Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-07-16
LOCAL BOND ISSUE
PLACED ON MARKET
Obligations on Potomac Park
Apartments-Firmer Tone
on Exchange-Notes.

An offering of s45o.0oo of 7 per cent
safeguarded first mortgage serial
gold bonds. dated July ., 1923, and
maturing yearly until July 2, 1888,
was today placed on the local market
by f. II. Smith Company. investment
brokers. The issue is on the Potomac
Park Apartments to be erected on the
northwest corner of 21st and c streets
northwest. adjoining Potomac Park
and Immediately opposite the prop
erty of the National Academy of Sci
ences. This property has an assessed
valuation Of $750,00O
The obligations will be issued in de
nominations OF $1,000, $500 and $loO,
and will be sold at par and accrued
interest to yield per cent. The
building Will be a modern eight-story
fireproof apartment building, con-
structed of reinforced concrete. tap
estry brick and limestone. 1t will
contain 100 apartments with hard
wood floors and tile baths. All of the
apartments will have the advantage
OF outside view, light and air. ana
will be served by two electric pas
senger elevators.
A first lien on the income from
1.-THE property, estimated at $4,000
annually, which is over two and one
half times the greatest annual in
terest charge, is also offered as secur-
ity.
Stock Sales Concluded.
The working capital deemed neces-
sary 10 carry on the business of the
National Mortgage and Investment
Company having been acquired, the
institution announces that no more
stock sales will be made.
The Hughes Finance Corporation,
mortgage
has disposed of so per cent of the
preferred issue allotted to ii for sale,
it is said, and arrangements have
been completed for the surrender Of
their sales contract
People Saving More Money.
A continued increase in. the saw
ings of the American people is indi-
Gated by the latest national compila-
ton just completed by the savings
bank division of the Amegieaa ds Bank
in banks and trust companies of the
900 100000 on June 80. 1922, the last
available nation EFF fguaes. as com com
$3.50, 100000 o6 or t' Al per cent
The savings and time deposits re
ported on the two dates by the diff
ferent types of banks were as follows,
data for state banks other than mu-
tual savings banks being combined
with trust companies: Mutual savings
banks S55S2,812, 900: state banks and
trust companies. S7,406,29200O, and
national banks. S3.629.4s1,000.
The number of savings depositors.
as indicated by the number of &C
counts, shows an increase of 40 per
cent. with the states reporting for
the first time in 1922 excluded. The
third annual report of the savings
bank division on school savings
banking also shows increased Amerl-
can thrift, 1,271.029 pupils having
savings accounts during the school
year of 1922 as against 8o2,9O6
during the previous year.
Washington stock Exchange.
A slightly firmer tone ruled the
Washington Stock Exchange this
morning despite the paucity OF trades.
Capital Traction. which has been
to par, thirty shares being sold, while
three shares of Railway common at
66Ia indicates a stronger price for
this security. Washington Market
Company stock was comparatively
active at 80, and Lanston was un-
changed at rs. Railway preferred
sold at 70.
only two bond sales were made,
81, 600 Washington Gas 5s a 93l2
and a like amount of Pepco refunding
IS at 107 changing hands.
Personal Mention.
c. J.. Moynahan, assistant cashier of
the Guaranty Savings Bank, &C
compsnied by his family. is taking
two weeks vacation in Chicago and
Lake Michigan cities.
Eugene L. Thompson, president OF
the Washington Stock Exchange, is
on short business trip to New York.