The Washington times., 1913-12-17
Local and New York
Financial News
HEAD OF
SECOND NATIONAL

The Second National Bank took on
[ appearance OF a conservatory today
] cident to the installation of Cuno II.
1sudolph as president to succeed VII
J am V. Cox, who retires after twelve
Years service as head of the bank.
IL lowers from friends came in abInG-
|ance, and from the time the 1oors
1ened a stream of callers filed il to
8 .7eet the new and bid farewell to ne
retiring president.
Mr.. Rudolph ioday began his active
Service as president of the Second Ma
tIonal. Mr.. Cox viii! remain an active
director OF the bank, assisting his suc-
cessor to become familiar with the in
stitution's affairs, until after the an
lal meeting next month. when he
1 lans 10 take a vacation in Bermuda.
The District National Bank mas is
ed in phamplet form for free dis
tri5ution the report of the committee on
income tax OF che Bankers -Associa-
Ton of the District of Columbia 1t
Is conveniently prepared with side
'iotes showing the various features Of
tic tax TO be complied with.
Secretary McAdoo has extended the
tine for filing itemized monthly return
Lists of coupons and registered interest
Payments for November from Decs-7bcr r
- to January ).
In statement 10 Frisco stockholders.
=. r. Yoakum, chairman. outlined his
oiits in connection with the sSEdi-
tie operations and defended then. In
art, he said:
Ny subscription to construction on
Ie lines in which / was interested,
!unning from 1902 to 1909. was sSlG, ,s33 80.
Ny gross profits were seSS. 1853. Ny
let profit, less 6 per cent interest per
a1num on actual investment, was s151,-
15L72.
If We had not built these lines by the
method that has been so strongly con-
demned in public print thev would not
ave been built at all, and there would
p" millions of acres of land which now
les contiguous to these railroad lines
IN the Southwest, and which are under
CIluvation year by year, which would
sun be undeveloped.
''All of the lines in which i was in
crested have proven advantageous and
Drofitable to the Frisco with the eXcep-
ion OF the so-called Gulf Coast line.
Iclieve that the purchase of the Gulf
cast line will also be fully justified by
the future IL the lines are held by the
Frisco system and given a chance to
work out their proper development, as
they traverse the richest country on the
" estern Hemisphere.
In spite of the fact that il has been
charged that the Frisco is grossly over
capitalized the fact is that the capi-
faiization per mile has decreased nearly
$I3,eO while the gross earnings have
creased over $500 per mile. This is
something that no other large railroad
in the country shows in its earnings,
gross and capitalization.
Bond trading was again lively n to-
d3y's session of the local Stock Ex-
change, resulting in the transfer of
! l,onds to the sum of $ls.500 par value.
of this Washington Railway As totaled /
sll. coo The price for these securities
"a sed off in the selling. One bond sold |
. 80 and another at an eighth less. and
81 900 more at 7924. A Metropolitan Rail-
rIad sold at 105. a $500 Washington
Eas at 10s.s $500 Columbia Railroad
{ at par, $500 of Telephone SIS st l0si2.
: nd $500 of Georgetown Gas SIS at 80 ana |
I: 90 at Io2Iz.
outside of single Share of National
Bank at 100. the only stock
: rsded was ninety shares of Washing
Ion Gas at $50.
The regular quarterly dividend OF 8