Evening star., 1915-03-06
LOCAL BANKS RETIRE
EMERGENCY currency
Total Amount Issued to Washington
Banks in August, 1914, Was
$637 900.
All Repayments Now Made-Finan-
cial Notes and Comments.
Stock Market Steady.
BY I. A. FLEMING.

BY I. A. FLEMING.
tn August 1914. with the first signs
of stress on this side of the Atlantic.
following the outbreak of the war, the
uational banks of the District of Co
lImbia members of the Washington
currency Association, made application
for and were given s637.oOO OF emer-
gency currency. issued under the pro-
visions of the AldrichVreeland act
Some of the banks did not use their
allotment. but as a general rule they
lid, no small part of it being placed at
fIll interest rates for definite time
In order to obtain this circulation the
banks were compelled to deposit with
the Treasury Department securities
having value of S976.000.
Yesterday the last dollar of emer-
gency currency in the District was re-
tired This practically puts the local
currency association out of business, as
the Decentralization law has been
superseded by the federal reserve act,
although the former has not, as yet, ex-
pired by law.
Retirement of emergency currency in
Washington was first commenced In
November. when 100000 was returned;
IN December but $4,000 was paid back;
$4,000 in January, S110,n00 in Febru-
completing the repayment.
Emergency currency, of which nearly
$500. 100000 was taken out in the United
States. relieved the stress of the situa-
lion materially, At time when the in
elasticity of the national banking act
still handicap to the needed ex-
pansion of the currency and the federal
reserve act. while law. had not been
made effective.
Charles c Glover. president of the
Riggs National Bank, is generally ac-
credited with having assisted in the
preparation of the emergency currency
law.
The revenues of the government have
neen increased by s653.554 so. repre-
senting accumulated taxes on the emer-
gency currency circulation, the proyf-
sfons for the retire ment of the currency
calling for graduated scale of taxes,
which now equals 5 4 per cent, on all
outstanding circulation of this char
acter
Controller of the Treasury Downey
ruled late yesterday that this emer-
sency currency tax should be carried
under the head of gold reserve"
Bank President Talks to Students.
George W. White, president of the
National Metropolitan Bank, addressed
the students of the Business High
School yesterday afternoon, talking on
the general subject of banking, cir
culation and accounting. He found in
terested auditors, as evident by many
questions which were put to him to
answer.
Off to Philadelphia.
delegation of members of the
Washington Chapter. Institute of
Banking, left this afternoon for Phila-
delphia. where they will this evening
attend the annual dinner of the Phiia-
delphia Chapter. President Spaid of the
Washington Chapter. E. S. Wolfe. H.
H. Flather and A. S. Gately head the
10 ! visitors
Treasury Statistics.
Treasury receipts for March ex-
ceeded the disbursements by s3,1I2.201,
reducing the excess disbursements for
the fiscal year to that date to $780,
sI3, sos. as compared with excess dis
hursements for the preceding fiscal
?ear to that date. of s31, ,5s3,s26.
Financial Notes.
Western Maryland continues to report
excellent Improvement in operating
and transportation conditions. In jan
Uary the gross earnings showed a de-
crease of but $1,000, less than l per
rent, as compared with January of last
year, while the net revenues. after
taxes, increased from $4,000. in jan
aary, 1914. to s120.000, in January of
this year, or a gain of s64 per cent.
Chicago & Alton reports for January,
1915. an increase of s4l.674, as COM
pared with January, 1914. There was
a slight decrease in operating revenue
due to falling off in passenger traffic
Transportation revenue of the Adams
Express Company for November, the
latest reported 10 the interstate COM
fuerce commission, shows decrease of
siH.259, after reduction of $65.SS9 in
operating expenses.
Operating income for the Chesapeake
of s65,s21. but for the seven months
ending with January che operating in
come decreased S234,o45.
The American Beet Sugar Company
has declared the regular quarterly divi-
hend of II per cent on the preferred
stock, payable April ].
New minimum prices have been made
IN the New York Stock Exchange on
locomotive preferred. IS; international
Harvester. 107: Pressed Steel Car COM
mon, 25. and preferred. IS.
Washington Securities.
There was comparatively little in
interest in the market for Washington
stocks and bonds today. but there was
no disposition on the part of holders to
invite new business by making conses-
stons In values
Only two bond issues were traded in
on the local Stock Exchange, Washing
ton Gas 5s at 1924 and the per cent
bonds OF the Washington Railway and
Electric Company at SIN, the latter
showing slight improvement as to
price.
In the stock list. former prices were
generally bid for the utility shares
without sales Three lots of CONNER
cial National bank stock sold at 1901