Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-09-16
Chief Objection Cited.


The plan to extend payments on CAPT.
tai stock of District banks after the
first subscriptions Of per cent of CAPT.
tai of member banks is satisfactory to
bankers, but the chief objection to
swapping horses in midstream lies in
the disturbance of balances and the
further fact that the public and the
banking fraternity are just becoming
acquainted with the workings of the
Aidr1ch-Vreeland emergency currency
law.
That it's enactment was a decidedly
wise provision is not questioned, it is
maintained. because it has proven by
It's workings in an emergency that
might have been serious but for its
provisions. Some bankers express the
opinion that November 1 will see the
new law in operation, but the majority
hold for January /.
Practically every national bank OF
the 1900 in operation entered the fed
eral reserve system, but with two or
three exceptions. The District National
Bank has Just issued pamphlet on
the FEDERAL reserve law in concise
form and in non-technical terms for
the information of the layman.
Object to More Taxation.
Local bankers are quite strong in
their objections to the proposed addi-
little or no opposition to the tax on
checks
They now pay 6 per cent on their
gross earnings to the District, ] per
cent corporation tax. and, in addition
real estate and personal property taxes
The Republic Iron and Steel Company
has passed its preferred dividend
Shareholders are much disappointed at
this action. President John A Top
ping of the company declares that the
dividend has been earned. that the fig
ures for the quarter ending October I
(paTtly estimatedl will be about 51s
per cent on the preferred, but that be-
cause OF the war it SIS thought best to
conserve this cash.
Million for Construction.
1t is further stated that bills and ac-
counts receivable are above normal and
not of much immediate value The COM
pany is obliged to keep a full supply of
ore on hand at this time, and has re-
Gently paid out over 100000 for con-
struction work.
The Pennsylvania Steel Company is
working 40 per cent capacity, Bethlehem
Steel Company. 20 per cent, and Pitts
bursh district to about 60 per cent, The
war in Europe has been responsible for
very serious reductions in steel produc-
ton In July the average capacity pro-
duction was about 20 per cent, with some
rs per cent days.
Determination of the railroads to con-
serve resources has also made inroads in
the steel business
Financial Notes.
The Great Northern Railroad Company
has declared its regular dividend for the
quarter of ia. payable November to
shareholders of record October Is.
Books will not close.
iyil
scheduled for this afternoon It is
confidently expected that the regular
distribution will be made
A million gold was taken in New York
Tor shipment to Canada. Money in Wash
ington is s per cent, some 5 per cent, and
in London on call. to 21a per cent : Bos-
ton. and s: New York, 6 to per cent
London Stock Exchange officials have
liked prices at which about 1000 secur-
tiles may be traded in.
Berlin has extended bourse settle
ments until November !, with interest
- So per cent.
Chicago and st. Louis have demon
strated that they have not called loans
since the beginning of the existing
war troubles.
Treasury has ruled that New York
city notes will be acceptable for Sc
curity for emergency circulation,
Formal application for the reopening
of the rate case has been filed with the
Interstate commerce commission. The
fact that the roads have lost s44,-
700, 900 of revenue in the current year
Is given as proof that aid is necessary.
Between calls the Continental-Com-
mercial National Bank lost $11 100000
in deposits. country correspondents
probably withdrawing balances for
their own use.
For the six months ending June 80
the American Smelling Company show
ed gross income Increase of $4,000;
balance after dividend requirements.
s1,956,6s2, as compared with s2,063.S94
for the corresponding period of last
year; earnings on the common equal
to 391 per cent, as compared with 4.12
Der cent