Evening star., 1922-10-11
CFIRST IS.
AGAIN S0LDAT PAR
Stock Exchange Adjourns
Over Columbus Day-Lib-
erty Bank Doubles Capital.
BY /. A. FLEMING.

Clearly the feature of today's ses-
sion of the Washington stock Elk
change was the sale of Potomac
Electric first mortgage So at par
marking the first time this highly ia
vored issue of the old days has ap-
preached 100. 1t was nothing a few
years ago to find these bonds seiling
at 11O and only this retirement figure
kept them from going higher
October g. 97Ia was bid for them.
with the last previous sale 9S1a.
The second feature was the resolu-
ton to adjourn tomorrow, Columbus
day. this action being taken in COM
mon with the New York Stock Ex-
holiday in the security markets.
Capital Traction shares were quite
active in small way. at 102A to
1927 with one 3-share lot at 1o2 y:
Railway preferred wanted at 70.
Common shares nominal.
Union Trust shares brought 1SI q :,
a new high. and Mergenthaler, ITS
to 11Sa4 at the closing.
Going Into Fourfold.
Subscriptions to the new bond
issue passed over the threefold yes
terday and are we'll along to four
times the offering this morning.
The fact that the bonds are tax
free to corporations makes them
very desirable and they compete with
other issues, placing them at a dis
advantage Municipals of the high
est order have been jolted by the
issue no less than industria1s which
are handicapped by income tax and.
in many sections, by intangible taxa
ton.
Bankers generally believe that
Secretary Mellon might have put
oyer per cent loan, but they con-
gratulate him at the same time. on
his decision, which assured speedy
overSu description.
The directors of the National Biscuit
Company. the stock of which has been
skyrock citing in the market for some
time, decided at special meeting
yesterday afternoon to offer PROPOSE
tion to the stockholders issuing $25
par value common stock in place of
the present s100 par value shares.
After such action is taken they will
declare - per cent stock dividend:
giving stockholders seven shares of
Se5 par value for each 800 share now
held A special meeting has been call
ed for November Is for the purpose
Of acting on the proposition.
Doubles Its Capital StocS.
Shareholders of the Liberty Nation
al Bank voted largely in favor of
doubling the capital stock of the in
stitution, from S250.000 to $500.000.
The new stock will be sold to share
holders of record October 10 at s125
a share. Voting was practically unan-
imously in favor of the increase.
Bank Election.
At a meeting of directors of the
Bank of Commerce and Savings. the
following officers were reelected for
the ensuing year: Maurice D. Rosen-
berg. president; Joseph Sanders, vice
president; w. A. Bennett. second vice
president; Irving Owings. third vice
president; Joseph H. Milans. secre-
tary: DR.. Clarence A. Weaver, audi
tor; Alexander Wolf. general counsel:
John NJ. Riordon. cashier, and Frank
Owings, assistant cashier.
Hard Travelling.
Bus lines in the District find the
net returns for their efforts, wear
and tear on equipment, etc, very
light.
The Washington Rapid Transit
Company lost slap in the month of
September, net. 1t also lost in Au-
gust and for the September month
Mast year. $3.50.
1t is said that some of the new
lines are not on a paying basis as
yet; at the same time the company
gathered in fares to the amount of
s25,l92 In September.