Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-01-05
REQUEST FOR BANK
TO Be APPROVED
District Bankers Association
to Indorse Steps Taken by
Clearing House.
ADMINISTRATION COUNCIL
MEETS THIS AFTERNOON
Arguments Favoring Designation of
Washington as Reserve Center to
Be Prepared Tomorrow.

| The council of administration of the
| District Of Columbia Bankers Associa-
| ton is to hold a meeting at 4 o'clock this
| afternoon at the Federal National Bank
to give its approval to the request that
one Of the regional reserve banks be To-
| Gated in Washington, which has been
forwarded to the Secretary of the Treas
ury by the District Clearing House Asso-
citation. The council is composed of B. F.
! Saul, George E. Fleming, William T.
Galliher, Charles J. Bell, Robert n. Har-
per, NJ. D. Rosenberg, John Poole and
Andrew Parker.
| Arguments why one OF the reserve
banks should be located in Washington,
| which are to be presented to the orgam-
cation committee having charge of the
| establishment of the new federal banking
system, are to be prepared at a meet
ing of a special committee of the Clear
| ing House Association, to be held at ~
| o'clock tomorrow morning. 1t Is PROD
able the committee will not complete its
| work tomorrow, however, and that other
| meetings will be held.
| The committee has been hard at work
gathering data which will be OF use on
| preparing its arguments, and also has re-
| ceived many suggestions from local bank
4 ers concerning reasons why they believe
one of the regional reserve banks should
| be located in Washington.
| A number of local bank presidents have
been in correspondence with officials
| of small banks throughout Maryland,
| Virginia and West Virginia. requesting
| their support in the fight to be made for
| the designation OF washington as leu
| eral reserve center.
Local Stock Exchange.
. e.:- .,,.4 80 t,,,s;,aoc u,oc trans
acted at the meeting of the local stock
exchange today. Washington Railway
and Electric As sold $1,000 at 50 and Po-
tomac Consolidated IS brought ~ Ter
81, 600
| Railway and Electric common sold at
| S61h and an odd lot of the preferred stock
| brought IS. For Washington Gas stock
81 was paid for both quotation and odd
| lots. Mergenthaler sold % shares at
212ss, and e even shares at 2G&.
No important changes in quotations
were made.
Securities Are Listed.
AT a meeting of the governing board
Of the stock exchange following the
session today the stock and bonds of
| the Columbia Gas and Electric Com
pany of Cincinnati, Ohio, were listed
on the exchange.
The capital stock of the company is
$50, 100000. There is a first mortgage
| bond issue of $14,000.000. bearing S
per cent interest, and due In 1927, and
also an issue of per cent debenture
| bonds in the sum of 100000 due in
the same year.
The Columbia Gas and Electric Com
pany controls and operates number of
the East Ohio Gas Company. the Gin
cinnati Electric and Gas Company and
Union Gas and Electric Company Of Gin
cinnati and the Cleveland Gas Light and
Electric Company. The company is said
to own about 100000 acres of gas pro-
ducing land in West Virginia and Ohio,
and to lease a like amount The securf-
ties listed on the local exchange today
are dealt in extensively on the stock ex-
changes Of Pittsburgh, Cincinnati and
Cleveland, it is said.
To Aid Movement.
The District Commissioners will lend
| their influence to the establishment in
Washington Of one of the federal reserve
| banks, If it can be shown to their salts
faction that Washington should be Sc
lected as location for such an institu-
| ton. This, in brief. represents their at
| titude in the matter
When approached on the question. both
| Commissioners Siddons and Harding
stated they were unfamiliar with the
! qualifications of cities that are to be Sc
| lected as reserve centers. and would like
| enlightenment on these points before COM
hitting themselves. Commissioner New
man said that he had not had an OPP
| portunity to consider the matter.
| The District heads made it plain that
| they are anxious to do anything that
| would be calculated to inure to the bene-
| fit of Washington, but that they would
not feel justified in taking a stand in
favor of the establishment of a reserve
| bank here until they have had a chance
to go into the matter more thoroughly.
To Consider Request.
| The directors of the Washington
Board of Trade at meeting to be held
at AIS o'clock this afternoon will con-
slider a request made by the District
Clearing House Association that they
approve the efforts being made by the
local bank officials to bring about the
! location in Washington of one of the
regional reserve banks provided under
| the new currency law.
| The directors probably will select
| the date for the next meeting of the
entire board and decide on the dates for
committee meetings.