Evening star., 1922-02-03
TO IMPROVE
ITS ROLL|NGSTOCK
Seaboard Forms a Subsidi-
ary to Buy and Reconstruct
Equipment.

The Seaboard Air Line Railway
company and the Baltimore Steam
racket Company, owned by the Sea-
ooarq have organized the Seaboard
Day Line Company to purchase, re-
oulld or otherwise acquire or provide
ior the reconstruction of their cars
ana equipment. The company will
nave sL5o0.00o capital paid in from
the resources Of the two parent COM
panies.
o. Davies Warfleld. president Of the
Seaooard Air Line. who will head the
neW e"o company, said yesterday that
- o;Vuo ~. irelght cars. or over 80 per cent
t. ue toad 8 rolling stock. were returned
st IRON FEDERAL control unfit for service.
with tne result that the roads actual
payments Of daily charges for the use
., = the cars Of other roads rose to
sa,ovo. .o0o. This depressed the COM
pany's earnings and the market value
or its securities. He added that the
cohpanys locomotives when returned
hee9ed repairs costing 100000
an, me Seaooard Air Line Company
y. VIZ eao Issue s and has arranged to place
ment trust certificates at par" said Mr.,
Warneld The proceeds, with other
resources Of the new company, will
pay for 5000 of the 5000 damaged or
99saa-9rder freight cars TO be imme-
diately reconstructed by the Chicka-
saw Car and Shipbuilding Company.
birmingham, Ala; also 1850 new
steel under-frame freight cars, TWEEN
ty-nVe Mikado locomotives nearing
completion com by the American Locomo-
i've Company and two twin-screw
steel, combination passenger and
| irefsht steamers ordered from Pusey
q Jones Company. Wilmington, Del.
lot use between Baltimore and Nor
folk.
Joint Stock Companies.
Inc recent change Of Wall street
house from the partnership form TO
JOINT stock company draws atten-
,!on 10 form of organization but
wall Street Journal =
Inc law covering it is brief, and
mere are but a couple of pages of
9eclslons under it. The outstanding
hnerence eh from corporation is that
the liability Of stockholders in a Joint
STOCK company is unlimited, as in a
partnership. But the participants
may transfer their equities as repre-
sented by their stock, to other hold
els, as IN a corporation. If a partner
; Mishes 10 withdraw from a partner
snip IT necessitates dissolution of the
partnership. If the firm incorporates,
u limits the liability Of each mem
per. and thus risks losing the con-
noenee OF its customers. The joint
STOCK company avoids both disad-
'antages. the paper continues.
Resolutions of Grief.
The following resolutions of grief
at the loss of their general counsel
Charles {. Tucker, who lost his life.
together with his wife. in the Knick-
erbocker Theater disaster, were
ADOPTED by members of the board of
directors Of the Commercial Ma
tional Bank at their meeting yes
.erday:
The directors of the Commercial
National Bank are deeply sensible TO
the great loss that has come, both
in the death of Charles Cowles
Tucker. For more than two years a.
counsel for this bank he came into
almost daily contact with US, its Of
hcers and employees. By reason OF
our intimate relations with him ".
| were able to form a true conceptior
OF his ability as a lawyer and h.
work as man. With unanimous ac-
cord we. his associates. give tesri-
,, mony to his gifted attainments and
exceptional high character.
Charles Cowles Tucker was :,
most valuable ana beloved associate
HIS high ideals, strength OF char
acter, genuine frankness. absolute
integrity and high sense of duty and
loyalty endeared him to US ALL Hi
power and discernment. full learnins.
rich experience and rare ability gave
him just and high place in his pro
tesslon. Our mourning at his death
is deep and sincere. and to his family
we extend our best and heartfelt
sympathy
At business meeting following the
board elected Joseph w. Cox general
counsel of the bank. to, succeed Mr.
Tucker. Mr. Cox also will succeed Mr..
Tucker as general counsel of the
Mount Vernon Savings Bank.
Fifty Million Drop.
The daily statement of the United
States Treasury, issued yesterday
showed a reduction in the total gross
debt of the nation of s50,440.115 dur
ing January, the gross debt now
standing at 23,SSS.544,237. The total
ordinary expenditures of the govern
ment last month amounted to S23I;-
246,S95, as compared with $3SS,119.2f2
for the corresponding month of 1921.
and more than s329,000.000 for De-
cember, 1921.
New Loan to Western Maryland
Another loan of 100000 to the
Western Maryland Railway Company
by the Treasury Department, out of
the revolving fund, brings the total to
that company up to s3,272.S00. Ag-
local investors are inter ested an
nounced by the Treasury Department
include the Baltimore and Ohio,
| SO 100000: Chesapeake and Ohio.
,762,5O0; Cumberland and Manches-
ter railway. $375.000: Norfolk South
ern. s311,000; Seaboard Air Line,
ss,69s,4O0; Virginia Blue Ridge rail-
| way, $1O6, 900; Virginia Southern rail-
way, $4,000; Virginia railway s2'ooo'-
! 900.
! The Treasury has made final pay
ment of the amount which is guar
anteed the Norfolk and Southern rail-
road under the transportation act.
The aggregate payment TO the NOR
folk and Southern under this guar
antee is S1,311.701.