We therefore hope that The Municipal Art Association of the City of Baltimore will not imitate too closely the objects and the by-laws of the New York Society, but will add these other two extremely necessary projects to an already praiseworthy program, and thereby render our citizens more appreciative of the artistic attractions they propose to offer them in the near future. * * * * * There is no spectacular display, either in the old world or in the new, to compare with the New Orleans Mardi Gras. But there has been too little care paid to the development of the floats and of the costumes of the mummers,—those which are directly under the control of the committee which is usually placed in charge. We are always interested in art, and in the artist, and would suggest that our New Orleans friends might add greatly to the excellence of their entertainment by consulting men more of an artistic than of a business temperament in arranging their annual and unique displays. * * * * * The movements in the local security markets have shown a somewhat halting tendency of late. This is not unnatural, following the sustained upward movement and the broad and active buying which has marked the operations in stocks and bonds for several months. Operators and dealers are not disturbed that the market should rest for awhile, and confidence is easy where it is felt that the rising trend to values will again occur as soon as investors have been able to scan the field anew and to digest the conditions which affect the values of securities. There has been no decline here, as this is essentially an investment and not a speculative market. Prices are not stimulated or advanced by stock jobbing operations and false rumors which so seriously affect values in speculative centres, but rest solely on the merits of the property which the security represents. There has been a slight shading of values in a few instances in issues which had been rapidly advanced by the strong public demand. This was notably the case in the shares of some of the new trust companies. The Continental Trust stock had an abnormal rise to $285 a share, representing a premium of $85 a share, as $200 a share will be paid in by the stockholders. Since the Stock Exchange permitted trading in the receipts of this company the premium has declined 25 points, as at the close of last week it was reported that the stock had been offered 110, with 100 the best bid. Citizens’ Trust shares have also fallen off from 57 to 49½, with declines less marked in the shares of the older institutions, and with many of them showing gains.