The Washington herald., 1921-09-23
BANK ORGANIZERS
TOl.NlAME TRUSTEES
TO RECEIVE FUNDS
Subscribers to New Bank
Stock to Meet Next
Thursday Night.
OTHER LOCAL NOTES
Firm: Prices and Advancing
Trend on Local Exchange;
Cities Service Earnings.

"A call for a meeting Of the CUB
scribers to the stock Of the Bank
ing Trust and Mortgage Company.
now organizing. was called last
night A H. Fowle. president of
the PGepjer Finance Company.
The meeting will be held in the
temporary quarters of the new
banking corporation, 140s II street
noxthxeSt, at, s o'clock next Thurs
day night The principal business
TO be transacted will be the ap-
pointmept of trustees to receive the
money-to- be paid on the first call.
OtheI matters of Importance may
come before the meeting.
Local Securities.
Firm prices sandi an advancing
trend made up for a lack of de-
mand on the Washington Stock
exchange yesterday. Washington
Gas issues, both stocks and bonds,
attained new high levels for the
present movement. the former SELL
. ing at ASK and the latter at So.
twenty-five shares were traded in,
and $500 bonds.
Potomac Electric Consolidated IS
sold at S6h to the aggregate of
$4,000, and odd Sots. totaling so
snares, of Capital Traction stock
changed hands at Sc.
"A breach of 1 II per cent at pres
ent prevents transactions in the
call money market. lending banks
asking per cent with traders re-
fusing to bid more than 5h per
cent.
Personal.
Gregg c. Burns, cashier of the
Northwest Savings Bank, has re-
turned to Washington after several
weeks at Atlantic City
Blue Sky Legislation.
Blue Sky Legislation" will be
among the current topics discussed
at the meeting of the State Bank
Division of the American Bankers
Association at Los Angeles, Octo-
per 8. In view of the difficulties
thus far experienced in formulating
Iegisiation that prohibits the sale
OF fraudulent securities without i'm
paTng legitimate business enter
prlses, ii is not unlikely that some
thing Will be recommended similar
10 the British law. that simply for
oids tsSSe statements in prospect
uses and other announcements
In view of the recent decision of
the Supreme Court of New York,
appellate term. that a check given
Tor money lost at gambling is void
and urenforceable even in the
hands'of an innocent purchaser for
value. General Counsel Patton, of
the AHsfican Bankers Association,
has prepared an article for publi-
cation in the journal of the associ-
alton showing the necessity for
amending the law of New York and
other States in which the same rule
prevails, so as to except from the
application of the gaming statutes
checks and other negotiable instru-
rnents in the hands of innocent pur-
chasers. He points out that the
public policy of making contracts
for the payment. of money or the
delivery of property void in the
hapds of the winner is sound as
a means of suppressing gambling.
but tnat II really encourages rather
than discourages gambling to void
negotiable instruments in the hands
OF innocent purchasers, for the
gambler can enter the game with
a chance of winning without TAX
ing any risk il he loses; that is to
say. even though he loses he can.
by giving his void check, and then
stopping payment, play the game
without iisk. at the expense of the
innocent purchaser to whom the
winner negotiates the instrument.
Cities Service Earnings.
August earnings of Cities Service
Company showed material improve
ment over those for the preceding
month. there having been a gain
Of S32.369 in gross, of s10,561 in
net after interest charges. and of
s9.449 in amount available for re-
serves. common stock and surplus.
Gross earnings of the company for
August were s731.041. with a bal
ance of s474,653 after providing for
ALL expenses, taxes and interest. For
the IL months ended August 81.
1921. gross earnings were $1Y,21e,-
sS1. and the balance after expenses.
taxes and interest was s14.530.6s8.
After setting aside the amount re-
ouired for dividends on the pre-
fCrred stock there was a balance
for the IL months for reserves.
common stock and surplus of So
IO3,9O4, equivalent to s21.74 a share
On the average amount Of common
stock outstanding for the IL
months. Total surplus and reserves
OF the company September 10, 1921,