Evening star., 1924-05-28
LOCAL SECURITIES
MARKET DULL TODAY
Prices Firm, However, and Some
Advances Noted Regardless
of Restricted Selling
INCREASE IN U. S. EXPORTS
Net Operating Income of B. G. 0.
Railroad Outlined.
BY CHARLES p. sHAEFFER

| one or the dullest sessions of IT,
year in local securities was witness
ed on the Washington stock ~
change this morning. Prices bald
nrm' ana in some cases advanced re-
| gardiess of restricted selling.
| Mergenthaler Linotype stock. which
has been dormant around 153 for sa,.
eral weeks. advanced to 154 on a sale
OF nVe shares. The issue. was held
at the close at 154R. Merchants Bank
and Trust Company was unchanged
at 1909, as was Capital Traction. AT
| 49,
On the investment side of tho mar
ket railway as We're stronger,
$1,000 selling at 1914. CAPITAL Trac'
| 'ioh os were peGged at 9712.
| Increase I'm u. =. EXPORTS.
american exports of manufactures
ready for consumption increased
| nearly S20.000,000 in April over the
corresponding month last year il
was shown in an analysis of Ameri
can trade made public by the Com
merce Department today.
Exports of crude foodstuffs fell off
| from Sl1,736, 900 in April, 1923. 10 S13
35b,O0O last month. Manufactures
ready for consumption exported were
valued at S147.574.00O against SIPS
493,OoO for April, 1929. Total Ameri-
| can exports were s346, 900 against
1926, ,492, 600 for the same month a
year ago.
Imports of manufacturers ready for
consumption totaled S64,103000 for
April, against S624OO,O0O for Apri1 or
last year. Imports of foodstuffs we're
valued at s35.316,000. against $50, ,s66,-
600. Manufactured foodstuffs i'm
ported totaled $5S,652.OOO. against
S60,252,0 900.
Taxes and Bonus Bill Discussed.
The Guaranty Trust Company of
New York sees in the passage of the
bonus bill a reduction of the extent
of possible relief from burdensome
taxation. 1t is fortunate. however,
the statement continues, that for the
most part the dole is in the form of
insurance certificates rather than
cash payments.
Only after two years will the privilege
Of borrowing from the banks on the Sc
curity of the certificates become opera
tive. and the maximum sums that may
be borrowed, starting at about 9 per
cent of the face amount of the policies.
will be on a gradually ascending scale.
Thus the financial readjustmentS made
necessary, as we'll as the release of new
purchasing power. may be effected
gradually and without violent shock u
business in general.
The Federal Reserve Bank of Cleve-
| land has reduced it's rediscount rate To
from 4 Il per cent.
1t is expected, in local financial cir
c!es, that the Boston and San Fran
cisco members will shortly take sim
/ liar action.
| B. & o. Income Statement.
The net railway operating income
| of the Baltimore and Ohio Railroad
| Company for the four months to April
| 80 aggregated S9,235,302, which for
! this period of the year was, with the
| exception of 1923, exceeded only
| slightly in one other year in the his
| tory of the company.
| That there should be the apparent
| marked difference between the net
as compared with last year is due
| primarily to the fact that in 1@@a
| there was an exceptional volume Of
! business moving under favora BILE CON
! ditionS. whereas this year the Balti
more and Ohio. in common with Other
carriers in the eastern district, not
only experienced A decline in traffic.
but the flood conditions. which were
particularly severe both in March and
| April in the territory served by the
| company. seriously interfered with
| the normal flow of traffic and caused
| additional expense in its movement.
Notwithstanding this, the tranSpOrta-
| tion ratio was held to the basis of
39.SS in 1924, compared with 3S.38 in
the preceding year.
| Asks Permit for Stock Issue.
The Cleveland and Pittsburgh rail
road applied today TO the Interstate
| Commerce Commission for permission
TO issue $9.92S,S50 of special guaran-
| teed betterment stock to be delivered
| to the Pennsylvania railroad in par
| tial settlement for additions and i'm
| prcvements made from 1918 to 1922.
The Pennsylvania road asked per-
mission to guarantee the issue
John Poole. president of the Fed
| eral-A American National Bank,
| turned to his institution this morn
| ing after a business and pleasure trip
to New York and Atlantic City, res
| pectively.