Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-09-29
HEARD ON CHANGE

The tone of the market continues to be OF
the hopeful character that was noted as
significant change which took place during
the previous week. There Is a spirit of
hopefulness and confidence that is ground
ed not alone on local conditions but on
the state of the general market. At the
same time there has been no marked
change either in the volume of the trading
or in the range of prices. There has been
no recession, but on the contrary the slight
movement noticeable is in the direction OF
| recovery from the low levels that marked
what Is now believed to be the last stages
| in the recent slump.
The belief in continued improvement
seems to be shared in quite generally by
those who take an interest in the market
and the feeling of pessimism no longer
dominates. There is no ground for pre-
alctinS that the future course which. II Is
Will be at all rapid. But 1t is thought that
what progress is made will be gradual.
After all, the main effect in the past few
months upon the securities on the list has
come from the reflex influence OF the gen.
eral condition throughout the country and
mas not been attributed to any lack in the
supply Of money in the banks or distrust
OF or weakness In local securities.
At present the leading features OF the
| market are the securities OF the gas COM
pany and of the Washington Railway and
Electric Company. AS to the former the
application made by the company to the
court OF the District for authority to double
the capital stock of the Georgetown COM
pany. which is looked upon as a subsidiary
company of the Washington Gas Com
pany, Is construed to mean that this action
Will be followed up by similar applica-
ton on behalf OF the parent company
1t Is not known how much of an increase
VIII be asked for in the latter case, but
the stock on the market is beginning to go
back to the higher levels which were
reached during the early part OF the sum-
mer, when the policy of the company be-
came positively known. Up to this time
there is no information of an official char
acter as to the extent of the business of
the company or especially Of the amount Of
the net earnings and the size of its sur-
plus.
There Is a notion that share OF new
stock at the par value of 500 will be issued
for each share of outstanding stock of the
par value of $50 and that instead of the
present dividend of 10 per cent. or 50 per
SHARE the new dividend will be per cent
or So per share. In that view the current
Inquire of $50 per share does not appear to
be high. In the absence of any definite in
formation as to what Is going to be done,
| or. In fact what the resources of the COM
| pany will permit to be done. the demand
for the stock is not as general as might be
supposed.
The situation in regard to the Washington
railway securities Is of increasing interest.
and one element Is the statement which
comes from men who are supposed to have
some data upon which to base their asser-
lions that majority of the common stock
Is held in this city. and that good proper
ton Of the preferred stock is also held here,
to say nothing of the bonds.
In other words. 1t Is asserted that the
control Of the company is now owned by
residents of Washington There Is no def
mite knowledge as to that, however. as 1t Is
understood that very little has been done
as yet in the way of transferring the stock
trust certificates into stock. 1t is stated
that the books for the transfer of stock will
be closed the 18th of December next and will
not be opened until after the annual election
Of officers which will be held early in the
following month.
1t is expected by the first OF December next
there will be more activity In the transfer
of the stock. and then 1t will be possible to
have a more accurate Idea as to where the
control Is located. 1t is quite certain there
Is lull in the talk so general about the
time Of the announcement Of the dissolution
of the voting trust. of what various inter-
ests that were supposed to have control
were going to do and the various candidates
for the position of president.
There seems to be an impression of a COM
ing together OF the interests, and now what
is heard Is mainly to the effect that as the
company is mainly owned in this city the
personnel of the board of directors should
Indicate the fact 1t Is also advocated that
the coming president should be a practical
railroad man.