Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-06-04
LOCAL FINANCIAL NEWS.

An advance was made in the bid for the
stock Of the Capital Traction Company at
todays meeting OF the stock exchange
from 124. which was the figure recorded
yesterday. to 126. The only sale made was
a small lot for 126. and the lowest offer-
ing OF a quotation lot was IN rms
change in the movement Of the stock.
which for some days past has been down
ward. is coincident with current gossip
that arrangements have been determined
upon by which none Of the stock belong
ing to the estate Of the late George l.
Dunlop is expected 10 come on the mar
ket. 1t is stated that the authority given
to the trustees by the recent order or the
court to sell the stock is to be exercised
by a division under the terms OF the VIII
bet ween the heirs and that there VIII
be no need to place any on the market
The theory that has been held all along
lower figures were in anticipation or
considerable block Of these holdings COM
ing out for disposal on the market
There was nothing done in the securities
Of the other traction system, except the
"A 10 OF quite a block of the bonds on
lower level than has been quoted recently.
The stocks were not in demand. ana
falling off in the figures was made Al
the same time. some OF the street taik
that. those who are familiar with the
business now being done are very enthu-
siastic. and one man who IL prominently
identified with the company fs quoted AZ
authority for the prediction that next year
there will be paid dividend on the COM
mon stock.
It was claimed at the time the last
financial statement was made that the net
earnings Of the company were equal TO
dividend of per cent upon the common
ool &c current
year it will reach 4 per cent.
Some attention was attracted to the
bonds of the City and Suburban Company.
which have not been for long time at
all active. by change made by one OF
the brokers in bid. raising 1t from ~ to
par. but there were no sales and no bonds
were offered at any price.
One of the brokers had $50 shares OF
gas stock for sale. He disposed of one
twenty-fye-share lot at 6Gx. and the
balance at an eighth Of point less. and
then the bid was sess. with the asking
price at 661s Yesterday the bid was G.
and the asking price was 6s. and the trans
actions of today represent new low
range reached In the downward course
which this security has been pursuing for
some time past.
current comment as to the reasons for
what is happening. and less as to what
Is going to happen in the future. No one
seems to have any very definite idea as to
what is proposed but az that has been
the experience for years past. the situation
in that respect is no different from what
ii has been.
The provision In the emergency curren-
cy law requiring the payment of interest
on the part of banks having government
deposits of what are called a special
character as distinguished from those in
iegular public repositories is not likely
to affect the national banks In this city
much. According to the judgment OF
bankers in this city. the execution of the
law will probably make no Change at all.
providing the rate of interest TO be paid
by the bankers for the use of the public
funds does not exceed one per cent
year.
Although the rate seems to be a small
one as compared with what the banks
are supposed to get at this time. yet II
is explained that in addition to the one
per cent to be paid for the use of the
deposits secured by bonds and while such
bonds. as rule. yield low rate OF m
terest, If the one per cent Is added the
profit in the use of the money would
be materially reduced.
The money now on deposit In the banks
of the city outside of what Is kept by
disbursing officers in the regular govern
ment repositories here. 1t is calculated.
will not amount to much more than q mil
lion over the receipts for taxes paid by
the citizens of the District during the past
month into the United States Treasury
and placed on deposit in the city banks
subject to a monthly withdrawal of 10
per cent.
Owing to the limited amount Of money
at the disposal of the Treasury Depart
ment 1t was at first decided not to con-
tinue this year the custom Of putting this
tax money back into circulation by de-
posting it In the local banks. However.
1t was finally decided to continue it. but
at first only two millions of the nearly
four millions collected was thus distrib-
uted
Since that time the banks have received
notice that another million dollars had
been allotted among the banks according
to the amount Of their individual deposits.
so that when this allotment is accom-
plished 1t Is estimated the total amount
Of public money in the local banks will
be over four millions of dollars.
Government Receipts.
The receipts of the United States Treas