The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-12-29
FEDERAL RESERVE
SEES IMPROVEMENT
IN FIFTH DISTRICT
Lower Rates Indicate
Ready Market at Sat
isfactory Prices.
Second National Declares Divi'
dend-Capital Traction at
New High on Exchange.

Business. financial and trade con-
ditions throughout the District OF
Columbia and the States making up
the Fifth district are on the up
grade. according to the Federal Re-
serve Bank of Richmond.
Building operations. 1t Is record
ed. have become more common ana
favorable than at any time since
the iull FIRST manifested itself fol-
lowing the recession of the post
bellum period Many of the banks
in the Agricultural sections have
been able to liquidate frozen loans
that have troubled them for many
months. Debts to Individual ac-
counts as reported by the banks IN
the clearing house cities compare
favorably with previous months and
also with last year.
Another favorable indication for
the revival of business Is the re-
duction of the Federal Reserve
Bank discount rate from So to 3
per cent, indicating products are
| finding a market at reasonably sat
isfactory prices and that debts are
being liquidated.
Last Per Cent Offering.
F. H Smith Company yesterday
announced that following the abb
sorption of the per cent offering
now on the market all new COM
mitments would be made att per
cent
The present loan was made to the
New Hamilton Hotel at 8 per cent
at the same time the Treasury De-
partment was putting out certin-
Gates at per cent
SECOND National Dividend.
At a meeting Of the board of d.
rectors Of the Second National
Bank. held yesterday afternoon, an
extra dividend Of 1 per cent in ad-
dition to the regular semi-annual
disbursement of 8 per cent was de-
clared. which action places the
stock on an 8 per cent annual
basis for 1921.
In addition to the action above
noted. the surplus was Increased by
$4,000 to s260.000. and a bonus Of
10 per cent for every employe was
voted. payable at the end of the
month. Substantial Christmas PRO-
ents have already been awarded the
banks stan. -
Officials state the Second National
is now closing one of its most sue
cessful years.
Local Securities.
Public utility stocks further
manifested their greatly improved
condition yesterday when Capital
Traction. ex dividend. advanced to q
new high for the year. This issue
opened at s5h and moved upward
to IS during sales totaling -
shares.
washington Gas stock likewise
receding to 49k and then advanc-
shares changed hands.
Call money was offered at per
cent with s per cent bid.
b. a o. Earnings.
The net railway operating in
come OF the Baltimore and Ohio
Railroad Company shows a deficit
Of s125,7s1 for the month of No
vember. 1921. compared with the
corresponding period one year ago,
according to a report of earnings.
The net income for the past month
amounted to s1.566.6o1, as against
s1.s32.s62 for 1920, according to the
statement
Thompsop Addresses Rotarfans.
Eugene E. Thompson. OF Crane
Paris and Company, spoke yester-
day afternoon before the Rotary
Club on the Reed OF care in select
ing Investments. He was explicit
regarding some of the ventures OF
questionable character now being
promoted" in Washington.
He also urged support Of the pro-
posed blue sky bill now before
Congress. and an inquiry from
bankers before taking chances in
unknown securities or stocks OF
bonds of corporations not listed on
some reputable exchange.
New silver Dollars.
January the new silver dollars,
known as Peace" coins. commemo-
rating the international conference
now going on, will be placed in cir
culation.
1t is expected that there will be
a great demand for the new coins
Of which much has been written ~
to designs