Evening star., 1927-05-10
PEPCO PREFERRED
IN GREAT DEMAND
Total Subscription S15,26O,-
600 Brings Decision to Sell
$5,OOO,0O0.
BY EDWARD e. STONE.

$5,OOO,OOO.
BY EDWARD e. STONE.
II was announced today at the
offices of the Potomac Electric Power
Co. that subscriptions for the new
Offering of 81 100000 512 per cent pre-
ferred stock had reached the total
sum of SIS 100000.
In view OF the heavy oversubscrip
ton. President William +. Ham and
the board of directors decided to issue
the maximum amount of $4,000 900
authority for such action having been
era anted some time ago by the Public
| Utilities Commission
| The books We're closed last Satur-
day after being open for one week
The final returns came in yesterday
and early today and it was found that
| there were 1857 subscribers for the
stock.
| It will be seen that the oversub'
scription was better than five times
above the amount of the original ou
| fering. The last previous Offering OF
| the power company's stock was in
| 1925, when the issue was six times
| ovcrsubscribcd, this showing the in
terest of Washington investors IN all
| the company's financing.
| The allotment committee Will start
at once in arranging the allotmenIs
| With subscriptions of more than SI3,
| 600 900 and So 900 900 to be issued, it
will be noted that there will have to
be some cutting. No intimation has
| been given as to the plan to be fol
! lowed in allotting the stock. In con-
nection with the 1925 issue. however,
! the policy of being especially gener'
| Gus with the smaller subscribers was
| followed.
| Notice of the amounts allotted
will be mailed later. The first pay
ments, or the total payments for those
I~seecting that arrangement, Will 'be
made on June l, when the permanent
certificates will be available.
Local Securities Again Strong.
Securities on the Washington Stock
| Exchange were strong and fairly ac'
tive again today. Continental Trust
led the hank issues, 35 shares chang
ing hands at the strong price of liz.
Fifteen shares of District National
sold at 240
Mergenthaler also was strong, selling
at 1104 Capital Traction came out
at los, Potomac Electric Power pre-
ferred registered 1885, while Wash
ington Railway & Electric preferred
recorded a small sale at 9214. Fifty
shares of National Mortgage & Invest
ment preferred changed hands at SIS
After call seven shares of Seventh
Street Savings Bank stock came out
at 270. In the bond division. there
were but two sales. Potomac Electric
First 5s sold at 101 and Gas IS, Series
3. figured in one $500 transaction
at 1855.
Convention Reservations Gain.
1t was announced today that reser-
vations for the annual convention of
the District Bankers Association early
in June are 100 per cent larger than
they were at this time last year. The
fact that double the number of bank
ers and bank directors have already
laid plans to attend the Hot Springs
meeting is considered most encourag-
ing by the general committee, of
which Lanier z. McLachlen is chair
man.
The entertainment committee, of
which Lawrence A. Slaughter, vice
president of the Commercial National
Bank, is chairman, held an important
meeting yesterday. The committee is
completing final plans to make this
feature of the convention most enjoy
able. 1t is hoped to outstrip last
years program, when there was
plenty going on at all times for those
not particularly interested in the
business sessions.
The committee on revision of the
associations bylaws, Maurice ID.
Rosenberg, chairman. also met yes
terday. President Howard Moran was
present. The proposed amendments
were discussed at a meeting OF the
association early in the year and have
been given careful study by the COM
mittee since that time.
/. C. C. to Consider Merger.
Interest of the railroad and financial
communities will turn toward Wash
ington tomorrow with the beginning
of the Interstate Commerce Commits
sion hearings on the application of the
Chesapeake & Ohio Railway to ac-
quire majority stock control OF the
Erie and Pere Marquette Railroads.
The application represents the sec
ond attempt of o. z. and M. J. Van
Sweringen to effect new comhlna-
tioA of railroads in the East. Tie
first plan. which would have given the
Chesapeake & Ohio, Hooking Valley,
Nickel Plate Railroad through ex-
changes of stock and by lease, was re-
iected by the commission March 2,
1926, chiefly because of vigorous OBJ
iections from Minority stockholders in
the Chesapeake and Hooking COM
panies. +
It is expected that C. D. Mahaffie
of the finance division of the Com
merce Commission will conduct the
hearings in the present case. which
involves the issuance of 59,5O2, 400
additional common stock Of the Chesa-
peake as part of it's plan for acquir-
ing the two railroads.
Liberty Bonds Heavily Held Here.
The second Liberty loan per cent
bonds and the second Liberty loan
converted Al per cent bonds, which
have been called for payment on NO
vember Is by Secretary Mellon, are
very largely held in Washington.
When these war bonds were placed on
sale. Capital residents took their full
o,1ota and thousands of local holders
of these securities will have to watch
their steps as the time approaches
when the interest will stop.
Joins Eastman, Dillon & Co.
J. Philip Pepper. associated for some
six years with Crane, Paris & Co,
has Joined the staff of Eastman, Dill
lon & Co., in the wilkins Building,
according to announcement made to-
day by Arthur Koraker, manager of
the Washington Office. Mr.. Pepper
will be connected with the investment
department, having made a close
study of bonds for long time.
Loans and Discounts Up.
The Federal Reserve Boards con-
dition statement of 500 reporting
member banks in leading cities as