Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-22
LOCAL FINANCIAL NEWS.

The final disposition by Congress of the
Union station trackage bill yesterday was
undoubtedly regarded by some as likely
to have an immediate influence on the
market for those securities. but that did
not prove to be the case and at the meet
ing of the stock exchange today they were
treated with indifference almost when 1t
came to trading. 1t happened I'm this
case. as is usual In the affairs Of the stock
market that the effect of anything of the
sort is generally discounted.
1t MAY i,r said that such action as
Congress took Yesterday has been antici-
pated for a long time past. although 1t
is not believed that the leaders of legisla-
ton in Congress are in the habit of con-
sulting the operators in the local market
or in any other stock market, or. in fact.
the officers Of the company themselves.
in spite of assertions to the contrary,
which were heard in the course of debate
on the subject.
Anticipations Of the course of such a
body as that of Congress are the results
of wise forecasts rather than any definite
and positive information. The business
Of anticipating what is going to happen
is something that Wall street has great
reputation for. and 1t is said that the
current rise in prices is mainly due to the
discount which is being made by Wall
street operators of coming revival In the
business world.
There was not much business done to-
day and the changes made in the figures
did not amount to much and possessed
but slight significance.
What is regarded by the stockholders
of the United States Trust Company as
an action of great Importance in the his
tory of that institution was taken by the
directors of the company yesterday IN
electing as first vice president Charles w.
Warden. He is now cashier OF the FIRST
National Bank Of Bristol. Tenn. and has
a fine reputation as financial man. 1t
is the purpose in calling Mr.. Warden
to the position that hes should be the
active head of the company, although III.
Bradley Davidson will continue, as here
tofore in the presidency.
Mr.. Warden, however will relieve MT.
Davidson of many of the details and Will
be the principal executive officer Inc
others officers will remain. including
Frederick c. Stevens and William ).
oliver. vice presidents. About the middle
of the coming month the company Will
take possession of the large building l4oo
G street, which will be vacated the nrst
of the month by the owner, the Nationai
City Bank.
ture and after it has been frightened up
the trust company will make its nome
there. BY a singular coincidence the date
OF it's removal to the larger and inner
structure will be about the first anniVer-
sary of opening its doors for business
The twelve months that will have elapsed
when the nth of June arrives have oeen
eventful ones, as during that period the
country has passed through severe
financial panic. yet in spite or tnese
out that the capital Of the company
has been paid up and that now there Is 10
the credit of undivided profits represent
ing the net earnings of the company for
its first year the sum of $36,o46.
E. Quincy Smith. as president. and f:
s. Muplford as cashier, respectively, OF
the National City Bank. were In their
places today attending to business. BY
the first of the coming month 1t Is plan
ned to remove the bank to the building
around the corner now occupied and own
ed jointly by the Union Savings Bank and
the Washington Exchange Bank. The lat
ter Is to be liquidated and the National
City Bank will occupy Its place In the
building on 14th street.
1t is also expected to discontinue that
feature of the business of the Exchange
Bank which gave night service. While
the experiment Of night banking. which
this institution afforded for the first time
in this city. showed. according to the OFF,
GERS. that there was a need for such &C
commod atoms. yet It Is thought that the
service can now be rendered within the
period of the usual banking hours
At meeting Of the directors Of the
United States Savings Bank, James l..
karrick was elected president and Justice
Daniel T. Wright second vice president,
and James NJ. Baker first vice president:
Yesterday completed the second year of
the existence Of the institution, and 1t
is stated that dividend is among the
proba bilites Of the nea- future.
The annual meeting Of the Bankers
Association of the District for the election
Of officers will be held the afternoon Of
June l.