Evening star., 1915-11-03
WASHINGTON GAS WAS
LOCAL MARKET LEADER
Investors Buying More Freely Both
in Stocks and Bonds-Prices
Discount Probabilities.
Federal Reserve Board Rules That
Bank officials Holding Dual POSI-
tions May Resign Oct. IS, 1916.
BY I, A. FLEMING.

Evidently the investment demand for
Washington securities has turned ih'o
more important channels There is
great abundance of none! mere an"
employment must be found for it, some
way or other-that is, If the investor
Is to maintain his income
In the last few days they seem 10
have decided that the present prices OIL
local stocks and bonds are suffclently
low to discount any developments that
may follow the completion Of physlcal
valuations of utilities by the utillty
commission.
Washington Gas was the prime favor r
lite at today's session, seiilhe quiae qa
freely at 72Ia an improvement IN price
and. while more was offered at TINS ns
ure, - was freely bid. The rapldly IN
creasing consumption OF gas anu ~; .e
net earnings, materially apoEe NV
dend requirements for this year, WIN
usual liberal maintenance charges, etc.,
has been responsible, with the 10"
price, for the activity.
Small sales of Railway common were
made at say Graphophone preferred q
brought no. Union Trust sold at lZo
and Washington Loan and Trust al
230A.
Bonds were active at 1855 for Wash
ington Gas 5s. 1861. for Capital Trac-
dated 5s.
May Hold to October Is, 1916.
The federal reserve board has made a
very important ruling and one that
will postpone the day when bank OIL
fcials and directors now holding dual
positions must make their choice OF
service from January !. 1915. or soon
thereafter, until November Is, 1916.
In word, the reserve board has ruled
that bank officers, directors. etc, hold
ing dual positions may be reelected at
the annual elections and hold offlce un-
til October Is, when they must make
their choice and resign. where they are
not eligiblA under the Clayton act
This ruling viii be well received ana
will prevent scores of changes in bank
and trust company directories with
the next annual election.
Lanston Meeting.
Directors of the LaEson Monotype
Company will meet this afternoon in
Philadelphia. While it is possible that
some dividend action may be taken. 1t
is not thought proba Bile. as the usual
dividend action, when dividends are be-
ing declared, comes in December
Some time ago J. Maury Dove. presi-
dent of the company, expressed his de-
basis before the end of the year
New Ruling.
The Attorney General has decided
against the federal reserve board and
sustained the Post Office Department
in the matter of sending federal re-
serve bank notes under the frank of
the government.
The Attorney General holds that
while the reserve board is func-
tion of the federal government and
while the government would lose noth-
ing through the use of franks. as the
member banks would have to meet the
direct cost where franking privilege
is not extended, and would pay the cost
forhids the exercise of this privilege.
The federal reserve law makes it
obligatory on the federal reserve board
to deposit the notes in the nearest sub
treasury. Treasury. mint. etc. to the
order of the controller of the currency
for their delivery to member banks
all expenses to be paid by the reserve
board and collected from member
banks.
Lecture Tomorrow Evening.
Lectures before the Washington
Chapter. American Institute of Bank
ing, by Daniel Thew Wright. on con-
tracts and negotiable instruments. will
be concluded tomorrow evening at the
chapter rooms.
Condition of the Treasury.
The condition of the United States
Treasury at the close of business yes
terday was:
Net balance in general fund. s123.35a, :
sI7.
Total receipts, s3.03i,150.
Total payments. si.99S.210.
The deficit this fiscal year is $50, ,109,-
s71. against a deficit Of $50. 0.6s3,OT5 last
year exclusive OF Panama canal and
nuhlic debt Transactions.