The Washington herald., 1917-07-21
UNUSUAL WEEK ENDS
ON LOCAL EXCHANGE
Bond Sales Small. but Principal
Stocks Are Active.

The week ending on the Washing
ton Exchange yesterday was unusual
in two ways. The amount of bonds
, traded in was the smallest for
months and the quantity of stocks
which changed hands was consider
ably above the average. Washing
ton Gas stock was the feature of
the trading during the closing hours
of the day.
A total of 21O shares sold on a
scale upward from II 1-2 to Y. The
amount of sales at the higher figure
caused holders to retain their stock
and none was offered below Y 1-2
during the final hours OF trading.
The disposal of 21O shares of gas
stock was the largest days move
ment of these holdings for several
months.
Washington Railway and Electric
Company preferred stock also was
quite active, a total of 10 shares
selling at rs. This amount was made
up of small lots of five. ten and fif-
teen shares each. Railway common
continued weak with the sale of
I twenty-five shares at 50. the same
figures at which a quotation lot sold
yesterday.
The first sales of the recently
/ listed Potomac Electric Company s
per cent bonds were recorded on the
local exchange yesterday when total
Of 5000 worth sold at par. There
were no other bond sales
An odd lot of Capital Traction
stock brought 70 81 Mergenthaler
| Linotype stock was easier, with the
sale of sixteen shares at l45. Six
shares of Merchants Transfer and
/ Storage Company stock changed
! hands at par.
The following analysis of the New
York situation was received late yes
terday afternoon by w. B. Hibbs &
Co. from c. B. Chaplin & Co., their
New York correspondents:
The moderate rally in the indus
trial list today from yesterdays rather
sharp declines under the lead of the
auto stocks and other specialties was
mostly due to the local trading ele-
ment having over extended the short
interest in pressing their operations
on the bear side the past few days.
/ Easier money conditions, as against
[, the sharp furry of last Monday,
| together with the failure of any,
thing to develop regarding the re-.
cent rumors of Germany being about
TO renew overtures for peace, en-
couraged some new speculative buy
/ ing today.
This found the market somewhat
oversold in spots and it was made
the basis of the bidding up of prices
where the short interest seemed most
| susceptible to such professional ac-
uvity. According to the cabIed re-
ports this evening from Copenhagen
on the new German chancellor's
| speech to the Reichstag. there is
/ now little hope >or an early end to
the war. He says the Intervention
Of the United States is not a cause
lor serious concern in Germant and
J that the offer of peace to the en-
tente powers will not be repeated
in view of their continued confidence
particularly in their submarines mas.
tering tae situation.
Therefore, while the market NAV
be rallied somewhat from the nres-
ent range of prices after the shsrp
declines in the general Industrial list
OF the past fortnight, there does not
yet seem to be any warrant in the
present situation and outlook for
expecting such recoveries to go far
/ or prove more than temporary.
After the short interest has been
i driven in, the probabilities are there
VIII not be enough buying power in
the market to encourage the deveI-
opment of any real fresh bull move
ment until something comes from
washington. particularly on the price
| hX1ng program and the taxation
| policy TO revive confidence in the sue
/ cess OF such an undertaking on the
constructive side of the market"
The movements of the more i'm
portrait Washington stocks are shown
\ below: