Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-06-07
STOCKS STRONG;
!: TWO BANK ELECTIONS
BY I. A. FLEMING.

-
while there was less activity on to-
Exchange than on Monday and Wednes-
day. the undertone of the local market
was apparently little more satisiac-
tory. little stiffening of prices. rather
than any marked advances
Capital Traction SIS sold at 1927. and
Washington Gas 5s at 1924. while
Potomac Consolidated SIS brought ssh.
arid Railway Az 1871. These prices
were all on about a level with Wednes-
days quotations.
Washington Gas and Railway prefer
red showed fractional gains, the former
selling at 73k and the latter at so.
one-half point above the last previous
sale.
Charles Halleck Doing, jr. for many
years an employe of the Washington
Loan and Trust Company. and former
vice president of the Washington CHAP
ter. A. l. B.. has been elected assistant
cashier of the Washington Loan and
Trust Company.
Mr.. Doing was further honored by be-
ing named as manager Of the uptown
branch of the trust company.
Heavy Payments June Is.
June l. will be an important day in
the financial world. and large amounts
of money will be withdrawn from the
banks for payment to the government
The first payment of per cent of the
liberty bond loan must be made on that
day and this alone will call for $4O.-
900 900.
Then. too. full payment on the income
tax must be made on or before June 10,
the date being advanced from June
80, as in former years.
Advance payments to the extent OF
&f65o00.000 have already been made;
leaving about sso.ooo.ooO to be paid
within the next week.
These large sums of money will come
out of the banks. not being allowed to
remain in the institutions until need
ed, and the loss will be likely to have
some effect on the rates on loans in
some centers.
Books closed yesterday afternoon on
the subscriptions for the last issue of
5000 100000 3A per cent Treasury GER
tiicates.
These certificates are part of the
total issue of s91s.205.00o. representing
the total borrowings of the govern
ment from the end of March to date.
OF this large sum SS6s.250.000 was
loaned to the allied governments.
Want Big Bonds at 81 Per Cent.
Every day would-be bond buyers Of
$1,000 bonds or even larger denomina-
tions. are applying at the various banks
seeking to make payments on the same
basis as the small-that on which the
$50 and 500 bonds are being sold-3h
Per cent, the same rate that the bonds
bear.
Bankers refuse these commissions,
p
that this would simply be loaning
money at 81 per cent while the ruling
rate - to per cent.
II Is a concession on the part of the
banks to stimulate subscriptions that
they have agreed to make the, low rate
and accept installment payments.
Reserve Act Amendments.
n number of large trust companies
Ia New York city and elsewhere are
waiting anxiously for the enactment OF
proposed amendments to the federal
reserve law, after which they will make
application 70 join the system.
It will not be necessary for trust COM
their form of organization. The Con-
tinental Trust Company of Washington
isrnow a member of the system.
The proposed amendments were passed
In both the Senate and House. with
slight changes. and the conference COM
mittee has had the matter under con-
sideration since then.
It is understood that the conferees
are deadlocked over the check collec-
ton section. which permits the making
of q charge of one-tenth of 1 per cent.
asa maximum, might be levied against
the total face value OF all checks pre-
amendment Is the work of the commit
tee of twenty-five Of the American
Bankers Association. which has been
contesting the development of the col
lection system Of the federal reserve
banks.
With this one exception the new leg
ia1afion is backed by the federal reserve
board. as Strengthening the reserve act
In many ways considered essential. in
view of the probable large borrowings
OF the government.
Condition Of the Treasury.
Condition of the United States
Treasury at close yesterday showed:
Net balance in general fund. $19s.971. $50
Total receipts. 6936S20
Total payments. - 4337317
The deficit this fiscal year Is 55,276,-
|. e97.. against a deficit of $41,047, $50 last
year. exclusive of Panama canal and
public debt transactions.