Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-11-20
LOCAL FINANCIAL NEWS.

The increased number of brokers who
attended the meeting OF the stock ex-
change today was due more to the annual
election. which was held Immediately at
the close of the CALL than to an increase
in the number of orders placed in the
hands of members of the board for execu-
ton. In fact, while this city has been
as affected as slightly as is possible by
the loss of confidence and the general un-
settled state of financial matters in other
portions Of the country. yet 1t has not
reached the stage just yet when normal
activity in business can be resumed.
AS far as local stocks are concerned 1t
is evident the stationary condition OF the
market is to be continued. When there
Is loanable money available to help out
cash supplies then it may be expected
that buying movement will appear.
What Is true of the money situation
just at present is of course the dispro-
portion between the actual amount of real
money and the demands Of the modern
credit system. Ordinarily the supply Of
load Of credits needed to carry on the
business Of the country. At such times
there is always a feeling Of confidence
that checks and other expressions of
credit are just as good as real money.
Owing in part to a decline in the preva-
lencs of such a feeling, which affects in
dividuals and also even banks, the prac-
tice has been adopted elsewhere Of put
ting away cash instead of keeping 1t In
circulation. In other words. boarding has
been going on.
1t is believed that this panicky feeling
Is reported in other cities as passing
away, and In that case the supply OF
money will soon be ample. The effect of
the recent relief measures proposed by
the Treasury Department cannot as yet
be accurately determined, but 1t is
thought the improvement noted in public
confidence can be traced to that source, SO
that what might be termed the moral eff
feet of the government plan for relief OF
the situation has proved to be beneficial.
To what extent the issue of the $50 GER
tificates will induce individuals who have
Withdrawn their cash from every sort OF
public depository, except possibly the safe
deposit vaults, to exchange it for these
new per cent government securities
cannot be determined at this early date.
The apprehension has been expressed that
people who have their money in banks.
where it adds to the available supply, will
be tempted to withdraw it for use in this
new investment.
1t was, of course. the purpose Of offer
ing this certificate to the public to get at
the money that Is boarded and not at
that these new certificates will appeal
to the banks themselves. and especially
to those among the number who are sus-
pected of having done little boarding.
as keeping a big cash reserve Is regarded.
Such topics of current interest which
are heard relate. Of course, to the stu
alton in other sections of the country
and not to this city. where, as stated.
there is money in abundance to supply
local needs and the chief suggestion of
outside conditions that depositor In one
of the local institutions receives is when
he presents a check drawn on a bank
away from here.
There was no change made in the Of
ficers of the Washington exchange as the
result of the election held today. except
in the case Of the governing committee.
The ticket elected was as follows: Presi-
dent. Thomas L. Hume: vice president
r. H. Lynn: secretary. Benjamin Wood
ruff; treasurer, Brice J. Moses. Govern
ing committee, Charles P. Williams and
William J. Father for two years, and
Charles ]. Bell for one year.