The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1927-07-07
LATEST NEWS AND QUOTATIONS OF THE FTNANC
STRAUS AND CD.
OFFER BONDS
By RICHARD HATTON

BY RICHARD HAITON
s. W. Straus & Co. viii today
Differ at par and accrued interest
an issue of 100000 12.year go
sinking fund debenture gold bonds
Of the Chicago American, dated
July /. 1927.
The bonds are the direct obliga-
tion OF the Evening American Pub
fishing Company and are uncon.
ditionally guaranteed as to prin.
cipal and interest by Mr.. William
Randolph Hearst.
All the capital stock Of the bor-
rowing corporation, except direct
Drs qualifying shares. has been
pledged as security. The Straus
Trust Company of Chicago Is trus.
tee. Through the sinking fund,
$4,000 win be retired annually
after the first year. Average net
earnings for the last three years,
after depreciation and Federal in.
come taxes, were $1,675,939 and for
1926 1891, 382 or 3.57 times in
terest charges.
The proceeds of the issue are to
be used to retire existing indebted.
hess end for other corporate pur-
poses.
The issue is callable as q whole
Or in part on 30 days notice at
l02h and interest up to and includ-
Ing July /, 1881: at 102 and inter-
est after July /, 1881 and on or
before July /, 1885; and at 101A
h1aS 3V-$ 90 YV.Txv
before July l. 1889. Coupons pay
able January ! and July 1.
President Peter A. Drury, of the
Merchants. Bank and Trust Com
bany, was receiving congratulations
Wednesday upon the occasion Of his
birthday. Many friends of the well.
known banker dropped into his
hffice to offer felicitations.
A unique and appropriate crea-
lion on display on Mr.. Drury's desk
WAS huge birthday cake. fashioned
b the fac-simile Of bank check,
authorizing the disbursement of
Ong life and happiness. The senti-
hlents set forth on the cake were
seconded by the many friends of the
eenial bank official.
President Robert ". Fleming, Of
the Riggs National Bank, Is back
1t his desk after a short trip to
Virginia Beach. Vice President A.
l.. Nevius, of the same institution,
has returned from a two-weeks'
hacation.
Total resources of the Chase Ma
honal Bank, Of the city of New
fork, have passed the billion-dollar
mark, according to its statement Of
condition at the close of business on
June 80, thus making it the second
bitlion-dollar financial institution in
the United States.
Actual resources shown in the
bank's statement are $1,O42,513,99S,
In increase Of $159,679,888 compared
With its last previous statement, as
VI March %, 1927.
The distinction Of becoming a
billion dollar banking institution,
which 1t now shares with the 10
tear old National City Bank OF
View York, comedies with the
National Bank which 1t is celebrat-
ng this year in September.
The volume Of sales Of the Stand
krd Textile Products Company for
hay and June broke all records for
my corresponding months, accord
hg to figures just compiled by the
company in advance Of publication
Il the regular half yearly report
which is expected to be released
b. stockholders before the close or
he current month.
On the basis of increased bust
less during the first half of 1927,
Iales Of F. & w. Grand 5-10-25-Cent
stores, Inc, are estimated at ap-
broximately $13,000,000 for the year.
This total would represent a gain
II more than 20 per cent over last
rear and would be double the 1874
tales.
The Equitable Securities Com
kany, Inc, affiliated with the EQui-
able Trust Company of New York.
announces the appointment or
Carr as its representative in Wash
ngton, D. C.
Mr.. Carr. connected for the past
bur and one-half years with the
Guaranty Company, Of New York,
will have his office in the Edmonds
Building, GIT Fifteenth st. N. w.
Mss Anne e. Henderson, also
brmerly with the Guaranty organ.
Eation, will be associated with Mr..
Carr.