Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-07-14
CHARGES SCHEDULED
I ON ITEMS TO NEW YORK
Clearing House Association Plans
Percentage System Based on
| Transit Requirements.
District National Institutions to Re
pay 100000 Tomorrow-Odd
! Lot Investment Business.
BY I. A. FLEMING.

The New York clearing house took
steps yesterday to hold as much of its
collection business as possible, pro-
mitigating a schedule of charges lot
collections. based on the length of time
required for payment of the item
reaching the collecting bank
Tomorrow the federal reserve board
will inaugurate its par collection OF
checks all over the country, making a
uniform charge of l y cents per item,
and asking member banks to undertake
the collection of non-member bank
checks in their home districts that the
reserve bank may send to them. with
out charge.
Not being obligatory, many banks
will endeayor to do business to a
large extent with their old customers
and will use the federal reserve sys-
tenn at their convenience.
On all items. whether coiiected ny
the federal reserve system or other-
wise, which the federal reserve pank
of New York shall have notlned the
manager of the clearing house 1t VIII
receive from its members, the collec-
ton charges shall be as follows:
When proceeds are available in one day.
IL cents per item
When proceeds are available in two
amount of the items.
On items on which proceeds are avail
able in eight days. one-tenth of l per cent
of the amount of the items
All items on Jersey City and Ho-
boken not collectible through the
clearing house. bear Il cents an item
charge.
Section of the new rules provides
that for items payable only at bank
or trust company, which before August
i, 1916, has filed an agreement with the
clearing house association to remit
New York clearing house funds at par
on the day of the receipt of items in
time to be cleared the following morn
ing, discretionary charges may be made
by collecting banks.
On items from the District of Column
bia eastern and mid-western points
the charges shah not be less than / per
cent of the amount of the items. From
far off points not less than one quarter
of 1 per cent.
Condition of the Treasury.
The condition of the United States
Treasury yesterday was:
Net balance in general fund, $780,
es7,347.
Total receipts, s2.955.355.
Total payments. s3,479.S72.
The deficit this fiscal year is $s,462,-
$50. against deficit of s10.566,9s1 last
year. exclusive of Panama canal and
public debt transactions.
Will Participate in Collections.
Non member institutions to the num-
Der of 1900 have agreed to participate
in the collection of the federal reserve
system in the Chicago regional reserve
district. according to James B. McDou
gal, governor of that bank. 1t is said
Of the non-member banks of the dis
trfct.
First Payment of Tax Money.
Tomorrow the national banks of the
District of Columbia will make repay
ment of tax money to the amount of
100000. being 20 per cent of the funds
Tedeposited with the banks by the
Treasury Department.
In August another 20 per cent will
be due. and thereafter 10 per cent in
stallments will be made monthly until
repayment is complete.
local Securities.
Capital Traction IS were quite active on
the local exchange today. selling freely at
1861 and 1865, and then. after the call,
at 1OT
Other business was extremely light and
on the odd-lot order. Sales were made Of
at 747s and IS. Capital Traction at SSH,
District Bank at 40 and Chapin-Sacks at
10
Lanston nominal. SO bid s. asked