Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-08-08
has been begun at the Florida avenue end
of the road

has been begun at the Florida avenue end
OF the road.
The immediate and far-reach hing effect
upon the money situation of the strike In
the meat-packing industry is pointed out
by the Wall Street Journal 1t is stated that
the great houses forming the eat-packinG
combination are among the largest depOs-
itors and borrowers the banks OF the Unit
ed States have. The estimate that the out
standing loans Of these houses aggregate
nearly &l00.0Oo.00O is regarded as fairly ac-
curate. The deposits are in thousands of
deposit is made on the distinct understand
ing that the nrm shall have q right to Dor
row corresponding amount of money.
me notes OF the meat packers are there
fore distributed broadcast through many
of the states Of the country and form part
OF the assets OF thousands OF the city and
country banks.
The meat packers are able to float this
immense amount of paper and to carry this
immense sum of Indebtedness, because it
is known that whenever they shut down
the quick sale OF their product would be
able to pay OF Immediately the great bulk
of what they owe. 1t Is needless to say
that this system of widely distributing
this indebtedness throughout hundreds and
thousands OF banks throughout the coun-
try is one OF the elements of the strength
of the meat trust AS one banker says OF
IL, such combination could hardly fail,
because the banks which are it's creditors
could not afford to permit IL to fall.
The effect of the strike is to reduce the
amount of loans which the packers require
to carry on their business. and results in
throwing back upon the banks a large sum
of money which would otherwise be en-
ployed in this industry. AT time when
the money market has glut Of loanable
money this fact tends to confirm the low
rates of money by increasing the supply
and diminishing the demand for credit.
The securities of the Washington Rail
VA 10 nm ba large prpDprt ipgl
of the transactions at the meeting today
o. the stock exchange The trading was,
as to its bulk of a midsummer character,
and that section which included the rail-
way securities did not diner In that partfcu-
lar for the rest of the list.
An advance in tile prices continued TO be
the feature of the trading. especially with
the preferred stock. The publicly an
ncunced purpose to pay I'm December the
half-yearly portion of the dividend which
became cumulative July last Is believed 10
be the cause of the appreciation In the quo
tstion of this stock.
The sales today while not large. ranged
In price from ca to 64H. On Friday. the
last meeting Of the exchange. a sale of fifty
shares of the stock was recorded at g. AT
the close the bid was 64A and the asking
price was 64Ia.
Some of the bonds of the Washington
Railway Company were sold at '9s. AT
the close the bid was 79h and the asking
price 1875. Friday the bid was t94 and the
asking price 1911.
Prices gave way more decidedly and
losses of l to Ia resulted for some promi
nent stocks United States Steel preferred
touched - and the common. Union Pacific,
Atchison, Northwestern. Canada Southern.
Brooklyn Transit. Consolidated Gas and
Peoples Gas were conspicuous sufferers.
Sugar lost its rise and ST. Paul and Metro
politan Street Railway reached IL. Car
preferred rose In all.