Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-08-06
LOCAL FINANCIAL NEWS.


The trading at today's meeting Of the
stock exchange was on higher levels than
have prevailed in recent days. and the up
ward tendency which has been q fea-
ture in other markets seems to be break
ing out in the local market. This is. of
course. lie to the revival in the demand
for securities. and in order to get stocks
to supply such a demand higher prices
have to be paid
Washington Gas stock, Mergenthaler,
Lanston and United States Trust Com
pany stock were dealt in today. The
gas stock to the extent Of two twenty
e. 70: one hundred shares. The same buyer
wanted more of the stock. but did not go
beyond 6514 for a quotation lot Of twenty
five shares.
Such a lot was offered at 81. but there
was nothing further done, and at the
close the figures remained the same as
they were recorded yesterday.
There were no transactions in George
town gas stock. but when it was reached
minded Of his experience yesterday. when
some business called him over to the Of
flee of that company. which Is located in
Georgetown. 1t was his first visit. he
stated. and it evidently made a great i'm
preston on his mind, for he told an at
teEtive if not an interested audience that
in order to get into the office one had ia
climb a long flight of stairs and then had
to go down another flight before reaching
the inner sanctuary.
Mergenthaler made the premier rise of
the day, as 1t sold on range from &61a
to 20S11, while yesterday the best bid for
1t was 2O5 and the asking price was 2O719.
The broker who had ventured over to
Georgetown and evidently felt better after
he had told the exchange all about his
trip seemed to be interested In what was
being done. and observed that last year
at this time Mergenthaler was selling for
212 One of his hearers ventured the pre-
diction that in the course of few days
1t will be selling as high as 215.
There were also references to the better
prices which were being in Boston, where
this stock Is quite largely dealt in. The
bid was closed at 207h and the asking
price was 2O011.
Some seventy shares of United States
Trust Company stock sold for %. with
which went for 81. The buyer wanted
more and bid 951a. but the lowest offering
then was 96. Before the close the bid
was withdrawn and 941a was substituted
for 1t.
1.-The advance in railroad rates is not
likely to take place before the election.
and then 1t will take place only as a re-
suit of general consensus Of opinion
among all classes of people that the rail-
roads are fairly entitled to it,
The above is the conclusion reached by
the Wall Street Journal. In a discussion
of this question that authority says:
I'VE have entered into new era in
dents cannot get together in secret and
manipulate rates to suit their purposes
with little or 20 regard for the rest OF
the country. They are not only under the
regulation of commission having effec-
tive powers and representing the people.
but they can adopt no large policy as re-
CARDS the administration of their business
unless that policy squares with the public
conception of what Is the interest of the
whole country.
bring about any notable change in the
organization of banking and currency
without first educating the people as to
the Importance of the change. so the rail-
roads are forced to convince the public
of the justice of an advance in rates be-
fore such an advance can be put in force
with any hope of permanence. suppose
they put up rates in defiance of public
opinion. what would be the effect upon
their future?'
The state superintendent Of banking OF
New York in q recent report announces.
that Of the thirteen banking institutions
In New York city that were in trouble
the ldtc pdulC ciCNCh nave oi-
ready been able to reopen without loss
to depositors.
1t is noted in New York that the with
drawal Of money on deposit there by out
of-town banks to meet the demand for
cash to pay the farmer for the crops has
not begun. 1t Is thought that in the
present season. like similar periods when
banks have an abundance of money, that
this phase of the crop movement. which
is reDreSented bY the call nv interior
banks for funds. will not be noticeable
until about the third week in August.
This flow Of money from the centers to
the interior is. in the case of the west,
largely a calling back of surplus money
on deposit.
In the south. however, when the normal
demand for money throughout the year
Is not sufficient to employ large banking
capital. the needs of the cotton crop NOV
ing period are met not only by the with
drawal OF deposits from central banks,
but also by the proceeds of commercial
paper sent In for rediscount.