Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-11
HEARD ON CHANGE

The dizziness Of the market does not pre-
sent much variety and the record from day
to day reflects that condition. The fuctua-
tons in the quotations do not seem to
have much significance and the volume OF
the trading remains about the same On the
part of some of the brokers there does not
seem to be any special anticipations that
the near future offers any particular pros
pect of a change. In the case of the secur-
tiles forming large part OF the list 1t is
the opinion that their future has already
been pretty well discounted. Leaving these
out of consideration, there remains enough
to provide such activity as is apt to spring
up from time to time.
The railway securities and gas, stock are
the most promising in this particular. 1t Is
likely there will be an upward movement
In Capital Traction stock as soon as the
pending legislation becomes assured. and it
Is known with some definiteness exactly
what in the way of extensions is going to
be granted by Congress. No provision has
been made in the bill for financing the pro-
posed extensions, and, of course, something
of the sort will have to be done, as the
company would not want to attempt to
raise the large amount of money that will
be needed by temporary loans or by a per-
manent increase In its bonded Indebtedness.
The policy all along of this company, as
shown by the present large stock issue and
the small bond issue, is to secure money
by means of the former, and it is supposed
that the plan which is favored by the di-
rectors is to secure authority for 3ddi-
tionai stock issue and retire the present
bond issue, which amounts to about 81 GOO.
GOO.
In the event this is done the present
stockholders will probably be given stock
privileges which the present market rate
of that security makes rather attractive.
With such probability, 1t is argued that
Capital Traction stock is worth the present
yoonr fno ~ ;1r-
understood, with such prospect, even
though not an assured one, there is
chance of a more general demand for the
stock and at better prices.
There are some vague intimations of
changes In connection with the other rail-
road system, affecting, as it is thought, the
personnel of the officers. as to place the
management more in the hands of local
men and thus recognize what is believed
to have been the course of recent large
transfers of stock ownership.
whether such course Is going to be
pursued or not, 1t is probable that the in
terest which is displayed in these securi-
ties is likely to continue on account of the
future which is thought to be before the
company in shape Of a growing business
and increasing earnings.
Gas stock Is another security that is lia-
BILE to become active at any time, and when
anything of the sort happens, then the first
SoHJSttule 10 naturally IN the direction or
further distribution of the surplus which
is popularity assigned as one of the sure
assets of this company. Sometimes move
ment in the stock is put down as merely
something that always happens In the
case of gas stock and is not attributable
to possible developments in the near flu
ture.
The possibilities of market activity are
not all exhausted with this mention of
what might be termed the more active
stocks. Something is liable to happen in
Mergenthaler or in Lanston or in one of
the copper stocks so as to bring them into
the class of stocks which are principally
dealt in. As far as known there Is nothing
of the sort just now in prospect but some-
times the very edement of success in a
movement of this sort Is the unexpected
ness with which it strikes the market.