Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-08-14
LOCAL FINANCIAL NEWS.

The common stock Of the Washington
Railway Company was for sale at the
meeting of the stock exchange today at
lower levels than 35. which seemed to be
its resting point of late However. there
was no demand for the stock even at the
fractional decline, which took place,
reaching at the lowest 34ss.
One dealer had the stock for sale and
at the beginning. when the bid was up to
35ss. another broker appeared to have
some for sale also, but 1t was evident his
was the highest priced stock. At any
rate he ceased to be a seller before the
price had reached IS. leaving the field to
the principal dealer in the stock and no
other competitor appeared.
Gas stock was entirely inactive and its
further progress down the toboggan was
checked for the time. The main operator
of late days in this stock was willing to
sell it at 64A, which was about the level
of yesterdays market, but there was no
better bid than 6312
One view of the recent movement In this
| stock sees in it only manipulation and the
playing for position on the part of brok-
ers. There is evidence that the public
has taken enough interest in 1t to either
buy or sell. but 1t is supposed this Sc
curity is not going to drop out as an ac-
tive factor. and so on this theory 1t is sup
posed there will be repetition of the
process of going up after 1t has gone
down sufficiently.
The increased activity of the southern
railroads coming into this city is an indi-
cation Of the preparations that are being
made in anticipation of the larger traffic
Of the coming fall. Hundreds of men are
being put back to work and rolling stock
is being repaired. The twenty miles Of
empty cars stored along the sidetracks
of the Chesapeake and Ohio have been
started in operation between tidewater
and the mines.
The long lines Of empty cars on the
Southern railway have been moved The
Atlantic Coast Line has recalled to work
the men at It's principal shops and the
Seaboard Air Line is doing the same.
1t is believed the Metropolitan Street
Railway Company of New York city in
tends to resist the order of the public
service commission requiring the receiv-
ers Of that property to restore transfers
with the 50th street line. The basis
the position of the Metropolitan company
is that as it is In the hands of a federal
court and. as the commission is a creation
of state, that 1t does not possess juris-
diction.
1t is also said this course was adopted
as the prospect is the commission will
issue similar orders relative to other lines
which have been cut off from the transfer
privilege. and such policy is opposed by
the receivers of the big company.
The following from the Wall Street
journal of today does not harmonic with
much that is heard in current discussion:
There is only one royal road to pros
perfty, and that Is hard. persevering work,
Intelligent. saving and decent living. Con-
gress cannot legislate prosperity into
being. Prosperity is not an act of law.
1t Is the product of bountiful nature.
working in combination with faithful
labor and a great organization Of bust
ness, freed from all interference save
only that needed to insure publicity and
fair competition
The rate for time money in New York
for a period extending over the first of the
year has fallen of in recent days from 4
to 3Z per cent, which indicates an in
creasing ease of the money market in
spite of the near approach of the crop
movement demand.
The platform recently adopted by the
Texas state democratic convention favors
the guarantee of bank deposits by the
state. This is now the law in Oklahoma.
but the national banks are not permitted
to come under Its provisions. and there
fore. the public guarantee of bank de-
posits is confined to state banks.
1t Is said there is strong sentiment in
favor of this measure in Kansas. Ne
braska, Iowa and also Texas What
effect this change will have in the other
banks in contiguous and competing terri
tory is still uncertain and can only be
determined by the test Of experience. It
was largely apprehensive of the effects Of
such competition that led the national
banks of Oklahoma to apply for permits
sion to conform to the state law, as It was
supposed that deposits would be with
drawn from banks having no such guar
antee and placed in banks having It, but
the actual situation has not yet fully de-
velOped.