Evening star., 1926-04-24
TRADING IS LIVELY
ON EXCHANGE HERE
Few Price Changes Record
ed, However,. L. Ed
wards Has Grandson.
BY EDWARD C. STONE.

Gas Light stock again led the market
IN number of sales there being six
transactions recorded, involving the
transfer of 90 shares at 673s, practical
~ the same price level that has pre-
vailed throughout the week
National Mortgage and Investment
preferred was also we'll TO the front i'm
trading, two sales of 5O-share lots and
one Of a 1O0-share lot being recorded
at S1s. Potomac Electric Power pre-.
ferred registered two small sales at
lO7 and stock of the Capital Traction
Co, which has been very quiet dur.
ing the week, came out at 10412 on
sales totaling but nine shares. There
was one sale of Lanston at So
On the bond side Capital Traction
5s stood at 9912 on three transfers in
volving $500. Washington Railway
* Electric general and refunding -
sold at 1894 on d s3 900 turnover. IN
the unlisted department FIVE shares
Of Departmental Bank stock brought
6I2.
john l.. Edwards. president of the
exchange, was heartily congratulated
by members today over the arrival
in his family of grandson to MI
Edwards daughter, Mrs. John T..
Parker. Both mother and child are
doing well and the new arrival has
Parker, which naturally makes HI,
grandfather doubly pleased. Tradin2
on the local board today, or the sharp
advance on the New York Exchang.
yesterday, were matters of lesser i'm
portance to Mr.. Edwards in compari-
son with the big news at home.
Bank Clearings Show Gains.
Bank clearings showed further in
in he
United States during the week. the
aggregate being $9,269 ,265 900. This
is gain of IA per cent over the
same week a year ago. Dun's reports
that the clearings In New York CITY
totaled $5,779 900 900, while those at
outside points reached the sum Of
$3,490, ,265,0 900. The largest increases
were al Seattle, Los Angeles and San
Francisco. Average daily bank clear
lngs for April to date are 50 per cent
in excess of the average for the cor
responding period of 1925.
Washington is keeping up with
| other cities in gains in clearings The
Washington Clearing House reported
an increase of more than $4,000 900
during the first half of April in COM
parlSon with the first two weeks in
April a year ago. 1t is believed that
the Improvement in the weather and
It's attendant advance in retail trade
nave Kept up proportionate advance
In clearlngs here during the past few
days
Bank Rate Arouses Interest.
Wide interest was manifested here
IN the reduction in the Federal Re
serve redlScount rate in New York
10 312 per cent. The rate at all the
! other Reserve Board centers, includ.
I iSf1 int
| ters IN Richmond. remains at per
| cent. The reduction in New York
Is the first change in the rate that has
been made since January 9. 1t brings
up the question whether the other
Reserve banks will follow the lead
OF New York and lower their rate.
Inc next meeting of the directors
of the Richmond Reserve Bank will
he of more than usual interest 10
bankers in Washington. A rule.
the rediscount rates charged by al
the Federal Reserve banks eventually
work around to the same level
Corporate maturities in May are
in the aggregate larger than usual.
, but will not provide much new
! financing. as most of the issues fall
| ing due have already been provided
| for through new bonds or payments
! out of treasures. Total of corpora
ton issues maturing is Sos .928 .920.
against S3394S. $50 in April and SOS
| 981 800 in MAY. 1925.
sPublic utilities have the largest
amount of issues falling due next
month. $50 .S20. .790. against $12.62S.9s0
railroad and $13,919,150 industrial ma
/ TURTLES. Largest and most important
issue falling due is United Railways
| Investment Co. $12, ,496, 900 first 5s
due May l.
| Among the railroad bonds. which
fall due are Norfolk and Western
equipment trusts of 1912 in the
amolint of 500 900 and Baltimore and
OHIO equipment trust B notes in the
sum of $543,000
Capital Leads Baltimore.
| While Washington National banks
showed a marked increase in depos-
/ its in response to the last bank call
Baltimore national banks were not so
lucky. The Baltimore banks showed
a drop of more than $4,000, 900 in the
period since the December 81 call, al
though they had a gain over the same
period year ago.
| 1t has been noticeable that recent
railroad reports have said very little
| about the effect of motor busses on
| their passenger business, although
| they have referred often to motor cars
The reason for the change in front is
said to be the fact that the railroads
have been taking over more and more
I of the bus lines for their own opera.
| ton.
| Canada has just established Farm
Loan Board. which is patterned after
the United States Farm Loan Bureau
which has made loans of millions TO
the farmers of this country.
RuVinC has shown n small increase
! in the South during the past week.
| according to weekly report of the
| Credit Clearing House. Credit also
| shows an increase in all but the Pa
cif1c Coast section.
Capital Flowing Into Bonds.
Moodys Weekly Review of Finan-
| cial Conditions says, in part: Trade
opinion is now becoming less optimiS-
| tic, and this passing of overconfidence
| tends at once to restrict the volume of
stock trading and to speed up the cor
| rective processes which are usually
| known as q business depression.
"A minor trade depression like this
can he relied upon 20 correct itself
| Even the sharp decline in the prices
of commodities and raw materials
should tend. first, to restrict produ"-
| tion of these materials; second. to rc
| duce employment and increase labor
| efficiency: third, to cut production
costs and increase margins of profit,
and thereby ultimately to bring on Il
trade revival.
| "Those dangers which the bond
market faced last Summer have now
almost wholly disappeared. Specula-
ton in real estate, stocks and build
| inss is now small, and released work
| ing capital is flowing into the bond
market Subject to normal seasonal
, reactions. long term bonds should go
much higher"
Local Financial Notes.
Local broker offices have COM
| pleted arrangements for the change
4n Ba NnxR~ Vr.slr