Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-15
HEARDON 'CHANGE

The past week in the local financial
market was not without developments Of
interest, and in that particular diffe red
from the few preceding weeks. which
were characterized by fixedness of the
market and suspension of all activi-
ties. While liquidation has been going
on in the general stock market, and in
one city the exchange has been closed.
while in others there has been more or
less sacrificing of securities at panicky
prices. in this city the policy has been
adhered to of recognizing the existing
conditions and not attempting to do bust
ness.
On this account the daily call Of the
exchange has had somewhat of a per-
functory character, and the figures re-
corded were not really representative OF
the actual condition, which was that OF
no market. But. owing to the strength
of the financial institutions and the COM
parative ease here of money. individual
owners of securities were not obliged to
sell. and in consequence the tide of liqui-
dation did not reach large proportions in
this market.
In other words, the course of the stock
market here represented the soundness
Of local financial conditions. and the abil-
ify to maintain the stationary position
was mainly due to that fact, as WE'LL
also. to the conservative and competent
men who are in control in the member
ship Of the exchange.
From what occurred on the exchange
during the past week, it Is concluded by
some tnat the general improvement
throughout the country is having an in
fuence here: What was interpreted to
mean desire to renew active trading
was the course of a broker who an
nounced that he was not going to adhere
to the policy of stand pat which had
prevailed in the call of the exchange by
claiming that the figures in the case OF
specified stock which had then been
reached on the call should come nearer
to what he regarded as the actual trad
ing level.
AS Inc stock he referred to was the
common stock OF the Washington Rail-
way and Electric Company, and as he
was backed UP in the position by an Of
fetal of the other street railway system
naturally the talk at once sprang up that
perhaps this move had something to dc
with what is being discussed as likely
to happen when the stockholders take
control Of this property at the annual
election next month.
However, nothing happened. No stock
was brought out, and but very little was
offered. The broker did not continue to
urge his position and his cOadjutor, as
he appeared to be on the first day, seemed
to have lost interest in the matter.
There was no reflection on the motives OF
the broker who made the original sug-
gestion about a change in the stock quo
tations, as he has never been identified
with anything that even suggested stock
manipulation. Still there was not want
ing those who seemed to think that one
result which such movement might
have IN view, whether it was so intended
or not, might be to afford the oppor-
tunity to get securities at low levels.
In this connection was revived a good
deal of the gossip current in more pros
porous times about the control Of the
Washington Railway Company. 1t was
also said an attempt was being made
to gather In proxies on the stock but
no names were mentioned Of those who
wanted the stock, or what they intended
to do with it. 1t was also a part OF
the gossip that actual negotiations were
in progress, being carried on in New
York, for a merging Of the two street
railway systems of this city.
An interesting feature of the situation
was that there was no trace of all this
shown in the daily quotations. The bust
ness In the railways did not increase in
volume, except the first day of the an
nouncement. and the figures remained
about the same. Altogether there Is much
uncertainty about the future developments
In the street railway situation, and it
cannot be said that recent happenings
have served to tighten this mystery.