Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-08-11
LOCAL FINANCIAL NEWS.

The stock of the Washington Gas Com
pany was the principal security traded in
at today's meeting of the stock exchange.
About three hundred shares fill UP the
record of the business of the day, and
that for midsummer session of the
stock exchange and for a single security
is not so bad. although bursts of activity
in the market are not unknown even in
the dog days. Today. however, 1t was
I he taking of stocks on gradually de-
scending scale of values from a broker
who has in recent days been the principal
dealer in this security.
During the call one lot of twenty-five
shares was taken at 662, which was the
price yesterday. The seller and the buyer
were the same as figured in that transac-
ton. Then there were other tranSac-
to one hundred and fifty shares. all at
g. and the single buyer did not get any
assistance. save in one case.
After call the trading continued. but
with somewhat wider buying, when two
fifty-share lots went for 68 and similar
lot for half point less, and also quo
tation lot of twenty-five shares at 65.
The range of the selling was therefore a
point and a half decline from 6615 to to.
The transactions in this security created
some attention on the part of the brokers.
but without resulting in reaching any
very clear theory about IT, 1t has been
supposed there was Il movement to help
along the general tendency of the market
and have it specially emphasized in the
case of the gas stock. so that the bull
market would be helped along little and
perhaps expedited
To this is attributed the circulation OF
gossip relating to possible changes in the
personnel Of the management, ana, IN
fact, most anything. according to this
theory, that will result in calling attention
Ito the stock. and, above all, in eliciting
wider interest.
But in this instance the immediate eff
feet seems to have been to depress rather
than to advance the course OF the stock,
which is not in accordance with the idea
back of the motive of those who are sup
posed to be manipulating the market.
The appreciation in the value of the
public utility securities listed Oh the New
York Stock Exchange has gone to such an
extent that a marked gain has been
made from the low levels of 1907. These
securities are mostly those of street rail
way and and gas companies In and ABOUT
New York city. For example, Brooklyn
Union gas stock reached its highest point
in 1906 at 17S. while in 1907 such a level
was 125. During the past week, the level
of 1875 was reached.
This experience has been so general
among large number of the securities
of this class listed in the New York mar
ket that the aggregate recovery from the
low levels of last year is expressed In
large figures.
1t is the common experience of the troll
ley roads. for example, that, unlike the
steam roads. their earnings have not
shown the losses which make up largely
the record of last year in steam railroad
operation.
Notwithstanding reduced incomes and
the financial depression people have man
aged to provide the nickels to pay street
car fare; and in consequence these roads
have not experienced loss in business. This
other places, and similar movement may
be traced in the course of the public util-
ity securities listed in the local exchange.
Here as in New York the high levels Of
last year have not as yet been regained.
but good progress has been made in that
direction.