Evening star., 1934-06-30
INVESTMENT CODE
WORK IS SPEEDED.
,Y.E. Booker Busy Receiving
Applications From Five
State Area.

comprising six States. including the
District of Columbia, is busily engaged
in handling the work of this COM
mittee.
Applications have been coming In
rapidly from all of the area. including
District of Columbia, Virginia. West
Virginia, North and South Carolina
and Maryland These applications
are being carefully checked and turned
over to Rollin A. Wilbur. national
managing director for the investment
bankers code, who has Offices here.
AS soon as the list for the country
is completed, of investment bankers
qualifying under the code, this list
will be carefully compiled and mailed
out to all. There is much interest
among investment bankers in getting
on this original list, although under
the code others may be added later
The committee. of which Mr..
Booker is chairman, has for its Sec
retary Myles H Quail of this city, and
for it's members Wylie r. Cooke of
Lynchburg, Va; Walter S. Robertson,
Richmond, Va; James S. Whedbee
and Ellicott H. Worthington of Balti-
more.
Siddons to Take Vacation.
Frederick P. H Siddons. president
of the District of Columbia Bankers
Association and secretary of the
American Security g. Trust Co., plans
to leave this week end for his vaca-
ton on a motor trip through New
England.
He probably will be gone for the
month of July. Before leaving,
President Siddons completed appoint
ment of his committees for the year S
work of the local bankers association
and laid down the general lines which
he expects to follow throughout the
year in association work.
G. Bowie Chapman. manager of
Laidlaw g. Co.. here. will leave early
next week on his yacht for his Sum-
mer home in Maine for the season.
The Terminal Refrigerating and
Warehousing Corporation of this city
declared its regular semi-annual divi-
dend of $3.50 per share on the total
outstanding stock of the corporation
as of the close of business June %.
payable July 2. Stock books of the
company were closed at the close of
business yesterday and will be re-
opened at the beginning of business
July 3
Added Pay Will Help.
Banking circles are much interested
in the forthcoming increase in Gov
ernment pay, beginning July /, and
feel that it will have beneficial
effect on business here. Coming in
the midst of the usually slack Sum-
mer season. it is expected by business
men to give some impetus to trade,
especially seasonal goods.
Best estimates as to the amount OF
money to be released are around
Sl,250,000 a month. This. it is eX
pected, will find its way into trade. to
pay old bills. make new purchases and
to build up checking and savings
accounts.
Since each dollar put into circula-
tion is estimated to be turned over
many times, the effect of the Govern
ment pay raise is of an indeterminate
but substantial benefit
Directors of Supervised Shares. Inc -.
have declared a quarterly dividend of
IL cents per share, payable July Is
to stockholders of record June &c.
This compares with previous quar-
terly dividend of l cent per share.
The board of directors of Quarterly
Income Shares, Inc. announce the
declaration of a distribution of cents
per share to holders of record July Is.
1884, for the quarter ending on that
date, payable August l, 1884.
Trade Well Sustained.
In its weekly summary of the gen.
eral business situation, the Standard
Statistics Co. of New York currently
comments as follows:
"Broad-scale indexes. such as freight
car loadings, continue to give a good
picture of sustained business activity
IN spite OF the seasonal doWntrend,
which is now a normal condition.
Operations at the steel mills, however,
have had severe dip of approx
mately 20 per cent, because of the
completion of orders placed in antici-
patton of higher prices and possible
labor troubles. Activity in this and
related industries will depend in con-
siderable measure on the success of
the automobile trade in working off
its accumulated stock of cars. a
process which evidently is being
hastened by recent price reductions.
Output of electricity is being well
maintained, although it is now little
above the level for year ago, when
production was rising rapidly. Stocks
of gasoline have declined for 13
weeks, rejecting largely the pickup
in consumption. The outlook for
Autumn retail trade also has been
measurably improved by rains in the
drought areas, as we'll as by higher
farm prices and Government relief.
Broadly considered. recent busi
ness trends have been more reassuring
than otherwise. and nothing is fore
seen in the nearby outlook to disturb
confidence"
Bridge Bonds Offered.
A banking group comprising Hemp
hill, Noyes & Co., Janney & Co., E. H.
Rollins g. Sons. Inc. and CaSsatt &
Co. are making public offering of
Sl,150,000 Al per cent bonds of the
Delaware River Joint Commission
Philadelphia Camden Bridge. The
bonds are dated September /. 1888,
mature serially from September /,
1886 to 1878, and are offered at prices
to yield from $50 per cent for earliest
maturity to 395 per cent for bonds
of latest maturity.
Proceeds from the sale of the bonds
are to be used toward the cost of a
high-speed transit line across the
bridge, now under construction. con-
Meeting with the City of Philadelphia
subway system. The bonds are part
of an issue which was to have been
sold to the Reconstruction Finance
Corporation, but a sale was made TO
the banking group more advantageous
to the commission.
The bonds are redeemable at the
option of the Delaware River Joint
Commission at los and interest on
any interest date on and after Sep
tember 1, 1943, upon four weeks
notice. If less than all of the bonds
outstanding at any time are called
,aIoy,, nfinr, thou ehon ~ oo11al -,