The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-31
BANKS AND INVESTMENTS.
Matters of General Interest in the
Local Business World.

Local business men, anu tSpeCiiiiS
banking and brokerage houses, are much
Interested in the provisions of the new
War Revenue law with reference to
bucket shops which viii go into effect
tomorrow. In another column in The
Times will he found the provisions of the
law. and something as to Its probable
effect on local business interests. 1t Is
believed generally that this law. if en-
forced. will drive many of the local
brokerage firms out of business. There is
some skepticism, however. as many at
tempts have been made before to do the
same thing in other ways, and they have
all failed utterly. The legal battles that
may result from the new act will be
waited for with much interest. 1t is I'M
derstood that some of the local firms have
engaged prominent lawyers to look out
for their interests, and that the great
New York bucket shop kings are also
making preparations of the same kind.
The cutting off of all the brokerage
firms not doing business on the New York
Stock Exchange would be an excellent
thing for the local stock market I'M
doubtedly. There is a very large class of
local spectators and investors that places
its business entirely with such houses in
New York stocks, and many of this class
would buy local stocks if the so-called
bucket shops We're not in existence.
1t may be noted in this connection that
the local market is likely to benefit from
the very high price level on the New York
Exchange. \ boom in New York always
excites the investment and speculative
fever in Washington and its effect is not
all expended in New York stocks. Also
the present boom in New YoIl. has gone
so far and prices so high that many peo-
pie who have become interested are not
willing to buy New York stocks and are
consequently looking around for some
thing else to invest in. great many
people have sosl out their holdings in
New York stocks and taken their profits
and are now ready to reinVest.
Business on the local exchange has not
been particularly active during the past
week. AS yet attention is still attracted
to the wild advance in New York. In
several instances. however. it is known
that investors have already taken their
profits in New York and 1t is likely that
they viii be in the market as purchasers
here in the near future. There has been
little Of news affecting local stocks and
little on which to base legitimate or
fictitious interest in them. Prices have
been firm. with fractional advances more
numerous than declines. The bank stocks
have been strong. The insurance stocks
have seen advances in one or two in
stances. Mergenthaier has held its own
and Telephone has advanced slightly.
There has been a slight shading in Gas
and Lauston continues to show weakness.
Money is easy, with "A plentiful supply In
all the banks and trust companies
There is much interest in the coming
decision Of the Court of Appeals in the
telephone case. 1t is understood that IL
the court decides against the company
the case will be carried up to the United
States Supreme Court. The same course
may lie taken If the opposite decision is
made. Telephone stock has been stronger
in the local market recently. ana people
Interested are wondering what, il any,
is to be drawn from this with
to the pending litigation. Some
say that ii means a general belief that
the decision of the Court of Appeals will
be favorable to the company. Others say
that investors in the stock consider il an |
excellent purchase no matter what the |
lecision may be.
Bank and trust stocks have been more |
active recently than ever before. This is /
l curious fact. in view of the relatively |
Iuiet general market. American Security |
md Trust was sold yesterday az high as
80. Several blocks Of Washington Loan
and Trust, aggregating seventy-fve
shares, We're also sold yesterday from
12is to 1I3ls. The price of both these
securities has showed an advancing ten
iency while Union Trust and Storage on |
he other hand, has been sold off frac-
ionally. 1t is said that some of the peo-
DE that subscribed for this stock origi-
lally for Il speculation simply have been
aking their profits during the past two
weeks.
The bid on German-Anerican Fire In
'urance stock has been advanced from
90 to go. The bid on Arlington has been
advanced from 2SSi to 2st, and u block of
. shares was sold yesterday at 90 The |
lid on real estate title has been ad-
-anced from 81 20 50 and the bid on Wash
uL.-n. !. L..