Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-09-21
LOCAL FINANCIAL NEWS.

The Citizens National Bank of this city
has been named by the Secretary of the
Treasury depository for government
funds under his recent announcement that
$40, 900 900 would be placed in the banks of
the country instead of being held from cir
culation in the treasury vaults. This Is the
second bank Of this city to be named as
government depository under this ruling of
the Secretary. It is not generally expected
that other banks will be added to this list Of
repositories here at present.
The Secretary's plan for placing govern
ment funds in national banks in cases Sc
lected by the department. and in which the
banks place in the treasury an equal
amount Of government bonds as security, Is
not calling forth as great rush to secure
the deposits as was expected at one time, on
account of the increase In the price OF bonds
necessary to secure the deposit These bonds
have gone up two or three points direct
result of the proposition for basing govern
ment deposits on them. Today on the local
stock exchange $1O9R was bid for 100000
OF per cent registered government bonds
Of 1925. There was no offer to sell at that
price.
Some bankers here do not regard the gov
eminent deposit as an attractive PROPOSE
ton at the present price Of bonds. short
time ago, when the bonds were lower, 1t
was easier to figure a profit on such
transaction, but at the present prices the
advantage becomes smaller and smaller.
There is also an uncertainty of feeling
about the continuance Of the present policy.
There Is talk of democratic criticism in the
next Congress, and if there should be a re-
versal of policy in this respect it is gener-
ally acknowledged that the bonds which to-
day could not be bought for s1O9lz would
drop two or three points in value. If not
more. In such an event 1t would take some
time before the loss on the value Of the
ho 40
the government deposit
Among bankers there is no feeling that
there will be any violent withdrawal of the
government deposit should it be necessary
to have 1t returned to the treasury because
OF the needs of the government. Such a
condition could not come about without
abundant warning, and even when the
withdrawal should be necessary a few thou
sand dollars per month from each of the
repositories would not embarrass the banks.
On the local stock exchange today Wash
ington Gas stock was sold in small uuantf-
tics for SCI a share. Union Trust and Stor-
age Company sold at sos and $1OoA. Ten
shares Of washington Savings Bank brought
$685.
The joint meeting Of bankers Of the Dis
tr1ct Of Columbia and Maryland to be held
next Thursday promises to be very in
terest1ng occasion. All the sessions will be
held on the steamer Norfolk of the Wash
1ngtor and Norfolk steamboat line Last
year the bankers of this city were the
guests of the Maryland bankers on a trip
down the bay. This year the entertainment
will be provided by the bankers of this city
1t Is expected that at least $50 guests, in
Guiding ladies, will go on the trip from
Maryland
The party will arrive at Newport News
Friday morning, where the shipbuildng
plants will be inspected. Places at Fortress
Monroe will be visited. The party will
leave for home Friday night, arriving here
Saturday.
Secretary Shaw has promised to go on the
trip II his engagements permit. He will ad-
dress the bankers at their opening meeting,
Others who will speak during the sessions
will be M. B. Ridgeley. controller of the
currency. and Ellis H Roberts treasurer of
the United States. Prof. Stratton chief of
the bureau of standards, may go on the
trip.
The committees having charge of the
meetings are composed as follows:
Council of administra tion-Albert F. Fox
5. Thomas Brown. VIM. A. Mearns. John
Joy Edison, E. Southland Parker and VIM v.
Cox.
Committee on arrangements-Albfon K
Paris Charles J. Bell VIM. " Cox. Ben
ia min F. Saul. Henry H. Mckee, Frederick
A. Stier and John H. Moore.