Evening star., 1921-02-25
GAIN IS SHOWN BY
! RAILWAY COMPANY
january Earnings Nearly so
Per Cent Better Net
Than Year Ago.
BY i. A. FLEMING.

Tho Washington Railway and Elec-
trio Company is doing a very satisfac-
tory business and the earnings are in
creasing at a rate which if continued
should help the corporation over
many of the rough spots, the more
so IL the merge Of the company
and its own property. the Po-
tomac Electric Company. is per-
mitted. While the two properties are
nearly one company, 1t is probable
thai there might be considerable saw
ing in operating expenses If actually
merged. The credit of the merged
company would probably be much
stronger than Of either singly.
creasing and the operating expenses
decreasing at the same time, which
makes for larger net
During the month of January, 1921,
the net earnings Of the Washington
Railway and Electric Company were
the same month in 1920.
The preferred stock seems to be def
nitely placed on a quarterly dividend
basis and the holders of the common
materially in the last few weeks. A
rumor of a sale of 1000 shares of COM
mon at 30 was circulated on the street,
but not confirmed, but the reported
buyer was making inquiries for large
lots held by special interests.
Prospects for a merger of the street
railroads in the District are said to be
brighter.
Local Securities.
Washington Gas 5s were strong today
at T9. Railway 5S moved up to 5912,
sharing in the better feeling in those
securities. One small sale of ~ per
cent Washington Gas notes was reported
at 100h.
Stocks were slow Railway preferred
strong at Sc. Capital Traction firm at
IS. Small sales of Mergenthaler at 121
and 121A.
The Washington Clearing House As
sociation will hold special meeting
this afternoon for the purpose of con-
sidering what action, if any, shall be
taken by the clearing house with ref
erence to the treatment Of the checks
of the North Carolina banks that are
now fighting the par collection sys-
tenn
While it is impossible to forecast
the action to be taken, the impression
among several of the national bank
officials, members of the association,
favors the upholding of the hands of
the Federal Reserve Board and the
federal reserve system, which would
mean also the Endorsement of the ac-
tion of the Baltimore Clearing House
Association in its refusal to ac-
the Injunction. in refusing to pay cash
on checks over their counters, either
for deposit or collection.
Unquestionably similar action by
number of leading clearing house as
sociations. especially by New York
equivalent to victory for the par
collection system. as the treatment
accorded the checks would, in all
probability, drive depositors to other
banks. If available. where their
checks were properly honored and
cleared, in like manner with the
checks Of other banks, at face value.
Named Assistant Cashier.
James Trimble. jr., son of the re-
firing bank examiner of this district.
has resigned his position with the
District National Bank to accept the
position of assistant cashier of the
Standard Savings Bank.
Important Meeting Today.
The American Iron and Steel Insti-
tute. representing the large steel man
ufaetur,ng companies of the country.
will meet today with the president,
Judge Gary. in the chair.
Interesting developments are ex-
pected. but manufacturers declare that
there will be no war between the in
dependents and the United States
Steel Corporation. as. indicated by dis
patches from Pittsburgh and Youngs-
town.
Dow. Jones & Co. say that the Steel
Corporation contemplates a cutting of
prices. to be followed later by a wage
reduction.
Late Trade Notes.
Quaker Oats Company lost 1884,
Sz6 net for 1920. after depreciation.
Brooklyn Rapid Transit Company
for six months ended December 81,
1920. showed a deficit Of $S.00s.77s.
United Drug Company showed a
proht In 1920 equal to $11.02 on each
share of common stock.
Youngstown steel mills will start
next Monday. Republic Iron and Steel
Company. Brier Hill Steel Company,
Youngstown Steel Company and the
Newson Steel Company will all start
mills on part time.
Liberty Starter Company of Detroit,
controlled by the Ford company. will
resume operations five days a week on
one-third to one-half force.
Gross income for Norfolk and West
ern for the year 1890 will show about
The mint at Philadelphia has start
ed the recoining Of silver dollars
A bill has been passed by Congress
making 1t obligatory on bank direc-
tors of national banks to be citizens
and three-fourths Of them to reside
in the state or territory in which the
bank is located.
Back From the Panama Canal Zone,
We didn't see fly in the ten days
We were on the Panama Canal Zone,
declared Peter A. Drury. president of
the Merchants Bank, who. with Mrs
Drury has just returned from a five
week trip to the Canal Zone. Jamai-
ca. Costa Rica and Cuba
The cleanliness and the health con-
ditons Of the country, which only a
Few years ago was nothing but
swamp land. were most noticeable -
said Mr.. Drury. 1T speaks highly for
the work of the United States, which
was responsible for the reclamation OF
this district.
we first noticed the lack of flies at
our hotel in Colon. at a time when the
weather was warm enough for the
wearing of light clothes We were
told that there had been no flies on
the Canal Zone from the time the
United States had taken hold of mat
terA We wanted to be convinced, so
we went out in search of flies. We
found none. We went to the market
most certain to assemble-we went
from stall to stall through the fish
market the vegetable market and the
meat market Not a fly was to be
found.
We were given to understand tina,
the sanitary regulations are most
drastic and that the laws are rigidly
enforced. which is responsible for
maintaining the excellent health con.
6tttons established by the United States. ~
State"
Mr.. and Mrs Drury first went tc
Kingston, Jamaica; then to Colon
CrfBtobal and old and new Panama
San Juan. Costa Rica; then to Havana,
Cuba. and from that mort sailed 70,