Evening star., 1923-10-25
W.R. sc. BONDSARE
DUE ONDECEMBER1 |
Company Must Pay$1,000,-,
600 at That Time-CapitaI
Traction Earnings.

The Washington Railway and EIec-
trio Company will be called upon to
meet maturing obligations to the ex-
tent of S1.000,000 on December /, this
year, when the outstanding general 6,
per cent bonds fall due. The COM
pany is not expected to take advan-
tage at this time of the public utili.
ties authorization, several months.
ago, to float additional bond Issues,
but will. most likely, hypothecate g.
sufficient amount of securities with,
local banks to raise the necessary.
amount to be disbursed New bonds
will be floated, It is believed. when,
the investment market is more fa-
vorable.
The per cent bonds of the carrier
nave been in excellent demand
throughout the present year in wash
ington because Of their desirability,
as an investment for the Christmas
savings club funds of local banks
since they mature on December J,
which is the approximate date when
Christmas savings club disburse-
mentS are made. One OF the most dif-~
ficult problems confronting local
bankers is that of finding suitable in-7
ings club funds. This money Is paid,
in in weekly installmentS through.
out the year. and the deslrability of
an investment of a simultaneous ma
turity is easily seen.
The bonds are now selling fractionally
below par, but bankers here would glao-,t
ly pay par for them if large lots could ,
be had. Two years ago the issue was,
selling at 95 and SO, while five years ago.
they could be had for 50, then yielding
about II per cent.
Traction Earnings slump. IA
A huge slump in earnings of the Capt.
tai Traction Company for September,
1923, is noted in the statement of earn :
ings filed with the Public Utilities COM. !.
mission yesterday.
During the past month the company
profited to the extent of $6s.303, while =
the net income for the corresponding
period year ago amounted to sS7,3s9.
During August of this year the company
earned S56,S91.
The net operating revenue of the :
carrier for the period in question -
amounted to $120,z60, while in Septem- \
ber of last year they aggregated
s106,323. =
Gas Light Earnings Gain. =
Earnings Of the Washington Gas I.
Light Company for September, 1923, il
show an appreciable gain over the sane'r
period Of last year. During the month :
the company had net corporate in-.i
come Of 1885. as against s4,6s8 in Sep-o
tember Of last year, and with a deficit' /.
Of 6,oS2 in August. 1928.
Operating revenues Of the corpanye
amounted to s336,627. and expenses
totaled S26o.456. Interest deductions
amounted to S41,901. and amortiza- J.
tion of debt discount and expenses :
totaled S7,SS9. -
The Georgetown Gas Light Corn
Dany likewise shows a gain. In Sep
tember the net income of this SUBJ
sidiary aggregated $4.529, in contrast !,
with $35.i5 in September of last year. =.
and with $3.l34 in August, this year. r
Crissinger on Rediscount Rate.
Gov. D. r. Crissinger of the Federal :
Reserve Board. in New York yester-
day to attend the weekly meeting OF 4
tthe New York Federal Reserve Bank !.
directors. declared he saw no reasont. =,
for any change in the rediScount rate
of the New York banks.
Mr.. Crissinger expressed satisfac- Il
tion with the credit situation assert, =
ing he thought Wall street in excel
lent shape from a credit viewpoint. :.
Cities Service Income. -
The gross earnings of Cities Service
Company for the twelve months end
ing with September 80, 1923. were
S16.657.T93, as compared with S14.41T.-
SEQ in the corresponding period of the
preceding year. according TO the.
, monthly statement OF earnings lust
issued by the company. In the same
period net earnings amounted to
16,140,017, which compared with
S13.9S5,011 and net to common stocks
and reserves was SS,515.300, which
compared with s6,s97,S01 in the pre-
ceding twelve months. This was the
the average amount of common stoclIz
outstanding. In the preceding twelve
months S14.S2 a share was earned on ,
the common stock. -