Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-05
LOCAL FINANCIAL NEWS.

The brokers who attended the meeting
today of the stock exchange were not so
oyerrun with orders either TO sell or TO
buv that they were unable to give atten-
ton to anything else. IN fact, that condi-
ton seldom occurs. as there is always
time. IL the subject happens to be of suffi-
cient interest. So when attention was
called in that informal sort of fashion
which is common. there by one of the
brokers. who also happens to be identified
with one of the large banks. to a state
ment in weekly letter on the local mar
ket which is issued by another broker, IL
was at once taken up.
According to the views expressed in
this market summary some OF the Older
banks by refusing to loan on local Sc
curities are adding to the business of the
younger banks which by implication were
not pursuing such a policy. OF course,
every one felt free to express an opinion
on this subject, but one OF the brokers
apparently voiced the general sentiment
when he remarked that the author Of the
statement told the truth, but that ne did
not know IT.
The broker who started the subject GO
ing did not say what he thought about II,
but explained that his only purpose In
referring to IL was to get a rise, as he
expressed ii. from the maker of the mar
ket letter. This he did not succeed in do
ing The condition of the money market
is the subject of good deal of talk and
has been for some time past.
1t Is thought that the local condition can
not he unusual. or the Secretary of the
Treasury would have included this city In
the list of those where he is going to place
on deposit ten millions of dollars OF public
money. There Is no doubt there is a greater
demand for money here than is being met,
but IL Is explained that Is nit 80 much De-
cause of the scarcity of money, although u
fs cd hat phaUkg pretty well
loaned up. but because there Is hesitation
about increasing the number of loans on
certain lines of securities which are heio
a coliateralS.
II is not generally believed that there Is
discrimination exercised In regard 10 certain
of the local securities. although there are
some who assert that to be the case. lt Is
not at all improbable that there are IN
stances of conservative methods whlclf are
which are not followed by all institutions.
Still il liz admitted that there Is large
proportion of the deposits in local institu-
tions out in local loans, perhaps a larger
percentage than ever before in the history
of the city.
=. An addition to the supply OF available
funds in the local banks will be made IN
May when, in accordance with the new RUE
adopted last year at the Treasury DepaIl-
ment the money paid by the citizens or the
District for municipal taxes is to be deposit
ed in the banks IN this city, where are gov
eminent repositories. instead Of as hereto
fore. locked up in the United states
treasury.
At the meeting today nearly three hun
bred shares of gas stock were traded in ana
the price went OFF fve-eighths of point,
the lowest figure reached being sos, which
is quite recession from the advance OF the
other day to 81.
Some 500 shares of Lanston were dealt
and on a declining scale of three-eighths
of a point the lowest figure reached being
1875. The stock was to be had at H.
None of the preferred stock Of the WASH
ington Railway and Electric Company was
for sale at less than 80; none of the COM
mon for less than 42ik There was no de-
mand for either except in the case of the
preferred: some fractional lots were wanted
An option on the common stock was 10 be
had at A