The Washington herald., 1922-07-25
Elm cIAL
HEAVY VOLUME and
FIRM PRICES SEEN
ON u LOCAL CHANGE
Donaldson Makes Awards in
Cash; New 6 Per Cent
Bond Offering.

A relatively heavy volume Of
trader together with a firm price
tone was the outstanding feature
on the washington Stock Exchange
yesterday. Selling of bank shares
was,much in evidence. 14 shares Of
National Bank of Washington
changing hands at 1ss. 10 shares Of
American Security and Trust at $50
andz-l3 shares of Union Trust At
12sl.
Selling Of public utility issues con-
stituted the bulk of the action.
Railway 4 per cent bonds changing
hands to the extent of 81. 1000. face
value. at prices ranging from TAX
to 75H. the trend being upward
Potomac Electric debenIure skies
sold 10 an aggregate of $4,000 at
ss%. while Capital Traction fves'
ssles amounted to $4,000 at s7A
and s7h.
In the stock list, Capital Traction
changed hands to the extent of 20
shares at 10oh and 1oo%, while
Railway preferred had sales agsre-
eating 81 shares at 7sK and 10.
Railway common sold to the extent
Of 30 at 56H, with Mergenthaler and
Real Estate Title pegged at 14sh
and los. respectively.
Donaldson Makes Awards.
In conformity with action taken
by the board Of directors the first
of the year. r. Golden Donaldson.
president of the Commercial Ma
tfopal Bank. has awarded and paid
s2B each to seven employees of his
Institution who successfully COM
pleted the elementary course Of the
American Institute of Banking.
Those receiving the cash award
were as follows: Mrs. ]. N Fish
burn. Mrs. Helena D. Reed, ]. F. ID.
Goldney. A. Don Radice. Michael F..
Showalter. Douglas o. Starr and W.
Clark Vernon.
1t Is Mr.. Donaldson's. contention,
which has worked out with unvary-
ing, success. that II a small cash
award would prove any inducement
in'rnaking for better bank employees
where the highest degree of efi-
cispcy is an absolute necessity. then
the email cash award is money well
spent and his institution is bound
to he returned winner in the long
run,as
Several other institutions in the
city have adopted the same policy
in bettering the standard of their
personnel.
N,fS New Gold Bonds.
The Guaranty Company, of New
York and Potter and Company, of
New. York, are today Offering S5,-
100000 American Republic Corpora
tioH-1 ffteen-year . per cent gold
bonds. to be dated April 1. 1921,
maturing April 1. 1887.
The bonds are being offered at 80
and accrued interest to yield SIS
per- cent. Interest is payable April
1 and October 1 without deduction
for normal Federal income tax up to
ppfscent The Pennsylvania four
mill tax is refundable. The corpora
tion, through subsidiaries. Is en-
gaged in the production OF cruoe
petroleum. fabrication OF steel plates
for oil refinery equipment. and the
manufacture and operation of tank
cars. The net production Of the
corporations oil producing sub
sidiaries is over $500 barrels daily
Net earnings after depreciation, de-
pletion, etc. available for interest
and Federal taxes averaged for
three years and four months ended
Apffl' oVs lSzz, Sz,ooS,OSo per annum,
and were AZ times the consolidated
annual interest charges of about
s550,oe0. Such earnings for 1921
were, -s1,73o.s5s, and for the first
four, months Of 1922 ss77,s5l
The bonds will be direct obliga-
tions of the corporation, issued un-
dera trust agreement. which will
restrict the payment of dividends
and the mortgaging Of the property
of the corporation and subsidiaries
Coal Supplies.
The growing Importance Of the
RAILROAD strike as a limiting factor
in coal production is made clear by
the Geological, Surveys estimates
for the week ended July 20. In
placipx the country's output at
3.600,oo0 tons, the Survey points out
that1pemplete returns may give an
even smaller figure and one which
may furnish in fact a new low for
the last several years. Accepting
2 the tentative estimate. the amount
Of coal mined has now dropped ap-
proximately 1,700.e0o tons a week
below the level reached in June.