Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-02-13
LOCAL FINANCIAL NEWS.

IOOHI TINHIVOIHI Ne"Ss
The fact that the Washington Stock
Exchange was the only place of the kind
open today-at least in the eastern sec
ton of the country-probably did not
have anything to do with the movement
of securities which took place. 1t was
suggested by some one, but in a humor-
Gus way. doubtless, that as the exchange
offered the only opportunity of the kind,
much Of the speculative and investing
power Of the country was turned in this
direction.
At any rate whatever the cause. several
of the securities listed went to higher
levels than have been recorded in recent
days Those that achieved this distinction
and were prominent in the trading were
the preferred stock of the Washington
Railway and Electric Company, Gas Stock
and Mergenthaler.
The former sold up to 9O1s, which point
has not been reached by this stock since
the slump of a year or SO ago. At the
last meeting of the exchange, which was
Thursday last, the bid for this stock was
89h. while today 1t sold at 9Oh. and ten
shares an eighth of point higher.
At the close the bid for the stock was
9OA. and the asking price was 81.
Gas stock rose over two points. with
light selling. The last recorded bid for
the stock was 1914, and today 1t sold as
high as 1885. At the close the bid was 1875
and the asking price was 20. AT one time
a bid of IS was on the floor for one hun
dred shares. and the lowest offering Of
such a block was So The bid for such
a lot rose to 1878, but without result.
Mergenthaler sold as high as 213. two
ho1f
sale of ten shares. The better figures
did not make the stock more plentiful,
and but few sales were made, although
the bid remained at 212A. The asking
price, however, was IA.
1t will be some months before 1t VIII
be possible for cars on the line between
this city and" Baltimore and Annapolis
to pass beyond the present terminus a.
18th and II streets northeast and go
over the Columbia tracks to New YORK
avenue and 18th street. The traffic ar
rangements with the washington Rall-
way and Electric Company have been
completed, but there are one or two inn
portant details to be looked after before
this agreement can become effective. In
the first place. the interbUrban company
intends to replace the cars now IN It's
service to this city with cars OF lighter
build. SO that the city tracks can be USED.
used.
AS it is the reinforcement of the tracks
will be necessary, for the new cars for
the interurban service will be much heavi-
er than those in use on the city lines. per-
haps ten tons and more. The expense
Of making the tracks available for this
use will be met by the entering COM
pany. The entire outlay for gaining &C
cess to the center of the city WILL nov"
ever, be much less than If the plan had
authority to build an independent line
into the District
The relations between the Washington
company and the interburban concern
already involve traction arrangements for
the use of the tracks of the local COM
pany within the District limits, as the
former company has no charter rights
here In addition to making use OF the
Washington and Electric Companys prop
erty as a terminal here. the Washington
Baltimore and Annapolis Company, hav-
ing no power house Of it's own, will buy
from the Washington company the electric
current used In the operation OF the road.
The former company has now been in
operation for seven months, and 1t is
said that its earnings have exceeded
the expectations of those who put their
money in the property, as the receipts
are now nearly sufficient to meet the
fixed charges, which include operating
expenses and the interest on the bonds.
The latter amounts to some six mil
lions of dollars. and there Is an equal
amount of stock. The road was built
by the Bishop Sherwin syndicate OF
Cleveland, Ohio, and it's securities are
held mostly in that state. 1t operates
a double tracked road between this city
and Baltimore. and the former steam
road from the junction to Annapolis,
with an expensive terminal in Balti-
more.
In a recent statement made by George
E. Hamilton, president of the Capital
Traction Company, in regard to the af-
fairs Of that corporation, he announced
that a merit system had been adopted.
under which a substantial bonus may
be earned by every conductor and mo-
torman for each year of continuous
satisfactory discharge of duty in the
operation of the cars. 1t is evident
from the connection in which this an
nouncement appears that the purpose
of this recognition of efficient service
by employees was to add to the security
of the public from dangers arising both
from their own and the carelesSnesS of
the cOmpany'S officials.
1t will be readily granted by the
stockholders. no doubt. that such pro-
vision Is a wise one and will contribute
materially to increasing the profits of
the company. In addition to more caro-
In the stopping and starting of cars
which such a system would encourage,
and also to other details of the opera
ton Of street cars, there Is no question
that better attention would be given to
the collection OF fares
The losses to the companies on this &C.
count must be very large. as almost any
casual user of the cars will conclude
from his own observation. 1t is not meant
that deliberate attempts are made to
evade the payment of the nickel or the
ticket, but. only that due largely to the
inefhciency and Indifference Of employees,
a great many fares are missed.
The new model cars which are pro-
posed to be introduced will no doubt
remedy such defect, but still it will
be some time before all the cars on the
two city systems will be of the pattern,
and in the meantime 1t is thought that
such encouragement to good and intell-
tenn of bonuses adopted by the Capita al
Traction Company will have a direct
bearing In an Increase in the receipts of
the company from passengers.
1t cannot be said there is very strong
sentiment either in or outside of financial
circles in favor of the commission plan
of regulating public service corporations.
AT least, If there is, one does not hear
much about it and does not find ex-
preston. although it might be supposed
there is just now enough opportunity, as
one phase of the subject is prominent
owing to the pending legislation relative
to the gas company
The conclusion may also be reached
that any general legislation on the sub
ject of public utility companies in this
District is not favored by Congress, as
practically no effort is being made in that
direction. 1t looks as If there was no
chance that anything will be done along
the line Of what might be called general
legislation at this session or at any other
if the present state of sentiment on the