Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-12-28
LOCAL FINANCIAL NEWS.

Mitchell mining stock was again today at
the meeting Of the stock exchange the
cause of rather active bidding, but while
there was a good deal of noise made, there
was not much done in the way Of buying
and selling.
The bidding was on a slightly higher
level than was the case yesterday. as 53s
was bid from the start, but while there
seemed to be an abundance Of stock to be
had at an eighth of a point in advance Of
that price. but few transactions were re-
corded. One of the brokers wanted OPP
lions a thousand shares and bid So, and
he succeeded by perseverance, in getting
some 800 shares before the call came to
an end.
Bids for large blocks, slightly under the
prevailing rate, were made by several
brokers and, in fact. at one time three
brokers had bids on the floor. each one
for one thousand shares at 81.
Another bid of the same character, but
shares or for any part at SIS. while such
lot was offered by the bidder at 5k.
Only one transaction was recorded in
quotation lot of the stock and the price
wanted options in the stock at SIS were
furnished with two lots of 100 and 500
shares respectively.
At the close of the trading the figures
call, namely, 5as bid and 511 asked.
A rather low level for the bonds of the
Washington Railway and Electric Com
pany was reached when one bond sold Tor
S4a4. There were other transactions in this
security, but they were on a range of from
50 to S5A. The bid toward the close re-
gained somewhat the usual level and was
at So with the asking price an eighth of
point higher.
There was nothing done In the stocks Of
the company except the sale of fifty shares
of the common at 10. The change made in
the quotations was very slight.
One of the brokers had a block Of about
100 shares of Capital Traction stOc-- for
sale. He wanted 144 and he got 1t, and
low that figure, and the asking price an
eighth of point above 1t.
When Georgetown Gas was called. fol-
lowing that of Washington Gas in which
nothing was done. and the figures re-
MANNED practically the same as those re-
was brought to the attention of the assem-
bled brokers by the president, who said,
LAS gas is now a dollar in Georgetown
what IS bid for the stock?"
: 1.-The bills will be the same observed -.le
cynical broker from the west side of the
creek. However. the bid rose from go.
which was the record of yesterday. to 621a.
and the asking price remained unchanged
dl
the stock, and, in fact, that is the usual
condition.
Several blocks of the stock of the Com
mercial Bank sold for 206 and 206R. The
bid at the close was an eighth of a point
above the best selling price, and the asking
price was 2O71a
mo other banking development Of the
past three years., says the Wall Street
Journal, has caused more solicitude
ha nj hn he
in the amount of direct loans in Wall
street by out-of-town banking institutions
The practice consists in out-of-town banks
and trust companies making direct loans
in Wall street through the agency Of their
correspondents. the banks and trust COM
panies of New York. The latter loan the
money of the out-of-town banks In the
street at the best market rates, and there
after take care of the collateral.
when the out-of-town bank wants Its
money it directs its New York correspond
ent to call the loan. The practice enables
the out-of-town bank to get the full ben
eft Of the current rates of money in New
York, and, of course, 1T Is an advantage
''The harm of the practice consists in the
fact that it creates large volume OF in
visible credits that are absolutely beyond
the control of the New York banks. These
loans are subject to call by the out-of-
town institutions. When the loans are
called the borrowers must seek other
sources of accommodation, and naturally
they go to the New York institutions. In
ordinary times this condition is not es-
pecially burdensome. but in any period of
sudden shock it would be source of great
weakness to the New York money mar
ket. 81,
such is the competition for the deposits
of out-of-town banks that many of the
New York institutions perform this service
of making direct loans for out-of-town
banks free of charge
There is another point of view than that
of the New York banks, and 1t is that of
the local customer of the out-of-town
banks who sometimes thinks that the
available supply of money for loans is cur
tailed below that of the needs of the local
demand in order that the higher rates Of
fered in New York be secured. AT
the same time it is claimed that local Gus
toners are looked after and only surplus
money is supplied to the outside market.
Todays Government Receipts.
National bank notes received today for
REDEMPTION $752, SS7; government receipts
from internal revenue. Ga, 1876; customs,
81 ,429 573; miscellaneous, s2s972; expendi-
lures. 81 ,eOO,000
roet,uofnr Stock Exchan0.