The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1927-07-12
BANKERS To ACT
ON NOTES
By RICHARD HATTON

calleQ Tor CLOCK THIS afternoon
ct the rooms Of the organization.
It Is expected that there will be
an exceptionally large attendance
as the association is scheduled to
talss action upon the report cover.
Ing real estate notes which was
submitted in comprehensive and
illuminating form by Francis g,
Addison, jr., vice president OF the
security Savings and Commercial
Bank, at the Hot Springs conven-
ton in June.
The subject is one which is of in
ereasing commercial and banking
Importance and Mr.. Addison's re-
local bankers during the time since
its presentation and the present
calling of a special meeting,
The recommendations, or eonclu-
slons, summed up in the Addison re.
port were: That ''all real estate
notes other than first liens should
be identified and certified to by the
title companies, or at least by a
notary public, and complete papers,
including title certificates, insur.
ance policy and recorders recent
for the deed Of trust, should be
furnished in every instance where
loans are requested against said
notes as collateral"
Offerings Of securities in general
continue above previous levels with
an aggregate for the half year just
ended of practically $4,000, goo, 900,
according to reliable figures.
The National City Company, Of
New York states in its July bulletin
of economic conditions that 1.-THE
business of the country at the turn
of the year is moving in good
volumn, though with indications Of
unevenness here and there which
reflect the presence of some retard-
ing influences" June offerings in
Guided 222 seperate issues exclusive
of tax exempt securities.
According to the National City
Company; Probably the greatest
handicap that business has had to
face has been the weather. Elk.
cessive rains and unreasonable tenn
paratures have hurt retail trade
and resulted in backward season
in agriculture.
In the absence of any funda-
mental reason for an impairment of
consumer purchasing power, the
retail situation should clear UP with
good weather, but the damage to
agriculture may be more lasting. +.
The Hudson River Navigation
Corporation, which operates the
Night Line boats to Albany and
Troy, reports an increase in gross
revenue for June of $15,92O. Pas
aengers carried totalled 464 more
and automobiles SS1 more than in
June, 1926.
w. C. Langley Co. have pur.
chased $4,000, 900 of Carolina
Power & Light Company First and
Refunding Mortgage Gold Bonds,
per cent series of 1866. These
bonds will be offered shortly by a
group headed by w. c. Langley &
Co., including Bondbright & Co..
Inc. and Old Colony Corporation.
The West Penn Electric Com.
pany, subsidiary of the American
Water Works and Electric Com.
pany, Inc, reports consolidated
gross earnings for the year ended
May 81, 1927, of $S5,S19,S37. This
compares with $32,63O107 for the
preceding 10 months. a gain Of
'$3,18s,730.
Sales of IL Of the country's lead
ing chain store companies broke all
records during the first half of the
current year, according to figures
just compiled by George H. Burr &
Co.. specialists in chain store COM
pany securities.
Representatives of the Chesapeake
and Ohio Railway have held in.
formal conversations with officials Of
the city Of Norfolk in an effort to
sound out the opinion OF the city
fathers on leasing the Virginian to
the Chesapeake and Ohio. Norfolk
is understood to be officially neutral
on the question but inclined to favor
the Chesapeake and Ohio If con.
WINGED that the merging Of the roads
would be best for the future Of the
harbor of Hampton Roads. No
action has been taken on the matter,
thus far, and the proposition is not
formally before the city council.
According to Harry Bronner,
member of Blair & Co., Inc, the
one danger which the country must
guard against at the present time
is Misrepresentation. According to Mr..
Bronner, business conditions are
sound and will continue so. An in
dication of business activity is found
in the recent report OF Davega, Inc,
which shows retail sales for June
amounting to $272,071 as compared
with $222,924 for June, 1925, and
$4,000 for June, 1925-an increase
of $50,147 or 1875 per cent over June,
1925, and $145,471 or 115 per cent
above June, 1925.
G.. L. Ohrstrom & Co., Inc, are
offering an additional Issue of ST..
100000 New York Water Service
Corporation first mortgage per
cent gold bonds, Series A, due No.
vember 1, 1851. These bonds, Of
which $500, 900 will be outstanding
upon completion of this financing,
are secured by direct first mort.
gage upon all the physical prop.
critics of the corporation and its
subsidiaries comprising the system.
Detroit Welcomes Bankers
Detroit, July 12.--Mayor John W.
Smith today welcomed more than
5000 delegates attending the Ameri-
can Institute Of Banking conven,
ton. Addresses by James A. Baci.
galupi. president of the Bank of
Italy, National Trust and Savings
Association of San Francisco, and
Melvin A. Traylor. president OF the
American Bankers Association
were announced.
Debaters from Detroit and New
York City will vie for the National
championship tonight.
The National public speaking con-
test viii follow the debate and con.