Evening star., 1923-09-21
ADOPT NEW HOURS
SATURDAY NIGHTS
Georgetown Banks Agree to
Shorten Hours-MeIIon
Discusses Outlook.

Georgetown's banks, the Farmers
and Mechanics National and the Po-
| tomac Savings, will, beginning TO-
! morrow, initiate new Saturday even
| ing hours, reopening from 6 to s pm.
during the fall and winter seasons
This new schedule was reached by
mutual agreement and supplants and
shortens the previous hours from 4
to 8.
For a number Of years these in
stitutions have been functioning
along these cooperative lines, which
they believe, provides the community
with adequate banking facilities and
displays the proper feeling of one
rival Institution to another.
Mellon Opposes Price Fixing.
Secretary Mellon does not expect
the calling of an extra session of
Congress by the President. Discus
sing the general business situation,
the Secretary declared it was econ
omically sound and that credit and
the banking situation is good. He
has not yet prepared a definite pro-
gram for submission to Congress
with regard to tax revisions, he said
With reference to the subject of re-
lfeving farmers through the revision
OF freight rates. the Secretary said
the question was being considered
carefully by the administration. but
that lit was one the Interstate Com
merce Commission should handle
1t is his opinion that revision
of rail rates on farm products could j..
be made, and he agrees with SecretarN
Hoover that the present rail rate
structure is not on q consistent and
logical basis.
Freight rates had been raised hor-
zontally and in some cases those on
commodities had been made unrea-
sonably high, while class rates had
not been increased proportionately
Any changes determined by the In
terstate Commerce Commission could
not, however, Mr. Mellon pointed out
affect present crops.
1t has never been feasible. he said
in answer to question, to fix prices
on wheat or other farm crops.
Application of the Washington Rail
way and Electric Company to create
new S10,0O0,000 mortgage on it's
property to cover improvements to
its system already made, and also to
retire outstanding bonds. was grant
ed by the Public Utilities Commission
yesterday afternoon.
At this time the company will sell
81, ,496,557.S1 of bonds under the new
mortgage. They will be general and
refundihg mortgage ten-year 6 per
cent gold bonds, dated November !,
| 1923, and payable November ], 1888.
The company is further authorized
to pledge with the United States
| Housing Corporation sl50,0O0 worth
of its new bonus in lieu of like
amount of previous securities to be
retired.
Bond Issue Purchased.
| S. W. Straus & Co. have pur-
chased an issue of S1.35O,000 first
| mortgage 61s per cent three to
eighteen year serial coupon bonds Off
the Flanders Building Corporation$
Chicago. Interest coupons are pay
able September IS and March Is. The
issue is secured by the land. build
ing and equipment of the Flanders
Apartment Hotel.
George NJ. Ferris, resident manager
of the local Office, is away to New
on business.
Brokers' Move Omces.
Carlisle Peters & Co, investment
brokers, now located at 1872 H
street northwest. announced the re-
moval of their offices to rooms sos TO
$40, Transportation building. 18th and
II streets northwest, on September 2t.
Local Exchange Trading.
Heavy selling of Commercial Ma
tional Bank stock within fiuctuatiou
of one point featured the closing ses-
sion of the Washington Stock EN-
change this morning. The issue
opened at 141h, at which price it
closed, in the meantime selling off
to 141 to 140k in reactionary trans
actions. Riggs Bank rights were un-
changed at 931a. and Mergenthaler
sold at 159Iz. Capitol Traction stock
was firm at 99A and 991a.
There was but one bond sale, $1,000
Railway changing hands at II II,
slightly easier than previous sales.