Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-07-29
LOCAL FINANCIAL NEws

mere was Iuu In the demand for the
common stock of the Washington Railway
and Electric Company at the meeting to-
day Of the stock exchange. There was
not even an echo Of the rather excited
and iively market Of yesterday, when
sale at less than IS was taken.
The bid today for the stock was "a. and,
while the Offering Of quotation lots of
nifty shares each was So one broker said
not taken. and no effort was made to learn
how much was to be had At that figure.
Still the bid was maintained at "a, an
advance of at least two points on the last
recorded bid.
The buying of yesterday. while con-
fined to one broker. IL naturally the feat
ure of interest in q market that was re-
f1ecting the usual summer dullness. There
was some surprise expressed that SO much
stock came out under the upward move
bulk of the stock awaiting favorable
market stood to the holders at somewhat
higher prices.
As 1t was. over one thousand shares
the statement made that the buying was
to I'll an order. nothing Is known as to
the cause Of this sudden demand for the
stock. 1t has been openly said for some
time by prominent officers Of the COM
pany that the receipts of the system are
increasing at such a rate that the net
earnings at the close Of the present year
will be equal to at least per cent upon
the common stock.
1t is not supposed that it is the pur-
pose to make any such a dividend, but
what is said to be the policy is to declare
a dividend Of about per cent some time
in the course Of the coming eighteen
months II that IL The case then the
stock will yield 4 per cent upon a value
of $50
The other things on the list did not pro-
duce much trading. An advance was
made in the figures In some cases. The
copper stocks are showing tendency to-
ward higher levels. and that Is shared in
by Mitchell mining stock. Instead ef u
bid the figures are Y. which Is quite a
change for that security on account Of
the uncertainty which appears to exist
relative to its future.
There is some talk Of the bondholders
foreclosing on account Of default in
interest At the last semi-annual period In
March. and then 1t is also sale" that an
appointment of receiver will be re-
sorted to. Whatever is to be done has not
been announced from any source with au-
thority. and in consequence there IL
much perplexity among the stockholders
The Wall Street Journal welcomes Mr..
Taft's speech Of acceptance "as evidence
that he Ia neither a reactionary nor a
revolutionist: neither a Bourbon nor a
Jacobin.
Another important thing. In the pro-
gressive development Of the Roosevelt
policies Mr.. Taft will seek to interfere
with legitimate business as little as posi-
ble.'"
An emergency currency plan has
been adopted by the Canadian parlia-
ment which has authorized the Cana
dian banks to increase their circula-
ton during September October Nnven
Der. December and January Of each
year by $2S.540.O00 above the author
ICED limit during the rest of the year.
This amount is Is per cent OF the com
bined capital and surplus OF the Cana
dian banks. 1t Is estimated that the
emergency circulation thus permitted is
1892 per capita.
The law makes it certain that such
currency Is to be retired soon after the
LIST Of February Of each year.
The emergency currency authorized
by the last Congress amounts to S. 70
per capita, and the excess over that in
Canada is attributed to the difference
In business conditions in the two coun-
tries