Evening star., 1914-01-28
TRADING IN BONDS
ACTIVE ON EXCHANGE
Sales of $4,000 Made at the Fig
ures of Yester-
day.
Announcements Made Concerning
Subscriptions to Stock in
Federal System.

There vas gOoo business III poHoS
again TODAY on the local Stock Ex-
change at prices that showed no changes
over those of yesterday. During the ses-
sion S2l.opo in bonds changed hands.
Trading in the stock list was not as
active as it was yesterday.
Washington Railway and Electric
per cent bonds were the biggest sellers
stl.tsp being traded at 81. which con-
tinued to be the asking price. Potomac
Consolidated IS brought 100 for $1,000.
and Capital Traction IS sold S5eo at
ioss4
The sale of ten shares of Continental
Trust stock at 119 attracted some al
tention. The best blo received LOT , .ne
stock yesterday was 1l6. and ll3 was
the asking price The closing quota
tions today were 11s bid and ~ asked.
Capital Traction stock continued Its
downward course After thir.y sliaie.
had sold at 113L. a single share lot
brought 113 The closing bid was ll2te
and the asking price 11312 Yesterdays
figures were 113 and ia. respectively,
The Railway and Electro s'ochs soi'
gain TODAY at 30
Mergenthaler and Lanston STOCK soio
slightly lower
Yearly Showing Good.
No quotations were recorded yesterday
for american Graphophone common, ana
50 was the asking price for the preferred
Today 20 was bid for the common and
Il, was asked For the preferred y was
bid and 10 asked
One member Of the exchange announced
that all officer of the American Grapno-
phone Company had reported that tne
annual statement to be issued feorudis
Il will show an increase in cross re, re-
ceipts for 1913 of more than Sl'Uo'uv-
A good showing also will be MADE IN the
net receipts. he reports. The plants ol
There has been some talk of dividends
on the. common stock. No DEFINITE an
nouncements concerning such declara-
ton have been made. however.
Treasury Makes Ruling
All hanks which become members of
the federal reserve system. in subscribing
for stock in the system, will be limited
to an amount equal to per cent of their
capital stock and surplus at the time
that the formal application is made, ac-
cordiny to a ruling of the organization
committee.
Such stock will be issued in shares OF
500 each. If 6 per cent of the capltal
and surplus Of any applying oank
amounts to a sun: which is not divlsabie
by $lUU. any such fractional part OF slUo
will be regarded as emitting that bank
TO subscribe to an additional share OF
800 and the number of shares aliotteo
will be made accordingly.
This ruling answers many inquiries
from banks and individuals regarding
the amount of stock that can be sub
scribed for Many of the prospective
member banks are anxious to oversub-
scribe the amount that the law would
auot them. Many banks are Offering to
take up all the stock that they can get
in the possible failure of subscriptions
to cover the entire issue. Outside banks
and individuals are asking permission TO
subscribe to stock directly or as prln-
cipal through the agency OF the member
hanks entitled TO subscribe.
Full Subscription Required.
Member banks, according to present in
depreciation of the law, will be required
to take up the entire amount of sub
scription to which they are entitled and
no more Should their capital stock ana
surplus increase o. decrease. their stock
holdings will be expected to make sim
liar proport.onate change.
Outside banks and individuals will be
permitted to subscribe for federal reserve
stock only in the event of failure Of the
member banks to subscribe the whole
under the present prospect doubtful
contingency-when the surplus may be so
disposed of. Member banks may not act
as agents. as their holdings must be re-
tanned and can be expanded or contracted
only in accordance with the rule set