Evening star. [volume] (Washington, D.C.) 1854-1972, 1934-04-19
S3,250,O00 New Financing.

The largest industrial financing to
be arranged since the adoption of the
securities act of 1888 will be under
taken early next week when public Of
fering will be made of 325, 900 shares
of the common stock of the Glenn l..
Martin Co., aeroplane manufacturers
Of Baltimore.
According to the registration state
ment filed with the Federal Trade
Commission the stock will be offered
for public subscription at S1l50 per
share. The company will receive $40
per share. The offering will be made
through a Nationwide syndicate, in
GLIDING Stein Bros. & Boyce of Balti-
more and Washington and Hammons
g. Co. of New York.
The S3,250,000 financing is unique
many respects, especially in view OF
the fact that the Martin Co., although
long recognized as one of the senior
aeroplane manufacturing organiza-
lions IN the country, has, up to the
present time, been 100 per cent owned
by Glenn L. Martin, the founder of
the organization. The company has
been continuously under his manage
ment since he built and flew his first
successful aeroplane in 1909.
Bank Credit Not Supplanted.
S. NJ. Garwood of Washington, pro-
duction credit commissioner of the
Farm Credit Administration, told the
American Bankers Association Coun-
Gil at Hot Springs, Ark, that it was
not the purpose of the Federal COM
mission to supplant bank credit, but
only to supplement the many loans the
farmers need for longer periods than
the banks feel justified in granting.
Farm credit is easier and private
banking institutions are becoming
more willing to loan farmers money,
according to D. H. Otis of Madison,
Wis, former dean of agriculture in
the University of Wisconsin, who also
addressed the A. B. A. Council.
"On the whole" he said, THE agri-
cultural situation regarding loans is
much better than it was year ago.
Farm land values are up 25 per cent
in Ohio. In California great de-
mand has developed for farm land,
the purchases being made for cash"
The council session ended last night
and the Washington delegation, Rob-
ert v. Fleming, H. H. Mckee, Victor
B. Deyber and E. E. Mountjoy. is ex-
pected home tomorrow.
Wilbur Is Code Speaker.
Rollin A. Wilbur, just appointed
managing director of the Investment
Banking Code Authority, will be the
speaker of mass meeting being
sponsored by the Better Business
Bureau on Monday, April %, at
O'Clock at the Chamber of Commerce.
The purpose of this meeting is to &C
quaint the public with the protective
features of the investment code.
Due to the significance of this code
to investors, as well as those engaged
in the business, larger attendance is
expected from business men, bankers
and investors.
The meeting is to be public and
will be presided over by F. c. Addison.
jr, president of the Security Savings
and Commercial Bank and chairman
of the Board of the Better Business
Bureau.
Bank Assets Being Rechecked.
1t was reported that assets of closed
banks all over the country are being
re-examined by the R. F. c., Federal
Deposit Insurance Corporation, the
Treasury and controller of the cur
rency to see if the Government can
be more liberal on loans and thereby
speed up payments to depositors. The
Presidents opposition to the Mcleod
bill for reimbursing of depositors IN
closed banks has brought about efforts
to hasten these payments by some
other methods. If the Government
can lend more money to the closed
banks and buy more of their assets
pressure for passage of the Mcleod
bill naturally will be lifted.
The Chesapeake g. Ohio Railway
reports for quarter ended March 81
1884, net income of $7,040 496 after
taxes, charges and sinking fund ap-
preparations, equivalent after dividend
requirements on 615 per cent preferred
stock, to 80 cents share (par $3.50
on 1853 1894 shares of common stock
This compares with S4,487 ,470, or So
cents a share on 7,652,813 common
shares in the first quarter of 1888.
DC. Bonds in Good Demand.
Bonds we're again in good demand
on the Washington Stock Exchange
today. The market opened with four
$1,000 sales in Washington Railway 8,
Electric 4s at "a. After call $1,000
sold at 94H. a new high mark on
the present move.
Anacostia & Potomac R. r. SIS were
strong again today. $1,000 changing
hands at 671a. a gain of half point
over yesterdays close. Georgetown
Gas IS recorded $500 sale at 10434
Mergenthaler Linotype got all the
attention in the stock list, 10 shares
selling at Is, up IS of point from
yesterdays close. This stock has been
more active in the last few days, part
~ on the financial district report that
since the turn of the year the COM
pany's business has noted real turn
for the better. 1t is widely held In
Washington.
a