Evening star., 1906-09-07
LOCAL FINANCIAL NEWS.

Inc GIICuI6T iettcE WHICH 6cCTctdIJ 0HSW
sent today to all national bank repositories
stating that he expects public moneys in
such banks to be used in the communities
where it is deposited. and not loaned else
where for the sake of getting high rates
Of interest, was commented on at today's
meeting Of the stock exchange.
Those brokers who expressed any opinion
at all very heartily indorsed this action Of
the head Of the Treasury Department The
president of one of the leading financial In
stitutions Of the city. when asked by one
of the brokers as to the effect of this cir
cGlar, said that it would undoubtedly lower
the interest rate.
A president of a national bank said that
he had never made loans at higher rate
than u per cent, and that he did not believe
In high money. What promised to be an
experience meeting on practices in banking
was not however, continued, as no other
bank official volunteered any information.
Several OF the brokers were outspOken in
favor of the policy of keeping for local
uses money deposited in local banks, and
as one disputed this view it might be
taken for granted that all the bankers
present indorsed the practice, and also fol-
lowed 1t.
However, there have not been lacking
those who complain every time money gets
tight and rates advance in New York that
the scarcity OF the local supply is due to
the fact that bankers send their money to
that center in order to avail themselves
of the high rates. AS regularly as this
charge is made 1t Is denied, and SO the mat,
ter stands with two opinions In regard to
the local custom In this respect.
This was bargain-counter day at the
stock exchange, but the difficulty was that
there were few buyers. and the falling scale
of prices on which all the securities were
offered in which any attempt at all was
| made to trade did not serve to create
market. A few transactions were made.
but the buying appeared to be professional
and without much Significance.
According to a rumor that has some cur
rency on the street, something Is to be
done about increasing the dividend In Lam
ston. Four months ago the first dividend
ever paid on the stock was declared at the
rate of per cent per year on the par value
of SO per share. The next semi-annual
dividend Is due In October. and Mr.. J.
Maury Dove, the president Of the company,
when his attention was called this morning
to this rumor by representative of The
Star, said that he had no intention Of rec
ommending any change in the rate of the
dividend at the coming semi-apnual period.
The earnings of the company, he said,
amount to more than the present dividend
charge. When asked what would be the
policy In the future. he said that he did
not know.
The bonds and stocks Of the Washington.
Alexandria and Mt. Vernon Railway Con-
pany have been listed on both the stock
exchanges of Louisville, KY. and Columbus,
Ohio 1t Is understood that the bonds OF
the company are largely owned In both OF
those places, which may be the reason OF
the securities being listed in the local stock
exchanges of these cities
They are not on the list of the stock es-
change of this city.
A circular has been issued to the stock
holders Of the Washington, Baltimore aud
Annapolis Electric Railway ConHany Of
fering them the right to subscribe at u to
the extent of 81 per cent of their holdings
to 81, 600 Of the 81, 100000 authorized
bond issue of the Baltimore 7 criminal Conn
pany, with an equal amount of stool. OF
the Washington, Baltimore and Annapolis
Electric Railway Company as bonus. The
proceeds from the sale will be USED to-
ward defraying the expense of getting the
franchise. the cost OF the right of way
and the construction Of the terminal prop
erty, which is virtually In the heart Of
Baltimore.
The stock Of the Baltimore Terminal Com
pany, amounting to $1,5OO,9 600. is 20 be pur-
chased by the Washington, Baltimore and
Annapolis Electric Railway Company,
which will increase Its own capital stock
by the same amount. and exchange IT for
that of the terminal company share for
share.