Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-28
LOCAL FINANCIAL NEWS.

The action of the Secretary of the Treas
ury yesterday in announcing that the money
collected from the citizens of the District
In the shape OF taxes would hereafter be de-
posted in the banks of the District came as
surprise to most Of the bankers as well as
to others. Such a mea sure has been advocated
for years by the people Of the District who
were opposed to the discrimination which
made the District an exception to the rule
In regard to state and municipal funds that
prevails generally in this country.
year ago a bill was introduced in Con-
gress to authorize the Treasury Department
to place the money raised by local taxa
tion in local banks, where 1t could be used.
instead of being locked up in the vaults OF
the treasury. This bill failed to become a
law. 1t seems the Secretary of the Treas
ury had the power to do this without fur
ther legislative action. that now the
taxes which are payable next month. and
which aggregate nearly five millions Of dol
lars. are to be placed in such Of the local
banks which are designated repositories Of
government funds.
The banks will be glad of the chance to
get the money and will find a use for it,
In the event there Is not sufficient demand
from local requirements, the money can
be deposited in outside institutions, ana
even If the bonds required by the depart
ment are borrowed. there will be profit TO
the banks in handling these deposits. Al
any rate. the usual tax period will not this
year be accompanied by the usual tight
ness In the money market which has al
ways been attributed to this custom OF
taking from circulat ton each year such
large amount of local capital. '~
1t is recalled that at the annual meeting
OF the Bankers Association of the District
of change in the method of keeping the
District funds was made by Mr.. e. South
ard Parker. and as number of Treasury
officials were present on that occasion, 1t
is thought not unlikely that the good seed
then sown has now borne fruit.
The treasury plan Is to place the entire
amount in the banks ting re-
CURED bonds are deposited. without waiting
for the receipts from the District OFFICE
which will be spread over the entire month.
The distribution to each OF the four de-
postory banks will be In proportion to the
deposits held by each bank.
The highest price ever paid for a seat in
the Washington Stock Exchange has been
received by Mr.. w. B. Gurley, who has
arranged to turn it over to Mr.. Augustus
Crane, jr., of the banking firm of Crane,
Paris & Co. The price Is $1,000.
Mergenthaler again held the center of the
stage at tOday's meeting Of the Stock Ex-
CHduSe. anu. although the lTdulIlS was
somewhat less in volume than that of yes
terday, aggregating some 2G3 shares, the
advance made as compared with the high
est selling point of yesterday was five points
and a quarter.
The advance in the last two days has
been exactly eleven points, as on Thurs
day the highest paid was 1864 and today
207A was the best price.
The bidding began at 1876 and ran up
steadily, but for some time there was no
stock offered for sale. Finally ten shares
were for sale at 200 and they were promptly
taken. The next offering was 2O1, and that
also found purchaser.
The bid advanced to 201, and there was
no more stock for sale at less than 204, and
that was the record of the next sale. The
buying was good at these prices and con-
tinued so until the 207 level was passed, and
then that was the bid and 207z was asked,
which closed the trading.
While the dealing was In progress. 100
shares were offered at 21O and bid of
206A was made for the lot.
But little interest was manifested in the
balance of the list and the trading was
very slight, while the changes in the fig
ureS were not of much Significance At
one time it looked as if something might
be done in Capital Traction stock one
broker who is largely identified with this
stock made frequent inquiries about large
blocks and what they could be had for. He
was not disposed to say what he would
give in the event an opportunity was Of
fered.
However another broker who Is also iden-
tilted with these interests more posi-
tive, and announced that he would give
142h for 100 shares. An option on 200
shares was offered at 146, but 142A was
the best bid.
An offer was made to buy or sell the
stock at 142A which was not taken. At the
close 142A was bid and 143 was asked.
The lack OF interest in the trading was
illustrated when the preferred stock of the
Washington Railway and Electric Com
pany was called. The stock was offered at
92h and options at 81. but only one of the
latter was sold. One hundred and fifty
shares were sold at %, and at the close 92l12
was bid and 9312 was asked.
One lot of the common stock was sold at
30 in order to supply an option at $685. An
offer made to buy sell the stock at
35A, but ii not taken up. At the close
the bid was on that level and 1914 was
-ad