The Washington herald., 1922-05-30
LOCAL REALTORS
ANNOUNCE new
s225,OOO 7% LOAN
F. H. Smith Co. Under
writes Apartment Bldg.
Kane Writes Book.

The r. II. Smith Company. special
lists In first mortgage investments.
yesterday announced an advance
offering Of ss25.ooo Z per cent s.
year first mortgage serial coupon
bonds. dated May 90. 1922. and ma
turing May 20. 1921. This will be
followed by a formal offering with
in the next two or three days, 1t
was stated at the company yes
terday.
This loan. which will he offered
in denominations of $1,000. $500 and
500 at par. is for the purpose of
erecting, an apartment building at
Fifteenth street and Columbia Road.
and is a direct obligation OF Isadore
Freund. owner of the property which
is conservatively valued at $780,
900. II will also constitute a first
lien on the income from the build
ing.
The proposed building has a
frontage of 1908 feet on Columbia
Road and lO4.99 feet on Fifteenth
street. in all 23,221 square feet.
The annual reduction Of the loan.
provided for by monthly sinking fund
payments Is as follows: May :?
1924, $4,000: May %. 1895. $4,000;
May %. 1926. $4,000: May %. 1927,
$4,000: and May %. 1927. 100000.
The bonds can be purchased
either outright or under the Invest
ment Savings Plan the Company
features
Kane Author Of Book.
For some years Thomas r. Kane.
Deputy Comptroller Of the Cur
rency. has been engaged in writing
"reminiscences of his forty years of
service in that department and the
book is to be brought out this fall
by the Bankers Publishing Company,
Of New York. publishers of The
Bankers Magazine.
The time covered by Mr.. Kane's
"reminiscences was the real forma-
tive period of the National Banks
and their growth in number, size
and Importance during that time
has been enormous. The whole
subject is one of intense interest
not only to bankers and those in
terested in the financial develop
ment of the country, but also to
stockholders and depositors in
banks generally.
The first chapter of the book re-
lates to the passage of the National
Bank Act and the necessities which
led to it's adoption This is fol-
lowed by a chapter on the organi-
zation Of the Currency Bureau by
McCulloch, the first Comptroller of
the. Currency and twice subsequent
ly Secretary of the Treasury. Then
il takes up each succeeding admin
Istration of the office. commencing
each chapter with the biography and
portrait Of the Comptroller, fol-
lowed by all of the principal and
interesting events of his adminis-
tration.
It covers the history of all large
and important national bank fall
ures. embezzlements. defalcations.
robberies. etc, such for instance as
the Fidelity National Bank. of Gin
ciHnati, the result of Harper's at
tempted corner of the Chicago wheat
market. the Yrecking of the Ober-
lin National Bank by the celebrated
Cassie l.. Chadwick by use of notes
bearing the forged signature Of
andrew Carnegie. with photostat
copies Of the notes and fictitious
agreements. The story of the fall
ure4 of the Chicago National Bank
and the trial and conviction Of John
r. Walsh, its president, is related
in detail. as well as the Bigelow
GefRlCatiOn Of s1.0OO.O0O and the Al
word -defalcGtion of 100000. the
isi SgS National Bank controversy,
ths=failHre Of the Marine National
Bank and of Grant and Ward. the
great fires in Chicago. San Fran
cisco and Baltimore. and the result
ing banking property losses. the
several bank panics that have oc-
CURED during the period indicated
ami their causes and effects, and
many other matters Of a similar in
terest;n- and varied nature.
The last chapter of the manu-
script is devoted to a discussion Of
the proposition to abolish the office
Of the Comptroller of the Currency
and merger of the Bureau with the
Federal Reserve Board. This prop
oSitiOn cOntemplates also the trans
fer Of the supervision of the ma
tiOnaI bank examiners to the Fed
eraI Reserve Banks. both of which
propositions are discussed in ,:etsiI,
and obvious reasons are stated why
this should be done
THE book contains no tables or
statistical matter. 1t is purely a
compilation in narrative form. of
interesting and important events.