Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-07-09
FINANCE AND OTHERWISE.

which we consider favorable Our
status as state bank is maintained
with all the principal privileges we
now enjoy.
whatever feeling OF disapproval
and distrust of the system we may
have had has been put aside in the
larger view that the federal reserve
system has come to stay, and It be-
comes duty not to oppose it. but to
cooperate to its Improvement
! This we believe can best be done by
a full membership, and our motive in
/ joining is to contribute our share to
its resources and to associate ourselves
with other leading banks of the cour-
try in developing the system.
I'VE have been pleased with the cour-
tesy and cooperation with which we
have been met by the federal reserve
board ami the federal reserve bank Of
this district
Local Securities.
During the last week there were but
three sessions of the local exchange.
On the first session. Wednesday,, there
was a veritahle avalanche of buying
orders and as luck would have ii, an
equal number of selling commissions,
the result being one big days bust
ness.
Prices were strong on both stocks
and bonds, and then the activity lost
its momentum for the rest of the week.
relieved only by good trading IN
Lanston shares. on New York orders.
Unfortunately. the local market is
extremely narrow, devoid Of specula-
ton: with large absorption of the de-
sirable bond issues and only q limited
offering of desirable bonds.
No additions have been made to the
list; no opportunity offered for free
listing of securities for a limited
period or other action by the ex-
change, in seeking to enlarge the in
huence of the body and It's daily bust
ness. although some threat of such
action was made earlier in the year
Under the circumstances the local
market is likely to be narrow and I'M
important for the summer months at
least. longer if the physical valuations
are not completed or if they are at
discord with corporation valuations.
Little, if Any, Water Left.
There is but little if any water left
in the capitalization of the United
States Steel Corporation The con-
servative management of the corpora
ton under Chairman Gary has squeezed
it out, through the construction from
earnings of practically $3.50, 100000
since the formation of the company
practically putting a real dollar back
of every dollar of common stock. Up
to the close of 1915 $490234O0O had
been reinvested from earnings APP
preparations made are for $4,000, 900
to 100000, 900. but with no rush to COM
plete the entire sum VIII probably not
be expended this year
Steel common could be in receipt of
larger dividends but for the conserva-
tive Mr.. Gary. who believes in the pol
icy of using the surplus of fat years
to provide for the period of leanness
Recent Banking Decisions.
A Montana bank refused payment of
small check for a depositor-amount
1885. Deposits to the credit Of the
maker were ample to have cared for 1t,
but a clerical error accredited the last
deposit made by the maker of the check
to another party. Verdict for $500 cut
down to 5000 by supreme court, on the
ground that damage was not serious
The owner of large grocery establish
ment leaving the city on business. left
a number Of checks. signed in blank
with the manager of the business A
travelling man stole number of the
checks in blank and used them. drawing
various sums, some from the bank and
others through purchases and partial
payments. receiving change when due.
Under ordinary conditions the checks
would not be considered valid under such
usage. and the bank would be out the
proceeds. The bank in this case held that