The Washington herald., 1922-06-28
FIN a N ClAL
CAPITAL TRACTION
STOCK SELLSAT 100
ON LOCAL CHANGE
First Time in Years; B. &
o. Earnings Show
., Steady Rise.

Capital fractions advance to par
was the outstanding feature to
trading on the Washington Stock
Exchange yesterday. This issue,
which has been conspicuously
strong for the past several months.
pleased its hackers by opening at
the coveted figure. and selling at
100 all during the session. Thirty
four shares changed hands, the Sc
CURLY closing firm with 100 bid
and 101 asked. This is the first
trading made at par in several
years.
washington Gas stock continued
relatively active. eighty-seven
shares changing hands at 59ll.
Washington Railway and Electric
prst.rred accomplished a slight ad-
vance from TAI to rs on sales ag-
gregating thirty-eight shares. while
the common showed a slight recess
sion to 49is. Ten shares of Ameri-
can Security and Trust stock sold
at 225. as did a like amount of
Commercial National Bank stock
at 40.
In the bond list. Traction SIS sold
at -, with a small lot of Railway
Is selling at IS.
r. & o Earnings.
The net railway operating in
come of the Baltimore and Ohio
Railroad Company for the month
of May. 1922. was considerably In
excess Of the corresponding period
90 1921. according to statement CT
earnings. The net income. accord
ing to the statement. for the cur
rent month amounted to S25O4.4s7
as against s1,6s5,449 for the prev
ious month. or an increase of
ssls,83s.
Railway operating revenues for
the month increased S1.139.O14 to
Sl6.S61.T52. with operating ex-
penses showing a decline of S2O.42S
to s13144.S94. Total deductions
for the period amounted to $1,2l2.-
31I. the greatest expenditure being
for railway tax accruals. s729.65I
For the five months period of
1922. the net railway operating in
come of the carrier has amounted
to sl1.913.963 as against S7.3O9.33l,
or an increase of S4,6O4.6 32. Dur
ing this period operating revenues
have increased by s1,1s3,717 over
the corresponding period of 1921.
while expenses have declined to
the extent of si.523,O59 over the
same length of time.
Federal Reserve Rediseounts.
Redlscounts of member banks
with Federal Reserve institutions
have declined approximately S3.OOO.-
100000 from the high. Rediscounts
Of war paper for the entire system
now total only s14O.713.OOO. At the
peak such loans were sI.s63.476. 900.
Shrinkage totals s1.722 1853. 900.
At present rediscounts secured
by commercial paper are only
S2SO.s55,O00. At the high point ODE
Cember 5. 1920 they were SI.616,-
1l6.O00. The shrinkage in such
loans within the system has been
sl,335.261. 900. Decline for both
classes of paper, therefore, is
s3.O5s.O24.OOO.
This improved situation has had
much to do with the easier money
rates prevailing today. Lower Fed
eral Reserve Bank rates, too, are
a result
New York Ranks Sixth.
At present five Federal Reserve
districts have total rediscounts in
excess of those of New York. Chi
caEo banks are the largest Dor
rowers at the Federal Reserve Re-
discounts there aggregate s6O.OO2.-
OOO.- San Francisco ranks second
with S46.763.O0O. Philadelphia is
third with s44.176.OOO. and CIeve-
land fourth with $4,000. 900. Rich
mond ranks fifth with a total Of
S4O.553,00O. while New York's total
is only s33.593,O00. ST. Louis is
lowest. with rediscounts of only
s1s,s4T.OOO.
Nine other Federal Reserve dis
tricts have larger commercial paper
rediscounts than New York. Chi
cago also leads here with s42.494,-
900. San Francisco again ranks
second with commercial loans Of
S37,462.O0O. Dallas is third with
s3o,s92.000 Fourth largest Dor
rover on such paper is Richmond,
followed by Atlanta, Minneapolis.
Cleveland. Kansas City, Boston.
New York. st. Louis and Philadel-
phis.
Philadelphia is the largest Dor
rover On government or war paper,
s:11s totaling s32.765. 900. Cleve-
land ranks second with S229 900.
New York third with SIS. $4,000.
Personal.
Peyton Cochran, vice president
Of the Planters Bank of Staunton.
Va, and son, is visiting his
brother. John B. Cochran. president
Of the Franklin National Bank.