Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-05
HEARD ON 'CHANGE

The past week has been rather eventful
on the stock exchange, mainly because the
dull routine of an inactive market has been
changed for the stir and hustle of a time
when there is something people have to. sell
and also for which there are buyers That
was the situation in regard to the new
per cent bonds of the Capital Traction Com
pany, or rather the right to them.
Another gratifying feature in addition, to
the demand for them was the better price
that was given compared with what had
been anticipated. 1t was supposed all along
the bonds would sell at premium of about
105. when in fact they sold from 10S to 107.
AS far as could be ascertained the demand
came mostly from financial institutions,
which shows there is money to invest even
If the evidences of it are not to be found
generally in the stock market
1t is possible the current business on the
stock exchange does not represent the en-
tire dealings in these securities and that a
greater number of stockholders than those
holding the couple of hundred thousand dol
lars of bonds sold on the exchange have
parted with their rights. 1t has been sup
posed however, that a large proportion of
the stockholders would take the bonds and
that is generally recommended by brokers
and others who are asked for their advice.
The impression seems to be that when the
condition Of the market changes the bonds
will go to higher premium than at pres
ent. The stock continued at the new low
than this stock has been for some time.
There has been no explanation given of the
reason for the decline from the neighbor
hood of a per cent basis which has taken
place during the past week or So
The situation in regard to the Washing
ton Railway securities remained unchanged
during the week. The trading was very
slight, except in the case of the per cent
bonds which were sold in large quantities
at 80 As the semi-annual coupon of per
cent is due next month the price Of the
bonds on the present selling value is really
about 70.
The same situation. only perhaps some
what stronger, is to found in the course Of
the preferred stock which sold in limited
quantities. it is true, but still sold at 70 and
fractionally higher. The semi-annual divi-
dend of $3.50 per share is payable June l.,
so that according to the market rate above
given the true figure for the stock is about
TN.
although there was no great change in the
figures for it. The asking price ranged
from 40 to 80. There seems to be no altera-
ton in the situation and it is supposed the
contest is still on for the control of the
company, when it passes into the hands Of
the stockholders on June 6. Since the mar
ket for the common stock which was at
tributed to this contest has disappeared the
trading in 1t has been slight. There has
practically been no market for the pre-
ferred> stock.
Gas stock during the week passed from a
stage of rising prices and fairly good buy
ing to one of falling prices and disappear
ance of the market. AS yet nothing has
happened that was supposed to be the
cause of this appreciation in values and SO
the guessers are at loss to know whether
this movement is going to prove to be the
usual spring squirt in this security or
whether after all something is really CO.
ing to be done for the further benefit of the
stockholders.
There are guesses both ways and as no
one actually knows, as is always the case
when it comes to the probable action Of this
company in such matter, the situation is
one that would have keen interest If 1t
were not for the fact that it is an annual
feature of the local stock market.