Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-25
HEARD ON 'CHANGE

sensation on the stock exchange is not
scheduled for every week during the year,
and sometimes many weeks pass without
anything out of the ordinary to create a
ripple on the surface of the duck-pond
calmness which reignS at the daily meetings
OF the exchange. During the past week,
however, there has been a genuine sensa
ton. and 1t may be said that it was unex-
pected. 1t is possible there may have been
some who knew that there was going to be
an active movement in the stock of the
Washington Railway and Electric common,
but if they did they hid that fact in the jim
most recesses of their consciousness and,
as far as known, made no effort to utilize 1t.
To the ordinary individual not possessed
with the spirit of prophecy 1t seemed that
both the preferred and the common stock
was in the power of the broker who has
been all along the principal trader in those
securities, and that their movement.
whether up or down, was as he might de-
eide.
In point of fact. if he had any influence
in the matter. which. of course, is merely
the gossip of the room, he had eXerted 1t
only to bear the stocks and those who had
bought at the rather high prices and had
placed their stock in the banks mar
gin Of say 10 per cent, were apt to look at
the dwindlfng course of the market and
to provide additional margin.
Matters, as far known, did not reach
that critical point, but the course was in
that direction and there seemed to be no
support In the market for either OF the
stocks. While there was no special pres
sure to sell, there was no buying, and, in
fact. it was said generally that number
of the banks had just about much of
these securities as they felt justified in
carrying coilaterals.
Altogether the situation was such that 1t
might be possible for a broker to offer
either to buy or to sell without running
much danger Of being taken up and in this
vanced as suited the particular fancy at
the time. The course of both stocks UP to
Friday last was that of the toboggan with
a gentle rather than steep grade, so that
the movement down was not at any time
very rapid.
Then on Friday appeared buyer and
the scene changed. He only wanted the
common, but it seemed that those who had
the preferred for sale concluded that 1t was
worth more, and SO sort of sympathetic
movement set in and a higher notch was
reached, but it was only a small advance,
which was insignificant as compared with
the two points and half achieved by the
common.
The sales of the latter during the past
two days reached about 900 shares, and
"Ille tHiS amount is d large one ana IuiiS
into good, pretty. tidy sum, when calcu-
lated at the present market value, still as
there are some go, 600 shares all told of this
stock issued, the gathering in of such
block does not mean that the control of
the road is going to be changed In conse-
quence.
At the same time there are those who
think that the acquisition of the stock may
mean that some people who want to have
n voice road Its
ing to their holdings by securing the
cheaper of the two kinds of stock which
the company has issued
The right TO vote is just as much vested
in a share of the common stock it is in
a share of the preferred. and the former
Is selling on the market for less than half
the price of the latter. it is thought 1t may
be concluded a matter of wisdom to get the
cheaper stock In spite of the fact that it
has NOT yet paid dividend while the COM
pany not only pays per cent on the pre-
ferred but what is more the annual report
shows that this dividend IS earned