Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-04-24
LOCAL FINANCIAL NEWS.

The boom in the New York stock mar
ket which il in progress-thus far with
out check-did not have any very percep-
tible influence on the local stock market
today The high levels that have recent
ly been gained in the case of some of
the securities, or rather, more properly
speaking, the higher levels, were main
tanned today and fractional gains were
shown over yesterdays figures without
the aggregate Of the trading reaching any
large proportions.
The upward movement goes on without
bringing out much stock. and the infer
ence is made by some observers that per-
haps holders are waiting for the market
to reach what they will Judge to be the
highest point in the present movement.
On the other nand. the present upward
course of the market, both here and else
where, is regarded as only a natural re-
covery from prices which belong to a
period of panic and tightness Of the
money market.
In this view there is a permanency n
the present figures which the ordinary
bear estimate of existing conditions does
not include. At any rate, the short sell
ing which the bears are usually credit ed
with doing has not set in, 50 that 1t might
be inferred that prevailing figures are not
as yet the best.
AS has been the case in recent days
the changes made in the quotations to-
day were mainly confined to the common
and preferred stocks Of the washington
Railway and Electric Company and to
gas stock The latter il billed. accord
ing to the opinion Of some observers.
for a sustained movement toward higher
levels, but exactly why it should be as
signed to such a part Is not clearly
stated.
The action begun in the District
courts to determine the ownership OF
the records of the board Of fire
underwriters of the District of Columbia
middle department in withdrawing from
any claim to jurisdiction over the Dis
trict. A few days ago this department.
which is an association Of the special
agents of insurance companies doing
business in their part of the country.
gave practical recognition to a condition
which has existed here for some months
past namely. an almost complete ignoring
Of the regulations of the board. by an
nouncins that it would not claim to have
AS soon as this had been done an at
tempt was made to take the records Of
the association in this city. which. while
formed under the direction and IL SUBJ
ject to the authority of tho middle de-
partment. is composed Of the agents Of
the companies doing business in this city
1t is claimed on behalf Of the latter that.
as the companies 1t represents paid for
these records. they have the best right
to them. However, this is a question
that will now have to be settled by the
courts.
In the meantime there IL no let-up in
the efforts that have been made to or
sanize a new board In this District. TO be
composed Of the agents OF the various
companies 1t is thought there is a fair
prospect of something of the sort being
done. as the attempt to form an associa-
ton Of the companies failed. and now II
is believed that better success will crown
the efforts to get the agents together.
The business Of fire insurance seems to
be getting along very we'll without any
rules or regulations as to rates. and. as
far as present indications 90. there is
every prospect that this situation will
continue for some time yet. Still. there
IL q prospect Of some one starting in
at any time to cut rates, as there Is no
to restrain such a move, and
II that IL done then others would have
to follow suit, and then would ensue
rate war.