Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-02-08
Banks attempt Uniform Conduct
OF d. C.. Christmas Savings Clubs
Institutions to Observe Simultaneous
Dates If Members COncur-Other
Local Financial Notes.

aCceptanCeS ALREADY nave Deen re-
ceived from invitations sent to the
chapters of the institute throughout
the country. Mr.. Burnside announced
that several local banks also have
invited out-of-town guests and it is
expected that all Of the large cities
in this section will be represented.
A record attendance Is forecast by
Donald r. Cameron, treasurer, who
reported prompt response to invita-
lions sent to the chapter membership.
Principal addresses will be deliv-
cred by Victor B. Deyber, president of
the District of Columbia Bankers
Association; Harry v. Haynes, chair
man of the Washington, d. c., Clear
ing House Association, and Mr.. Burn
side.
Robert Lawrence will lead the
singing and Happy Walkers Golden
Pheasant Orchestra has been engaged
to play the dance music. The COM
mittee withhoIds definite announce
ment of the entertainment program,
but indicates arrangements are be-
ing made to have several headline at
fractions for the occasion.
Members of Committees.
Membership of the various commit
tees comprise:
Reception and advisory--Victor B.
Deyber, chairman; Harry V. Haynes,
Joshua Evans. jr.; r. G. Addison, e.
J. McQuade, Laurence A. Slaughter,
James c. Dulin, jr; w. ]. Waller, c.
d. Boyer, w. A. Dexter, George o.
Watson, c. H. Doing, John Poole. w.
W. spaid, George w. White, w. NICK.
6towell and E. P. Wilson.
Entertainment-F. p. II. Siddons,
chairman; Lee Poe Hart. w. II. Taylor,
G. F. Schatz, g. NJ. Van Hoesen, John
Fletchall and Huntington NJ. Turner.
Seating-Frederick II. Cox, chair
man: Robert r. Highfield. James A
Soper and William G. Winstead.
Decorations-Miss Lois A. White.
chairman; Mrs. H. d. Reed, Mrs. l..
NJ. Sloat and Miss Lillian A. Mitchell
Publicity-Miss Florence NJ. Willer.
chairman; T. Hunton Leith, A. E.
Hence, F. E. Yilek, Harold Seeley,
Ellsworth Meyer, Raymond Lochte,
Miss Grace Bromley, Miss Mildred c.
Woodcock, Miss Mabel Royce, Miss
Katherine kreig and George M. Ire
land.
Menu-Eliot H. Thomson.
Testing Utility Bonds.
| Public utility bonds are responsible
for the bulk of trading on the Wash
ington Stock Exchange. These bonds
are the obligations of corporations
engaged in furnishing electric light
and power, gas, telephone, traction
etc, Is distinguished from railroad
and Industrial corporations They
are usually secured by some kind of
mortgage upon the properties of the
issuing corporation.
The demand for the services of
public utilities has grown very rap
idly since 1870. with the result that
| property values in all growing and
progressive communities have under
gone considerable enhancement. This
situation may be expected TO con-
! tinue, so important are public utility
corporations in city development and
in raising the standard of living.
Consequently. their extensive proper
ties are normally capable of provid-
ing ample and increasing security for
bond issues, which, although not so
well known as Government, municipal
and railroad bonds. are in high in
vestment favor, with generally high
er yields.
Except Delaware Iowa and Texas.
each State in the Union, in addition to
the District of Columbia, has created
public service commission (here
the Public Utilities Commission) for
the purpose of regulating the public
utilities within its Jurisdiction. 1t is
the function of these commissions to
have supervision over operations. to
exact regular statements of earnings
and expenses, and to pass on issuance
of new or additional securities. Sc
curities thus issued are reasonably
certain to bear the stamp of a thor
oughly sound investm emit.
There are certain points with which
the investor should familiarize him
self pertaining to investments in pub
lie utilities. While there are many
points that could enter into such a
test. IL the issue measures up favor
ably with the following specifica-
lions, it is almost certain to possess
attractiveness. These points are, the
possibility of growth of the territory
| served; nature of the lien, /. e.,
| whether a first mortgage or a lien
| Junior thereto; capability of the man
agement; satisfactoriness of the
| mortgage provisions: whether earn
ings show a fair margin of safety
| over operating expenses and interest
requirements; whether the equity be-
hind the issue is sufficient to provide
fair margin of safety; whether the
franchise situation is satisfactory,
and the marketability of the issue.