Evening star., 1924-04-30
D. C. BANK CLEARINGS
in APRIL $96,34O,577
Rates Above the Record Made in
Any Previous Corresponding
Period.
CHECK BUSINESS ADVANCES
Review of Trading Today on Local
- Exchange.
BY CHARLES p. SHAEFFER.

Clearings of Washington banking
institutions during the month ending
today amounted to s96,340,577, which
| represents a new high record for
this period. In the corresponding
month last year they totaled only
$50, 702,240. while last month they
aggregated s93,O35,755
The months exchanges are. in fact.
exceeded by only four months
May and June of last year, when thr
figures passed the hundred million
mark; in December last and in Jan
uary.
1t was pointed out ov Charles l..
Bright, manager of the local clearing
association, that check transactions
particularly those Of the larger
banks, have been exceedingly heavy
during the period in review.
Local banking institutions viii un-
doubtedly establish a high record for
the year IL the present pace can be
nalntained as an increase of more
than s2l,OO0.0 600 is already seen for
the year to date over the correspond
ing four months of last year.
Lower Rediscount Considered
Directors of the New York Federal
Reserve Bank are again, this time
seriously, considering the question
of reduction of the rediscount rate.
AdVices reaching here say they have
oeen sounding out in an informal
way, the opinion of other bankers
and business interests whether
lower rate is warranted at this time
or not They realize, il is reported,
that there has been some slowing
down in business and that money
shows signs of banking up in the
financial centers.
For that reason it is thought the
present level is rather artificial and
is due for a break in rates. The
question before the New York direC-
tors, it seems, is whether they would
not be justified in anticipating this
break by unpegging the money mar
ket. The consensus seems to be that
such action would help business all
around. and some are looking for Il
lower discount rate either this week
or next.
The discount rate has been un-
changed since February %, last year.
when it was raised from per cent b.
New York, Boston and San Francisco.
followed eventually by the remaining
nine members of the reserve system.
If such action was pursued by the
New York institution it is safe TO
say corresponding reductions would
be put into practice throughout the
entire system.
p, Il. p. Company Net Income.
Power Company amounted to s120,389
in March, an increase of approx
mately $4,000 over the correspond
ing period of last year.
The net for the first quarter OF
this year amounts to s414,702, an in
crease of s96,711 over the correspond
ing three months of last year, while
s360,652 has been added to the i'm
pounded fund. This fund, repayable
to consumers, if hereafter ordered by
Mt n lie wi aT TE1H.
$500, 900.
Annual Dinner to Bankers.
Harrington Mills, an official of the
Commercial National Bank, last night
rendered his annual dinner to officers.
directors and employees of the Com
mercial and the Mount Vernon Saw
! ings Banks at the Harrington Hotel.
Good fellowship was the keynote
of the evening, which was rendered
conspicuous by the total absence of
speechmaking. The affair was en-
livened by varied displays of talent.
drafted from the ranks of the ban
Queters. Dancing followed.
At the same time the Riggs Bank
Club was holding a dance in the
mezzanine of the parent institution.
Report of the Western Maryland
railway for the year 1923 shows
net income of s1,671.16S after taxes
and charges, equivalent to $9.41 -
share on the Z per cent cumuiau
first preferred stock, on which IL.
dividends have been paid to dafs.
After allowing for the annual divi-
dend requirements on the first pre-
ferred and per cent on the second
the balance is equivalent to 5 cents
a share on the S49,426,09S common
stock.
Trading on Local Exchange.
Southern Building 6la per cent
| bonds enjoyed their initial trading in
today's session on the local board,
total of $4,000 selling at 80 II. Rail
| way As sold to the extent of $4,000 d
| 73, and a sale of $500 Capital Traction
5s at 80 concluded business on the
| investment side of the market.
Activity in Commercial National
Bank stock brought about :,
change in ownership of sixty shares
at 1855 and upward to 139sa. Trac-
| tion stock sold at 93A, and Washing
| ton Gas Light stock was strong at