Evening star., 1914-04-21
BONDS ARE LEADERS
ON LOCAL EXCHANGE
Those of Capital Traction Com
pany Sell $1,000
at 1919.

Capital Traction bonds led in activity
on the local exchange today. After *s,ooO
of the bonds had sold al 107i.. the asking
price of yesterday. tine bid dropped to 10l
and there were no offerings under los.
Other bond sales were 5000 Railway and
Electric As at 3d. and $1,000 C. and p
Telephone IS at 1861
In the stock list odd lots OF Capital
Traction brought .Oi- Quotation lots
were wanted at 100, but the lowest offer
ing was an eighth of point higher.
Odd lots of Railway and Electric COM
mon and preferred sold at IS and s5ls re-
spectively. Twenty shares Of Washing
ton Gas brought 81.
In the bank list 10 shares of Farmers
and Mechanics National sold at 80. and
shares of the National Bank of Wash
inSton brought 2i0.
The Washington Clearing House Asso-
citation at a meeting YESTERDAY after
noon adopted a report concerning the
discounting Of commercial paper sub
mttted by a committee composed OF II.
II. Mckee, Cuno II. Rudolph and George
W. White, which embodied the following
recommendations:
l. a uniform practice Of diScountlnS
commercial paper.
2. That commercial paper bearing inter-
of the interest at the rate specified to
the principal. thus making a new prin-
cipal, which shall be discounted at the
rate agreed upon by and between the
bank and its customer.
j. That loans to individuals secured by
collateral be made on time.
4. That interest on such demand loans
as it may be necessary for the banks to
make be collected monthly.
The manner of discounting commercial
no in, ie Nif l0f,e hoS ho0
the subject of much discussion in bank
ing circles. Under the present system a
note for 5000 ninety days after date at
per cent costs the discounter S75. In
S16.13. which represents the interest for
ninety days at the rate of per cent a
year on the amount of the note plus the
interest which has accrued.
The twelve national banks comprising
the association indorsed this principle
and an effort will be made to have the
other banks and trust companies In the
city agree to the plan.
The committee also recommended that
all collateral loans may be made for a
definite time owing to the fact that it
will cause the customer to come into the
bank more frequently, thereby bringing
to the attention of bank officials the col
lateral. as bank loans now are con-
sidered lengthy obligations
The clearing house Endorsed Cuno H.
Rudolph, president of the Second Ma
tional Bank. for membership on the board
Of directors of the federal reserve bank
of Richmond, in which territory WASH
ington is located.
The District Bankers Association at a
meeting last night nominated 3. F. Saul
a vice president Of the American Bank
ers' Association. W. T. Galliher was
elected a member of the nominating COM
mittee of the American Bankers Asso-
citation and H. H. Mckee was chosen
member of its executive council to serve
three years. He succeeds William ].
Flather, whose term has expired.
The nominations go before the Rich
mond contention. which Will be held the
coming fall.
A report on the "bad check law was
made by Samuel J. Henry, who recon-
mended the passage of the bill now
pending in Congress.
The association indorsed the report Of
the Clearing House Association on the
special committee will be appointed to
urge the several banks and trust COM
panies In the District to adopt the recon-
mendations which are set forth In an
other column.
cipal cities in the United States display
ed considerable falling off, the total
amounting to s2.75. .As1Oo. a decrease
Of per cent as compared with the
s.. .99O. .SS7. 134 of the same week last year
and 49, per cent as contrasted with the
s.. 2S1 .s12,517 of the corresponding week
in 1872. according to Dun's- Review.
This unfavorable exhibit Is. however. due
In large part to the fact that the past
week included a holiday at some centers,
while at others the principal exchanges
were closed for one or two days, where
as in the two preceding years the weeks
business was uninterrupted.
United States number 315 against 331
the week before. :.43 the preceding week
and 29o the corresponding week last
year.