Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-08-17
BONDS IN FAIR DEMAND,
WITH STOCKS NEGLECTED
BY I. A. FLEMING.


moderate demand for bonds on to-
Exchange brought the bond sales ior
the week ended with today's closing
ND to $4,000. total of nearly s9ooo
face value changing hands to'iay.
Prices were relatively steady at loS !.
to 1o3A for Capital Traction IS; q z
for Railway As and 1904 TOT AiheFi-
can Graphophone 6s-
The demand for stocks was very
light, other than for Arlington fire m
surance los shares of the latter selling
at s. while a few shares OF Halfway
preferred brought - L.
The prices on the pubic utility shares,
in which there were no transatlons'
follow: Capital Traction, so bid, 81 :.
asked; Railway common. eX dividend 30
bid and 10 asked. Washington Gas. - y
bid. with IS asked. no pressure %
sell
The bid on Mergenthaler was raised to
Ia6 with 80 asked.
Sales of all stocks for the week. 2e9
shares
Trust Company Joins Reserve.
The Hibernia Bank and Trust Com
PAM of New Orleans, with capital ana
surplus of s3.50o.o0n. one Of the largest
Ir3;t companies in the south. has
joined the federal reserve system
The Hibernia is the fourth or It's
lid to join the system this month.
within the past three months additions
TO the federal reserve system from
state banks and trust companies have
been at the rate of five or six 4 month.
among them being a number of large
institutions. This is a decided increase
within the year, and officials Of the
board are looking forward to much
larger increase within the next few
months, IN view of the passage by
Congress recently of amendments de-
signed TO facilitate The joining Of state
banks and trust companies 10 the sys-
TEN.
Scores of other state banks and trust
companies in the south have indicated
to the board their consideration Of
joining the system. and many others, IT
is believed. will ioin shortly
Rights Under Federal System.
Richard II. fireman. deputy governor
Of the regional reserve bank Of the sec
ord district. has prepared statement
which is being sent to banks not in the
federal reserve system. setting forth
the advantages that accrue to q state
bank joining the new national system
Among other benefits he names the
right to rediscount commercial, paper;
to receive advances from the federal re-
serve bank on its own note. not to eN-
coed fifteen days, when secured by COM
mercial paper or government bonds: to
obtain federal reserve notes or other
currency a 5 needed: to receive on de-
post postal savings and other govern
ment moneys; to accept bills and drafts
of exchange based on foreign or domeS-
tic commerce. subject TO certain cond
lions, provided in state charter: to
have its checks and drafts collected at
par. to make its drafts drawn on fed
eral reserve banks available for imme
diate credit in the reserve bank and to
participate in the collection system.
Maxwell's Dividend Passing.
It is stated that the Maxwell Motor
Company has earned so per cent on its
common stock. is free from debt and
without bank loans
1t is figured that the excess profits tax
will be TO II per cent on the common
stock, which in itself would not seem to
warrant the passing of the dividend
Passing Of the dividend was more as n
precaution against possibilities the posi-
bility of restriction in the labor market ::
the communicating by the government of
mechanics. high costs of materials and
the effect the sales of motor cars that
the maintenance of a large standing army
may have. as we'll as the possible restric-
ton in the consumption of gasoline.
New York Central Lower.
New York Central touched a new low
this morning when it sold to s4l:. as
compared with a closing at Sc yesterday.
1t opened at s5l2. sold to Sc and then
weakened again.
The rails generally showed a little bet
ter strength early. but the bear element
started yarn for the effect on other
stocks.