Evening star., 1916-09-26
FAIRLY GOOD DEMAND
FOR LOCAL SECURITIES
Bonds Were Steady and Without
Particular Change-Stock Safes
Generally in Odd Lots.
Riggs National Declares Regular
Dividend-Bankers at Convention
Fight Federal Collection System.
BY I. A. FLEMING.

Business on the local stock exchange
today continued fairly active both in
bonds and stocks, although many of
the transactions were in 500 bonds
and in odd lots of stocks.
There was no particular change in
values. everything being practically
the same as for several days past
Sales We're at 107 and 107h for
Washington Gas SIS: 1918 adm 1o7k
for small Capital Traction SIS; s1A
for $4,000 Railway As and S11s for
$4,000 of the same security. Graphic
phone 6's sold rather freely in a
small way at 1O11a.
Small lots of Railway preferred sold
at 50 to S2k, and the common in like
manner sold at SIX and S11s. A sale
of Washington Gas was made at II u
Riggs National Dividend.
Directors of the Riggs National
Bank have declared the usual s13 a
share semi-annual dividend payable
October Is. books closing October l.
Protesting on Collection System.
While the general sessions of the
American Bankers Association will not
commence until Thursday, the various
sections and committees that are now
holding meetings seem to have Tor
their main subject of discussion the
federal reserve check collection sys-
tenn.
1t is reported that great majority
of the bankers favor the abolition of
this system, that they may return to
thAI~ "a oAth thOl IL h.
making of profits on exchange
Country bankers, VINO have heen the
hardest hit through the loss of revenue
from the installation os the system,
held meetings some time ago and ap-
pointed a committee, headed by Nathan
Adams of Dallas Tex, to Cooperate
with committees of the Bankers Asso-
citation in an effort to test the consti-
tutionality of the section of the fed
eral reserve law on which the collec-
ton system is based or to agitate for
it's repeal
1t is claimed that many banks have
lost so to 70 per cent cf their profits
through the elimination of exchange
charges.
Some Washington bankers have held
that the lessened reserve required, 10
per cent instead of 25 per cent, made it
possible to make more through the
loaning of the 10 per cent heretofore
held in reserve, than was lost in collec-
cent reserve requirements on time de-
posits
Members of the contesting southern
delegates declare that the law provides
for check collection at par, while defer
red payments and the charge of | u
cents an item to the banks is not par
1t has developed that where a banks
account is not ample to protect checks
and reserve requirements a charge Of
6 per cent is made on the amount car
ried over by the reserve bank to the
account Of the delinquent, while the
banks that have larger reserves than
necessary receive no interest whatever
on their surpluses not yet on the re-
serve, making it question: BILE whether
the scheme is profitable or not.
Very many Of the larger banks have
not given countenance to the collection
plan, but continue to do business as
before. making charges on items and
obtaining per cent on balances carried
with trust companies and banks in
central reserve cities and other deposi-
tories.
Condition Of the Treasury.
The condition of the United States
Treasury at the close of business yes
terday was:
Net balance in general fund, s1s3,4os,-
ls3
Total ordinary receipts, s2,3s2,es6.
Total ordinary payments. s3,029,s19.
The deficit this fiscal year is s4S,016,-
PAP, against a deficit of s32.563, $50 last
year. exclusive of Panama canal and
public debt transactions