Evening star., 1922-03-28
new WD|RECTORSFOR
GRAPHOPHONE CO.
Eliminate Old Interests.
Treasury Calls for S76,-
600, 900.
BY ]. A. FLEMING.

The Whitman-DuPont interests
were eliminated, il indeed they had no
disposed of their entire stock held
ings all the way down from SIS down to
dollar or two a share.
The new directors. who may reason
| ably be supposed to have the H.
| terests of the corporation at heart.
| with two former officials not mixed
up in the debacle, now constitute the
| board.
| The personnel is as follows:
! Mortimer Buckner, president of the
| New York Trust Co.; Charles W.
Cox. director, Allis. Chalmers & Co.. W
c. Dikerman. vice president, Amer
! can Car and Foundry Co.; Van Horn
Ely. president American Railways
Company: H. J. Fuller OF Alfred q
Co., New York: c. Herman kinnicutt
| of Kissell, Kinnicu.t & Co, New York;
J. F. McClelland and Douglas Par
| mentier of the Liberty Industrial Co.
New York; r. W. Shibley. vice pres-
dent of the Bankers Trust Co, New
York; Harold Stanley, president.
| Guaranty Co. New York; II. L. Will
son. president of the Columbia
Graphophone Manufacturing Co. and
Eugene f. Thompson of Crane
Paris & Co, Washington. d. c.
1 A clean sweep may be taken to nnea
/ an honest attempt to recoup losses
| and restore the company to the good
graces of shareholders.
Calls for seventy-six Million Dollars.
| Secretary Mellon notihed banks
| holding proceeds of the sale OF Treas
ury notes A, 1925. to pay into their
| respective regional banks all Of such
| balance. amounting to $5o,lS3,ts1, by
| Thursday of this week.
! At the same time the first draft on
per cent. or $2s,s2s.ooo. was ordered
paid in on the same date.
F, Trsetios So In Demand.
| There was a good demand for Capt.
| tai Traction 5s on today's session Of
! the local Stock Exchange, large sales
being made at IS and s5h.
| The stock was steady at 30. with
| Railway preferred selling at C9IS.
Old Dutch common sold at 3.
Bankers 10 Meet.
| A meeting of the executive council
has been called for next Friday after
noon at o'clock at the Washington
| Loan and Trust Company.
| At that meeting F. P. Reesidc,
chairman of the building and hous-
| ing committee, will report on the
4
| ferred to some days ago in this col
| umn.
| In the event of approval BY the
| council of the movement the mem
bership of the Organization will be
called into session for final action.
| 1t Is likely that the council also viii
F.! consider some action in connection
with the 1922 annual convention.
| About the only place that has been
| given serious consideration by ofi-
L l. &c Jny IN
White Sulphur Hotel Company is also
asking a return visit.
| Getting in Line.
The Federal Reserve Bank OF AT
lanta has reduced its discount rate
from to Az per cent This rs the
| fourth reduction since January, 1921.
| when the rate was per cent.
| Gov. Wellborn declares that busi-
| ness is improving. that the lower rate
| will stimulate business still further.
but that that section OF the country
| will not be normal until smother crop
has been raised and marketed At a
| good price.
| Railroad EarninEs.
| New York Central for February
turned in a net operating income OF
$7,056,512. as compared with a defcIt
! Of 364,370 year ago. louisville and
Nashville enjoyed 4 net operating
revenue of S1,5s5.s64. as compared
| with a deficit OF $1,9ss,455 for the
same month last year.
New Haven brought in revenue
| Of S1,79s,f73, as compared with Feb
ruary deficit of s3,654,ss3 in Febru-
; ary 1921.
| Delaware and Hudson i'm Fehruarv
! increased its revenue from Sl36,so2
| in 1921 to sl.3S4,322.
| Minor rail corporations also showed
a material change in earnings for
1 the better
| Challenges Preef.
E. C. McDougal, president of ths
| Marine Trust Company of B"T =.
| challenges any one to cite a single
| incident where a federal I,.seI, 49,. +,
has charged rates not justified py the
market and the risks.
In an article just issued in the
! Journal of the American Association
ne refutes the charges made
and says that country banks fr"-
quently charged high rates and
passed the blame therefor to the cIty
! banker unjustly.
Il claim" said Mr.. McDougal, that
at all times. at all the federal reserve
banks. there has been plenty of credit
at fair rates at the service of the
/ country banks which were rot dan
gerously overtradinG, available either
directly or indirectly through their
| reserve city correspondents, which in
turn should have furnished the farm
ers at fair rates. not for speculation
1 in farm lands or in farm products.
but to grow and harvest their crops
| and to move them to market, for sale
at market prices"
! W.. b. and A. Earnings.
| At the annual meeting of stock
holders Of the Washington, Baltimore
and Annapolis Electric Railway Com
pany yesterday at Annapolis juno
| ton. the report of George T. Bishop.
president. on last years operations
was submitted, showing that the
net Income of s2so,5sl. compared with
| $2s7,0o6 in the previous year. Oper-
| ations for the year are not easily
compared with those of 1890 for the
reason that the latest report covers
| operations OF the Annapolis Short
ruary of last year, but as the Short
Line had been operating at loss its
] inclusion, except as it profted by the
| combination, would not necessarily
make the purchasing company's $
| showing any better.
Bishop reported, were s2,5l2.540, COM
pared with s2,0s2.ss4 in the previous
year. and operating expenses were
sl.s10,454. compared with $1,534,205.
leaving net revenues of S7o2.0s5, COM
| pared with s55s.12S. Net revenues
9OA, compared with $6o.3S7. making
total net operating revenues of $685.
$50, compared with $6ls.4sb. The
company had other income OF $laS,-
621, which. after taxes, left gross in
come of $790.499. Deductions from
income were s55e.96s. compared with
i$2ss, ,S99, leaving net income as stated.
The general balance sheet shows
total assets of s1S.646,212, Of which
$751; $3.50 is credited to road and