Evening star., 1918-04-04
cAPTiL ISSUES KEPT
DOWN TO ACTUAL NEED



OF the applications for approval OF
new capital issues. the committee on
capital issues Of the Federal Reserve
Board has given approval to about 70
per cent Of the applications, disap-
proved Of about s2o.57s.ooo proposed Is
sues and caused the postponement for
the period of the war Of three informal
applications.
Some 157 cases were decided by the
committee before the end of March.
Of which thirty-four municipal issues
were approved: application to refund
municipal issues. thirty-one approved: !:
nine applications were materially cur
tailed and eight disapproved.
Forty-two public utility cases were
considered and approval given TO all but
one Out Of thirty-three applications by
Industrial corporations five were disap-
proved.
out of applications for $66.91s.s4o ap-
proval was given to $46,334.s40. Fen-
lures calling for $2s00,000 were post
poned until after the war.
The associated advertising clubs are
cooperating with the committee by dis
coura ging advertisements that would be
apt to offset the work of the committee,
the keeping OF capitalization to the low
est point, save where war expenditures
are concerned. during the period Of the
war.
Educational experts are working
with the committee part of the time in
an effort to save expenditures even IN
this laudable line where not absolutely
necessary.
Municipal cooperation is one of the
big features of the campaign. The
mayor, city solicitor and controller OF
the city of Philadelphia are scheduled
for a visit to Washington soon. when
the budget of Philadelphia, calling
for many millions. will be carefully ex-
amined, with view Of saving wherever
. saving Is possible.
A Long Campaign.
Local bankers consider the period set
for the third liberty loan campaign,
April to May 4, as rather long. even
for a three billion dollar effort.
All committees are ready and wait
ing for the initial effort. the banks
are ready. and. in addition to their will
lingness to get back of the loan with
all their ability and power, they have
millions of Treasury certificates ready
to exchange for bonds.
The length of the campaign suggests
that large oversubecrfption 10 desired.
Usually the campaign does not reach
the lively stages until the closing week.
start. although the indications in this
city are for a very successful, hustling
sale from start to finish.
The Law Of Contracts.
T. Morris wampler Is to deliver the
frst of q series Of eight lectures at the
Washington Chapter rooms tonight at
9 o'clock before the commercial law
class on '"The Law OF Contracts" All
bankers and employees are invited.
New York Money Easier.
On the eve Of the opening Of the third
liberty loan campaign money in New
York is distinctly easier. some call
loans having been made yesterday and
today rs low as az per cent, where s
per cent was the limit for many days.
There Is considerable time money now
offered on mixed collateral at 8 per
cent
The change has been brought about
largely through tho decreased amount
asked for In the third liberty loan.
On the Local Stock Exchange.
Today'e session Of the local stock ex-
81 900 Capital Traction IS at ssN and
ten shares Of District National Bank At
343.
The bid and asked prices were very
incomplete. With the negotiations un-
der way that may lead to union Of pub.
No utilities investors are satisfied to
hold on to their securities and await
official information a. to the probAbil.
tiles OF the future.
Metropolitan Bank Dividend.
The regular semi-annual dividend Of
the National Metropolitan Bank. per
cent, 10 payable April Is. books closing
on the 9Th to 18TH, inclusive.