Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-10
LOCAL FINANCIAL NEWS.

The continuation of the downward
movement in Wall street today did not
have any particular effect on the local
market At the meeting OF the stock ex-
change there seemed to be an lndlsposi-
ton to make bids when the call got De-
yond the bond list For the latter Sc
curities there was a demand. and at mar
ket prices, and in the case OF Capatal
Traction flyes an advance was made over
the figures of yesterday. and sales were
made at 112, and more could have Deen
disposed Of at the same price If they hao
been for sale.
A couple of lots of the common stock
Of the Washington Railway ana Eiec ,he
brought prices from Ban to s4A, ana AT
the close the bid vas "a and the ASKING
price a quarter of point In adVance. ou.
the supply pressing for sale had apper-
emily become exhausted, anu .ie i" '
decline was stopped.
somewhat similar experience oeIea
gas stock Several lots were tor saIei
aggregating seventy-hve snates, ,,I.
they were disposed of at the pest oios
made-namely, fifty shares at ~ y ano
twenty-five shares at II. Then the nlo
receded to 7eh. and the asking price
at the close was TIN.
Inc OlQ IOT SE0oR0 Soh~
was :, but there were no TRANSACTIONS
In the case of Mitchell Mining the
bidding started out on the usua! recsne
basis Of IN, and there were also ,t inc
usual number who wanted VARYING n6
amounts of stock. the largest being e ~
shares Altogether. the bids on tne
floor aggregated over 1.oOo shaies' az
one OF the brokers furnished the enI.,
amount The bid then fell to q; WIN
IN mira quarter OF q punt LII
advance.
The stock Of the United States Trust
Company reached the highest point IN
the history Of that new organization. as
f1ve-eighths Of a point above par was
paid for a quotation lot Of ten shares
Mr.. Babcock, who was for a numpeI
of years chairman Of the House DlslFics
committee. serving until tho ciose oI
the last Congress, when he ceased to De
a member of that body. was spectator
at today's meeting OF the STOCK
change and looked on while me Ioca.
bulls and bears disported themsetess
in the arena. He might have seiec.eo
a day when more was going on III LILO
pit.
The dividend of the Washington Loan
and Trust Company that IS payapie 'ne
1st of next month will be on the basis OF
7 per cent a year, instead of per cent.
as heretofore.
Owing to the popular feeling now cur
rent against financial concentration, such
as has taken place in the railroad and In
dustrial world. it Is the opinion or the
Wall Street Journal that the project OF
establishing central bank of reserve ana
issue does not appear promising. AT the
same time, 1t asserts that banking sentl-
ment Is focusing more than ever on such
a plan. But that Is not regarded as
enough It must also gain the support OF
the country.
In Its opinion. 1t would be worth while
trying to overcome this prejudice by
showing how the bank could be organized
so as to prevent 1t from falling into the
control of any single financial interest:
how 1t could be governed by a dual board
representing the government and the in
dependent capital invested by the differ
ent banks of the country, according to
their size and how 1t could be so operated
as to protect the financial situation in
by which interest rates could be reg
ulated so as to prevent the wide and dan
gerous fluctuations which now take place.
Eliminating the central bank plan, this
authority states, there appears to be no
unity of opinion among the bankers of the
country as to what should be done. The
bankers are divided in opposite camps
on the asset currency plan.
Government Receipts.
National bank notes received today
for redemption. $3.50 100. Government re-
ceipts: From Internal revenue, 1928, 754:
customs, S1.091,2 O1 miscellaneous, $780,
GE}; expenditures, 81 26O, 900.