Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-19
HEARD ON CHANGE

1t is not exactly the monotony of mac
tivity that marks the business OF the
stock exchange these days. On the con-
trary the daily record of the transactions
indicates a market of unusual activity even
for this season of the year. 1t may be ad-
mtted there Is good deal of business
done. but in spite of that admission and
also of the promising record in the case the
market. generally speaking. is not good
one.
There is no indication the public has
come back to the market and until that
happens 1t cannot be said the best condi-
lions have been restored. The principal
part of the activity or rather of the busi-
ness which the record shows at the daily
meetings for the past few weeks Is due in
the first place to the trading in the rights
to the new per cent bonds of the Capital
Traction Company and secondly to the
movement in gas stock.
There has absolutely been suggestion
of general buyin~ In the case OF the street
railway securities, which up to this time
have been the most active on the Isl 1t Is
evident the public is waiting the develop
ments which may occur when the control
of the Washington Railway and Electric
Company passes from the voting trust to
the stockholders
A great deal of discussion has gone on
as to what will happen when this change
becomes effective. especially as to where
the control will then rest. 1t Is not believed
any radical move is contemplated in the
event either of the two interests that have
been most prominently mentioned succeed
to the control. There is no talk of any
thing being done except the management
of the property In n business like way so
as to make most effective, in returns to the
stockholders, its earning capacity.
There is nothing talked of i'll the way of
further consolidation that would AFFECT this
property except the one that has been in
tn air for some time past and appears
to be still there, only at g more remote
point in the blue ether of space and that
is the bringing together of all the street
railway systems and lighting companies of
the District into one company. Such
scheme has been thought to be promising
owing to the theory entertained that the
gas company has good big surplus. which
would enrich mixture that might other
wise not be highly seasoned enough to suit
the palate of the modern fnancier.
However. such a project has not been
mentioned for some time past, even in the
CarelesSness of what Is known as street
gossip. and since the usual spring move
ment In gas stock has been going on dur
ing which few brokers nave been uying
stock offered in the market and occa
sionally selling some back to each other,
the attention of the street has been di-
rected toward finding out what its meaning
Is. II may be added that up to date no
satisfactory answer has been given to that
question and there is still state of doubt
as to whether or not this movement is to
end like so many others in previous years,
in nothing. or whether or not the company
Is actually going to dip into the alleged
surplus and hand out to eXpectant stock
holders some portion of the golden con-
tents.
1t is quite evident with activity in the
market such as indicated above a return
to normal conditions has not as yet been
accomplished. But the same may be
said OF the wider market of Wall street
and. in fact, of the stock markets of the
world. The financial condition is still
caff laH nd yt-ha he inc
ports of bad crops and other adverse mar
ket influences are taken into account it is
not surprising there is not trend of gen.
eral buying toward the security market.
In addition to this, while money Is quoted
as plentiful and low rates are asked es-
pecially for call loans. still in point of fact
and especially in this city money is not
plentiful for loans on local securities 1t
Is said in explanation of the latter condi-
ton that it is due to the large quantity of
such collateral now in local banks.