Evening star., 1923-10-11
RAIL WAY COMMON
IS QUIET TODAY
Local Stock Exchange Turns
DuII-TomorroW Mar
ket Holiday.

A greatly reduced trade volume, in
contrast to yesterdays interesting
session. was witnessed on the Wash
ington Stock Exchange. Only a small
representation of brokers were pres
ent, sickness and out-of town busi-
ness claiming the absentees. Prices,
however. remained firm.
Common stock of the Washington
Railway and Electric Company was
inactive as to actual sales, the
asked price. however, moving up
ward to 6sB: The preferred issue
was strong at II. Capital Traction
STOCK again sold at par and half,
put Lanston was slightly easier al
Washington Gas 6s of 1888 furnish
eo the only activity in the bond d..
partment, selling at l001z inter-
spersed with a smaIl-lot sale at pa
and an eighth
Record Banking Power
The banking power of the United
states. every phase being taken into
| consideration, is now greater than II
| any previous time in the history u.
| the country, writes d. r. Crissinger
governor of the Federal Reserve
Board. in the current issue of the
| magazine of Wall street
\
state banks are not available, but at
| the end of the last fiscal year the re-
| sources of the national banks werr
| S21,511, 10000. as compared with til
| peak of s22,711.375,O00 on DecembS~
| 81. 1919, but while the volume of T..
| sources is slightly less now than .
| the climax of the after-war boo.
| no one would dispute that real ban
ing power is greater. The peak f =
/ ures. 1t is explained, show the pI
| ting forth of an excessive effort: y
| days figures reveal controlled eff,
| and great reserve potentialities
The banking power. resting or
1 tai resources of more than $4,000
| 1000, as shown by the statistics.
| also supplemented by the fnan"
| aid that is being extended to agri"'
| ture by the recent amendments to
| farm loan act. With this latter
\ the banks are in a position TO meet
| the proper financing Requirement
| the nation with ease.
] Another Stock Offering.
| Bonbright e. Co., Incorporated.
| today offering an issue of S1.JtH'
of the Tennessee Electric Power 60
| pany per cent cumulative first pr
| ferred stock at 81 and accrued diy'
dends. to yield about 40 per cent.
| The company controls one of u,
| most extensive and important system,
| of properties in the United States or
| gagged in the generation, transmissio1
! and distribution of electric energy
/ largely from water power. Durin
| the past five years the hydro electric
| stations have supplied over 80 per
| cent of the total electric output OF
the system.
| Gold Stock Increases.
| The gold stock of the United States
| increased S26,413.913 in September u
s4,135. .466,456. new high record.
| The increase since the first of the
year totals 201,990,S41, with consist
entity large gains in the last tVe
months
| For the first six months of 1923 the
gain was s115,575.2S2, an average of
$19,2G9213 month: for the next
| three months the gain was SS6,315,559,
an average of S2S.771.S53. Some of
i the imports in September were sup
posed to be for the account Of rBit-
iish government in connection with in
/ terest payments to the United States.
Markets Close Tomorrow.
| The principal markets of the coun-
, try, including the Washington Stock
Exchange. will remain closed tomor-
row. the holiday being occasioned by
Columbus day.
August Earnings Report.
| The American Telephone and Tele-
graph Company has reported an
operating income of $2,436.741 for the
month of August. 1928. to the Inter-
| state Commerce Commission. This is
same month of last year.
For the eight months period end
ing with August. the company has
earned s20.544.347. an increase of
s2.636,743 over the corresponding
eight months period of last year.