Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-28
HEARD ON 'CHANGE

A somewhat improved tone in the market
is about all the change that can be noted in
the course of the past week, which has not
proved very eventful. The volume of bust
ness has grown somewhat and the prices
are higher, and some progress has been
made toward getting back to the level
which was maintained before the reaction
set in due to the condition of the money
market.
The recovery, however, has not been very
rapid, and the movement has been much
slower than was anticipated Various rea-
sons are assigned for this, and among them
the policy of the bankers figures more or
less prominently.
AT the same time the deliberativeness in
making loans, or rather the failure to make
any at all, is looked upon by some Of the
brokers' as injurious to local interests and
as keeping back rapid return to normal
activity. 1t is also claimed that the rate of
interest is higher than is necessary. On the
other hand the bankers say that it is to
their interest to encourage business in local
securities, and that they aim to do so. They
also claim that their money is being used to
meet local demands, and it is only when
there is no call for it here that 1t is sent to
New York or elsewhere to take advantage
of the high rates that have prevailed there.
In the meantime the daily transactions on
the exchange are gradually rolling UP in
volume and business is getting better, but
thus far there has not been a return to the
activity which is usual when stocks are
going up.
1t is also a significant condition at the
present, time that in many cases all the
funds that some of the banks at least have
available for loans have been taken up. In
other words. some of the banks report that
they are loaned up and that their money is
placed among local customers.
hn nf hn han Ii nSr
business continues, and seems to be growing
better. and as that may be taken as an in
dication of the increase in the business and
the resources of the city it has a wider sig
nificance than merely the improved pros
poets of earnings for the stockholders of
those institutions.
Such a view of the local situation might
incline one to look hopefully on the future
of the market and place him in the class
which is technically known as the bulls
To expect a rising market is the natural
tendency of most people, according to aver
age experience, while it is only the com
paratively few that anticipate a falling
market.
Just at present the local market is occu-
plying the position which is between the two
extremes, and those are to be found who
are looking in one or the other of these di-
rections.
Following the recent bids for grants for
the construction of steam railroads in the
Philippines comes Offering OF bonds of
the Manila Electric Railway Comapny by
William Solomon & Co. of New York and
W. B. Hibbs & Co. of this city. Solomon e.
Go. are the bankers to whom, with others.
the Philippine commission last Thursday
awarded the grant for the building of 2?5
miles of steam railroad In the Islands of
Panay, Negros and Cebu.
The Manila Electric Railroad Company,
which obtained its franchise in 9>3. opened
its line in April, 1895, and has row forty
miles of track in operation TO The ninety
five American-built cars already in opera
ton on this line ten new cars will soon be
added. Additional mileage Is under cen
Struction 1t is claimed that the Manila
street railway compares, in every respect
with the best street railways in American
cities. j. G.. White * Co.. American en-
gineers. with offices in New York aud Lon
don, were the constructors of this road.
The earnings of the property have more
than fulfilled expectations. In the period
of six months during which the road has
been in operation the company has earned
at the rate of AZ per cent per annur1 on
its S5GG0,000 stock as well as paying inter
est on its bonds. 1t is understood that the
bonds will be listed on the stock exchanges
of New York and London.