The Washington times., 1915-04-15
FEW SALES TODAY
ON LOCAL CHANGE
Only Issues in Demand Were
Stocks Of Washington Rail-
way and Electric Company.

Though free trading on the Washing
ton Stock Exchange in the stocks listed
upon that board was permitted today
for the first time since trading was re-
sumed in December, but few sales were
recorded.
The only issues in considerable demand
were the stocks of the Washington
Railway and Electric Company. The
common stock of that corporation sold
up 1h points to 80 the price paid for
twenty-five shares. The bid and asked
figures on the preferred stock were
raised from So to S5A, respectively, to
S51s and S61a.
Lifting of minimums affected only a
few stocks. notably Capital Traction.
Washington Gas and I.anston Mono
type, the prices of the others listed hav-
ing already risen to or several points
above the low CURES at which trading
might be indulged in.
Wide interest centered in the TraC-
tion stock, the minimum on which was
%. When the stock was called 1t
was freely offered at 80, but the best
bid obtainable was IS. Later odd lots
were offered at SS, and 3 shares sold
at So. One broker asked for bid
on 500 shares, offering to sell any
for his block was So.
Gas stock appeared to be quite weak.
Selling x-dividend, $l.20 per share.
1t was offered at 70, or two points be
low the minimum. The best bid was
67R.
Lanston stock found better support
than had been expected. At the high
minimum of 70 no sales whatever had
been recorded since the exchange
closed in July, and offerings on the
hnI han tod
When the stock was called, however,
60 was freely bid for large blocks.
The lowest offering was at 65.
The other stocks for which the bid
quotations were under the former min
imums were Second National Bank. for
which 14O. or Ave points below the min
imum, was bid. and Norfolk and
Washington Steamboat, the BID for
which was 10. as compared with the
previous minimum of $50.
There were no bids or offerings on
Riggs Bank. the minimum on which
has been 525.
The other sales for the day included
5000 worth of Washington Railway
and Electric As at Slas. and 81. 90 worth
Of Washington Gas 5's at 1oi
Having approved a system for the col
| lection Of checks on member banks OF
| the district centered in the Federal re
serve bank OF Richpond. the Federal
| Reserve Board Is preparing to have a
similar system introduced in tn" oth"r
reserve districts. At present tho plans
! call only for intradistrict collections
! that Is. for collection Of checks and
! drafts received from and drawn on
member banks in the Richmond district
The system is not intended to super
sede the exchange OF checks through
local clearing houses. Wherever collec-
! tions are being made more quickly or
! nearby cities. by direct interchange be-
tween the banks OF the section than
would be possible under the proposed
| plan. it Is expected that such relations
| will be continued.
/ These are some OF the rules and re-
! nuiremcnts governing the operation OF
/ the collection system:
!. Each member bank joining tho sys'
! tenn authorizes the Federal Reserve
/ Bank Of Richmond TO charge immcdi-
| ately on receipt against its account
| subject to payment by such memh"l
! bank at its banking house. checks an6
| drafts drawn upon II payable upor
presentation deposited by other mem
Der banks which have Joined the col
| lective system.
| . The member bank undertakes II
provide the Federal R"scrv" Bank o.
| Richmond with sufficient funds to off
! set the items which may be charge,
against It's account under the collection
| system so that the reserve balance re
uuircd to be kept in the Federal RI"
serve Bank of Richmond shall rcmai'
| unmpalred on IN" DOCKS OF the fCd
| oral Reserve Bank. The amount q
such funds needed must he determine,
by experience to he gained from aCtua
| operation.
| s. Checks and drafts payable on pre-
sentation drawn on any member banl
| in District which has Joined th'
collection system will he received fo'
immediate credit subject to final pay
ment but only from such mcmh0r
| banks as have Joined the collection sys
! tenn. Items marked "PaYablo If de
! sired" at either 4 member bank or
| nom member bank will not ho received
unless drawn on member hank which
has Joined the collection system, i,
which case they will be charged to thu
! member bank at which they are mad'
! Payable II desired"