Evening star., 1915-02-18
LITTLE BUSINESS ON
WASHINGTON EXCHANGE
Railway and Gas Shares Neglected
Prices Nominally Unchanged.
Treasury Statistics.
Control of Munsey Trust Company OF
Baltimore Sold-Purchasers Will
Buy Minority Stock.
BY I. A. FLEMING.

Business on the afternoon call or the
Washington Stock Exchange today was
r.4teriaNs lighter than on any previous
d..y oC tn. week. With New York set
ting ;he pace in casing prices. and with a
waiting market. it was nothing more than
uislt l.e expected that investors should
also hesitate in Iessened degree, in their
OPERATIONS here.
stocks that have heretofore moved
me- 0. less freely. issues of the Wash
llgtou Hallway and Electric Company
ana Washington Gas We're entirely NOM
in,,l. and when this condition exists the
Volume of business is always light.
Bid and asked prices on Washington
Railway and Electric common stock
were SIS and 81 and on the preferred
S41a and S514, both issues being ex-
dividend. Washington Gas shares were
offered at 80. with - the best bid.
Graphophone common sold at 80 and
30. nothing between these quotations.
while 20 WIS the price of the pre-
ferred.
In the bond list. Capital Traction 5s
were moderately active at 1o6H. a frac-
uonal advance Riggs Realty 5s, long
maturity. sold at leo.
Accepts Bid for Control.
Frau!s y. Munsey. chief promoter of
and largest shareholder in the Munsey
AOot Company VI htlliIlOTt, Has us
posed OF his interests in the company
to a syndicate of Baltimore business
men, headed by Eugene l.. Norton, who
has been president OF the institution
since its formation two years ago.
Hereafter the trust company will be
operated strictly as q local institution
and under a different name, the con-
tract calling for the dropping of the
present corporate title.
Under the terms of the sale minority
shareholders may turn their holdings
of Munsey Trust Company stock into
the syndicate at the same price that
paid for the controlling interest. Def
mite announcement will be made later
on to the contract price, which is
reported to be around $40 to $115 a
share. stock was originally sold at
500 share and the company has not
paid any dividends, SO that at the out
side price there Is a fair return to
stockholders on their two years in
vestment.
1t is also reported that the plans of
the syndicate include the enlargement
of the capital and broadening of the
business. probably by consolidation
company.
Sales of the stock were made at 1oS
on the Baltimore exchange Wednesday,
but offerings were withdrawn on the
report that the sale of Mr.. Munsey's
holdings had been consummated.
treasury StaC1SI1CS.
Receipts of the Treasury Department
February 16 exceeded disbursements
by s799.S32. reducing the excess dis
bursements for the fiscal year to date
to sss.s57.554. as compared with s46.-
e6S,S5s to the corresponding date OF
the previous fiscal year.
ONLY for National Banks.
Members of the federal reserve board
and counsel also now call attention to
the fact that the privilege of acting as
trustees. executors and registrars.
under the regulations promulgated
Wednesday. do not In any way AFFECT
state banks and trust companies in
the system. but are applicable alone to
the national banks.
Other banking institutions are gov
erned by the laws of the state under
which they are incorporated. although
when members of the federal reserve
system they may enjoy privileges not
interdicted by state law.
1t Is understood that Gov. Hamln Of
the federal reserve board will soon issue
definite and final instructions connected
with the assumption Of clearing functions
by the regional banks Of the system
New Ravens Showing.
With economies in all departments the
New haven system managed 10 close tne
first six months OF the fiscal year. De-
cember 81. 1914. with a loss of $202,711
in operating income That this was ac-
complished with loss of s1.5S2.s13 in
freight revenue and Of sS11 .o22 in passen-
ger returns rs an evidence of the strict
ness OF the measures put in force for saw
ing Transportation expenses decreased
for the six months s1,357.99s, and
maintenance of way by $244,322.
In the meantime the Boston & Maine
Railro ID Company, trustees. are doing
all possible to avert receivership. II
il can be accomplished without too
great cost. They are seeking to extend
March matarities.
Pressed Steel Car Company.
The Pressed Steel Car Company dur
ing the year 1914. showed gross sales
of s13. .752. .0s0. as compared with s30.-
ss7.3S0 In 1913. indicating the econo-
mics forced upon the railroad COM
panies by their loss of revenue in the
last year. Net profits were Ss92351, as
compared with s2.374.s16 In 1913, equal
TO IA per cent. as compared with 10 55
per cent earned on the common stock
IN 1918.
new YORK METAL MARKET.