Evening star., 1924-06-19
u. S. SAVINGS WILL
TOTAL $3.50, 100000
Mellon Economy Plan Results in
Large Cut in Many Leading
Departments.
ONE ITEM OF $4e,ooo,ooo
Railway Common Highest Ever on
Local Exchange.
BY CHAS. p. SHAEFFER.

A saving Of approximately $780,
100000 in ordinary operating costs
will be effected by the United States
government for the fiscal year ending
June 80, 1924. provided the present
rate of economy is maintained,
perusal of classified federal expendi-
lures for the first eleven months of
| the year shows.
Inc widely-heralded Mellon econo-
my, put into operation at the time the
necetafy n,ant.. took charge of the govern
ments financial affairs, has thus far
tnis year resulted in a saving of
sz33.o6 ,24s, total ordinary expendi-
lures Tor the eleven months amount
ing 70 s2,779. .S61,S47, as against So
ud5;llS'osS for the corresponding
| hscal year total expenditures aeere-
gated s3,294.627,529
Major factors contributing to the
| favorable statement for the present
nso nScai year INCLUDE cut of $4,000
| GOO In the United States Veterans
bureau, as compared with last year;
one OF $34. 100000 in requirements of
.9e war ar Department. and a pairing
OF *sI'ooo.oo0 in the Interior Depart
ment. On the other hand, the De
partment of Agriculture required
about $11,o00,o00 more than last year
In carrying on its operations.
dhen, too. interest on the public
| indebtedness decreased to the ap-
| proximate extent of s1o5. 600 900 as
compared with the eleven-month pc
rloo OF last year; postal deficiency
was *2O, 100000 less. and monetary re-
qulrements for operations in specia!
accounts. namely. railroad and the
war Finance Corporation, fell off
lively.
For the month ended May 81 last
n rTy
ed to s255.s56.4is. decrease of
about $6o.ooo,ooo over the previous
More Rediscount Rate Cuts.
Two more federal reserve banks,
those at Philadelphia and at St
Louis; have been granted authority
pbi,s 70 reduGe dafa, their rediscount rates. The
charge from Az to Sh per cent on
paper OF ninety days or less (the
rate on longer maturities remaining
unchanged). while the St Louis rate
basic rate of instead of 4a per
cent.
While reserve board officials here
say there are no further applications
LOT rate reductions before them. it is
generally believed that one or two
other banks will soon ask for like
authority. Only four reserve insti-
tutons retain their old level of re-
discount charges, II per cent, these
being Kansas City, Minneapolis, Dal-
las and San Francisco.
Banks Declare Dividends.
The Citizens Savings Bank has de-
clared its regular semi annual divi-
dend Of per cent, payable on June 80.
This institution maintained an an
nual disbursement of per cent on
it's capital stock.
The National Metropolitan Bank has
declared an extra dividend of / per
cent, payable July l TO stockholders
of record June 81.
Railway Common at New Top.
Washington Railway and Electric
common stock reached a new high
mark on the local board this morn
ing, opening at rs and closing a quar-
ter higher on sales of twenty shares
The session was the dullest of the
month, with but three issues traded
in. Capital Traction stock held weat
at 924, and $l,400 of Washington Gas
6S brought 101 and 102.