Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-25

for weeks in prepa-
ton for the opening The Offices have
newly constructed entrance from the
F street side of the building. a frontage
Of so feet on that side and an entrance
from the hotel lobby. The manager has
handsome private Office, there are
two other private ofices for customer
consultations, the board is large and
amply lighted ands the cashiers office
Is equally convenient.
The ofices were most attractive when
the tickers and the translux started this
morning for the first time. Mr. Thiel.
the manager. was with the Treasury
for % years. For years he was in
actual physical handling of Uncle Sans
money. He originally came from Fort
Wayne. Ind. began his career as
s:enographer with the Pennsylvania
Railroad, later becoming secretary of
private banking firm at ] Wall street
He was in the Treasury during the terms
Of six Presidents, having entered the
Treasury in 1905. He was appointed
Assistant Treasurer by President Hard
ing.
Meehan & Co. have memberships in
the important exchanges in New York
and Chicago. being one Of the older
Wall Street brokerage Arms.
Monthly Utility Reports Filed.
Operations statements for April Of the
Washington Railway & Electric Co. and
the Potomac Electric Power Co. were
filed yesterday with the Public Utilities
Commission.
Net income of the Potomac Electric
Power Co. for April was 1924, 748.24, a
decrease Of $46,250.23 from the preced-
ing month. but an increase of SIS, 360.T
over the corresponding month last year.
The net income OF the washington
Railway & Electric Power Co. for the
month, $60,146.69. was an increase of
SS,1S535 over the previous month and
one OF s4.707.42 over the same month
year ago
Trade Volume Reported Lower.
Commercial transactions during the
week ended May 10, as reflected by
check payments. were lower than in
either the preceding week or the CORE
spending period of 1928. according to
the Department of Commerce. Steel
plants were more active than In either
the previous week or the corresponding
period year ago.
Crude petroleum output for the last
reported week showed q decline from
the previous period. but was greater
than last year. Output Of bituminous
coal showed gains over both periods
Lumber production was likewise larger
than in either the previous week or
the similar week of 1928. Primary dis
tribution Of goods, as reflected by car
week, was substantially higher than q
year ago.
General index of wholesale prices
showed fractional gain over the pre-
ceding week, but was about 4 per cent
lower than year ago. Iron and steel
prices showed further gains, as COM
pared with both the preceding week
and the corresponding period of last
year. Cotton prices were higher than
in the previous week. but lower than q
year ago. Wheat prices were consider
ably lower than last year. Business
failures were more numerous than
year ago.
Reserve Board Views Changed.
After an apparent impasse. a ma
tority Of the Federal Reserve Board has
swung against an increase In the rediS-
count rate above per cent. Pressure
and arguments which seemed to be
bringing ma jority into line for higher
rates now are definitely known to have
had the opposite effect, authoritative
quarters have revealed to the Wall Street
journal. View against q higher rate Is
strongly held. Speculative activities are
not now a ma ior factor in considerable
Of the redscount rate question. Those
banks which are seeking permission to
increase their rate have not advanced
the argument that they are seeking to
curb speculation or that speculation Is
dangerous, and. so far as can be as
certained. the board does not see 1t as
q major factor at present.
Technical reasons, chiefly that the re-
discount rate is out of line in the rate
structure, are the chief arguments for
an increase Belief has been advanced
that increase in the rate would permit
an equilibrium in the rate structure
which would be beneficial.
Heard In Financial District.
A number of Washington brokers
we're disappointed over the failure Of
New York Reserve Bank to increase
its rediscount rate this week. Their
disappointment was based on the
for such action and would welcome
having the uncertainty out of the way.
The installation committee having In
charge the opening Of the District
Bankers Association credit bureau on
May % had another important meet
ing yesterday to take up routine mat
tiers pertaining to operating regulations:
the committee
Workings OF the Federal Reserve Board
are described in non-technical language
in a booklet prepared by National Shaw
nut Bank Of Boston. entitled Federal
Reserve Credit Practice" Factors con-
trolling Federal reserve policies, the i'm
portance of the board in control OF
credit, and the effects OF It's operations
on national industry and finance. are
discussed in terms easily understood by
the layman.
The pamphlet goes into details Of the
operations of the Reserve Board and oil
the regional banks. answering many
questions OF timely interest to the gen.
eral public The significance to manu-
fscturers of the operations OF the Re
serve Board is outlined in the booklet
together with broad discussion OF the
effects of credit influence OIL the eco
nornic situation. limited printing Of