Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-28
FLOOD CREDIT Plan
BEFORE BANKERS
District Financiers Weigh
Matter of Subscription to
DebentureS.
RY EDWARD C. STONE.

BY EDWARD C. STONE.
The first special meeting of the DIS
trict Bankers Association since W. W.
Spaid took the helm is set for 4.3O TINS
afternoon at headquarters, when the
matter of subscribing to quota OF
S25 900 of debenture notes OF the Flood
Credits Corporation. organized to alc
in rehabilitating the Mississippi dew
astated areas, comes up Tor actlon'
New York has already accepted l,oOo'-
oon re these debentures, Chicago $780,
OOO and other cities large amounts.
The action Of the bankers here VIII,
therefore. be watched with wide IN
terest. . &c
Robert V. Fleming is chairman OF
tho committee, which is to report late
TODAY. and serving with MN are
charles ]. Bell and John Poole. THESE
men have investigated the hood rehel
Man very carefully and whatever they
recommend will naturally be followed
bv the local association.
New Financing Firm Organized.
Tbe officers and directors of the De-
detrimental Bank, 1714 PennsylVahia
new financing organization to pe
known as the Departmental Securities
CORPORATION and are now offering pun
lie subscriptiOns for an issue or SlOV.-
900 7 Der cent cumulative preferred
stock. at $3.50 per share, par Value
500 per share.
J. r. Exnicios, president of the De
partmental Bank, and the other ON
GERS of the new company state lnal
the corporation will engage IN tne
same business as that carried on by
several other similar companies or
ganiZed fairly recently in Washington:
The company will buy first and second
deed of trust notes on home owners
properties and also make loans on
real estate located in this city.
In outlining their plans the ofhcefs
report that ''other similar companies
are making substantial profits. The
business is growing larger and the
new corporation is in position to
share in the expansion"
Delegates Await Convention.
Some two-score young Washington
bankers are waiting patiently for the
opening of the annual convention OF
the American Institute OF Banking
at Detroit the second week in July.
strongest ever sent from this city.
The Capital will also furnish two of
the convention speakers. Henry IL.
Mckee, president of the National Cap.
ital Bank, has been asked to give his
brilliant address on the McFadden
bill. and +. Il. II. Siddons, secretary
of the American Security & Trust Co.,
is on the program to speak OH ways
and means of expanding the banking
business.
Bond Issue Oversubscribed.
Heavy oversubscription to the
81 200, 900 Lake Ontario Power Cor
poration first mortgage 51a per cent
bonds of 1857 was reported at the local
office today by J. A. w. Iglehart 4
Co. The price was 50 and accrued in
terest, to yield sos per cent.
J. A. w. Iglehart & Co. will offer to-
morrow a new issue of 100000 Lake
Ontario Power Corporation one-year
per cent notes at 100 and accrued
interest. The proceeds of these two
issues will be used by the corporation
to acquire all the property, rights and
franchises of the Sodus Gas & Electric
Light Co.. Marion Power Corporation
and Northern Oayuga Light & Power
Corporation, and certain hydroelectric
plants, water power sites and water
rights of the Preston Power Corpora
ton. These companies serve terri
tories between Rochester and SYRIA
cuse, n. Y.
Potomac Power Stock Leader.
The new So per cent Potomac
Electric Power stock again led the
local market today, 125 shares selling
at 101 q, and one share at 101 q. Cap
ital Traction came out at 1919. Rail-
way & Electric preferred at 9112, while
10 shares of Riggs National sold at
476A and 10 more at 476.
Bonds were firm. selling at recent
! levels. Gas IS, Series b, came out at
1895. while the A series sold at 103A.
Traction SIS sold at 1919, and Poto-
mac Electric First IS at 1909. Rail-
way & Electric as brought S53s.
New Bank Building Started.
Erection of the new branch bank
building of the Farmers 81 Mechanics
National Bank, at Wisconsin avenue
and Warren street, has commenced,
the contract having been awarded to
X. j. O'Neal. The estimated cost of
the building is $4,000 and it is to be
completed ready for occupancy within
six months. 1t is to be builtAof buff
Indiana limestone, having a 53-foot
frontage on Wisconsin avenue and a
depth Of AZ feet. The latest modern
equipment will be installed and he
open counters will be used.
Pennsy's Income Takes Jump.
May net operating income of the
Pennsylvania railroad rose to $10,097,-
095 from $1,000, 113 in May last year,
and for the five months of 1927 to
$42,203.718 from 3,875,449 in the
same period of 1926. Surplus of the
New York, New Haven and Hartford
for the month was $S27,723 after
charges, against $725, 465 a year ago,
and for the five months S1,735, 968,
| against $2,596,143 in the same period
last year.
Other Financial Notes.
The directors of the Southern Mary
land Trust Co, of Seat Pleasant, Nd,
| have declared the regular semi-annual
dividend of Az per cent, payable July
l, according to an announcement made
| by Samuel j. Henry, president of the
bank. yesterday.
| Miss Mary j. Winfree of the Con-
| tinental Trust Co. will address the
Quota Club this evening Other guests
will be Miss Grace M. Bromley and
Miss Lois A. White.
/ Howell p French of the organiza-
ton of Hambleton & Co., investment
bankers of Baltimore, has been APP
| pointed manager of the Washington
office of the company. according to
announcement yesterday by the Bal
timore officials.
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