Evening star., 1923-07-13
COMPANY
TAKES IN PARTNERS
Trading on Local Exchange.
Dividend PIans-Other
Financial Notes.

financial Notes.
Redmond & Co., who have been en-
gagged in the investment banking
business since 1892, announce the ad
mission TO partnership OF Waite
Sheppard, Ralph A. Stephenson. Henry
Fairfield Osborn, jr.. and Hermann {
Schwab.
Mr. Sheppard prior to his associa
tion with Redmond IL Co, as manage
of their municipal bond department
was formerly associated with tn"
National City Company and hountze
Bros
Mr. Stephenson, who recently re
signed as vice president Of the Manu-
facturers' Trust Company of Ne"
York to become associated with Red
mond. was for many years connectcG
with the Boston office OF Harris
Forbes & Co, and for six years a
resident manager of their CanadiaI
office. Harris, Forbes & Co. Ltd, Wit
Headquarters in Montreal
Mr.. Osborn was formerly treasurer -
the Union Oil Company, with hcadquar
ters in New York.
Mr.. Schwab has been associated Wit
Redmond g. co. for some time as mar
ager of their real estate securltleS
department' having been formerly as
sociated with Brown Bros. & Co ano
OeirichS & GO.
Local Exchange Dealings.
! Bonds were entirely neglected on
the Washington Stock Exchange TINS
morning, the restricted trade beinS
! confined solely to recent favorite
| stocks.
| Capital Traction sold at 99a4. slight
! ly firner, and Lanston was unchanseh
| at rs Mergenthaler showed no chanSc
| at 14a. and Railway preferred eased
off to TN on sales aggregatinS nitH
! shares.
Washington Market Company SOLD
! to the extent of forty-one shares d
| IS.
Dividend Action Planned.
! Directors of the Washington Loar
| and Trust Company will meet This
afternoon and declare their regular
quarterly dividend of ~ per cent
/ OF record. Books for the transfer O.
! the stock will close on July % I"
| August i, both dates inclusive.
! The institution has been on Il def
| mite annual basis Of 10 per cent for
| a number of years and in February
| last an extra disbursement Of per
| cent was declared, which Will as
| sure stockholders OF at least a re-
! turn of l3 per cent on their invest
ment during the present year.
The Washington Loan and Trust
| Company is capitalized at $l,6ooooo,
! has a surplus of Sl.600,000 and un-
| divided profits of 100000.
| S42.51 for Every Person in L. :.
Every man, woman and child in
i the United States should have s42.5l,
| according to latest Treasury sta
! tistics. which show the sum OF 81
| 72s7s9,527 in circulation on July l.
! 1923. This sum compares with
s4,705.s2S, ,3S9. or s42.34 per capita, on
June l. 1928. and with s4.375, 555. .653, or
$Ss.S77 per capita on July !. 1922
| Stocks of gold coin and bullion in
l-pitpd States .IMiN 1922
was 4049.150,S97 and stock of all
money in the United States was
SS.6O3. .306.097. compared with $4.o23.
25o.1s5 and ss.526.62S.65s respectiveiy
and ss,17S60 602.4OS respectively on
June /, 1922
Rond Offering Announced.
| S W. Straus and Company are Of
fering s1.225,000 first mortgage 6i2
per cent serial coupon three to TWEEN
| ty-year bonds secured by the land
/ equipment and new ninestory Hotel
Senator, Sacramento, Calf.
Interest coupons are payable January
| l and July l.
Regular Dividend Voted.
Directors OF the National Saving,
and Trust Company have declared
their regular quarterly dividend of
l21a per cent payable August l. 20
stockholders of record July y.
Moody's View of Business.
/ Moody's Weekly Review of finanC
ial conditions in its current issue
says in part:
Numerous arguments that busi-
ness is in sound condition spring
no doubt from the feeling on the
part of financiers that the public
| needs TO be reassured. Such reas
| surance however. in order to be
convincing will probably have to
come ultimately from lower operat-
ling ratios more moderate labor
costs firmer commodity prices. A
better agricultural outlook, more de-
tpendable margins of profit. and great
er stability in the prices OF securities.
The argument that counts with the
typical investor and business man is
the one that shows in his own balance
sheet.
| I'm the past whenever bear move
ment comparable TO this one fol-
lowed several months Of So-called
'distribution'-no bull movement sub
seuuently began until after the stock
market had dragged on bottom som"
time. and trade conditions had been
placed upon a sounder footing. These
tokens of &oundness invariably Were
A moderate labor surplus. an elimt
nation of extravaganza denoted by
lsmaller freight car loadings and re
tduced steel consumption; a higher
general degree of insolvency, denoted
by numerous failures of weak con-
Germs, and a moderate amount of gen
eral liquidation indicated by a fali
in bank exchanges.
The average price of capital,
yield of new Investment issues for
| the second quarter of 1928 was Cd"
per cent. against SOS per cent for
the first quarter, and 7.24 per cent
for the first half of 1921. We look 70.
a moderate further rise in the price
of capital running the greater part
of IL year