Evening star., 1928-04-19
REDISCOUNT RATE
UNDER DISCUSSION
Mellon Declines to Give Any
Data on Trend of
Boards Views.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Secretary Mellon stated today that the
Federal Reserve Board had discussed
rcoiScoumt rates at a meeting held late
YESTERDAY Mr. Mellon. who Is eN~oilicio
chairman Of the board. presided at YES
tcr6ay'S session in the absence of Gov
fsnv A Young, who is now in Florida
The Secretary Of the Treasury. however,
declined 10 give any information as TO
the trend Of the discussion.
The rcdiScount rate problem is one >ot
the biggest financial issues before the
country right now. especially IN WaH
Street. The fear that the rate will be
raised. thereby leSSentng the amounts
of funds available for speculation. has
caused wide apprehension in New YORK
The opinion has been expressed IN manV
Quarters that any advance in the rate
nj this time would be apt TO cause =
Sharp break in the stock market
abruptly hating The present enormous
trading
As no notice Of any change has been
@,rfhroYninr il IS felt IN financial cir
r1es that bank rates are tn be lett as
s,ev stand. the re6iSc0unt rate having
l,aer ner cent for some time il Is
noted that seasonal expansion III e0Si~
reSS and industry Is taking away from
Wan Sereet considerable sums OF money
that might otherwise help "a carry
Speculation 10 new extremes b0t tile
fact that the reserve board Is GIVING
The situation special attention Is COM
sl6ered highly Sisnlncaal
Insurance Experts 10 Meet Here
Promoting prosperity through life in
rsrarce will be the theme Of Spe-
cial insurance group session 10 be hello
during the sixteenth annual meeting
~ ire Chamber of Commerce of the
United States here in Washington
MAY 70 Il. .,.-
Leading insurance REPRESENTATIVES,
have been invited 10 attend t1iS meet
ing X. A Smith, chairman Of the ma
f{oyal chambers insurance advisory
committee. viii preside and viii deliver
an address on Insurance Service.
fge7-i92s" He will discuss the work
al the insurance advisory committee
and the chambers insurance depart
rnent during the last year.
Insurance and the state VIII De
nresenfed By Clarence c Wysone, COM
missioner Of Indiana, Ralph {. IEall0
of BonbriCht & Co. Of New YORK wa.
discuss Insurance ana me FuoAc,
vith especial reference 20 investments
Riggs National Sells at 5lo.
Riggs National Bank stock sold on the
washington stock Exchange today az
ssn ssne ysni,at under lis high ioT tire
x-na- an6 nine points above the last sale.
Arc.fer bank stock that appeared on
tEgz board was Second National, when
brought 265. the same as the last SAFE
Washington Gas again brought VI z.
Potomac Electric Power per cent stoc9
was strone az lis. while 80 snaIes oi
al1e SHe Der cent issue moved at l0bA2.
washington Consolidated Title preferred
xni1 * dividend 81 SO and four shares
us rMrSton changed hands al lusA.
In the bond division washington Con-
Eo1sdated Title CO. SIS sold al par on
s. 600 turnover. Washington Gas oS:
series 8 moved at IG8. while the bond
trading closed with a 81 600 Potomac
~lestrsc Power selling af ie8 i ai1c
"a GOO bond Of the same coTpo2ataaa
changing hands al ios fat. In the en-
listed department 10 shares OF GnaplL-
sacks per cent preferred stock SOLO
Rt los.
Latest Rulings by the ]. c. c.
T9,p interstate Commerce Commission
has authorized receiver for ManneapolA
u 81 Louis Railroad TO issue Sl.4lo e00
,rrrsrnrxs rertsfjcafes IN renewal Of ike
susognt maturing In April and May
Naryiand & Delaware Coast RailTay
has been authorized bE the coiaislas-
sson 70 issue from slrne 10 time WITHIN
ne1t rwo years. $4,000 oi pIonalssJIy
notes and 70 pledge Si0Z,b9O fafsi nls3IL
rage 29-year sinking iuEao p|t .s.a
soad bends as collateral security LOT the
notes.
Tire commission has placed hnal pain-
stson 81 s3.O8e 500 on Maryland q
PENNSYLVANIA Railroad as of JUNE ~,
seTs ard gs9s .g4S On the Kentucky g.
Teurexsee Railway as Of the same GATE.
Tel. a Tel. Stockholders Increase.
Local holders of American Telephone
stock we're greatly Interested ~ gssaie1
Ssvss nagxe which New York lad 70 IN
s.essrnenf bs,yliag rather than 70 any
gueclal news about the company Ac-
ferglng 10 tne recent annual report
there IS no immediate consideration OF
rews stock financing although mas
ssnrae along later The company oobs-
ossgfy Is doing a tremendous business,
arc az course il must get capital from
t4rae 70 ssgae % take care 81 gllcn e1Iafl-
s.on II Is generally understood t92t
tf4e next financing VIII fake tsgt loEfn ~
. stock issue Of a. least 100 .O10-OoV.
which viii mean satisfactory rights ~
shareholders. II VIII be handled oy INC
company without the expenses attached
% underwriting
The c8rnpanys army Of shareholders
continues 10 grow despite TIE nigh
g3rsces a ffe stock II soon viii pass the
4S8 600 registered holders marx. In ne
meanwhile both public and employees
continue t. ado % their holdings
Heard ln Financial District.
= 7. Exn3ctos. president 81 he De-
rsr4mental Bank, has slst brought out
sEsr rfPss Ffef fFgfF Z
az TIE bark anc the service II renders
y Government employees wfon9 Il pFi-
marty serves. The bank recently
adopted q so-cailee character loan plan
aimed &c help tne individual finance
himself 70 certain extent Rules g0Y-
eynanR sQcn loans are 1Dciudec IN the
booklet
Tie stock issued BY gouthern Diaries.
Ire. IL connection Blth the purchase
II u large ICE cream plants in The
South, Vas authorized some time ago.
Both the eognpanys 4 aud u stock 1e
listed oa the New YORK Exchange. the
A stock closing yesterday at ~ ane me
II STOCK 81 2za4
Fernando CaDiYerti newly eiecteo
pfesiGept ~ the International Exchange
Bank represented ms institution II tine
tankeIe' &eekly luncheon yesterday al
tie Willard
Eugene 4 Thompson 81 Crane. Paris
a. 60. has been ~ Rev YORK oD brief
business tf1p
Ine Department ~ Jabor reports
tllal retail f9g6 prices On March 10
gtfe oZ Def cent DeloW prices ola
February 70
Tbs Dsslgbcf Eanker@ Association
advertising cYtge 10 bring out the
advantages ab1en the banks offer ~
f6e hsHcAna NJ estates Is pF9ylng
nsanlg instructive a8lG bringing many
inquiries ~ TIE banks about this service
GASOLINE ADVANCED.
hEN YORK. Apg1. 10 m Sinclair