Evening star., 1923-12-21
GAS LIGHT FIRM
GAINS IN EARNINGS
Advance of $4,000 Reported
Tor Notwithstanding on
Local Exchange.

| Inc Washington Gas Light Com
pahy gained slightly more than $4,000
uui iis November, a statement of
| earnings filed with the Public I-tiIi.
| ties Commission this morning show
! ing a net corporate income of ss7.7e4
! compared with $63,2I7 for the corre-
] spending month Of last year. In oc-
! tober of this year the conpanv car,-
! ed s32,444
! Operating revenues of the utility
| amounted to s455,O5S, with expenses
aggregating 1921 Deductions were
! made to an aggregate of s52,10S, in
| cluding s44,137 for interest.
The Georgetown Gas Light Com
pany had net corporate income Of
s6's73 during the same month. Oper-
atlng revenues amounted to s46,09S,
with expenses totaling $34,5O9.
Regular and Extra Dividend.
The board of directors Of the Ma
tional Capital Bank of Washington yes
terday declared their semi-annuaI diyi-
dend OF per cent and voted an extra
disbursement of per cent on the cant
tai stock of the institution, both payable
on December 81, 1928
Books for the transfer of the stoci.
VIII De closed December % to Deccm-
Der 81. inclusive.
Trading on Local Exchange
Prices held fairly even on the Wash
lnSton Stock Exchange this morning.
the only change being a slight decline
on the part of Mergenthaler Linotype
which sold at 151M. Traction sold
was firm at Sc. National Bank of Wash
lngton brought zoo and Washington Gas
Light changed hands at 1874
The bond list was quiet Pepco 6s Of
1898 sold at lOl q with Gas 6s remain
ing at par. Gas 5s brought 93H and
Totohlac Consolidated 5S sold at 81 !.
New Financing Urged.
A. L. Duncan, chairman of the board
or the Commercial Credit Company OF
Baltimore, announced today that q
meeting of the stockholders of the
company will be held January 3 TO
vote upon plans for increasing the
capitalization of the company. Stock
holders have been requested TO direct
an amendment Of the charter where
by the present authorized common
capital stock of 10000 shares, par
Ndlue go, snail be increased TO 4S0.-
oOo shares of no par value, providing
however, that at all times the book
value of the common shares shall
continue as at present in being equal
to at least the aggregate par value
OF either issue of preferred then out
standing and that dividends in excess
| OF 80 cents per share in any year may
not be paid on the new no-par- value
common stock unless after the nav
ment thereof the book value of the
no-par-value common stock be al
least $50 per cent of the par value of
! the class "B' preferred stock then
| outstanding.
Should stockholders approve the
plan, each share of common stock of
! the present par value of S25 will b.
| exchanged by the company for three
shares of the new no par value com
I ~
! the present dividend of Is per cent on
; the common stock will be increased
| to IS per cent or Sl.J0 per share on
! the new no par value stock. Subject
! TO approval by stockholders the new
stock viii shortly be offered to stock
/ holders with the right 10 take ono
share of preferred : per cent and one
share of class "B" preferred per
cent stock for each nine shares of all
issues of stock of record December
FL 1928. Stockholders shall also have
the option to take one share of no
par value common stock for each
three shares taken of preferred and
class b" preferred combined.
Ruling in Bankruptcy Case.
The Hartman National Bank or
over other claims against the North
Shaker Boulevard Company, a sub
sidiary of the Cleveland Discount
Company, late yesterday when Com
! in Cleveland ruled $1.30950O lien
! held by the bank must be the first
| of twenty-five other Legitimate claims
! to be satisfied
| The ruling. which will interest
Washington stockholders. also gave the
i lien holders priority over holders of
| the company's bonds in the settle
ment of the case. The North Shaker
| Boulevard Company's huge apartment
/ house project in Shaker Heights has
! been ordered sold December 2S. to
satisfy claims.
! The Hartman Banks lien has it's
! foundation in a mortgage and trust
deed on the Shaker Heights property
/ Its claims were the largest of the
! twentysiX ruled eligible for settle
ment.
! The decision, which in effect gives
| bonds sold TO finance a building de-
| velopment precedence over the claims
| of workmen, contractors, supply deal
ers and architects, is regarded as one
| of the most important ever handed
down by an Ohio court Its determine
! ton. 1t is said, affects the financing
of building projects all over the state.
| Judge Hornbeck spent ten days
studying the testimony before writ
| ing his opinion. Taking of testimony
/ lasted for two weeks and covered
1 / 800 tVpeWritten pages.