The Washington herald., 1913-07-30
TRACTION STOCK
FALLS POINTS
Sales Of 1900 Shares Cause
Big Slump in the
Price.
FORCED OFFER OF SHARES
New York Market Says on Small
Volume of Business BY
Professionals.
FORCED OFFER OF SHARES

something Of a furry occurred on the
local exchange yesterday, when larger
selling movement in that stock was pulled
on than II has known in many a day.
Capital Traction stock is one of the time
honored investment securities Of the
Washington Stock Exchange, and ordi-
nartly transactions Of ten or fifteen
shares constitute all the attention It gets.
Capital Traction stock pays 6 per cent
and at present prices II Is as good or
better than the per cent bonds OF the
company. 1t is therefore in good de-
mand, and investors always gobble it up
when it is offered for sale.
Some interest was shown on Monday
when two or three brokers spent some
time sparring on the price of Capital
Traction. and finally succeeded in getting
the official bid price up to 1l9. However,
this would have been significant only in
the light OF subsequent events. Even
yesterday, when seventeen shares were
sold at 119 on call. nothing out of the
ordinary was anticipated. But after call
the fun began in earnest.
Big Block for Sale.
The fact was soon revealed that a con-
siderable of the stock was to be sold by
some one forced to realize on his hold
ings. The buying broker of this stock,
who represents two or three investment
corporations, prepared for the fray and
took over the greater part of the 1900
shares offered on the floor of the ex-
change. The fact that the bids carried
down from 1ls to lis. with the final sale
OF a fractional lot at ia 10, only goes to
show the urgency of the selling OF the
stock, which, it is said, was 200 shares
put up some months ago as collateral for
a large loan.
The deal was caused by the temporary
crampiIg of the affairs of a borrower,
and has no bearing upon the stability of
the corporation or tho intrinsic value OF
its securities.
About the usual midsummer day of
trading in other stocks and bonds pre-
ceded the furry in Capital Traction, with
no special feature. Railway common and
preferred were in some demand. with
prices up a peg, but trading was light
Reaction In New York.
Trading yesterday on the New York
Exchange was almost wholly of a pro-
fessional character, with a downward dip
in prices and general bearish sentiment |
Some slight Improvement in specialties |
was more than offset by professional |
realizing on small margins of profit |
which carried prices downward factions |
to a full point below the opening. Part
of the dizziness was due to the heavy
storm which swept over Long Island and
Connecticut, making it difficult for brok-
ers to arrive in the city in time for the
opening of the Exchange. In fact, many |
did not arrive at all. and trading lacked |
snap and life which it would have had !
with a fuller attendance OF members OF
the exchange.
Rails, following the rule Of recent |
weeks We're the principal issues bought |
and sold. Erie stocks, and in fact those |
of the Eastern roads generally, were |
strongest. The Western and Northwest |
ern roads showd tendency to sag. due |
TO discouraging weather reports, which |
were interpreted to mean injury to the |
corn crop. Most brokers were giving |
more attention to the weather reports |
than to stocks. Reading was ex-dividend
Yesterday. showed a good volume OF |
trading. but lost about 3-S net in the |
transactions of the day. Some stocks, |
notably Interhoro- Met, showed net gains, |
but even in these specialties trading was |
heavy and slow. Union Pacific showed |
st one time a loss of S-s points, but |
rallied TO nearly the opening level.
Indications at the close were for a |
quiet and dull market for today.
Secret Deal Charged.
Baltimore, July 2s-Anegations that
the Callow Avenue track ordinance was
passed by the City Council as the result |
OF pOlltlCal lnluenCe ana tnat the WnOie |
project was designed for the benefit of |
certain owners of property at the end /
of Callow Avenue are contained in a |
red-hot petition filed with the Public |
Service Commission today by opponents |
of the measure.
The petition purposes TO show the spe
cific grounds of objection to the tracks. |
1t is declared that Callow Avenue is only |
five squares long. and that the general
public convenience does not require that
cars be run on that thoroughfare The
greater number Of residents, 1t is alleged,
are opposed to the tracks. Callow Ave-
nue., it is pointed out, is adjacent to
North and Linden Avenues. on which
several car lines are operated. 1t is also
one of the few approaches to Druid Hill
Park which are not married by car
tracks.
There never was any general public
demand for the tracks, 1t is said. The
agitation for said service" says the Pc
tition, has been engineered entirely by
a few private individuals owning proper
~ at the extremity OF Callow Avenue"
The comfort station for, conductors and
motormen at the terminus, II is declared |