Evening star., 1921-10-26
lew POTOMAC IS
ARE ACTIVE EATPAR
urnish Bulk of Business on
Today's Session of Ex-
change-Notese
BY I. A. FLEMING.

Listing of the $2,2e0,000 Potomac
lectric Light and Power Company
neral refunding and improvement
,nds, dated October /. bearing Z per
mt. were listed on the local stock
kchange this morning. when issued.
The bonds at once took a command
e place in the days record, SlS,ooo
|eing sold before anything else on
le list attracted attention. The ad-
|ertised price of the issue when nrst
|,,nounced was 9S1a.
|Today's market absorbed the amount
hated at 100. The bid price at n tne
lose was 99B and the asked !Vo,
ligker prices are predicted as 'he
! ksue is absorbed by investors.
With money working down 10 lower
|ates, bank deposits steadily increas-
hg and the greater part OF the pup
Ic out of the stock market. hlgh-
|rade per cent yielders Will prop-
fbly be favored.
lave been invested in government
artificates, but with the rate on tne
|radual decline from per cent, tne
Highest rate ever paid by the govern
hent for money, down to per cent
hid probably with the NOVEMBER l
Ssue if one is made: whlch Is piG
bile likely to he 4A per cent IN
erest bearing, there will probably pe
kss money to reinvest in the iorth-
bming issue, although there is no
|uestion but what Secretary Mellon
Eill receive bids for any amount VI
+ertificates he desires to market
Bankers will compete with IN
|.stors for the next issue, as they
Ind the New York call loan money
Iarket unsatisfactory at this time
|or is there much chance for I'M
|rovement.
hallway common sold to the extent
Ii 100 shares at &c, this being the
|nly stock transaction of the day.
Washington Gas 5s sold at S2A and
fotomac Electric IS brought S6la.
StnbilizinE Rates.
|arding rates of discount by federal
Ieserve banks from which there
Eould be no divergence except in un-
|sual or emergency cases was eX-
|lained yesterday by Governor Hard
hg of the Federal Reserve Board in
IN address at joint conference OF
he board with Federal Reserve
gents and governors of reserve
|anks.
Among the factors to be considered
h fixing a rediscount rate Mr.. Hard
hg enumerated rates charged by
|anks to their regular customers,
htes for one-name paper bought
hrough note brokers. open market
ates on bankers acceptances. rates
IN Treasury certificates, general Dusl-
less conditions and the reserve per-
|entage of federal reserve bank,
Is well as that of the system.
Washington Chapter.
The opening of the season for the
Washington Chapter, A. /. B.. was
Eost propitious. There were over zoo
tudents in the elementary class, and
he drive for new members has just
tarted. w. ]. Waller. cashier of the
lmerican National Bank and presi-
ent of the chapter. presided. George
\ Watson, president of the Liberty
[atonal Bank. delivered the first lee
Bank Organization and Administra-
hon.'
Going to McAdams Dinner.
So far as known Joshua Evans, jr.;
e. n. Harper and George o. Watson
;ill represent Washington at the din
er at Richmond on Saturday evening
0 President McAdams of the Ameri-
an Bankers Association.
VIII Dine Codirectors.
This evening. at the Racquet Club.
'ol. r. N Harper will be host to his
ssociates on the directory of the
Railway and Electric
company.
1t is just possible that the host may
AXE advantage of the occasion to
make some remarks to his fellow di-
ectors perhaps pertinent to the fu-
ure of the system.
Building and Loan Assets.
Figures showing the total assets
n the building and loan associations
n the District of Columbia for the
ear ending June 80, 1921, are expect
d to be cited at the annual meeting
f the Building and Loan Association
'ouncil tomorrow night at o'clock
n the boardroom of the Oriental
and Loan Association. 9th
nd F streets northwest. The presi-
lent, C. Clinton James; the secretary,
ames NJ. Woodward, and the treas
lrer, John NJ Shugrue. will submit
heir annual reports. Officers for the
nsuing year will be elected.
Capital Traction Earnings.
Gross income for twelve months end
ng September 80, 1921, s1,612,192.94. =.
Less bond interest and other deduc.
ions. 1904. .S39.S3.
Net income, $1,307, ,353.11
Gross income for month of September,
921, s124,51S.06.
Less bond interest and other deduc-