Evening star., 1924-09-05
JOINT STOCK BANK
PLANS NEW ISSUE
Potomac Directors Fix Sum
at $780, 0,O00-LocaI Mar
ket Spotty.
BY CHAS. r. SHAEFEER

Dneclors OF the Potomac Joint Stocl-
. 1ailo bank at special meeting yes-
iss',S authorized an additional bond
ssz4, bearing per cent interest and
maturing in 80 wears
me bonded Indebtedness of the in
itsution is already S2,0OO.00O dia.
Siiputed In four issues. This amount
ever. mas been found insufficient
ae-;nm,. e the requirements of tho
49, al sections of Virginia and
lahd which it serves and 81 vas
Iiulcated this morning the new dot
:Io. would be offered the public with
| in the month. puoiic WILL
t'iio"lng out-of- town directors
Stt.enolns the meeting: Z. n. Sbumate'
HifiiaI 1esviile, Va; Charles Edward
Hnnnin. hagerstown. Md: ]. T. g
q rort Deposit, Md: George
o. Tra'tan. Jr., Harrisonbure Va
9nirIey Garter. Winchester. Va. p
Laurie Mitchell. La Plata. Md. r g.
neolnger, Boydton, Va. Mi.cbaI,
faimer, general counsel of the bank
ealhe .a from Stroudsburg, Pa, to attend
New Car-Loadins Record.
new 1924 high record for ,o.a
ings OF revenue freight was estab-
,1sneo ;. IN the week ended August %.
w In seZ,24S cars. an increase of
-S'"oo over the week before. when Tho
previous high mark for the wear was
reached, the American Railway Asso~
ch reports All commodities
nno"eo increases over the preceding
60 except ore and forest products.
~ Gnu miscellaneous freight show
ed the largest gains The to,s1 Co..
the week. however was a decrease %
o',oo' cars under the same week cf
last year. VI
Roads Seek Bond Issues.
The Chicago, Rock Island and D..
enc railway Company TODAY asked
authorlty a OF the Interstate Commerce.
commission to issue s3.7e0.0oo of <
per cent equipment trust certificates.
TO be sold at ss per cent of par. Tho
proceeds are to be used in purchasing
raliroad equipmnet
Ihe Winston-Sa Terminal Conn
pany mace application for authority
10 issue 100000 of first mortgages
per cent gold bonds and $4,000 Of
capital stock with which to construct
4 union passenger station and to pur
chase land in Winston-S Salem.
b. & o. $4,000. coo Issue Allowed.
The Baltimore and Ohio Railroad
received authority to issue SIS. .0oo. 900
OF nrst-mortgage bonds with interest
AT the increased rate of 5 per cent.
TO be sold at not less than e55 nor
cent OF par, the proceeds to be used
IN the retirement of the roads prior
lien bonds
authority was also granted the road
to issue interim certificates calling
for delivery of not over SIS 200. 900 of
nrst- mortgage bonds and to pledge
under the roads first MORTGAGE not
over SI5,O0O.000 of prior lien bonds
ana to pledge temporarily with the
uepositary of the agreement for in
terlm certificates not over SIS ,00o, 900
or nrst-mortgage bonds and $4,000
600 of prior lien bonds.
Keeps Up Branch Bank Fight.
Francis M. Savage is unrelentine
in his fight against branch banking,
as the following excerpt from the
farls Herald, received this morning,
shows:
Convinced more than ever after
tour of Europe that branch banks
cause concentration and control of
capital which inevitably retards the
growth of towns and decreases the
chances of young men to get on,
President Francis NJ. Savage, of the
Northwest Savings Bank, Washing
| ton, D. c., is returning to America,
| from Genoa on September 8, to carry
on the fight against branch banking.
Mr.. and Mrs. Savage are now at the
Grand Hotel Astoria, Aix-les-Bains.
Mr.. Savage is sailing in time to be
present at the meeting of the Ameri-
can Bankers Association in Chicago,
to continue his fight against branch
banking, which question, he believes,
should be developed as a political
issue"
Trading on Local Exchange.
A "spotty" market prevailed on
the Washington Stock Exchange to-
day. Riggs National Bank was
stronger at 295, as was Railway com
mon at II and 77ls. National Mort
gage and Investment preferred held
firm at 81, but Gas was off to SO.
Capital Traction was weak at 91sx
and 91R