Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-08

A matter OF much interest Is pending
before the New York state legislature in
the attempt that Is being made to provide
by law for the maintaining by the trust
companies of reserve fund It seems In
that state there is not an entire unanimity
Of opinion or practice among the trust com
panfes Some are opposed to any legislation
Of the sort while others favor it, The rails
ing of this question has brought out the
existence of a feeling OF jealousy and bit
terness in the relations OF the banks and OF
the trust companies.
But as to the reserve itself and the per-
centage 1t should bear to the deposits. 1t IS
evident that the most radical do not favor
the adoption of anything like the rate OF
percentage which is required of national
banks. In fact, the rate proposed TO De
incorporated in the state law is II per cent.
II is evident that the policy in that regard
is quite different from the one that IS
pursued in this District. Here there Is no
legal requirement on trust companies. Out
in point of fact the practice is to have the
same legal reserve which is required OF
national banks namely % per cent In some
cases the cash reserve is even in excess OF
that amount and then at times, of course,
it may fall below. 1t is seldom that the
cash reserve of trust company is reduced
below 15 per cent and with the % per cent
of the national banks 1t Is evident that
the principle sof safe banking prevail in
this District.
Gas stock took it's place today as the
active stock on the market. The course OF
the last few days in this security has point
ed to q growing tendency in this direction.
and it was recognized that for some reason.
or perhaps a variety of reasons, there was
likely to be a revival of interest in gas.
Just why that should take place, and at
this time. it is rather difficult to explain.
but as that Is a popularity of the move
ments in this stock on the market 1t Is not
o. Ctvrv, tel, hat at ivrrn
prices are bid for the stock and there is
considerable buying and selling going on.
The advance today was not very much.
only half point, when the closing bid
price of yesterday is compared with the
best selling price of today. The trading
was confined to range of from 61A to 81.
and among the transactions was a 1OO-
share lot and also an option on 50 shares.
For the latter 62A was paid.
Supplying short interests is one explana-
tion or. in other words, the efforts of those
to get back the stock who have sold beyond
what they actually had. At any rate,
whatever the reason. the stock is evidently
in for a season of more or less activity. but
whether 1t is on the cards for 1t to go up
to the last high level is a question that IL 1T
could be answered would no doubt stimu-
late the buying for some time.
Up to the present time there has been
no intimation of the sort that usually ac-
companies a movement in this stock; name
~, tHdl Suii1ctiiitlS 10 StoIo kOi liat SUM
holders. AS this does not come in the form
of a circular announcement signed by the
president of the company ana the MEM
bers of the boarh of directors, 1t is impos-
sble to say whether or not 1t is something
of the kind that is making the stock more
valuable at this time.
The trading in the securities of the
Washington Railway and Electric Com
pany, including the bonds. was higher
level than was the case yesterday, although
the volume of the trading did not show
record of recent days.
1t was quite noticeable, however, that af-
ter the experiences of yesterday, when
broker reached out and seized a bid for a
5O0-share lot that appeared 10 have been
made for much the same reason, that such.
bids have become more or less common be-
cause but little attention was paid to them
or was expected to be, the trading in
the common stock today was marked by
a warfneSs of approach.
This was not lessened when an Offering of
an option at Az was taken with prompt
ness by the broker who was the seller of
but there were a number wanted at that
at one time as 41ss. but that was withdrawn
price went no lower than five-eighths.
Today's Government Receipts
National bank notes received today for re-
demption, s1,167, 100; government receipts