Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-05-06
CURTA|L Of CREDITS
IS AGAIN SUGGESTED
BY I. A. FLEMING.

Once more the federal reserve bank at
Richmond, through Caldwell Hardy,
chairman Of the subcommittee on capi.
tai issues for the fifth district. has come
to the front with an appeal to bankers
Investment houses and all other instl-
buttons to eliminate all unnecessary
capital expenditures and to reduce to
minimum the requirements of those an
>olutely necessary. this being done
with view of mobilizing our finan-
cial resources as completely as possible
Tor the winning of the war.
Expenditures which might be delay
I'd or avoided. are sometimes under
taken without full consideration OF the
responsibilities involved" says the lat
st circuler. Hence once undertaken.
temporary financing frequently results
n the creation of bank loans and cur
rent Indebtedness which eventually
necessitates permanent financing. The
creation of such a situation can readi-
ly be avoided and no enterprises should
be contemplated or undertaken at this
time that are not urgently NECESSARY
irrespective OF any financial results
hoped for"
Chairman Hardy closes his appeal by
asking the careful and patriotic sup-
port of the people of the district. IN
avoiding unnecessary expenditures and
upon capital and credit resources
In view of the curtail of credits and
of the action of the government in tax
ing over the entire product of the steel
companies for war work and for the
furthering of the betterment of the
railroads of the country and the ur-
gent appeals of the federal reserve
board, the capital issues committee and
of reserve bank regional officials
against extension of credits to other
than war activities. 1t would seem as
if some of the big office buildings plan
ned for Washington might be COM
PEELED to wait until after the war for
their construction.
Conversion Circular Coming.
Under the provisions of the third lib
srty loan, conversion of the S1as out
landing and the As of the second loan,
rs well as converted 4s of the first issue.
vas scheduled for May 9, the date of
the third liberty bonds, and for six
months thereafter
Inquiry at the Treasury this morning
as to the ability of the department to
attend to local conversions after May s
brought the informa ton that a circular
covering the regulations for making con-
versions would be Forthcoming in a few
days and until then no information was
available.
Dividend Declared.
The regular quarterly dividend on the
common stock OF the Washington Rail-
way and Electric Company. IN per
cent, is payable June to shareholders
of record May Is. books closing May 20
to go, inclusive.
Not Taking 1nstallment Orders.
Local banks booked quite a number
Of cash subscriptions for third loan
bonds today, but they did not accept
installmsnt orders, as the federal re-
serve bank of Richmond had requested
that they should not.
On the Local Stock Exchange.
The only bond transaction on today's
session Of the local stock exchange was
$1,000 lot Of Washington Gas 81 at
e5A. Other bond issues were nominal.
Stock trades were usually of the odd.
lot order and represented small invest
ment buying. Sales were at 110h to
10 for Mergentha1er. 661a for Railway
and Electric preferred and 233 and 23e
for American Security and Trust Com
pany shares.