Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-06-22
LOCAL FINANCIAL NEWS.

The condition Of the market was well
brought out today when broker who
had some preferred stock Of the wash
ington Railway and Electric Company
for sale offered it below the recent cur
rent level for this stock, at first at
fractional reduction and then finally at
78h.
A couple of brokers took two fifty
share lots at that figure. The seller then
offered 100 shares in quotation lots at the
same price. There was. no further de-
mand. The broker who had the stock
evidently did not want to part with 1t AT
less.
1t was quite apparent there were no
orders to buy this stock. II there had
not been the slight pressure to sell II
would have probably been passed IN the
call with no change in the figures. That
has been the situation for some days
There Is no indication of change.
The general market had also the same
stationary character. Now that one OF
the great political conventions is out OF
the way the character OF the market does
from that of last week, which was largely
a period of waiting.
1t seems to be accepted in financial cir
cles that Mr.. Bryan Is to be chosen at
Denver the early part Of the coming
month. 1t also seems to be the feeling
in Wall street that he is to be defeated
by Taft However. before the campaign
Is old it may be expected that the market
will be torn by contrary opinions and
rumors and all sorts of disquieting as
sertions.
The presidential campaign has always
been disturbing stock market influence
as we'll as a condition to be reckoned
with In all lines of business. The general
impression Is that during the six months
from June to November in election years
prices decline and the volume of business
falls off,
The records show a smaller amount Of
buying and selling for that period than
during other parts of the year. Accord
Ing to statistics prepared by the, Wall
Street Journal during the campaign years
of 1900 and 1904 the average railroad
prices showed a steady but gradual adj
is true of the industrials.
For example. in June. 1900. the average
railroad price was TAO, while in No
vember 1t was Ss.1s. In 1904 the figures
In 1900 the industrials for the same
period were 54.a3 and $3.50. while in 1904
the figures were 1925 and 1902 The
tables further show that while there was
gradual upward movement in prices
throughout the six months. yet the large
increase took place during the month Of
November.
In 1904 the railroad prices, according to
the same authority. showed a net gain Of
II 81 points In these six months, while
the industrials gained 22.77. In 1900 the
railroad average increased 1850 points
and the industrias advanced 11.G6.
Tomorrow evening Is the time fixed for
the annual meeting of the Bankers As
ISOLATION. 1t Is to be held at Rauscher's.
Every detail from the style of dress for
those who attend down through the pro-
gram and the things to eat will be Of
seasonable GOODNESS and lightness and
brevity.
One of the unexpected results Of the
action of Congress In comforting upon
the interstate commerce commission au-
thority over the operation OF cars by
street railway companies OF the District
is the apparent separation from the Dis
trict Commissioners of the police powers
over such corporations that have hitherto
been vested in those officials.
The latter are now informed by their
legal adviser that they cannot enforce
against the roads their own speed regu-
lations. The point is. was it intended
that such detailed supervision as this i'm
plies should be transferred to officials who
are not supplied with the usual means
Of ascertaining whether or not the rules
are lived up to?
Some people who have the reputation Of
knc wing more about finance than they do
about constituting laws are wondering
whether 1t will be necessary for the COM
merce commission to enroll force Of
watchmen or special police.