Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-11
HEARD ON CHANGE

The check which was given by the liberal
buying of the common stock of the Wash
ington Railway and Electric Company to
the decline which had set in and which was
making considerable progress had it's in
fuence on the course of the market during
the week. While the volume of the trad
ing was not large, the tendency was up
ward and at the close the figures were on
a higher level than was the case at the
end of last week.
ihere seems to be a confidence in fur
Their movement in this stock during the
coming weeks, and one, too, that will be In
'he direction OF higher prices Still it is
'hought that any great progress along such
INES must to a considerable extent await
ana 1oIloW the process of a more thorough
digestion of this security than has taken
place.
Following the extensive investment of To-
cal capital in this security. as we'll as in
that or the preferred stock of the same
company, which was a feature of the sum
mer and fall market. there has been going
on shifting of this stock into stronger
hands and the elimination to some extent
or the speculative holdings which are all
ways more or less a source of weakness.
1t is not believed that this has been en-
tirely completed, and that condition is
looked upon as accounting In some degree.
at least, for the comparatively slight vol
ume of trading of recent days in these Sc
curities. There is no doubt in the minds
of some observers of the market that a
good proportion of these stocks is being
withdrawn and is getting into the hands
of people who are able to buy them out
right or practically SO. with the purpose
of holding them for the future profit which
they perceive in them.
The promise for the future OF these Sc
curities is believed to be derived from two
sources first, the natural increase in the
business done by the company, which in
a growing community like this is an an
aual experience with street railway COM
panies. In the case of the Washington Rail-
ray and Electric Company it is pointed out
that It's scope is not only supplying serv-
ice for large and lucrative street railway
territory, but also 1t owns the only cleo
trio lighting plant in this city, and that it is
always likely to retain what Is practically
a monopoly OF this growing and profitable
business.
There is another consideration that Inn
parts value to these securities, in the
opinion, of investors and spectators, and
that is the prospect of a coming together
at some time of the railway and the light
ing concerns of this District Altogether the
situation is such that there is prospect
the securities of this company will continue
for some time to come as the leading spe-
cialties the local market.
combination of the local fire insurance COM
panies is in the nature of a still hunt and
very little is shown by the course of the
stocks at the daily meetings that any
thing of the sort is in mind In spite of
that there is well-grounded belief that
something is under way, and that if the
plans now being matured are carried out,
there is likely to he a local company formed
from the bringing together OF two more
of the existing companies. What farther
mea sures will be adopted when that feature
o. the plan which is believed to be con-
templated is accomplished is not known.
The uncertain course of the New York
market of course has some influence here
in the extent at least of the trading done.
Men who are in that market hold off from
the local market and that of course re-
stricts the buying, and then as IN every
proposition of this sort there is a general
disposition to keep out of an inactive or
a declining market. When the securities
begin TO go up then, as is well known,
orders begin to come in.