Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-21
UTILITIES ISSUES
SAG ON EXCHANGE
Fare Discussion Is Followed
by Slight Recessions in
D. c. Trading.
BY /. A. FLEMING.

Dx He IA
Our local market was disturbed again
today by the effect Of the present hear
ing going on before the Public Utilities
Commission on street railroad fares.
The stocks usually furnished consid-
cradle part of the daily business, but
they are now sagging and neglected.
Capital Traction, however, is holding
much firmer than might be expected
although 1t is really entitled. by reason
of It's dividends, to hold present prices
and even better. A cut in dividends
even If it does come, will not probably
be below per cent basis
At 9212 bid and 93h asked it shows
considerable strength. Railway preferred
has eased off again to 97l2a98, al
though there is no prospect whatever of
having dividends cut or changed at all.
Two bank shares came out today at
4l0 for National Metropolitan COM
mon, and SIT for Riggs. Commercial
National Securities Co. was firm at 1903.
while Federal-American common closed
at ~. Mergenthaler was slow, but a
little firmer at 104A a1047s.
The bond section was neglected.
Havana Hotel Financing.
Representing an important contribu-
ton of American capital to the Cuban
governments extensive program of i'm
provements designed to establish Hav-
ana as an outstanding resort center of
the western hemisphere, the National
City Co. and United States Realty &
Improvement Co. announced yesterday
that they have agreed to sponsor the
financing, construction and manage
ment of the National Hotel of Cuba,
project which will be larger than any
hotel now on the island.
6Vao 0f fhic oY1fHrt1rico will
follow in general outline the plan de-
veloped by the National City Co. and
United States Realty & improvement
Co., in which a public offering takes
the form Of protected investment Sc
curity yielding a liberal rate of re-
turn combined with permanent par
ticipation in the profits of the company
through ownership Of common stock.
The financial program provides for an
actual investment of more than ST.
100000 in the enterprise, covering the
estimated cost of the buildings, archi-
tects' fees, carrying charges during con-
struction, provision for working CAPT.
tai, etc.
The required funds will be obtained
through the public offering today by
the National City Company Of $685.
900 thirty-year per cent income de-
bentures and $500 shares of COM
mon stock of the National Hotel OF
Cuba Corporation and the sale to the
United States Realty and Improve
ment Co. of 14.500 shares of S6 cumu-
lative preferred stock without par
value, comprising the entire issue, and
part of the common stock for cash
sum of more than 81 100000. The
debentureS and common stock Will be
placed on the market in units, con-
Sisting of 500 principal amount OF
debentures and l share OF common
OF
unit.
Harper Plans Picnic.
Col. Robert N. Harper, president Of
the District National Bank, has invited
the board of directors and employees OF
the bank to a barbecue picnic at his
country place, near Leesburg, Va. and
plans already are being made for pro-
gram of sports, including golf and horse
shoe pitching. there on Labor day.
The annual flower show and prize
contest of the Federal-American Ma
tional Bank, which always attracts a
gorgeous display to the institution, will
be held Monday and Tuesday, Septem-
Der and 10, according to arrangements
now being completed. The flowers will
be judged Monday evening.
Will Attend Meeting.
Three officials of local building asso-
cations will leave Friday to attend the
annual meeting of the United States
Building Association Leagues, at Salt
Lake City beginning next Tuesday.
Clinton c. James of the Home Building
Association of this city, chairman of
the legislative committee of the ma
tional body, will attend. The others
making the trip are: Edward G. Baltz,
secretary of the Perpetual Building As
ISOLATION, who will continue his trip
westward to Los Angeles, and San Fran
cisco, returning about October /, and
William S. Quinter, president Of the
District Building Association.
w. B.. Robinson of the Bank Of
Brightwood and Audrey o. Dooley,
Federal-American National Bank, tied
for low score in yesterdays play Of the
Washington Chapter. American Insti-
tute of Banking, at East Potomac Park
course. Others playing were w. P.
Restorh, r. D. Lewis, American Sc
curity &, Trust Co.; j. E. McGeary,
w. B. Hibbs & Co.; Robert A. Sisson,
Washington Savings Bank; T. Ed
Norris, Mount Vernon Savings Bank,
& Trust Co., who is chairman OF the
athletic committee in charge of the
contest. There are % entries.
Today's play will include Joseph D.
Yerkes, Federal-American National
Bank; q. T. Wright District National
Bank, Lionel T.. BeeC0n OF AleXanQrla,
Va; Charles H.. Doing, Washington
Loan & Trust Co.; Frank M. Perley,
American Security & Trust Co.; J.
William Roberts, Security Saving &
Commercial Bank; w. B. Robinson,
Bank Of Brightwood and j. E. Nc
Geary, W. B. Hibbs 81 Co.
Bankers Bulletin.
Several changes will appear in the
first issue of The Bulletin of the Dis
trict of Columbia Bankers Association,
to be distributed in about week, ac-
cording to the editor, Audrey o. Dooley
of the Federal American National Bank.
The Bulletin has been increased from
8 to IL pages, will carry this time an
appropriate cover design, and will be
generally attractive throughout. The
editor has been assisted by two as
sociate editors, Edward j. McQuade.
Liberty National Bank, and I. j. Roberts
! Of Riggs National Bank. Mr.. Dooley
has written each bank member Of the
association to name a contact man"
to represent each bank and who will
take the responsibility Of helping to
make The Bulletin increasingly val
liable and interesting.
Laurence A. Slaughter. vice president
Of the Commercial National Bank,
plans to leave for his vacation at Sar-
anac Inn, N. Y, next Monday. F. H..
Cox. cashier of the Commercial Ma
tional, is expected to return from his
vacation Monday.
w. r. D. Heron, assistant treasurer
Of the Union Trust Co., has left for his
vacation at The Oaks, place OF Ed