Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-04
|REDIT BANK BOND
ISSUE ANNOUNCED.
Federal intermediate Deben-
lures Are Offered at Par
and Pay 4 Per Cent.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
An issue of 100000 debentures by
the IL Federal intermediate Credit
banks at 4 per cent, maturing in four,
six. nine or twelve months as desired
has been announced. The debentures
are offered at par and will be dated
March Is. While each debenture is
the direct obligation of some one OF
the IL banks, the group is collectively
liable for the debentures OF any one OF
their number.
The capital of the intermediate Credit
banks is furnished by the United States
Treasury, under authority of the agri-
cultural credit act of 1928, and each OF
the II institutions has an authorized
capital of S5,000,000, or $60,000,0O0 for
the group.
These banks loan funds to farmers
cooperative marketing organizations
and discount agricultural paper for va
rious Institutions such as State and ma
tional agricultural credit banks, live
stock loan companies and others
SSs,OOO.O0O Drop in Bank Loans.
The. Federal Reserve Boards con-
dition statement of weekly, reporting
member banks in leading cities on Feb
ruary 20 shows decreases for the week
of $87, 100000 in loans and investments,
$4,000 900 in borrowings from Federal
Reserve banks and $22.000,000 in net
demand deposits and an increase Of
$23 600 900 in time deposits.
Loans and securities declined $l6,-
100000 at reporting banks in the New
district, and S28 100000 at all reporting
banks. "All other" loans declined $751;
100000 in the New York district and
S64,o0o,0o0 at all reporting banks.
Washington Gas Election Put OF.
The annual election of officers of the
Washington Gas Light Co. again was
postponed today. When the annual
meeting was held a month ago, the
directors postponed the election until
March 4. At today's meeting a motion
was made to put OF the election for
another month and the new date set
was April 8. No reason was assigned
for the delay.
Since the last meeting of the board
announcement has been made of an
effort to bring about a consolidation of
the Washington Gas Light Co. with the
Georgetown Gas Light Co., the two
companies already being under the
same management
Control of the local utility company
was obtained by out-of-town interests
a little over a year ago. At that time
ing possible expansion and changes.
Since that time, however, the company
has been conducted by the same off,
cial staff and no elaborate expansion
moves have been made. Last years
financial statement was one of the COM
pany's best reports.
The stock is now quoted on the local
exchange at LOG bid and 100 asked.
At present it is very inactive.
Banks Planning Heavy OutIays.
That banks in the United States will
spend $137, 1924 900 for buildings in 1890
is estimated in the annual building
forecast compiled by the Architectural
Forum. This is approximately So 600 900
less than was forecast for 1929, but is
still 100000 more than the forecast
for 1928. The distribution of the 1880
figures, by groups of States, is esti-
mated as follows: Northeastern States,
SGT ,806, 100; North Atlantic States, SAL
6O2,800; Southeastern States, 81, 092 500;
Southwestern States, $40, 688 700; Mid
Ole states, $4S, sis 800; Western States,
1921 800.
A comparison, by groups, with the
figures forecast for 1929, shows increases
in the estimates for the Northeastern.
Southeastern and Southwestern groups.
The forecast for the Northeastern States
Is more than double that of 1929; that
"a VIC 0OnIA4CdSGClA dlIIlOSI QOuDle
the estimate for 1929, and that of the
Southwestern group is also approx
mately last years estimate.
Trading on d. C. Exchange.
Ten shares of Security Savings g.
Commercial Bank stock sold at 482 ON
the Washington Stock Exchange today.
Federal-American National Bank stock
came out at 288.
Capital Traction sold at sc. Lanston
at 116, Potomac Electric Power 51z
per cent preferred at 10734 and the
per cent preferred at 1113s. One hun
dred shares of National Mortgage & In
vestment preferred moved at AS.
Bonds We're quiet, $1,000 Anacostia
g. Potomac r. r. SIS moving at SO and
500 Washington Gas IS. series B, at LOG.
Heard in Financial District.
Plans are being pushed forward stead
1y Tor the organization of the Ticker
Club, the mutual cooperative associa-
ton of the 16 local brokerage houses.
Copies of the proposed bylaws have
been sent TO the main offices for APP
proval.
Grayson NJ. P. Murphy, head of the
brokerage firm by that name, is visiting
the two local Offices this week
Eugene Z. Thompson of Crane, Paris
q Co., is in Chicago on business for the
firm.
At the recent annual meeting, stock
holders OF w. r. Winslow Co. reelected
the following officers, all of whom serve
as trustees: w. r. Winslow, president;
Joseph G. Klinge, secretary; L. A.
SmltherS, treasurer.
The Erie Railroad has asked the
Interstate Commerce Commission for
authority to issue $4,000, 900 45-year
per cent refunding and improvement
mortgage bonds, series of 1880, to pro-
vide for refunding certain bonds now
IN the treasury and afford funds for
general corporate purposes.
The Acacia Mutual Life Association
isplanning for the April meeting here of
the field advisory committee, made up
OF three branch managers appointed on
the basis of efficiency.
Robert c. Clark, president of the
National Association of Securities Com
mlssloners, will tell How the State
Seeks to Protect the Investor" on the
Halsey, Stuart & Co. radio program
tomorrow night, which will be broad
cast over chain of 81 stations.
POTATO MARKET DILL.