Evening star., 1928-04-11
PRESS CLUB LOAN :
CONTRACTS SIGNED.
RefinanCing of Building In
wolves $S,450,00 ,00O-Bonds
viii Issue.
BY EDWARD c. STONE.

| Contracts providing loan of $8,450 900
| for retinancing the National Press Build
ing in this city were signed late yester-
day in New York by the building COR
! poration officers and Harris, Forbes &
! Co: Love Macomber & Co. of New
York and Faxon, Gade &, Co, of Boston
Under contracts, $6,2S0,0 900 in 5la per
cent first mortgage bonds will be sold by
Harris Forbes g. Co. and other firms,
and So 100000 in 6l2 per cent general
mortgage bonds will be sold by FaXon,
Gade & Co in Boston and Love. Ma
comber g. Co The proceeds will be
used to pay off outstanding bonds and
other Indebtedness,
The new issue of S6.250.000 National
Press Building first eeloSedl mortgage
sinking fund 5 !, per cent gold bonds
was placed on the market today. The
bonds are dated April Is. 1928. and due
in 1850, being priced at 100 and inter-
est giving yield of 5ia per cent
Secured by First Mortgage.
The bonds will be secured by first
closed mortgage on the land buildings
and fixtures owned in fee The Real
Estate Title Insurance Co. and the
Columbia Title Insurance Co. Will issue
their title guarantee policy in the
amount of S6,250000 the total issue
under this mortgage, guaranteeing that
the mortgage securing these bonds is
first lien on the real estate owned in fee.
The entire property has been appraised
at Sl0.792.335.
Junior to these bonds will be $4,000
600 general mortgage 6'2 per cent
bonds. 100000 unsecured notes,
81, ,26o 900 preferred stock and 10000
shares of no par value common stock.
Estimated gross annual income has been
set as $893.624, and allowances for
operating expenses. maintenanceS, IN
surance and taxes other than Federal
taxes have been estimated at $2l5 202.
Net available for interest. Federal
taxes. etc. but before depreciation,
would be S678,422. and the annual in
tereSt charges on these bonds, $343,750
The mortgage will provide for a
cumulative sinking fund TO begin
October Is, 1881, which il is estimated
viii retire over $l000.000 of these
bonds by maturity,
Gould Reports Banks Best Year.
The annual meeting of the stock
holders of the Washington Mechanics
Savings Bank was held yesterday at
Alexandria, Va. and the following
directors were reelected TO serve for
the ensuing year;
Walter K. Bachrach. r. H. Bagby.
Ezra Gould, Mahlon Groo. Thomas j.
Groom, George Hayes, Charles j. kap-
pier, Charles H. Kindle, L. Hoyt Lamb,
Jesse B. K Lee, Edward r. Pickford.
J. c. Pyles, Edwin E. Roberts. E. Hume
TaIbert, John p. F. White, E. p. Will
liamS and E. S. Wolfe.
The president reported to the stock
holders that the bank had shown steady
progress throughout the past year and
that there had been a gain in deposits
since the last annual meeting of
$3.50, ,777,43. this being the largest gain
ever reported at an annual meeting.
The total deposits amounted TO S2,i32,-
492. He reported that the bank had
paid % per cent dividend to Its stock
holders during the year and there had
been an increase In undivided profits
Of over 20 per cent The bank now has
a capital of $4,000. surplus of $4,000
and undivided profits of S36,575.
At the annual meeting of the direc-
tors, held today. the following officers
were reelected: Ezra Gould, president:
R. II. Bagby. vice president. Thomas
j. Groom. vice president and cashier;
A. S. Ofutt and Joseph M. Mccarthy.
assistant cashiers; l.. w. Davis. assist
ant cashier, and M. H. Buckingham.
assistant secretary.
Trading Again wild" on Exchange.
washington Gas stock led another
surprisingly lively trading session OF the
local Stock Exchange today, 545 shares
changing hands during the day. The
stock opened at 90 and every sale was
made at that figure until the close.
when 10 shares got the higher price Of
90k. Included i'm the sales we're 200
share block, two l00-share blocks and
an 8T-share lot.
Mergenthaler again drew attention.
opening at l03 and closing up 70 Of
a point There were seven transactions
In Columbia Sand 81 Gravel preferred.
involving IS shares, all being recorded
at 1902. Bank stocks we're out. Com
mercial National selling at 260 TO the
extent OF IS shares, and National Bank
Of Washington at 3i5. The Potomac
Power stocks were strong the 5l2 per
cent issue selling at l06As and the 6
per cent stock at il3.
Lanston advanced from 100 to l0934.
Commercial National Co. preferred sold
at l05, National Union Fire Insurance
Co al "a. Federal-American Co. COM
mon at 80 and the preferred at l0a.
Seven shares Of Peoples Drug Stores
preferred moved at i2734. Sanitary
Grocery preferred. which reached a new
high yesterday, recorded two fiVe-share
sales today at 100. of point. Bonds
we're quiet, but firm.
Seconds Branch Opens April 30.
Victor b. Deyber. president Of the
Second National Bank, announced to-
day that the handsome new Office
building being erected 10 house the O
street branch will be thrown open TO
the public on Monday, April 30. Spc-
ciaI Invitations are 10 be sent 10 prom
lnent bankers and business men, and
the occasion win be made gala event.
IL Is necessary To have the opening on