Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-03-14
LOCAL FINANCIAL NEWS.

Changes in practices that have been
tablished by custom are evidently not 10 be
lightly made At least that seemed to he
the sentiment of the Bankers Association
as expressed at the meeting last evening on
the question of change in the custom that
prevails here as TO commercial paper.
Unlike the practice in most cities. Dor
rowers here get the full face value of their
commercial paper and hen at the end of
the interest period they pay the interest.
Elsewhere the note is discounted. as 1t is
termed. and the amount handed over to
the borrower is the face value less the
interest for the period named.
In this respect the same course is follow
ed here in regard to loans on commercial
paper as is done in the of collateral
loans As the custom is "a long standing
one the conclusion reached that a
change would not be desirable one. AS a
matter of fact it is stated. there are
eral national banks here that follow the
rule IN this particular. which is known as
true discount or the payment of the inter
est at the granting Of the loan.
There was but little disposition shown
at todays meeting of the stock exchange
10 Duy IanstOn. 1t was to be had at a
lower inquire than was the case yesterday.
Fractional lots were offered well as the
STOCK FOR l64 and there was no trading.
except one fifty share lot at 16L, until a
SUI! lower offering of 10 made. and
then the lots taken were small ones.
one thousand shares were offered at I6hs.
Inc closing bid was IT, and 16l4 was asked.
There was practically no change made
in the figures for Mergenthaler. and after
ianguid dealing which was confined to five
share lots at 2o2l4 to 2O2Ss. the first named
was bid for a lot of that size.
At the close the bid was 2o2h and the
asking price 203.
nj Nptr mol ia n aF1Ss
Bank sold for $50. The bid for ten shares
then advanced to 3iII., but there was
223 A ten-share lot was sold at 223Ia. and
Ten shares of Second National Bank
stock were offered for sale. The best bid
was f5s, but 165 was the price wanted.
For Commercial Bank stock the bid rose
to 1863. but no stock was offered ut less
than 1870
Ten shares of Riggs Bank stock were for
sale. bid of $50 was made. which WAS
withdrawn. The bid was then 627. The
price wanted for the stock was 645.
Washington Loan and Trust Company
stick sold in five-share lots from 224Is to
223 \ teu-share lot was sold at 223ts and
the bid was renewed on that level. The
asking price was 10.
The trading in the preferred and the COM
mon stocks of the Washington Railway and
Electric Company was not very active The
preferred sold at 94i., and one lot at 94S.
At the close the bid was 343s and the asking
price 941s ..s
Dealing in the common stock was on a
higher level than that of yesterday. and the
range in the sales was from 35l2 to :51s-
Toward the close prices receded somewhat.
and there was trading at 35% and 35h.
Finally the bid 30 and the asking price
35H.
Capital Traction stock was dealt in today
without the dividend which is payable next
month and will be on the basis of the new
rate-s1.5 30 per share for the quarter.
The bid for quotation lot of twenty
shares was 10 and the same was bid for
fifty shares. The asking price was 146ai
sold for 1861.