Evening star., 1933-08-19
PEPCO REFUND|NG
ACTION IS TALKED
D. c. Investors Are Wonder
inq Whether IS Due in
1853 Will Be Called.
BY HAROLD b. ROGERS.

Capital investors are wondering
whether the Potomac Electric Power
Company will call its 6 per cent bonds,
series due 1858. SO as to be able
again W refund this obligation at
lower rate Of interest soon.
Beginning October l, these bonds
could be called at los and accrued
interest, as contrasted to the higher
caIable rate Of 1919 last April l.
Should the company decide to call this
issue on October l, to save interest. 1t
would have to give a months notice.
thus forcing notice on September /.
The imminence of this date has set
financial experts speculating on the
possibility of retirement of this issue
for refunding
Doubt Retirement
Some are inclined, however, to think
the possibility of retirement Is doubt
full because of new developments
brought into the situation by the new
securities act and the national recovery
act. which have caused a general hesi-
tation among many big corporations
in the matter Of new security issues,
or refunding.
These refunding per cent P. E. P.
Co. bonds have sold recently as high
as 10SIa, and last sale was at lot,
with 10712 bid.
Should the company decide to de-
fer calling them at los in October, it
is thought by some experts likely that
the matter would be taken seriously
under consideration by the company
for refunding at probably the next
interest date, April l., or the next.
October l. At the present time it is
predicted there would be no difficulty
rof1rnIinp fhiS daht of cQy,t
perhaps 4 per cent After April l,
1913, the IS are callable at 1921 and
accrued interest
The authorized amount OF this issue
Is IS, 760 900, and there was outstand-
ing, IS of last October, $3,487 400. In
the companys treasury there is held
$1,760,000. They are secured by gen.
eral mortgage on all the companys
properties, subject to $6,353 900 con-
solidated mortgage IS of 1886.
Firm Opens Offices.
The Publication Engineering Corpo-
ration, recently formed, has opened
Offices in the Chandler Building and
will specialize in sewage disposal
plants, publication of water, recovery
OF industrial wastes with respect to
stream pollution and other kindred
sanitary and chemical engineering ac-
tivities.
One Of the principal engineers con-
Hected with this company is Stanton L.
Dorsey of Washington. formerly sanitary
engineer in the United States Govern
ment service. Mr.. Dorsey has had
wide experience in analyzing the merits
OF various means of treating sewage and
industrial waste and water publication
IN this country and abroad.
He will have associated with hin,
other sanitary engineers and chemists
OF experience and it is expected that
this new company will prove of con-
siderable service in connection with the
many problems now up for solution In
numerous municipalities throughout the
United States. The new company also
has an Office at 100 Liberty street,
New York City.
Kelvinator Report.
Kelviaator Corporation reported that
while its sales volume for the last 10
months has shown an increase of 16O
per cent over the same period last year.
sales Of de luxe models have increased
$40 per cent.
H w. Burritt, vice president in charge
Off sales, said that in the three record
months of May, June and July 19 times
as many Of the high priced Kelvinator
models were sold as in the same three
months of 1892. s-.
This remarkable gain in extra -quality
buying can be interpreted only as def
mite sign that the public has stopped
shopping for price alone and is looking
for value even if it entails the expendi-
ture Of more money" Burritt said. I'VE
feel that this is the best Of signs that
the buying power of the country is be-
ing increased rapidly"
Heard in Financial District.
Eliot Burlington and w. G. Jones, tr..
members Of the firm Of Hartman & Co.
have been in Washington for two days
on important business for the Stock Ex-
change houses. They have been in con-
ference with, Maj. Ferry K. Heath, who
is In charge Of the ONCE here. They
returned to New York last night.
Members of the Second National Bank
Club leave today for week end vaca-
tion as the guests of w. w. Grifith.
president of the Griffith Consumers Co.,
at his estate at Annapolis Roads. They
will return tomorrow night Oficers of
the club are Henry p Hoffman, presi-
dent; Miss Rosalie H. Goodhart, secre-
tary. and Jack Weidman. treasurer.
Corcoran Thorn, president of the
American Security d Trust Co., has
gone on a vacation.
Frederick p. H. Siddons, secretary Of
the American Security & Trust Co., is
among those planning to attend the an
nual convention Of the American Bank
ers' Association in Chicago in Sep
tember.