Evening star., 1907-10-22
LOCAL FINANCIAL NEWS.

The situation in financial matters in New
York city and what was being done to bet
ter 1t was. Of course. the subject OF
much interest here in local financial cir
cles well as in the Treasury Depart
ment. The news of the relief that was
afforded by the Treasury to the financial
institutions In that city, as well as the
assurances received from the best authori-
ties in that center that what had already
occurred was all that was to occur that
would have an unsettling influence on the
market, was reassuring.
In other words, the process of eliminat-
Ing what was weak was said to be over.
and that too, without serious damage to
the general business conditions. The local
market. while affected. is only so for the
reason OF the close community OF interests
that has been brought about by modern
business conditions.
At the meeting of the stock exchange
today there was nothing In what took
place to indicate that prices in the New
York market were seeking still lower
levels or that the situation there was
unsettled. There was no reason why any
direct effect of the readjustment now IN
progress at that center should be felt
heke, as both the methods Of organization
of local enterprises and their conduct are
directed by wise and safe policy, which
does not endanger the interests and re-
suits in sufficient returns 70 the Stock
holders
At the same time such G neral condt-
tions as exist are disturbing here, as 1t
makes money difficult to get and leads
to the policy of waiting until it is possible
to see ahead somewhat more clearly than
Is now possible.
TIE changes made in the figures that
were recorded at today's session OF the
stock exchange were so slight as not to
be of any significance.
Some blocks Of Mitchell Mining stock
were brought out at new low figures.
the range being n, with one 1OO-share
lot at "a.
A meeting Of the stockholders Of this
company living in this city has been
called for tomorrow evening for the pur-
pose of discussing the affairs Of the COM
pany. and especially of hearing about the
proposed plan for the reorganization OF
the company as far as its capital stock
is concerned.
It Is understood that the acting presi-
dent of the company. Mr.. Cassidy. who
lives here. will be present and will give
stockholders information in regard to the
present condition of the company and Its
future prospects. The plan that will be
offered is. of course. Of tentative char
acter, as everything of the sort must be
In such times.
The principal feature Of It Is the reduc-
tlcu VI lIe par Ndluc Ol tHc StoCh
$40 to s. per shape. The new stock
thus created viii be taken by a syndi-
cate from the company at par. and the
money thus realized will be used in build
ing railroad from the ocean to the mines
and otherwise developing the property.
Twelve shares of Metropolitan Bank
stock sold for $500 and that still re-
mained the bid. but there was no more
offered for sale at less than 3Os. On the
basis of the selling price Of today the
stock pays per cent, but 1t Is under
stood that when the last semi-annual
dividend Of per cent was paid on the
1st Of the month the business of the
bank for the past six months showed
that the earnings were greater than s
per cent. 1t Is the expectation that dur
ing the coming six months the earnings
will show a still further increase. and in
that event an increase in the dividend
to per cent semi-annually Is among
the possibilities.
Fifteen shares OF Traders Bank was
also sold. and 122 was paid for five
shares and 125 was paid for ten shares.
The bid then was 124h, but the asking
price was 1870.