Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-22
LOCAL FINANCIAL NEWS.

Mr.. Frederick c. Stevens, the president Of
the Commercial National Bank. was at
the bank today. having come over for a
day from the campaign in New York state.
AS to the latter, he thinks that the greatest
danger that confronts Mr.. Hughes is the
too general feeling that such a man as Mr..
Hearst cannot be elected and so many are
not taking that interest in the coming cleo
ton which Is essential.
AS Mr.. Stevens has been mentioned In
connection with the presidency of Wash
ington Railway and Electric Company,
when the voting trust expires next June
he was asked about that. In reply he said
that he had not heard anything about
such proposed plan, and he did not under
stand how anything definite on that point
could be asserted, for the reason that 1t
was not known where the control or the
property lay. --~
There is no reason to transfer the COM
mon stock, SO that the books of the COM
owners OF the stock. He believed that II
the control Of the company was not held
In this city at this time it would
be in the near future. He held this belief
for the reason that such had been the
outcome In all similar enterprises in other
cities in the country.
II such proved to be the case then, IN
his opinion 1t would be the desire to have
a man at the head of the company who
Is Identified with local interests. In this
way not only the confidence of the invest
ing public would be increased, but their
interest In other respects would be en-
HANGED in the welfare of the property.
The delegate from the bankers associa-
American Bankers Association, which was
held IN st: Louis last week. was Mr.. Ed
ward ]. Stellwagen, the president of the
Union Trust Company. He has returned
where he was accompanied by Mr.. George
Fleming. the secretary Of the company.
The alternate to the convention, Mr.. E.
Quincy Smith, was in attendance, as was
also Mr. Milton q. Allies. who was mem
Der OF the executive committee
Mr.. Stellwagen endeavored to secure the
Endorsement Of the convention to a recon-
mendation which would result in federal
supervision Of trust companies Of the coun-
try In much the same fashion as Is done In
the case of national banks. The law under
which trust companies are organized In this
District gives to the controller OF the cur
rency some measure Of supervision over
Them and Mr.. Stellwagen thinks that Is
a good feature Of the local institutions. and
one that might be applied to the business
generally.
He found, however, that the sentiment Of
the bankers was not ripe for such change
and his recommendation was not approved.
However. he remains of the opinion that
the change proposed would be good thing
for the companies.
Whether 1t was due>to sympathy with the
condition in the larger market, or to some
other reason, at any rate, there was re-
oession in prices at today's meeting Of the
Stock Exchange 1t was accompanied by
considerable volume Of trading.
The principal trading done was In the
bonds and preferred stock Of the Wash
ington Railway and Electric Company. In
Mergenthaler and Mitchell Mining The
latter was the only security that showed
any gain, as compared with the figures OF
Saturday, and that was a slight one.
Today's Government Receipts.
National bank notes received today for re-
demption, $500. 529 government receipts
internal revenue, 1854. 43S; customs, $685.
sss; miscellaneous S217.796. Expenditures,
s. 30 900.