Evening star., 1923-09-01
NEW BOND ISSUE
ASKED BY ". R. &E.
Application Filed With Public
Utilities Board-Reserve
Banks August Report.

| Application for q new bond Issue
amounting to s2.496.557s1 has been
made to the Public Utilities Commits
sion by the Washington Railway and
Electric Company.
| OF the total sum, $1,0oo,o0o will be
used to retire former bonds which ex-
pire in December. The balance will
be sold to reimb burse the company for
expenditures made during the past
few years in impToving It's tracks and
other equipment.
The new bonds will bear 6 per oent
| Interest and run for ten years from
ten million dollar mortgage. of which
1.-THE amount stated above will he
placed on sale at this time.
Federal Reserve Report.
While there are few signs Of
weakness In the business structure.
the signs Of strength are much more
numerous and the usual seasonal
/ dullness in business during August
| was less marked this year than
! during any year since the postwar
imitation period, the Federal Reserve
| monthly review Of business and agri
| cultural conditions in the fifth fed
| eral reserve district.
Among the unfavorable factors
operating against business at the
present time. the bank said. is the
decline in forward orders being
placed by retailers and wholesalers.
Uncertainty Of the probable out
turn Of the cotton crop and the
shortage of labor in certain agrfcul-
tural sections. 1t was said, were other
deterrent factors to normal business.
The danger of the August migration
n he hnl ,fy,iy fna ip,1,y
portance attached 10 crop condition
reports earlier in the month, accord
ing to the banks survey.
Favorable Factors.
Offsetting these unfavorable condi-
tions, the bank called attention to
the large buying power OF the ulti-
mate consumer and the disposition
to supply immediate needs. The
wha,eTes i, OF wants tns Pu1s sts % oD buy
dence for the near future. the re
view. stated. adding that the great
purchasing power of the ultimate
consumer" was the most striking
feature Of the present situation"
Labor is fully employed at wagSH
that are little below the high Ieveea
Of the war and postwar periods. ana
the workers are using their earnings
| much more wisely now than then
the review said. The volume of build
ing operations for which permits are
being issued appears TO insure a CON
tinuation of full employment for sew
eral months at least
Discussing the agricultural situa-
tion the bank declared "the outlook
for the farmers of the fifth distri4 !,
compares favorably with prospect
in 6ny other section.
Cotton Outlook Bright.
Corn prospects are promising.
larger yields being indicated by pres
ent conditions than last year." the
review states. The outlook for cot
ton in Virginia and North Carolina is
| far above the national average, with
prospects in South Carolina for a bet
[ ter yield than last year. Tobacco In
South Carolina is being marketed at
good prices, and the crop is better
in both quality and quantity than
last year North Carolina prospects
are good for a full crop of fair quail
ity and Virginia's crop has made
excellent progress in recent weeks.
The fruit prospects are the best for
the past three years In quantity, and
the quality of the apple crop in Vir-
ginia is unusually good. Grain pro-
duced satisfactory yields this year,
| and truck crops are, on the whole.
good
Bank to Secure MedallionH.
The Commercial National Bank OF
this city has made arrangements TO
secure for customers, at cost, the
Warren G. Harding medallion now
being. coined at the Philadelphia mint,
Orders are coming in rapidly, 1t was
said.
Under their plan, the medallion
itself costs Sill. and with case, S1.5e.
Personal Mention.\
William ]. Flather. vice president
of the Riggs National Bank. has re-
turned from his annual vacation.
Bradstreet's Business Review.
Bradstreet's weekly review of bust
ness says:
There are more cross currents
visible in trade, crops and industry
and business operations generally
have reflected the desire to mako the
most of the last week of the vacation
season, but the more cheerful tone
recently noted continues apparently
unabated.
"On the favorable side of the pic
ture are moderate gains in fail buying
at some western markets and at
southern points where cotton and to-
bacco marketing has begun at good
prices; continued strength of COM
modify prices (the Weekly Food Index
is again higher and Bradstreets Sep
tember ! index number promises to
show a gain over that of August -;
more buying of steel and added
strength in pig iron and scrap ma
terial prices; a better tone in cotton
goods, accompanied by predictions OF
Increased operations at mills after
Labor day and maintenance of the
strength shown In. the stock market"