Evening star., 1941-08-14
MayfIower First IS
Show Best Gain
Compilation
Advance of II Points
In July Cited by
Amott, Baker
By EDWARD c. STONE.

Baker & Co. in establishing monthly
price averages, it was announced
today. The list is made up of bonds
in leading Eastern cities.
Bids for MayfloWer Hotel first SIS
stood at 126 in the financial district
today. Early in July bids were
around 109. The bonds, which are
sold over the counter, have been
advancing steadily in price all this
year. The final July bid was 125
The amazing advance in the price
of the bonds is due to the hotels
recent earnings. The bonds are
traded with stock attached the
earnings reports having pushed up
the stock.
The Mayfower Hotel Corp. re-
ported a net profit of $356836 for
the first six months of 194l, COM
pared with $194403 in the first half
of 1910. This amounts to 80 cents
per share for the six-month period,
against 49 cents per share year
ago.
In addition. the MayfloWer Hotel
Corp. has retired during the past
year $467 in first mortgage bonds,
leaving a total outstanding on
June 80 of $3.50 400. 1t will be
recalled that at the time of reor-
ganization in 1884, bondholders re-
ceived a $500 bond and 80 shares
of common stock for each original
ST 900 bond.
Mayf1ower 5s, without the stock
attached, are being quoted at 9412
bid and 9912 asked.
Other Bonds Reveal Gains.
For l3 consecutive months real
estate bonds have advanced steadily,
according to the Amott-Baker re-
view. The average price of 81 900
real estate bond. based on this list,
is now $303, compared to 1921 on
December 81, 1910, and $298 on May
81. 1941.
The list includes National Press
Building first 2S-5s, 1850, which ad-
vanced 2 points in July and now
carry bid of 8812 with 9212 asked;
National Press adj. inc. 4i2S, which
also gained points in July. and
Washington Properties gen. inc. rs.
The bid for these bonds now stands
at 68l2 after gain of nearly a
point last month.
In the first seven months of this
year the 200 bonds showed an aver
age gain of 90 per cent, the sur
vey states. Hotels led the advance
with a l21 per cent gain which was
+@ Ec
Syracuse Hotel IS. Apartment
hotels averaged an 113 per cent rise
and office buildings 89 per cent
in the seven months.
Natural Gas Price Reduced.
The Federal Power Commission
today authorized reduction of 2
cents in the price of natural gas
sold by the Washington Gas Light
Co. to the Washington, Gas Light
Co. of Montgomery County, Md
The cut was from 45.1 per 1000 feet
to 430 cents, and was made ef-
fective as of July 10.
This. is not a reduction fer gas
consumers, according to Robert c.
Overs, vice president and treasurer
of the Washington Gas Light Co.
Under the Natural Gas Act, whole
sale rates from one State to another
have to be on a cost basis" the
present move being to conform with
the law.
The recent rapid growth of Mont
gomery County has forced a very
large investment in new mains and
other equipment, earnings having
hardly kept pace with these new
expenditures. Mr.. Overs explained.
For that reason lower rates to con-
sumerS would not be justified at this
time, he said
Norris Heads Audit Committee.
Thomas J. Norris, assistant cashier
of the Bank of Commerce &, Saw
ingS, has been appointed chairman
of the Audit Committee of Wash
ington Chapter, American Institute
of Banking, 1t was announced today
by John M. Christie, president. Mr..
Norris is graduate of Washington
chapter and very active in its affairs.
B. Bruce FTantz of the American
Security 81 Trust Co. and Denzil E.
Wisecarver of the Riggs National
Bank. also graduates and men with
experience in auditing, will assist
Mr.. Norris this year.
New York Stock Exchange Offices
here were unusually well filed early
today, customers being anxious to
get the reaction on the market of
the joint statement by Prime Min
lister Churchill and President
Roosevelt. What the ticker referred
to as more or less a restatement OF
world aims had no immediate effect
on the price of stocks. Prices were
a bit .flrmer, but trading remained
slow Brokers we're flooded with
telephone calls for the full text of
the eight points presented in the
statement which assures economic
freedom to all nations after the
war.
Financial District Comment.
Horace F. Stokes. cashier of the
National Metropolitan Bank, is TAX
ing his annual vacation.
c. Louis Eckloff, assistant cashier
of the National Metropolitan, is also
on annual leave.
Eldridge D. Kendrick, assistant to
the secretary of the District Bank
ers' Association, is on leave, boat
trip to Boston being included in his
itinerary.
The Federal Reserve Board has
selected Kenton r. Cravens, chair
man of the American Bankers As
sociation'S Consumers Credit Coun-
Gil, to draw up the new regulations
on consumer credit. He is vice presi-
dent of the Cleveland Trust Co.
Smith, Barney & Co. announced
today that yesterdays offering of
186,667 shares of Standard Oil Co.
of Ohio common stock has been
overSubScribed.
Phone Rights Unchanged.
American Telephone rights sole
on the Washington Stock Exchange
again today at 1872, unchanged
from yesterday. The rights changed
hands in 101, 30, ID and so lots.
A small sale of Capital Transit