The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-02-12
BETTER BUSINESS
MOVE CONTINUES
AT ERRATIC GAIT
Recovery of Exchange
Aids Retirement of In
ternational Situation.
OTHER LOCAL NOTES
p.C.Securities Dull But Firm.
Richmond Reserve Lowest
of Reporting Banks.

me movement toward better
BUSINESS conditions continues, but
= Sow and uneven, and encoun-
FRS various obstacles. according, to
weekly review of trade, COM
ied by Dun and Company. Efforts
reduce production costs through
oJustments of wages and working
ours meet with resistance in some
usrters, and labor troubles at GER
an points have further restricted
ne public consuming power. Re-
uits OF retail distribution disclose
innuence of economy and dis
minaton in purchasing and the
nect OF variable weather, while
emands in different primary chan
.S reveal an unmistakable under
irreh Of hesitation and caution.
ne gains which appear. however,
or wholesome character. II mod
rate. and the Improved position of
e steel industry is especially err
At prices much below the previous
gnest levels some buyers who had
Ierred commitments as far as
ossiole during the period Of dena-
on are now more disposed to op-
ate. and the trend is steadily in
direction OF increased outputs
some manufacturing establish
ents. While the many existing
resularfties prevent a generally
Foraole report on business, the
etors which will govern the sub
quent course of markets are
AMY reassuring, and there is a
nnoent note in forecasts of fu-
IRE developments.
An
reign exchange. although parity
pc to speculative transactions, ar
rds evidence OF betterment in the
International situation, and renew
easing of domestic money rates
me quickly after the first of the
onth requirements had been sat
ped With the stronger funda-
ental conditions. the present pros
pct Is for a continuance of the
oadeninE OF commercial artivities
ong gradual and conservative
nes.
Local Securities.
Yesterdays session here was a
ntlnuation of the character pre-
linS duTing the past week.
Ansactions were again restricted.
only feature being the strong
ne shown. Mergsnthaler Limo
pc had sales aggregatinE Il
ares, twenty Of which were maze
lf2. the other at 1421z. Lam
pn held firm at "a. Capitai Trac-
n enjoyed a good demand, IS
nres selling At s5S and an odd
n the bond iIst. Washington Gas
$ had one sale of $1,000 at
pa. while D like amount of Po-
moe Electric consol. IS changed
nds at 81,
Richmond Reserve Ratio.
he Fifth Federal Reserve district
ported . gain of four points in
ratio of reserve to net deposits
d Federal Reserve note liabilities
Fing the past week. the figure
~ standing at SIS as of Febru-
compared with 4s.5 on Febru-
j. Incidentally. this Is the
vest, by far. OF any OF the twelve
porting banks.
Places Loan on Terminal.
rEe Washington. Baltimore and
klapolis Electric Railroad Com
" has pledged its Washington
ninal, including real estate.
ldings and trackage rights, un-
the indenture securing~the COM
hy's first mortgage per cent
nds, according to an announce
Mt.
These properties. which cost the
npany in the neighborhood of
0, 900. have heretofore been free
the first mortgage lein. 1t is
nted out that this places the
npany in a position to issue and
khdraw at its discretion $1,000
value OF first mortgage bonds
each $1,000 expended to date
Dn the terminal
Preliminary figures on last years
-nings of the company show net
rome after operating expenses
n taxes of s7s0.4s9. as compared
IN s636.622 the previous year. an
crease of about "a per cent.
inter fixed charges, amortization
n miscellaneous expenses there
nained a balance of S230.53O, as
impaired with s236.62s in 1920.