Evening star., 1940-06-12


Washington - % = 5.3
Winston Salem, N. c. r so + 78
Other Cities -- 100 + 90
Fifth Dist. 81 stores + "A = g.
State figures
Virginia - Al = As
West Virginia ---- -16.5 +13.1
North Carolina ---- FLA + 81
South Carolina ---- -13.9 Ills
Bond Price Averages Drop.
The latest Amott-Baker Realty
bond price. averages indicate that
during May prices dropped an aver
age of 90 per cent, the greatest loss
shown in any month since the aver
age was started five years ago. While
the drop is very severe one for any
30-day period, the decline compares
quite favorably with the losses suf-
fered in many other types of securi-
ties, the review says.
The loss for MAY wipes out the
gains registered in the first four
months OF 1910, and as of May 81 the
average price Of ST 900 real estate
bond was s268. or 6.3 per cent lower
than the 1889 close. New York issues
declined the most, more than II
per cent.
The Amott- Baker review, which
covers 200 issues in Eastern territory,
notes that Washington Properties,
Inc, Is, 1852, dropped 1112 points
during the month, with bid of 40
ct the end of the month. The bid
Is now up to As and 46 in the financial
district here.
These bonds are said to be the
most active real estate issue in
Washington, as we'll as the largest,
around s1o,OOO0OO Last year the
company retired sl00O,O0O of the
bonds following the sale of the
Boulevard Apartments at an average
price of g.
Last August the company paid s25
on $1,000 bond and it is expected
in the financial district there will be
70 material change in the amount
this year. The bonds paid S16 last
February, total of s4450 in 1899,
s49.5O in 1888 and s5l.5O in 1887.
Bond Redemption Date Near.
Holders of all outstanding gas per
cent Treasury bonds of 1940l943,
dated July 16. 1923. should bear in
mind that these bonds have been
called for redemption on June Is,
1910, on which date interest on these
bonds will cease
The holders are now being Of
fered the privilege of exchanging
all or any part of the called bonds
for l per cent Treasury notes of
series C-1943, bearing interest from
June Is, 1910.
The Federal Reserve Bank of
Richmond has notified all banks in
this territory of the optional eX-
change offer, at the same time call
ing attention to the approaching re-
demption date. Holders of the bonds
are being allowed to present them
for payment before the date of ma
turity.
Hillyer Tours South America.
Edward L. Hillyer, vice president
and assistant trust officer of the
Union Trust Co., has returned to his
desk after months trip, by air,
all over South America. He started
by plane from Miami and flew
down the East Coast, landing at
all points of special interest and
returning by the Western Coast, 60
ing inland whenever the route called
for such sojourns. Mrs. Hillyer ac-
companied him. During his vaca-
ton he covered $4,000 miles.
Howard Moran, senior vice pres
ident of the American Security &
Trust Co., was showered with con-
gratulations today as he started his
50th year in the banking business
Mr.. Moran is one of the best known
flnanciers in the Capital His desk
today was adorned with many beau
tiful flowers, tributes from his busi-
ness associates.
Mckee Heads Savings Bank.
H H Mckee was reelected pres
ident of the East Washington Saw
ings Bank at the organization meet
ing of the Board of Trustees held
yesterday. He has been president OF
this bank for several years. and is
also president of the National Cap
ital Bank
Gratz E. Dunkum was reelected
first vice president of the East
Washington Savings Bank; Lewis
Flemer, second vice president, while
S. Wilson Earnshaw was again
named secretary-treasurer
The trustees also declared a semi
annual dividend of per cent, pay.
able June 80.
Joins Investment Concern.
Robert c. Jones, head Of the in
vestment firm bearing his name
announced today that w. Pag'
Jones has resigned his position with
Winthrop, Mitchell g. Co. to joir
the sales staff of Robert c. Jones
Co. Mr.. Jones has been active il
the financial district for the last i
years. Prior to his association will
Winthrop. Mitchell e. Co. he wa
with Hartman e. Keech and late
with Fenner e. Beane.
Today's Trading on Exchange.
The amazing buying wave on tn
New York Stock Exchange toda,
drew attention from the session 0
the Washington exchange and busi
ness was quiet.
Capital Traction SIS registered {
$500 transfer at 98l2, around recen
levels.
Potomac Electric Power per cen
preferred moved at 1l2 on a small
sale and the 51a per cent preferre'
sold at exactly the same price.
Bid and asked prices on othe
Issues were little changed.