The Washington herald., 1913-01-18
Officials to Be Elected-Re-
port Will Wait on Audi
tors Statement.
ACTION In LOCAL MARKET
Banks and Title Companies Elect-W.
B. Hibbs & Co., on Legislation,
Chapter Lectures.
By I. A. FLEMING.

subordinate constituent companies VIII oe
held at the offices of the company this
afternoon. Oficers for all the corpora
tions will be elected.
1t is understood that the annual report
will not be presented at the meeting
being delayed until such time as the
American Audit Company, which mas
been making an audit Of the books, book
keeping methods, &c. for some weeks
has completed the examination and filed
its report with the officials.
When this report is completed and
the annual report and the report of the
auditing company will be mailed to each
shareholder in the corporation.
There has been more or less pubic
bantering during the last few months
regarding the respective earnings or the
two traction corporations and some
statements have been made that should
be contradicted or substantiated.
The report of the American Audit Com
pany is expected to settle the matter.
Local Secrrites.
In all 40 shares OF Commercial Ma
tional Bank stock sold on the local mar
ket YESTERDAY Prices eased from E9 10
1885,, and closed with l9S24 bid and 1Ss
asked. So far there has been no neces-
sity to sacrifice stocks.
Action in Gas WAS fairly good without
signs of weakness. which some operators
thought might follow the filing of the
suits in connection with the Georgetown
Gas Company's stock held by the former
corporation. Sales were made at S4I4
only. with a small lot at N. these prices
Eetng ex-dividend. which Will be paid on
February l. This dividend will release
S156, 900 dividend money for reinvestment.
There was a modest demand for bonds
with sales of Traction IS, small bonds,
at llO14a1lOL Columbia 5s 1OOls. Column
bia IS 1Ol. Railway As Al4 Potomac Con-
solidated 5s a l0Oi. and Steamboat 5s at
1041s.
Railway common was nominal, while
the preferred was also neglected. but
slightly firmer.
\ small lot Of Federal National stock
was offered at $50 a share. the bids being
rs. or three points above the subscr1p-
tion price. During the afternoon 13o was
lid for the stock without bringing out
offerings.
WashingtOn-Southe Election.
At the annual meeting of the sharehold-
ers of the Washington and Southern
Bank held yesterday, the following di-
rectors were elected: e. Z. CaInoun,
Robert H. Chapman, II. E. Denham, Alan
p. Hume, Thomas +. Morgan. Jr., =.
Mulliken. c. II. Pepper, {. II. Ridenour,
J. Selwin TAFT, and Robert J. Wynne.
The board convened after the meeting
ana elected the following officers: Presi-
dent. J. Selwin TAFT: first vice president
Robert J. Wynne, second vice president
Charles Mullikeu, third vice president
Thomas P Morgan, jr-, cashier, Ira b.
Dalrymple; secretary. Charles Mulliken.
Bankers Banquet.
The directors and officers of the Lin
coin National Bank held a banquet at
Congress Hall Hotel last evening to
celebrate the excellent showing made by
the bank during the past year. Joseph
Strasburger acted as POSTMASTER. and re-
marks were made by r. \. Walker. presi-
dent; Floyd E. Davis. first vice president;
Robert Callahan, second vice president;
William E. GUIDE, and P. T. Moran.
A comparative statement was shown in
which tn. deposits on January l. 1909,
were Sg72, ,6401l, and on January |, 1913,
were 81, SO, 81, showing an increase of
S593. .379.lS. Loans and discounts on Janu-
airy l, 1909 We're $SO3 and on Janu-
airy l, 1913, were 1863, i23.62, an Increase of
SS35, ,9L7S.
Those present were John W. Brawner,
Robert Callahan. Floyd Z. Davis. Rob-
ert A. DOre William +. Downey, Richard
J. Earnshaw. William F. GUIDE, Peter
Latterner, S. Dana Lincoln. Andrew
LOeffler, Lucas p. Loving. Florence ID.
McAuliffe, Patrick r. Moran. Howard r.
Merton, Henry T. Offterdinger, George c.
Pumphrey, Samuel c. Redman, Joseph
Strasburger, William II. Sullivan. G. Tay-
!5r Wade. Richard A. Walker, A. S. Cat
ley. W. Nick. StoweIl.
Title Elections.
AT a meeting OF the Washington Title
Insurance Company Thursday the fol-
lowing officers were elected: +. L.
Schmidt. president: Arthur c. Bishop,
Fred Mckee and George II. O'ConnOr,
vice presidents: William Clabaugh, secre-
tary and treasurer, and Alfred II. Law
son. assistant secretary and treasurer.
At a meeting of the District Title In
surance Company Thursday the follow
ing officers were elected: Z. L. Schmidt.
president: Arthur C. Bishop and Fred
Mckee, Svice presidents; William Cla-
baugh, secretary and treasurer, and Al
fred H. Lawson, assistant secretary and
treasurer.
Appointed Assistant Cashiers.
Frank E. GhiseTi and Herbert V. Hunt,
both old employees of the Commercial
National Bank. have been appointed as
sistant cashiers of that institution.
Both Of these young men have been
active paying tellers in the Commercial
Tor years.
1t is understood that D. c. Smithson,
receiving teller. Charles B. Lyddane, note
teller and Charles D. Bower. boOkkeeper
Of the Commercial National, will join
the forces of the Federal National in
like capacity.
Legislation.
W. B. Hibbs & Co, sent out the
following letter to their clientele last
evening.
A tax on incomes is on the Democratic
legislative programe. The tax may pos-
sibly be levied by Congress at the
coming extra session.
Thus far thirty-four States have rati-
fled the amendment to the Constitution
authorizing Congress to impose an in
come tax. When two more States have
ratified, the new article will be in the
Constitution and Congress will have
free hand to legislate, without fear of
appeal to the Supreme Court.
The new article authorizes Congress 10
tax incomes from whatever source de-
rived" The Democrats are fairly aching
to get a whack at the incomes of the
country. Moreover, If their new tariff
legislation creates a deficit in the rev.
enues an income tax will come in handy.
In six States the ratification resolution