Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-24

tianalr charters in favor of State char
tiers. Mr.. Pope also pointed to other
sections in the bill which he considers
as Objectionable.
Another distinguished banker in
washington to testify on the same bill
is Harry ]. Haas, president Of the
American Bankers Association. Among
other things, he told the committee yes
terday that he believed the Glass bill
would Shullify the benefits of the recent
FEDERAL reconstruction measures.
Mr.. Haas was guest of the weekly
luncheon of the District Bankers AS
n6pn Several local investment firms
are members of the Investment Bank
ery Association of America, so that Mr..
Pope also met many acquaintance
while in the city.
House Reappointed to Council.
j. Arthur House, president of the
Guardian Trust Co. IF Cleveland. has
been reappointed member of the Fed
eIHl Advisory Council for 1882. The
council is made up of IL outstanding
bankers and business men, one from
each of the Federal Reserve districts.
Walter w. Smith, president OF the
been reelected president of the Federal
Advisory Council Melvin A. Traylor,
PRESIDENT of the First National Bank of
Chicago, has been named vice president.
The Executive Board is made-up Of
MI. Smith, Mr.. Traylor, Robert H. Ire
man of Ithaca, N. Y; Howard A. Loeb
of Philadelphia, John K. Ottley of At
lanta and Walter S. McLucas Of Kan
sas City
John Poole, president Of the Federal
American National Bank & Trust Co.
of this city, represents the Fifth Fed
eral Reserve district on the council.
State to Market Bonds.
Following the refusal of bankers to
take school bond issue of s1,400,000
for less than GA interest rate, Gov.
Russell of Georgia has announced that
he will market the bonds through the
school teachers of that State. The
bends will be in denominations of $50
UP and will bear an interest rate Of
Az per cent, which Is considerably be-
low demands of bankers for current
Financing of city and State securities.
This plan follows the method advo-
Gated by O. w. Erringer. municipal
financing expert of New York, who as
serts that States and cities can market
their own bonds through their own en-
ployes at interest rates much lower
than those asked by bankers.
1.-THE interest rates that cities, coun-
ties and States must pay on their bonds
ate excessive and are hampering the
carrying out of needed programs of
public works in every section of the
country" said Mr.. Erringer. This is
especially true of cities, which faced
with tax delinquencies that have cur
tailed income, find it extremely difficult
to- balance their budgets"
/. Today's Trading in Two Stocks.
The two type stocks were the only
issues in the limelight during today's
session Of the Washington Stock Ex-
change.
The market opened with four 10
share lots and two 5-share lots of
Lanston Monotype selling at IS. off
point from the last previous sale.
sMergenthaler Linotype figured in one
very small sale at AZ, this issue being
Quoted ex dividend.
The exchange will be closed tomorrow,
on account of the closing in New York,
but will be open Saturday as usual
Woodward & Lothrop common and
preferred stocks have been added to the
ex dividend list. The common is soon
TO pay the usual 30-cent quarterly and
the preferred will make the regular
quarterly disbursement of SITS share.
S1OO,OOO,O0O Treasury Offering.
An offering of 100000 900 s1-day
Treasury bills is announced by Secre-
tary Mills, to be sold on discount
basis to the highest bidder. The bills
will he dated Marph 20 1920
'Only four national banks have failed
thus far in March, as against 10 day
during January, according to the latest
report from the Treasury. Since Feb
ruary II only six national banks have
Close their doors. This remarkable
charge in the banking situation is
aSaribed by officials to the restoration
of confidence following organization of
the Reconstruction Finance Corpora
ton, passage of the Glass-Steagall bill
and the recent drive to bring money
out of hiding.
N. G. w. Strong Territory Booster.
Establishment in 1881 of las new in
dpstries and additions to old plants,
involving an investment of approx
n1ately $7,275,000 and employing ABS
men, are reported for territory traversed
by the Norfolk & Western Railway.
The 1881 record was only three under
that of 1880. Many of the plants are
running on capacity schedule, and
some are on 24-hour basis
Persons coming to live in Norfolk g.
Western territory purchased and set
tied on los farms costing STA, 900. This
Is go per cent above the number of
farms purchased in 1880.
Municipal improvements and other
hIfldiY10 activities in cprUod hy
the road cost more than S14,000,000.
Expenditures by the Federal Govern
nient in the Norfolk, Va, district
amount to 1884 900.
Heard in Financial District.
Various financial measures now be-
fore Congress are gripping the atten-
ton of local bankers as they never
have before The Glass banking bill
aud the bill to guarantee bank de-
pests are among those considered most
important.
All the New York Stock Exchange
local Offices will be closed tomorrow,
Good Friday The local banks will be
opened as usual The council Of ad-
nlinistration Of the District Bankers
Association will meet at headquarters
in the afternoon.
Electric output for the week ended
March l9 totaled 1887, TAT 600 kilowatt
hours. decrease of SO per cent from
the 1852, 437 900 kilowatt hours in the
corresponding week of 1881, according
to the National Electric Light Associa-
ton, In the preceding week output
was down 81 per cent.
lord 81 Taylor declared the regular
quarterly dividend of So on the second
preferred, payable May to stock of
record April 49,
Thomas W. Hulme. vice president in
charge Of real estate valuation and
taxation of the Pennsylvania Railroad,
has been selected as director to sue
coed Col. M. c. Kennedy, who retires
On April /.
tsl~-es4e ss.~e