Evening star., 1932-08-15
CALL FOR DEPOSIT
Of BONDS ISSUED
Protective Committee Acts
When Default Occurs on
Freund Securities.

the holders of bonds sold through the
F. H. Smith Co. has issued call Tor
deposit of first mortgage per cent
bonds of Isadore Freund, secured by
the Vermont Building, at Vermont ave-
nue. and L street.
The call was issued, it was explained
, by A. A. Laporte, assistant secretary
. of the committee, in charge of the 10
cal Office. because of defaults IN the
/, making of monthly payments required
bv the mortgage on account OF prln-
!, cipal. interest and taxes.
Bonds end coupons maturing on
: March 25, 1882, were paid on presenta-
ton. .L,+
, II was "of the opinion that the lnter-
-ests of holders of these bonds should De
4. protected by united action, and to that
send urges that all bonds be deposlteo
with it at once" 18th,
!. Monthly payments for the montns
sof March. April, May, June and July,
1892. aggregating approximately $7,84S'
sthe letter said, required under the
terms of the mortgage to be PAID on
account of the coupons, which Will come
due on September Is, 1882, are due ana
sfor the months of March, April, May,
June and July, 1882. aggregating S6.2o0
son account of the $4,000 in principal
amount of the bonds which will mature
.on March 25, 1888, are also due and
-rnoaid. The entire balance OF the
snrincipal amount of the issue. aggre-
.gating s2540oo, will mature on Marcn
;25. 1884. a
"Real estate taxes for the year. 1882,
samounting to approximately $9,586, m
scluding penalties thereon, are delln-
@ouent and unpaid. These taxes con-
sstitute a charge against the property
sprior to the lien of the bonds.
) The bonds are secured by f1rst
mortgage on plot of land located at
sthe northeast corner of Vermont ave-
hue and L street northwest, Washing
Ion, D. c.. and on an History office
building thereon. The building was
formerly known as the Vermont Build
,sing but is now called Our Home Life
;:Buiding. The committee is advised
.,that the property has not been earning
"a sufficient amount to pay the charges
under the mortgage.
i ON August II, 1881, the Supreme
'.Court of the District of Columbia, in
..suit instituted by the committee, re-
!.moved Samuel J. Henry as trustee and
,,I!appointed the American Security g.
Trust Co., Washington, D. c., as sue
..cessor trustee under the mortgage Sc
Touring the bonds. American Security
;s&s Trust Co. is also acting as fiscal
.sagent under the mortgage.
u Holders of these bonds are urged to
,.deposit their bonds Immediately with
.sdepositary of the committee, Irving
thrust Co., Wall street, New York, N.
:iY., or with one of the following sub
:.depositaries: The Philadelphia National
.iBank, 1416 Chestnut street, Phila-
.sdelphia, Pa; the Union National Bank
,sof Pittsburgh, Wood street and Fourth
;tavenue, Pittsburgh, Pa. If you reside
,sitary or -dipositaries, 1t Is suggested
;tthat you forward your bonds by insured
Registered mail to the depositary. If
ssyou reside in Washington, D. c., or
Sicinity, you may deposit your bonds
with the assistant secretary of the
committee, room TOT, 5l5 18th street
NV, Washington, D. c. Enclosed is
a form to be used in making deposits
Please observe the directions on the
back of the form. You will receive in
exchange for your deposited bond a
transferable certificate Of deposit regis
tered in your name and issued by Irving
Trust Co.
Deposits are being made under a de-
post agreement dated May %, 1880, as
amended, copies of which may be OBJ
tained from the depositary, subdeposi-
taries, the Secretary or the Assistant
Secretary of the committee"
The letter was signed by George
Roosevelt, chairman Of the committee
Trading on d. C. Exchange.
Bonds practically monopoliZed trad
ing on the Washington Stock Exchange
today. Washington Gas IS A sold off
from SO to 98, while the IS B of the
same company went at 1917.
Potomac Electric Construction IS sold
at 10234. Six per cent preferred stock
of Potomac Electric turned over at 109
and the 512 per cent preferred of the
same company sold at 10324.
Stores Dividend Prospect.
Safeway Stores present S. dividend
rate will be maintained, according to
Standard Statistics prediction today,
'only if business improves" The next
meeting will be held in September, and
unless the outlook then is considerably
better than at present, the prediction
went on to say, the basis will be low
cred to SO annually. Net for the six
months ended June 80, 1882, period,
compared with $262 a share for the
similar half of 1881. Profit margins in
creased approximately rs per cent, as
compared with last year, due to the
fact that 500 Improbable stores have
been closed. Continued strength in
commodity prices would put an end to
inventory losses. Safeway Stores in
clude the extensive Sanitary and Piggly
Wiggly chains in Washington.
Decline in Taxes.
The decline in city tax collections
for the first seven months in Baltimore
was partly accounted for by failure CT
the United Railways g. Electric Co. of
Baltimore to pay its real estate and
park tax in July. Total tax collec-
tions of the city for the first seven
months of 1892 came down to S36, 1923,
1913, approximately 7277 per cent of
:, the total tax bill. This compared with
%,S38,763. 1926 collected in the same period
last year or 7645 per cent. At the end
of 1891 the city had a deficit of S677,
..4l5, of which 1901 go was made up in
the tax levy budget for 1882. Mayor
jackson has appointed a commission
to study the tax problem OF Baltimore
'ancluding a new general sales tax, pro-
Vision for the city to obtain a larger
amount of the State gasoline tax and
provision for a local tax on gasoline
.and filling stations.
:. Business Sentiment Improves.
The improved sentiment noticeable
throughout industry since midJuly
.broadened considerably during the pas
"Week, according to Standard Statistic:
Co review. despite the continued fail
are of aggregate activity to record any
.':.perceptible upturn.
T" Particularly has this more optimistic
feeling been nurtured by the incress
ing strength of the commodity prices
- Actual increases in production
schedules, however" said the review
,"are still confined to the lighter lines
1.-THE products of which go directly Il
1.-The ultimate consumer. 1t is becom
"ing more and more evident. moreover
THAT these lines will receive the ma 10