Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-20
LOCAL FINANCIAL NEWS.

l ne DuSiHesS Vl TtpEcSeutiHS tHo hottOaASsa
| banks in this city under the requirements
Of the national banking law. which
| makes It obligatory upon all Of the banks,
| now numbering about 5000. to have a repre-
| sentative in this city, seems to be attractive
for various reasons. The latest competitor
to enter the field Is a financial paper. and
by means OF circulars an offer Is made to
perform such service for nothing. providing
the banks subscribe to the paper.
About a year ago the National City Bank,
having secured an interest in the Riggs
Bank of this city, sent out circulars to the
banks proposing to become their agents in
this city without charge providing of
course. that the banks accepting this offer
placed an account with the City Bank
Since then the Bank of Commerce of New
York has undertaken the same work
through the Commercial Bank of this city
and the First National Of Boston. through
the American National Bank of this city.
In addition, some of the national banks
here continue to perform gratuitously this
service for their correspondents desire
1t, just as they have always done.
Before these new competitors entered the
field the business was in the hands of about
a dozen individuals and firms. who made a
specially of the profession Of bank agents.
and although the fee from each bank was
small, as rule about IS per year. still the
number made 1t possible to secure fair
living. 1t might be expected that the prop
osition to do for nothing what costs even
such small sum would have promptly
taken all the business out of the hands Of
those who were exclusively bank agents.
1t Is reported that such has not been the
case. and while the bank agents have
incurred some losses, still they are all in
active service Some of the reasons as
signed for this is that the banks are in
clined to think that service performed by
bank free of charge Is apt to be perfume
tory and in addition Ls tn a.
tain their paid agent In this city rather
than be tied down to single bank in any
large center.
In the latter case they feel that ther
would not be at liberty to change their ac-
counts in New York from one bank to an
other as may be most advantageous to
them 1t Is believed from the experience
that now extends over a year that the in
dependent national bank agents will be
able to hold their own, for the 1nroads
made are not large, and further it is
transferred their business to one of the
bank combinations, have again returned
to the paid agents.
There was no trading at all In the pre-
ferred stock of the Washington Railway
and Electric Company at today's meeting
Of the exchange. at least during the call.
At first the only demand seemed to be for
broken lots. 931s and 1885 was bid for
such lots and "a was asked, but without
result.
Finally, as the STOCK was ABOUT 10 De
passed, 92A was bid and 93A was asked.
and then attention was turned to other Sc
curities.
After the CALL however, the odd lots
wanted were secured at 93, and 100 and so
share lots were sold to the extent of $50
shares on a range from 92A to 921s.
There was more trading in the common
stock as there was one block of about one
thousand shares which was for sale and
which were disposed at 3512. One broker
was the principal buyer.
After the sales 351A was bid for 1000
shares, or any part and the trading that
followed was in large blocks and on range
from 35As to SO. The bidding was also for
large blocks and 3534 and 1915 was the price
bid.
At the close 35% was bid for a quotation
lot OF fifty shares and SO was asked.
Some 500 shares of Lanston comprised the
entire dealing in that Stock and the range
of yesterday. The stock sold from Is to
15A. and during the trading 10 was bid for
100 or for 500 shares. At the close 1oB was
bid and 15A was asked.
According to reports received from the
annual meeting of the stockholders, which
was held today in Alexandria, no action
was taken in regard to a dividend.
A couple of twenty fve-share lots of gas
stock sold for 653s. a somewhat higher price
than was paid yesterday. while the interest
in Mergenthaler was so slight that the
prospective buyers and sellers did not get
any nearer together than 1855 bid and 1871
asked.
The exchange at the close of business to-
day adjourned over until after tomorrow,
for the customary Good Friday holiday.