Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-07-30
LOCAL FINANCIAL NEWS

Greene Cananea Copper sold In New
York today at 12. and that was the bid
for the stock on that market. When the
local exchange met It was quite apparent
from the care with which this security
was approached. that most of the mem
bers knew OF the higher levels that had
been reached at that center. The bid,
were cautiously made and did not get
beyond III. but there was no stock Of
fered for sale at less than 12]k, and so tn,
prospect for arbitrage slowly faded away
amid more or less good-natured banter
among the brokers'.
Mergenthaler is another security listed
on the local exchange that Is dealt In
elsewhere actively. The Boston market Is
the principal scene Of the Mersenthale,
buying and selling outside Of this city.
One Of the brokers filled on order for
nearly nifty shares Of Capital Traction
stock. which he got at 128 from the prn-
cipal dealer in the security. who is sup
posed to be an expert on that property.
Another broker offered fifty shares at
1854. but found no takers. At that SELL
ing price the stock has passed by some 6
points the s per cent level. which. as il
pays a g per cent dividend, is 40
The other traction securities on the list
are not up to that as yet. although there
are those who expect to see it accom-
pished In the near future. At present the
preferred stock of the Washington Rail
way and Electric Company IL selling al
about So. at which figure 1t yields a trifle
more than 6 per cent from the 5 per cent
dividend.
In the event current gossip proves to be
correct. that In the course Of a year a
dividend OF 2 per cent, IL to be declared
an the conanaOn atrN,yS ishat would ba
per share, or 4 per cent upon q valuation
of $50 per share.
The plan Of government insurance of
bank deposits. as advocated by the demo-
cratic platform. Is opposed by the sugges-
ton OF Mr.. Taft that a system Of that
sort would require such close supervision
as practically to create a government
bank. The extent Of such supervision Of
the business OF the individual banks
thought by many who have given the
subject attention to be diflcult, if not
impractcable. to form q workable plan
The report Of the net earnings of the
Southern Railway Company for the
&117.0O0. as compared with the CORE
spending month Of last year. For the
twelve months ended June 80, as compar-
ed with a similar period Of last year, the
decrease amounts to SS90, OCO.
II is recognized that there Is a close
relation between the metal trades. and
therefore 1t was expected that the i'm
provement shown by the quarterly state
ment Of the steel corporation would be
accompanied by an advance in the cop
per business. This Is what has taken
place.
The president of a Chicago bank In a
recent address at a gathering of bankers
In a western state advocated the making
as a part OF the banking system OF the
country "a central organization Of some
kind. call 1t a central bank or a central
clearing house, or what you like. which
will have great reserve strength and
which will stand behind the whole bank
ing and business situation with the power
of note issue. the ability to increase the
supply Of lawful money when needed.
and to take over the ordinary commercial
assets of bank and advance them cur
rercy -
Let US have an organization Of banks
that will do for US what the clearing
house in each important city did for its
members last fall