Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-10-16
CONDITIONS INDICATE
MATERIAL bET1ERMENT
Less Stringency in Money Market
and Foreign Exchange Rates
Are Somewhat Easier.
Federal Reserve Board Calls for
First Payment on Capital Account.
Washington's Contribution.
BY I. A. FLEMING.

There are Indications here and in New
York. as we'll as in other financial CEN
tiers, that conditions are improving.
slowly perhaps, but nevertheless surely.
Money rates in New York city on call
loans, secured by high-grade stocks
and bonds. regular stock exchange col
lateral. eased to per cent, and there
was more money offered at this figure
than for weeks past
Another sign that cannot be misun-
derstood is the better prices that are
being bid and paid for municipal bond
issues. some highgrade savings bank
issues going on 4a4A per cent basis
This is a positive sign, and very &C
ceptable to municipalities whose forth
coming refunding operations have been
a source of worry and annoyance.
Moreover. the foreign exchange stu
alton is improving, and lower rates are
being made right here in Washington
1t is also possible to draw on almost
any important point. even OF nations
engaged in warfare.
ct a more positive sign of the times
in relation to improvement is seen In
the determination of the federal re-
serve board to inaugurate in the near
future the new currency system.
In making the last call for a state
|
currency incorporated an extra list of
questions for banks going into the
federal reserve system to answer.
These embodied information as to the
source of withdrawal of money for
capital contribution to the eleven re-
serve banks, changes that would be
made in reserves. etc, and inquiries as
to whether the enforcement of the new
law at this time would cause any hard
ships.
That the federal reserve board has
been satisfied in these answers; that
the change may be made without in
convenience: that the situation has
improved so as to make this possible
at this time is evidenced by the first
call for payment by member banks of
! per cent of their capital contribu-
tion: in the case of Washington banks
to the reserve bank of Richmond.
Capital is to be formed by con-
tribution by member banks of per
cent of their capital, surplus and un-
divided profits.
The Munsey Trust Company and the
Continental Trust Company are the
only local institutions, other than those
members of the reserve bank located
in Richmond, and Washington's con-
tribution to the capital will be about
$52S,0OO.
be about $4,000, and would impose
no hardship on local banks.
Initial Meeting.
"get-together" meeting of the
Washington Chapter of the American In
stitute of Banking will be held Thurs
day evening. October 90, In the head
quarters of the chapter. 1914 street
This will be the first meeting of the
fall and winter.
Reports of delegates to the Richmond
and Dallas conventions, and the an
nouncement of the years programs will
be among the matters taken up It is
announced that H. Parker Wills, secre-
tary of the federal reserve board, will
Federal Reserve Act" during the win
ter. The first lecture will be Novem-
Der 5.
Eighty-Ninth Dividend.
At a regular meeting Of the board
of directors of the Washington Loan
and Trust Company held on the 18th
instant the eighty-ninth regular quar-
terly dividend of per cent was de-
clared on the capital stock of the COM
pany. payable November 1, 1914.
Copper Dividend.
The Amalgamated Copper Company
has declared quarterly dividend of
so cents a share, payable November
80 to stock of record October "a. This
compares with $3.50 a share in the
preceding quarter, a reduction of 81
share.
The following table shows the total
dividends paid annually by the COM
pany since organization in 1899: