Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-04-30
LOCAL FINANCIAL NEWS.

The various national banks of the city
have received from the Treasury Depart
ment an announcement of the intention,
In accordance with custom. to deposit In
the local banks, in proportion to the indi-
vidual deposits. the money paid by citi-
Gems of the District in the form of taxes
Such deposits are to be secured by bonds
that are legal investments OF savings
banks and are to be returned In 10 per
cent installments beginning July 1 next.
The allotment of the tax money is not
as large this year as was the case In for
mer years. but it is believed there will be
another allotment in order 70 bring up
the total of the public money thus re-
turned to the uses of the public to sub
stantially the amount paid in during the
spring period
The rumor about the gathering into one
large company of several of the local fire
insurance companies of the city Is heard
again, and this time some New York par
ties are credited with a desire to finance
a scheme of that sort. 1t Ia not known
whether anything will materialize TINS
time or not, but it is mentioned as one VI
the topics of current talk In insurance
circles.
In this connection it is also stated tnas
one of the companies recently turneu
down an offer of about SO per snare 1or
its stock, which Is some $1o IN excess "
the quoted market value and about three
times that of its par value.
canital Traction bonds formed the fea-
ture of the trading at todays meeting
of the Stock Exchange, and an unusually
large block found it's way on the mar
ket and was taken mainly by one broker.
who. however, was renewed IN the 1uynms
by another broker The price paid was
the same throughout, 11O1t, and alto.
getiier bonds amounting to about $oO,OOo
changed hands.
It was thought that perhaps they came
from the source from which. according
t. the current gossip, 1t has been expect
ed quite block of the stock OF the com.
pany would come upon the market. IL
has been. the theory Of some for weeks
past that the stationary condition OF the
price of the stock is due to preparation
for such an offering should it be made
1t has not happened as yet. but the con-
clusion was jumped at today by some
that perhaps the bonds sold today formed
a part of the same holdings.
The other noticeable thing about the
trading today was the taking of several
lots of the preferred stock of the Wash
ington Railway and Electric Company
al S21a. half a point better than the high
level of yesterday. which was the best
We. attained by this stock in the present
recovery.
The bid for the stock was at the close
of the call 90 and the asking price was 81
The revival of interest on the part Of
the public in the investment market Is
shown in the ease with which issues Of
bonds are placed. and is also indicated
by the increase in the opportunities Of
this kind which are now being offered
There are new issues constantly appear.
ing and mostly of railway bonds. as II
is recognized that the need for enlarged
facilities on the part of these arteries Of
commerce is urgent.
Among the latest offerings Is that which
comes from Lawrence Barnum e. Co.
whose representative in this city Is vii
liam, E. Lewis This house has taker
up the entire issue of nearly two million
dollars of per cent bonds Of the Laramie
and Pacific railway, feeder to the Unior
Pacific.