Evening star., 1924-08-18
TRADING IS LIVELY
ON LOCAL BOARD
Utility List Again Features
Transactions-CapitaI
Traction at SO 1-2.
BY CHAs. p. SHAEFFER.

Wen diversified trading at firm t.
stronger levels. taking in pract;ca3..
the entire local utility list with tn.
exception of railroad common and
preferred stock, featured today's
TRANSACTIONS on the Washington
STOCK Exchange.
Caltal Traction stock, which Great
ed such furore in last weeks clos
ing session, was steady at 931h on
sales of n shares. This level is half
point higher than Fridays close
Gas stock was strong and unchanged
AT 1874, and Mergenthalcr Linotype
scored a net advance Of half a point
Closing at 15S. American Security
and Trust Comany sold at 305. and
National Bank of Washington
brought 205.
Bonds were quiet but firm. Potomac.
Electric general and refundins IS
sold at 1913, their peak. with the re-
FUNDING Gs of the railway company
changing hands at 90 Pepco Is sold
at 104 12, and Wardman Park Hotel e.
at par. Railway As sold at AZ.
Notes Swing to Gas Stocks.
The rise in gas company stocks
since the first of the year is only the
beginning of rapidly increasing
public interest in this class of securi-
ties, according to John Moody, the
statistician, in a statement made pub
lie today through the American Gas
AsSocia ton.
In analyzing the future of the
manufactured gas industry from the
point of view of the investor, Mr.
Moody gave it as his opinion that
gas securities had earned the right
to the same general rating, as a class
that had formerly been given TO rail
road stocks and bonds.
The real switch in favor Of ga.
company securities has come aboG,
since the war" he said. During the
last five years the business of this
and similar utilities has Increased in
a way that, | am safe in saying. Il
not comparable in any other indus
try. During the depression of 19o0-2l
gas company earnings maintained
their position with a remarkable de
gree of stability. This was a dc
cisive test which for the first time
attracted the capital of both specu-
lative and investment groups.
THE public has seen the holders
of railroad and industrial securities
suffer substantial losses during pc
RODS of depression. The industrial
prospect is still little bit uncertain
Not SO with the gas and electric utili-
ties. They have come to be regarded
as securities of essential industries
that have successfully gone through
the mill; that have been with us long
enough, and whose record is we'll
enough known, TO have achieved u
reputation for permanency /. per
sonally. became A stronger advocate
OF gas and electric securities when
saw the stabilized condition of
these industries at the time when
everything else was going u pot.
Bankers Taking Rest.
Thomas p. Hickman. vice president
of the Franklin National Bank, ac-
companied by Mrs. Hickman and
family, is vacationing at Lake Han
cock, Me.
Robert V. Fleming and John l..
Edwards are sojourninC few weeks
at Atlantic City. Avon NJ. NeviuS
vice president of Riggs returned this
morning from Ocean City, as did
Joshua Evans, jr., from Rehoboth
Beach.
Rond Authority Granted.
The Great Northern Railway Com
pany today received authority from
the Interstate Commerce Commission
to issue not more than $500. 600 of
equipment trust certificates to be
sold at not less than sc per cent of
par.