Evening star., 1935-02-13

January figures PRELIMINARY I1nar In most st
cities the month had the same nuIloeF oI
Preliminary figures on the value OF
depart -ent store sales show de-
crease from December to January OF
more than the estimated seasonal
amount. The Reserve Boards index,
which makes allowance for differences
in the number of business days and
for usual seasonal changes, was 70 in
January, on the basis OF the 1923-25
average as 100, compared with rs in
December and 73 in November.
Fisher Opposes Bank Bill.
Irving Fisher, Yale economist, is
strongly opposed to the proposed bank
ing act of 1885. The bill is most i'm
portant, he says. because it changes
the conditions of credit. Credit is
more important than currency, he
adds, because there is so much more
of it, about 10 times as much. Changes
are badly needed. the economist
thinks, but the bill does not stop with
these needed changes.
The new bill gives the Federal Re-
serve Board more power at the expense
of the banks and gives the President
more power at the expense OF the
board. 1t comes nearer to making the
President an economic dictator than
all previous legislation put together,
Prof. Fisher asserts. Even granted
that the present President would use
the discretion ideally, any such law is
wrong as a permanent measure for all
future Presidents who we know only
too well are uncertain factors" the
economist believes.
1.-The proposed act properly amended
might do all that such an act should.
But, unamended, we cannot tell what
1t will do. It has as many poSSibili-
ties for good as harm. What we need
is a naturalization of money, not Of
banking. This bill may mean a ma
tionalization of both"
DR.. Fisher wants the bill amended
80 as to leave strict Misunderstanding
to the bankers, and put limited con-
troll of the volume of money and credit
in the hands of the Government. He
would have the Federal Reserve Sys-
tenn remain substantially in its present
form as bankers reserve system and
have a Federal monetary authority
look after money and credit.
Busy Trading on Exchange.
Trading was lively on the Washing
ton Stock Exchange today, after the
holiday. Business opened with five
consecutive sales in Mergenthaler
Linotype which again moved at 80.
woodward & Lothrop common stock
foIou of I,a e4r
price of 80.
Two bank stocks figured in the days
trading. Riggs National opening at
21214, closing at 213. The other bank
stock was American Security g. Trust,
a single share changing hands at 1877
Bonds were in excellent demand
Washington Railway & Electric As
moved at 10O1a. Washington Gas 6s
series B, sold at 1892 and 1033s, and
Capital Traction SIS were strong at a.
Potomac Electric Power Consoli-
dated SIS sold at 1o45s and Potomac
Power 6s, 1858, registered 11oH. Rail
way & Electric preferred stock COM
manded 102
L. E. Birdzell, general counsel o1
the Federal Deposit Insurance Corp.
was one of the leading speakers on
today's Trust Conference program in
New York, his subject being Federal
Insurance of Trust Deposits" The
Washington speaker was followed on
the program by Rudolf S. Hecht, who
brought greetings as president of the
American Bankers Association. j
Harvie Wilkinson, vice president oi
the State-Planters Bank & Trust Co.
Richmond, spoke today on Trust In
vestments," while Richard L. Austin
chairman of the Federal Reserve
Bank of Philadelphia was another i'm
portant speaker.
Stockholders of Call Carl, Inc, helc
their annual meeting yesterday anc
reelected these directors: Herman F
Carl, Louis c. Carl, Edmund o. Carl
Frederick Carl, Chaplin P. Bauman
Joseph A. Burkhart, James E. Smith
and Eliot H. Thomson. At the organ
ization meeting Herman F. Carl was
reelected president; Edmund o. Carl
vice president, and Louis c. Carl, Sec
retary and treasurer.