Evening star., 1922-11-13
RAPID TRANSIT Co.
SHOWS SMALL GAIN
Net for October, $475.01.
Letter From Metropolitan
Trust.
BY /. A. FLEMING.

its report to the Public Utilities
Commission. and on this large business
returned net profit of s415.O1.
The total operating revenue was
s2i.sa5.o+. while the expenses were
s2',o3925. Certain additions made the
gross income ssas9o. while deductions
from gross of s4S4Sa. left the net
s415.ol.
October was the first month in some
time that the bus line made a profit
small as it is.
Local Securities.
Capital Traction 5s were lower AT
sIi-. Railway 6s sold at 93s4.
= few shares of Capital Traction
stock brought 1885, to 1OS. and Mer-
Eenthaler sold at 176.
\ sale of Railway common was re-
ported at 64
Business on change was decidedly
dull Orders were less plentiful. but
there was small disposition to sell at
the expense of prices.
Beg Your Pardon:
Writing on bank consultations. the
statement was made in bold type that
but three consultations of Washing
Ton banks have been made in fifteen
years
When the American Security and
Trust Company absorbed the Home
Savings Bank. branches and all. it
took over more than s10.ooo.ooo In
deposits and paid 100000 In Amer
lean Security and Trust Company
stock for 100000 Home Savings Bank
shares.
Some merger.
Trust Company purchased the Du-
pont National Bank quite recently.
And there may have been others.
Notification Of sale.
The Metropolitan Trust Company
Of New York city notified all holders
of Washington Utilities notes, Sc
cured by the block of common stock
of the Washington Railway and
Electric Company. that the
Committee had entered into an
agreement with a syndicate for the
sale of 27.5o0 shares of Washington
Railway and Electric common stock.
now held by your committee on be-
half of the depositing noteholders, at
q price that will return to the note
holders par for their notes. plus in
terest at the rate of 5 per cent per
annum from the date of default of
The last coupon on the notes up 10
and including November 4. 1929. the
date of deposit by the syndicate of
payment in account of the purchase,
of the Metropolitan Trust Company
of the city of New York as agent, on
or before November Is. 1922
In addition to the payment OF par
and Interest the fiat price paid for the
.7,5O0 shares of stock will be suffici-
ent to liquidate in full all of the COM
mittees' expenses including the cost
of litigation.
purchase price by the Metropolitan
Trust Company they will be prepared
to pay. upon presentation and sur
render at the office of the Metropolis
tan Trust Company of the certificate
of deposit representing your notes.
properly endorsed in blank. whether
issued by the Metropolitan Trust
Company or the American Security
and Trust Company of Washington.
D. g, par and interest for three years.
eight months and three days at the
rate of per cent per annum, plus
the per cent assessment already
paid by you.
"Depositing noteholders who did not
pay their assessment will receive
back principal and Interest less in
tarest at the rate OF s per cent per
annum on their unpaid assessments
from January 1, 1921. to November Is.
rlittee to borrow money against the
unpaid assessments in order to pay
expenses.
The committee cannot but feel
Ii"Sstu at tIlS outCouic oi tiiS ii!olIot,
and request that your certifica tes be
forwarded promptly to the Metro
poltan Trust Company in order that
the matter may be promptly closed.
Very truly yours.
IN, II. Harper. chairman: Fl. D. Ha+-
Ian. Harold B. Thorn, w. E. Cadwal-
1ader. W. T. Galliher. John Poole. c.
W. Warden. George W. White.
Washington noteholders' commit
THE Metropolitan Trust Company
of the city of New York"
May Be for Systems Good.
While the same secrecy prevails as
to the actual buyers of the big block
of railway stock. some hints are
dropped now and then as to the prob
able good effect that the purchase
will have and the thorough harmony
that prevails between the buyers and
the present officials of the Washing
ton Railway and Electric Company.
1t is even stated that some MEM
bers of the utilities noteholders' COM
rnittee may remain on the board, al.
though their resignation go with the
collateral back of the notes. but they
may not be presented for some time
TO come.
1t is believed that Mr.. Thompson.
who represents the buyers. may ge
on the directory OF the company at
the next meeting of the board Of di-
rectors, to be held on the 2sth instant.
Redemption Of Certificates.
Secretary Mellon today made public
the Treasury's plans for handling
s615. 100000 In war savings certifi-
Gates, series of 1918, maturing Janu-
ary /. 1928.
Special facilities, Secretary Mellon an
nounced. are offered. First. for their
exchange into the new Treasury savings
certificates. with provision for advance
exchanges beginning November 10. 1922;
and second. for cash redemption on and
after January !, 1923. with provision
for presentation in advance for redemp.
tion as of that date"
Beginning November Is. 1927 said
Secretary Melons statement, holders
Of 1918 war savings certificates can ex-
change them at maturity value for
Treasury savings certificates dated
January 1. 1928. at the same time can
get advance payment of any cash diff
ference by taking the largest amount
Of Treasury savings certificates that
their war savings certificates, taken at
maturity value. will cover. Exchanges
after January is, 1922. with any neces.
eary cash adjustments. will be made as
OF the date Of exchange.
Holders will not be able to make
before maturity. but beginning Ne.
rember IL. 1929. may present them in
advance for redemption as of jan
uary 1, 1923. and in that event will
receive on or about January 1. 1928.
checks payable to their order cover
ing the remeption va1de.
Registered war-savings certificates
must be presented to the post Office
where registered, but unregistered