Evening star., 1922-12-20
RAILWAY COMMON
MAKES NEW HIGH
Stock Sells at SO - Gas
Moves Up-Six Months
Farm Paper Eligible.
RN .. 4. FLEMING.

hallway common made Il new hiSh
on This movement on today session
of the stock exchange. when hitN
shares were sold in odd lots at ~
The advance did not bring out much
stock There have been many run:'rS
on the street and considerable banter
on change regarding the promise OF
action in these shares. irrespective OF
the court in the matter OF the milil'hS
held in escrow. that holders ma =
~tiffenrd in their views and ar not
anxious tn sell.
The preferred shares are STEADY 1T
.5I.
The recent action in Washington
Gas. which carried II up fr"'A re
..w 5OS 20 ~. and %. tn" prices "e:.''A =
I'll today i said to reprr sent bs;I ing bE
friends of the management VINO IN
dsrStoon III. excellent outlook Tor the
stock and thr continuity -! dlNluendS
The seIlinE iS said Ia come from a
large foreign holder. and it has been
well cared for. practically the entire
lot taken at high prices.
capital Traction sold sparingiy at
to3rsaIo3i.. but not enough stock to
make the quotations indicative of
values for quotation lots.
Bonds were entirely neglected with
the exception of Georgetown Gas os.
which sold ut %.
An Interesting Book.
Thomas l.. Kane. deputy controller
o. tn" currency for the last thirty
seven years. is the author Of The
Romance and Tragedy of BANKING. a
most interesting and instructive work.
Just issued by the Bankers Publish
Ing Company. New York.
While Mr. Kane. whom all hank
"rS know aS faithful servant with
du "nvial,,v record. covering hNe
Presidents eight secretaries of the
Treasury and tiv" controllers of the
currency. brings his work right up T."
date. coy ""ia- some OF the reasons
that induced -. Il; triSSinger I" give
national banks permission to operate
branches and TO q discussion of the
proposition I" abolish the office of the
controller Of The. currency.
The story of Harper'S great whea;
corner failure. with smashes IN en-
ciunati is exploited. also Cassie chad
ing. Mr. Kane has passed through it
ali-he has seen that the w"fk OF
the Office has been attended -
Si> Months Farm Paper.
The Federal Reserve Board an
noIrnccS AN amendment 70 ITS reSuIa-
tionS which makes 'l%lhi" l"r
purchase by fedora, reS.'iv" banks in
tha open market bankers accept
anccs which are dra wn 10y growers or
hv ,o-ope rative marketing aSSocla-
tionS to finance. tn" orderly market
ing of nnn-perishahle, ready market
able, staple agricultural products
when secured by warehouse rt'eip'S
covering such products.
This amendment, says the Fedora
Reserve Board. should h. of mater'a'
assistance to coop, ratlNt harht'h!e
associations. This amendment is III
line with the boards policy OF being
as liberal as possible under the terms
of the existing law
These tn inEs. having reference
10 what is called the 'tllSihliltN' OF
notes and drafts for redisc"unt. were
made from time To time as ques-
ri"us we're submitted from various
sections of the country. They m
volva farm produce differing as wide
Is as fruit from California. wheat
from the mid,lIe west and tobacco
and cotton from the south
I'm each case the cooperative as
soriatiou was a non stock. nom
profit cooperative association. con-
siSting of growers OF the particular
crop which they desired TO hlarke''
The growers agree to sell and de-
liver their entire crop to the aSs"-
citation title passing on delivery and
the association assuming absolute
control over the commodities ana
their resale The boards rulings
would not refer TO an aSSocldtioh
operating differently.
IF an association wishes 10 porro"
directly from a bank its notes are
eligible for rediscount. if the purpose
is to make payments TO growers. ana
are subject To the same conditions as
commercial notes which must not eX-
ceed ninety days maturity. Dill 1s
now before Congress to make the ma
turity six months,
Best Holiday Trade.
The retail business of the city was
never better Merchants are finding
necessary to send frequent replenish-
ing orders to wholesale markets for
supplies Also the buying is OF o"f-
ter average quality of goods at higher
prices.
S4OO OOO, 900 NOn-Interest Bearing
More than s40O.o00.000 in victory
notes are still In the hands of holders
and have ceased to bear interest. ac-
rording to an announcement by Sec
retary Mellon. who called special at
rrntion of the public to this large
amount Of non-interest bearing notes
which should be presented for re-
demption Immediately.
Latest PORTS. Secretary Mellon
said. indi tied that out of the $780,
GOO On0 of victory notes called for re-
demption Dec. .mber lo. less than
5000 OO0. 900 had been presented for
redemption.
Interest on all the called victory
notes, the numerals of which bear the
Distinguishing letters A, r, G, d. L