Evening star., 1921-03-31
MORTGAGE FUNDS
MORE AVAILABLE
Efficiency of Labor Encour-
aging-PIan to Aid Rail-
r0ads-Local Marker.
BY L. A. FLEMING.

ican Security and Trust Company.
Building operations" he added. for
which we are making some loans. are
many of them very modest structures
at that.
The movement has been helped along
by some slight concessions in the mat
ter of prices for material. and also in
wages of labor. but the increased
efficiency of labor has been quite
marked and has encouraged builders,
even more than the wage concession"
Clayton Act Operative.
The Clayton act is still operative and
has resulted In changed plans during
the passing month, where applications
have been made with a view of adding
to a directory and even in movements s
for higher official position.
At least three separate applications
were made to the Federal Reserve
Board for permission to name a
director of an uptown bank on the
board of another uptown Institution
and each application was refused.
Some officials of banks whose ap-
plications have been rejected fail to
that is effective in one section of
the city and pot in another.
Street Railway Shares Firm.
Capital Traction stock made a new
high on this movement, when it sold
on today's session of the local stock
exchange at S8k.
Railway preferred opened at 5sk,
high mark for these shares. The
stock closed at So.
Bonds were firmer. Washington
Gas 7k per cent notes were back to
100k, and the 5s Of the same COM
pany sold at TIN.
Potomac Consolidated IS brought
SAN, also a new high on this move
ment.
Baltimore and Ohio Earnings.
Operating revenue of the Baltimore
and Ohio system for the month of Feb
ruary shows a decrease of $50',708
in freight earnings: gain of $30S,357
in passenger receipts, and a loss of
$285, ,S02 in express receipts, which in
a manner indicates the falling off in
the purchases of interior and city
buyers along the lines of the COM
pany. Comparisons are with the
same month of 1920.
fell off s440,672.6O. Operating ex-
penses were reduced $2,175,5s7, chiefly
at the expense of maintenance of
equipment.
Net operating income was $61,42O,
as compared with $1,644.066 for the
same month last year.
A Move I'm Right Direction.
The National Association of Own
ers of Railroad Securities made a
movement Of great importance yes
terday and one that may succeed in
bringing about an understanding be-
tween the brotherhoods and the com
panies for their mutual benefit and
better understanding.
The association, through its execu-
tive committee. mailed letters to the
heads of the four great brotherhoods,
practically the operating forces of the
roads.
A suggestion was offered for an
holders representatives and the rep
resentatives of the brotherhoods, with
a. view Of finding just why railroads
cannot make fixed charges. and calls
attention to the fact that the en-
ployes are vitally interested in the
solution of the problem.
April 4, at 1890 am, is suggested
as the date for first meeting of the
committees, at the Hotel Astor in
New York city.
S. Davies Warfield. president of the
security holders organization, is
sponsor for the call for the confer
ence.
Mr.. Warfield suggests that there
should be closer coordination be-
tween the two governmental bodies
that deal with railroads. one adjusting
rates, the other wages. He ciainas
that "one body. sitting in Washing
ton, cannot be expected to success
fully adjust rates and fares to meet
expenses incident to\ railroad opera
ton, while another sitting in Chicago
attempts to adjust wages, the largest,
and most important of all railway
operating expenses, which can only
be met by rates the commission alone is
required to establish"
THE imm ediate necessities" con-
tinued Mr.. Warfield, have to do with
apparent in respect to railroad en-
ployes. and the committee wishes to
assist in this crisis, as indicated by
the letter to the four brotherhoods.
Senator Cummins is right in his
statement that economies are essen
tfal. and through the railroads them
selves. not by extending government
regulation to railroad operation"
The personnel of the committee is of
the highest order and includes bank
officials from all the leading life in
surance companies and savings banks.
Clearing House Election.
This afternoon the Washington
Clearing House Association will elect
a chairman. vice Cuno H. Rudolph, re-
signed.
In the event Of the election of H.
H. Mckee. president of the National
Capital Bank. as indicated, it will then
be necessary to fill the vacancy in
the secretaryship.
One of the younger bankers might
be selected for this position.
Dividend > Declared.
Directors of the National Metropoli-
tan Bank have declared the regular
semi-annuaf dividend of 5 per cent.
payable April Is.
Wall Street Notes.
Sinclair Oil earned $4.74 a share in
1920. as compared with $2.55 a share
in 1919.
United States Smelling deficit. after
dividends, was $548,526.
Chicago and Northw estern will con-
fer with 10000 unskilled employees on
a wage cut.
Income tax payments for the first
quarter in the New York district de-
creased $50,000,00O.
Associated Dry Goods earned $4.11
a share.
The internal revenue bureau finds.
that the Supreme Court agrees with
the views of the solicitor general, in
the matter of the sale OF securities
or property purchased before March
l. 1918, and sold at the same or for a
less sum, no taxable gain accrued to
the investor.
FOREIGN BONDS.
ouofa tons furnished by W. b. HibbS & Co.