Evening star., 1915-03-15
APRIL DISBURSEMENTS
HERE REACH 100000
Capital Traction Company, Riggs
National and American Security
Make Heaviest Payments.
Plans Open to Government in Rails
ing Funds to Meet Deficit.
Local Securities.

Local Securities.
BY L A. FLEMING.
Dividend and interest disbursements
on the LIST of April and in the early
days of the month. in the city of WASH
ington. will aggregate close to sSoo.ooo'
with the dividend payments furnishing
the chief volume of the disbursements,
as but few bond interest payments are
made other than semi-annually, sener-
ally In January and July. 4
Disbursements Of interest on govern
.1,ent bonds. are estimated to give 10
Washington holders about $4,000.
The Capital Traction Company is the
only public utility paying dividends
April 1, and its distribution will be
sl5o,ooo. the largest payment OF any
corporation in the city. at this time.
The Riggs National Bank comes sec
ond, with disbursements of $4,000 to
its shareholders. National banks pay
se52,oO0 In dividends. The American
Security and Trust Company, with
$4,000 payment. heads the trust COM
rsrtes.
Miscellaneous payments bring the to-
tai disbursements up to s7S0.25o.
piviSends will he paid as follows:
Capital Traction Company. $3.50, 900:
Norfolk and Washington Steamboat
Company. $4,000: Eastern Light and
Fuel, $4,000: American Telephone and
Telegraph Company. $4,000; Meagen- siea gen.
lumbia National. $500; Commercial
National. $17.5oo: District National.
$4,000; National Metropolitan. $4,000;
Riggs National. $13o,o0o; Second Ma
Iionel. s7.5oa:. Bank of Washington;
Gar11rifv Trust
Company. $4,000; Union Trust Com
pany. $4,000: Real Estate Title, $4,000;
District of Columbia Paper Company,
$4,000. and Security Storage Company,
Washington's share of the distrtbu-
lion of the Mergenthaler Linotype
Company and of the American Tele-
phone and Telegraph Company and the
payments Of interest on government
bonds were estimates.
Treasury Statistics.
Disbursements OF the Treasury De-
partment Of the United States for
March 13 exceeded the receipts by
.sss,57e, making the excess disburse-
rnents for the fiscal year to that date
s1o5.75s.5s2. as compared with excess
disbursements of $4s.125,25s for the
previous fiscal year to the correspond
ing date
amounted to $2S.6ss.344.
Facing the Situation.
The condition of government finances
is such that the necessity for relieving
the situation is even now being con-
sidered by officials.
Discussing government bonds and the
Treasury deficit, C. r. Childs & Co.. a
Chicago bond house. has this to say:
and reduced working balance of the
Treasury. 1t daily becomes manifest
and apparent that only temporary re-
lief can be obtained by reliance upon
the estimated future revenue from our
tariff law and our war and income
According to three avainable con-
gressional acts, discretionary authority
is conferred upon the Secretary Of the
Il. TO Issue the unsold Panama IS.
peyabls nifty years from date of is
sue. to reimburse the Treasury for
canal expenditures. (Act August 5,
1908. amended March 2. 1917
-. To issue government 3s, payable
At the pleasure of the United States
after one year. to strengthen the gold
reserve. (Act March IA. 1900, amended
by section rs. federal reserve act)
tihcates of Indebtedness IS, payable at
such time, not exceeding one year from
the date Of issue, as the Secretary may
prescribe, to meet public expenditures
1898. section 80, amended August S,
1e09.)
Although a sale of more long time
Panama Be would seem to reasonably
afford the most economical method of
sauarely facing the inevitable Treas
ury situation. there is an evident dis
position at the Treasury Department to
avoid such natural. regular. long time
bond loan at this time, which might
later be resurrected and stand
political boomerang. Under the cir
cuustances. the wisdom and service
ability of ehort time bond issue, for
fifty or hundred million dollars, will
undoubtedly prove expedient and prac-
tical and is certain of being a pro-
nounced success. There being abun-
dant gold reserve. the only alternative
certificates, which issue is the only
OF the three which may bear the
circulation privilege. Since the certif
Gates may be issued in such form as the
Secretary may prescribe" he is not
likely to sanction their use to st!rnu-
iate an increase in bond secured cur
rency. as no necessity now exists. to
attach the circulation privilege to a
one-year government bond, when the
mere . per cent investment return am
ply assures the issue a ready market.
II would be possible for the twelve
federal reserve banks alone to absorb
In fact. the history of a similar issue
November 20. 1907, when conditions in
this country were less propitious than
at present. gives evidence that the GER
tifcates may command a slight pre-
MUM. with the demand exceeding the
supply. The government Is due 1918,
which are now outstanding, should not
re adversely affected marketwise by
The sale Of new per cent certificates
due in one year even though IL is OBJ
vious that refunding Of the new 3s
Will be necessary for another year or
more at their maturity, and perhaps
oe ultimately cancelled by sale of
longtime Panama S. The 8s of 1918
are . dxed quantity, enjoying a spe-
CLIO date for payment. unequaled In
that respect, by any other outstanding z
bond. acceptable to secure bank note
circulation.
Some plan will soon be outlined for
he gradual withdrawal of possibly
thirty million or more government de-
posits held by national banks and the
transfer Of such deposits to the fed
eFal reserve banks. While this may
not be a welcome announcement to
some banks, which have enjoyed local
prestige by publicly advertising as a
government depository" there new
ertheless has been far more sentimental
satisfaction from these government ac-
counts than actual profit
Local Securities.