Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-11-06

LOCAL FINANCIAL NEWS.

Bankers as rule do not anticipate heavy
Withdrawals of deposits during the present
| month by people paying the first INSTALL
ment of the annual realty tax. 1t seems
to be the general opinion that the option
to pay one-half of the taxes this month
will not be generally exercised by prop
erty holders. The tax due for the first
six months of the fiscal year be paid
this month if the property holder so elects.
but there is no penalty attached. Those
who prefer to hold their money and make
the payment of the entire tax in May next
can do so. the penalty for the non-pay-
ment will not begin until the close of that
month.
There is an impression that the great
majority of property owners will wait until
next May and pay the entire tax at that
time. In that event the money will not be
withdrawn from deposit in local institu-
tions and turned into the United States
treasury AS the large sum of money,
amounting to a couple of millions of dol
lars due on account of taxes real estate
is absolutely withdrawn from local circula-
ton. the problem presented each year to
the business community is of a rather Seri-
nature.
In order to provide for this drain of cash
the financial institutions obliged to re-
duce the amount of money they have avail
able for loaning. As a consequence credits
are limited and men who have occasion to
use money have unusual difficulties in OBJ
tanning it. all because the custom prevails
of taking this money out of circulation
each year and locking it up in the United
States treasury. 1t goes without saying
that there is a strong sentiment in favor of
making a change, SO that W hen the money
for taxes is paid to the District authorities
it will be returned to the local banks, where
it will be available for the business uses of
the community.
The interest in business was decidedly
languid at todays meeting of the stock
exchange, and there more animation
aroused on the subject of the density of
the cigar smoke in the room than in the
sale or purchase of any of the securities on
the list. In fact, Mr.. Charles p. Williams,
who presided, was not always able to get
a bid for quotation purposes. and his
renity and sweetness of manner under
these trying conditions, instead of being
attributed to the influence of the general
spirit that prevailed the exchange, was, in
good-natured raillery, said to be due to
the fact that the annual election of the
officers of the exchange takes place next
week, and Mr.. Williams, it is generally
thought, is likely to receive the suffrage
of his fellow-memberS for the presidency,
and in consequence he has the usual urbane
anti-electiOn manner.
During the call Of the bond list it was
evident that the demand for securities of
this class has entirely ceased. Fractional
lots of government bonds were sold, and
in the bidding for Columbia IS only diff
ference of one-eighth stood between buyer
and seller
Gas certificates sold rapidly, and some
81 600 found purchasers at 1171a. with Or
ders at that price still unsatiSfied. Fof
gas stock three lots of % shares each went
for 59k and 50. The latter continued to be
bid, without bringing out more stock. 1t
was offered at 50 %.
Bidding for Capital Traction was 1913. and
the stock was offered at 1915. There
seemed to be no actual market for the stock
much above 123 in spite of the recorded
sales of fifty shares at 1914 Neither did 1t
appear that there was any pressure to SELL
Some twenty shares of Washington Rail-
way preferred We're sold at 3S34, and fur
Their bids on the same level failed to bring
out any further blocks. The asking price
was 80.
Ten shares of the stock of the Union
Trust and Storage Company were offered
at los, but the highest bid was 107.
stock for sale. certainly not at the price
proposed, the highest bid being $50. The
stock was offered down as low as 1873 with
out results.
A scarcity of Lanston was also noted the
bid price advancing to SIS. The stock was
offered at S24, and sales were made at 81.
and SIS.