Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-02-11
BUSINESS SCORES
GAIN DURING WEEK
CIearings Higher in Leading
Cities-Stock Exchanges
to Close Monday.
By EDWARD G. STONE.

Bank clearings this week in tht
leading cities Of the United State.
show an increase Of III per cent ovel
the corresponding week last year. New
York scored a Is per cent gain. Dun:
report says leading outside centers die
no; GO as well, but clearings made more
than a 3 per cent advance,
The latest weekly report by the De-
partmcnt Of Commerce reveals gain
in business over the previous week
Check payments. however. for the
country as whole. we're below the
corresponding week last year. Whole
sale price levels were above both the
rrevious weeks included in the COM
parison.
In the money market the most I'M
portant event was the action by the
Federal Reserve Bank of Atlanta in in
creasing the rediscount rate from 2
to 4 pcr cent AT the same time the
Cleveland Reserve Bank voted TO con-
tinue the 81, per cent rate. All but
three of the banks have now raised the
rate.
Next weeks bank clearings in New
York will probably fall Of. rejecting
the y.~colrt birthday holiday Monday
n
Washington Stock Exchange will also
b. closed. but the local banks will be
open as usual.
New Currency Issue Delayed.
Issuance Of new currency of reduced
size may be deferred for some time
after October /, 1923, original date
planned for issuance. Under Secretary
Of the Treasury Mills has advised the
House appropriations committee. He
said the Treasury was studying the
problem as TO whether it would be more
desirable to postpone the issuing OF the
new zones" until after the department
is in position to take care OF all
denominations. even if it involves a
delay Of six months or year in carry
Ing out the program.
Announcement of the delay will be
highly pleasing to Washington bankers
who have been far from enthusiastic
over the issuing of new paper money
et any time The difficulty of handing
the new notes and the old ones at the
same time has caused the widespread
opposition to the proposed size reduc-
tions. All the equipment with which
paper money is handled in the banks
will have to be replaced and the cost
involved is considered another count
against the change.
New Assistant Cashier Elected.
The directors of the International
Exchange Bank have elected these
officers for the ensuing year: Joseph
Schiavone. president: Francis L. Neu-
beck. vice president and attorney:
Hugh w. Barr. vice president: Frank
J. Kaufman. jr, cashier, and Walter
Z Birch. assistant cashier.
Mr. Birch promoted to Junior
office. has been with the institution
for the past two years as receiving
teller. He was formerly on the staff
n1tfhe Columbia National Bank.
/Atter the organization meeting the
directors declared the regular semi
annual dividend of per cent payable
on February 6.
Bankers Journal On Outlook.
~ So far this year little tangible evil
dence has appeared Of the improve
n1ent In business that has been SO con-
fdenily predicted, with the exception
Of the steel snd motor industries. says
the current issue Of the American
Bankers Association Journal.
The similarity between conditions In
the steel and motor industries, how
ever. is not so complete as might APP
pear on the surface. in that while prices
are being increased in the former line,
they are being reduced IN the latter.
with the substantial price cuts that
have been announced by several leading
manufacturers since January ]. and the
almost continuous revision OF models. 1t
would seem that a stiff competitive year
Is IN prospect and that perhaps profits
viii rot BE- as satisfactory as volume"
Investment Trusts Discussed.
The growing power and legitimate
strength CT BritEh investment trusts
ere credited in q special Commerce De-
par.mes4t bulletin TO the fact they give
trlaii investors the same facilities rs
those enjoyed By large investors.
THE large investor" the bulletin
Gays. may do and usually does. Tor
hlin3eif such things a. The di.ersifica-
ton Of averaging of investments i'll or
der that RISKS may be well distributed.
For aggregations Of small or average
investors however. the investment trust
II wisely and conpetently managed, Will
90 wha. the large investor does and
what the small investor cannO: do for
himself TO anything Ike the same de-
gree If operating alone"
The department points ont that dur
Ing recent years there have been cs-
number Of companies whose purposes
and methods Of operating are more or
less similar 10 investment trusts In
Great Britain.
Cleaned In Financial District.
Sanitary Grocery Co, January sales
were 397 per cent ahead Of the same
aaofsth year ago: Peoples Drug Stores
NAMED 1877 per cent IN January busl-
ness: MeCFory Stores made per cent
Increase. Kresge SO and W0olTortn 81.
The Federal Farm Loan Board an
nolsaceS regiRnatlon %! w, II. Compton
As receiver 0f the Kansas City Joint
Etock Land Bank and the appointment
OF u IT, Longwortny, Kansas cay, and
his successor.
The Senate committee On banking
has voted 10 hold exhaustive hearings
On ffe proposal " cut coNn me amount
al loans Oh stocks ano Dorc$ allowed
b. nzember banks of the Feoefai re"
serve System.
The interstate Commerce Commission
hes authorized the EeaDoafd Air Line
Railway 10 issue s5lz3 900 first and
consolidated q PER cent mortgage gold
bonds and 81 500 900 I~year + per cent
seeslfeo nGlea aGc ~ pledge IS collateral
security for TIE notes $1,000 600 FIRST
and tgpslso!lGsDd mortgage + per cent
pDld bonds and 81 900 900 Eeaboarc
All FIeyjda first mortgage 6 per cen,
Cole bonds, The 5 pet cent notes viii
b. SglG al ga.
Arthur FofackeF, manager u LIE
Wasnlng,on office ~ Eastman, Dillon y
In. reports that fIf cJmpanyS HeH
building III Philadelpnja viii be opened
next Tuesday. The new slf1lrtsfe hss
TIE apDeaFaEce ~ cpmpieNiy sp'
tr,;tlthd s,aalk ard Is lgcatec Ia the hear
ii tue financial district.
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