Evening star., 1923-11-20
DROP OFF
IN LOCAL MARKET
Lanston Down Two Points
Since Last Sale-Redis-
count Rate Unchanged.

| Weaker prices, coupled with fighe,
volume of trade. ruled on :he Wash.
| ington Stock Exchange this morning
| The lead in price descension was taken
| by Lanston Monotype. which sold 3
| points lower than the previous sal
| twenty shares selling at 1888. wash
! ington Gas Light IS of 1888 Hkervfes.
| lost half point. $500 selling at ps-
Stock of the Washington Gas L!gh-
| Company made new low record on tn
/ present movement when ten shares
! changed hands at 475s. but Mergen
| thaler Linotype ewas fractionaHv
J firmer at 1864.
/ Washington Loan and Trust COM
pany stock was decidedly firm AT 35r
and Riggs National Bank recovered
| d fulI " points to 233 on a sale of Z.
| SlhSIe SHare. Capital TRACTION stoc5-
| Vas uhchtngcC at IS, as was Railway
Hediscount Rate Unchanged.
! Inc Federal Reserve Boards ADV
sorry council concluded It's regula-
quarterly meeting today, and its men
f.. bers left the city without maxim
| public any detailed statements con
! corning what discussions took pIac
I =
| council has held
| Rediscount rates were UP for dis
cusslon at one time during Il Q ses-
sion, 1t was said, but il was apparen.
mat there was no general agreemen
! IN views among the council member
regarding modification Of the presen
UNIFORM rate OF / x per cent
Money Rates Easier.
| Money rates have eased slightly
{ . fT-Tv
tion Of the passing of the peak o.
autumn requirements. RediscCunts al
FeGeral Reserve banks are nOw S93-
; uOo'tpu below the amount reported o.
october 81. the highest point reachea
during the fall months Loans anG
discounts Of reporting member banks
other tnaa those secured by govern
ment obligations or by stocks al.
bonds, have shown only unimportatI
| fluctuations. The same is true Of de
posltS 4f reporting member banks.
commercial paper has eased som.
what with ) per cent the rate fo-
/ prime names. Offerings have he,r
moderate, but have been disposed o.
] rapidly. Demand from the iaterior
! especially the west and southwest
! has been good, with New York buyius
| only moderately.
| In marked contrast to the precer-
/ ing period, the cali market mas beers
| active during the greater part Of tha
period from October Is to Novemher
| o The renewal rate has iiuctuater
! from IA per cent 10 per cent dur
| ing the past thirty days. and on No
! Nelrber ) was ~; per cent Tim.
! money has been easier, brokers re
! celVlng accommodations in good vol
! ume at . per cent for all maturities
| Brokers selling rate on ninety-daN
| acceptances is unchanged at rs Pc
| cent.
! Young Bankers Discuss Taxes.
The tax or incomes under $4,000
| should be reduced before there is an,
! reduction in the tax on higher In
comes. according to the outcome O.
! the. initial encounter Of the de-
/ batting society of the Washing
Ton chapter. American Institute OF
| Banking, held last night. The afFfrma.
| tive was represented by A q, HEM,
and Q. VI. Hester, while W. Il. Rankin.
| Jr., and J. T. Hillyard argued for tn.
| losers.
The program for this weeks lee
lures follows: Tonight, Francis q
Addison, jr., will lecture on check
and deposits and Raymond e. Dickey
| VIII discourse on corporations to
| morrow night. on Thursday Prof
| +. j. Donohue will address the cIass
! on mercantile credit ana Carl <
Starkloff will. as usual. address tFa
new credits class the following night
! Linotype Directors Meet.
| of the Nergenthaler Linotyp- Com.
pany is being held in New York to-
| day. at which time local petition
asking for an extra disbursement ot
| z12 per cent will be presented tn,
| board
Granting of this petition Is hello
! unlikely by local shareholders