Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-11-23
LOCAL FINANCIAL NEWS.

Local national bank stocks were on the
jump at the meeting of the Washington
stock exchange today and a large majority
Of them showed an advance In the bid
prices over the prices of the past several
weeks The sale Of the Traders National
Bank. as told exclusively in The Star OF
yesterday. the probable merging with It
OF the Second National Bank and the Lin
coin National Bank, and speculation as to
other deals in the management Of local ma
tional banks appeared to have q very ap-
probable effect on the entire list
The local capitalists who have secured
the control Of the Traders National Bank
say today they are not willing to have
their names made public for a day or two.
In the meantime they are formulating GER
tain plans they have under way for the
management of the institution, which prob
ably includes the absorption of the Second
National and the Lincoln National banks.
The local financial atmosphere has been
filled with rumors for the past several days.
some of which have crept into print, that
the trio of downtown banks is to be abb
sorbed by the Central National. Careful
investigation by reporter for The Even
ing Star today proved, according to state
ment of one of the high officials of the bank
that no such deal Is in contemplation at this
time 1t is asserted by this same official
that 1t has long been his belief that such
consolidation would prove to be beneficial,
but he is not at this time in any way In
terested in the transactions that have been
going on for the past several weeks.
Another rumor equally persistent had 1t
that the trio of downtown banks is to be
absorbed by the American National Bank.
Emphatic denial of this rumor was given
to reporter for The Star today by Mr.
Robert N. Harper, president Of the Amer1-
can National Bank.
1.-THE American National Bank is not for
sale," said President Harper, nor does the
American National Bank intend to pur-
Ours is purely local institution, and we
devote ourselves to local interests. We pro-
pose to look after the business we have to
the best of our ability. We cannot see
where we would be benefited by merging
with any other bank, and 1t Is certain that
we would not do SO If thereby We would
lose our Identity
lean National disposed of. it Is freely talked
in the financial district that the Bank OF
Washington interests are really the factors
in the reorganization of the downtown
banks that nobody denies Is being quietly
conducted.
Those posted in local financial matters
say that the only logical merging or BANKS
would be to have the three downtown banks
Traders, Second and Lincoln-merge. IL
at all, with one Of the large downtown IN
situations, as it would be next to impos-
sible for one of the large uptown banks to
control the depositors of the downtown IN
stitutions and that, even In the posi-
bility of such a merger being made, 1t can
be easily foreseen that new bank would
be opened in the downtown district to catch
the depositors that would not follow the
banks up town.
,,,, rota oil tho talk of merging the
banks has had a very good effect on the
bank list, and today, while there were rev
trades in the stocks. the bidding on most OF
them was up by points, with apparently no
desire to sell except at a much higher ng-
ure than that offered.
The first bank stock to attract attention
On the local exchange today was that OF
the observation-disclosures which closed
yesterday at 3?4h bid with 376 asked.
Trades were made in eighty-three Shares al
375 and after the call $50 and 38o was OF
fered for any part of thousand shares,
with no trades.
Second National Bank stock advanced
from 1853 bid yesterday with none onered
to 1874 bid with none offered at less than
It's. No trades resulted.
Columbia National advanced from 205
bid yesterday to 215 bid, with no offerings
of the stock.
stood 1870 bid yesterday and 1875 asked. adj
vanced to 1881 on the market today, with
none Of the stock offered.
The stock of the American National and
Traders Banks remained at yesterdays
quotations, with none Of the stock In the
market at the bid prices.
Five hundred and eighty-ive was bid for
Riggs Bank stock yesterday. Today it adj
vanced in the bidding to 591. The stock was
offered at 625.
Commercial. National advanced four points
in the bidding over yesterdays market, and
closed at 164 bid with none offered.
Next in line with the activity Of the ma
tional bank stocks came the Union Trust
and Storage Company This stock has been
in active demand for the past several days.
with 112 asked. Today the stock advanced
to lis bid and 40 asked. In the meantime
forty-five shares brought 115 and ten shares
LA.
1t is currently reported that the officials
of the Union Trust and Storage Company
will at the opening of Congress apply for
a perpetual charter. and that they will at
the same time change the name of the in
situations to the Union Trust Company
dropping the storage out of the present
title. Officials of the company express the
belief that the storage end Of the game.
dignity from the corporation as a financial
institution. So 1t Is concluded to carry on
the entire business of the corporation as is
done at present, and to do this under the
more dignif1ed title Of Union Trust Com
pany.
American Security and Trust Company
stock advanced in the bidding today.
There were no trades.
National Safe Deposit went of several
points both in the bidding and asking
prices, closing at 1872 bid, 195 asked, as
against 1913 bid yesterday, with 200 asked.
Local street railway stocks ana bonds
were strong again today and in active de-
mand.
Trades were made in 1900 Of the per
cent bonds Of the Washington Street Rail-
way and Electric Company at S7B
The stock Of the Capital Traction was
advanced a fraction during the trades. but
sold a fraction off the asking price OF yes
terday. FOrty-nne shares of the stock
were traded in around 143. The stock
closed 1421s bid and 143 asked. -
Trading in the Washington Railway and
Electric preferred was heavy again today
4 sAO shares changed hands at figures rang