Evening star., 1927-04-17
PEPCO STOCK ISSUE
PLANS PERFECTED
Shares of Preferred to Be Of
fered at SO on Monday,
May 2, at 5 IL Pct.
by EDWARD c. STONE.

cent preferred stock, which is TO be
placed on the market Monday, May 2.
The stock will be offered at 30, sub
scriptions will be received from May
2 to May Z, and the first installments
Will be payable on June /. 1t viii be
one of the most important local stock
offerings in years,
An effort will be made to distribute
as widely as possible among the com
Dany's patrons, the same method
being adopted as was employed in the
last stock issue. Notices will be
mailed to all consumers, with subscrip-
ton blanks incIosed. In the event of
oversubscription the power company
has reserved the right, IL wishing to
exercise it, to make all0tments to an
amount not to exceed $1,000, 900.
All banks Mt which customers pay
their electric light bills will participate
in the sale, as will several important
investment houses. Fifty.seven banks
and brokerage firms will thus be asso.
ciated in the offering. The issue is
brought out at this time to take the
place of the company's general and
refunding mortgage Z per cent 20-year
gold bonds, which were redeemed on
April when there were 81 ,60S,300
on standing, the action being taken
because of the present lower rates in
the money market,
The bonds may be paid for in full
on June 1 or purchased on the Install
ment plan. There are to be no interim
certificates. Therefore, when pur.
chased outright the permanent certin.
Gates will be ready for immediate de-
livery. President William -. Ham
and his directors are already antici.
pating a. large oversubscription. In
this connection 1t is interesting TO re-
call that the $1,000. 900 issue of 6 per
cent preferred stock. brought out in
October, 1925, was six and half times
oversubscribeG
Bank Stocks Lead Local Market.
Bank stocks took the lead on the
Washington Stock Exchange yester-
day, Union Trust Company shares be-
ing the most active. This stock closed
at 27S&, a new high for the year and
more than 10 points above the pre-.
vious weeks quotations.
Riggs National sold at 400, Second
National opened at 235 and closed at
236, while American Security & Trust
stock came out at 38S. r..
Capital Traction closed the week at
1047s, Potomac Electric Power pre-
ferred, registered 109. Peoples Drug
Stores preferred appeared on the
board at 108, and the final transaction
for the day in Washington Gas Light
took place at 1914.
In the bond division Gas SIS, series
B, closed at 1854 and the series A
bonds concluded the week at 104.
Local Bank Makes 100 Loans.
1t is stated that before the Govern
ment started making direct loans on
World War veterans certificates, the
Washington banks had extended the
service to 4,1Gl men who had borrow
ed S377 1921
OF the more than 1000 loans re.
ported, one bank alone--The Cont
mental Trust Co.-made 1,100 This
was one of the few banks anywhere in
the country that granted loans to all
veterans of proper Identification but
regardless of whether they had an
account in that particular institution.
The Departmental Bank also had a
high total.
1t will be recalled that Director
Hines of the Veterans Bureau is one
of the directors in the Continental
Trust Co, this fact no doubt partially
accounting for the exceptional service
rendered the ex.soldiers,
Lyman Cages Services Praised.
In according unstinted praise to the
work of the late Lyman j. Gage,
while he was in Washington, the
Bankers Magazine says:
"Mr. Gage was the last surviving
member Of the Mckinley cabinet and
his services to the Nation will rank
as among the most valuable in time
of public need During his term as
Secretary of the Treasury the coun-
try was involved in the Spanish War
and his achievement in launching a
bond issue of 100000 900 for the con-
duct of the war deserves equal, If not
greater, recognition with the financial
tasks accomplished in floating the
huge Liberty loan issues during the
World War. At that time there was
no Federal Reserve system to facili-
tate Government financing.
THE banking interests were genu-
inely sceptical when Secretary Gage
announced the issue of 100000 Coz
ernment bonds at the low rate Of 3
per cent. He relied. however, upon the
patriotic support of the great mass of
the American people, which wa2 vim
dicated by heavy oversubscrfption and
which justified the faith of the Treas
ury officials when the World War
came along and called for the fiota.
LlOll Oh DllllOflS.
Convention Interests High.
So great is the interest in the com
ing convention in Detroit, in July, of
the American Institute OF Banking,
that the local chapter has placed 81
names in nomina ton for the 28 places
available. The following have been
nominated, the election being set for
April %:
r. Hunton Leith, president Of the
chapter; l. j. Roberts, J. stephen
Ramsburgh, Miss Catherine Krieg.
Frank A. Gunther, John Keener. Miss
Esther Lau, Miss Myrtle Wolfe,
George NJ. Irelan. John Christian,
Miss Harriet Barrett, Ross p. Pol
lock, r. D. Lewis, l.. T. Savage,
Frank NJ Perley, James c. Dulin, Jr.;
William Z. Schooley, A. w sherman
Richard e. Harris, Miss Mildred Z.
Woodcock, Harold W. burnside
Joseph D. Yorkes, John Borba, Miss
lois A. White. w. l.. Sanderson, E,
C. Steffe, J. William Roberts. K. Jesse
CLANCY. NJ +. Showalter, +. II. Cox,
Mrs. Judith Fishburn, A. 0. Dooiey,
Elmer O'Hara, Miss Catherine Bow
ers, Ellsworth Meyer, Miss Helena ID.
Reed, James A. Soper, John I. Fletch'
all, r, T. Highfeld, Edward j. Nc
Ouade. M. +. Calnan, Fl. II. Darnelle,
Miss S. Winifred Burwell, Mrs. Lalla
Sloat, Miss Clara McGrath, Eliot II.
Thomson, Miss Mabel V. Royce,
Norman f. Towson, Miss Rose Royce,
S. s. Ogilvie, Garrett M. Van Hoesen,
Miss Loretta Ennis, A. E. Hence
RAYMOND p. Lochte, Miss Mary
Craven and G. +. SchatZ.
Given Chapter in History.
There is being prepared by the
Lewis Historical Publishing Co. Vol.
ume entitled Washington Past ana
Present" which will contain com.
plete history of the Nations Capital
since its funding, and the District
of Columbia Bankers Association
will appear in this history. Prepara-