The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-04-17
FIGURES s H D "
NET COLD
LOSSES
By RICHARD HATTON

lIldllGla1@ TSVIGWS nave 4ldu ulOA =
or less to say recently in regard to
the shipment of gold from the United
States. Figures for March shipments
are given in the current issue of the
Federal Reserve Bulletin, which says:
March was the seventh consecu.
tive month in which gold exports ex-
ceeded gold imports, net exports for
the period approximating $262 ,0OO,-
600. This figure does not, however,
measure the actual loss of gold for
the period, chiefly because there was
at the same time a net increase in
gold held under earmark by the
Federal Reserve banks for foreign
account. Measured by reduction in
the gold stock of the United States,
the actual loss of gold for the period
from the first of September to the
end Of March amounted to 1888, 000,.
900, of which $4,000, 900 represented
gold lost in the first quarter of the
current year. This is in sharp con-
tFast with a gain of more than $780,
100000 during the first quarter of
1927.
Loss in 1927
The fact is also brought out that
the loss OF gold in the last four
months Of 1927. amounting to $685.
600, 900, represented to the extent
Of about one-half the transfer to
foreign ownership, by export or ear
mark, of gold acquired by the
United States during the early
months OF the year. Notwithstand-
ing the large and continuous loss
of gold from last September to
the end of March. the total gold
stock OF the United States. at $4,-
306, 900, 900, remained at higher
point than had been reached pre-
yious to 1924.
New Issue Offered
G. e. Moran & Co, investment
bankers, 1716 III st. N. W., are
offering new issue of preferred
and common stock of the National
Woodworking Corporation. The pro-
ceeds of the sale of the preferred
stock, it is announced. will be used
for the retirement of all existing
mortgage and bank indebtedness
and for other corporate purposes
and the corporation will make
application for the listing of the
stock on the Washington Stock
TO the public G. z. Moran & Co.
have stated that 1t is recommended
because the purchase will not only
produce an immediate income. but,
also, 1t affords opportunity to par.
ticipate in the larger profits which
win accrue with the company's
growth.
The National Woodworking Com.
pany began active operations in
1912 and has developed one OF the
largest woodworking plants IN this
locality. The company's plant, at
80 New York Ave. n. E., has total
floor space Of 5000 square feet.
The company furnishes millwork,
both cabinet and special, to many of
the large builders. contractors and
others in this territory.
The balance sheets of the COM
pany as Of December 81. 1927, as
certified to by Stoy and Roberts
Company, after giving effect to
this financing, show net assets OF
$218,553.66 and over STA for each
share of preferred stock.
For the five-year period ending
December 81. 1927, the net earn
ings Of National Woodworking Com
panys as certified to by Stoy and
ROBERTS Company, were S151 ,S9S.O5.
Annual Earnings
fThe annual earnings during this
five-year period average $50,
or approximately three and one-hah
times dividend requirements on the
outstanding preferred stock. On
the foregoing basis. after provid-
ing for preferred dividends, there
would be available earnings Of
$4.34 per share on the common
stock. The above figures do not
reflect the use Of additional cap.
ital realized from the sale Of this
stock.
This issue of the preferred and
common stock of the company is
now being offered and subscriptions
will be filled in the order they are
received.
The cumulative preferred stock
bears an immediate return of per
cent. The company has agreed to
pay. out of the net earnings, after
payment of the dividend on the pre-.
ferred stock, $50 per share, per an
mum, on the common stock, payable
seniannually on January and
July 1.
According to the Moran announce
nent the management continues in
the hands Of the men who have been
responsible for the successful opera.
ton of this company since its incep-
kion.
The regular April meeting of the
D. c. Bankers Association was held
yesterday afternoon, President w.
w. Spaid, presiding. In addition to
routine business and committee re.
ports the association passed resolu.
tions upon the death of John C. Eek.
loft, vice president of the Second Ma.
tional Bank.