Evening star., 1923-01-28

With a net railway operating In
come of $2a.735.0os for the twelve
months ending December 81, 1922. the
annual statement issued yesterday,
shows an increase over 1921 OF ST.
.459, the total for the previous year
being $21.s53.547.
The operating revenues of the
company for the twelve-month period
tending December, 1922, totaled $780,
s43,17o. as compared with s19s.622,S7S
for 1921. or an increase of $2,220.7s7.
There was a decrease in the 1922
operating expenses of s1.435,349. as
compared with the same period in
the previous year. the totals being
slSS.o2l.S7e for last year as against
$166.457,024 in 1921.
The revenue from passenger traffic
showed q falling Off In 1922 of S2,529,-
2s3 from that of 1921, while freight
and express business OF the company
both showed material increases last
year as compared with the same Pc
rtod In 1921, the former being $3,0S5,-
4l2 and the latter $2.S77,701.
While the maintenance of way and
structures cost the Baltimore and
Ohio S1.291,921 less in 1929 than in
of equipment was $3,309.566 more.
The railway tax accruals of the
company last year were s6.769.09S, as
s.Less ssainss E'2ss.726. or a decrease OF
A comparative statement of the
company's operations for 1921 and
1922 was included in the report.
Rail Shareholder Happy.
Although actual trading has been OF
4 At
| many days past, sentiment has been
improved somewhat by advices that
| there is little probability now OF
Congress being called In extra ses-
sion. With the short time intervening
before the present term expires, there
Is little chance of unfavorable legis-
| lation being put through: therefore
| meddling with the transportation act
| and taking up other subjects which
| are inimical to business interest:
| another year. and on the theory that
| Sufficient unto the day is the evil
| thereof" holders Of railroad securities
| are experiencing some relief.
! Spring Credit Demands
| Within a short time bankers will
begin to anticipate the spring money
| demands, according to the Wall Street
| financial circles is that there will be
| q substantial increase in inquiries for
| fresh credit accommodation this year
| OF course. the volume Of increase will
| depend largely upon the trend OF in
| dustrial activity in the next few
| months.
| Already open market money rates
are displaying a moderate f1rmness
While there has been some fiuctua-
| tion in call rates. these quotations
| are not a guide to the credit situation
! as that market is affected altogether
by day-to-day influences, and more
particularly OF late by government
Withdrawals from member banks
| However, there is disposition on
| the part of certain banks to mark uE
! time money quotations quarter OF
per cent. This is being done by
leading institutions who anticipate
| firmer rates in the spring. Com
mercial money quotations have not
as yet displayed any material firm
| firmer tone TO the market.
"Rediscounted paper in the federal
reserve system shows an increase over
! a year ago. At the present time re-
discounts of government and com
! mercial paper throughout the system
| total SS50.173,0o0. This compares
| with 1859, 9,735.00o a year ago, or ar
! increase of SS0,4SS.0oo.
| In the New York federal reserve
district the increase in rediscountec
paper over q year ago has beer
| $es.345.ls6. The total at present II
$216,641,1Ss, which compares with
SI1s,295,00o this time last year.
The reserve positions Of the vari'
GUS federal reserve banks shows de-
cided changes over year ago. Those