The Washington herald., 1922-01-26
DC. REALTY FIRM
OFFERING s650,OOO
COUPON BOND SALE
Flotation by F. III. Smith
Is for Ten Years,
Bearing 10.
OTHER LOCAL NOTES
w. X. & E. December Income,
S46.016.52-Bank of Wash
ington Officers Reelected.

The F. H. Smith Company is to-
aay announcing 1o-year z per cent
nrst mortgage serial coupon bond
issue Of s650,000 on the land and
tne proposed new home of the COM
pany on Fifteenth street. property
conserVatively valued at sl,l00, 900.
The bonds, WHICH will be issued
IN denominations Of $1,000, $500 and
800, are dated January 26, with in
terest payable ~senli annually. on
January 2s and July 26, with nor
maj Federal income tax up to
per cent paid by the bonding cor
poration.
This entire first mortgage has
been underwritten by the F. H
Smith Company. The bonds Sc
cured by this first mortgage will be
the direct obligation of the +. II.
smith Building Corporation. The
loan will be literally curtailed each
year, SO that at the final maturity
the unpaid balance of the loan will
amount to less than 81 per cent of
the present value of the property
and completed building.
Under the ten months invest
ment savings plan" the securities
may be purchased by making an
more, the balance TO be paid within
a period of ten months.
The issue is callable in whole or
in part on any interest date after
January 26, 1926, at 102 and accrued
interest.
w. u. & L. December Earnings.
The net income OF the Washing
ton Railway and Electric Company
for the month of December aggre-
gated s46,Ol6.52. according to re-
ports fled with the Public Utilities
Commission yesterday. During the
corresponding period one year pre-
Nious the comnany reported a net
income of S14L92495. and in No
vember, 1921. S243,509I5 was re-
ported. the incorporating income
during these latter periods bang
swelIed considerably. due to inter-
est and dividend payments.
Operating revenues for December,
1921, amounted to S45S.127.49, with
operating expenses amounting to
S351,99S.96. Incorporating income
amounted to s6.Sl7.15, with gross
income, less operating expenses and
taxes. aggreGating s113.045.6s. De-
ductions for the month totaled s67,-
O29.l4.
City and Suburban.
The net income of the City and
suburban Railroad during the
month of December amounted to
s3.279.2S, according to Public Utili-
ties Commission. Operating revenues
amounted to s10s,7o2.74. with ex-
pensss. and taxes totaling ss7.-
4 5ss.63.
: For the past year the net income
of the company amounted to $685.
A 4O1.S1, the reports show.
Georgetown and TennnIlytown.
The Georgetown and Tennally-
town Railway Company was op-
Grated at a deficit of sl.243.74 dur
ing December. reports to the Pub
lie Utilities Commission show. OPP
Grating revenues for the moRth
amounted to S9.43S.99, with operat-
ing expenses and taxes amounting
to s9,645.S4.
This line operated at dencit
of s24,75S45 during the year.
Washington Interur nm.
This company was operated at a
deficit of s2S7 during the month Of
December. Operating revenues
amounted to S2.SS1.l1, with expenses
and taxes totaling S2.521.s3. For the
past year the company reports a
deficit of s7,S9.05.
Bank Of Washington Election.
At a meeting of directors of the
National Bank of Washington. held
yesterday. the following officers
were unanimously reelected for the
= ensuing year: President. Clarence
IL. Norment; vice presidents, George
L. Starkey, George +. Sacks apd
James Trimble; cashier, W. WallaSe
Nairn; assistant cashier. j. Frank
white: trust officer. Edwin c. Bran
4 denburs; assistant trust officer.
Charles Linkins, and auditor, Ey-
erett II. Parsley.
President Norment then gave a
very comprehensive resume of the
banks business for the past year.
At the conclusion of his report he
received the hearty congrstulat-
tions Of the entire board on the
very gratifying progress made,
During the past month this bank
has erected an illuminated sign
over the entrance. giving the date
of the organization. 1909, thus
showing the bank to be entering
upon its 114th year. and is there
fore the oldest bank in Washing
ton.
Northeast Savings Bank.
At the last gathering of the di-
rectors of the Northeast Savings
Bank in the bOardroOm of their new
building, located at Eighth and Fl
streets northeast, there was sub
mitted to them by the president a
report OF the work accomplished
during the year 1921. After cor
daily welcoming the newly elected