Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-23
LOCAL FINANCIAL NEWS.

According to a competent authority on
financial matters, the present week opens
with the good features OF the SITUATION
predominating. The improvement Is go
ing on about ase well as could be hoped
for, and it 10 the experience that each
step forward is a little easier than the
last.
The expectation is reasonable. II IL
thought. that the premium on currency
will disappear with the close Of the year
and that will prepare the way for re-
sumption of cash payments and the re-
tirement of clearing house certificates ano
other similar devices which are stu IN
use in various places throughout the
country.
1t is also reported from New York that
the deposits usually in banks in that
city from the banks in the interior, and
which were largely Withdrawn at the
start OF the recent financial strlnSency,
are beginning to find their way back to
marks the end Of the boarding Of money
on the part of the banks. and it Is being
made available for general use.
This feature of the present financial
system in this country has been demon
strated during the recent experience. IN
the judgment of a good many financial
authorities, to have been source or
weakness, as the withdrawal OF money
from the banks in New York lessened the
ability Of those institutions, and at the
same time placed the money where It
was not in as great demand and where
it was not actually brought into use.
However. that is the system Of banking.
or rather of handling the bank reserves,
in this country. and will be pursued until
the time comes when changes will be
made by legislation, or. in absence OF
that the bankers of the country them
selves adopt some remedy.
Another phase Of the market which IS
looked upon as favorable is the showing
made In the weekly statement OF the New
York hanks Of a decrease In the dehclt
in the reserves Of nearly twenty-three mil
lions of dollars. This condition OF the
banks gives rise to the belief that within
another month the deficit will cease to
exist.
1t is estimated that the January dis
bursements of interest and dividends of
the various corporations Of the United
States will this year reach the enormous
sum of over 500. 200. 900.
The announcement was made at the
meeting Of the stock exchange today that
dividend Of per cent would be paid on
holders Of the Washington. Alexandria
and Mount Vernon Railroad Company.
The outstanding stock OF this company.
the controlling interest In which Is gen.
orally supposed TO De owned Dy the fenn-
sylvania Railroad Company, amounts to
81. 100000. while there are issued 81 800, 900
) per cent bonds
The company has not up to this time
paid dividend, and it was not stated in
the letter sent to the exchange whether
the dividend Is to be annual or semi-an-
nual.
An incident of interest in the trading at
todays meeting of the exchange was the
sale Of an option for sixty days for "a on
fifty shares of the preferred stock Of the
Washington Railway and Electric Com
pany.
The bid for the stock was slightly
higher. than was the case on Saturday,
but there were no sales
The bid for Capital Traction stock adj
vanced from 122. which was Saturdays
bid. to 1924 without bringing out any Of
the stock. although eighteen shares were
offered at less than the asking price OF a
quotation lot, which is twenty shares.
Government Receipts.
National bank notes received today for
redemption. $3.50 Government re-
ceipts: From internal revenue, $1,223,-
s7e: customs. 1922. 4O5: miscellaneous.