Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-08-19
LOCAL FINANCIAL NEWS.

In respect to narrowness the Wall street
market and the local market have points
Of resemblance ct this time As to being
In tho hands OF traders and subject almost
entirely to rnauipulative influence. there is
the point Of departure in the analogy be.
tween the two centefs of security in
terest.
The fact is that the local market Is in
the hands OF no one 1T present. but is
drifting along with the usual summer in
difference. There 10 no one wanting to
buy and no one wanting to sell and not
enough interest shown on the part of the
brokers to follow the usual course at such
times. and try to extract elusive Fights
or perhaps quarters from one another.
After q while 1t Is hoped the brokers
and even the public may turn again to
the list where are found the names Of
bonds and stocks which in other days
were sought after both as a speculation
and as an investment
More than half Of the $40 national banks
OF Oklahoma awaited themselves of the
provisions Of the state law which guaran-
authorities have ruled that national banks
cannot avail themselves Of this law they
have the alternative OF remaining under
the national system without the state
guarantee or leaving the latter and re-
firing from federal control.
A number of the Oklahoma national
banks have notified the controller Of the
currency of their purpose to cease doing
business as national banks. preferring the
privilege conferred by the state law to
the advantages of the national law.
In the case of some Of the banks
the decision has been reached to give up
the state guarantee privilege, taking
chances on loss Of business. what proper
tional system cannot be determined owing
to the lack of complete returns.
The tide Of immigration continues to be
a decreasing one as shown by the figures
reported for the month of July. For the
six months Of the present year. as COM
pared with the corresponding period OF
last year, the decrease in the NUMBER or
arriving emisrants , in this rs ns country nsni
The figures are 1893 .OO8 immigrants arriv-
ing in 1908 while in 1907 the total was
786.667.
The usual dividend Of SO per share for
the quarter ending in September next has
been declared by the Standard Oil Com
pany on its one million shares OF stocks.
On the superstition there will be no
change in the rate for the last quarter
of the year, the total dividend for the
year will he. as usual. $40 per share.
This is taken to mean that the policy
of the company is to be adhered to and
that there will be no change in the dfvi-
capital stock until after pending litigation
is settled.
For the period of 1902 1905 the aggre-
gate of dividends paid by this company
was 1919 258. $50, which includes the esti-
mated dividend for the current year.
Money is reported to be abundant in
banks in all the principal centers OF the
country. The demand expected from in
terror banks on banks at central points at
this time owing to the crOD movement,
has not as yet begun, except at st. Louis
and southwestern points and at Kansas
City.
In consequence Of the ease Of money the
rates both for call and time money ruling
In New York continues at the prevailing
low levels, while at Pittsburg the ruling
rate of 6 per cent on commercial paper
has been reduced to 81 and per cent by
the inflow of money from other points at
tracted by the better rates. In Chicago
loans on commercial paper are made at
less than the usual minimum rate Of
per cent.