The Washington times., 1901-07-25
LOCAL BUSINESS NOTES.
The Showing of the Banks on the
COmptrOller,n CaII.

The national banks are making their
reports to the Comptroller of the Cur
] rency in accordance with his call issued
Tuesday for reports showing their condi-
| tion on July Is. The call was delayed two
| or three weeks after the usual time for
some reason, the expectation having been
that 1t would be made for day toward
the end of the last fiscal year The banks
perhaps are able to make "a somewhat bet
! Ter showing on account of the delay as
the money paid out in dividends and in
| terest for the Government and the cor
porations at the beginning of the year
has come back large Y. In general the
nSureS OF the reports are excellent show
Ing n considerable increase of business
compared with last year.
BUSINESS on the local stock exchange
yesterday was somewhat better than on
Tuesday. the record session for duIiness,
but nothing of much Importance oc-
CURED. Lanston stock was dull, but the
two small sales made were at the top
prices 14A and 145s A small lot of West
End Bank sold for 100 aHd a small lot of
F1remen's insurance at 21l2. One Capt.
tai Traction bond was sold at 107Is There
seems to be good demand for Wash
tngton Gas and offerings are very limited.
The demand for Capital Traction is also
good, with the bid and asking prices only
b apart.
The offer of City and Suburban stock
at Il last week has not been repeated
and yesterday the best offer was %, about
the level that prevailed before last week.
There is much discussion in the street
over the question If the Washington Trac-
tion Company will pay the interest on
the City and Suburban bonds. the inter
est date being only a week off now. Moth
Ing new has been heard as to the iriten-
tion OF the company. 1t may be noted
In this regard. though perhaps there is
no significance in the fact, that the best
bid for Washington Traction and Elec-
trio bonds recently has been 50.
The sale of Franklin Fire Insurance
stock yesterday at 27k attracted some at
tention in insurance circles from the fact
that 1t is the lowest price at which any
OF the stock was ever sold. The gradual
decline in the price of a number of the
insurance securities has been one of the
most notable features in local investment
circles In the past few years. Only ten
years ago Franklin sold for So with a
good demand and much activity at that
price. Before that time II sold as high as
81. In the same way 1t might be pointed
out that National Union, which now is
quoted at S1z bid and 9 ask ed, was once
active around IS and 10. not very many
years ago. Columbia Insurance, which
now is quoted at 10 bid, sold a few years
ago at 10 and 90 The declines In these Sc
curities have been steady, each new year
seeing a slightly lower level in each case
The other stocks of the group have held
their own better. but few If any of them
are selling near their top prices.
The reason for the decline in the value
of the insurance stocks is well recog-
nized. The insurance companies them
selves acknowledge that there are too
many companies in the field and that the
business, as it is now divided up among
themselves and with the outside compa-
nies, does not pay. The statement is
made by an authority on the subject that
few of the companies are doing more
than earn their office expenses, even if
they quite accomplish that The only
thing that allows them to continue In
business and pay expenses is the fact
that in former years business was good
and surpluses were invested in securities
from which dividends are now received.
But financial men argue that the receiv
ing of dividends and the running of a
small insurance business at loss are not
either economical or business-like. From
time to time the question of combining a
number of the companies into one for the
purpose of cutting down operating ex-
penses is discussed. but since the joining
of the old Potomac and Lincoln compa-
MES in the New Potomac, year or more
ago, nothing has come of any Of these
5iecuSSiopS