Evening star., 1923-04-19
INVESTORS Buying
LOCAL SECUR|T|E!
Prices Generally Steady t
Firm-PIans Big New
Bank-Notes.
BIZ I. A. FLEMING.

Investment buying was noticeab!
In today's local stock market, WIT
a diversified line of business eaIo
including about four bond issues an
six stocks
Railway common was in good dc
mand and very steady at 6s7s 70
the entire season. with So asked a
the close. Railway preferred move.
up one-half point from 74A to 74Ss
Capital Traction was slow at s9iz
99N.
Lanston shares again sold at 777t
,, Washington Gas opened at 4sh a..
closed an eighth higher.
Merchants Bank and Trust Com
pany sold at 135. 1873 and 13c. te,
shares at each quotation.
Washington Gas ~ per cent note
1929: 5 per cent bonds. 932s. Rigg
5s. long term maturity. brought =
Railway As were steady at 11i4 :.
712s.
New National Bank.
Announcement Is made OF new "a
tional bank being formed in New Yogl
1t is the Intention of the promoters !.
limit shareholdings to one share rc
person. save where the national harI
to directors; the chairman of the boar
Of directors. the president and the drec
tors will serve without salaries or fees
no commission. fee or bonus will be ac
cepted for making loans; there will t.
no affiliated securities company: dire:
tors and officers will not be pern'tte.
to borrow at the bank, which will b
run on business principles for its share
holders.
w. c. Durant is named as trustee :;
receive subscriptions for stock, whict
will be issued at $3.50 a share and maj
be paid for at SIS month.
The proposed Institution wou't
seem to invite the purcf ase of stock
as the dividends on a strictly lcgitt.
mate business would be satisfactory
age holding. and ten shares as IL,
limit in the hands of directors and OF.
f1cers, the incentive to personal huS.
Ting in the interest Of the sharehold.
ers does not manifest itself any toe
plainly.
Leaves National City Company.
Roy L. Neuhauser has resigned fror
the National City Company force arc
VIII enter the mortgage company field
being interested in the promotion Q.
company.
Annual Election.
The Washington Mechanics Saving.
Bank held its annual election yeste-.
day. returning all of the former off.
cials, as follows: Ezra Gould, presi.
dent; r. II. Bagby. cashier: A. S. Or
futt. assistant cashier, and F. P. WI.
liams. secretary-treasurer. Maude II
Winslow was made ass. stant secre.
tary.
Cities Service Earnings.
The pamphlet report of Cities Serv.
ice Company for 1922. which has Jus
been issued shows an increase in net
earnings from s12.944.716 to s14,2o5-
674. Preferred dividends of the con-
pany were earned 2.41 times against
2.23, and the earnings on the average
amount Of common stock outstand-
ing during the year amounted to
SASS share, as compared witt
s13.04 share in the preceding yea.
Gross earnings Of Cities Service Com.
pany In 1922 were s14.658.97l, a.
compared with sl3,461.77o in 1921.
The earnings of the public utility
properties increased 20.65 per cent
over the preceding year. or from sS.-
91S.741 TO SS.347.546. This was sun.
Client to pay not only all Cities Service
Company interest charges, but showed
a comfortable return on the out
standing common stock. This is evil
dence of the stable condition of Cities
Service Company, with its greatly d.
versfied interests and earning power
therefrom.