Evening star., 1924-04-02
S2,1OO,OlO BONDS
ON LOCAL MARKET
Southern Building Company
Sinking Fund Securities
Secured by Mortgage.

An Offering of s2,1oo,006 Southern
building Company, Inc, first CLOSED
mortgage of 6h per cent sinkino
!fund gold bonds dated April 1, 1921
and due April /, 1899, at a price q.
9s14 and accrued interest, to yield
6.55 per cent, is being made locally
today by Crane, Paris & Co, who
are participating in tho syndicate
making the loan.
! The bonds will be secured by j.
closed first mortgage on the fee sim
pie title Of the Southern building
! 18th and II streets, comprising ap
lproXimateIy 22.212 square feet o.
land and the nine-story steel an
brick freproof building located there
on. Adequate fire. rental and liza
/ bility insurance, payable to the trus-
tee, Will be carried by the company
iduring the life of the bonds The
property has been Independently ap-
/ praised at a total property value OF
S5,o0596O. Gross revenues for 1922
from existing signed leases and 9th.
, er sources viii amount to abou;
S317559 and net revenue is estimated
iat $273OOo. or twice the maximum
annual interest requirements OF this
| issue.
Provides Annual Sinking Fund.
| The mortgage viii provide for a.
iannual sinking fund of $4,000 for the
hrst five years. and $50, 600 thereafter
iunti maturity. Beginning April 10
1929. the company will deposit month
| lY with the trustee an amount equal
10 one-twelfth of the annual in
| terest and sinking fund requirements
sinking fund moneys shall be used to
| lacquire bonds either in the open mar
ket at not exceeding the current re-
idemption price or through call by lot
! at that price.
| Application will he made t. list the
| bonds on the Washington Stock Ex
change.
Personal to 1. A. Fleming.
| Pop Fleming, who habitually wiz
tiers in Florida, is proving the Big
bertha" of MeIbourne's business ana
social circles according. 70 the Mel
! bourne Times. 4 copy OF which was re-
! jceired by prominent ipcal banker
{ this morning
Pop receives prominent mention
| in two frunt-paee announ ncemcntS. II
/ discussing the breaking of ground for
magnificent new hotel which is
planned for the resort. the dispatch
says: Hon. ]. A. Fleming. francia,
editor Of The Washington Star, who
is spending his seventh winter season
| in Melbourne, Will throw the frs,
shovel of dirt. Pop Fleming. as h
is Familiarity and affectionately called,
is a veteran newspaper man who has
boosted many d big project with his
mighty pen, but this will be his first
great effort with the shovel. He is
helping to start this new venture
| with the hope Of being on hand
| bright and early next fall to help
| dedicate the new hotel"
In reporting the annual banquet OF
! the Melbourne Chamber of Commerce.
! the following is found: The ban
queters all arose to their feet when
/ Pop Fleming. financia! editor of Tie
/ Washington Star. was called upon L
| speak on the subject "f Melbourne.
! Mr.. Fleming is general favorite
! among the winter visitors here and
! his response was appreciated by all.
MergenthaIer Active.
The return Of MerEenthaler Limo
! type TO the active list on the Wash
/ ington Stock Exchange was the onl,
noteworthy occurrence on the locsl
/ board today. sales totaling twenty
/ one shares were made at 154.
| Transactions We're we'll diversified
! small lot trading restricted mainly -
utility issues ruling. Railway pre-
/ ferred sold 10 the extent Of fly.
shares at 12l., and two shares o.
| Capital Traction brought 93Sa Twen
Ity shares OF National Mortgage and
! Investment preferred brought SIS.
| Bonds were quiet at unchanged
nrires