list for the first time in weeks |
the price being Z.
Railway and Electric Is were in favor |
and sold freely at 81 1-2, with small |
bond at 81 S-4. There We're good buying |
orders around 81. Gas rs eased off to |
1IO, while Traction IS weakened to no 1-2. |
Wall Street Market.
- There was comparatively little doing |
on Wall Street in the two hours trading |
yesterday. As rule prices were firmer |
but the movement was sluggish, and
comparatively few stocks made material
improvement.
The situation in Turkey. though con- |
sidered serious, was not believed to fore |
shadow the ending of all peace prospects |
but was admitted tender spot and |
likely to break into flame unless gently |
and automatically handled. The powers |
are prepared for eventualities, but seem |