Evening star., 1923-03-02
SHORT-TERM NOTES
HOLD THEIR OWN
Least Affected by Rediscount
Rate-Traction Earnings.
New Bank Treasurer.

Tha increase IL rediscount rate.
s,aUunccd Il week ago, has had less
.1.rrt on quotations for short-term
government issues than any other
|, form Of investment That these obli-
.,:.tipns have shor; lifc prevents
A p> drastic decline.
Certificates Of Indebtedness run
ring TO December Ia. 1923. are sell
in@ TO yield @.9S per cent, indicating
;hat the Treasury might get a
twelve month loan az 4.20 per cent.
y hich is regarded as a good Indicator
ri rate a new short-term note issue
should hear
Liberty bonds have sold off ap-
r"cciablN- since the new rediscount
fato was put into effect. in conse-
.ucace OF which brokers and bank
ers do not believe 4 long-term bond
could he aoatcG a. less than A.: per
cent
Traction Earnings Drop.
The Capital Traction Company was
operated at net income Of S06.9o2
during the month of January. 1923.
he Public Utilities Commission an
HuInred yesterday. This represents
~ approximate decline of $4S,000
from the Sl04.750 earned in the cor
responding month of the previous
year.
\ slump in operating revenues
brought about by lower fare,
'ouprcd with higher operating eN-
pouscs, is wholly responsible for the
decline in earnings. Il pcrusal Of the
report indicates. During the later
month railway operating revenues
amounted to $f02 05&. compared with
49, a ytar ago. Expenses totaled
]. -iI.t"l a. against $2o3.901 last year.
Taxes assignablc TO railway op-
osati"us we're deducted 20 the amount
o. %%n.iI0. while other deductions
from gross income tUtaled $27.S4s.
Including S23.35S interest on funded
debt. ana $l.6oS interest on the uu-
funded debt.
Revenue passengers carried during
January. 1873. numbered 5.7S1.6S6 as
against J.S45,J43. a decrease of 1l3.S57
or 10 per cent. The average per car
'nIlc during the later month amounted
fto hut $7.Q43 as against $7,715 last
year.
Average fare per revenue passenger
during January. 1923. amounted to
6al6 cents while last wear il avcra 2 cd
n us While tho eight cent fare
'ud"rWcnt no chanGc during the
n'ri"d under discussion. the token
arc dropped of from : to 8 % cents
IN thc Interim.
James Slater Dav dson or The Ioc,,
rtal estate AID Insurance firm OF
David on u Davidson has been elect
ed treasurer of the Terrli,lal Com
ncrciai and Savings Bank. according
I" announcement made yesterday by
John BroSnaH, president OF the insti-
tuition.
Tho latest addition to the bank
: official family is hailed by officers of
nc institution as being one of the
most progressive moves Yet made by
the bank.
Bankers 1923 Convention.
P.anS arc already under foo, for the
4 w convention of tho District Bank
Association. according to Joshua
evans, Jr.. president Of the organiza-
~ Evans has appointed Howard
h"Fa1. vice president Of 'b,, tp,rri-
";.45 security and Trust Company. as
= .a' T"i chairman of ~" convention
"l"t1ifi'" i j. expected tho con
~ on MI hr hcic arruld June 10
= Nod sou. j.. of tho SECURITY
30 Ntn@S srd Commercial Rank who
ICED Is chairman OF the transporta
It"H committee last year. is gather
ih2 data or available quarters.
Liberty Mutual Report.
n" 1922 report Of the Liberty
Mutual Insurance Company was read
at the annual meeting of the organ
81 "a 'i'i helu ut lnf nome once OF
the company Boston. President
BuHkiin reported very satisfactory
# progress. despite the effects OF the
3industrIal depression. The total sales
% tho company in 1922 was over
s.. 500 900
Tho automobile insurance denart-
m"nj showed an increase in business
OF - per cent. tn" total sales being
nearly Si.00n. 600. while tfc romDen-
81 ton ins uran"r department reported
- per cent Increase in The number
Of p"llcrho!dcrS. Tho surplus "f the
r"mpaut Increased from sI442.%J6
1" St6ll $50. The total assets equal
s. 500 900
Policyholders OF tho Liberty Mutual
#rccoived in 30 per cent dividends on
their premiums over s1.j00.O00 in
90. Since organization in 1912. the
president stated. the policyholders
have received over $S,S00,00 in cash
#dlvidcndS.
In tho year 1922 the company show
d net earnings for dividends and sur
plus of over IS per cent. This margin
Of s. per cent is greater. President
Bucklin reported. than the average
'or the past five years. over $4,000
was cut from current expenses in
-: - result Of perfection of the
buuG"i plan of tho company
Three new directors were elected
q tie board namely. Randall " Dur
g. treasurer of the Border city
NauUtaciuripg Company, FAN River.
.Ar.ss.: HunAld T. Lyman. treasurer Of
-" Nhitt"nton manufacturing Com
"art Taunton. Mass. and Clark Y
Wool, president of the Springfield
Si1"ct Hallway Company
SHuET TERM SE.i-EIrIES