Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-04-16
LOCAL FINANCIAL NEWS.

The business transacted at the meeting
of the Stock Exchange today was OF
small consequence. A slight advance
was made In the figures for the preferred
stock Of the Washington Railway and
Electric Company, but there was little
done.
A similar move in the price for gas
stock brought out from one Of the brokers
125 shares of stock in twenty-nve-share
lots. 1t was all taken by a broker on
his bid of 81. which is fractionally higher
than the bid Of yesterday. The bid was
continued, but there was no more at that
price. nor were there any more buyers
on that level, as the buyer offered either
to sell or to buy the stock at oil. Vhat
was the asking price at the close: While
The stock is dealt in less the dividend,
which, however, Is only 30 cents per
share The current discussion in the
House District committee relative TO low.
er rates for gas in the District does not
seem to be a factor in the market. which
might indicate either a total lack of a
market or else belief that nothing will
be accomplished in the way of changing
the gas rates at the present session OF
Congress.
UNLESS obstacles now not in sight turn
up" said the Wall Street Journal today.
THE Baltimore and Ohio railroad Will
acquire the entire control of the Reading
Railroad Company and secure direct
outlet in New York and that the entire
project will be engineered by E. H. Har-
riman and his friends
This is the explanation given of the
recent buying of blocks OF Reading STOCK
in the open market. It Is believed that
the large holdings of the New York Cen
trail in that stock will be transferred to
the same interests.
The views of the American Bankers
Association in regard to the Aldr1ch chr
rency bill, as expressed in the course of a
hearing yesterday before the House com
mittee on banking brought out one fact
very distinctly. and that is that the bank
ers of the country. as thus represented
do not want an emergency measure and
would prefer that no Legislation be en-
acted until Congress is in readiness to
place on the statute book some permanent
measure.
One reason for the proposal to provide
for an expansion of. the currency In the
way outlined in the Aldrich bill was to
guard against recurrence OF such a con-
dftion as existed last fall, when the f1nan-
cial furry was accumulated by the fam
inc in currency. The idea of the Aldrich
bill was to provide medium for securing
currency which would serve until, after
mature consideration, Congress might en-
act some law which would readjust the
financial system Of the country.
1t is also evident from the objections
made to the proposed reduction OF the
amount of the reserve fund that can be
kept in reserve cities. that the bankers
do not share with some students of our
financial system the objection against the
concentration in centers Of much Of the
money of the country.
In another way this concentration
which has been much criticised Of late
is aimed at in the Aldrich bill by the pro-
vision which prohibits investment of the
funds of bank in the securities of any
corporation the officers and directors OF
which are also officers and directors of
such a bank.
The committee of bankers argued that
under judicial decisions which hold that
the Interpretation of securities includes
promissory notes and bills Of exchange
such provision will practically prohibit
>bank from doing business with any
company thus officered.