Evening star., 1926-04-03
LOCAL EXCHANGE
TRADING IS LIVELY
Unusually Large Number of
Sales Cover Wide Range
of Issues.
BI EDWARD c. STONE.

Exchange started off at a very lively
pace after yesterdays holiday. there
being an unusually large number Of
Sales covering a wide range of issues.
me irst sale was i'm Capital Traction
nVeS which came out at 1901 later
selling of fraCtionalIy to T,ar. Wash
lngton Railway & Electric recorded
one sale AT 81A, while Railway and
Electric changed hands in two
transactions at 1923. There was one
transfer IN Chesapeake 4 Potomac
elephone at 100 and the final
BOND trading took place in Washing
ton Gas which opened at 1O3Is
ana then slumped on two small sales
TO l02L
stock of the Capital Traction co.
opened at l04. advanced on the next
sale to lO4A and gained another
quarter of point at the close, when
Two lO-share lots changed hands at
IO412. Potomac Electric Power pre-
1erred also gained ground during the
session, starting with two transactions
at lO5A and rising TO 100 at the close
washington Railway and Electric
preferred, came out on one sale at 90.
District Of Columbia Paper pre
ferred registered at IS. and FIVE
shares Of Merchants Transfer and
storage preferred sold half a point
above par. Two bank stocks were
also out today, the first being 10
NhafeS OF Continental Trust Co. which
again changed hands at 100. Wash.
IhSton Loan and Trust TO stock sold
10 The extent of two shares at $50.
ne new stock Of the Mergenthaier
LlnotNpe 90. was listed on the ex
change for the first time todav and
was voted TO discontinue trading i'm
the old Mergenthaler stock on April -.
Bankers Give Novel Radio Talk.
Il. J. McQuade. vice president of tho
hipefty National Bank, and John NJ
l'ioluoh' cashler Of the Bank of Com
IiieIce ana Savings, engaged in a
sflappy dialogue over the radio Ia
evening on the subject of borroufra
money. the talk being another i'm the
educational series under the auspices
OF the American Bankers Association
ne program was divided into two
parts. The first loan asked is refused
because OF poor collateral due 10 lack
VI SuiHclent insurance on propertv
NE insurance, poor credit record in
the past, unwise real estate invest
ments and loose methods in business
| In the second part of the program
tne man asking the bank for A loan
VINO In this case was Mr.. Riordon. TO
! turns after two years and makes an
| other plea to borrow money. lie has
| no" braced up his business, improved
! ms credit, taken out more inslIra nee
| on MS property and OH his life. bought
| some nrst-class stocks in the place Of
the worthless ones which he first Of
tered as collateral, kept his checking
| account at much larger figure and
| IN short. placed all his affairs on a
soma business basis. He has carried
/ out IN full the suggestions made bv
| MS banker when he was refused a
/ loan the first time he asked for il.
| Inc conversation brings out exactly
| what is happening in every bank every
! day. The customer is very often 10
! FUSED a loan because his collateral Is
worthless OF nearly so. He thinks his
/ honesty Is questioned, when il is really
! nothins but his bushes sagacity. The
advantage Of consulting banker on
investments, so that a person has sub
stantial collateral for any emergency
is one Of the leading points presented
| IN the dialogue. While character
! capital, capacity and collateral" are
/ the four big ''C'S" of credit. the con
| versation indicated that people often
nave more character than first.class
| collateral
Price Trend Still Downward.
| The downward trend Of wholesale
| prices was somewhat less marked this
week, yet for II consecutive weeks de
lclines in Dun's list have predominated
| OF total Of 20 changes. As were re
| ductions this week, against 50 last
week out of 90 alterations. The
course of the markets A year aSo aIsc
I CT r~1r-
| 81 declines and Is advances. a fea
ture this week was the renewed dc
preston in hide prices. which not un
naturally affected the leather trade
and some textiles went down again
| though more Steadiness seems TO ht
developing in that quarter In mos
instances wholesale quotations are he
low those of year ago, and some q
the foodstuffs. such as corn and rye
are notably lower.
Stocks Weak. Business Sound.
| NIoody's Weekly Review of F'inan.
claI Conditions says, in part: ''Tw,
interesting features are the speeC
with which this downward move
ment has progressed and the com.
plete impotence of the bonuses anc
extra dividends which were so stinlu
latirg to the market few months
ago
The late overextension of Wal
| Street commitments and the feverisI
selling out by pools and speculator.
account for the rapidity of the ne
cline. Our industries and our ma
tional and corporate finances are ir
| a sound condition.
Money rates are likely to decline
beginning almost inmedia tely, anr
I before a I-
| witness per cent time money an
81 per cent call money
Credit Demands Increase.
| Increased Spring credit demand,
| were made evident in the EichmonG
Federal Reserve statement for thi,
district for the last week in March
revealing an increase of S3.033.00O ir
total bills discounted by member
banks. Total rediscounts shown ir
the statement as of March 81 were
$45, 1857 900, against S42,354,000 the
week before. This is substantial,
above the volume of discounts dur.
ing the corresponding period yeai
ago, when the total was S34373. .00o
Bills bought in the open merke
totaled $10.443060, against stO.513.
600 the week before and $12.S34,000 9
year ago.
| Total reserves of the Richmond in
stitution declined 1876 900. 10 SOS.
262 900 Note circulation was re-
duced $4,000 and member bank de
posists S497 900.
In consequence of the variations
the ratio of total reserves to dc,
post and note liabilities was SAC
per cent. against 6s.26 per cent the
previous week and 1852 per cent p
year ago.
More Cars Available.
Class I railroads on March % haC
| 213,780 surplus freight cars In gooo
| repair and Immediately. available fol
| service. according TO reports filed here
| today by the carriers with the Amer
can Railway Association.
-. ,>F