Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-12
Public Confidence Shown.

Public Confidence Shown.
The confidence of Washington in
vestors in sound local securities ami
their ability to provide funds for
financing is illustrated in the large
oversubscriptiOn for several of these
securities when they were issued, the
review adds.
The review makes special reference
to the Washington Gas Light mort
gage issue and the Potomac Electric
preferred stock issue. Reference is
also made to the earnings of the util-
ity companies during the first five
months of this year. The recent SAM
tary Grocery Co. issue also comes in
for special mention. and the rapid
growth of the Peoples Drug Stores
draws comment. The company now
has Al stores in the District, Virginia,
West Virginia, Maryland and Pennsyl.
vana.
Attention is drawn to the steadily
advancing price range of Washington
bank stocks. Most of these shares
are at substantially higher levels than
were the quotations on July /, year
ago. AS example, the large advances
i'm Columbia. Commercial, District,
Federal-American, Lincoln. National
Bank of Washington, National Capt.
tai and Riggs are quoted. Columbia
has gained Is points, Commercial 30,
District 4, Federal-American 1212,
Lincoln 100. Bank of Washington Is,
National Capital 10. and Riggs 10.
Real Estate Situation Noted.
In touching on the local real estate
situation. the financial letter says: 1T
was inevitable that building eXpan-
sion in the District, particularly i'll
cheaply constructed houses, built in
many instances by inexperienced OPP
orators, often pressed for ready funds,
should come to an end. That it has
come to an end without serious dislo-
cation of general business is crafty
ing Financing construction through
the medium of second, third and in
some instances fourth notes OF houses
sold on partial payments, with little
down cash, has raised the question,
How long can this continue" In re-
cent months there has been marked
decline in the demand for real estate
and buildings other than business
property.
"a survey shows an unusual num-
Der of completed unsold houses and
an exceptional number of vacancies
in apartment buildings. 1t is the be-
lief of experienced and conservative
real estate dealers that through the
farSightedneSs of banking and busi-
ness interests the problem was met
before it reached an acute stage and
that with the diminished activity Of
a considerable number of operators
the situation will right itself and the
demand for houses and apartments
will in the near future be comparable
to the supply"
Potomac Stock Sells al 102.
On the Washington Stock Exchange
today Potomac Electric Power 512 pre-
ferred stock opened at 101 q, and later
advanced on three sales to 102. The
per cent stock opened at los and
closed at 10Sa. Capital Traction
recorded three sales at los, and Lans-
ton again stood at 9915.
Washington Gas 6s, series B. were
strong at 1O5, while a baby bond,
series A. sold at 1881. Washington
Gas IS registered 1925.
Insurance Directors Named.
At the annual meeting of the stock
holders of the National Union Fire
Insurance Co. of Washington yester-
day the following directors were
elected:
Albert F. Fox, Charles r. Brown.
Floyd T.. Davis, w. I. Galliher, Hol=
combe G. Johnson. ]. Leo kolb, John
B. Larner, w S. Pratt, jr.; B. +. Saul
and John c. Weldon. The board sub
sequently organized by electing Albert
F.. Fox, president; B. F.. Saul and w.
II. Galliher, vice presidents; William
II. Somervell, secretary. and William
II. Marbury, assistant secretary.
Old Dutch Will Continue.
1t is understood that the Old Dutch
Market will remain in business fol-
lowing the auction sale yesterday at
the courthouse, when the property
went to the creditors reorganization
committee. Robert V. Fleming, chair
man. for $4,000. One other bid was
offered, but that covered only the
Dupont Circle store, and the sale, OF
course, had to cover the IL stores and
bakery plant. The receivers, who con-
Quoted the sale under court orders,
are Hilleary G. Hoskinson and Ken
meth C.. Ross.
Heard i'm Financial District.
The District Bankers Association
will hold a special meeting at head
quarters this afternoon at o'clock
for considering the certification by
title companies of real estate notes
used by banks as collateral. a very
large attendance is anticipated. W.
w. Spaid will preside.
Thomas p. Morgan. jr., manager of
the local office of the Mutual Life
Insurance Co. of New York. announces
that David r. Houston, former Sec
rotary of Agriculture and later Sec
rotary of the Treasury, will become
president of the insurance company
on September /, succeeding Charles
A. Peabody.
The II. l.. Rust Co. of this city, loan
report that the Pru-
Dental Insurance Co. made real estate
mortgage loans to the amount or
800, IT'S ,624 during the first six months
of the present year. This amount con-
sisted in large part of loans on dwell
ings and apartment houses.
The $750.000 Observation-Disclosures
offering of first mortgage 613 per cent
sinking fund bonds has been sold.
Personal Mention.
George NJ. Whitwell. secretary of
the Washington Gas Light Co. has re-
turned to his Office after spending a
week with his family at Portland, Me.
He will return to Portland in August
for the remainder of his vacation.
c. c. Morgan. in charge of the bond
department of G. NJ. p. Murphy & Co,
mas returned from two weeks vacation
passed in New York and vicinity.
Lawrence r. Leeby, manager of the
Office. of John Nickerson
& Co., has returned from two weeks
business trim to New York and Boston.