Evening star., 1922-08-28
BONDS ARE HIGHER
!. ON LOCAL MARKET
Stocks Slow, But Held
StrongIy-Heavy Govern
ment Maturities.
BY L. A. FLEMING.

Today's session of the local stock
exchange was given over very large
ly to trading in bonds and almost
without exception securities of this
character presented a firmer tone.
This was true in the case of Capt.
tai Traction 5s, which advanced to 90,
In Washington Gas 5s, which opened
at 81 and closed at 94k, and in the
75 per cent notes of the Washington
Gas Company. which brought log.
Bid and asked prices on the inact-
i've group of bonds. including many
that are usually on the trading sheet.
indicate no disposition to increase
buying by lowering prices.
Typesetters were strong at so for
Lanston ex-dividend and l55 for
Mergenthaler.
Street Railway shares were entire
ly nominal, Capital Traction and
railway failing to develop any bus
mess whatever. The bid price for
the latter was 1888, with none offer
ed under 104h
Hallway common was 55 bid and
56h asked, buyers and sellers too far
apart in their views to consummate
quoted ex-dividend at "a bid and
ISM asked.
Elsewhere throughout the list firm
ness was evidenced.
Government Maturities.
Within the next nine months the
government will be called upon to
redeem various obligations amounting
to s4,1S5.497,400.
In this total are included 81. 600. .000.-
600 victory notes called for payment
December Is, 1891 ,0S3 400 vitory notes
called for payment May 20. 1928.
|$1.569.314.000 Treasury certificates
maturing September Is. December Is.
March Is and June Is, with $685.
100000 war savings stamps due with
the 1st of January. 1928.
That the government will have to
refund these maturing obligations is
admitted.
Naturally the course of the money
market will be watched with great
interest by Secretary Mellon. He has
kept close touch on financial condi-
tions and has shown his faith in low
rates by shortterm financing rather
than by putting out long-term bonds.
and to date his policy has been dictat-
ed by wisdom.
Call money. as dominated by Wall
street. has maintained an average of
about Az per cent for the year, as
against fully per cent in 1921.
Financiers do not look for much
tions of increasing business and a
better demand for money with the
ending of the strikes may be realized.
With so much financing to do, Sec
retary Mellon may find money rates
sufficiently attractive to warrant some
long-term financing.
With a general stiffening in rates,
short-term certificates would proba-
bly, be used to tide over the strin-
gency, if there is any.
Baltimore and Ohio Earnings.
Monthly statement of earnings Of
the Baltimore and Ohio system for
July, released this morning. show a
decrease in operating revenue of ST.
593.75O; in operating expenses de-
crease of $2,05S,6s9, cutting down the
net loss from railway operating in
come by s535,061.
Naturally this tells the story of
the loss of the great coal carrier of
its share of the soft coal normal trans
portation.
The net railway operating income
for the first seven months of the CAL
endar year, s15,s05.362. compares with
Ss.657.246 for the same time in 1921,
a gain of $6,14S.116.
The heaviest loss for July was in
freight, $2.512,27s; passengers. $780,
073.
other coal roads will show like
losses.
Working on 1917 Returns.
Auditors of the internal revenue
bureau are working under a show of
speed in an effort to complete the ex-
animation Of the 1917 income tax re-
turns before March I, 1928. when the
five years allowed for review and ad-
justment will expire.
This does not mean that examina-
tions have not proceeded beyond that
date, as many later returns have been
ma SSed unoD