Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-09-26

Journal rays: There is a constant effort
made by market manipulation to put 50
cent price on 30-cent article, and there is
no doubt that it is dishonest. A new issue
OF securities is to be marketed or some one
mas big block of old issue that he
wishes to get rid of. skiIlful manipu-
lator Is employed, who proceeds to make a
market for 1t. He uses this method and
that. and by wash sales or clever adver-
Using and adroit exploitation he succeeds
in establishing a quotation for the security
that invites attention. The investor says
to himself: That stock is advancing: 1t is
selling above par. 1t must be a good thing.
will buy some.
The quotation has been a recommended
ton of quality. The investor has been vic
tirnized as much a woman who pays so
cents for 30-cent butter. Manipulation,
after all, is temporary. 1t is powerless to
establish an enduring price. But during
the time that it's power is effective 1t in
fiicts many losses on innocent investors.
The only remedy for this is publicity.
There is nothing which the manipulation
breads more than the fearless. Independent
organ of publicity. He strives hard to con-
troll it, and failing in that he tries to de-
ceive 1t and thus the public which 1t
serves.
The pending agreement to buy control of
the Citizens National Bank will not be
definitely settled until next Thursday, when
the option that has been given will expire.
At that time, If the deal goes through and
there seems to be but little doubt that 1T
will. a successor will be chosen to Mr..
Stevens. the president and two or three
changes VIII be made in the membership of
| the board of directors. The personnel of
the banks management will continue as 1t
| is. just was the case when the change
was made IN the ownership of the Traders
Bank
The explanation given of this proposed
purchase. as well as that of the Traders
Bank, that they are both merely invest
ments, is not entirely credited in the cur
rent gossip. 1t is believed by some that
these changes in bank ownership are merely
| forerunners of the creation here of a bank
with large capital formed of several indi-
| vidual banks The purpose of such policy,
| 1t is claimed. is to provide In this city
worthy banking representative of the First
| National Bank of New York city. The lat
| ter, together with the Bank of Commerce,
| is generally thought to represent the Nor
| gan interests, while the city Bank repre-
| sents the Rockefeller interests. The latter
| some time ago established a connection mere
| by taking a large block of the enlarged cap
| ital stock of the Riggs Bank. and now. ac-
cording to the current talk, the first va
tionaI Is taking steps to establish a suitable
banking connection here. However there
is nothing that is. definitely known, excep.
the fact that the control of one bank mas
been secured and that of another pahk Will
nrobably be consummated this week
The Metropolitan and the American Ma
| tional banks spoken OF as nkeiy 10 pe
!
| bringing together of the various institu-
| tons, if that is the plan when Is no" W.
ing carried out
the bank deal were heard today at the
F.! meeting of the stock exchange oid OF
| 2GO was made for Citizens Bank STOCK
| which was advance of ID points over
the hid of Saturday Sales of stock were
| made at that figure. An asking price OF
| 30 was recorded which is the price said
| to have been agreed upon Tor the stoci>
| that is to be turned over to the new own
erS.
| For Metropolitan Bank stock big jump
| was made in the bid. Saturday the bid
| was 400 and today it was 40 The latter
! bid was made few days ago and todays
| record is a repetition. On neither occasion
| was any stock brought out. Today there
| was no stock offered at any price. In talk
| that has gone on about the purchase OF a
| control in this bank 1t is stated that 80 Is
| the figure that has been named
| The advanced bid for the stock OF the
| Union Trust and Storage Company that
was made recently was renewed again TO-
day by the same broker. He bid lV3ta LOT
the stock and 40 for 1000 shares. Inc
stock was offered at 1l2L.
| sale of a bond of the Anacostia and
| Potomac Railroad Company was made to-
| day which was quite unusual, as there nave
been no transactions in these securities for
some time An advance in the bid from
102L to 1884, resulted In the sale or a Dono-
| The bid then receded to 103 with 1O4 as the
| asking price.
16a was bid for Greene Copper and an
the stock that was for sale at that figure
| was taken The bid advanced to 16s with
| liz the asking price.
The demand for telephone bonds were ap-
parent again today in the increa sing
! strength of this security: ,10i$ was bid for
| 81 GOO and 104A for $4,000. The asking
| price 1O41h remained unchanged.
Today's Government Receipts.
National bank notes received today for
redemption, s749,932 government receipts
| from internal revenue S1,5S1 ,359; customs,
| $685. 637; miscellaneous, $73.444; expendi-
| lures, 81 $500
| Ayailahle cash balance $l51 1O6, 524. 81.