Evening star., 1934-02-27
BIDS ARE ASKED
ON SANITARY ISSUE
Suburban Commission Plans
$500, Offering of
Series ID D."
BY EDWARD c. STONE.

BY EDWARD c. STONE.
The Washington Suburban Sanitary
Commission is asking for bids on a
new issue of 100000 per cent sani-
tary bonds, to be known as Series
I'D" dated February l. 1884, and to
mature in SO years. They will be
redeemable in 80 years.
The bids are to be opened neXt
Monday, March 5. at headquarters of
the commission in the Tower Building
In this city. These bonds are to carry
all the exemptions as to taxes of
Maryland municipal bonds and will
be guaranteed as to both principal
and interest by the Endorsement of
Montgomery and Prince Georges
Counties.
Application has been made to the
Maryland Public Service Commission
for the approval of the bonds, The
commission reserves the right to re-
ject any or all bids if they are con-
sidered too low The call for bids Is
signed by T Howard Duckett, E. H,
Bogley and j. D. Clagett, members OF
the commission.
Brokers Protest Bill.
A group of l8 houses engaged In
the investment business as dealers
and underwriters, and which also act
as brokers, has been organized to op-
pose certain features of the Fletcher
Rayburn stock exchange control bill
Their first claim is that the bill, by
restricting credit and forcing the
liquidation of bank and brokerage
loans, would set in motion a new de-
fiationary movement and so retaro
recovery.
The brokers also claim that the bill
goes far beyond the regulation OF eX-
changes and includes all businesses
and industries whose securities are
listed on any exchange. Another
charge is that the bill will go far to-
ward putting an end to existing facll-
tiles for creating and distributing Sc
Curities.
Among the firms are Charles D.
Barney & Co. Hemphill, Noyes & Co..
G. M. P. Murphy & Co. and Spencer
Trask & Co, which maintain Wash
ington offices. G. H. Kinnicutt OF
New York will represent them at the
hearings.
ROhrbaugh Joins Staff.
Austin B. Rohrbaugh, who has been
manager of the investment depart
ment of the Washington Loan &
Trust Co.. has resigned his position to
become affiliated with AuchlnclosS,
Parker & Redpath. New York Stock
Exchange firm with offices in the Ma
tional Savings & Trust Building
Mr.. Rohrbaugh is a native of Baltl-
more. He was educated in the public
schools of the Monument City and
graduated from the McDonough
School For some time he was con-
nected with the Fidelity g. Deposit
Co., Baltimore, entering the banking
business IN 1918 with the Mercantile
Trust Co. of the same city.
After coming to Washington he be-
came connected with the Washington
Loan & Trust Co. where he made
many friends among investors. The
brokerage house which he has joined
has recently greatly enlarged its fa
cilities.
Further Code Steps Taken.
Within the next week the Ameri-
can Bankers Association will send
cut to various local Code Committees
and Clearing House Associations, in
structions and formula by which each
group Of banks is to arrive at its ac-
tual operating costs as a basis for
service charges, in accordance With
the principles approved by Gen. Hugh
johnson, national recovery admins
traitor. early in February. Since no
time limit is set for submitting these
fair practice codes. it will enable the
various groups to formulate more
equitable regional schedules than
those previously worked out.
The above announcement from New
York headquarters is another way OF
stating that the bankers code of fair
practices is to become very much more
localized. There was little compari-
son in the first place between the
code proposed for Washington and
the one for New York. The New
York rules were so drastic that Gen.
johnson held up the whole plan just
as it was to go into effect.
The Washington Clearing House
will take up the local code again soon.
Many of the provisions have already
been in effect here for years.
Good Borrowers Are Scarce.
It is easy to blame the banks for
not lending, but how about the clti-
zens who refuse to borrow? There
are many of them. The man who
found the hangman's moose about his
neck after the 1929 collapse is not
going to be very precipitate in &C
cepting the Governments invitation
to repeat the experiment.
The wise man does not borrow
money-he hires it, and he hires it
only if he knows he can profit thereby
When that great body of provident
and conservative citizens, not on the
dole and not likely to be on it, reach
the conclusion that they can hire
money to their benefit, then there will
be assured recovery, says Sphere.
In other words, the country is en-
gagged in demonstrating what has
often been completely demonstrated
before, that the prosperity of ma
ton depends on the initiative and
enterprise of its citizens. The Gov
ernment may pour out funds, or even
credit, but it cannot pour them out
with either the profusion or the wis
dom of private business, the magazine
adds.
Capital Traction Sells at 26.
Capital Traction stock sold at 26 on
the Washington Stock Exchange,
about in line with its recent strength.
Five consecutive 10-share sales were
recorded during the session.
The stock closed with 25 bid and 26
asked. 1t has been noticeable during
recent sessions that very little OF this
stock is being offered for sale. This
is supposed to be due to its recent up
ward trend.
The first sale today was in Wash
ington Gas IS, series B, $1,000 chang