The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-03-28
FEDERAL RESERVE
HEAD ANNOUNCES
new REGULATION
Eligibility of Bankers
Acceptances Clarified;
Other Local Notes.

A Federal Reserve bank may re-
discount any such bill bearing the
Endorsement of a member bank and
having a maturity at time of dis
count Of not more than three
months, exclusive of days Of grace,
which has been drawn under a
credit opened for the purpose of
conducting or settling accounts re-
sulting from a transaction or trans
actions involving any one of the fol-
lowing: The shipment of goods be-
tween the United States and any
foreign country, or between the
United States and any of its depen-
dencies or insular possessions, or
between foreign countries.
This statement was made public
yesterday, and wired to all Federal
Reserve banks, by Gov. W. p. G.
Harding. who deemed IL advisable
inasmuch as certain confusing press
notices have appeared regarding
new regulation as to the eligibility
OF bankers acceptances in export
and import transactions. all of
which have been without authori-
zation from the board.
Regulation A. series Of 1922, con-
tdining above ruling, superseding
regulation a, series of 1920. will be
available for distribution probably
tomorrow.
A. I. b. Activities.
The board of governors of the
Washington chapter, American In
stitute of Banking. will hold a meet
ing tonight for the purpose of nam
ing a nominating committee which
will in turn. name convention
committee to make all arrange
ments Incident to the annual con-
vention to be held in Portland this
year, elect delegates to the annual
convention. and eventually name
officers and board of directors of
B. the lOcaF chapter for the ensuing
year
The Portland convention will not
Abe held until some time in July, and
yiIl be OF I'VE days duration, but
he fifteen or sixteen delegates from
Washington will consume a period
4 about three weeks. as an extern
We tour of the country will follow
e convention. same. as last year.
Forum Dinner Thursday.
The regular forum dinner of the
scaI chapter. American Institute of
Banking, will be held Thursday. $50
p. m. at the Madrillon restaurant,
side. announced yesterday.
The need of a clearing house ex-
aminer. and the results that could
he obtained" will constitute the
principal address of the evening. to
be delivered by James Trimble, ST.,
former national bank examiner Of
the District.
Holders OF A l. B. certificates
and officers of local banks. to a
maximum OF forty. can be accom-
modated.
Local Securities.
Trading in local issues was de-
Cidedly dull on the Washington Ex-
change yesterday Only public util-
titles stocks and bonds changed
hands at 3T& for Railway common !;
'Gsis for the preferred and 90 for
Washington Gas IS. while Traction
S. were steady at s5.
b. a o. Earnings.
Earnings for the Baltimore and
Ohio Railroad Company for the
month of February show a good
gain in gross and net, resulting in a
satisfying increase in net operating
railway income.
Railway gross operating revenue
totaled S15.033.572. a gain Of $685.
313 over the showing made in Feb
Tuary a year ago.
Net revenue from railway opera
tion was s2.O71.125. an increase over
the net Of the same month OF 1921
OF S2.063.593
This was accomplished by a re-
duCtiOn in operating expenses in the
same comparison of $5,34S.092. of
which S3.69S,129 represented the re-
dUction in transportation expenses.
The net railway operating income
increased s2,627 900.
Personal.
Peter a. Drury, president Of the
Merchants Bank and Trust Com
pany. and Eugene f. Thompson.
president of the Washington Stock
Exchange. are in New York City.