Evening star., 1924-08-08
FARM LOAN BOARD
PLANS BOND ISSUE
Amount Farmers Need Will
Be SuppIied-Other Timely
Financial Notes.

fuhds to help farmers move their
crops will be offered by the ,:oy.rn
meht to whatever extern the neso
ueVeiops during the season, 1t was
Ipreoicted here today, with one report
from reliable, though not ott1c,a,
circles placing the probable tota, ot
I&rm loan bonds to be foated before
long at $4,000, 900.
ohciais would not give n de,n,,.
hsure' promising. however. tina,
"hen the demand became suff1c1en,
from FARMERS through the inter-
meoiate credit banks debentures
"ooio De oHered on the market. per
maps, from time to time
| CHoer the generally favorable CON
OF the market IT was predict
gu thAt the Government would BE-
pc new low record for this type n,
| loan. type u
Much New Financing Ahead.
! Ihese bonds will be part of what
mas been estimated by some financial
houses to be about half billion dol
lars OF financing within the next few
| nontns. According to the same an
| Lnoruy the Government will be ex-
pecteu 70 enter the market in Sep
l ioi dOoul SZ0,UUU,UUU. although
otner quarters seem to feel the Treas
| ury september offering will be sub
stantially larger than this. The third
aGnrterly u,ii, t payment of income taxes
sa11 n@o pe que n IN September, when about
| 20, I'Voo,ouo IN treasury notes mature
;, included in the prospected half bill
j non are $50,000,000 of State and mn
niclpai financing, the 100000 900 Ger
| man loan, the farm loan issue and
| S3o.000,000 Baltimore and ohio RaiJ-
roao Company refunding issue.
Local Exchange Quiet,
| trading on the Washington cx-
| change today WAS generally in odd
| lots In stocks, and an aggregate of
ABOUT $4,000 face value in bonds.
| Price changes were inconsiderahle
Washington Railway 6s eased off
quarter OF point from the closing
price yesterday. Washington Gas
Light 5s sold at 9sA.
Rate Aids Foreign borrowers,
New York financiers claim the
| chief significance of the latest reduc-
tlon in the New York Federal Re
| serve rediscount rate to per cent.
.ne lowest OF any fiscal bank in the
| world, Will lie in the establishment
| OF New York as the most desirable
| market for foreign borrowers ac-
| cording to banking authorities The
| immediate effects of the change it Is
believed, will be mainly sentimental
| because of continuing easy money
rates. No increase in the number of
| bills rediscounted is foreseen, as omen
market quotations on short term pa
per are already below the bank rate
Road Seeks Bond Issue
The Lehigh Valley Railroad today
| asked the Interstate Commerce Com
mission for authority to issue and sci
$l2,Oo0,O0O of general consolidated .
per cent mortgage bonds, the proceeds
10 De USED toward paying off $4,000
ooo OF per cent collateral trust GOLD
700 per cent of par
Freight Traffic Falls on,
Due principally to a falling off in
shipments OF live stock. ore and mis-
ce ianeous freight. loading of revenue
! tIelght for the week ended on July -
totaIed s25,85s cars. a decrease of
an.d;, cars unoer the week before, ac-
cording to reports filed today by the
| carriers with the car service division
OF tne american Railway Association
reports, however, showed increases
peer tne preceding week in the num-
Der or cars loaded with grain and
grain products. coal coke. forest
products and merchandise and less
than carload lot freight For the
mos. part, however, these increases
| were comparatively small
compared with the corresponding
week last year, the total for the
week of July 26 was a decrease or
iIo,aSe cars. or IL per cent, but an
nwar ane,ease Use or 'hoo1. or S.3 per cent,
over the corresponding week in 1922
Auto Output Picks Up.
Contrary to. expectations Ju,y
| brought a slight increase in automn,
| pile production, according to a re-
view by Motor, the automotiye busi-
T ness paper. Many plants were closed
schedules in the last two weeks were
considerably higher than in June,
kresge Sales Increase.
Sales of S. S. Kresge e. Co for .bo
month of July amounted to ss,s7o-
SIS. an increase of s624,114 or 10 ss
per cent, over the correspondine
month a year ago. Sales for thA
months amounted to $45,72S.542.
gain of s4.36S,s47, or 1886 per cent.
Silk Imports Heavy.
imports OF raw silk in the first three
months of this year amounted to s77.-
SrS;oo4. 49, & or 81 per cent of the coun-
| Try total imports. according to an
analysis of American foreign trade
for the first quarter of this year lust
made by the Foreign Commerce De
partment of the Chamber of Com
merce of the United States
Reserve Bank in Fine Shape.
The Richmond Federal Reserve
| Bank, in this district showed itself
| to be in an unusually strong position.
! according to the statement of condi-
| ton for the week ended August s.
| The ratio of reserves to deposits. for
instance, increased from 1919 on July
80 to 1854 on August s, gain of 3.o5
points. Total resources dropped from
$194, ,999, 900 on July 80 to S192,SO3 900
| on August s. Cola reserves increased
| from $96, ,4s2 900 to $es.232,000. while
| total reserves Increased $2,74o00
| On the other hand. total earning as
| sets dropped from s4s,S24,0OO to
| $40742,000