Evening star., 1922-05-27
LOCAL SECURITIES
IN GOOD REQUEST
Bonds, at High Prices-MeI'
lon and Meyer See Bet
ter Business.
BY /. A. FLEMING.

!. Toppy prices prevailed on securities
traded in on todays session of the
local stock exchange. There were
quite a number of buying orders
while commissions slightly under
current prices were numerous, but nc
shading of prices was in sight.
Potomac General Improvement and
Refunding Is were active to the ex'
tent of the offerings at 107.
Traction 5s were firm at 9Sh anG
the bid prices were well maintained
on all issues in which there were nc
transactions.
Railway common was decidedly frn
at 40 to 4OA. The preferred sold al
69A.
Washington Gas was strong at 56h
increase in the dividend rate on Gas
! shares, especially during the perioc
of uncertainty as to the cost OF Goa
and other materials entering into the
manufacture of gas.
The typesetters were nominaiiS
steady.
C. e. p. Earnings.
Chesapeake and Potomac Telephone
Company reports net earnings for the
month of April at $101,36S. an in
crease of about $4,000 over the re-
ceipts for the month Of March.
Better Business.
Judging from conditions at Wash
ington, business is righting itself.
This is what Secretary Mellon told
his Pittsburgh friends.
Pittsburgh bankers receive on re-
deposit the tax money paid in by the
people of the city until such time as
needed.
Washington bankers need the mon
ey as badly as do the iron bankers
but they are not fortunate enough to
be treated with as much considera-
ton.
Nearing the Normal.
Eugene Meyer, jr.. managing di-
rector of the War Finance Corpora
ton, in an address just delivered be-
fore the Georgia Bankers Associa-
ton, declared that there was a
STEADY improvement in farm condi-
| tions, general business and in bank
ing conditions"
AS a helpful factor in recent prog.
| ress he mentioned loans. authorized
by the War Finance Corporation. OF
s347, 900, 900 since the spring of 1921
which had relieved banks. checked
decentralization and supplied con-
fidence."
He called attention to the fact that
steel plants operating at 80 per cent
a few months ago are now operating
to rs per cent, he further mentioned
the fact that the interruption of the
War Finance Corporations activities
in 1920 was factor In the distress
caused by the collapse in May, 1920.
"If it had been allowed to function
cotton might have declined gradually
to present levels instead of dropping
to cents"
mo longer ago than last August
I urged Congress to pass bill to al
low the War Finance Corporation to
buy securities from the director gen
eral of railroads that he might be in
funds to make settlements with them
1t did not seem possible to market
them on the general market.
AT that time there was not one
banker or one railroad man who did
not consider the situation hopeless
but few weeks later 1 sold $250.000.-
600 worth of the best equipment
trusts. Today, after settling with
railroads representing 40 per cent OF
the mileage of the United States, the
director general has more money to
his credit than when he took once.
Baltimore and Ohio Earnings.
Baltimore and Ohio earnings for
April are made public this morning
The operating revenue Of the system
for the month totaled $16.31s.711, OF
which s12.s19.92S was from freight
and but s2.2S9,ss2 from passenger
revenue. The increase in the net as
compared with the same month last
year is s365.432. Operating expenses
were $12,477,671. a decrease of $327,-
963, as compared with April, 1921.
Net revenue from operation. 49,
$4,000, an increase over a year ago
same month. of $693.395.
Net railway operating income in
creased in the same comparison
s396.036.
More generous treatment was given
to maintenance of way and structure,
s1.7S2,170 more being expended for
this service. while equipment suffered
a loss of $614,26s in expenditures for
the first four months of the calendar
year.
For the four months the net operat-
ing income increased $3,785,594. with
totals of $9,409,476.