The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1927-07-02
RESERVE LOANS
MAKE GAINS
BY RICHARD HATTON

than a year ago, according to the
weekly statement of the Depart.
nent of Commerce made public
today. Interest rates on time
money, while showing no change
from the preceding week, averaged
higher than last year.
Bond prices again declined from
the preceding week but were high.
or than year earlier. Stock
prices declined from the preceding
week. but averaged substantially
higher than in the corresponding
period of last year. The Federal
Reserve ratio advanced over both
the preceding week and the cor
responding week of a year ago.
Measured by check payments, the
dollar volume of trade during the
week ending June rs was smaller
than in the preceding week, but
sreater than a year ago.
Stressing the new appeal to
the public through educational
methods, frederick P. H. Siddons,
one Of the progressive younger
bank officials in Washington, con.
tributes an interesting and informa-
tive article to the current issue of
Trust Companies" financial
magazine, under the title "Ths
Three Stages of American Bank
ing: Foundation, Publicity and Ed.
ucational."
Mr.. Siddons analyses the prog.
ress Of banking institutions since
their establishment and says: THE
realization that the public must
learn Of banks through, advertising
In unquestioned" He outlines the
several methods Of publicity espe.
cially stressing the Importance of
hunl6n contact in building bank
business.
A decided Improvement in con-
ditions in the South Is indicated
by Southern's report of operations
for the month of May. This is
the first month of the year in
which freight revenues have shown
an increase over the corresponding
month in 1926. Southern's revenues
from freight for the month of MAY
amounted to $9,SSO,OOO. an in.
crease of $273,000 or per cent
SNSA Tic pIONAOuS
General Financial Notes
Announcement Is made by the
American Bond and Mortgage Com.
pany that the $4,000, 900 first mort
gage Ga per cent gold bonds of Ire
mont Street Realty Company, Bos-
ton. Mass, are called for redemp-
tion at 1903 and accrued interest on
September Is, 1927.
The Arrow Electric Company, a
Connecticut corporation, and one of
the largest manufacturers of electric
wiring devices in the United States,
Is making it's first public offering
Of securities in the form of an issue
OF 100000 615 per cent cumulative
preferred stock at 500 par value
through an Eastern banking syndi-
cate.
Public offering of an issue of
$1,250,000 first closed lien sinking
fund gold bonds, 61s per cent series,
of the newly organized Oklahoma
Northern Gas Company will be made
shortly by the investment banking
firms of Battles and Company and
Brooke. Stokes and Company.
The company, through Its sub.
sidiary, produces, purchases and dis.
tributes gas to number of towns
and Industries in Oklahoma and Kan.
saA.
A syndicate headed ny Howe, Snow
and Bertles, Inc. Spencer, Trask and
Company. A. E. Fitkin and Com.
pany, and the Central Trust Com.
pany of Illinois is offering a new
issue Of $4,000, 900 first mortgage
twenty-year per cent gold bonds.
series A, of Michigan Publ. Service
Company. The bonds are due April
l. 1947 and are priced at 96 and &C.
cruAd interest. to yield $50 per cent.
Heavy oversubscri otion. to the
81, 0O0,0 900 Lake Ontario Power Cor.
peration first mortgage 51s per cent
bonds of 1887 was reported the day
the offering was made, by j. A. w.
Iglehart and Company. The price
was 50 and accrued interest, to yield
SOS per cent.
Public offering has been made of
$2,500, 900 per cent secured gold
notes of the Boston Store of Chicago,
Inc, by banking group composed
OF Ames. Emerich and Company.
Inc, A. G Becker and Company and
Guardian Detroit Company, Inc
The notes which mature January
1888, are priced at 100 and accrued
interest
Formation of the Club Aluminium
Utensil Company. under Illinois
laws, to take over 1.-THE business 0!
the Club Aluminium Development
Company, is announced. The new
capital stock Of 100000 no par
value shares. of which 100000 will
be distributed to stockholders OF
the Club Aluminium Development
Company on the basis Of four new
shares for one share of the present
company.
In the interest of employee own
ership of stock of the company, the
Frank G. Shattuck Company, own
ers and operators of the Scrafft
stores, announces that its board oil
directors has set up a plan provid
ing for the sale on easy terms OF
capital stock of the company tC
employees.
William Fl. Despard. of Toronto
Ontario, has been elected to the
hoard Of directors of the lnterna
tional Utilities Corporation. Mr.
Despard recently retired as ice
president and general manager Of
|hite & Co Ltd, Of Toronto ant
Hamilton and is at present presi
eat of the Dominion Feldspar Cor
porAtion.
The Chase National Bank has
been appointed registrar for 100, O0(
shares of common stock, no par
and 10000 shares of preferred stock
500 par, of the Schiff Company.
For the IL months ended May 81
1927, American Water Works ant
Electric Company, Inc. reports
consolidated gross earnings Of
SAC "a 242 comma ring with ga A2Q