Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-06-12
LOCAL FINANCIAL NEWS.

The tendency Of prices to sag was again
in evidence at the meeting today OF the
stock exchange. No doubt some portion
Of the inattention on the part OF buyers
and sellers was due to the scaling down
in the New York market. still even when
conditions are different In the general
market 1t sometimes happens that the To-
cal securities fall into a rut without any
apparent cause.
The traction securities in general con-
tinued to show the falling off which mas
been gradually in progress for severai
days, although today Capital Tractioh
stock was bid for without the quarterly
dividend. which Is payable the first OF the
month. and the same price was DID as
was done yesterday. less the dollar and
a half of the accrued dividend.
One of the ) per cent bonds of the COM
pany was sold for 10, which was good
current figure. The bonds of the WASH
ington Railway and Electric Company
sold down to &c. which is fractionally
lower than prevailing rates. and the same
may be said Of the preferred stock. While
the figures for the common were changed
to lower levels.
There is 40 explanation given for this
condition. 1t is not thought that the re-
cent legislation by Congress conferrlng
upon the interstate commerce commas
sion powers Of supervision and regulation
of the service of the traction companies
in the District can be said to have an
unfavorable influence upon the value OF
the property. On the contrary the ON
Gals of the two systems say without re-
serve that they welcome such supervision
ND <,f fI,o mi interests
oe the property will be given careful at
tention, as will the rights of the public.
1t is pointed out in this connection that
in the change brought about by this law IN
from Congress TO permanen ny
body like the commission that part OF
the legislative authority which relates to
the running of the cars and other details
of the service the companies gam a
distinct advantage. inasmuch as 1t Will
not be necessary each year to begin a
campaign Of education In order to inform
new members of Congress and of the
District committees as to the conditions
which exist here.
1t is thought also that the commission,
as 1T Is accustomed to handle this class
of business, can give the local situation
more time and attention than is possible
in the hurry of the average meeting OF
a committee of Congress.
Judging from what the principal officers
of the two systems say of the new law,
lIS enforcement IS SOlHS " ihOSS WIN
their hearty cooperation. In the mean
time the business of the two roads Is
going on with reported Increased receipts
for each month of this year, as compared
with those Of last year. Both companies
expect to spend considerable money this
year in betterments.
The largest item for the Capital Trac-
ton Company will be the extensions
granted by Congress in connection with
making the connections to the Union sta
ton. Good progress is being made by the
Washington Railway Company in replac-
ing the rails on the Columbia or H street
line with new ones of the modern stand
ard length and weight Repairs and I'M
are being made in other sec
tions of this system, so that the physical
condition of the road at the end OF the
working season will be improved.
All the money needed for such purposes
by both systems has been secured, so that
there are no financial problems now con-
nected with the administration of the two
lines which will come up for solution for
several years