The Washington herald., 1922-01-10
CAPITAL TRACTION
RISES FURTHER ON
LOCAL EXCHANGE
Security Sells at 97A in
Closing Transaction
Of Session.
OTHER LOCAL NOTES
Crissinger Urges Limitation
On Rediscounting in Annual
Report to Congress.

further advance to a new high
on the part of Capital Traction
stock featured the session on the
Washington Stock Exchange yes
terday. This issues initial trading
was made at 81 on sales aggregat-
ing twenty-three shares, followed
by a rise of u of a point on the
following transaction involving
seven shares, then receding to 9sls
on a two-share sale made after
call.
Railway preferred sold at IS, and
small sales Of Washington Gas
brought out a small advance of Il
point. the stock closing at so.
Continental Trust Company stock
sold under par for the first time
In several weeks, twenty shares
changing hands at 9Sh. Mergen-
thaler Linotype likewise suffered
moderate declines, opening at 1870
and closing at 1919 in sales
amounting to fifty-seven shares.
Lanston Monotype sold at 72
throughout the session.
In the bond list, Washington
Gas tbs further demonstrated their
strength by advancing to 1857
after opening at los. Capital Trac-
ton 5s sold at 94Z and Railway IS
at ssh.
Call money was offered at per
cent with per cent bid.
Hughes Finance banquet.
The sales force OF the Hughes
Finance Corporation was rendered
a banquet by the firm at the New
willard Hotel last Saturday night
in commemoration OF a stock SELL
ing contest which ran during De-
cember Of last year. Miss Bard
ing. by reason of the best average.
carried of the first prize. which
consisted of a gold-platinum bar
bin studded with diamonds.
CrissInger submits Report.
Limitation of privilege of redis-
counting bank paper as a means
Of extending credit was recon-
mended to Congress yesterday by
d. r. Crissinger. comptroller Of the
currency. in his report for the year
ending last October 81. Redis-
counting of one banks paper by
another bank is, at best. he said
"a questionable procedure" and Is
liable to become a menace when "a
bank pyramids its credit" through
misuse of the privilege.
II feel that recent experience ad-
monishes us of the need for limf-
tations and safeguards against the
possibility of excesses," Mr.. Girls
singer said. IF the law had placed
a wise and proper Limitation upon
the extent OF these rediscounts,
very few national ba nlxs. In my
opinion, would have failed or even
been gravely embarrassed"
Records Opposition.
The comptroller recorded his en-
phatic opposition to the tax ex-
emption proposed by Congress OF
$500 of income received from money
invested in building and loan as
.isociations, declaring that 1t offer:
"a new method for the taxdodger
is undesirable and class legisla'
ton" He reiterated sundry recon-
mendations to meet changed con.
.,dition in methods of banking" all
f'of which. he said, already have
been embodied in resolutions pre-
scented 10 Congress.
Mr.. Crissinger devoted consider
liable space in his report to ar
encomium Of the national banks OF
throughout the trying period OF
HIast year demonstrated a mos,
impressive stability. strength and
soundness of management"
. National banks chartered during
the year totaled 1853. the report
showed, with aggregate capitalize
ntion Of s20,005. 900. In the same
period thirty-four banks were re-
ported to have failed and ninety
three to have gone into voluntary
liquidation.
State commercial banks showed
the greatest increase for any single
class OF banking institution, the
comptroller reported, growing from
1875 to 1855. with aggregate re-
sources increasing by S1sO.o0O.0oO
Loan and trust companies increased
sixty in number. but decreased
sI3s,000.00o in resources.