Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-08-15
LOCAL FINANCIAL NEWS.

The market during the week just closed
has not developed any indication of inn
pOrtance, while the current of the bust
ness done outside OF one issue continued
to be small and feeble and generally
characteristic of midsummer conditions.
1t Is quite evident there has been no re-
turn as yet of what is known as 1.-THE
public" to the buying of local securities.
and while there are reasons advanced to
explain why this is SO, yet as it is apt to
be the case the explanations don't ex
plain.
At the same time the usually more &C
tive securities on the local exchange are
neglected, as Is done throughout the en-
tire list. without any of the usual &C
compartments, such as decreasing bust
ness and reduced earning capacity or lack
current Information of the market to
show any falling off in these securities as
investments. but there does seem to be
some skeptiCism about the future specu-
latIve course.
There Is no explanation of why Capital
Traction stock is selling just a little above
the per cent basis, or why the Washing
ton Railway preferred Is selling slightly
below the per cent basis, or why Wash
ington Gas is selling a level which
Yields at the regular dividend about 800
per cent. 1t is also question why, in
the event of Il per cent dividend being
declared on the Washington Railways
common stock at the end Of year or
eighteen months. as is semi-officially an
nounced that stock should be expected
to sell on a per cent basis while the
preferred is lingering on the lower levels.
There are also questions asked as to
why bank and trust company stocks
should be quoted at figures which seem
to take no account either of the book
value or of the dividend paid. There
are other queries that arise when the
local stock list is studied for investment
or speculative purposes, and those who
raise such questions do not always find
an answer.
The fortnightly report of the American
Railway Association shows the number Of
idle freight cars to be the lowest since
the close of last December. The decrease
on August as compared with the num-
Der on July % was 27.O59
The greatest improvement is noted In
the case of roads operating in New York,
New Jersey, Pennsylvania, Ohio, Indiana
and Michigan. which are classed as man
ufacturing states. 1t also includes the
coal and iron district Of Pennsylvania.
to the gradually increasing activity in
the production Of iron.
new vault is being built in the Treas
ury Department for the storing of bonds
to be deposited security for the emer-
gency circulation when the latter is taken
out. This will not occur unless emer-
gency as provided in the law arises, and
then the issue will be made only by the
direction of the Secretary of the Treas
ury.
The volume of this emergency currency
which is being printed is rapidly growing.
AS fast as the new notes are printed they
are placed in large vault which has
been leased in the building of the Union
Trust Company.
The extent of the work that is being
done is indicated by the fact that each of
the $3.50 banks in the United States has
from two to four separate and distinct
plates. These plates are being changed
to meet the requirements of the law. and
as the alterations are slight the bureau
of engraving and printing is able to turn
out on an average thirty-fve plates per
day.
The controller of the currency Is pre-
pairing a circular to be sent to the ma
tional banks for the purpose of securing
the necessary information regarding the
condition of the banks making applica-
ton for emergency circulation.
The progress in forming associations
has not amounted to much up to this
time, owing to the very general opinion
that there will be no occasion for the
use of the new fiscal machinery for
months and perhaps years to come.
There is another consideration which is
causing banks to halt in going into cur
rency associations, and that is the de-
cision of the Treasury Department that
banks will not be permitted to withdraw
from such organizations.