Evening star., 1923-06-29
R|CAN BONDS
NOW REDEEMABLE
Local Banks Are Notified by
Reserve Board-Stock Ex-
change Trading-Notes.

Local member banks OF the federal
reserve system were this morning ad-
vised by their regional member at
Richmond that they. as a fiscal agent
or the United States, will receive for
! redemption the following described
bonds Of the Porto Rican government,
which are due and payable on July
II. 1923:
One hundred thousand dollars face
amount Porto Rico per cent gold
loan of 1914 t1s23-1s5s) series E, sec
refunding;
Twenty-one thousand dollars. face
amount Porto Rico 4 per cent gold
loan of 1915 ds1s-1s27) series f, third
ond Issue;
Thirty thousand dollars face
amount Porto Rico per cent gold
loan of 1916 )1e1s-1s27) series F third
issue. refunding- ng-municipal.
The Federal Reserve Bank of Rich
mona. as fiscal agent of the United
States. will receive the bonds for dis
charge Of registration by the dIyi-
sion OF loans and currency Of the
treasury Department here, and there
adter VIII make payment upon such
United States for any such bonds
tnat may be presented
interest due July l, 1923, will be
pald ny check. issued by the treas
urer OF the United States in the usual
, manner.
Auditors Report ON Failure.
DAudlt OF the books of the Cleveland
| discount Company has been complet-
so; and from the report of Haskins G.
Seas. who conducted the work. 1t ap-
pears that the assets of the company
are In excess Of the liabilities by
approximately s2,s31 900. after set
ing up reserves against losses of ap-
this effect was received by local
stockholders and creditors this morn
ing:
These reserves were set up to take
care of losses which are known or
can be actually expected, and after
setting up reserves against unearned
S1scopnts amounting to about s1.716.--
$40. No reserves were set up against
| assets secured by real estate, upon
which no reserves could be adequate
~ stated without appraisal. The re
capital should be sufficient to take
care of what additional losses may
occur in realization of these assets.
The common stock, however, Is wiped
out and the value of the preferred is
extremely problematical.
J The audit Is taken as OF February
22; 1923, SO it is clear that the losses
ship. For instance, the deficit for
624,s75.
With respect to creditors, the
holders Of bonds are secured by a
deposit of collateral to an excess of
| 20 per cent over the amount Of bonds
issued. On the appointment of the
receivers, trustees OF the several col
| lateral trust issues very properly
notified mortgagors that all interest
due upon collateral should be paid
directly to the trustees. In view OF
this, all bondholderS of the Cleveland
Discount Company should send their
coupons directly to the trustees for
payment.
Holders of interim certificates and
subscribers to bonds are. in the opin-
ion of the receivers, general credi-
tors. Notice has been published re-
: quiring all creditors to file their
; claims by September Is. 1923. This
should be done to prevent such
claims ss ms being barred, ciaims Ia m;s sho9ld
Made Land Bank Director.
Charles Edward Hnliard. president
, Hagerstown. Nd, has been elected
director of the Potomac Joint Stock
Land Bank here. Mr.. Hilliard is not
only a prominent banker, but is
identified with many other business
! interests and has always been in
volved in agricultural promotion.
George A. Harris. president of the
Land Bank, reports rapid progress
in the business of his institution.
Already applications for loans exceed
$750.000.
Phone Report for May.
Net. income of the Chesapeake and
= Potomac Telephone Company for
. May. 1923. amounted to s113.O70. a
, gain of approximately $4,000 over
4 | the corresponding month of last year.
Z; but loss of s10,S69, as compared
:, with April 1928.
There was added to plant invest
sum of s215,746. These additions are
: part of the company's 1923 program
= for extensions to it's system to take
:. care of the demand from the public
: for telephone service. The very ex-
. tensive building growth in Wash
iington has placed abnormal demands
upon this utility for plant extensions.
says the company.
!, Personal Mention.
j G. Bryan Pitts and Samuel J. Henry.
) will sail from New York on the
s | Leviathian on July 4 for a two
= month tour abroad.
t William D. Hoover. president of the
National Savings and Trust Company,
4 | will return from an extended visit to
e White Sulphur Springs tomorrow.
Vacation Funds Paid Out.
: The Standard National Bank has
= | completed the disbursement Of the
!. | Vacation Savings Club funds. approx
! mating $4,000. This fund has be-
| come an annual feature Of the insu-
, | tuition, which hopes to eventually
|. make 1t as important a bank item as
, the Christmas Savings Club, which
is being maintained by practically
every local institution.
l.. Railway Common Lower.
t Railway common continues its de-
cline. In this mornings session ten
8 shares sold at 66A II. followed by a like
number during after call" at 66b.
). 1t closed weaker with 66 bid and
: 66h asked. The preferred issue,
z meanwhile. ruled unchanged at 72L.
y Capital Traction stock was traded
!! in in small blocks at 101 and 1007s.
the latter the prevailing figure, and
4 washington Gas held at 4S.
;, Only a minimum amount Of business
4 was transacted, with trading well varie-
& gated.
Bank Votes Dividend.
The National Bank of Washington
has declared a semi-annual dividend
! of per cent, payable July I'd, and
has carried to surplus 100000, which
makes it's surplus 100000 and undivided
profits $5o,000.
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