Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-04-18

submitted by subcommittee, deleRat-
ed to suggest the necessary recon-
| N endations
| Comparatively few state banks have
surrendered their charters.
Washington has a representative on
the committee in the person of B. F.
Saul, the president of the Home Saw
| ings Bank.
The report that will be submitted
May 3 will be interesting, as much
time has been given to it's preparation
and the subject matter is vital to the
greater success of the new currency
system.
The executive committee of the
American Bankers Association will
also meet May at Old Point Comfort,
Va.
Enlarging the System.
The federal reserve board has repeat
eddy gone on record as desiring to add
as many state banks and trust COM
panies to the system as possible, but it
has not been successful, especially with
efforts to induce the latter. Trust COM
panfes claim they have to an extent
been antagoniZed by what they term
an infringement Of their rights, through
the granting to national banks of per-
mission to assume certain functions
which have heretofore been considered
as pertaining exclusively to trust COM
panies.
The national banks have chafed I'M
der what they have termed the en-
trance of the trust companies into the
banking business, in all its features,
commercial and savings, and they are,
Judging from the number that have
petitioned the federal reserve board for
the right to assume such functions, de-
lighted at the opportunity Of obtaining
share of trust business.
Illinois specially forbids by statute
banks other than trust companies from
doing trust business.
Michigan does not allow her trust
companies to do a banking business.
A brief filed by Michigan trust COM
pany calls attention to the 'incongruity
of having states grant powers to in
situations chartered by the federal gov
eminent and Of having the federal gov
eminent confer power for performances
which are within the exclusive regu-
lation and jurisdiction of the states"
In this city the trust companies are
likely to go to the courts with the
matter, having so far obtained no sat
isfaction from the federal reserve
board.
Washington Stocks and Bonds.
The action Of the local security mar
ket, following the removal Of all
minimum price projections. 1t Is de-
clared. bears witness to the wisdom
of the members Of the exchange in
taking this action. There was prob
ably no reason why the minimums
could not. perhaps should not, have
been removed weeks ago.
Washington banks have been the
buyers in the majority of bond trans
actions during the past week. although
the fact that prices are easier has
brought some individual investment buy
Ing.
In all $50 shares of stock were
traded in during the week just ended.
with Washington railway. common and
preferred, furnishing three-fourths of
the daily total.
For weeks buyer has been ready
and waiting daily to take the shares
of the Washington Railway Company,
and a certain amount of stock is traded
in week after week, the total this year
to date being 1908 shares Of the com
mon and 2,745 shares of the preferred.
as good as ever. Some people have
sensed the possible loss of traction
companies earnings through the So
called ''1itney bus invasion, and have
sold their stocks as result, but there
seems to be a market for more stock
and prices are right at the highest of
the year.
Washington Gas has for month
ties. probably largely owing to the fact
that one Of the District Commissioners
at ''neighborhood" meeting suggested
the possibility of lower prices for gas,
without limiting in what section of the
city the cut might be made.
Furthermore the deficit for the last
year was not to the liking of investors
even though they received their regu-
lar dividends. Perhaps the knowledge
that some action in the Georgetown
Gas matter. at least affecting the hold
ings by the Washington Gas Company
of Georgetown shares. may also have
caused some uneasiness.
The action in Capital Traction for
many months has been unsatisfactory
to holders Of this stock. Stock of a
road earning, with liberal charges and
expenses, better than the per cent
dividend has been under pressure, with
an utter lack of supporting orders or
attempts on the part of insiders to
check the weakness for the better part
of two years and has lost 38 points, at
least. in apparent value. without APP
parent rsason, other than persistent
pressure. with occasional liquidation,
aiding along the movement. The stock
seems to have found a level around
present prices.
Mergenthaler and Lanston are both
giving indications OF better market
values.
week to the extent Of s41.500. face value.
Railway As are firmer and also Poto-
mac consolidated IS. but otherwise
ance The fact that Potomac CONSOLE
dated IS have been selling close to par
for months has been responsible for
many buying orders, the business for
the year being $4,000, face value, and
has also been followed by an advance