The Washington herald., 1922-11-18
FEDERAL costs
Gain in October, But
Quarters Expenses
Are Smaller.

Cost Of running the governmsnf
during the month Of October. ls1,.
Increased more than sioo,ooo.oee
over the previous month. it was am
nounced yesterday at the Treasury
Department Total ordinary expen-
ditures for the month totaied sfii.-
ios.7so as against ssol.i32.ols for
September. s11s.o2s.7s2 for August
and s2ls.ss6.s7o for July.
Government operations In special
accounts 10 almost wholly response
BILE for the huge gain shown. prin-
cipally In disbursements made for
the account Of railroads. the War
Finance Corporation. the shipping
Board and the Alien Property funds.
For the three months period end
ing with October 81. 1874. total or
dinary expenditures amounted 20
sl.151.ss4,3ss as against t1.ls3.sss.-
eos for the corresponding quarter Of
last year.
Syndicate Revealed.
r. L. Dame. James +. Fogarty.
Edwin Gruhl. L. Z. Kilmark and
Robert sealy, prominently identified
with the North American Company.
was yesterday revealed as the pur-
chasers Of the block Of q, 500 shares
Of Washington Railway and Elec-
tric common stock. sold by the pro-
tectiye noteholders' committee TO
interests headed by Crane. Paris
and Company. Of his city.
The firm operates exclusively fn
public utilities. and is capitalized
as follows:
s30.000g0O0 (par value. $50 o
share) authorised: issued, s17.s5O:
preferred (par value. $500. per
cent cumulative. $4,000, 900 author
lied. issued. sls.s32.35o.
New Firm Member.
/ Announcement was made yester-
day that James l. Hanlon has be-
come associated with the Washing
ton once OF the Cleveland Discount
Company with ofiices In the Munsey
Building Mr.. Hanlon is well known
in local financial circles. having
been for many years the washing
ton representative Of the +. c. Whit
ney interests of New York and Chi
cago. and also vice president and
general manager OF the Deselektro
Company.
In his new work Mr.. Hanlon will
be associated with George A Hsr-
ris. general manager Of the Cleve-
land Discount Company for this
territory. comprising the District OF
Columbia, Virginia. and Southern
territory.
The Cleveland Discount Company
is engaged in financing large build
ing operations and in the sale OF
first mortgage investments Ths
latest financial statement OF the
company on July 20. last, showed
paId-in capital and surplus OF more
than sIO.ooo.OOo and resources OF
more than $4,000. 900.
Reserve Ratio.
A reduction Of IL per cent in thu
] reserve ratio of the Federal Reserv,
system reflects in part current in.
ceases In trade activity and tbs
tendency OF the season. The figure
still stands at T5.2 per cent which
is. incidentally. "a per cent abov,
that of a year ago Another factor
is. however. at work. namely. a de-
crease in gold reserves. Thus total
gold holdings are OF S6.soO.oOO on
the week and are $4,000. 600 smaller
than on October ls. A part of this
loss undoubtedly is accounted for
J by shipments to Canada, which have
become considerable since the price
of the Canadian dollar reached the
gold shipment points a few week
ago. whether the movement OF
| cola acroSS the norfhern horder will
continue for some time or prove "a
be merely an incident OF the crop
moving season remains TO be seen.