Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-23

fcrr7 of bills intro
d. / yesterday in
TIE Senate a n M
Louise. :
Passage of these
bills by Congress Ogden L. Mills.
would authorize
the treasury to issue short-term treas
1lrv securities, to be known as pllis, oi
a discount basis instead OF Win Ihvei
est coupons. Senator Smoot introduces
the bill in the Senate, ana ChaGInai
Hayley of the ways and means coinIllt'
tee took the same action IN the house
An effort is to be mace 10 prIis all'
measure up for discussion at llle PIC,
ent session. This makes IL su0! ~,
Of Intense interest to all bankers, tilt
most timely topic in the banking WoriC
at the moment. to- =,
rTndersecretary Mills will go into i
IN detail Through conferences VIII
Secretary Mellon, he Is in the best pos
sible position to picture its sweeping
innovstions in Government financing
rrbe sneaker will be introduced oS
president Robert v. Fleming of the DIS
trict Bankers Association. AS IL IS Int
ieet Institute forum of the year, rec
ord attendance is anticipated
learned that many of the older bankers
in the city wish to hear Mr.. Mlils, ano
for their convenience the Reservation
neriod has been extended until tomor'
row noon. ,ons
statement on the new financing pro-
oossl He saws it will be supplementary tc
the nlan now in use and will allow the
treasury greater latitude in its f1nanc.
inc program. The present methoo
nrohsblv will continue to be used con-
siderably In the future, as the ne"
man would not preclude use OF tne
present form of bonds and certlhcates
The new plan applies the principle OF
selective bidding. and would enable the
Treasury to take advantage OF tne
money market whenever it deemed II
advisable.
The financing plan now in use
nrobablv will be continued for longer
term programs and the new plan 1oi
short-term financing.
Capital Traction More Active.
Capital Traction stock was more
active on the Washington STOCK Ex-
change today and also higher in price
The stock opened and closed at 49, nul
sold at 991s at one time during the
SSSSlUIl. 1IdOuAS Neo AZ oAAAS@AA ~SNS ~~-N
totaled 40 shares.
Potomac Electric Power ~ per cent
preferred figured in several small sales
It opened at 1912, advanced to 1O7ss
and closed at 1912. Washington Rail-
way & Electric preferred figured In a
single transaction at 973s.
Two bank stocks appeared on the
board, 20 shares of Merchants Bank &
Trust Co. moving at 154 and two shares
of National Savings & Trust selling ex-
dividend, at SOS.
washington Gas Light again sold eX-
dividend on small lot transfer at 106.
Real Estate Mortgage. & Guaranty pre-
ferred brought 7l2 and Merganthaler
Linotype was strong in 30-share sale
at 1903.
The opening bond sale was in Wash
ington Gas IS, series A, at 1929. This
was a $500 turnover and was followed
by a $1,000 transfer at the same price.
Gas B bonds in a 500 denomination,
registered 1903. Bonds closed with $4,000
Washington Railway & Electric As
changing hands at 865s.
Heard in Financial District.
Local bankers who attended the
Spring meeting of the executive coun-
Gil of the American Bankers AsSocia-
ton at Biloxi, Miss, were entertained
en- route at the home in Chatta-
noga of Thomas r. Preston, last years
president of the association. He lives
on Missionary Ridge, one of the most
beautiful residential locations in the
South.
Business indicators continue to show
favorable conditions, Secretary OF Com
merce Robert P. Lamont said, adding
that building contracts are showing
gain for the first time in current year.
This gain is about 40 per cent over
year ago.
Loews, Inc, has declared regular
quarterly dividend of $1.621s on $3.50
preferred, payable May Is to stock of
record May 8.
Arthur Foraker, local manager Of
Eastman, Dillon & Co., has returned
from a business trip to New York.
He recently enjoyed a short vacation
at Charleston, S. G..
The Security Club of the American
Security g. Trust Co.. visited the U. s.
Naval Academy at Annapolis last Sat-
urday afternoon. Admiral S. S. Robi-
son assigned two special guides to the
party and the IS visitors had delight
ful stay.
Wholesale Prices Lower.
For seven successive weeks wholesale
prices of commodities have declined, the
decrease being or per cent for the
week ended April 20. according to the
wholesale price index of the National
Fertilizer Association. Twenty six
items showed declines and "a advances.
The chief declines occurred in textiles,
foods, metals and rubber goods. Ad-
vances took place in butter, oats, feeds,
cattle, sheep and gasoline. The general
trend of commodity prices Is unmis-
takably and continuously downward.
Decline in Loans Noted.
The Federal Reserve Boards condi-
ton statement of weekly reporting mem
per banks in 101 leading cities on April
II show declines for the week of $685.
130, 900 in loans and investments, $10.-
900 900 in time deposits and $93,000,000
in Government deposits, and increases
of $66,000000 in net demand deposits
and $23,000,000 in borrowings from
Federal Reserve banks.
Installment Buying Grows.
An increase IN credit end installment
buying during the past year Was noted
in a report made last night at dinner
held at the Hotel Commodore by the
Association of Credit Apparel Stores. 1t
was announced that retail stores SELL
ing wearing apparel on credit basis
did volume of business totaling $175,-
000, 600 in the United States last year.
PARIS B0URSE PRICES.