Evening star., 1922-03-27
B. & 0. EARNINGS
SHOW AN INCREASE
Report for February Gives
Encouragement-LocaI
Stocks Quiet.
BY i. A. FLEMING.

Baltimore and Ohio earnings Tor th9
month of February show a good gam
in gross and net. resulting in salts
flying increase in net operating rail
way income. A favorable feature "
the report was an increase of s6o0,I7f
in the cost of maintenance and equip |
ment, being one of the first of thf
great systems to devote more moneY
to this purpose.
Railway gross operating revenu4
totaled s15.033,672. a gain OF ssSs,3l
over the showing made in February
d year ago.
Net revenue from railway opera
tion was $2.07l,125. an increase oveJ
the net of the same month of 1921
of s2.063.593.
This was accomplished by reduc
tion in operating expenses in md
same comparison of s5,34s.os2, ID
which $3,69S,129 represented the re-
duction in transportation expenses.
The net railway operating incomd
increased S2,627 900.
A. L. b. Dinner.
The forum dinner of the America Il
Institute of Banking is scheduled fo1
next Thursday evening at th1
Madrillon restaurant at $50. Thd
speaker Of the evening will be Jane
of Washington. He will take for h. 1
subject Need of a Clearing Housd
Examiner" and no one is bette 4
qualified to talk on this subject tha 4
the former national bank examiner "a
this district.
Local Market Slow.
Whether ii was because the ioca
stock market was little tired. orI
waiting for the April ] disbursement, 1
/ . 1If Eezg. tor nr ha. OF
sympathetic feeling with the New
York market, there was very little busi-
ness on the local exchange.
Only public utilities shares and bonds
changed hands at 3754 for Railway y
common. 69i2 for the preferred an&
80 for Washington Gas 5s, while Trac-
tlon SIS were steady at 95.
Non-Interest Bearing Debt.
The government of the United Sta teS
has outstanding s6.241, ,300.26 of ma
tured debts on which no interest iS
paid Other obligations of the govern
ment outstanding that do not carry in
terest total s230,276, 1861.
Not ExchangesbIe.
4 correspondent asks whether II is
still possible to exchange Victory 4 2.
per cent into the new 4ls per cent
four-year notes.
1t is not, the rriviles, expiring with
year notes are now selling at l02.
Personal Mention.
Peter A. Drury, president of the
| Merchants Bank. is in New York city.
Col. Wade H. Cooper. president of three
local banks. returned from New York
this morning.
An Important Ruling.
A shareholder in a national bank
which has become insolvent throug Il
IN mismanagement of directors cannot
sue to recover damages for his ind
vidual benefit. says the Wall Street
Journal The statute granting share
holders the right to bring suit was
for the benefit of all concerned and
not the one bringing suit exclusively
according to d decision by the su'
preme court of Louisiana.
| 4 stockholder in national oanE
| which had gone into receivershir
sued directors for damages amount
ing to the value of his stock and hi'
pro-rata share of the surplus, claim
ing that his loss was due to negli-
gence and mismanagement of di'
rectors.
The court in deciding against him
pointed out that the shares held by
plaintiff were paid for and the money
became the property of the bank and
must remain so until its dissolution
| its debts paid and distribution of re
| mainder of assets made among share
| holders. Therefore the loss of capita
was the loss of the bank and not o.
/ the individual shareholder. Any dam
| age resulting was an asset OF The
bank and not of the individual Sec
| tion 5239 of the United States ReVlsec
Statutes granting a cause Of action Il
| the shareholders did not contemplat'
! that one of them might sue for hi:
| exclusive benefit for DANA ges proper
! ly belonging TO the bank. He might
| in behalf of all shareholders, sue any
directors who were party TO mis-
/ anagement. but any judgment re
| covered would inure to the bank OF
| the receiver as the case might be. Bu
he could not sue in his own behalf
| for that which he had no right Il
| withdraw from the banks capital.