Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-15

Richmond, Judging Daniel willard.
by the bank clear
ings,w as ahead of the previous week,
but behind last years record. Balti-
more did not record such good show
ing. clearingS being below the week OF
September 6 and also under the 1927
figures.
Norfolk, another city in this district,
was behind last year, but showed a fair
gain over the previous week.
New 100000 Stock Issue Offered.
Sterrett & Fleming, Inc, placed on
the local market today new 100000
issue of per cent preferred stock. par
value 500 per share. The stock is
priced at $500 and accrued dividend.
With each share of preferred stock
there will be given is of share of
common stock of no par value.
The purpose of the new issue is to
provide additional working capital, as
we'll as to assist the company in doing
more of its own automobile financing.
The officials state that much good busi-
ness is now being turned over to other
companies that should be retained by
the firm.
The company started business in
Washington in 1918. Robert F. Flem-
ing is president. The other officers
are to remain with him in the active
management of the company. The cir
cular announcing the issue states that
business so far this year has been well
ahead of any former period. In addi-
ton. to Mr.. Fleming the directors in
clude w B. N. Brookes, Allen r. Green
law, Wilton j. Lambert and T. G.
Willis.
Willard Summarizes B. g. o. Earnings.
In the annual report of the Baltimore
g. Ohio Railroad for 1927. Daniel Will
lard, the president, says in part:
NET income for 1927 after all charges
was $22, 632, 344, the largest heretofore
earned with the single exception of 1925.
After deduction of dividends on COM
pany's preferred stock at the regular
rate of per cent, there remained a
surplus for 1927 of $20,277,816, equiva-
lent to $1110 share on the average
amount of common stock outstanding
during the year, on which dividends at
the rate of 6 per cent were declared,
amounting to $1,000, 491, leaving
$685. 25 to be transferred to the ac-
cumulated surplus which now totals
SOC, 1885, 665.
During the year your company in
! creased its capital through the issue
and sale, as of June 8, 1927, of 632, 425
shares of common stock. With the
approval of the Interstate Commerce
Commission, these shares were sold at
q price of $107.50 share, less a charge
for underwriting of $225 share From
the net proceeds of this sale, amounting
70 $66,562,73!, your company was
enabled to retire on or before January
/, 1928, obligations in the amount of
$35 100000, the remainder of the pro-
ceeds being available for additions and
betterments to the property. Through
such retirement of funded obligations
the fixed charges of your company will
be reduced by $2,144,000 per annum."
Bond Statesmen Storm Capital.
Washington was taken by storm today
by over 200 officials and statesmen of
Halsey, Stuart & Co. and of the other
investment banking houses participating
in the forthcoming Wardman bond is
sues totaling S13, 100000.
They'were the guests of Harry Ward
man, head of the construction company
by that name. They were breakfast
guests at the Carlton Hotel and were to
be entertained later at the Wardman
Park Hotel. This forenoon they met
many bond men prominent in the local
financial district. During the day they
were to view the leading hotels and
apartment houses which are to figure in
the bond issues to be placed on the
Wardman properties.
Definite announcement of the exact
properties included in the underwriting
will be made shortly. The huge bond
issue was the talk of the financial dis
trict today. 1t has been anticipated for
several weeks, but was put off on &C
count OF the bond congestion reported
In New York and because Midsummer
Is poor time in which to bring forward
any new security.
1t is stated that the bonds will be
placed on the market the latter part of
the coming week. The rate of interest
10 pc paid and all vital details will be
made public then. They will be divided
into 100000 and $2,500,OOO offerings.
Local Banks Vote Dividends.
The directors of the Farmers e. Me-
chanicS' National Bank have declared
the regular quarterly dividend of So per
share, payable october / to stockhold-
ers OF record at the close of business
September 81
The board of directors of the Ana.
costa Bank has declared the usual
quarterly dividend of per cent, payable
September 80 to shareholders of RECORD
September 25. At the meeting Maurice
Otterback, the president, reported thai
business in the Anacostia section OF
Washington is picking up steadily
The directors of the District Ma.
tional Bank have declared the regular
quarterly dividend of per cent, Rober
The dividend is payable September 2!
to stock of record September IS.
The directors of the Federal-Americar
Co. have declared the usual quarterl,
dividend of $3.50 per share on the pre-
ferred stock and 80 cents per share OF
the common, payable october ! to stool
Of record September 81.
Banker to Entertain Friends.
E. j. Stellwagen, president of tn
Union Trust Co, will entertain abou
20 bankers and other business men a
his estate on West River over the wee
end. The party left here at noon toda
and will return tomorrow evening. TIL
Oaks is one of the most attractive place
on West River.
The Interstate Commerce Commission
has ordered further poStponement to DC
tober % of the effective date of its Ger
tificate authorizing Virginian and Nor
folk & Western Railroads to conStruC
extensions to provide additional coal
carrying facilities to Guyandot Vale
In West Virginia. New construction wa
opposed by Chesapeake 81 Ohio, whic
has asked the commission to reconside
its decision.
The number of stockholders of tn
Pennsylvania Railroad Co. will be sub
Stantially increased and average hold
ing materially reduced as result Of tn
employees stock plan, under which nor
than 10l 900 workers of the Pennsyl
vania Railroad and associated com
panies subscribed for the recent Offer
ing of $4,000 shares of stock at par.