Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-08
HEARD ON CHANGE

In view OF the fact that there were two
holidays last week-the Fourth Of July and
the first OF the usual Saturdays or during
July and AuEust-it appears that just four
hours Of hard labor for the week are 20 be
credited to the Woodworking brokers OF
Washington under the one-hour law which
prevails on the local exchange. From var1-
Gus sources and In various ways In times
past suggestions have been made whereby
the volume OF business and the time for
transactfng 1t on the local exchange may
be increased, but no definite and satisfae-
tory scheme to accomplish this double re-
suit has yet been evolved In fact It seenns
to be the consensus of opinion on change
that unless the investing and specializing
public evidences a keener appreciation OF
the possibilities OF profit in store for those
who deal in securities on the local list. the
one hour each day devoted to buying and
selling will prove ample for some time to
come
Activity on the exchange was by no
means pronounced at the four meetings OF
the board last week, but, all things con-
sidered, the interest manifested compared
The month and week opened auspiciously.
and the increased activity and broader
business was repetition OF the preceding
Mondays experience. In considering the
weeks transactions bond sales occupy
conspicuous place In the somewhat meager
record-an aggregate of S24.O4O OF various
Issues having changed hands at prices
which were considered fair In view Of the
distinctly bearish tone of the stock market.
Among the more conspicuous issues were
Washington Gas 4 per cents at 103: Po-
tomac Electric Light 5 per cents at 104h:
Chesapeake and Potomac Telephone per
cents at 1o4A and l045x. Washington Rail-
way and Electric 4 per cents, which on
a nf1nd
bulk of the days business on Friday at
ssh to ssh. Perhaps the most interesting
feature OF the week was the announcement
from the company of its purpose to issue
81 $780, eco additional bonds upon the Poto-
mac Light and Power Company's plant.
Various opinions resulted as to the effect
OF this action upon Washington Railway
preferred and common stock, some holding
the issue of bonds to be a bull argument
and others contending for the opposite bear
view. In any event, inquiry develops the
explanation that the bond issue was made
necessary solely by the largely Increased
demand upon the company for electric pow
er; that the present plant was more than
adequate to furnish power to Washington
under normal conditions for some time to
come, but SO extraordinary and unpreca-
dented has been the development OF the city
that it was thought wise to largely increase
the capacity of the company In order to
meet the constantly growing demand for
power 1t is claimed that with the new
pany will be materially increased, and
those who take an optimistic view of the
situation find it difficult to conceive how
an increase OF facilities, occasioned by q
growing demand for q necessary product,
can be anything but an indication Of pros
perity.
In stocks the week has been rather dull
and uneventfuL The daily records have
shown little diminution of the bearish tone.
The local market. however. has shown a
fair resistance to the low prices which
now prevail on the exchange. 1t Is difficult
to induce the public to purchase securities
after a persistent downward tendency. Such
conditions have been emphasized of late.
but there appears occasionally firm sup
port to the market from sources undoubt-
edly appreciative Of the opportunity to ac-
quire good values
With decided turn for the better in
the New York market. there are constant
accretions to the hopeful contingent. who
predlct better prices and increased activity
in the local financial arena at an early
day.