Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-11-12
NO RECOvER|ES SHOWN
IN LOCAL SECURITIES
BY I. A. FLEMING.

81 matter Of fifteen shares Of WASH
ington Gas at 55 and ten shares oi
Capital Traction at son completed the
record of business transacted on w.
days session of the local exchange.
~ Improvement in New York. q gen
orally better feeling In security circles
and an abundance of money were Win
cut the slightest effect on the ioc~i
market. &C.
preparing it's case for presentation 70
the local utilities commission IN an
effort to secure letter price TOT i.s
product the figures being autnen
Gated by the New York Audit company;
The variance betW cen the DID anu
asked prices on bonds was SO greas
that it was a bar to business. SOM
investors are looking for oarsalns
even greater than those onereo; Juoseu
by the bids they are making Aoi
tain stocks and bonds.
Suggest a Clearing House Manager.
washington has become a sufficiently
financial center. in the opinion OF sons 2
bankers to warrant the empiayhenss
of a competent banker as manager u
the clearing house to give ms sn.are
time to the organization and the inter.
ests of banks that are members OF thae
clear directly through members
With over forty banking 1nstltutloHs
doing business in the city. there Wou ~
be ample employment for one man IN
studying the needs of the business. IN
preparing the forms necessary TOT as
seminating information and looking up
matters of interest in the treasury
Department at the same time working
in Connection with the federal reserve
bank of Richmond
A competent manager OF the type
needed would be as useful as the sec
-
organizations.
There is a clearing house manager
now. but he acts purely In clerlcai
capacity.
Granted Full Acceptance Privilege.
The Guaranty Trust Company, Bank
ers' Trust Company and the Equitable
Trust Company have been authorized
by the federal reserve board to accept
drafts and bills of exchange up to 100
per cent of their capital and surplus.
The Liberty National Bank has also
been granted the same privilege.
Bankers generally believe that 1t Is
the duty of every bank to give the fed
eral reserve system full support in
these days when the vital Interests OF
the nation are at stake.
The manner in which the great trust
companies have cast their lot with the
system, and have ayafled themselves OF
the privileges offered. has been encour-
aging.
There is full harmony in the ranks Of
officers of the reserve system. and its
aptness and availability for the needs
Of times like the present have been SO
demonstrated that member banks should
70 far to help its usefulness.
Rediscount privileges and the collec-
ton system are both working well.
Washington Chapter Activities.
The first meeting of the law class,
1e17-1S. of the Washington Chapter,
American Institute of Banking, will be
held Thursday evening of this week in
the chapter rooms, 1914 F street.
: This evening at o'clock Charles A.
Douglas will lecture In the chapter
rooms on 1.-THE Present Economical and
Financial Problems in Mexico
+ New Savings Plan.
Secretary McAdoo and Frank A. Van
derlip are scheduled to address the
members of the National Press Club on
the new war savings plan tomorrow
evening at $50.
/. This will be the first release of the
plan in all its details, including the
war stamps and the certificates.