Evening star., 1917-04-05
RESTRICTED TRADING
IN LOCAL SECURITIES
Odd-Lot Buying About the Only Fea-
ture-Capital Traction Stock
Sold Off to 1914.
Bonds Generally Slow-Money Con-
tinues Abundant and Easy.
Bank Of England Lowers Rate.

Odd lot trading formed the chief busi-
ness on todays session of the Wash
ington Stock Exchange. and 1t was not
until near the close that a quotation
lot of stock changed hands.
The appearance of even odd lot buy
ing was a welcome change, for in
vestors have given the exchange and
local securities the cold shoulder so
long that brokers have had the privilege
of scalping back and forth until they are
getting tired of it.
Capital Traction furnished the only
business of the session worthy of spe-
cial comment. A few shares sold on
the call at S3, but the best bid al the
close was s2A, and, after call. seventy
seven shares of the stock sold at that
figure, indicating an easier tone.
A few shares of Washington Gas sold
at 75, and no other stock transactions
were recorded.
In the bond list odd lots We're again
the order, with sales of Norfolk and
Washington Steamboat 5s. at 1854 and
1851; Of Graphophone 6s at 10012 and
100a, and of Railway As at 81
No Session Tomorrow.
Tomorrow there will be no session
of the Washington Stock Exchange, the
members voting to adjourn.
The New York Stock Exchange will
also stand adjourned until Saturday.
Dividend Declared.
The directors of the Washington Loan
and Trust Company yesterday declared
their ninety-ninth regular quarterly divi-
dend, payable May /.
On Money Matters.
The governors of the Bank Of England
this morning reduced the rate of dis
count from ~ to per cent. This ac-
tion was taken here as a reflection of
new confidence through the entrance of
the United States into the war.
In New York city call money is lend
ing as low as 2A per cent, while money
for sixty to ninety days may be had at
az to 81, and from four to six months
money at 80. to per cent.
There is only moderate demand Tor
money in Washington at this time. there
being no inquiry whatever for collateral
loans. although there is always modest
borrowing demand from the commercial
trade. Bankers hold the rates firmly at
6 per cent, with collateral loans avail
able at 5 per cent.
The clearings of the country show
continued increases. although the very
high range of prices prevailng on an
. merchandise and breadstuffs helped to
swell the volume of the daily clearlngs
and balances.
Rather sensational strength has been
shown in foreign exchange on the al
lied nations as result of the Amerl-
can government participating in the
worlds war. The advances brought
some selling orders.
Gold Settlement Fund Payments.
The federal reserve board announces
that, for the present at least, credit
. balances in the settlement of collec-
tions will not be paid from the gold
fund direct to member banks of the
system or to individuals. The question
was raised early in March and has just
been decided.
The volume of transactions between
banks in the system is increasing
greatly, and the gold settlement fund
ownership is changing with the move
ment-
Between February % and March %
of this year $1,000, 100000 was settled
tween bankss and 5.12 per cent of the
gold settlement fund changed owner
ship a result.
Condition of the Treasury.
The condition of the United States
Treasury at close yesterday showed:
= Net balance in general fund. $685.
2os.oss.
Total receipts. $2,115.132.
Total payments. $2.772.34S.
The deficit this fiscal year is $780,
153.S25. against deficit of s49,522,4SO
: last year. exclusive of Panama canal
and public debt transactions.