Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-02-17
HEARD ON CHANGE

The Improvement in the tone Of the mar
ket has been feature of the past week
that has been quite noticeable. Il has not
taken the form Of active or extended trad
ing for perhaps careful comparison would
not show much Of an improvement In the
volume of business over that Of the previous
week.
In spite Of that fact, or rather In connec-
ton with it. may be found also the condition
of an upward tendency in prices. 1t is this
latter circumstance that lends to the char
acter of the local market suggestion at
least of better times in the near future.
How near that may be is Of course a mat
ter purely of conjecture. but 1t is the belief
of those who are familiar with such affairs
that there is a likelihood of an improved
business as soon as the attention OF the pub
lie Is more generally turned toward the
securities in the market.
Both the stock of the Capital Traction
Company and the common stock of the
Washington Railway and Electric Company
made advances, while gas stock reached a
recent high level and then receded. The
discussion of possible legislation Affecting
these public service corporations was not re-
garded as an influence for the reason it was
not believed that any results would be
reached at the present session of Congress.
AS factor in the stock market what
Congress does. but especially what ii pro-
poses to do is as potent in the local market
it is in the wider one in Wall street, but
IL QO6S HOT serve d purpose uSTe III pTOQuC-
ing those violent movements which the bulls
and bears of the great center find to be SO
profitable.
If there Is 10 market here the holder Of
the stock waits until one comes around, and
that Is what has happened in recent months.
and for the most part the waiting crowd Is
still in that attitude and some of them
would welcome change
Mergenthaler has also Joined the class of
securities that have started for higher aitl-
tudes and exactly why it should take such
course is not clear to many minds-in fact.
as far as known, to no mind in this part Of
the world. OF course the natural conclusion
to those who are familiar with the history
of this stock is that something good is In
course of preparation for those who hold
the stock and also incidentally for those
who know what is going to be done and buy
with the idea of taking advantage of the
rise.
The guess is that an increase in the divi-
dend is proposed or else an increase In the
stock.
Some changes were made in the figures
for bank stocks without bringing about any
business to speak of. The fluctuations in
this class of stocks is not common daily
occurrence. but they are at times susceptible
of rather violent changes, that is compared
with other stocks In this city bank stocks
are almost entirely Of an investment char
acter and there is a very small margin IN
the case Of any institution that can be
called foating-that is, looking for a mar
ket
The market price of these securities bear
only a rather nominal relation to their true
or book value. In some cases the quoted
prices of such stocks give but little indica-
ton Of the amount Of the annual dividend,
although very generally speaking the quoted
prices may be said to be on or about q
per cent level. But in a number Of in
stances even much lower level than that Is
shown, all of which is only another way OF
saying that bank stocks. except in a limited
sense, are not on the market.
The last call for the payment of the first
installment of the subscriptions for the
stock of the United States Trust company
closed Friday Of the past week. The
amount of money that has been paid in on
account of stock subscriptions now amounts.
it is reported. to $500 600. I &c next call will
be due on the first of the next month and
the third call on tie first of April.
It is expected that after the third cali
the amount of money On hand on account
Of stock subscriptions will be $500. 900. which
is one-half of the capital stock. The COM
pany will then be able to incorporate under
the District laws. and 1t is expected that
the doors will be open for that purpose
about the first of May.
The plan suggested to the organizers Of
the company of securing control of one or
more. of the title, companies of the city was
ors. and 1t was decided not to undertake
such a thing at this time.
The following have been added to the
board of directors: Representative South
TrimbIe Of Kentucky. Gerson Nordiinger.
Ralph II. Davis Of Petersburg. Va; d. N.
Midyette Of Richmond, and ". L. PEN
field.