Evening star., 1923-08-27
B. & 0. July INCOME
SHOWS BIC Jump
Gain of Over S2,8OO,O 900
Over Same Month Year AGO.
Local Exchange Trading.

Net railway operating income ar
the Baltimore and Ohio Railroad
Company for the month Of July. 1923
shows an increase of S2.65l,544 oycr.
the corresponding month of last ye4r.
a report of the company made pubic
shis morning shows. The carrier
earned $S,S76.6ll during the month.
while in July, 1922. the income to
tailed but $l.225, ,067.
A huge jump i'm freight revenue
from S10.350.3S2 in July. 1922. /"
Sl7,254.OS9 in the same month Of this
year. is primarily responsible for the
improved showing of the Compan%.
Passenger revenues increased by
S46o.691, while gains in other r,Nr-
nue. items were only nominal
Railway operating revenues for taf.
month amounted to $2I.4SS.N05. 81
against S13944.o23 last year ana ~
penses aggregated $500. iGe ana
ll.5i5,16S. respectively
For the seven months acrI!nifIl4-
ton Of the present year a gam Or
slo.h9i i,l5f IN net railway operating
income over the corresponding ~
ri"d Of last year is shown the cnu.
panE having protitrd To the extent -
$2b.I02,1l9, as against SI5,h05,3G. la,
year.
Trading Light ON ONchanSe.
Trading on tn" Washington Stnc.
Exchange was decidedly light duru.
the opening session Of the week rhl-
morning. with prices retaining lnG-
mGr firmneSS
Capital Traction rs held al 81 and
Potomac Electric Power refundiug Gs
were strong at IG2. But one suck
sale was Recorded ten shares II
Capital Traction changing hands at
10l.
Bank Loans Reduced.
Substantial liquidation of loans 81.
stocks and bonds. principally at New
York city banks. has materially re
duced the volume of bank credit ia
use since the middle of July. accord
ing To the Federal Reserve Board's
reSum" Of business for TIL. months
! or July ana August.
Between July IS aud August l.
loans of member banks in leading
cities Sec ured by stocks aud bonds
decreased by $94 .0oo 600 I" III" loves.
point for the year. $25S ,o0o.o 900 below
the amount outstanding at the hr-
ginning of the year.
ON the other hand commercial
loans. however, increased, 50 that thr
net reduction in total loans for the
period amounted to $50 600 Oho So
curity investments declined SI&.nnn
600 to new low level for the year
The volume of discounted raper
held at the federal reserv'. bank
showed sligh: decrease, while their
holdings of acceptance and United
States securities reached new lCr,
points for the year
Between the middle of July aud tb"
middle Of August gold holdings ot tho.
federal reserve banks iucrea sod ht
s21. 100000 rejecting in part nv, gold
imports during July Of ST. 400 HGh.
Federal reserve note circulation in
creased by about Sl1.06h.0po and
there were also substantial Increases
in the volume of gold certificates and
national bank notes in circulation.
Slightly frmer tendencies IN money
rates during the month We're re-
fiected in gradually increasing pro
portion of commercial paper sales IT
81 per cent, as compared with . n"
cent in the previous month.
Personal Mention.
c. +. Jacobsen. cashier of the Ma
tional Metropolitan Bank. was back
at his desk this morning after two
week vaaction at his summer home
on Chesapeake bay.