Evening star., 1915-05-27
GOOD DEMAND FOR BONDS
ON LOCAL STOCK MARKET
Investors Buying Utility Pei
Cents-No Life in Market for
Traction Shares.
Banks in Many Cities Hold Large
Surplus Reserves-Treasury Show
ing-Financial Notes.

Surplus Reserves-Treasury Show
ing-Financial Notes.
BY 1. A. FLEMING.
This was bond day or the Washing
ton stock market, to the neglect Of
the usual trading stocks, which seem
to have settled to almost midsummer
inactivity thus early in the season.
Capital Traction 5s were shade
firmer Al los TO t05,s Washington Gas
5s were a little easier at loi& =, while
Potomac Consolidated 5s sold off to
1o0A. at which point two transactions
were recorded. Chesapeake and Poto-
mac Telephone SIS were quiet at 1913.
There were no stock transactions
worthy of mention Public utilities
were neglected. The best bid on Cap
ital Traction shares was 9ii5 with 96
asked. Railway common was offered
at 9S with !, bid. While Si14 was bid
for the preferred. with S5l2 asked.
Washington Gas shares were offered
at 73i@, with 11ia bid.
The American Graphophone Compa-
ny Will pay a l = per cent dividend to
holders of its common stock July /.
books closing June Is
Heavy Reserves.
That the supply of money all over the
country is more than abundant. that
capital is not being used as freely as
II should be in advancing business in
terests, that business itself is not en-
ploying its usual quota of funds is
evidenced from the heavy reserves
carried by banks in many important
cities.
III 1ay
per cent excess reserves; San Fran
cisco. 12.S2 per cent excess; Kansas
City, 1886 per cent; Los Angeles. 10
per cent; st. Paul. 10 per cent: Denver
1856 per cent: Dallas. 14.15 per cent;
Spokane. 1888 per cent: Des Moines.
6.17 per cent and Nashville over per
cent: these reserves. many OF them,
being far greater than required under
the national banking act-25 per cent
Excess reserves given above are over
the Is per cent required by the fed
eral reserve law.
Not Anxious to Come In.
When F. A. Delano Of the federal re-
serve board conferred with the seventh
reserve district bankers in Chicago a
few days ago, one of the subjects up
permost in the discussion was the ad-
visibility of having many more state
banks become members of the Chicago
reserve bd1h MITCHELL pitSi-
dent of the Illinois Trust, much the
largest state bank here, adroitly sug-
gested that Charles G. Dawes, presi-
dent of the Central Trust, the only
state bank which Joined the system
tell about the benefits of the federal
bank Mr.. Dawes said his bank Joined
at the outset to help the good cause
and expected to benef1t through it's
success. although it was una bic to take
account of
the 10 per cent tax stipulated in an
Illinois statute. Other state bankers
expressed complimentary views. but
concluded that inasmuch as the new
well that another money panic seemed
impossible, there was no particular
reason why they should join until it
became more fully established.
Treasury Condition.
The condition of the United States
Treasury at the close of business yes
ferday was:
Net balance in general fund. $13,112,-
34s.
Total receipts. s1,725.s62.
Total payments, s1,7s5,1s4.
The deficit this fiscal year is $1o7,-
7s2.374. against a deficit of s40.191. .215
last year, exclusive of Panama canal
and public debt transactions.
Financial Notes.
Between s5.ooo,ooo and s1o,e 900 of
gold has been brought down from Otta-
wa, Canada. by New York bankers
within the last few days.
While the Steel Corporation is better
equipped for filling war orders than some
Of its competitors. who are working night
and day. it is not making bids on this
class of material. Commenting on this
one authority says: when one considers
that the personnel OF the United States
Steel Corporation management is made up
of men who have been in the steel bust
ness all their lives, the conclusion may be
drawn that the corporation is acting for
what it believes are it's best interests"
Russia has placed orders for rails with
the Colorado Steel and Iron Company
Estimated that the order is for $4,000
tons
The French government has placed an
order for 1000 trucks with the Jefrry
Automobile Company.
Dividends. suspended by the Peerless
Motor Car Company in April, 1914, have
Just been resumed on both common and
preferred stock
Out OF 47o members of the New York
city regional bank OF the federal re-
serve system but seventy banks have
stgnthed their intention of participat-
Ing in the check collection system 10
be fnaugurated June /.
The Russian embassy has issued
warning against all offers Of Russian
treasury bonds that do not come from
the leading banks of this country" as
sertfng that they are worthless and un-
authorized
The Ford Motor Company denies that
there has been any declaration of
en-million-dollar dividend, as rumored
on the street yesterday.
Southern Railway Company reports a
gain in net earnings of sIo4 900 in
April. as compared with the earnings
for the same month of the previous
fiscal year. This is the first gain
showed In the reports of the company
filed this year. 1t was Accomplished
too. from a gross loss in revenue of
the month. as compared with the same
month last year. of s5s9.0o0, this being
the smallest decrease of any month
since September.
Members OF the London Stock Ex
change are petltioning for FREQUENT
closings during the summer months
An advance of Q to 10 per cent has
been made in the cost OF certain
matches. due to the increased cost of