Evening star., 1922-06-28
POTOMAC ELECTRIC
1928 MATUR|T|ES
Will Refund Readi|y-LocaI
Stocks and Bonds-Sec0nd
National Activities.
BY 1. A. FLEMING.

Next year the Potomac Electric
Company will be called upon to re-
deem or refund, the latter probably.
1851 900 General mortgage 8 per
cent bonds.
When the company issued its gen.
eral refunding and improvement I
per cent bonds, nearly year ago. 1t
was planned that this should be the
general mortgage for use in re-
funding operations, but the great
drop in interest rates and the low
going value of money as of today.
and probably of next year. will make
the directors reconsider their intens
tions. and refund with an issue of
bonds bearing a lower interest rate.
A local bond at per cent rate,
or even per cent rate should be
salable without much concession
The I per cent Potomac general
mortgage and refunding issue is now
selling at its top mark, ark loi y ana and
dicted by Crane, Paris ( Co. when
disposing of the issue. These. bonds
have a maturity of over nineteen
years. to 1921. making them valu-
The general 6s should be selling
at par. for they will surely be cared
Tor at maturity.
The little furry in money attendant
on the accumulation of cash for the
large disbursements of July l will
blow over in a few days after the
LIST. when the funds have found their
way back into the banks of the
country.
Even now the local market gives
evidence of the reinvestment of
dividend and interest payments. ex-
pected with July l.
Capital Traction, per cent stock
at par. is not high by any means, not
with the company's earnings holding
up as they are doing and With per
cent bonds selling at par and better.
There is still a chance for local
securities to sell at higher figures.
Richmond Merger.
The National State and City Bank
of Richmond and the Old Diminion
Trust Company of the same, city
have consolidated. under the name of
the State and City Banking and Trust
Company.
In New :ork city. mergers of the
Merchants National and the Manhat-
tan Trust Company mark the union
of banks organized by Alexander
Hamilton and Aaron Burr respec-
lively. The proposed merger of the
Bank of New York with the Life In
surance and Trust Company will
mark the passing of the oldest bank
in New York, If accomplished.
Philippine Government LIS.
BY direction of the Secretary of
War and the authority of the govern
ment of the Philippine Islands. the
bureau of insular affairs is asking
bids on s2,750.000 Az per cent col
lateral bonds. dated June /, 1922, ma
turing December l. 1850
The bonds are issued under author
ity of Congress. The United States
Treasury authorizes the statement
that the bonds will be paid as to in
terst and principal at the Trea sury
of the United States in gold coin.
On the Local Exchange.
American Security & Trust Com
pany shares made another new high
on today's session of the local ex-
change. selling at 260 and 262, as
compared with 255. the last sale and
25 points or more lower of COM
paratively few weeks ago. Practical
ly all bank stocks are strong
Potomac issues were a little easier
at 94a for the consolidated SIS and
10! for the 7s while the first 5s
were strong at 961a. Capital Trac-
tion S. 80.
Railway preferred. strong at rs.
Gas sold at SO.
Capital Traction again sold at 100
Nergenthaler sold at $50.
Second National Activities.
The board of directors of the Sec
ond National Bank today declared
the regular semi-annual dividend of
per cent and an extra dividend
OF d! per cent, payable July l to
stockholders on record June 30.
An additional $4,000 went to the
surplus, making a total of S275. 900
leaving undivided profits over 1000
The bank will celebrate it's fiftieth
university in July.