Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-01
INCREASE IN CHECK
! PAYMENTS SHOWN
Business Barometer Indi-
Z Gates Gain in u. S. Com
~ mercial Transactions.
BY EDWARD C. STONE.

week enGed May 20, rs reHeCbed %
check payments. were higher than i
either the preceding week or the CORE
spending period of 1923. according (
the Department Of Commerce. Stet
plants showed a decline in activity fror
the previous week, out were much NOR
active than during the correspondent
period a year ago.
Crude petroleum output for the lates
reported week showed an increase from
both prior periods. Output Of bitumin
Gus coal declined from the previou
week, but was larger than for the SINH
lar week of 1928. Primary distribution
of goods, as reflected by car loading
covering the latest reported week, wa
substantially higher than a year ago.
Cotton prices receded both from tn
previous week and from a year ago
Wheat prices we're also considerable.
lower than last year. Business failures
were fewer than for either the previous
week or a year ago.
Receipts of wheat, cotton. cattle anc
hogs during the week ended May l,
were lower than a year ago. Receipt!
of cattle and cotton were also loWel
than for the previous week.
New Utility Stock Offered.
The Washington Office of Stroud
Eurtz d Co. Is participating in an of
fering Of 100. 900 shares of I%nterconti.
mental Power Co. class A common stock
priced at S25 per share. The company
has been incorporated under the laws
Of Delaware TO acquire, operate anc
; participate in the ownership. directly
or through subsidiaries, of public utili-
tics in South America or other coun-
tries. The company already has ex-
tensive holdings in Argentina. 1t Is an
nounced that application will be made
to list the new stock on the New York
Curb.
Banker Takes Big Responsibility.
J. Frank White. cashier Of the Ma
tional Bank of Washington. has been
asked to preside over the ~top-Spinnina
contest at Mantauk Point when the
Washington f~inanciers gather there for
their annual convention. This contest
is for the E. B. Mclean Cup and al
ways results in an exciting exhibition
as Washington bankers certainly do
know their tops. Mr.. White will have
his hands full and no doubt will enter
the contest himself, as he has already
won it one year. which makes him
a leg" TO the good toward permanent
ownership.
Last years contest took place in front
of the Montauk Manor Hotel on the
llISh d1EILlOpI- 1ODN " ally 1ICN III
every direction. like arrows darting
hither and thither, narrowly escaping
wrecking ON Of the hotels finest win
dow glass. Nothing had been seen like
Il since the days when Pop Fleming
took a nonstop top to Hot Springs and
spun 1t so long that the judges could
not figure the time. 1t was finally
barred from the contest because 1t was
not the standard scent top.
New Estates Law Is Enacted.
E. J. McOuade. secretary of the Dis
trict Bankers Association, said yester-
day it would be of interest to the bank
ing institutions in the District doing a
trust and fduciary business TO know
that a new code has been enacted in
New York which represents the greatest
reform in the law of property and de-
cedent estates in that State in the past
hundred years.
Important among the substantive
changes, he explains, Is the removal OF
obsolete distinctions in dealing between
real estate and personal property as
assets of an estate: a uniform system
of descent and distribution: a new bill
of rights for women as regards distri-
button of property and intestacy: wider
grants of power of sale Of real estate
to executor and trustee and simpliied
procedure for fduciaries.
Theodore r. Cogswell, register Of
wills of the District Of Columbia, re-
Gently recommended several changes in
the probate laws of this Jurisdiction. one
having. particular reference to shorten
ing the period of administration and
the other to the investing Of trust
funds.
Seeks Cooperation of Banks.
Victor 3. Deyber, president Of the
Second National Bank and secretary
of the Washington Clearing House As
ISOLATION, has sent to all members and
associate members of the Clearing
House Association a letter asking CO.
operation in enforcing the rules on in
dorsernent of checks presented over
the counter as provided In Article IL
of the Association Of the Clearing
House.
The District of Columbia Bankers
Association has been requested to aid.
Increase in Discount Bills.
The consolidated statement Of the
condition of the Federal Reserve banks
on May % shows ar increase for the
week of SS3. SOC, 900 in holding Of dis
counted bills and decreases of $40, l00,-
600 In bills bought in open market and
20, fUU,UUU III kONCl LlltlC1AbdA cCIdA hiC6
Member bank reserve deposits in
creased $40, 100. 900 and Federal Re
serve note circulation sl4.10o, 900.
while Government deposits declined
SO, GOO. 900 and cash reserves $39 ,200,-
600. Total bills and securities were
S5S, 900 900 above the amount held on
May %.
Brokers loans decreased 1892, 600, 900
during past week, greatest weeks reduc-
ton on record. to SIS. 28S. 900, 900. with
New York City member banks loans for
own account at S773. 600, 900, new low
record; New York bank ratio 86.6 per
cent, against e44 per cent last week
and TAI a year ago; Reserve System
74.5 per cent, against 75.9 per cent and
$50 per cent, respectively.
Other Financial Notes.
The Schultz Retail Stores Corp. has
declared the regular quarterly dividend
of 50 on the preferred. payable July | 10
stock of record June IL.
The Interstate Commerce Commission
has authorized Baltimore e. Ohio TO
issue Sal. 107. 700 common stock, consist
ing of Ali OFT shares Of the par value OF
500 each. to be sold at not less than
par and proceeds used to reimburse
the roads treasury for capital expendi-
lures heretofore made and to be made
Seaboard Air Line has notified New
York Stock Exchange of proposed
change in authorized common to 40O.
41o no-par shares from 400 ,4lo 500 par
shares. each present share to be ex-
changed for one new share, an increase
to 1927, 200 common shares and educ
ton in capital stock by present autno'
ri5ed 5 per cent preferred.