Evening star., 1928-06-08
TRADING IS ACTIVE
ON EXCHANGE HERE
Reduction in European Buy
ing Reflected in Decline
in U. S. Exports.

Trading was active on the washing
| ton Exchange today. with prices hold
| ing for the most part firm, although
Chestnut Farms common moved ur
from 81 yesterday to a sale of 10 shares
| today at 95. Three blocks of Chestnut
/ Farms preferred sold at 1o4i2.
| Capital Traction Co. was off ar
| eighth, at l09is. and Capital Traction
| 5S fell off one-Quarter to i033A on a
| sale Of $4,000.
Washington Railway preferred was
| steady at 100 }. while Washington Rail-
way general IS turned over in the sum
| of $4,000 at 1925.
Mergenthaler continued its upward
trend. going to 102ia eX-dividend on
one transaction Of 10 shares.
European Buying Falls or.
Reduction in European buying was
shown today by Commerce Department
figures to be the chief cause of decline
! i'll American export trade for April. Eu-
rope took less American goods during
April than during the same month a
year ago by almost $4,000, 900. There
was, however, a decline in most quarters
of the world for American exports. and
the same contraction was noticeable IN
import trade.
Exports to Great Britain for April
were S57,056,4l6, against $64,67i,3l in
April last year, while imports from
Great Britain were $23,084,l22 against
SGT. T62. .297. for the same period.
Exports TO Germany were $29,435.037,
against S35 .99S .548. while imports from
Germany were Sl6,7I2,396, against $l7,-
Sl737S. Exports to France were Sl3,-
lS0.992. against $l7,0690 009, and inn
ports from France were $l0,433, ,049,
against $l3,454,009.
Railroad Earnings.
Glass I railroads in April had net
railway operating income amounting 10
S7nsS4655l. which for that month was
at the annual rate Of return of 4.07 per
cent on their property investment, ac-
cording to reports just filed with the
Bureau of Railway Economics. In April,
1927, their net railway operating in
come vas $73 502,575. or 4.33 per cent
on their property investment.
Officials of the Washington Chapter,
American Institute Of Banking, are
carrying on vigorous campaign IN be-
half of T. IIunton Leith, assistant cash.
Ter of the Security Savings & CONNER
cial Bank, for election to the executive
council of the institute, which meets at
Philadelphia June IS to %.
William c. Hammett, who has been
regional supervisor for the Columbia
Casualty Co. and Ocean Accident g.
Guarantee Corporation, with offices here,
has become associated with the George
II. Price Co.. Inc, general agents Of the
New Jersey Fidelity & Plate Glass In
surance Co.
Gains Amount to $500, ,00O, 600.
Aggregate gains of more than $780,
900. 900 were made by 100 stocks dur
ing April, according to the monthly
compilation of Frazier Jelke & Co.
Although more than half of the stocks
registered losses for the month. the
net gain In market value was IL per
cent
The 30 rails declined In market value
IS per cent. while the II oils depre-
ciated SIS per cent during April. Slight
decreases were also noted IN the food
products. rubber and equipment groups.
Describing the open market opera
tons of the Federal reserve system last
night in the Halsey, Stuart g. Co. radio
hour. Gov. Roy A. Young Of the Fed
eral Reserve Board declared: Briefly,
the theory Of the open market policy is
that when the system sells United States
Government securities such action usual
ly has tendency 10 tighten credit. and
case IN credit is usually created when
the system buys"
In open market operations Federal
reserve banks do not operate as inde-
pendent units except in rare cases."
he. said nor do they follow the man
dates Of the Federal Reserve Board or
any particular bank" Gov. Young
praised the system, saying that through
Congress ''you have given yourselves the
most efficient credit structure ever de-
Vised by human mind and around that
credit structure have been placed many
safeguards for your protection" The
system was referred to by the governor
as "one Of our most valuable assets