Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-25

The scarcity OF bilis OF email denomina-
tons. principally ones and twos, Is some
thing that Is a cause of almost daily I'M
convenience to bankers II 10 not partieu-
.ariy new thing, something that has
only recently become factor in business.
but this h the case at the same time the
demand for such notes ID incfeasanB and
the pressure for money In this form h be-
coming very great.
For this reason 1t 10 believed by bankers
that something ought to be done to furnish
relief. This phase Of the situation has been
developed by a correspondence which MT,
Robert N Harper, the president of the
American National Bank, has had with
bankers In various parts Of the country.
encountered this dihicuity in managing
the affairs OF his bank Mr., Harper has
made study OF the question and has put
the result In the form OF a bill. which Will
coming session Of Congress.
He has found that under the law ones
and twos can only be issued In exchange
for silver certificates. The latter do not
stimulate their how toward the treasury
and the subtreasnries the device has been
adopted of securing an amendment 70 ex-
fsting laws by which the treasury whi &c
allowed to Issue gold certificates In danomi-
nations OF 81 and less instead of $40 and
less.
The theory of the proposed new law u
that the smaller denominations OF gold GER
tifcates will replace those Issued in silver
certificates as the latter come into the
treasury. Ones and twos can be issued IN
their stead and that is the only way such
issues can be increased.
1t Is proposed in the proposition OF Mr.,
Harper to SO change the national banking
law, SO that banks can take out any part
of their circulation in notes OF ones ana
LNl., a. ,f<S1 fp<7
OF the circulation In such notes as at pres
ent.
The trading at the meeting of the ex-
change today did not show q continuation
Of the apparent revival of activity that
was noted In the proceedings of yester-
day. OF course. 1t was only feeble indi-
cation Of returning animation that the
market displayed at that time. but 1t was
thought that II might be the forerunner OF
a return of the better days.
However that proved to be a wrong
diagnosis of the case, although as today
was a half-holiday and time when BUSH
ness rather slackens up some portion OF
the responsibility may be placed on the
day and not on the feeling toward the
market.
All the trading that was done occurred
after the call when some of the common
stock of the Washington Railway and Eaec-
trio Company sold on a range slightly I'M
der that of the preceding day, which was
also the case with preferred stock. With
the latter, however. there was only one
fifty share lot traded In.
The prices, IL any significance attaches to
these sales, rather indicates that instead OF
the preferred going up and the common
going down, as has been freely predicted
for some time past, the situation Is to be
reversed. This was what occurred during
the past few months. and there appears to
be no change in the program as far as the
movements in these stocks is concerned.
The stock OF the Commercial Bank sold
ON the level that 1t has held for some days
past. which seems to indicate that the
declaration OF the dividend at the beginning
of the year Is rather confidently expected.
There Is nothing else in the wind, accord
ing to the statement Of President Stevens.