Evening star., 1933-05-10
BOND ISSUES LEAD
ON D. c. EXCHANGE
Good Demand Develops for
Senior Securities-Bank
Plans Pushed.
BY EDWARD C. STONE.

First sales in the bond division were
four 81 900 transactions IN Potomac
Electric Power IS, 1888. which moved
1t 107h.
were In Washington Railway g. Electric
%s, six 81 900 sales taking place at S4H,
same as the last sale.
Washington Gas Light IS, Series B,
appeared on the board In two $4,000
transactions, one made at 1031s and
the other at 103H.
Washington Gas Light stock sold IN
. small lot today at 81, an advance OF
points over the last previous sale.
Potomac Electric Power 81 per cent
pEeferred stock came out 1T 1865 and
10 shares Of Mergenthaler Linotype
moved at IS, price unchanged.
Tho final bond sale was IN CapitA
Traction IS, $500 changing hands at
an, fractionally of from the last saie.
Closed d. C. Banks More Active.
More activity In connection with
washington's Is closed banks comes 70
light every day. Today's Developments
put two local banks into definite move
to bring about q consolidation.
The steps taken by the District Ma
tonal Bank toward adoption Of the So
called Spokane plan" have now been
Saven the support Of the Potomac saw
inRs Bank In Georgetown. which ~
frst had hoped to reopen as q national
bank and continue as q unit.
The Potomac Savings Bank had gone
70 far as to obtain large number OF
subscriptions for new stock IN the cam
paisn to raise 100000 in new capital.
Esewhere In today's Star IS the an
uouncement of Chairman Clarke Of the
Reorganization Committee explaining
the decision to enter the general move
aimed toward the formation OF central
bank.
Both the Potomac Savings Bank and
the District National Bank have come
to believe that the uniting Of several
banks will mean the founding OF q
much stronger institution. Chairman
Chester Wells of the District Nationals
Reorganization Committee Is particu-
larly pleased with the reception OF the
plan by the stockholders and depositors
In his bank Being a conservator,
President Joshua Evans. IT,. has made
no statement, but 1t Is known he Is In
full accord with the steps now being
taken.
Sisson Gently Raps Economists.
In talking to the members of the
United States Chamber Of Commerce
Francis H. Sisson. president OF the
American Bankers Association, made
humorous reference to economists with
these remarks:
"You know, Mr. Vanderlip said If
you should take five prominent econo-
mists into room and lock them up
and ask them to bring out plan
for this situation they would emerge
with six different plans. So. so much
for the scholar in this situation. While
the brain trust may serve its purpose,
after all, the solution of these ques-
Mons gets down to the practical men
d affairs which this organization IS
% eminently representing.
zone Of the curious things OF this
emergency through which we have passed
has been the tremendous trend toward
nationalism, not only in our country.
but all over the world. II Alexander
Hamilton could come back to earti
today, he would find his fondest
ever have anticipated. We find the
Federal Government is today the only
seat Of salvation and everything that
touches the Messianic spirit immedi-
ately heads up at Washington. Perhaps
that L. logical and natural-the political
trend. It Is certainly the economic
trend with which we must reckon"
Changing Price Levels Forecast.
Instead of expecting . stabilization Of
prices In the future, governmental and
business policies should be fashioned
with q view to encountering recurring
changes In price levels, according to
DR.. M. L. Copeland Of Harvard Busi-
ness School.
This statement was made in connec-
ton with the appearance Of new
bulletin on Raw Commodity Prices IN
Relation to General Business Cond1-
lions" by DR.. Copeland, issued by the
Harvard BUSINESS School, anal lyzing raw
material conditions as an important
factor in the present situation.
As result Of his analysis, which
reached Washington today, DR.. Cope
land concludes that international war
debts have been o secondary matter IN
comparison with the drop In prices OF
such commodities as rubber, tin, wheat
and wool in upsetting international ex-
change and intensifying the depression.
HolAs Gold Action Temporary.
The world cannot hop permanently
on the gold standard, william KxMil-
ler, president Of the Commerce Clearing
House, Chicago, Ill, says IN his new
book, Can Business Build Great
A9e?" Pointing out that gold was used
IS a standard between the early Phoe-
nicians and the natives of the west
coast Of Africa, he says that the metal
early became the means for propor-
ttoning dissimilar values. And this Is
~ place today. Only now it has be-
come infinitely more important, because
not only does it serve as the common
denominator In transactions involving
1~n,% 1vS kt&A
increasing field Of intangible service.
displaced short Of tragedy to mankind.
"Gold was the standard Of trade in
ancient times, long before the statutes
were enacted which legalized it. From
time before recorded events business
men arrived at common ground Of
exchange of their products by each
measuring his own values In grains Of
gold. And this Is all the gold standard
means today" continues Mr.. KixMiller
in his newly published book, except
we have built up lot Of technicality
around It,"
Financial District Comment.
Reelection of Richard Whitney as
president Of the New York Stock Ex-
change caused favorable comment in
the local brokerage ofices. Warren B.
Nash, who was reelected treasurer. has
served the big exchange since 1919.
Latest reports indicate that the Glass
banking bill IS due to be taken up
again In the Senate in q short time.
Senator Glass says that he has admin
1stration support for his measure.
Virginia Electric & Power Co. has
declared the regular quarterly dividend
Of 81 so on the IS preferred stock, pay
able June 20 to stock Of record May 81.