Evening star., 1905-11-07
LOCAL FINANCIAL UwA

According to current gossip plans are now
under consideration, OF perhaps have been.
for establishing between the Commercial
National Bank of this city and one of the
large banks in New York city what Is
known as a community Of interests such as
already exists here in one instance at least.
Those connected with the bank, In the alb
sence from the city of the president. Mr.
Stevens, state that they are not aware that
anything of the sort Is going on
1t is stated that this rumor started soon
after the publication of the correspondence
between Mr.. Stevens and the Treasury De-
partment relative to the mailing of circu-
lars of the National City Bank of New
York by the department to bond holders.
and 1t may have had its origin in the belief
that Mr. Stevens might wish to interest one
of the City Banks powerful rivals in secur-
ing foothod in this city.
The increase in the. business OF the local
financial institutions is strikingly illustrated
by the present condition. The banking re-
sources were never SO large. double what
they were few years ago, and yet in the
case Of most of the institutions they are
row loaned up to what Is regarded as the
limit and still the demand for money con-
tinues. According TO the experience of some
of the most conservative bankers the de-
mand at present is greater than the supply
This Is the in spite of the fact that
much Of the local needs is supplied by funds
secured from other cities. y good many
Washington loans are carried in New York.
in Philadelphia and Baltimore, and the area
in which local securities recognized and
known as good collateral is constantly
widening.
In financial centers in the south, 1t is
found that the stocks and bonds issued by
Washington concerns are known and their
value recognized. so that call for money
oh, nit h
response. The spread of information of this
sort Is one of the new phases in the ma
terial development of the city and AFFORDS
evidence of the growing consequence OF TINS
city as financial center.
AS this is election day. al least in the
state of New York, the stock exchange IN
that city was not open. and in consequence
the tickers were not in use. The brokers
here who are members of the local stock
exchange had holiday to that extent, but
they evidently did not so observe 1t to the
degree that is usually done. AT any rate.
good proportion of the members of the ex-
change were present today al the call. and
from the appearance of the floor there was
no indication that the day was in any re-
spect a holiday.
While this was true of the brokers. :s
much could not be said for their customers.
as 1t was evident from the dearth of orders
that they were taking holiday or doing
something else than following the market.
The only bank stock sold were two lots
OF Metropolitan Citizens Bank. one and four
shares. respectively, for which 351b and
$40 were paid. When this stock was called
President Hibbs. with that directness Of
manner which has the virtue Of getting
there, turned to Mr.. Parker. the president
of the bank. and said that he had noticed
a published statement to the effect that the
capital stock of the bank would be in
creased and asked him what there was in
the report.
Mr.. Parker hesltated minute and then
replied: Il cannot either affirm deny
that statement
With only the comment made in a good
way that he would seem to be a
proper candidate for Kendall Green the in
cident closed.
Graphophone common made another peg
in its upward course. and several blocks
were sold at 51a. Lanston, on the contrary.
went the other way and sold at 151s, and
there was still stock to be had on that
level The bid was 15.
The other transa ctions were of no special
interest or Importance.
The annual dinner of the exchange will
be held on the 10Th instant, and the guests
on that occasion will be the presidents and
vice presidents Of every financial institution
in the city.