Evening star., 1930-10-30
BONDS ARE ISSUED
BY COUNTRY CLUB
$225,000 Loan Authorized.
New Investment Firm Is
Formed in Capital.
BY EDWARD C. STONE.

It was learned in the local financia
district today that the Columbia Coun
try Club is to put out $225, 900 issu,
of 20-year 5l2 per cent sinking funt
bonds which have been purchased b.
Y. E. Booker e. Co., investment bankers
and will be placed on the market No
vember is or December 1. The decision
to issue the bends was made at the
clubs annual meeting, following de.
tailed recommendations by the Executive
Finance Committee.
The new bonds are to BE- secured by
the entire property of the club and usec
to cover extensive improvements which
have been made in recent years, t1tal-
ing about 100000. An ISSUE of CveI
$4,000 per cent bonds will also bs
paid off. Naturally the dues from
membership have not been sufficient tc
take care of the running expenses and
also many important improvements. II
was considered unfair to make any as
sessment on present members to meet
the extra expenses, which at the same
time have resulted in greatly enhancing
the value of the property.
The club will establish sinking fund
and begin paying off the bonds in 1888
paying S2,500 annually until the entire
issue has been retired. The bonds will
be callable on any interest date during
the first 10 years at los and thereafter
at 1929 and are to be coupon bonds
Al 81 900 and $500 denominations. The
Federal-American National Bank is the
trustee The Columbia Country Club
owns 148 acres of land, and has been
in existence for 26 years, the property
having been kept in splendid condition.
The Finance Committee is made up
of Robert T. Shannon, chairman; Clyde
B. Asher, John Poole, Arthur B. Shelton,
A. Y. Leach, jr.; Donald Woodward,
Roger Whiteford and Karl w. Corby.
All the details in connection with bring
ing out the new bond issue are now
in the hands of Y. E. Booker g. Co.
New Investment House Starts.
It was announced here today that a
new investment security firm made up
of three young men we'll known in
Washington is opening for business in
the National Savings & Trust Building
Fifteenth street and New York avenue
The members are Hugh D. Auchincloss,
Chauncey G. Parker, jr., and Albert G.
Redpath. The firm is already doing
business, but will hold open house next
Monday and Tuesday for the reception
of bankers, business men and all their
other friends.
Mr.. Auchincloss was born in New
port, r. L., August 2, 1897, graduated
from Yale in 1920 and studied at Kings
College, Cambridge University, England,
during 1921. In 1924 he received a
degree from the Columbia University
Law School and practiced law in New
York until 1926. He then came to
partment, taking an important position
in which he plans to remain. During
the World War he served with the
United States Naval Reserves.
Mr.. Parker is also native Of Con-
necticut, born on September 4, 1897, in
New London. He is a graduate of st.
Pauls School, Concord, N. H., and en-
tered Harvard with the class of 1918.
He served in the World War as a lieu
tenant of artillery with the 111th Field
Artillery, through the Battle of the
Argonne and afterward with the Army
of Occupation. After the war he was
employed by the American Sugar Re-
inning Co. until 1928 when he became
local manager for j. A. w. Iglehart g.
Co, bankers and brokers of Baltimore.
In 1929 he became assistant manager
of the local Office Of the National City
Co., leaving that position to Join Mr..
Auchincloss and Mr.. Redpath in the
formation of this firm. Last year he
was chairman of the Dupont division of
the Community Chest.
firm, Is IS years old and a native of
New Jersey He holds A. B. and LII. B.
degrees from Columbia University and
Is a member OF Phi Beta Kappa He is
q member of the New York State Bar
and practiced in New York City in
association with Murray, Aldrich g.
Webb. counsel for the Chase National
Bank. For the past three years he has
been executive assistant to Ogden Mills,
IL G.ot,
position he leaves to join the new firm.
All three partners are members of many
local and New York clubs.
Jones Le@es Brokerage Firm.
Robert r. Jok1es, one of the CONAN
ayers of the Washington Offices of G.
M. P. Murphy & Co., has resigned and
started an investment business of his
own in the Investment Building, plan
ming to deal in investment securities.
Mr.. Jones had been with the broker firm
since 1926. He went into the broker
age business in 1919 and was with John
L. Edwards g. Co. until the death of
the firm and the transfer of the busi-
ness to G. NJ. P. Murphy & Co.
Mr.. Jones is a member of the Army
and Navy. Army and Navy Country,
Congressional Country, National Press,
Beach and Tennis and Annapolis
Roads Clubs, the Society of Colonial
Wars, Society of the Cincinnati, So
ciety Of the War Of 1912 and the Sons
Of the American Revolution.
The local Murphy company Offices
will now be under the management of
Charles Carroll Morgan and A. Chester
Father.
Trading on ID. c. Exchange.
Small-lot trading in Washington Rail-
0xf0x ~ frfn -
days session of the Washington Stock
Exchange. Eight 10-share lots and
one 5-share lot changed hands at 1914,
same as ct,er recent sales.
Merger ! ,er figured in two 10-share
sales at 81 ., Capital Traction recorded
two l0-share sales at 503s, and 5
shares of Washington Gas sold at 1872.
Ten shares of District National Bank
stock changed hands at 2l0. Federal
American Co. common sold at % and
the preferred moved at 98i2.
In the unlisted department District
Title Insurance Co. moved at 80. Bonds
were entirely neglected. The exchange
is TO be closed next Tuesday, election
day, as all tickers in New York will be
silent.
Members Of the exchange announce
that net earnings of the Mergenthaler
Linotype Co, for the year ended Sep
tember 80. amounted to 81 l,009, 900, or
$705 per share on the 256,000 shares
outstanding. The company paid $3.50
IN dividends and had Sl40,800 left over
TO be added to surplus. This is con-
sidered a very fine showing considering
business conditions during the year.
Heard in Financial District.
The Washington Railway g. Electric
Co. has declared the regular quarterly
dividend of Il. per cent on the COM
mon stock, payable December /, tc
stock of record November is.
The Potomac Power Co. has voted
the quarterly dividend of l12 per cen'
en- the per cent preferred stock anc
13s per cent on the 5l2 per cent pre-
ferred hoth faavahle December ! u