The Washington times., 1905-01-01
COURSE Of STOCKS
IN LOCAL MARKET
Review of Years Business
on the Exchange.
GREAT RISE IN VALUES
Significant Appreciation of Street Rail
way and Bank Securities-Predic-
tion of Further Advances in 1905.

Prepared by Official of the Washington Stock
Exchange.}
In sharp contrast to the conditions
prevailing during the year 1905, there
has never been afforded the Washing
ton public the profitable opportunity for
legitimate speculation and conservative
investment that have been offered IN
local securities during the year 1904.
Many of our financial sages, perhaps.
foresaw that the securities market
would shake off the persistent lethargy
and general Indifference which domi-
mated it year ago, due TO numerous
causes, but none predicted such violent
recuperation.
Consequently. many of our powerful
financial influences here were not in
harmony with the most pronounced adj
vances which occurred during the year
The public generally, however, as well
as many of the brokers. have been lib
orally benefited by the generous ad-1
vances made 1t has been rumored that
this enhancement obtained its momen-
tum in part by clever manipulation,
which would prompt us to the belief
that the high prices We're not perma-
nent. but this theory is clearly refuted
when we observe that the higher level
of prices in creating 4 more active de-
mand also occasioned more substantial
and stronger buying.
Washington Traction Issues
This is especially true concerning the
preferred stock of the Washington Rail-
way and Electric Company, which, in
April. being regarded by the c.nserva-
tive element as a hazardous speculation
at s43 per share, was, in December, con-
sidered an attractive investment when
selling around s.. ex-dividend, with
fiattering possibilities for further ad-
vancement. and the stock daily falling
into stronger hands.
This may, in a large measure, be ac-
counted for by the fact that no dividend
had been paid previous to December J.
and whereas it was generally under
stood that the dividend was cumulative
from June 1904. Yet the policy of the
company was not conclusiveiy estab-
ished in the public's mind, many even
questioning its ability to pay dividend
All doubt in this regard was diSSipated
by the payment of the dividend of ~
per cent on December l. That these
dividends will continue in regular semi
annual periods is not for a moment
doubted. even by the most rabid pessi-
mist
The common stock of the Washington
Railway and Electric Company, as well
as the stock of the Capital Traction
Railroad, were also pronounced features
on the local exchange The former rose
from a low of 1912 in April TO Il high of
% in December, which is a tremendous
pereentum of advance. Like the pre-
ferred, however, the stock is most
sought after at the high level with the
appearance of being steadily accumu-
lated.
Capital Traction Stock.
Capital Traction has fiuctuated from
a low Of 1191l in April to a high of 145
in November Whether this perceptible
gain was prompted by the possibility
of an increase of per cent in the diyi-
dend or other cause, the insiders being
the most persistent and liberal buyers,
with little disposition on their part TO
take profits even at high levels, is
ample justification for the material rise
obtained.
The next local features in point of
attractiveness to the railway stocks
were the bank stocks. The gain made
In some of these securities WAS enor-
NOUS and in some instances not with
out warrant. These stocks are held so
closely tlaI the pFOHlS stIISiHB were IoN
az widely distributed as in the ease of
the railways, less public benefit being
thereby derived glance at the high
and low of the most active Of them
will convey an accurate idea as to the
tremendous enhancement
Rise of Bank Stocks.
The stock of the American National
Bank WAS low in January at 1l5. and
high in November at 190. The American
Security and Trust was low in April AT
$50 and high in December at 237. The
National Safe Deposit was low in March
al l4s and high In November at 200.
January at 10424 and high in December
at 11Slz. Traders National was low in
April at AS and high in December at 201.
Second National was low In November
at 1852 and high in November at 167-
Lincoln National WAS low in November
at 122 and high in December at 1i2.
There are others with a smaller range
OF fiuctuation which could be mentioned
here bat these are enough TO illustrate
the rare possibilities offered US on safe
securities during the year. more espe-
cially when II IS considered that each
security heretofore referred TO, with two
exceptions. pays Z fair percentum on the
invest
Course of Industrials.
ANY mention of listed securities would