Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-29
The World of
Finance and rade
LOCAL FINANCIAL NEWS.

national banks in the District that are not
repositories of government money to bring
to the attention of the Secretary Of the
Treasury what they regard as an Injustice.
In their opinion all the banks that are will
ing to meet the requirements ought to be
allowed to have proportion Of the Dis
trict funds that under the recent order OF
the Secretary of the Treasury, are to be
placed in local institutions. According to
the present arrangement this money.
amounting to 5000. 900, is to be distributed
among the four government repositories In
proportion to the amount of their deposits.
1t is argued that this money is not public
funds in any but technical sense. and that
there is no just reason why the rules gov
erning the deposit of such funds IN national
banks should be made to apply, except, of
course. the section relating to guarding the
security of the money by requiring the
banks to place bonds in the treasury.
There Is much satisfaction expressed that
the policy has been adopted of making the
money, contributed by citizens of the Dis
trict in the shape of taxes. available for use
instead of locking 1T up in the treasury.
The movement to bring this about Gull
minated in a bill which was introduced in
the Senate March 8, 1904, by Senator Ell
kins, directing that this should be done.
The bill did not become law.
While the report of the District Commits
sioners on the bill was adverse, owing, it
was pointed out, to the existing obligations
of the District of Columbia to the United
States treasury, 1t, however, recognized the
claims of the financial institutions of the
District to have deposited with them the
moneys that were to be expended on Spe-
cial improvements. and such part of the
collections as could legitimately be turned
over without impairing the interest of the
United States.
The present action of the Treasury De-
partment is therefore looked upon as a
direct result of the effort which was made
by Senator Elkins, Commissioner West and
Mr.. Livingstone, vice president Of the
American National Bank, in the spring of
1904.
Trading today in Mergenthaler reached
about the same volume a shat of the two
preceding days of the present upward
movement The aggregate of the sales was
about 255 shares. The level Of the selling
was below that of yesterday, when the
highest point in the present movement was
reached in aleat 207h
Today there was stock for sale at the
market. and while the asking price started
on about the level of that Of yesterday,
those who had stock for sale were obliged
to offer 1t down to get a sale. The bidding
began at 200 and ran up gradually. The
first sale was at 205 and the lowest point
reached was 203H.
The latter was paid for block Of forty
shares after the call, and at the close that
was the bid and 2O4 was asked. Yesterday
at the close 207 was bid and 207k was
asked.
There was some dealing in Lanston, but
at the same rate that has prevailed recently
for this stock. namely, IAN. The stock was
stu to be had at that figure, and 14As was
bid.
The trading in Capital Traction stock was
all done after the call. Then sixty-fve
shares in two lots were sold for 1927 and
twenty shares at 1925. During the call an
option on 100 shares were offered at 145
while the bid for twenty shares rose to
1421s The asking price was 1926 which
was withdrawn and 143 substituted.
Practically nothing was done either in the
preferred or common stock of the Washing
ton Railway and Electric Company. A
couple of fifty-share lots of the preferred
were bought for 9214 and 92A, and then 90
was bid and 90 asked.
No effort was made to trade in the COM
mon; 34A was bid and SO was asked.
American Security and Trust Company's
stock sold at 252 and then 251h was hid
and 255 was asked.
Union Trust Company's stock sold to the
extent of fifty shares on a range of from
12I]9 to 1861. The bid was then 1863. and
the asking price 127A.
Gas stock to the extent of two 25-share
lots sold for GA and 63Ts, and then 63 q
was asked which was withdrawn and 63T
The best bid was 63A.
The clearings at the Washington clearing
house for the week ending today were
"a. So, 233 81. Total clearngs for the month
ending today were S21. 564, G06.6S an in
crease of 3d. .03S,14 over the correspond
ing month last year.