Evening star., 1919-04-01
W.,B.&A. EARNINGS
SHOW HEAVY GAIN
Continued Camp Meade Pat
ronage Anticipated-Liquor
> Laws Increase Traffic.
MEET AT BALTIMORE
BY I. A. FLEMING.

BY I. A. FLEMING. ,
During the year 1918 the Washing
ton. Baltimore and Annapolis Railwa,
Company showed gross earnings Q
sc96c,014.a3, as compared with S1.560.
I25 in 1917. These figures were siver
out at the annual meeting. held ir
Sa fillmore.
George T. Bishop. president OF the
company. congratulated the sharehold
ers on the showing. and, while admit
ting that Camp Meade had been re
E, sponsible for one million of earnings
stated that the bulk of these receips
were returned to the government il
excess profits taxes. Therefore. if thi:
business were eliminated it would bt
loss to the government. but not tt
thc shareholders.
He further stated that it looked as ii
Camp Meade would always have 30.O0l
70 81 900 men on which the railway
company could draw for patronage.
An increase of 1875 per cent was re-
ported in Washington traffic. much of
which could be credited to anticipate ton
of the bone-dry laws.
49, The comparative report of the COM
pany submitted to the shareholders
showed net operating revenue for the
calendar year of s1,2SS.9o1.2 as COM
pared with sS47,10S.12 in I9l. and an
operating income after taxes. etc. of
S1S5.495.0S, as compared with s71S,-
oS12s in 1917: Operating expenses in
tcreased in 1918 to 1896 per cent. as
compared with ~ 50 per cent in 1917.
Protective News Reports.
fhe Wisconsin Bankers Associa ton
warns bankers generally against a
Nseries of forged checks, purporting to
be voucher checks for salary. issued
by the Parker Pen Company of James
willie, Wis. drawn on the First Ma
tional Bank of Janesville. The checks
-,are neatly printe ed on safety paper and
iare we'll protected and initiated. bat
I are not what they seem. the Parker
fPen Company not being a depositor of
the First National
Fraudulent certified checks" drawn
'on counter checks of Illinois Trust
and Savings Bank of Champaign. Ill,
.have appeared. the certification stamp
tbearing the one word certified"
Some Bank Gains
During the past week the National
City Bank led New York city fisca
institutions with a net profit for the
- -'week of $54. .1S2; the First National
. was second with s31,297 profits. and
the Guaranty Trust Company third.
with $2S,525. The Chase National gain
ed $16,870: Bankers Trust Company.
s17,361; the National Bank of Com
merce. $25,651, and the National Park,
a. S1s,43s.
Bonds to Be Placed on Sale.
War Finance Corporation bonds to-
. falling S200,000,000 will be placed on
- sale tomorrow through federal re-
serve banks and subagent banks. The
bonds, which will be the first to be
ice ~
o. poration act. will be issued in denom-
nations of $1,000, will mature in one
= year, with interest at 5 per cent, pay
able semi-annually, and will be prac-
tically free from taxes.
Receipts from the issue will be used
: by the corporation to provide funds
for railroads and to meet other de-
mands. Under the law the corpora
tion may issue up to $2,100. .000, 900 of
bonds. on the basis of it's paid-in
capital stock. While no bonds have
been issued heretofore. advances al
ready made and others in prospect to
railroads bring the corporation with
in sight of possible exhaustion of the
half billion dollars authorized as orig
inal capital.
o.. The bonds are expected to be pur-
chased largely by banks and big busi-
ness concerns because of the interest
rate and the short-term feature.
Tax Exemption Features.
- The tax exemption features of the
Issue were set forth by the corpora
tion as follows:
The bonds will be exempt from
= state taxation and all local taxation
and will be exempt from taxation by
The United States with the exception
that they will be subject to estate in
heritance taxes. and to Surtaxes, and
excess profits taxes now or hereafter
imposed by the United States upon
the income or profits of individuals
b.. or corporations. But another impor-
-.'tant tax exemption relating to these
bonds is this: That the interest on
$4,000 of these bonds owned by any
person will be entirely exempt from
all income taxes. surtaxes excess
profits or war profits taxes
Personal Mention.
Lewis Holmes, a director of the
District National Bank, returned to-
day from an extended visit to
Florida.
Wall Street Fooled.
Wall street was entirely at sea in
.s1ts opinion that the trust suits in
which the government is intereste ed
would be called off. 1t was freely
predicted that such an announcement
would be forthcoming n the e?rly
days of the week.
The announcement of the terms of
IKE dissolution of the Corn Products
Company and the further statement
that the trust cases would he Vigor-
ously prosecuted. had no serious eff
feet on the prices of the stocks of
the corporations referred to. Corn
Products dropped the better part OF
point. with slight recovery, and
Steel and Can were fairly firm.
Local Securities.
Commercial National Bank stock
was the leader in very slow. feature
less market. Three sales of the shares
mentioned were made at lS2, 1S1 and
the last at $50.
American Security and Trust stool X
nloyed up 10 236 on limited transac-
tions
Capital Traction sold sparingly al
$50. In bonds the only sales made
we're of Railway As. which opened at
. 7o%a and closed at II.
Grain, Produce
and Live Stock