Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-05
HEARD ON CHANGE

The local market during the past week
was as fckle as a Partisan coquette. The
expected did not happen. and vice versa.
There was every reason to believe that the
Washington Railway and Electric stocks
and bonds would soar to regions that meant
great profit to holders and more money
for investors at near dealing. At the tail
end OF the week, however, the results were
such as to create wonderment In the mind
of the expert and much curiosity among the
casual investors. There was comparatively
small dealing in the investments either one
way or the other.
En- PEASANT. the explanation to offer is
simple one. There was no one to play the
game. The great public that makes mar
ket had hfed itself away to beach and
mountain side and nothing Is more humer-
Gus than forced dealing among brokers
themselves. There was an effort to create
market for the stock, and the early deals
attached an intinitesimal amount OF bust
ness Monday and Tuesday; that is, It was
minutiae, all things considered. The latter
sessions illustrated depletion in interest and
small trades.
All of which Is easy to account for. 1t is
impossible to create market where there
are no takers. The finest peaches are usual
~ given away when there Is a gut in the
market. Potomac Electric and the stocks
almost without exception under the con-
troll Of the Washington Railway and Elec-
tric Company are good propositions. 1t is
idle. however, to talk about deals of any
magnitude when there is no one within hail
except the traders themselves. and it is
bad dairy mistress that stirs cream.
Manipulation of the copper stocks caused
not a little interest and a mercurial mar
ket. 1t Is a wise man In his own genera
ton that can keep apace of these offerings.
Some Of the holders rushed to cover and
Tr1h ha I'm
and the trading Friday was exceedingly in
teresting. One of the stories relatively had
to do with the fact that the company had
been finally sold and a dispatch from Du-
luth said the Cananea Central Copper Com
pany has been formed to take over the
American mines and from 5000 to 5000
acres OF land controlled by the Greene Con-
Solidated Copper Company In Mexico, and
that the object of the new consolidation
was to take over the property of the Greene
company. If the company Is included 1t will
be at a price satisfactory to the stockhoid-
ers, 1t Is reported Among these are Col
Greene. 7: 4. Cole, j. D. Ryan of Butte,
Mont, and w A oleott.
On another report more or less interesting
to some of the brokers Mitchell went down
to a point that was not reasonable, con-
sdering some Of the boom propositions in
connection with the stock No credence
was given to these reports by the wise
traders, and their good judgment was finely
illustrated by the fact that the next days
trading after this report was marked by
half point rise on which some of the wise
buyers profited.
There is renewed interest in local bank
stocks, and with the return Of the pilgrims
from the haunts Of the summer girl-if
there Is anything left in the exchequer-
they should become very active Washing
ton banks regarded as the most con-
sentative in the country, and the figures
opposite Riggs National, "600-610" are
fair illustration of what price capital
city bank stock can attain. Some of the
investors who are turning their eyes in the
direction Of bank stocks are recalling that
this is the institution that helped Uncle
Sam out in one of his direst needs during
the civil war. Anent in the event of
strngency of the money market the un-
preeedented crops, the possibilities of the
local banks are not without measure of
great success and profit. As this tightness
of money seems to be very generally an
tieipated. and as there is none too much
in circulation, there may be some basis for
the very general expectations of high
rate of interest Should such condition
obtain banks In a city like Washington.
with correspondents in every state where
great crops have been made, unquestionably
have great opportunities
Local bankers are watching the money
market and the treasury statements
Maltese does the white mice In animal
store. The banks are fully cognzant of the
fact that they are going to be the masters
OF the SitudtloH WHICH, LIE cIop NOV clhSit
begins. For this reason all the currents OF
the money winds have their effect and
even the public debt statement this week
is attracting a great deal of attention
This statement showed the debt less cash
in the treasury. to be s9T3S56, sol. which
shows the increase for the month to be no
less than So, 42l Ss5. The increase. which
is not so exorbitant under the conditions,
excited comment, and there was much ad-
verse criticism because the full statement
of the Panama canal bonds was not made.
When so much money Is about to be cir
cuiated to move one of the greatest crops
in the history of the country some Of the
financiers think that everything ought TO
be In the Hmelight.