Evening star., 1921-12-20
TRACTION
STOCKS ARE FIRM
Successful FIotation of w., B.
& A. Bonds-0Id Dutch
Dividends Declared.
BY 1. A. FLEMING.

L. A. FLEMfN1s
Trading on the Washington Stock
Exchange was not especially heavy.
but prices generally maintained a
good show of strength.
Potomac Is were firm at 1O4L.
! washington Gas 5s, steady at 80. these
pelng the only bond issues traded in.
\ Public utility shares were favored.
the strength in Washington Gas and
Capital Traction shares being pro-
! nounced. The former sold at so to 50Isf
| and the latter at "a.
Railway preferred was firm. advanc-
! ing to 64.
! Mergenthaler at 1291s to 1895. the
| inside al the close.
Dividends Declared.
The board of directors of the Old
Dutch Market Company of Richmond
has declared the regular semi-annual
dividend of per cent on the preferred
| stock Of the company, payable Janu-
ary 2 to shareholders of record on
that day.
! Directors of the Old Dutch Market OF
THIS city have declared the regular
semi-annual dividend on the prefer
RED shares of per cent. payable
January to shareholders of record
on that date
lnter-Reserve Borrowing.
Inter-reserve borrowing between fed
eral reserve banks is practically
thing of the past. the total of Sl10-
so4.oOo borrowed by the grain and
cotton-tobacco section banks of
year ago having been cut down to
but $1,0O0.00O. which stands to the
DEBIT Of the Dallas reserve bank. and
which might be paid off without en-
croa ching on the reserves of the bank
No. H.
finally paid off all it's loans. has re-
duced its rate of discount. following
the lead of all other regional banks.
To Control Sale.
Representative McFadden has intro
duced a bill in the House to place
the sale of farm loan bonds in the
hands of a corporation to be created
by the federal land banks. Hereto
fore private interests have been en-
ployed to distribute the bonds. 1t il
contemplated that the proposed cor
poration will. if the bill is passed.
twelve land banks. Capital for cor
poration will be prorated by each OF
the land banks.
Successful FlOtatiOn.
Washington participated rather
freely in the purchase of an Offering
of Washington, Baltimore and An
napolis per cent bonds put on the
market yesterday.
The issue was for sl.6oo,o00 5 per
cents offered at 7s to yield 7.1O per
cent interest On the investment The
bonds to mature March j. 1s41.
In connection with the offering
George F. Bishop. president of tn
company, has just made public tn.
earnings of the company for the pres
ent year. the total for the month OF
December being partly estimated.
This statement shows gross earn
ings exceeding those of any year sine
1915, with the exception of 1918, in
cluding, of course. the earnings of tn.
Annapolis Short Line, which was az
quired last February. Total gross fo'
the year is given as $2.552.000-
against S2.23200O last year and 1872
600 in 1916. Operating expenses. tan
es. etc.. aggregated s1,137.000, lcav-
pared with s5s6,O00 last year. $4,000"
in 1919, $7S3, 900 in 1918. s730.000 ia
1917 and s409.000 in 1916. After ali
deductions. including fixed charges
net income available for dividends
this year is given as s331.00U. Tn.
company's funded debt. including the
present issue. is $6,747.0OO. and it has
assumed the debt of the Short Line,
amounting to $1.s72.200.
The company issues no monthly
statements of earnings, and these fig
ures came as something of surprise
to bankers not in touch with its af-
fairs. The impression was pretty gem
eral that the company had suffered -
! considerable loss of traffic through the
depletion of the force at Camp Meade.
Now that the camp is to be a Regu-
lar Army post. with something like
$4,000 men stationed there, Mr. Bishop
says the company should be able 10
improve it's earnings materially.
American Security. 2 Per Cent Extra.
Directors of the American Security
and Trust Company this afternoon de-
clared the usual per cent quarterly
dividend and an extra dividend of
per cent. making their shareholders
New Year gift of s6S 000. plus the
regular dividend of 100000. making
total of $4,000.
The year has been prosperous one
|, for banks generally and the American
Security and Trust Company is about
the sixth local institution TO make an
extra distribution from profits.
The distribution is payable January
10 to shareholders of record Decem-
ber 81.