Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-23
LOCAL FINANCIAL NEWS.

Tue SIuIAP LII piiSSS III NhS AZ" " -
market which occurred today and which
Is estimated to have averaged five or six
points in the case of the leading traders
did not have any apparent influence on
the course Of trading at the meeting Of
the local stock exchange.
The figures throughout the list were
maintained on about the same level as
that Of yesterday and In some cases an
advance was made. Better prices were
| paid for. a few of the bonds of the Wash
inzton Railway and Ele .tric Company,
and while there was falling off In the
| bid for the stock of the Capital Traction
Company. no concession was made IN
| the asking price and the apparent effort
| to bring out some cheap securities did not
meet with success.
The preferred stock of the Washington
Railway and Electric Company received
strong support from one of the brokers
| who advanced the bid to 81. the best fis-
ure that has been attained since the clos
| ing of the books for the dividend period.
He encountered very little stock before
reaching that point. but got the bulk of
it from several brokers at 49, taking alto
gether nearly 700 shares. exhausting the
| supply at that figure and keeping the bid
| at the close at 81.
A few blocks of gas stock were for sale
| and the best that could be done was 81 II
and 67A, with offerings at the close at
| 67& and the bid at 67h. No general in
terest was taken in the trading in this Sc
curity and 1t remained limited in volume
| and apparently without significance. al
| though there are those who would like to
| know whether or not gas is on the Dor
ders of another downward movement.
| with the customary reaction somewhat
| later.
There was nothing of consequence
brought out in the remainder of the call
and il II had not been for the influence of
what had occurred in the larger market
| esting as is the usual Saturday on the To-
cal exchange. But today the brokers
wanted to see what If anything. would
| happen, and no doubt they felt relieved
that. as is common. the Washington mar
ket held its own. despite much that takes
place in other stock markets.
me limit of the effect of the Wall street
slump m ght be looked upon as strongly
suggestive. at any rate. OF the character
of what had taken place. The belief In
the mani.ulative nature of the reaction of
today from the upward course OF the
marke. nv doubt received confirmatory
proof. although there are those who con-
| slider that il was perhaps intended as a
sort of electric shock to arouse Congress
to enact some currency legislation before
final adjournment.
II is expected there will be a further
cali in the near future on the part of the
Treasury Department upon the national
banks for the return of fifty millions OF
government money which Is on deposit
with those institutions. If that is done
one-half Of the maximum amount of gov
eminent deposits In national banks reach
ed during the height of the late panic
will be returned.
The extent of the relief afforded by the
government 70 the money market during
The strincency Is Indicated by the state
ment that the total Of the >-eposits with
the banks al one time reached the enor-
NOUS sum of s.23 100000 At that period
the hanks were rather bare OF cash. ow-
ine to the disposition on the part of peo-
ME who ordinarily would have left money
on deposit to withdraw 1t and put 1t In
safe deposit boxes.
in nuieter periods for ready money. as the
usual forms Of credit cannot be used. and
the demand is made for the actual cash.
II vas found that the bond-secured cur
rency OF the national banks was made
nmate to meet the emergency. owing in
mart RI the necessity to secure 1t by gov
eminent bonds. There are other criti-
cisms of this form of currency. the prin-
cipal being the slowness Win "nlch the
notes can be retired.
|, To proyide more elastic currency was
the. purpose Of some OF those who IA
yored legislation at this session or Con-
xress. and. pending thorough lnvestl-
1afion Of the financial system of the
country. temporary devices were suggest
ed and these were embodied in the Al
drich bill and in the Nreeiano Dill. Inc
Ssiinr. ~ Congress TO enact any law at
All on the subject leaves the situation
years, and as there seems to be no like
iihood Of the renewal Of the panicky con-
ditions OF the earlier months OF the year
lit r. not thought there will be a need
FOR emergency currency during the in
terval between the end of the present
session and the opening OF the next in
December Of this year