Evening star., 1925-03-28
c. & P. FEBRUARY
EARNINGS S11O,145
Drop of Sc, 900 Under Re-
turns in 1924-B. & O. Has
New Financing Plans.
BY CHAs. p. sHAEFFER.

The Chesapeake and Potomac Tel
ephone Co. netted an income of
imately $4,000 as compared with Feb
| ruary of 1924. In January of this
year the net was s119,7s6.
Total operating revenue showed
gain of about $4,000 to $500, ,5s5, as
compared with February of last year.
This gain was offset, however, by an
increase of about $4,000 to $4,000
In operating expenses.
Taxes assignable to operations and
uncollectible amounted to s39,4S9, but
| income from other sources incurred
a deficit of s3,932.
Net additions to plant and equip
| ment during the first two months Of
| 1925 totaled $256.1s4, including re
| tirements of s115,725.
New Bank Omcerx Named.
| Milton E. Allies was named pre.i-
| dent Of the Northwest Savings Bank
yesterday afternoon at special
meeting of Riggs directors, succeed
ing Francis NJ. Savage, who recently
| disposed of majority stock TO the
! RIGGS institution. Other members Of
the official family of the Northwest
were named, as indicated in this
| column yesterday
| Directors Of the Northwest who
were retained include James NJ. Beall
DR.. G. c. Birdsall. Frank S. Bright,
| Gregg c. Burns. NJ. E. Dyer. Jesse H
Hedges, Charles G. Hubbard, George
II. Macdonald, w. S. Miller and DR..
Garden F. Warner. New member
chosen were Milton E. Allies, Rober'
V. Fleming, Charles Carroll Glover.
jr.; George o. Vass, Hilleary G. Hos
kinson, Nelson B. O'NeaI, George T.
Rainey and /. J. Roberts.
Mr.. yass will have charge of the
| l.,
parent institution. Mr.. Burns Will
be in direct charge.
The final chapter of branch bank
ing controversy that has been ocCu-
pying the attention of the local bank
ing fraternity for years is thus writ
ten. Riggs. by purchase of the
| Northwest Savings, has acquired =
fine bank building. approximately
s1,0o0,o00 in good, clean accounts and
a choice location in a growing vicin
ity. Francis VI. Savage, the seller.
received very generous figure for
his holdings, which figure is offered
to minority stockholders IS we'll
b. o. Plans for Financing.
The final step in the Baltimore and
Ohio Railroads sI5o,0O0.oO0 refund
ing program will be competed this
Spring through the sale of about
$45, ,000,o in bonds to retire 31z per
cent issue of the Southwestern divi
sion maturing on July l next.
The interest rate of the new bonds.
it is reported will be 5a or 6 per
cent. The Baltimore and Ohio pre-
pared last year for most of its ap
preaching maturities, selling a SO,
900 900 issue of first mortgage 5s and
$35, 100000 of general mortgage 6s.
Other Financial Notes. 81
Of ha
marks, as well as the postwar issue,
as legal tender terminates after Jun
Is. according to German governmcHt
edict
This old currency may be exchanged
only in packages OF 10000, 100000
marks or nultiples thereof at tn
rate of 1000, 1900, 100000 marks TO
reichsmark.
Bradstreet's compilation of busi-
i ness failures for the week ended
March IS puts tho number at 397. az
increase of Z over the previous week
and 81 more than a year ago.
Aggregate value of railway equip
ment orders in March is estimated by
Railway Age. at 10000, 900. and in
cluded 106 locomotives, 4.679 freight
cars and Ill passenger coaches There
orders were larger than in F'ebruary
but much less than in March of last
year.
Record Day on Exchange.
The heaviest bond trading in sey-
eral years was enacted on the local
Stock Exchange this morning, more
than $4,000 in face values changing
hands. Except for Washington Gas
5s. which gained three-quarters of a
point, to 9Sa. the tenor of this class
OF security was weak. Capital Trac-
tion 5s, c. & z. Telephone 5s, Potomac
Electric first 5s and Potomac Electric
consolidated 5s all registered a de-
cline of a quarter point. Railway 4s
were in excellent demand, selling to
the extent of $4,000, at 1885, while
trading in Railway general 6s was
even more violent, S31, 900 selling at
+: a point better than par.
; National Bank of Washington stock
, gained AS points. to 225h, on sales Of
21 shares, and Continental Trust Co
, | established n new high S71a