Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-07-30
LOCAL FINANCIAL NEWS.

Some Of the details of the arrangements
for the joint meeting of the Maryland
Bankers Association and the Bankers AS
ISOLATION of this District was discussed at
meeting of the joint committee which was
held yesterday in this city. Mr. Crane, the
president Of the Maryland association, and
Mr.. Kemp. the secretary, came over from
Baltimore. The committee Of the local as
ISOLATION consists of Mr.. Charles J. Bell
and Mr.. A. K. Paris.
1t was decided that one Of the steamers
Of the Washington and Norfolk line be
chartered and that the members of the two
associations leave this city on the 24th of
September. returning the morning of the
Goth. All the meetings will be held on board
the boat. and visits will be made to New
port News and other points where the ves-
sci will stop. 1t is expected that the affair
will very generally elicit the interest OF
members Of both associations.
What is known as me SaaSoa for moving.
the crops annually causes more or less dis
turbance In the money market The funds
needed to pay for the wheat and corn and
other crops that come into the market. Is
pec1ally In the west, are usually to a con-
siderable extent on deposit in eastern
banks. The demand arising from this
source generally becomes active in Septem
Der and the bank deposits in eastern cities
snow the effect of such Withdrawals.
1t has been anticipated that the unset
tied condition of the stock market, which
either directly or indirectly has an tnf1u-
ence on financial affairs, would be followed
this fall by the usual drain of money from
the east to pay for the crops. For this rea-
son some bankers have predicted a tight
money market, with possibly no change in
the conditions until after the opening of
the coming year. In order to ascertain as
Iar as possible what Is the actual stua-
ton. letters were recently sent out by the
American Security and Trust Company to
leading banks In the west asking If those
institutions were better prepared to supply
the call for ready money to move the crops
than was the case last year. Replies have
been received which state that from the
present outlook there will be but few calls
made by the correspondents of eastern
banks for money to meet the crop-moving
demands. According to these statements
the western banks are we'll supplied with
money, and 1t is believed will be able to
care for the calls which will be made upon
them.
Business on the local stock exchange
today was languid. There was but little
stock offered, and there seemed to be
even a smaller demand. In one stock the
offering fell off one point without bringing
out purchase.
The general lack Of interest Is a feature
OF the midsummer season, and in the alb
sence or members some of the securities
are not represented at all on the floor and
they are practically without support This
condition was alluded to today by one of
the members, who protested against re-
cording bid for stock which was $50
points below the price at which the same
stock sold yesterday. He said such
quotation was misleading. and also unfair
to the institution.
The one making the bid explained he
had an order to buy the stock at that fig
ure or under. and so it was directed the
quotation should remain.