Evening star., 1915-05-26
TAX PAYMENTS Being
MADE IN LARGE sums
Bank Clearings Average This Month
From $1,25oyO 900 to 81, 100000
Daily-Institutions Prepared.
Local Stock Market Interesting
Treasury Condition-steel Busi-
ness Better-Financial Notes.
BY I. A. FLEMING.


BY /. A. FLEMING.
rhe payment of taxes 10 taking money
from the banks of the city in large
amounts. so much SO that the daily
cIearinss have reached an average o.
$780, 900 to 81. .4o0. 900 SO far this month
Moreover the government Is replacing
tho usual quota of tax funds In tne
hanks. the second installment having
been distributed yesterday.
National banks Of Washington were
never better prepared to stand 'ne
Withdrawals than at this time. baseu
on the last report to the controller VI
the currency. May 1. the reserves IN ,he
national institutions was 2S.1l per cont
or but q little more than 1 per cent un-
der the requirements under the "a :.
tional bank act. and nearly per oon.
preater than actually required by 'h'
f.deral reserve law. Is per cent
The new banking law 6nerenrS'Ses S
In the matter Of reserves required ~,
favor Of time deposits-money 49,
in banks with the understanding ina.
!, shall not be withdrawn within a
sn>cifed period, thirty days belns lne
ninimum. Against such deposits onis
: per cent reserves must pc 10.
This feature of the reserve law mas
,,amsed bankers to make an effort to
secure time deposits wherever possi
THAT they have been fairly sucSeSs.u su
is evidenced by deposits q Ans tnis 400 oh out
Of total Of s21 1,2ss.2S7 in the Twelve
national banks Of the cty.
Washington Securities
While there was NO large volume OF
,r.dinr on the Washington Stock Ex-
.h,ng. TODAY. the market presented d
b.tter appearance. a number Oh ih$e
~, orders being Allied for stocks tnae
"a not often seen in the daily trans
actions.
.n,erican Security and Trust SOLO at
81 National Savings and Trust AT ztV.
\ little Mergenthaler cnangea hamas
at 1S5. and odd lots OF RaliWN pls
ferred we're sold at o. ~ ~
SanitaI traction shares. which have
heen TO the fore of late. are oecomins
less active and grsduahsS ah .tncL Today
was asa. and it was offered ~ so%:
Snnnort of the common stock OF Sne
washin9ton Railway and EieceIc
seems to have been. psrnaps tepo
rarily withdrawn. but n." n 20 IN nice
In the bond list, City and suburoa
sa brought 1o2h and Railway a. o.
Dividend Declared.
The East Washington Savings bank
aas declared a dividend OF ~ pc, cen
or the half year. payapie june ~
,ooks closing June TO 10.
Treasury Statement.
~. condition of the United States
Treasury at the close OF business yes
:erday was: -.
Net balance in general fund. s1s'-
,e2.2sl.
Total payments. $s.ooo'eos . .,n,
s2.s52. against a dehcit Of *3s,sos. .osS
sst wear. exclusive of Panama canal
nd public debt transactions.
Cost Of Jitney Service.
The following extract is from a gov
.rnment consular report:
4 special transportation committee In
akIand. Cal, has reported to the COM
.lercial bodies that the average 3itney
, that city travels 1877 miles per day.
ith a car-mile income Of ~ cents.
figuring appreciation. operating COSY
nd Sc per day to the driver. the com
~littee says that even the smallest IT.
ents a mile.
Financial Notes.
The directors Of the Republic Iron
nd Steel Company met yesterday. out
ook no action on the matter of the
ividend on preferred stock. which is
sually declared at this time The re-
lit was q fve-point drop in the price
II the shares.
The New York Central has ordered
$500 tons of steel rails for Its west
.rn lines. the order going to the I'LL
.tois Steel Company.
,rdered q. 900 tons Of open-hearth steel
ails from the United States Steel Cor
poration-
since May 1 there has been more
han a per cent increase in the pro-
.luction OF the steel companies. Ex-
port orders are fair and car orders
'iave materially increased the manu-
tacture of steel plates Production
Of capacity.
In the nine months OF the current fiscal
ear, ended with March. there was an in
rease in the value Of the export trade
If the United States to Italy OF o.ooo, 600
.lrgely due to preparation for eventuaii-
ties.
Boston manufacturers have secured the
greater part Of the order from the United
states government Tor 36o,oOO pairs OF
army shoes. Russian contract for 500,-
900 pairs Of army boots has been placed
with Endicott-Johnson Company.
The Union Pacific RaiHoad Company
reports crops retarded by bad weather.
but that the fields are generally in good
condition
Iowa bankers are heavy borrowers from
Chicago correspondents and are at loss
10 understand the urgent demand of their
,iepositors for funds al this time, save by
charging II to the early spring automobile
crop.
John J. Mitchell, one of the leading
chicago bankers. declares that Europe
owes the United States one billion dol
lars and that the sum is fast increas-
ing. Mr. Mitchell figures that we have
taken from European holders large
amounts of securities; and have saved
5000 600. 900 to $500, 900. 900. usually
spent abroad by Americans.
The recent sale Of New York Central
debenturee has been protested by a
shareholder. who seeks to have the
sale set aside. Tho answer Of the
company shows that % per cent Of the
debsntures has been protested by a
holders. and that the suit Of the plain
tiff. who also charges that the fees
were excessive. was not started until
after the issue had been legalized.