Evening star., 1928-09-18

ton was higher
than last weeks
close, registering Harry Wardman.
1864, ex-dividend, in very light turn.
over.
The Potomac Power preferred issue.
were firm. Columbia Sand & Grave
moved at 90, Mergenthaler came out al
100 and LanSton sold at 1141b. One
hundred shares of Barber & Ross com.
mon changed hands at % and Nationa
Mortgage & Investment preferred show
ed fractional gain when 100 shares
sold at S. Bonds were quiet, selling al
recent levels
Bankers Hear of Bond Issue.
On invitation of ex-senator Souther-
| land, who is now connected with Ham,
bleton & Co., a group of Washington
bankers, had luncheon this noon at the
Metropolitan Club, following which the
details of the Wardman $13,5OO. .OOC
| bond issues were explained in full
! Hambleton & Co. is one of the partici-
pating financial houses handling the
| issue and the members of the firm
wished to answer any questions regard
! ing the valuation of the properties in
volved, the earning power of the prop
critics or any other question that might
arise in the minds of bankers regarding
the big offerings.
The firms selling the two issues ex-
| pect that local bankers will be asked a
good many questions by their customers
| regarding them. The aim of last Sat-
urday's breakfast, as we'll as of today's
! luncheon, was to furnish the facts first
| hand. Both issues are to pay 6A Per
| cent.
Harry Wardman, on whose proper
ties the $11,00O,0oO and $2,500,000 is
sues are being placed, has been one of
the largest builders in Washington for
| 20 years. The announcement regard
| ing this new financing has brought hin,
into the limelght more prominently
than ever.
Insurance Underwriters to Meet.
A. L. Baldwin, president of the Dis
trict Underwriters Association, an
| nounces that the first dinner meeting OF
! the Fall season will take place tomor-
! row evening at $50. .at the Burlington
York, general agent of the Guardian
Life Insurance Co., will speak on "Pre-
specting" Mr.. Mcnamara has been
most successful in New York and will
answer any questions that may be OF
special importance in the Washington
field
| A report of the annual convention in
Detroit will be presented. The next ma
| tional convention is to be held in Wash
| ington, and this announcement will
| also be made. An insurance adver-
| tising conference, composed of adver.
tislng men in this country and Canada
| will take place at the Hotel Washington
october /, 2 and 8.
Mortgage Note Issue Announced.
Shannon & Luchs are today announc-
ing 100000 issue of per cent first
S1O0 to $4,000 on the Park Tower Apart
ments, to be erected in the 2400 block
on Sixteenth street, next to the French
embassy and across from Meridian Park.
The building is to have five stories
and contain 80 apartments. The value
of the property, according to the circu-
lar. has been placed at $470,000. The
notes are priced at 100. The owners
of the building are z. Thomas Gold
smith and William Keller, and the
trustees are Herbert T. Shannon and
Morton j. Luchs.
The announcement states that the
title of the property has been guaran-
teed and bond has been posted for the
COmDleClOn Ol lIlG
Commodity Prices Steady.
Prices of commodities during the
week ended September IS showed no
| change. according to the wholesale
price index of the National Fertilizer
! Association. Significant changes in two
groups did occur, however. Textiles de-
| clined 3 per cent, due largely to cotton
and cotton yarns, and the groups OF
grains, feeds and live stock advanced
| l.9 per cent. Other changes were ad-
vances of 8 per cent in chemicals, =
per cent in miscellaneous commodities
and / per cent each in foods, metals
and fuel.
Cleaned in Financial District.
A. Chester Flather, assistant man
ager of the Connecticut avenue once
of G. M. P. Murphy & Co., IS on MS
vacation, taking an extended motor
| trip.
The work of changing the entrance
| to the Merchants Bank & Trust Co
| from the corner to the F street side OF
| the bank has been commenced. The
corner is to be converted into a ladies
room for banking.
The women's committee of Washing
ton Chapter, A. I. B., will hold then
annual dinner tonight, most interest.
ing program having been arranged.
Dismissal of the antitrust citation
complaint against the Baltimore & Ohio
Railroad because of its acquisition o.
stock in the Wheeling & Lake Erie
along with the holdings of the New
York Central and the New York, Chi,
cago e. st. Louis, is asked in a brief flee
with the Interstate Commerce Commits
sion by the road.
The road alleges that no presumption
as to substantial lessening of competi
ton or restraint of commerce can arls'
from the mere fact of stock acquisition
No such lessening of competition or re-
straint of commerce as the result o.
stock purchase has been shown, 1t L
claimed.
An exhibit of a fully equipped banl
library will be held by the Specia
Libraries Association in connection witt
the American Bankers Association con
vention in Philadelphia, october Ia.
Electric Co. Votes Melon.