Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-18
HEARD ON CHANGE

The local situation does not present much
in the way of change as compared with the
condition at the close OF last week The
same lack of activity that was noted then
has continued to mark the trading during
the past week.
1t may be said that while as contrasted
with some of the previous weeks those that
have recently passed show falling on IN
the amount of business done, yet it must
be said that in spite of the fact of the ex-
istence of a dull market the volume OF pusI-
ness done day by day Is much greater tha,l
used to be the case, especially when such
periods occurred.
In other words. such has been the change
that has taken place within compare
lively short time that even when there Is
practical stagnation in business on the eX-
change still in spite of that the amount
that Is actually done is often greater imam
used to be recorded on days that were re-
garded at the time as witnessing rather az
tive markets. ,
This comparison Of the record OF the
daily business done on the exchange SHOWS
that it's activities are growing ana that the
volume of the transactions is greater than
used to be the case. Such conclusion
ought not TO be surprising, for the reason
that there are more members who take q
part In the daily meetings than was for
merly the case. and there are more securi-
that the seats are more valuable and mem
bers who are conscientious about getting a
return on their money and In making tneir
dollars work for them are not inclined 10
go each day to the place of meeting merely
for the purpose of social interchange or
transacting other business.
There IS not a unanimity of opinion in
regard to the future of the market and as
to what may be expected to be the course
of things on the local exchange. There are
those who attribute the Indifference to local
securities to the superior charms of the
New York market. and now that the bears
seem to be in control of that confused
something which is called Wall street the
idea is advanced that the money that would
otherwise find an investment on the local
exchange Is being used to hold on, in
falling market
The reason that was given some time ago
that money was tight here and that 1t was
difficult to get loans, and hence there was
a falling off in the volume of trading To-
cally, can no longer be alleged for the rea-
son that whatever stringency of the sort
existed here several weeks ago does not
prevail now. 1t is said the banks are now
feeling pretty easy. In fact, some talk is
heard that there IS more money to lend
than there are borrowers to take it.
There IS no change as yet In what might
be called the prevailing rate of interest
here for collateral loans. This was fixed
several months ago at per cent. and there
1t remains, and there has been no reason
given as yet why there should be any
change. The rates in New York are some
what higher. but ii is thought that after a
while the prospect for cheaper money rates
at that center Will be very good and then
when that happens 1t may be expected there
will be some talk at least on the part Of
those who borrow money of a return to the
old rate of Az per cent.
AS the most active stock on the market
or rather stocks, Judging from the amount
OF the sales. the common and the preferred
stock OF the Washington Railway and
Electric Company are naturally a good deal
discussed. and there are q good many in
quries as to their course, and more es-
pecially as to why they do not go up.
The latter Is a question that is necessarily
fundamental as questions are apt to be
when they relate to the future of move
ments of the stock market. OF course II
1t was known why one direction was taken
rather than another it might be possible to
judge of the time of the reaction which Is
supposed to be as much part of the course
OF the market as the recession movement
In other words. it IS not supposed that
the fluctuations al this time are due to any
impairment in the property of the company
or of its ability to continue to earn a divi-
dend and 20 accumulate a surplus, but that
it has It's origin in what is known as manip-
ulation of the market which causes the
movements. without which it would be i'm
possible for speculation to exist
The same thing might be said of other
securities on the market of equal standing.
whether the present course is up or down.