Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-11-24
LOCAL FINANCIAL NEWS.

There was not much interest In the trad
ing at the meeting today OF the stock ex-
change. and In addition to the lack Of fea-
ture about the buying and selling the vol
ume OF II was rather limited. The call was
made In a rather routine fashion. and but
lew changes were necessary in the quota
lions.
This latter condition seemed to be agree
able to Mr.. Hibbs. who volunteered to take
the place of the board boy. who did no;
show up when the call was begun In per
forming these duties Mr.. Hibbs showeo
that the progress from president TO board
boy could be made. and that the duties q,
the nrst-named place had not unified him
for those OF the Iast named At any rate
ne got on without any more criticism tina,
Is usual In the case OF any one who hap
pens In any way to come to the attentio;,
OF the brokers when assembled for bust
ness.
An fnfreQuent attendant ut the dali,
meetings Is Mr. Frederick c. Stevens. b.,
ested spectator not of the trading. hut o.
the ways of the exchange on a day whe
there Is not much In the way Of business I.
be done.
Exception Is taken to the criticism
times heard that funds In financial insti-
buttons here properly available for Ioca
loans are depleted in order to get the high
er rates that prevail In New York II 1
asserted that not only are the needs of 10
cal borrowers carefully provided for bu.
that the loans made here are called loans
In form. but I'm practice are treated a.
time loans"
In other words the makers OF such note
are not liable to be suddenly brought fac
10 race with the alternative of paying of,
these obligations or of having the collatera
sold. This is what a call loan means in
New York. and for that reason NOR
placed there In that way is looked upor
as available cash. and is so. In fact unies
money market
It is because of this latter feature o
New York loans. largely. that what If
called interior money" finds it's way to
that center In such Quantities In this wa,
the banks furnishing loans of that cIass
secure good interest rates on what l.
practically portion. at least, of their
available cash.
Another feature of local banking practtc
mere Is commended as just, and that is tn,
voluntary lowering on the part of instI
tutfons OF interest rates when the none,
situation changes from that which war
ranted an advance. The process OF I
change In the rate becomes in this way au
tomato, as far the borrower is con
cerned.
The first bankers association to pass upor
the currency plan proposed by the ba
commission, which recently met I'm this city
OLD not indorse II. At a recent gathering
OF the Nebraska Bankers Association
resolution was adopted expressing opposi.
tlon to an Issue In time OF financial peace
OF any banknote currency except that now
provided for by law. but favoring the issue
OF heavily taxed emergency circulation
According to one view of the plan OF the
bankers commission. the objection to II Is
that 1t provides for large issue of low
taxed notes. instead OF notes so heavil,
taxed that they would be issued only ir
time Of severe stringency In the none,
market and then quickly retired when the
emergency passed.
Today's Government Receipts.
National bank notes received today for Re-
demption. $1O93.20l: government receipts
from internal revenue. 81. 0S4 ST.: customs
sSlos6O; miscellaneous. $5O754; expenal-
lures. $234OOOO