Evening star., 1924-07-15
NEW BANK FORMED
IN ROSSLyN, VA.
Washington and Virginia Men
Interested-Farm Loan
Bonds on Sale.
BY CHAs. p. sHAEFFER.

announcement is made this morn
ing Of the formation OF the Trust
company Of Northern Virginia, with
authorized capitalization of 100000,
which will shortly begin functioning
In Rosslyn, Va, probably in tempo
rary quarters on the site now occu-
pied by the Key Laundry A hand
some structure will later be erected
to house the institution.
FINANCED and sponsored by promi-
nent attorneys, farmers and business
men Of northern Virginia and Wash
fngton, the new bank will do gem
erai banking business, but expects to
conduct trust and title departments,
and will make a speciality of real
estate loans.
lncorporators are H. Cotton Lewis.
an attorney and farmer of Fairfax
county and Washington, who will be
its first president and trust officer;
r. A. Lynn of Herndon, who has had
secretary and treasurer; Frank Lyon,
real estate operator in northern
Virginia and local attorney; Paul
Dulaney. local corporation lawyer,
ana T.. L. fulton.
Stock of the institution is of 800
par, being sold at a premium of so
to provide a working surplus.
Farm Loan Bonds ON Sale.
Brooke, Stokes & Co. are today Of
fering an issue of $780, 900 Potomac
Joint Stock Land Bank of Washing
ton. D. c., per cent farm loan bond.
due June l, 1854. The offering price
is 1olk and accred interest. to yield
A %
per cent thereafter.
The issue is an instrumentality OF
the United States government and ex-
empt from federal, state, municipal
and local taxation. The institution is
under private ownership and man
agement, and while the bonds are not
government OBLIGATIONS and are not
guaranteed by the government, they
are the secured obligations of banks
operating under federal charter with
government supervision.
So urgent has been the demand
from agricultural districts in Mary
land and Virginia for financial aid
that the bank has found 1T necessary
to float four issues of 100000 since
inception a year ago to care for
loans must be approved by a majority
of the executive committee of the
bank and again by the Federal Farm
Loan Board. Loans are strictly lin
tied by law to so pc cent of the ap-
praisal value of lands. plus 90 per
cent of the value of permanent i'm
provements.
Issues of this institution heretofore
have enjoyed a receptive market and
were quickly subscribed.
B. & o. Income Increases.
The Baltimore and Ohio reports for
1923 net corporate income of s22.-
422,036, an incease of s1S,046,663 over
the previous year. and equal, after
allowing $2.354,5 527 for preferred divi-
dends. to 1921 per cent on the $751;
945.429 outstanding common stock.
cent on the junior issue.
The total operating revenue in the
year was s255,594,435, an increase of
s54,751.2e6: total railway operating ex-
pensess $56.27o.474, an increase of $34.-
302,5s7, and gross corporate income,
$4s.165,e5o, an increase of s1s.24s,51s
The gross revenues, which included
S20S.587.996 received from freight traf-
nc, were the largest ever reported by
the road.
Banker at Conference.
Eugene e. Thompson. vice president
OF the Investment Bankers Association
OF America, is attending the quarterly
conference of governors being held this
week in Gloucester, Mass.
Railway Common Stronger.
Common stock of the Washington
Railway and Electric Company con-
tinued its upward trend this morn
ing, sales of sixty-five shares being
made at 81. another new high. The
issue closed firm, soA offered or a
full point less than the asked price
National Mortgage and Investment.
preferred, reached a new low level
after CALI when twenty shares sold
at s. Prior to this sale $50 shares
changed hands at S1s
Bonds were inactive