The Washington times., 1929-03-23
VOLUME
At HIGHER
LEVEL
By HARRY GUSACK
Financial Editor

The volume Of money turnover
during the week ending March 16
rs indicated by check payments,
was smaller than in the preceding
week, but considerably greater than
in the corresponding week Of 1928,
It was announced today by the De-
partment of Commerce In it's weekly
review of domestic business condi-
tons.
According to the report, indus
trial activity, as reflected by steel
plant operations, was greater than
In either the preceding week or the
same period year ago. The pro-
duction Of bituminous coal during
the latest reported week was smaller
than in either the previous week or
the same week of 1928.
The output of lumber showed a
decline from the previous week and
no change from a year ago.
Petroleum output showed sizeable
recession from the previous week.
but was considerably greater than
At this time last year. Freight-car
1oadings. covering the latest re.
ported week. showed a gain over
both the previous week and the
same period Of last year.
The general level Of wholesale
prices showed no change from the
preceding week but was fraction
ally higher than a year ago. The
price Of copper continued to mount
while prices for iron and steel and
cotton, showing no change from
the previous week, averaged higher
than year ago.
Loans and discounts Of Federal
reserve member banks showed
further expansion, as compared
with both the preceding week and
the same period year ago. Inter
est rates on call loans averaged
lower than in the previous week
but were higher than year ago.
Bond prices averaged lower than in
either period. Prices for stocks
were higher than in either pre-
vious week or the same period of
1928, Business failures were less
numerous than in either period.
Receipts of cattle and hogs during
the week ended March 8 were
lower than in the same period Of
1928. Receipts of wheat were frac-
tionally higher than year ago.
Cotton receipts were running con-
Siderably larger than last year.
Hotel Bond Issue
Refinancing of the Annapolis
Hotel of Washington through ST.
$4,000 issue of first and refunding
6h per cent coupon gold bonds,
dated April 1 and maturing in from
five to twenty years, was announced
yesterday by Harry Wardman,
through Colonial Bankers, Inc.
The net proceeds will be used as
need for the purpose Of retiring
present outstanding membranes
on the property, according to Mr..
Wardman, who made the announce
ment in his capacity as president
Of Hotel Annapolis, Inc. The bonds
will be offered at 100 and accrued
interest
This is the first major piece of
financing undertaken by the Ward
man interests since the two issues
aggregating approximately $13,5OO,-
600 and covering most Of his larger
properties here, was offered last
September. It was just prior to
this that the Annapolis Hotel was
acquired at puDL1c auction TOT $1,-
753,626.25. Land, building and fur
nishings have since been appraised
by Ford, Bacon & Davis, Inc, at
$2,S07,697
Located near the business dis
trict, between Eleventh and Twelfth
on H Street, the hotel, which was
erected by Wardman in 1923-24,
consists of eleven stories and base
ment, built of reinforced concrete,
faced with tapestry brick and lime
stone. It is fireproof throughout,
containing 400 rooms, $40 baths, and
IL stores, the two upper floors con-
tanning 80 rooms rented as un-
furnished apartments.
The Colonial Bankers, Inc, which
is handling the issues, formerly was
the North American Finance and
Development Corporation. r. W.
McGinnis is president, Walter
Everett vice president, and W. J.
McGinnis secretary. Thomas P.
Bones is vice president of the Hotel
Annapolis, Inc; James D. Hobbs,
treasurer, and Hubert r. Quinter
secretary.