Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-06
LOCAL FINANCIAL NEWS.

The course OF the gas stock on the
local exchange yesterday and today gave
no indications that report of the bust
ness OF the company had been sent to
Congress. and in consequence published to
the world. This may not be the fault of
the report, but may be entirely due to the
state of the money market, which at this
time does not furnish loanable funds on
collateral security. From this point of
view it makes but little difference whether
the report is favorable or otherwise, for
as long as it Is impossible to get the
money to make transactions there is no
motive for any one to attempt to make
purchases.
AT the same time there are still those
who are reasonably intelligent, and who
are interested in such matters, who claim
that the report means nothing to them,
and that they know no more of the
business of the company and of its abil-
ity as a money Garner than they did be-
fore they read the report. However, 1t is
stated that some time in February
other report will be made to Congress,
which will cover the business of the cur
rent year. and not that of last year, as
was done In a report just submitted.
The general suppos.tiOn Is that bust
ness will improve in volume in the near
future, as it is expected that loanabie
funds will be more abundant than has
been the case. The superstition is found
ed on the belief that now the statements
called for by the Treasury Department
have been made and the banks have
shown a commendable strength that 1t
will be concluded not to be necessary
TO hold on to quite such a large re-
serve of cash, and in consequence there
will be more money available for cur
rent business.
1t is inferred from the recommended
tons of the annual report OF the Sec
rotary of the Treasury in regard to pro-
yiding for a division of this country into
geog. aphical sections with the view OF
restricting 10 each section Il certain
proportion of the bank reserves that he
Is not in favor of leaving to the banks
the entire custody of their cash reserves
or perhaps allowing them to determine
absolutely how much they will reserve
In other words. it is thought that this
provision Is intended to correct any ten
Gency which has been observed toward
the boarding of money by the banks.
The general condition throughout the
country from financial standpoint con-
tinues to improve, at least as far as the
region OF which New York is the center.
1t is supposed that as the western and
southern portions of the country were tine
last to Tee the effects of the late panic
that they will be the last to experience
the ueEedts of the recovery.
However. II is said that there are ind-
cations of a return to New York of money
that was withdrawn by outside banks
when the panicky feeling was at its
height.
Mr.. Henry x. Willard, who represents
his father. NS. Henry A. Willard, the
largest Individual owner of the slock OF
the Columbia Fire Insurance Company,
and who is trying to induce the stockhold-
ers of the company not to consent TO the
plan for the reinsurance of the business
| of the company, and Its iquidat. on, said
| today that 1t was a mistake to suppose
that his effort was hopeless. He intended
TO keep on trying unit. the last minute
which would not be until the 4th day OF
next month. He said that proxies were re-
vocable up to the final hour for the meet
| ing of the stockholders, and he proposed
to continue TO urge stockholders to stand
with him for the continuance Of the COM
pAny and Of its business.