Evening star., 1924-05-20
new u. S. FINANCING
TERMS ARE AWAITED
Secretary Mellon Expected to Adopt
Class of Securities When
Needs Are Disclosed.
SH0RT-TIME NOTES LIKELY
Clearing House Has Method of Ex-
pediting Money Transactions.
BY CHAS. p. SHAEFFER

While new United States government
financing Is anticipated the middle
Of next month, announcement of
which is expected one week earlier.
the exact terms of the new issue
are at present obscure 1t is believed
that Secretary Mellon undoubtedly
will decide upon what class of securi
ty to float when the tax bill and
bonus measure assume a greater de-
gree of definiteness.
approximately $311, 900, 900 OF three
year notes bearing 5A per cent in
terest mature on June Is, the date the
second installment of 1923 income taxes
falls due.
1t is considered probable the gov
ernment will offer an issue of short
term notes running from three to
five years. There are some authori-
ties who anticipate another bond is
sue, but the majority look for short
term notes or certificates of indebted
ness.
Plan to Expedite Business.
delegation of Washington Clear
ing House Association members, con-
sisting of Robert V. Fleming. John
Poole and Harry v. Haynes, with the
first named chairman, will call on
Wv. oedy Ol the fSlCnTOnQ r eQerdl
Reserve Bank next Wednesday, with
the view of devising and putting into
practice certain measures which will
expedite money transactions between
local banks and the fifth federal re-
serve institution.
Details of the committees plans
will not be given to the public until
the arrangements have actually been
made
Plans for the addition of approx
imately $1,000 square feet to the
banking quarters and the erection of
ive-story building adjoining the
present structure on New York ave
nue., were approved by directors of
the National Savings and Trust Com
pany yesterday.
The banking room OF the fnstlt1-
ton will thus have d frontage OF 100
feet on New York avenue with
depth of 135 feet. The project, when
completed. will house the bookkeep-
ing department and the clerical per
sonnel of the trust department on
windows and officers quarters oc-
cupying the lobby.
The addition will conform archi-
tecturally with the present structure
and will be built of red brick.
Light Trading on d. c. Exchange.
Extremely light trade at falling
prices ruled or the local board this
morning: Capital Traction continued
its decline. selling at the close at
92A. while Washington Gas Light
stock was weak at 4S. Norfolk and
Washington Steamboat sold at 214.
and Washington Gas 6s, the only
active bond, brought 101A.
Business Matters Before I. c. &.
The High Point, Thomasville and
Denton Railroad Company received
authority from the Interstate Com
teef i've -
operate a line from High Rock to
High Point, N. c., distance of
thirty-Six miles.
The Interstate Commerce Commis-
zion today ordered a 10 per cent re-
duction in the express rates on fruit,
berries. vegetables. butter and eggs
when shipped in carloads The order
was an amendment to an order on
November 10, 1923, which reduced ex-
press rates on food articles 10 per
cent.
Tentative Valuation.
Tentative railroad valuations were
fixed by the Interstate Commerce Com
mission today as follows: East Tennes-
see and Western North Carolina rail-
road, as of June 30. 1916, s1.614.2s7;
Mammoth Cave railroad of Kentucky, as
of June 80, 1917, sS5, 900: Asheville and
Craggy Mountain railway of North
Care lima, as of June 80, 1916, $112,45O.
Ask o. X. of Bond Issues.
The Chicago. Milwaukee and st.
Paul railroad today asked the Inter
state Commerce Commission for per-
mission to issue S3,37o,000 general
mortgage 5 per cent gold bonds to
pledge as collateral security for
short-term notes.
Application withdrawn.
The New Orleans, Texas and Mex
leo road has withdrawn its applica-
tion to the Interstate Commerce Com
mission to declare a 10 per cent stock
dividend and in conformity with the
terms of the agreement between the
Missouri Pacific and the bankers, has
declared a special dividend of 1612
per cent amounting to s2,475,000.