Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-02-05
TRUST COMPANIES
/ MAY JOIN ASSOCIATION
Bankers Organization Takes Steps
to See How Clearing Houses
II Are Run in Other Cities.
Broad, Active Local Stock Market
Gas Prices Higher-Lanston
Lower-Bonds Wanted.
BY I. A. FLEM1NG.

ror MANY wears membership IN the
Washington Clearing House Assoe'"
t,on has been confined to ha.'oi'o'
hanks In the meantime SIX larse
,rust companies have increased III
financial Importance until their totai
resources are but few miiiio"s UNIV"
the resources of the natioha' oa
At. times the trust companies
offered some objections TO ruies
Clearing House Association anu 'neie
have even been occasional Suggestions
~ clearing house for the trust com
panies.
Trust companies clear through ma
tional banks, just as do the savings
banks.
In some other large cities trust COM
NAMES are admitted to full membership III
the clearing house association ana are II.
all things, subject to the ruies anu
regulations of the association
A change of sentiment seems 10 oe
working in Washington. and IL "oulo
not be surprising if the trust com
panies were invited TO JON the ,,','ch
ing house association. making IL Iilu.i II
stronger and giving it more power 10
regulate member institutions
A. meeting of the executive councii
Of the District Bankers Associa.ioi',
hold Yesterday afternoon. the secretar!
~ tbs association was ordered to cor
rasnond with various clearings houses
and obtain full information as TO tne
workings. especially with regard 10
trust companies
forced to carry large balances win the
national banks clearing for 'hehn u
protect clearlngs.
Short Term Note Issue.
The United Railways and Electric
Company of Baltimore plans to put out
sa.75ooOO five-year per cent notes. the
proceeds to be used in retiring Sl,Seo'-
600 of obligations maturing with July l.
The balance of the proceeds, after the
refunding operations. will be used for
extensions and improvements. ana tne
officials of the company beheVe 'hal
they are prepared for all financing 1or
FIVE years
The issue is subject to the approval
of the Maryland state public service
commission.
Broad, Active Market.
There was a broad. active market for
local securities on the stock exchange
this afternoon. Bonds and stocks both
moved freely, and. with the exception
of Lanston Monotype shares, prices
showed a hrmer trend.
Lanssen sold freely. opening at 20.
loss of one point, and steadily declin-
ing to 50. Then at the close hfty-
share lot sold at 69a. Mergenthaler
was nominally unchanged.
One lot of 100 shares OF Capital Irac-
tion sold at IS and an odd lot at 81 u,
with s7I the closing bid. Railway
preferred at san was very steady.
washington Gas developed new
strength on reported net earnings Tor
Of dividend requirements. The price
advanced to IS. from an opening at IS
Bonds were very firm, Washington
Gas IS sold at 106. Capital Traction
at 1851, Railway As at 81, Graphic
phone IS at 80 and Potomac Console
dated SIS at. SsA.
The sales for the week. largely in
creased by the transactions on today's
active session, were s42,70o bonds and
138 shares of stock.
American Telephone and Telegraph.
Announcement was read on change
of the retirement of s42,500 bonds of
the American Telephone and Tele-
graph Company, In exchange for 425
shares of the convertible stock of the
corporation.
American Institute Of Banking.
Robert H. Bean. president of the
American Institute of Banking. an
nounces September 20. 81 and % as the
dates for the annual convention of the
association, to be held in Cincinnati.
Ohio.
The choice OF time has been made
ISOLATION meeting in the same city.
September 1914. and precedes the an
nual convention Of the American Bank
ers' Association to be held at Kansas