Evening star., 1924-06-25
LOCAL BOND ISSUE
ON SALE TOMORROW
Washington Railway and Electric
Offering Will Yield Better
Than 6'Per Cent.
MORE DIVIDENDS VOTED
Popular Stock Leads Trading on
Exchange Today.
BY CHAs. p. SHAEFFER.


With all legal technicaIities ironed
out, 1t is expected the syndicate han
| ding the new $2.496,000 Washington
hallway and Electric Company bonds
| will offer them to the public tomor
row morning.
The bonds, which are for ten wears
bearing per cent interest. are
| dated November 1, 1923, and are part
OF an authorized issue of s1o,oO0,o0o
| Due to the peculiar demand here for
| securities of this caliber, it is an
| ticipated the issue will be instantly
| absorbed
The onering is secured by the com
| pany's properties, including all sub
| sidiary companies, chief among which
| is the Potomac Electric Power Com
pany. Liabilities of the company. in
cluding the pending issue. consists
Of slightly more than $50, 10000 of
bonds, $16.0oo,0O0 Of which are strict
ly railway bonds and $15.000,000 OF
| capital stock. Earnings of the bor-
| rowing corporation are such as to
| provide safe margin guaranteeing
| the loan.
1t is said the selling price has not
yield to the investor slightly more
| than per cent
Bankers' Seek Business Stability.
Efforts Of the organized bankers Of
the country to maintain business
stability through bringing about an
| Increased economic understanding
| were described in Milwaukee TO-DAY
American Bankers Association, in
an address before the Wisconsin
Bankers Association.
we are passing through a period
OF business ncertainty, period of
depression affecting the entire ma
tion," Mr.. Head said. This depres-
sion has upset the prevailing eco
| nomic balance. AS result, it has
produced great variety of attempt
ed remedies, some of which are
economically unsound in the extreme.
In the midst of this chaotic situa-
ton the American Bankers Associa-
ton has labored, unobtrusively, but
nomio principles and to devise means
OF substantial relief. The asSocia-
tion realized that the disturbing
factors of the BUSINESS situation CEN
tered in the conditions of the agricul-
has devoted special attention to the
solution of problems affecting the
farmer.
Committees Keep Busy.
while it's agricultural commission
has labored upon this important task
the economic policy commission has
reviewed the general economic Situa-
tion and has made special study of
the factors which have exercised a
Also the educational commission has
compiled material for publication.
and has arranged for it's presentation
by sneakers before the general public.
has published these and other ac-
curate and informative articles. Its
articles have been one of the few
consistent national campaigns in be
and sound economics. Conferences
of the various divisions and other
important meetings held in various
sections of the country have done
much to overcome unfounded pessim-
ism.
Bankers cannot merely be book
keepers, tellers, cashiers, lenders of
money. or even a combination OF all
They must be economists, business
men versed in industry and in com
merce, psychologists knowing hu- q
man nature and statesmen under
of international affairs"
Local Dividends Declared.
Directors of the Washington Me- =
chanics Savings Bank have declared :
their regular quarterly dividend Of E
per cent, payably July l, to stockhotd- =
ers of record June 80.
Directors of the Washington Market
Company have declared the usual semi
annual dividend of 8 per cent payable '
June so, to stockholders of record a
the close of business today.
The National Union Fire Insurance
Company has declared a semi-annual
dividend of per cent, payable June so. =,
At a meeting of the board of di- :
rectors of the National Bank of
Washington, held today, the regular
semi annual dividend of per cent
was declared, payable on July 2. In .
addition to the dividend, the surplus
and undivided profit account was in
creased to $4,000.
Railway Preferred at IS.
Local issues held fairly even on the
Washington Stock Exchange this
morning with trading restricted to the
popular issues. Railway preferred
was in good demand at IS, as was
Riggs National Bank at 290. Rail
way common was not traded In. -
Washing gton Gas Light stock scored =.
fractional advance to 4Sl4.