Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-19
SAY KUTZSHLAN
!. WOULD Be COSTLY
r. N. Harper Estimates $780,
=. 600, 600 Bond Issue Plus
II Would Be Needed.
LOCAL STOCK MARKET


- By /; A. FLEAING.
According to r. n. HArper's esti-
mates it would require about $50, 000,-
600. possibly more, to acquire the
tracks of the Capital Traction Com
pany and the Washington Railway
and Electric Company. Authority
from. Congress would be necessary to
make the bond issue to raise the need
ed funds.
Marketing of a big block of bonds.
secured BY street railway tracks not
in frst-class condition, might not be
an easy matter. but at the lowest cal
culation. according to Mr.. Harper. 1t
would necessitate q $3S.eO0.Oe0 per
cent issue. which would make the
annual fixed charge $1.300,eo plus
the amount needed to make repairs
and keep tracks in condition. plus
the taxes the railway companies now
pay. plus certain pavement require
ments. plus the salaries of crossing
guardians. etc, etc.
1t would be next to impossible to
get money cheaper than 5 per cent
now. The government under the
stimulation of patriotism put over q
loan of ~ per cent. but capital finds
ample opportunity for employment
THESE udyS peLWc0h AIEQ I PEI cent,
while the government IL on the mar
ket with continuous offerings Of
Treasury certificates at II per cent.
plus desirable discount and tax ex-
emption figures.
In any event" said Mr.. Harper.
cit would take time to secure the
necessary legislation authorizing the
issue of bonds, more time to reach an
agreement with the street railway
companies to sell their property. and
longer to agree on terms of q lease
for operating purposes.
is desperately sick aa9 needs relief
from its difficulties. It is no time for
experimenting.
Yet Another Problem.
Weeks ago the employees of the
Washington Railway Company voted
have. and the desired increase IL Is
per cent
Officials of the company have been
quoted as saying the cars will stay
in the barns. in the event Of q strike
that 10, unless our men want to take
them out
Personal Mention.
John Poole. president Of the Federal
rest at Atlantic City.
A. v. Nevius assistant cashier Of
the Riggs National Bank, has returned
from his vacation.
". B. d A. to Sell Preferred.
The Washington. Baltimore and An
napolis Electric Company will mar
part Of the preferred Stock s'o oa the
corporation held In its treasury for
the purpose Of making improvements
in It's Baltimore and Washington ter
minals.
Foreign Credit Cooperation.
The Foreign Credit Corporation has
100000 capital and $1,000, 900 paid
in capital This bank will do an ac-
ceptance business, accepting both for
eign and domestic drafts.
1t was formed by . number Of banks
and trust conapanies tor this purpose.
Grayson N. P. Murphy. vice president
OF the Guaranty Trust Company Of
New York, 10 president Of the eorpo-
ration: @. n. Dahl. vice president and
ID. Raymond Noyes. vice president and
manager. The directors are repre-
sentatives Of the Chase National
Chase Securities Company and : few
other New York institutions.
Local Stock Market.
Capital Traction shares were q lit
tie easier on today's session Of the
local stock exchange. selling at IS y ,
thirty shares in lots changing hands
at this price. The bid Mt the close
was IS. with no stock offered under
say.
"A few shares Of Lanston sold at 6S
and a little Graphophone common at
<EoI
The only bond sale was of Potomac
Electric general g at s8A to 9sk.
The bid price on Railway common
was raised to 20, with 80 asked; the
preferred was offered At 50. with ~
bid.