Evening star., 1922-08-08
LOCAL SECURITIES
ARE HELD FIRMLY
Buyers and Sellers Slightly
Apart-Wardman Park
Bonds Quickly Sold.
BY /. A. FLEMING.

While the volume OF business on
the local stock exchange was not
especially large, and many OF tne
leading issues of both stocks ana
bonds did not show on the sales sheet,
there was. nevertheless, a very strong
undertone throughout the entire list
and nominal prices were well helo.
In the case of Railway common
and preferred. there were no trans.
actions, but the common was held at
IS and the preferred Is. ,ne Dla
price being one point under the ask
ing.
In the most highly favored Of the
bonds. the I per cent general mort
gage and refunding bonds of the 70,
tomac Electric Company. the DID
while none was offered under >1Osta
Lanston was held at so with 79S
bid. Washington Gas os were nrrn
at 941a to 94ss: M per cent notes
sold at 104S and general mortgage
SIS of the Potomac Electric Company at
100.
Capital Traction shares sold at
1908.
Personal Mention.
Harry F.. Mayer. director of the
Bank of Commerce and Savings. ana
John NJ. Riordan. cashier, motored up
to New York and back last week
Hustle and activity industrially and
ed by the observers.
Alexander Wolfe. director OF the
same bank, is spending the not days
in Venice. Italy, and will not return
until october l.
NJ d, Rosenberg, president of the
bank mentioned, Is at Racquet Lake.
n. V, while Frank Owens, assistant
cashier, is en- route to the IhouSanu
Islands via motor
w Nick. Stowell. assistant cashier
nrI fS a.
cationing up in New Hampshire.
Clarence F. Norment has returned
from a prolonged vacation at Atlantic
City and is at his desk in the National
Bank of Washington, entirely recoN-
cred from his recent Illness
James Trimble. vice president OF
the same bank, Is enjoying few days
down in Virginia.
Irwin Burns. late chief OF the CO.
operation division of the Veterans
Joined the sales force of Dillon. Read
& Co., attached to the local office.
New Local Bond Issue.
A new bond issue was offered in
Washington this morning. a $4,000
600 issue backed by a closed mort
gage on Wardman Park Hotel, in it's
entirety, furniture, etc
The cost of the land and equipment
is given as considerably more than
at $4,000. 1000 to over s4.soo.oo0. twice
the amount of the bend issue.
Last year the gross income OF the
corporation was s1.51s.573. and the
net. after all expenses, taxes and de-
probation. s332,206. For the first
half of the current year the net was
$173.sS1. after all expenses, deprecia-
ton. taxes, etc.
Bonds are to be in denomination of
800. $500 and $1,000. Sinking fund
provisions are contemplated for the
retirement of 100000 bonds per an
mum: the issue is redeemable as a
whole or in part on any interest
date on sixty days notice at 1O1 "
and interest and at Y of one per
cent less for each six months there
after, until maturity. September l..
1897.
Income tax charges to the extent
of per cent are assumed by Ward
man Park Hotel. Inc, and also per-
sonal or intangible taxes assessed
against the holder up to mills. The
bonds will be listed on the local ex-
change.
Crane, Paris & Co. local members
of the selling syndicate. report the
entire offering sold before noon.
Making Investments.
In the final week of July 500 lead
ing national banks of the country in
creased their Investments by SIS. .79S. 900.
JdHudIy = tHlS year ~ July
rs. less than seven months. invest
ments in these leading banks in
creased in volume to $4.44S.6S2. 900
from S3.51s,371, 900. or gain of $685.
311.S0O.
Average monthly increase in the
volume of investments in 1921 was
100000: average increase monthly
this year, s133.000, 900.
Failing to find the borrowing de-
mand needed to keep their funds we'll
employed, bankers have turned more
and more as the year wore on to in
vestments. and in doing so have.
through the good advance made in
bonds, liberties and all other issues,
found compensation in full for the
lower yield as compared with the ask
ing commercial rates.
And the accumulation goes on with
thousands of investors competing
with banks for the securities.
The Secretary of the Treasury this
morning called for the second pay
ment on account of the sale OF the
recent Az per cent notes. The first
draft. 12h per cent, was payable by
selling banks today. and the second.
per cent. is due tomorrow.