The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-11-27
D INTRODUCE
BLUE-SKY
BILL
Congressman Dennison to Re-
Introduce Measure Which
Passed House Last Session.
BY HARRY GuSACK.

Another effort to pass a blue
sky" law, aimed to prevent the
sale of fraudulent securities will be
made at the coming session Of Con.
gress, it was stated today by Con-
gressmen Dennison, of Illinois,
whose blue-sky bill passed the House
last year. but died in the Senate
Committee on Interstate and For
eign Commerce.
AS predicted at the recent conven-
ton Of the Investment Bankers
Association. held in Washington. a
modified Dennison bill would un-
doubtedly pass both the House and
Senate during the coming Congress.
Mr.. Deninson said he would intro
duce his blue-sky bill on the opening
day Of the session, and will ask
Tor its early consideration by the
House Committee on Interstate and
Foreign Commerce. In its amended
form, Mr.. Dennison believes that
the bill would prove acceptable to
most Of the interested groups with
the exception of some Of the pro.
motors Of mining and oil stocks.
The Dennison bill makes It un.
lawful either to send an offer for
the sale or to send securities from
one State to another If the securi.
ties can not be legally sold under
State law in the State to which
they are sent. The bill is intended
to supplement State laws which are
unable to meet the situation in.
volying the interstate use of mails.
Mr.. Dennison explained the status
OF blue sky legislation to President
Coolidge yesterday.
New Bond Issue.
The Washington Railway and
Electr1c Company has issued ST.
$4,000 of its ten-year s per cent
Aonds, dated November 1, 1923.
under authority granted several
months ago by the public utilities
commission. About one-half of this
amount has been Lypothecated with
local banks and institutions else
where as collateral on loans made
IN connection with the retirement
q the company's general per cent
(onds, due Saturday. The amount
u the maturing issue is $1,000, 900,
ana funds sufficient to meet the
bonds due. it was said yesterday,
nave been placed with the Mercan.
tile Trust and Deposit Company Of
baltimore, trustees of the matur-
ing issue. Loans averaging about
u
the new bonds were negotiated.
It is likely that the remainder
OF the new issue will be placed on
sale at an early GATE. The com.
pany withheld offering these bonds
On the market at the time the Is
sue was authorized by the public
utilities commission because of the
unfayorableness CT the bond srtIia-
ficn. With the recent Improvement
IN the bond market, however. that
the new 6s will find ready sale
here as well as elsewhere. The
American Security and Trust Com
pany is trustee for the new issue.
PepcO Earnings.
A gain in net income Of S43.745
y reported by the Potomac Electric
Power Company for The month of
October, this year, as compared
with the corresponding period. in
1923. During the past month the
company realized $99,T22 as a re-
suit Of operationsI while last .Oc-
tober $55,977 was earned.
The company's gross earnings
last month totaled S4OS, 524. In
comparison with S349. 532 last year.
Expenses aggregated $269, sic, a
gain Of $11,722 over October a
year ago. Deductions are reported
to the extent OF $1:f,634, and mis-
ceilaneous income was $29,456.
Frank g. Addison, jr., last night
lectured to members OF the Wash
ington Chapter, American Institute
OF Banking, on ''Promissory Notes
and Discounts Raymond b.
D1ckey will speak Oh Transfer OF
Stock" tonight. Meetings are held
In chapter headquarters I'm the New
Masonic Temple, thirteenth and
New York avenue northwest.