Evening star., 1923-11-19
RESERVE
COUNCIL GATHERS
RedisCOunt Rate Chief Issue
Coming Up-Today's Trad
ing on Local Exchange.

The advisory council of the Federal
Reserve Board is meeting here today
for its regular conference. General
conditions throughout the country,
as found by an interchange of views
between the governors of the Fedora
Reserve Board and the agents who
closed a fiNe-day session Friday fast
with recommendations, if any, will
be reviewed
The advisory council will consider
matters submitted and probably
make recommendations TO the Fed
eral Reserve Board. A statement
Will. no doubt. be made by the board
respecting matters considered and
conclusions reached by the confer
ence of governors and agents of the
advisory council.
Major interest hinges on probable
lowering OF the rediscount rates now
in effect. which will undoubtedly Is
given consideration.
Local stock Trading.
Washington hallway and Electric
preferred stock, after a weak open
, ing, recovered to IA on the CLOSING
sales, and thus featured the session
| Only thirty shares were sold. Com
l:ler ial National Bank vas off hal:
a point to 1i012, and ten shares .
Second &H ional changed hands ..
100 Capital Traction was easier at 9St
Trading in bonds confined itself ~
the utilities. with the exception a.
$1,000 Wardman Park Hotel 6s at To-.
Gas os brought 93is, the IS of 1923 =
100as and l0012, and Capital TractiC$
5s sold at "a.
Offers $3.50 for Prize Essay.
y prize of $3.50 for the best pap.A
on tho present-day problems of tho.
their solution, has been offered to
any member of the American Insti-
tute of Banking by Joseph Chapman.
1 director of the Northwestern Ma
tional Bank of Minneapolis.
The paper. which Will be entitled.
IAN Analysis of the Economic Con
dition of the Western Farmer and
Suggestions for a Solution of His
2,Dn6 words. and must he returned
To the New York office of the Ameri-
can Institute of Banking by January
l. 1929. Papers will be Judged by
committee of five. including scien-
tifc agriculturist. an officer of the
Department of Agriculture of the
United States. prominent western
railroad man. the editor of a farm
, paper, and a banker.
Rail Equipment increases.
More new freight cars and locom"
/ tives have been placed in service
Z y
any similar period during the past
decade. according TO statement this
morning by the American Railway
Association. During the first ten
months a total of 155.S72 new freight
ears were installed in service, OF
which 21.236 were delivered by the
builders and placed in operation dur
ing the month of October.
/ There have also been placed in
service. up to November /, 1911 new
| locomotives of which number A0S
were installed during October.
Demand for Power Grows.
All evidences indicate continuance
, of increase in the demand for electric
service in the large industrial CEN
ters, according to Edwin Gruhl. vice
president and general manager of the
North American Company.
The growing demand for electric
power and light is evidenced not only
by increase in output reported by the
larger companies, but also by pend
ing construction of additional power
plants and facilities throughout the
country.
Within seven months the capacity
of the generating stations of sub
sidiaries of the North American Com
pany. supplying Cleveland. ST. Louis
and Milwaukee with electric power
and light, will be increased nearly
25 per cent, Mr.. Gruhl said. He
stated that subsidiaries of the North
American Company are now engaged
in a program of expansion which will
add $4,000 kilowatts to station ca
pacity alone within the next seven
months. With these additions the
companys subsidiaries will have a
combined capacity of nearly 100000
kilowatts. which, combined with
power purchased. will permit the
companies to carry load of well
over three-quarters of a million kilo-
watts.