Evening Star Newspaper, February 6, 1927, Page 43

FINANCIAL. NEW FRANCNG SLOWS BOND TRADE \Record Set for Offerings, Nearly Hitting $300,000,000- ! Mark for the Week. BY GEORGE T. HUGH Speeial Dispateh to The Star. NEW YORK, February &-—The! ontstanding feature of the investment this week has been the huge yolume of n finanecing. January 3ot a new high record for amount of Y homa offerings, and February has Wilsted n.in 4 fair- way (o surpass The January t New offerings this weelc approximate . §287,000,000, the Jaigest on record for u single week compares with a little 5,000,000 Hast week and the - corresponding Tiari sy al amount than $13 0000 vear course This in ago all {his doe¥ not repre- sent mew capital. - A large ‘mmount is accounted for by refunding “opera- s for instance Wherr the Mis £45,000,000 in. b per bonds to.- retive: outstanding obligations carrying a higher coupon This process has been L,'lm\,:’ on the ling. Corporations have heen rushing in to take advantage of {he, present umprecedented investment on their o sold $ funded inde No Sign of Let bp. January over ' $100,000,000 of and notes were called for pay- in ‘advance of maturities, and 266,000,000 in bonds are to He vetived in February. -Neverthcless these refunding fssues are marketed hefore the ones. they wré to-replace ave actually paid off, so that -tem- yporarily. they add: to the amount out- standing. Nor is there any sign of a Jet"up. The Missouri- Pacific issue was the second largest single piece of railtoad financing . on reeord. = Next week the §60,680,000 Aluminum Come puny of America refunding loan stands out as -one ‘of the, largest in- dustrial offerings in yegrs, - was. not - surprising. that _this of fresh investment mediums at_last_have an effect on the Prices in the n honds ment over should - an market for outstanding issues. which “had held firmly “early week vielded toward the end, and the nearest approach te a - reaction the hond market hax seen 'the first of the year followed. 3 Undoubtedly there has been a good deal of speculative buying,. especially of the high yielding foreign obliga- tions, during the recent adwance, thereby -weakening the technical posi- \ tion of the market. ~So when prices wavered profit-taking from this source made its appearance. Temporay Condition. That. all this, is but, a. temporary condition admits of no dispute, The fundamentals that affect investment valyes remain thé sume. Glven a periad in which to digest the new offerings and to assimilate the gains in seasoned bonds, the investment de- maend must again make itself felt, Money is just as easy_as ever, Call funds on the Wtock Exchange have been quoted at & per cent all the week and in the so-called outside market accommodation has been obtainable below that figure. There has been an easier tone in time money, in com- mercial paper shnd-in bankers' accept- ences. Gold continues to come into this country. The total gold imports at New York during the first 28 days of January were almost onefourth of the total for the entire year 1026. The much talked about reduction in the rediscount rate of the New York Federal Reserve Bank is still a matter, for the future, Np action was 4 taken this week and it is unsafe to make predictions about - pext . week. ‘Whatever is dope, however, it will not materially .affect the situation: except possibly in one particular. A eut 4n the rate might check the fall in mterling exchatige and somie weight may be given to this consideration by the banking authorities. ~As far as the domestic outlook is concerned there is no need for adding to the already superabundant = supply of credit 5 Foreign Bonds. Foreign "bouds . went off with the rest of the list at the close of the week. Foreign news, however, was more éncouraging’ The Bank of France cut its discount rate from 63 to 5% per cent and Washington dispatches quoted Secretary Mellon as of the opinion that the French eco- nomic situation was distinctly im- proved. It was ‘also intimated un- officially- in the dispatches that ‘the ban now existing against American loans to countries which have not funded their war Indebtedness to the United States was not_going to be 80 strictly enforced. No objection, for instance, has been raised to the private sale on this side of French obligations acquired in other markets. In any. event if the purpose -of 1! prohibition against new loans to France was to hasten ratification of the debt refunding agreement, it has not been a_success, excited specu. chiefly those with merger prospects, there has been > only a moderate interest in.the cor- responding bonds. Of course, when - bond “carried a conversion privilege price. movement co-ordinated with t at of Lhié skock concéined, but when its value simply- depended on assets and earnings, the bond market has shown a conservatism quite unknown in stocks. This js as it should be, for aven if the bonds of some of the smaller lines are assumed by a larger systeny _in consolidation, . their . value in the last analysis depends upon the y property on which they are a lien CLUET‘T-P.EABODY EARNINGS. NEW-. YORK, . February Cluett, Peabody & Co. earn share on the common in 4 preferted dividends, against $: share in 1923, Nl profit el to $1,772.: 223 trom 32,242,69 E DECLARES DIVIDEND NEW YORK, February & (®.— Havana Electric Rail Co. geclared a dividend of $3 on interim receipts for allotment certificates for common and preferred stocks, payable March 1, o holders of record February 2. }{ARBORD I8 OPTIMISTIC. NEW YORK; *Pebruary & (P).— James G. Harbord, president of the Radio Corporation of Ainerica, expects 1927 to be as good as-if not better in the radio indusiry than in 4926, “Our communication bukiness running anead of what it was a year ago: our sales of radio sets are keeping pace with Jast year's busineds and T feel vather &moump»d about the future. Philadelphia Steel Kngmte Dead. ERSBURG. Fla., Februars ). hotse, aged Phil 8 gelphia steel magnate. dicd at a local fotel this morning.* He had been in falling health for several months and Qeath was due to_infirihities of age. $1e had been here since January 1 with_members of his family. This was his fourth seasoh*Here. 3 ’.——————_— mher lencul ‘News ‘on Page n| 1004 1021 926 “iigh 101 26 1016 10117 108 18 110 10 1Y iieh. Tow 96 100 96" 100 994 & 1084 103} 99 Low Ith 99 19 101 16 101 8 121 103 13 102 0 101 84 100 101t 106% 2w 102t 1045 104 118 105% 104% 101%; 108% 108% 99 102% ©r04% 109 9314 101% 104 1oy tex 116% 8ty 102 10816 96 109 107% 110% 122 102% 104% 998 9914 Ty THE SUN BOND SUMMARY FOR THE WEEK U, 8. 'BONDS Liberty i lgn (982 47, LibagLy (x1 4148 1934547 Cibertyrd 415 1927 43, Libefty 30 4 s 1928 3 Liberty #th 4% s [933-3¢ Treasury lan 194752, Low 100 6 108 110 Prev. w TLaow 974 994 974 mm FOREIGN Argentina 68 A-1957 Argentine 18 1927, Anstraliam Gove bs. . Austria 7s 1948 . Belgium 6x 1956 Belginm 7e 1045, Beleium 8 1041 Hordeausx 6x (934 Brazil 85 1941 Canada s 1 Cumada bls 1929, Chile 85 1941 Thile 88 194 “hinese Go Copenhagen 3% Czechoslovakia 8s 1951 Denmark s 1942 . Dutch East Indies fis I!fl Dutch East Indies 6s ) Erengh Govi 74 1941 Frenoh Govt 88 1045 German 75 1949, , tolland-American & € 68 1947, Italy 7s 1961, . Japanese ll? ¢ Jergens Utd Margarin \em.mnd-u 1973, arway 5% yrlu-Lquq fed 6n 1958, .. Poland B 1850. ., Queensland 6s 1947 Queensland 7s 1941 : Rhinelbe7s, Rio de Janei?o 851946, 0 Paulo, Stute of, 8s 1936 Sweden g5 1939. . Swiss 6168 1046 United Kingdom §%s 1929, . Fnited Kingdom §lgs 1927 . I‘IDI STRIAL AND MISCELL. 104 * amer Agri Chamical 748 1041,,. 1004 Amer Smelt & Ref 15t 58 1947; 1074% Amer Smelt’st 65.1947. ... ¢ 104%" Amer Numir Hdnning fs ln31 104'% 101" “Atlantie Refining deb 68 \931 103 - Bell Tel (Pa) ref 5s 1348. . . 98% Rethlehem Stéel b m 4s 1936, . 101% Bethlehem Steel sf 65,1948 110% ' “hiie Coppér 68 1934, . 81 “Cons Coal (Md) 1st ref bs 1950 981 Cuba Cane Sug ev.deb Bg 1930. 1073 Datroit Edison ref 6s 1940 9414 Dodge 65 1940, . ... ... .. 105% Empire Fuel & Gas 7% 1057 Goodrich (B ) 8148 1947. 110% Goodyear Tire 851931, 1024 Humble Oi1 & Ref 6%e llll. e 169%4 " International Tel 8 r; 101'%: Kelly Springfield 991 Lackawanna Steel bs |uo. 1044 Laclede bs. 1025 Liggett & Myers bs 1. 104' Manat! Sugar s 71%8 1942 971 Midvale Bteel l 103~ New England Tel 115% N Y Edison ist & 136 NYGasELHE& North Amer!uh 997, Pacific Gas & Blec bs 1942 101% - Pacific Tel & Tel b8 1952, 1031 Philadelphia Co ref 6s 1944 103% Public Service 85 1944. 975 Sinciair O} 74 1937, 100% Sinclair Crude Oil 6s. United Drug 6s 1944. 107% Va-Carolina Chem s £ Warner Suger 78 19: 111% Western Union Tel 63 1013 Wilson & Co 18t 6s 1941. .« RATLROAD: 92% Atchison T & F Fe gen 45190 938 Atlantic Coast Lme 1nt ¢a 1958, 93% Balto & O 1st gold 4s 1948 97 Baito & Ohiocv 44 1933, 100% Balto & Ohlo ref 65 1995, 102’4 Balto & Ohlo 63 1929... . 92 B&O Pitts LE&W Va da1941... 101%. B & O Southwestern Div és cfs 50 98% Brooklyp Mapbats f 65 A.1968 « Canadian Northern 633 1946 .84 _Canadian deb &s 911 Central Pacific 48 1949. . 994 991, Chesapeake &Ohio cv 4% 1930. 974 Cliesapeaké &Ohlo gen 6343 1992. 613 Chicago & Alton 3348.1950, .. ,vus 106%- Chi B& Quincy 13t ref 68.1971... 80% Chi & Eastern Il gen 551951 69'% Chi Great Western 45 1959, 561 Chi M & St P deb 43551932, . 745 Chicazo Ratlwayass 1927, 92% “hi R1 & Pacific ref 4s 1 -+ 97% €hi Union Station 4 155 19/ 4 1174 Chi Union Statlon 6145 1968 86% Chi& Western Ind con 4s 2. 102% CC C& St L ref 6s A 1829, 97 Colorado bsotg:lurn %s uzi. 94 116% Grand Trunk 7s 1940, 9414 Great Northern 4745 1961. ,. 108 = Great Northern gen 6%s 195 118% Great Northern gen 7s 193§, “98 ' 'Hudson & Manhattan ref bi 84 * Hudson & Manhattan adj’5¢ 19 'm'llss Hlinols Central 5¥s 1934. .. I tnter Rap!d Transit 6s 196 97" Inter Rapid Transit cv 781932, 86% Inter & Great Nor-adj és 1962, 92 Kan C Ft Sicott & M 45 1936 78% Kansas City Southern 3s 19 . 99% Keneas City Southern 58 1950. . 981 Lake Shore 45 1928 97% Lake Shore 45193 95% Louls & Nash unified 4 107% Louir & Nash 1st Mflfi 98 Mil Elec Ry & Lz 100% MStP&S MC“ 874 Mo Kan & Tex 1at'4s 1990, 961; New York Cent deb 451934, ..... 105% New York Cent ref imp 5s2013. . 1074 New York Centraldeb Gs 1935. ., 691 New Haven deb 570 105% N Y N H & H cv deb 68 19 NYRy6s1965...,... A8% N Y West & Boston 4345 1 Norfolk & Westerr con 45 199 rthern Pacifls 3s 2047 . 911, Northern Pacific 48 1997, k 118 | Northern Pacific ref imp 6 2047, 98%Ore Short Line ref 45.1929. 867 Ore-Wash 1st ref 48 1961, ... 99 Pennsylvania gen 414s 1965, 1067 Pennsylvania genbs 196! 111% Pennsylvania 6%s 1936 41% Peoria & Bastern inc és.1 108% Pere Marquette 15t 65% X 4 100% Port RY L& P 6s ss»s Reading ¢ %s 97, 84% Rio Grande Western oit 454949, 9% HTArk&L 4%81934. .. 92% SILIM&SR&D 481938 841 St L & San Fran:or In 4 A 1950, 99% S L & San®ran or in Ss 1950 , .. 2 101% St L & San Fran 51s D 1942 99 - Bt L & San Fran'ad) 8s 1960 San Kran e 6s 18y 4 St PK CS Line 4%s 1941. Seahoard Alr Line ref 4s 1959., hoard Alr Line 4aj s 1949 9712 Seaboard Alr Line cou 68 1945, 98% Southern Pacific cv 4s 1939 8% Southern Paeific col 4s 194 931 Southern Pacific ref ¢s 1955, 86 Southern Ry men 43 1956, . 106% Southern Ry Ist 38 1994 '119% Southern Rydev f ls 1956 621 Third Avead| 53 1960 © 947 Untan Pacitic 18t 43 19¢° 99% Union Pacitie cv 4= 1927 1024 Virglnian Ry at a,” o 103 Wabash ter 103% Wabash 5lye lni. 767 Western Maryiand 4a i984 .11 991, Western Pacific bs 1946, 86% West Shore 1at 45 2361 t High ' 101 18 101 10 103 11 102 8 100 22 100 18 1101 10 101 6 108 28 103 24 110 29 110 21 Low oker Hien 0 DAY STAR, WASHINGTON, [NATIONAL SAVINGS & TRUST CO. Last. Yield 10111 8 26 103 10 3 62 100 19 882 101 8 360 103 28 3 6: Low 9814 9% 1041 102% 104% 101 108 1044 98% 1014 103% 110 29 352 Last. | STOCK TOUCHES NEW TOP AT 505 |C. E. Phelps Made General| Passenger Agent of Cana- | o9l | ”‘o 978 106 96% 12 108 96 1077 1041 101% 104 102% 109% 105 99% 4 108% % 102% | ‘f‘ bank stock m 4| week at 101, _ | Metropolitan” €1ib” % Er."r:f""‘r'x kv '3 N} n National Bank i dian Pacific Here. KMellon Sees Cut in French| | Discount Rate Improvement | | in Cauntry’s Status. BY EDWARD C. STONE. | _ Ten shares of stock of the National | Savings & Trust Co. sold on the Wash- | ington Stock Exchange IBOS. which makes it the highest pr the city ording to present quotations, Prices in other fssues were firm. Riggs Bank stock recently so active, closed the week at 474. American Security & ust opened at 872 and closed at 37 Washington Gas Light stock again active, closing at 69%. Capital Traction closed at 104%. Mergen- | thaler was strong at 11015, Mer- chants Transfer & Storage ended the yesterday was In the bond division, Washington | Gas 6s, Series B, reached a new { high at 105, Raflway & Electric 4s | changed hands at 84, while George- | town Gas §s brought 991;. Unlisted Securities Prices. The most marked change during the week in the bid and asked pric of unlisted gecurities on the Washing- ton Exchange was in the local baze ball stock. Bids moved from 50 to and the asked price from 75 to 90. Latest quotations on these securities are: BONDS Army and Navs, Club 8 Coamag Clib 1Gra ey 2 iy STOCKS. nacostia Bank o acke ln ke i i A bin.Sac i i :f(-':n Bie Lo : iatlan Heutich firow'y ank g Munsey timh-w Tegin Control runt [ |mna|"n Hogl G “M nr:«m ifl& lnx-”( Nt Ineion ity Woodridre & Lanedon sse. Bic Local Passenger Agent Pmnu'rd Charles E. Phelps, who has been city passenger agent in Wi ashington for the Canadian Pacific Rail since 1916, has been appointed general passengen agent for the same com- pany, covering all rail, steamship and | hotel activities in this city, Maryland, Virginia and Delaware, with the ex- | ception of the City of Wilmington. | His headquarters will still be in Wash- ington. Mr. Phelps is a native of Laur Md. a fon of ex-Mayor Kdward Phelps, who is now connected with Gov. Ritchie's administration. new general agent’s experience covers many years, most of which has been with the Canadian Pacific, which com- pany claims to have the longest trans- portation system in the world. It starts in Europe with a fleet of steam ships, traverses Canada for 8,500 miles by rail and connects by steamship with Japan and the Philippines. Mellon Sees France Improving. Secretary Mellon believes that the reduction in the rate of the Bank of France reflects improved financial con- ditions in that country. He thinks the situation In France is evidenced by the present {Wl‘flon of the franc. Becretary Mellon sees no objection to the reported indirect loans to France being made by American bank- ers through the purchase of French bonds from foreign underwriters. According to Mr. Mellon, the Gov- ernment attempts to supervise only foreign loans publicly offered in the United States. American bankers are reported to be selling French bonds privately. Mr. Mellon explains that Money Available For First Deed of Trust LOANS Reasonable Interest and Commission Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Fe=l=l= =] =1al=1=[=I=1=1=]=]= U HOME FURNITURE 0O - LOANS HOME OWNERS it ;.‘.’,":‘.:: G 7‘-:3“"'"?’:'-:55 o Home e toan up Bx Porattare. “Rb Shomey re o Raat Farate Sm Procurement Co. e R ‘Room 702 UDDDDDDDDDDDD MONEY TO LOAN At 5,9, and 69, fore Placing or, Renewing Your Before ing_or, Bonewing Comult Welch, Realtor Loan Specialists Reasonable Charges. Quick Replies. 16th ang New Yerk Ave. a o a a o o o =) 3] a 7772707000002 P20 LTI L L2 P SALESMAN WANTED An’ invéstment hduse, long established and dealing in high-grade securities, has an man. This is an opportunity for a man of character and ability to make a permanent connection. Liberal commis- sion. arrangement. Replies treated confidentially. Address Box 198-D Star Office '\lmph c The | C! D. €., FEBRUARY 6, 1927—PART | the | changed in | share | also | automobile | | CHARLES E. PHELPS, Local passenger agent just pr moted by Canadian Pacifl the Government never interferes in | private transactions and has no right | to do so.” Railwa Gen that w gnal's Orders Improve. Railway Signal announc h the completion of train con- | llUl installation of the first division of 67 miles on the L Valley. it haw racelved an orde | train_control equipment on 194 miles| additional Valley's 1 between yre, P consists of insta on’ two three tracks with equipment for locomotives. With this orde General Rallway Signal has re so far this year contracts for control equipment involving 10 rious line of special interest to the| this company has the of the Miller firm, which stockholders in this city are Capital, as selling 1 has mar New Finance Company’s Officers. One of the important events of the | week in local finance was the comple tion of the organizing of t| National Securities ¢ officers _are: Robert dent; Horace G 7 , Jr., vice m»fld. nt; . Offutt, j president *. Rogers, treasurer; Wharton Lester and Ralph Barnard, attorn nd B. L. Colton, secretar The directors include Ralph Barnard, Sidney I. Bessellevie, A Crenshaw, John W. Childress, Char W. Darr, Joshua E jr.; Atwood M. Fisher, C. J. Gock Robert N Harper, W. Chavles Heitmuller, W. S. Hoge, jr.; J. Miller Kenyon, Marshall L. King, Wharton E. Lester, Robert Lee O'Brien, Willlam P. Liyp W. H. Martin, John P, Maury, Hilleary L. Offutt, jr. Rogers, N. L. Sansbury, Smithy, Albert Sehultefs, H Leon ¢ West P P, Ulman, | and Rich ard . Wilmer Heard in Financial District. Ezra Gould, president of the Wasl ington Mechanics Savings Bank, and Mrs, Gould have gone to Florida on & motor trip, to last u month. Frederick P. H. Siddons of American Security & Trust Co., returned from a business trip Detrolt. Representative Carroll L. Beedy is to address the National Retail Dry Goods Assoclation next Friday. Ses eral merchants from Washington are | planning to attend this convention. B. A. Bowles, vice president of the Potomac Savi E . W, Woolworth ‘0. were $16,123,754, against $15,162, 106 in January, 1926, an increase of §.84 per cent. Four new stores were opened in January, increasing the chain to 1,484 locations. January sales of McCrory Corporation were $2,2 $2,157,446 in January, Stores | ished silks FINANCI COTTON GOODS STEADY. NEW YORK ) Cotton goods closed the week. Finished cottons wide demand, altho 1 were wanted Yarn: wer Burlaps showed a little chat day. Raw silk was virtually the local mgrkets are improving slowly and cutters showir Dress flannel or Spring were retive demand, February & steady fo continued small tailers teres quiet in DIVIDEND CUT LIKELY. NEW YORK, February 5 (A Wall Street hears that directors of Cuba Co. will not omit the quarte dividend at their weeting next Wed nesday, but it is probable 7 withorized instea of $1. If curr are maintained, Compan substs the prices for sugar company’s subsidiary . is expected (0 <how ngs this year ORDERS AUTO CARS. NEW YORK 'he Canadian National i order with th St ar he Chicago, Burlington and Quiney has divided an order for ~ equally hetween the Pressed Steel Car and Pullman Car & nufacturing Co PETROLEUM HIGHER. NEW YORK. February & “rude petroleum prices in 10 fields on February 4 averaged §1.979 el, compared with $1.882 a b, the Oil, Paint and Drug Re calculates. Gasoline pri stations ave A 21.77 gallon, against 21 nts @y ago. () rineipal ents ar Do You Need Money? first_or second 1 you haye securitie iateral hring trust ‘mortgages or other o it to us for short-time loa: We buy and sell municipal non-taxable bonds ge guaranteed and NO' estmes Bankers Bond & InvestmentCo., 734 Southern Building Telephone Main 1596 Washingto Gy WE FINANCE 1) ~lasses of incoma.producine aroner:y, L-rge Loans a Svecialty Cyrrent Int rate and comm Higbie & Richardson, Inc. 816 15th St. N.W. on SAVINGS Open Week Days Until 5:15 P.M. Savings Plus Life Insurance CENTRAL SAVINGS BAN 310 14th St Near G N. We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of inter- est. Should you have Money to Invest —we can also take care of you. Our experience, ex- tending over a period of Thirty-five Years —insures your protection. Percy H. Russell Co. 926 15th St. N.W. 1,000 | | at | Money to Loan Saciited oy first deen A Bresaing inte Josegh I _\”ellel Whits Loans at 57 to 53/ Economical Conditions Tyler & Rutherford Loan Corvespondent of the Mutual Ben:ht Life Ins. Co. Newark, N J 1520 K St NW 1st Mortgage Loans Quick Action Brodie and Colbert, Inc. 1702 Eye St. Main 10109 st & Dih & W Main 475 G. M.-P. MURPHY & CO. Members New York Stock Exchange Successors to JOHN L. EDWARDS & COMPANY A copy of our Fortmghtly Review Sent on request 1416 H Street Northwest 52 Broadway. New York Richmond, Va, FIRST DEED OF TRUST NOTES ' On Hand Bearing 613 Per Cent and 7 Per Cent Interest In Amounts of $250.00 Up See WELCH, Relltur 130, & New Vork Ate. No los: N 0800000000000t 0000s00tos 61/7% n)\~llll~ First Mortgage Notes 1w Washington, D« TS W m H. Saunders Co. Ine. WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Any Other National Bank i Washington Intevest on DAILY Balances Come in and let usexplain ; 5 Commercial Nat'l Bank 1th and G Streets nrces $17,000,000 RESIDENT Sale Place for Your Money Mortgage Notes, $100 and Upward eeured on Mods Louis P. Shoemaker 1407 New York Ave. N.W. Main 1166 st Year The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate and Nurb» Suburbs_in mn the District of Columbia Montgomery County, Md., for 3, 5 or 10 year terms on vour Home Apartment 5%% Office Building Bugsiness Property Apply RAanpDarLL H. HAGNER & COMPANY MORTGAGE LoAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 A Third of a Century's Experience Main 2100 i B F. SAUL Qi Apartment Hou Management —is a field in which we have specialized for over Third of a Century. If vour apartments aré not paying youall they should, or costing you more than they should for running them, phone us or come in. No obligation: just our desire to help. 925 15th St. N.\W. 000000000000 LS 5,000 Shares has been in business. 10 O 0 S RN R ) Authorized Unissued . THE COMMERCIAL NATIONAL COMPANY, INC 7% Cumulative Preferred Stock (Par Value $100 a Share) Dividends Payable Quarterly January 1, April 1, July 1 and October 1 This Stock is free of the 'District of Columbia intangible tax of 5 tenths of one per cent, making it a net seven per cent investment. Redeemable at the Option of the Company, On Any Dividend Date, After Three Years From Date of Issue, At $107.00 a Share and Accrued Dividend CAPITALIZATION No konded indebtednes The Commercial National Company, Inc., B T R I 7% Cumulative Preferred Stock (Preferred as to Assets and Dividends) Outstanding 500,000 Common Stock, 10,000 shares, without par value, all owned by the stockholders of The Commercial Na- tional Bank of Washington, D. C., sold for..$100,000 is controlled by the stockholders of The Commercial National Bank of Washington, and the Officers - and Directors of the Bank are also the Officers and Directors of the Commercial National Company. The Commercial National Company was organized during the early part of 1926 and commenced operating about June, 1926. Its principal business is the making and selling of Deed of Trust loans secured by First and Second Trusts on improved Real Estate located in the District of Lolumbm and the v1cm|ty A large volume of business has been transacted during the seven months the C A large amount of this stock has alread) been subscribed for by the stockholders of The Commercial National Bank, and the unsold pomon is now offered to the public, subject to allotment. Stock allotted may be paid for in full or in monthly instalments of $10.00 or more a month a share. Application will be made to list on the Washington Stock Exchange. Price $100 a Share i lnlerut at 7% to be allowed on a!l payments from date of payment ) Subscriptions Received at THE COMMERCIAL NATIONAL BANK Fourteenth and G Streets N. W. $500,000 Company . filllflllllllfllllllllIIIIIII||I|I|IM|II|III|II|IIIIIIIIIIIIIIIIllllIIIIlIIIIHIIIII"IINIII:?IIIIIIII“IIIIIIIII||I||III|IIIIIIIllllIIIII|II||II||||IIIII|IIIlIIlllIllIIIIIIIIIIIIIIIIIIIIIIIIIIIHIIIIIHIIIIII