Evening star., 1918-08-06
AGAIN URGING CAREFUL
CONTROL Of CREDITS
BY I. A. FLEMING.

The federal reserve bank of the sec
.ond regional district passed resolu-
ton yesterday urging member bank
ers and bankers generally to exer-
: else a closer supervision over the de-
mands for credit and to make loans
only when essential. in the strlctest
meaning OF The term.
Bankers were also asked to secure
curtails on loans wherever possible
and in other ways the suggestion was
intimated that they get ready for the
fourth liberty loan.
The action carries the earmarks or
being suggested by the federal re-
serve board, and the same resolution
will probably be adopted py other re-
Rates on money in New York city
are up to 6k per cent: the rate III
Washington is s per cent
There is no great demand for ac-
commodations here at this time. Al
though renewals are very generaiiy
asked. with but slight curtailment II
any.
MAY Use Coupon Books
The local liberty loan committee has
decided to submit form Of coupon book
for installment buyers OF fourth hoerty
loan bonds. This method was used IN
New York city with success: .,;,,, d...,,
Any method that will simplify detail
work in installment payments Will De
welcomed. The punched card formed a
good record, but it is an easy matteI u
bunch holes in cards and many conten-
lions have been granted oy bankers
where small losses were sustained.
The greatest trouble of the third
campaign, so far as Washington was
concerned, was with the clearing OF
subscriptions taken at m ma.eaans cnah
ers and statesmen at tneatefs anu
other public gatherings:
large number of addresses were
Ineligible or deciphered only after
much study: many checks were ui-
collectable, and the sorting and re-
sortinp of the large number of orders
for small initial payments was reai
Any banker who undertakes this task
will find his time wholly occupied long
after the campaign has cioseo'
should be a salaried position nor
should any one man be asked to serve
in the position for more than one
campaign.
Joins the System.
The Provident Life and Trust COM
pany of Philadelphia has joined tne
federal reserve system. 1t mas capi-
tai of $1,000. 900; surplus OF "a
$4,000. and is one OF the largest state
institutions to accept membership In
the system. l.;
Railroad men of prominence have IN
formation that the long-delayed con.
tract between the government ana the
railroads is about ready for signatures
and that it is on favorable oasis ior
railroad investors.
Harvester Surrender Helps Stock.
The surrender of the International
Harvester Company to the govern
ment under the Sherman law, while
something of surprise to the snare
holders, was responsible 1or an au-
vance of over 81 share in the cor
poration stock
This was on the theory that large
assets would be uncovered and that
in the distribution of the units OF the
company there would be large prohts
for the stockholders, afer the man
ner of the Standard Oil distribution.
Big Fanancing.
will be put through in New York in
the near future. chiefest of which
will be the reorganiZed plan for as
sisting the public utilities of the
country Corporate financing, the In
terborough demands and the Chinese
loan Will al pToDdpiy HdNs ~ pe ous
of the way before the liberty loan
campaign September 2S.
On the Local Exchange.
Business was moderately active in a
small way on the locat>stock exchange
this afternoon.
A matter of fifty-one shares of Capt.
tai Traction stock sold at SO and S9h
Washington Gas sold to the extent of
fifty-five shares in lots at 52b to 52h.
and few shares of Railway preferred
brought 692i-
The only bank stock sold was ten
shares of Continental Trust at lis.
A few shares of Mergenthaler
changed hands at 113A to 1879.
Bonds were inactive, but one trans
action being reported. a $1,000 WASH
ington Gas per cent at 80.