Evening star., 1922-08-01
BONDS 0F,UT|uT|ES.
IN GOOD REQUEST
Stocks Held FirmIy-A Rem.
iniscence of 1914-Redis-
counts Are Very Light.
BY I. A. FLEMING.

On today's' session of the local
stock exchange $4,000 face value of
bonds changed hands. 1t is prob
able that a large part of these pur-
chases were made in the interest OF
banks employing their money to the
best advantage possible.
There were no evidences of weak
ness, all bond prices being well up
to the highs of recent transactions.
Railway As brought rs, Traction 5s.
97M to 97k: Potomac consolidated
5s, 95%; general IS. 99A. and the
same price for debenture 6s OF the
same company.
Railway common sold sparingly at
So Lanston easier at 79h, with
District National Bank 168.
Capital Traction shares brought
100A to 10oM.
A Reminiscence.
Just eight years ago. July 80, the
New York Stock Exchange closed its
doors. signalling the decentralization
attending the outbreak of the world
war.
The exchange did not open for
business again until December, of the
same year. 1914.
Atchison was selling at s91z when
the exchange closed yesterday it
closed at 101 u; Atlantic Coast Line,
ia, and yesterday 111k in the same
~ and is now 5sA; Canadian Pacific.
156M, 141; st. Paul. s5 and ASH: New
York Central, II and 9s: Northern Pa
cific. 81 ard 7Sss: Southern Railway
1914. 25l1; Union Pacific. liz and
143h: Reading. 1877, rs: Chicago &
Northwestern, l2s. !sh; IN Norfolk Sa.,,ssrH X
Pacific at SAX compared with 90.
Many of the rails have scored fair
gains in the last few days. while the
1914 prices marked the closing Of the
Exchange that fateful July 80.
In the industrial list Steel common
was 1861: yesterday, 1o1 Y; Ameri-
Bethlehem Steel, old stock. 80: B
stock. 77Is; Corn Products, z. 1O7E;
Anaconda. 25. 53k: Mexican Pete, 90,
1854: International Paper. 50, "a;
Peoples Gas, 4ls. S7A; Studebaker.
2G5s, 1s21s, and United States steel
preferred, 1861. as compared with
l20. last nights closing.
Federal Reserve Rediscounts.
The Federal Reserve Bank Of New
York city reports a shrinkage in redls-
counts Of s11S.000,O00 in four weeks
and for New York banks alone, a shrink
age of s79,o00.o00.
This is in line with action among the
other eleven regional reserve institu-
tionS.
The commercial borrower. and he is
the only one whose obligations are well
come at the regional banks for redis-
count, is not as much of an entity as
he was A few months ago.
Some authorities express the belief
tina. there will be demand for credit
this fall that will require large use of
the assets OF the reserve banks. Others
express the belief that when the crop
movement is over the calls for credit
will still be restricted.
Low usage of reserve assets might
be expected to lead &c lower rates
of discount but this action could not
be expected to stimulate borrowing
at this time, when the banks are
crowded with cash ana are buying
bonds to keep their funds employed
as fully as possible. also Treasury Sc
curities.
Personal Mention.
Charles c. Glover. chairman of the
board of directors of the Riggs
National Bank. is spending a few days
in the City. c. W. Lyddane. cashier
of the Federal National Bank is back
from threeweek vacation.
Pertinent Comment.
The leading topics of interest in
the past month have been the crops
and the strikes. The crops have
come along finely. The farmers have
been doing their part to supply COM
munity wants without sulking or
striking. although not much consid-
GRAFTON for their needs is shown In
some quarters. The outlook is for
one of the best all-round crops The
coal strike has caused the banking
of a number of furnaces. but has not
affected either industry or trade gen.
orally.
For the week ended July Is car
loadings were s6O.907. which COM
pares with 774SS4 in the correspond
ing week of 1921, 942,s51 in 1920 and
902296 in 1919. The loading of all
commodities except coal, exceeded
those in any other week on record
except the weeks of September and
October. 1920.
"A scarcity of common labor is
complained of. particularly in the
iron and steel industry. The auto
mobile and tire industries have made
new production records. but compe-
tition is sharp and tire prices have
been slashed. In the oil industry,
under heavy production. large stocks
of crude have accumulated and two
price cuts of rs cents per barrel each
have been made. Gasoline prices also
have been reduced. but the con-
sumption of gasoline is at a record
breaking rate.
House building is at the height