Evening star., 1922-01-16

BIG BOND OFFERING
J. p. Morgan & Co. to Open
Subscription for $50, 900, 900
T0morroW-LocaI Notes.
]. p. Morgan & Company have
formed a syndicate which will offer
tomorrow for public subscription
$So,0Oo.000 of the Southern railways
development and general mortgage
bonds. bearing Gia per cent at 941a
and interest to yield more than $50
per cent. Associated with them as an
Offering group Will be the First
National Bank. New York; the Ma
tional City Company of New York;
Harris. Forbes & Co.. New York;
Guaranty Company of New York and
the Bankers Trust Company of New
York
The purpose of the financing, which
has been approved by the Interstate
Commerce Commission, is to provide
for the maturity on March !, of S25.-
100000 of the roads notes and to
enable 1t to pay off the Indebtedness,
held by the War Finance Corporation.
A novel feature of the new bonds is
the fact that the development and
general mortgage secures the prin-
cipal and only 4 per cent of the in
terest is to be paid. The balance Of
the interest. or 2k per cent. Is
covered by a supplemental indenture.
This is the first time that supple
mental indenture for railroad mort
gage to get around the low interest
limit set by certain railroad mort
cages has been tried. Should the
public take kindly to this method of
deal of railroad financing may be ac-
complished in similar way.
The new financing does not increase
the roads fixed charges materially.
but gets rid of floating debt and in
debtedness TO the War Finance Cor
there has been expended on the
roads property S135,000,000, of which
80 per cent was paid for out OF earn
ings.
United States Operations.
According to figures compiled yes
terday by the United States Treasury
on the basis of daily statements from
April 6, 1917, to December 81. 1921,
the governments financial operations
since the country's entrance into the
world war involved more than two
hundred billion dollars.
The stupenduous sum consisted OF
receipts, both ordinary and public debt,
of more than s99,000.000,000 balanced
against disbursement. of both classes,
of a like total. Starting on the eve
of the war, April 8. 1917. with q net
balance in the general fund OF $s2..
100000, receipts, exclusive of principal
of public debt, from April 6. 1917. to
December 81, 1921, totaled s24.01s. s.000,-
900, while public debt receipts during
the same period amounted to S75,643,-
100000.
Disbursements. exclusive Of public
debt. for the period aggregated $40
7s5, 600 900. while public debt disburse-
ments totaled $50. 4S1, 10000 and on
December 81 1921. the net balance in
the general fund was SASS. 100000.
For the war period the excess of
disbursements. exclusive of principal
of the public debt. over receipts of the
same class, was S24.000,000, 900. Over
the same period the gross public debt
increased by s22.000.o 0.oo0,ooo, from
81 900. .060. 900 on April 5. 1917 to s23,-
000. 100000 on December 81. 1921.
Exclusive of foreign loans of So
~
from April 6. 1917, TO the end of the
past year aggregated $50. .1S1. .00o, 900,
these expenditures amounting TO
$3.50. 100000 from April i. 1917, to
June so, 1917: s7,95S.000,000 for the
fiscal year 1918; sl5.G35.000, 600 for the
fiscal year of 1918: S5,9S2, 100000 for
the fiscal year 1920: 5000, 100000 for
the fiscal year of 1921, and Sl.s37, 7,000,-
900 from july /, 1921, TO December 81,
1921.
National Savings and Trust Election.
Immediately following a meeting of
the old board today, the new directors
of the National Savings and Trust
Company will be elected at 4:3o
o'clock this afternoon.
The board will then organize and
officers to serve during the ensuing
, year will be chosen.
Heads Trust Company.
S. ]. Henry OF the F. H. Smith
Company has been elected president
of the Southern Maryland Trust Com
pany, Seat Pleasant. Nd. by the di-
rectors of that organization.
Mr.. Henry fills the vacancy caused
by the death of Francis S. Carmody.
! Other officers elected to serve during
the ensuing year are: Hubert I.
Plaster, first vice president and secre-
| tary: w. S. Collins. vice president;
Mary E. Myers. treasurer. and A. l..
Phillips. assistant treasurer.
The directors elected for the year
are B. E. Behrend r. f. Brown. z. NJ
Brady, J. c.. CLANCY, w. S. Collins,
G. S. Cooper. L. A. Griffith. S. J.
Henry, William H. Lacy. NJ. c. Nc
Nab. NJ. E. Myers. G. Brown Pitts.
| Hubert T. Plaster, b. F. Redmond
and F. A. Van Reuth. The Southern
Maryland Trust Company has a cap
ital of 100000 and surplus of
| 100000.
Controller Crissinger to Speak.
Controller of the Currency d. Il.
Crissinger will address the members
of the Civitan Club at their regu-
! lar bimonthly meeting at the Hotel
! Shoreham tomorrow.
A. i. OF B. Lectures.
c. II. Thompson of the Washington
Loan and Trust Company will ad-
dress the elementary class of the
Washington chapter of the American
Institute of Banking tomorrow night
and the advance class on Thursday
night On both occasions Mr.. Thomp-
son will take as his subject Bills Of
Lading and Other Documents" when
he will touch on straight or order
F: bills, warehouse receipts. negotiable
| ity, as security"
SURRENDER OF ANTI-REDS
| is DEMAND ON RUMANIA