Evening star., 1916-12-27
IMPORTANT CHANGES IN
RESERVE LAW LIKELY
Board Said to Have Suggested
Amendments for Enlarging Pow
er and Lowering Reserves.
Owen T. Reeves Goes to Corn Ex-
change National-Great Gold
Imports-Exchange to Move.
BY I. A. FLEMING.

BY I. A. FLEMING.
1t is understood that number Of
amendments to the federal reserve law
will be presented to Congress. and their
adoption urged. with intent to make the
reserve system larger. broader and more
comprehensive. Indications point to ac-
tion inclined to force banks outside of
the system to become members. and to
make the collection of checks through
the interdistrict collection system OBJ
ligatory on all member banks.
One of the suggestions is planned to
make trust companies and non-member
banks carry liberal balances with the
regional banks of the federal reserve
system in the district in which IL is To-
Gated. as prelude to the privilege of
clearing through member banks. and
failure to carry the balance would pre-
vent the clearing privilege
On the face OF the reported legisla-
tion to be asked. IL looks very much as
il the federal reserve board might even
tually govern all banks. as the inter-
state commerce commission is the gov
erning body for all railroads.
The federal reserve board is now
working on it's annual report, and 1t is
understood that the desires of the
board. with reference to legislation.
have been communicated to friends in
Congress.
1t is suggested that the board would
further increase the available supply of
funds by reducing the required re-
serves from IL per cent to : on demand
deposits in so-ca1led country banks.
and from per cent to per cent on
time deposits, while in reserve cities
the reduction would be from Is to 10
per cent on demand and from to per
cent on time deposits. In a central
serve city the reduction would be from
IS to Is per cent on demand and from
to on time deposits.
Another amendment suggested is said
to have direct bearing on situations
leading to semi-panicky conditions, re-
sulting from declaration of war or a
sudden cessation of hostilities
The great fund released by the de-
creased reserves at the time the sys-
TEN was introduced. two years ago, No
vember 16. has been absorbed very
largely in business.
Owen 7. Reeves Vice President.
Owen T. Reeves former bank ex-
aminer in this district. and well known
by local bankers. has resigned as pres
ident of the Drovers' National Bank of
Chicago and been elected a vice presi-
dent of the Corn Exchange National
Bank, one of the leading institutions of
the west.
$685., 100000 Gold.
The imports of gold into the United
states for the year 1916. with but three
more business days, total s63s 800, 900.
including two late shipments from Can
ada. one of s4.600,00O and one of
ss,ooo.ooo. both consigned to j. p. Nor
gan & Co.
Dividend Declared.
The North Capital Savings Bank will
chA
usual semi-annuaI dividend of per
cent.
Personal Mention.
Wade H. Cooper. president of the
Union Savings Bank. is able to be
around again. after an attack of grippe
that confined him TO his room during
the Christmas holidays.
Fair Demand for Bonds
The market on the Washington Stock
Exchange today was decidedly slow.
with just fair demand for bonds and
scarcely any inquiry for securities.
Sales Of Capital Traction 5s were
made at 1861 and 1864. with Washing
ton Gas 5s sold at 1861 and Potomac
Consolidated 5s at 1918.
The bid price on American Graphic
phone ss was lo1. with 102 asked. Ten
shares Of Railway common sold at 79,
point off from yesterdays price on
odd lot few shares Of washing
ton Gas sold at 701s. The bid price on
Railway common was 1874, with 79h
asked.
Adjourn-To Move.
The Washington Stock Exchange will
be closed from Fridays session until
Tuesday noon. January 2, 1917, whom
the members will inaugurate their new
rooms at 72s 18th street northwest
After years of effort in seeking
more up-to-date and more modern
quarters for nearly two years, the ex-
change is now possessed of a splendid
large trading room. in the heart of the
uptown financial district, and should
be able TO increase its membership and
the volume of daily business as a re-
suit Quarters are available for spec-
tators.
Dividend Declared.
The National Bank of Washington
Will pay the regular quarterly dividend
of per cent January 2 to shareholders
Of record December %
Condition of the Treasury.
The condition of the United States
Treasury at the close of business ve.-
terday was:
Net balance in general fund. s117.-
s47.4s2
Total ordinary receipts 81 30sOes
Total ordinary payments. $Is35O3s
The deficit this fiscal year is s11s-
sss.ss5. against a deficit of $4ss31.ss0
last year. exclusive of Panama canal
and public debt transactions