Evening star., 1932-12-07
brewery OFFERING.
: ANNOUNCED HERE.
Possible Dry Law Changes
/ Figure in New Issue in
E Financial District.
BY EDWARD C. STONE.

I. BY EDWARD C. STONE.
The first move In washington finan-
cial circles in connection with possible
! changes in the prohibition laws was an
nounced today.
Local interests are offering partici-
patton of 10000 shares of new COM
pany known as the Abner Drury
Brewery, Inc. (ons when, as ana
: If issued basis, which will obtain
a lease from the Abner Drury Co. for
n period of approximately five years,
with an option to purchase the property
The Abner Drury Co. Is the only
brewery located in the District OF
Columbia which is now operating unoer
a Government permit and which is
equipped to manufacture, sell and dis
tribute near beer for beverage purposes
In the event of modification or a
change of existing laws to permit the
manufacture and sale of beer Tor
beverage purposes in the District OF
Columbia containing a greater alcohollc
content than one-half OF l per cent,
the corporation will be in position
Immediately to brew and sell such peer
as may be permitted.
The Royal Pilsen" brand Is wen
known in Washington, and the company
still has with it the German brew
master who has been in its employ
since 1897.
Today's announcement states that
this common stock, without par value,
is Offered as a speculation" at IS a
share. 1t is intended later to list 1t on
the washington Stock Exchange.
New Sanitary Bond Offering.
Chase Harris Forbes Corporation Is
offering a new issue of $250,000 OF
Washington Suburban Sanitary District
(Maryland) Water per cent bonds,
dated December /, 1882, and maturing
from December /, 1885 to 1852, inclu-
sive, at prices to yield 4.50 to 5.15 per
cent, according to maturity.
The Washington Suburban Sanitary
District surrounds washington on three
sides and covers an area OF about sS H2
square miles, of which Al miles are in
Montgomery County and 5712 miles in
Prince Georges County The bonds are
general obligations Of the Sanitary Dis
trict and in addition are Internationally
guaranteed by Endorsement of Mont
gomery and Prince Georges Counties.
The assessed valuation of the Sanitary
District for 1882 was officially reported
on October 81, 1882, at S93, 1928, 1893 and
the total bonded debt, including this
issue, SO $50 900. Net debt amounted to
S8,961 800. The assessed valuation for
Montgomery and Prince Georges
Counties amounts to $l43,034,6l4. :
d. c. Bankers Watching Congress.
Due to the Presidents demands for
banking reorganization, made in his
message to Congress, it was believed
in financial circles here today that
important financial legislation will, after
ALL be given attention during the short
session Until the President presented
his message yesterday the view was
generally held that no important bank
ing matters would come before Congress
before March 4.
The President declared that reorgan-
ization of the Nations bank system at
once is essential IN further efforts to
bring about business recovery. The
subject has been exhaustively investi-
gated by both committees Of Congress
and by the Federal Reserve system,
/ he says, adding that banking, especially
bank credit, has failed to meet the
|, great emergency. He does not refer to
individual banks and bankers but to the
ssystem as whole.
, Bank failures rose IN 1881 to 10h per
cent of all the banks, as compared to W.
per cent of the failures of all other types
OF enterprise, President Hoover reminded
the lawmakers. Since January /, 1880,
there have been 4,665 bank suspensions,
he said, adding that many sound banks
had been forced to close. Hoarding OF
currency rose during the height OF the
q
the conclusion of his banking message,
President Hoover said:
Reforms Called National Necessity.
.Methocs of reform have been ex-
haustively examined. There is no
reason now why solution should not be
found at the present session of the
Congress Imitation of currency or
governmental conduct of banking can
have no part in these reforms. The
Government must abide within the
field of constructive organization, reg
ulation, and the enforcement of safe
practices only.
Parallel with reform in the banking
laws must be changes in the Federal
farm loan banking system and in the
joint stock land banks. Some of these
changes should be directed to perm
anent, improvement and some to
emergency aid to our people when they
wish to fight to save their farms and
homes.
'I wish again to emphasize this view
that these widespread banking re-
forms are national necessity and are
the first requisites for further recovery
in agriculture and business. They
should have immediate consideration
as steps greatly needed to further re-
coVery."
Today's Trading on Exchange.
The Washington Stock Exchange
opened today with 10 shares of Capital
Traction stock selling at 4ls. followed
by another 10-share sale at fat.
Potomac Electric Power per cent
preferred stock came out at l1012 and
the 512 per cent issue moved at 1861.
Washington Gas Light bonds, series
A, figured in several small sales at
99as, while 500 series B IS sold at
1929.
At the regular monthly meeting of
the board OF directors, Bank of Com
merce & Savings. yesterday, the regu-
lar senliannual dividend of per cent
was declared. payable January to
stockholders OF record December 20.
American Express Co. has declared
the regular quarterly dividend of sl.50
payable January to stock of record
December 20.
National City Bank, New York, has
! declared the regular quarterly dividend
OF so cents, payable January to stock
of record December 10.
Continental Bank g. Trust Co., New
York. has declared the regular quar-
terly dividend of 80 cents, payable
January l to stock Of record Decem-
ber 20.
Heard in Financial District.
! The Washington Bond Club is about
to start the years monthly luncheons,
. the initial meeting to take place a week
] from Tuesday. David Lawrence will be