Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-28
SMALL DROP NOTED
IN BANK CLEAR|NGS.
Figures Below Previous
Week and Same Period in
1S27-FinanciaI Notes.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Bank clearings in this city for the
week ending January 20 showed a de-
Cline over the previous week and were
also lower than for the corresponding
week a wear ago. Of 81 per cent Clear
ingS totaled S2i.6SS,00Q. rs compared
with $215SS,000 Tor the week ending
on January 10.
Richmond clearings revealed a sub
Stantial gain over the previous week.
but declined in comparison with The
same week last wear. Cancelled checks
II the Monument City amounted 10
S91T5l 900 for the week, while they
totale6 Sl03,Si7, 000 during the previous
week.
Norfolk clearings were of for the
week. while Atlanta made small gain,
The country as q whole showed a re-
ceSSiop over the January 10 reports
Secretary Mellon Pleased.
Secretary Mellon IS highly gyatifled at
the results Of the exchanges of 81 per
cent Treasury notes for third Liberty
bonds. Exchanges Of more than $780,
600 900 III the face Of a rather difficult
market for Government securities is
considered as simplifying the problem
@. rcfun6inc tie third Llhertys.
A-r Mellon plans no further refund
Ing operations unul March is.
Officers of Washington Arcade Co.
III connection with the listing on the
local Stock Exchange OF Sl.400000
Washington Arcade Co. first mortgage
e., per cent sinking func gold
bonds. additional facts about the con-
Germ are timely. The officers are: John
:. Bl.ck. president and general man
agcr: William A. Rodenberg, first vice
president: c. Chester Caywood. Secre-
tavv. and Harry N. Crandall. treasurer.
The directors include William A.
Rodenberg John S. Blick. c. Chester
Caywood. Harry 81. Crandal, G. w
ForsbeTy. N. G. Gibbs. John P. Morgan
and J. Sl1uln2an. The company was in
corp0Taled il 1926 under the laws OF
Delaware to acquire the Arcade Market.
The bonds Just listed were issued to
refund mortgages. reimburse the COM
pany for improvements, provide funds
1ov increasing the markets capacity, to
enlarge the cold storage facilities and
expand the second-door auditorium.
Joins staff of Baltimore Firm.
Murray Gidlin. who founded the
Standard Co. and was formerly fiscal
agent for the North American Title
Guaranty Co. and the North American
Security Co. has become associated
with the First National Co. of Balti-
more as a special agent in this city.
He viii also represent the concern IN
section o. Pennsylvania and 'ln New
YORK.
The Baltimore firm has had a Wash |
ington ONCE for some time, located in |
the Barr Building with Col. G. w. |
Pratt as manager The firm is engaged |
IN the business of first mortgage bank |
ing and has Offices II many large cities. |
It. Garland Tinsley is the president !
The December 81. 1927. statement |
showed capital, surplus and reserve !
o. more than 100000 and resources |
q $3.50. GOO.
L. c. c. Approves Bond Issue.
The Interstate Commerce Commits /
sion has authorized the New York, New /
Haven & Hartford Railroad 10 issue |
S3l 600 600 4o-year first and refunding /
mortgage A. per cent bonds series o. |
1927, 10 be sold at not less. than 69i4, |
The proceeds will be used 10 retire out |
standing obligations and for general |
corporate purposes.
To complete It's requirements for /
OF 1928. the Southern Railway has |
placed contracts for 20.555 OF new rails /
for delivery during this period, enough !
10 equip I20 miles OF track. The order /
las divided between the Tennessee Coal /
* Iron Co. Bethlehem Steel and Illinois /
Steel Companies.
The Norfolk Southern's net income /
for 1927 amounted 70 S7z0.354 after /
taxes and charges. compared with /
S3l3.571 IN 1926. the 1927 net being /
equal 20 s463 z share on 100 900 shares |
q capital STOCK, compared with $500
share earned In 1926.
Financial District Notes.
Carroll Glover, president Of the |
Washington Stock Exchange and MEM .
her Of the investment firm OF Glover /
&, Father, Is again IN the local flnan- |
cial district after quite ar extended /
Illness.
{. c. L2mborn of the National Saw
3ngg IL Trust Co, who was operated /
LD9n u the Gartsld Hospital q week I,
ego Friday. IS reported as making !
STEADY progress toward recovery.
Announcement is expected soon o! /
the terms Of the propo9ed consolidation (
a. United Drug Co., large crug store /
ah2ln system. and Sterling PRODUCTS, |
Ing. l&Fges, producer Of household |
medicines Their combined assets ez- |
ceec $40 900 900.
J. J Roberts. president Of Washing
tosl Chapter. reports heavy eEro!lmef!t
~ she institute for the second nalI
.eay. u viii bring the years total num-
ber o. students ahead Of any previous
yecorG.
.-ce Cel.6s Co. omitted the usual
annual stock dividend Of 4 per cent
81 common ssOck on the common, ce-
cared ~ the last three January meet
s-egg Regular quarterly common clFl-
ce.ds u 60 cents and preferred oi
81 - were declared.
Virginia Electric Il Power Co ano
sr,1eloiar.es for tie year 1927 $40" a
tyryf, u 81 gl5 3GG after taxes. Interest
al ar.oaflza on. but be!0Te cepTecl-
atg. a8c EeaerYe, compared "aIn
81 QTs GCz 70 1926.
Fifth District Loan Subscriptions.
yE.e F.ftn Federal Eeserve District,
u E!lcn Washington - part, through
tIe glcIulgfc Feceral FbeaerYe Bank,
..l5t5ssf!1sq q lolaI II S. 1876 900 on Tire
1.tegs!.g - 3 = per cent Treasury ncb-f.
tsr.es C~!3z0~EZ, ~ eZCbaAge tor MIRO
g414rty LzeH pr cent boron. Inc
Ee4 Ysyrk hank sUnaoT3hs5c g4Il Itt ,>19,
Yt.te far smallest s{sDScfl Jtlca cam.
1sgu h..AlIa ia o1Slficl aAkih& ')T
& sye 55g.
NkECHuRIA CROWS.
Fe.yyffA ~ ne Department ~ COM