Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-01-23
BY EDW ARD c. STONE.


other leading cities in the United
States last week when bank clearings
scored a gain. ClearinRa For the week
ending January 20 reached $27,73S,00o.
an increase az ~ per cent over the
correspondents period last year, Clear"
inga Ia this city for the week ending
January t3 totaled S2a 10000,
baltimore cancelled Siil,RlS,ooo III
checks during the past week which
was slight decrease from last year.
Richmond's clearinRs OF S4b,640, 900
were more than 20 per cent below the
figures Of a year ago. The decline at
Atlanta WIS nearly AS marked. clear
ingS amounting to SbS,91S,00o a drop
Of 1874 per cent.
The country as whole showed Il
loss OF Al per cent compared with
year ago, according to Bradstreets
fgures Norfolk and Duluth reported
the largest declines while the best IN
crease was made in Los Angeles, it
being over IL per cent Boston,
Kansas City and New Orleans were
the only other large cities to show
gains. The inventory period is as
signed as one of the chief reasons for
the slump.
Local Stock Market Strong.
Both the issues listed on the Wash
ngton Stock Exchange during the
week appeared on the board yester.
day. Washington Gas 6s, series h,
opened at 104 and closed at 103M, the
last sale involving only $500. The
stock of the Bank of Bethesda was
dealt in for the first time, 10 shares
changing hands at 36i2. This stock
has a par value of S25.
Mergenthaler Linotype reached
new high selling at 1i0A, Lanston
Monotype sold at "a on a 45-share
turnover. Railway & Electric pre-
ferred was 9012 while Capital Traction
closed the week at l03%. Potomac
Power Preferred came out at 1854,
Merchants Transfer g. Storage regis
tered 101 and SO shares of Columbia
Title Insurance Co brought 1913.
Riggs Bank stock sold up, to 470
in a 10.share transaction. Fifty
shares of Continental Trust changed
hands at 1855. these sales winding
up an unusually busy week in bank
stock transfers. The market closed
with Georgetown Gas os selling at
80
Would Save Old Dutch Market.
The Old Dutch Markets reorgani-
zation committee has come out with
q new plan of reorganization which
it is hoped will materially cut the
losses of the creditors and. the
. shareholders, The company will keep
the same name and have three stock
issues, as follows: 5000 first pre-
ferred non-voting shares, par value
SO each, paying accumulative divl-
bends of per cent per annum and
preferred as to dividends and assets;
a second preferred issue of 10000
shares, par value $40, paying cumu-
lative dividends of 3 per cent per
annum, preferred as to assets and
dividends after first preferred stock
is fully paid, and 10000 shares of
common stock to be given as a bonus
to the purchasers of the first prefer
red stock.
The first preferred is first to
be offered stockholders at par, then
to the creditors, and then to the
public. In this way 100000 will be
raised. Of this new money 100000
and the entire second preferred is to
be paid in liquidation of creditors
claims. In other words, the credt-
tors, whose claims aggregate $780,
900, are to be given $4,000 in cash
and 100000 in stock which means
SO cents on the dollar, 10 cents in
cash and 40 per cent in stock. 1t
is intended to retire the second pre-
ferred in eight years out of earnings.
The common will have voting powers
equal with the second preferred
stock.
G. w. Harris, 1913 + street. is
chairman of the committee, the other
members being William r. Merriam,
Harry Hahn, r. A. Wilmer and N. b.
Scott. The members of the commit
Err Aka{ rnIr eae4ctvS aaT,f
and unwise ventures into correlated
lines caused the failure of the old
company They believe that the COM
pany, which was highly prosperous
for several years. can again do a
lucrative business. They report
that the gross sales of the old COM
pany operating under receivership
from July rs to November q, last
year, were 100000. For these rea-
sons they oppose selling the business
under the hammer. The notice sent
to stockholders explains in detail
how it is expected to meet interest
payments and adds that the plan has
already met favor with various
stockholders and creditors. 1t must
be approved in the near future as
the bankruptcy proceedings are still
pending in Alexandria.
Daily Dozen for Dollar Disorders.
The following financial exercises
that lead to good economic health are
offered i'll connection with Thrift
week:
|. Earn all you can honestly
=. Plan your spending carefully.
;. Spend for what you need wisely.
4. Record money transactions ac-
curately.
). Save a part of your pay regu.
larry
6, Consult your banker frequently.
Z. Invest what you save safely.
). Protect your loved ones AIDE.
quately.
9. Keep your credit established
firmly.
10. Own your home surely
II. Avoid waste diligently
IL. Give what you should literally.
Bank Withdrawals During 1926.
Depositors in the fifth Federal Re,
serve district withdrew 16,429 1888 900
from their banks during 1926, accord
ing to statement issued by the dis.
trict bank at Richmond. This was
an increase of $610,000,000 above
Withdrawals during 1925
These figures were issued under the
classification of debts to individual
accounts d method of obtaining ac-
curata totals for Withdrawals which
has been substituted for clearings.
Baltimore led the district with debts
aggregating S5,204 1852 900 Washing.
/ tor was next, with So .929 $50, 900.
Richmond took third place. with ST.
0,293 900. Richmonds nearest com
petitor was Norfolk, with $3.50, SIP 900.
Insurance Officers Elected.
At the meeting of the board of di-
rectors Of the National Union Fire In
surance 20. William II. Somervell was
elected secretary, succeeding the late