Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-05-21
RESERVE BOARD
TAKES UP CREDIT
Cuban Branch Also Consid-
cred by CounciI-LocaI Ex-
change to Close June 5.

Members OF the federal reserve sys-
TENS advisory council met here to-
day in their regular quarterly con-
ference and began at once the discuss
sion of questions covering the whole
category of economic problems, soma
of which are regarded with as much
concern az any confronting the sys-
tenn since the disquieting days OF
1920.
Although none of the councilmen
would disclose details. it was know
that much of the discussion of thu
first day had to do with credit con-
dftions. The subject has been gwen
special attention here for some time.
and the federal reserve board Itself
on two occasions has issued pubic
pronouncements accepting generally
as warning against too rapid eA-
panSion.
Among other important questions
before the meeting was the applica-
tlons OF the Boston and Atlanta re
serve banks. each of which is seek
ing the privilege 10 enter Havana.
Cuba, with reserve agency. The
council, it appeared, was more con
ccrned with whether it was a proper
precedent 10 establish such an agency
which of the two reserve banks
should be given the permission 'rh..
State Department already has con
scented TO the extension proposal
Exchange TO Close ON June ).
1t was announced today that tn.
Washington Stock Exchange Will BE-.
closed on Monday, June j.
At recent meeting Of the new
board Of governors of the Washing
ton Chapter, American Institute Of
Banking, Mr.. Dulin. president of the
chapter, announced the following ap-
polntments of the chairmen of stand
ing committees:
EDUCATIONAL and banquet committee.
n. W Burnside: ways and means,
+. Jesse CLANCY; forum. w. A.
Dexter; press, Norman Z. Towson
women's. Mrs. Helena D. Reed: house
committee and auditing committee.
F. H. Cox.
Steel Sales show Stun.
For the first month since the busi-
ness recovery began last fall in rho
fabricated steel industry. April sales
showed a slump: according TO figures
made public today by the Commerce
Department
Statistics for the month show sales
og 1884 tons. amounting to ONLY
~ per Gent of shop capacity. as
SO per cent for April year ago.
Beginning with last December. the
percentage OF sales as compared with
shop capacity had shown stead
increase. the figures being. Novem-
Der, E9 per cent: December, so; Jan
uary, IS; February. So and March o.
New 100000 Bond Issue.
E. H. Rollins & Sons and F. L. Car
isle e. Co, Inc, are offering at a.
and interest. TO yield $50 per cent a
new issue Of $l,000,000 first mortgage
sinking fund per cent gold bonds.
the Power Corporation Of New YORK
The Power Corporation of New
York, incorporated in 1922. has &C
CURED developed and undereloped
water powers in st. Lawrence. Lewis
ownership of the company being
vested in the same interests whici.
nave been successful in the manage
ment or Northern New York Utilities.
Inc, and st. Regis Paper Comany.
Rail Equipment Financing.
In the past six months the Inter
state Commerce Commission has au-
thorized railroads 10 issue a total oc
more than $110.000.0o0 in equipment
trust certificates. and MAY is. had
more. These two items are nearly
double the total of such authorization
In the twelve months ended Novem-
Der /, 1922. which was Sl25,910.49o.
SOAiIIlSSIoIi mas approved also
application OF Richmond, F'redericks-
burg and Potomac Railroad Company
for authority to issue $5.41740O OF
dividend obligations TO be distributed
as dividend on condition first that
certain holdings of stock in an affiii-
ated company, shall not be disposed
of without first procuring permission
from the Interstate Commerce Com
mission. and second. that certain
quick assets shall not be sold or dis
posed Of unless certain additions and
betterments are paid for from some
other source.