Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-10-29
BY I. A. FLEMING.


washingtonians probably were never
more interested in Wall street specula-
ton than they are today. In times
past members of Congress have been
given credit for being the largest fol-
lowers of the market in the District,
although of late years they have ac-
tually been completely out of the stock
trade
Following the 1907 panic retire
here were general. and but two or
three private wire houses remained.
Later another opened. a branch office
here and a fourth was inaugurated.
Then two retired from the field, leav-
ing the business to two Wall street
representatives and one local member
of the New York Exchange.
With the prosperity attendant on
the war, three more private wire
houses have been opened, and there
are now six large private wire houses
here, all doing an enormous business.
layrhan estimated the number OF
traders on the curb market of New
York at five til.es the number OF
traders on the regular exchange. Spec
ulators are busy every day in stocks,
in cotton and grain and in scores of
curb stocks, and the fever is not abat-
ing in the slightest.
Investors are also busy accommodating
both stocks and bonds, much OF their
buying being of the quiet kind that
comes via their banking institutions,
and they meet the keen competition
of banks themselves. for they are
heavy buyers of nearby maturities,
that they may keep FUNDS employed TO
the best advantage.
Nor there all indlCat1On OIL
in speculation. The great public IS
nearly always bull on stocks ana
doesn't like receding market Ihere
will be less pyramiding in the imme-
date future than in the past. Millions
of profits ere wiped out in the Zig
break following peace tank. and now
the pronts are cashed IN more ire
quentiy.
Going into the last week before the
election, prices on the great mao .ity
of stocks are not far from the high OF
the present movement. While M ny
have predicted recessions in clearing
of the decks for a r, action, con i. MS
at this e-ection are different +. ON a-.y
previous p. esidential campaign.
Prosperity. in the opinion of Wall
street, is based on European war con-
tente allies. and as such will not be
Immediately affected by the ele ton of
either candidate. Peace rumors. If
there was anv basis of fact back of
effect-but they seem to be far away
at this time.
Must Increase Stock List.
While the members of the Washing
ton Stock Exchange are making siren
uous efforts to enlarge the membership
list. in the interest of better business,
the fact must be pate:it to the govern
ing committee that the stock list must
be enlarged.
There has not been anything looking
like speculation in local secu ties
ington Gas shares and the squirt of
that stock to SO or Whereabouts.
AS before stated. Washington today
is specu atively inclined and surely,
shares and the curb stock list, it would
sc possible to fad a few stocks that
would appeal to the trading element.
A few shares day cover the aver
age daily business at present. People
who hold local utility stock will not
sell at current prices. nor will they add
to their holdings, when there is so
much to attract their attention in ac-I
tive securities and SO little locally.
The membership committee of the
stock exchange is encouraged to be-
lieve that there will be a number of
new members elected within the near
future, but new stocks and bonds that
might attract speculation. or a share of
it, would be decidedly helpful
Southern Railway Bond Plan.
1t is the intention of the Southern
Railway Company to issue s9s,292, 900
of the new bonds in the immediate fu-
ture to care for the outstanding Is and
the treasury bonds
1t Is then planned to hold $179 So, 900
to refund outstanding bond debts, other
An additional $1o.461. 900 will be held to
retire, from time to time. the proper
ton chargeable to capital. of equip
ment trust obligations outstanding
tain leased and other lines of value
to the Southern Railway Company calls
for $40 100000.
This will leave s1ss.s5o.oo0 of the
five-hundred-mi dollar issue to be
held for use from time to time, for adj
ditions, betterments. equipment, etc,
thus indicating the use to which the
proceeds of the five-hundred- million
dollar mortgage will be diverted.
Steel Meeting Next Tuesday.
The quarterly meeting of the United
be held Tuesday afternoon. At that
time an extra dividend is practically
sure to be declared on the common
stock.
The general impression has been that
the payment would be per cent ex-
ira but there is considerable talk of q
ia per cent extra and an increase in
the regular dividend. from a per
cent to an per cent basis, which
would he rerS@ ~ - END the
shares scooting to higher levels.
At the meeting the net earnings for
the quarter ended October 81 will be
announced and much interest centers in