Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-27
LOCAL FINANCIAL NEWS.

The following comment is made by the
Wall Street Journal today in regard to the
case of the making away of money OF the
First National Bank of Milwaukee by the
president, Mr. Bigelow:
1.-THE disquieting thing in the minds of
observers Of Americas commercial. finan-
cial and Industrial progress in the last few
years has been doubt whether character un-
derles the extraordinary abilities and ex-
traordinary energies displayed by our cap
tains of industry and our masters of high
finance People may differ as to the man m
ner in which character Is built, but In Its
essence 1t consists simply of stock OF prin-
ciples governing actions.
THE man Of character is a man who
ciples Of right and wrong. and these prin-
ciples are of more value to him than any
other possible consideration.
while 1t is both unfair and unwise to make
any sweeping congratulations with respect
to the facts, 1t is, nevertheless. clear that
we have had far too many disclosures In
business life Of men of consummate abii-
ity and enormous wealth. occupying posi-
character. This is disquieting. not merely
from the point of view of mere morals, but
from what may be called the purely eco
nomic point Of view.
1T is not comforting to think that a
bank president is a Spectator, even though
he have abundant wealth OF his own WIN
which to speculate. 1t Is not pleasant 10
learn that directors of fduciary lnstltu-
tions are exploiting their directorships for
private profit. 1t is not satisfactory to have
success measured exclusively by dollars.
The thing that people call commerclailsm
Is simply the establishment of money get
At the close of the daily session today
a meeting of the exchange was held to
take action on the proposed change in
no it1ttin
ship from forty to fifty. A resolution to
that effect was unanimously adopted, but
the new provision will not go into erect
until the entire number of new members
authorized has been secured.
The first part of the call at the meeting
Of the stock exchange today gave promise
of one of the most uneventful sessions
that have been held for some time past
There was apparently no interest mani
tested by the members present either as
buyers sellers. The bid and asking
prices were given in perfunctory manner
and the changes made are entitled 70 no
significance whatever.
No sale was recorded until the trust COM
panies' stocks were reached except ten
shares of Washington Railway and Electric
Company's preferred stock at "a.
A couple of ten-share lots of American
Security and Trust Company stock sold Tor
252 and that was still the bid while 253
was asked.
Union Trust Company stock to the extent
oe eighty-five shares sold on range from
1211a to 12S and at the close 12IN was bid
and 121B was asked.
A different situation was presented
when Mergenthaler was called. 1t soon
developed that there was a strong de-
mand for it. The buyers were numerous
and they seemed to have large orders;
AS result the most active trdafng
that has been witnessed in this stock for
m took Mace. and the
of prices reached went as far in the up
ward course as 202, a high rescord for
this stock.
The bidding began at 1875, one point below
the closing bid of yesterday, but quickly
advanced to 1856, when the selling began.
and went along with much spirit, the
progress being marked at some stages by
an entire point. Altogether 300 shares were
traded in, making a big days business In
that stock.
All the lots sold were in ten shares, with
the exception of a fifty-share lot which
brought 200. There was only one offering
made of a 1O0-share lot. and then 200 was
the price asked. At that time ten-share
lot was offered at 1877. At the close 1897
was bid and 200A asked.
AS usual when there is an upward move
ment In a stock, there Is no very definite
explanation given of the causes that lead
up to it. However, there are those that con-
lecture that the recent purchase of the
Monoline Company for cash taken from the
surplus, leaving an authorized issue of flve
millions of stock, looks SO good that some
are inclined to think there may be some
thing in store for the stockholders.
There was quite good deal of trading in
Lanston at 14A, but the buying did not ex-
haust the supply that could be had at that
figure. At the close the bid was 14A.
Today's Government Receipts.
National bank notes received today for
redemption, 81. O54 O93: government receipts
from internal revenue. s6O5, 1913; customs,
sT5S, 1888: miscellaneous, sS9,333; expendi-
lures, 100000.
WASHINGTON Stock EXCHANGE