Evening star., 1921-12-28
CAPITAL TRACTION
At A NEW HIGH
Receivers Dividend in Rise to
96-Gas Shares Firmer.
News Notes.
BY /. A. FLEMING.

As ~ n
Another evidence Of the greatly i'm
proved condition of Washington pub
lie utility stocks was given this morn
ing on the local exchange when Capt.
tai Traction shares. ex-dividend. made
a new high for the year and recovered
its dividend, practically Immediately.
The new high was SO. which was
reached soon after the call of the
shares, from an opening price OF 80 h.
BIDS on Railway preferred were 63.
with 65 asked.
Washington Gas recovered much OF
its dividend. selling at 4sh to 4sA'
loss Of but fraction.
Brokers are talking about the pos
sibility of a dividend on the common
shares of the Washington Railway
and Electric Company. 1t would seem
as if the confirmation OF the decision
of the Court of Appeals in the Poto-
mac Electric Company's contention
replacement valuation sndt
would give the company al or tne
greater part of the s2.ooe.oo9 Plus
now In escrow. would be neeoeo 10 III
sure such a distribution.
A very large increase in receipts
and reduction in charges Woula De
necessary to promise a olVldeno On
the common shares Of the parent cor
poration. 90,
Railway As at 65.
Extra Dividend and Bonus.
The directors Of the Second National
Bank. recognizing the Iaet ina. .net
has enjoyed prosperous
year, declared the regular semi-an-
nual dividend of 3 per cent and then
an extra dividend of l per cent.
Having made the shareholders
happy they proceeded to strengthen
ing their bank by adding another
$4,000 to their sur surplus. asasd mak,ms ainns
January 1. 1920, and then to even up
matters ordered 10 per cent Of annual
salaries paid to all employees.
A Christmas party for the employees
on Christmas eve completed one of the
best holiday seasons Of the Seconds $
career.
May House Organization.
The new ten-story structure which
r. II. Smith Company contemplates
home may finally house the different
financial organizations. including the
District Bankers Association. the
Washington Clearing House. Wash
ington Stock Exchange, Washington
Chapter and representatives of the
American and the Investment Bank
ers' Associations
The location is ideal for all the
organizations. In fact it looks like
the only available proposition.
The executive council may consider
the proposition at its mex. meeting.
Blocks Action.
A special meeting of the United
states Cigar Company's shareholders
adjourned without action on approval
OF large issue of preferred stock,
when an attorney engaged by share
holders appeared with an injunction
issued on plea that the additional
stock issue would be prejudicial to
their interests.
Said the objecting preferred share
holders, I'VE own 5000 shares of
stock. II new money is needed the
common shareholders and not by an
issue of more preferred stock.
We purchased our holdings on ac-
count of the small amount OF pre-
ferred stock outstanding and because
of the s140 callable value. The pre-
s42o share. $40 100000 new stock
and it will be s246. and We do not
propose to be party to any such
change in the value of our security"
1t pays for shareholders to take
matters into their own hands some
times There are instances locally
where it might have paid.
When preferred shareholders In a
corporation that has no bonded debt
permit big block of bonds and an
unusually large amount of notes to
take precedence over their claims
proval with the annual meeting to all
the acts Of the directors during the
year. they may look for the worst of
1t and get it.
Eugene e. Thompson spoke this
afternoon before the Rotary Club on
the need of care in selecting invest
ments. He was explicit regarding
some of the ventures of questionable
character now being promoted" in
Washington.
He also urged support of the pro-
posed blue sky" bill now before
Congress. and an inquiry from bank
ers before taking chances in unknown
securities or stocks or bonds of cor
porationS not listed on some reputa BILE
exchange.
The Investor. a financial periodical,
in New York, has Just is
sued a Baltimore and Washington edi-
tion, In which several pages are used
9Ss Ssns .n' oersd 70
the people OF Warrington.
It Is interesting reading.
%. 80. New Silver Dellars.
January 3. tho new silver dollars
known as Peace" coins, commeno-
rating the international conference
now going on, will be placed in cir
culation.
1t is expected that there will be a
great demand for the new coins of
,, ,is,t, ho ,ntt
designs.
Heads Metropolitan Trust.
At meeting of the directors of the
held yesterday afternoon. Samuel Nc
Roberts. for ten years q vice-presi-
lent and an executive manager Of the
National City Bank of New York,
was elected president Philip D.
Armour. Earl f. Babst, VanLear
Black. w. 8. Joyce. G. G. Smith and
York and Chicago. representing solid,
interests were added to
the board of directors. The per-
of the board is decidedly
strong and should make for an ac-
tive, steady growing business.
Milliam H. Maxwell. jr.. of New
York City was chosen a vice-presi-
ient.
Samuel McRoberts. the new presi-
dent, was prominent in the service
Of the government in the late war,
leaving the National City Bank in
1917, and was commissioned major
In the Reserve Corps. Ordnance De-
partment, later becoming chief of the
ordinance material used by the
Army, and was transferred. July,
1918. to the A. E. F.. being promoted
to brigadier general, and resigning in
1919. He was given, as a reward for
services. the distinguished service
NJ edal and the FrAnch ravernmenf