Evening star., 1934-03-21

ton since 1917. u,,
He was one Of u "o'herSheu'
the founders of the Madrillon Restau-
rant Co. and during the WGrld War
was in the local Office Cf E. L du Punt
de NemourS Co His Drst position in
the brokerage business here vas with
w. B. Hibbs & Co H. later became
connected with Mackubin. Goodrich
e. Co. and with Clark, ChidS &
keech
Mr. Mothershed obtained his first
experience in the securities field in
Offices in New York. lie is a member
of the Washington Ticker Club Rae
quet Club and the National Press
Club, being a former newspaper man.
American Security Dividend.
A quarterly dividend of per cent
on the capital stock o! the American
Security & Trust ca. payable on
April 10 to stockholders of record at
the close of business on March 81,
1884, was declared BY the board of
directors at the regular monthly meet
ing, held yesterday.
Bankers in Washington are expect
ing some kind of revision to the
securities act of 1888. particularly re-
garding the liability clause, as the
result of talks with several Senators
Recent attempts have been made in
the Senate to attach an amendment
to the securities law as a rider to
some other financial legislation TO
be considered hy Congress.
1t is rumOrCd that some changes
would be acceptable in administration
circles. Any definite information as
to possible changes is lacking but it
is said they are not likely 10 change
the fundamental policies laid down in
the present Law,
Amendments so far discussed have
related mostly to tie present un-
limited liability clause with the aim
of eXempting aome company officials
who are now held liable for the acts
of others over whom they have slight.
If any control
Virginia Bend Offer Detailed.
Holders of Virginia Railway & Pow
or Co. first ard refunding mortgage
per cent bonds outstanding in
amount Of S9.95l 900. and cue July !,
1884 are beirg asked to exchange
their bonds for l0-year secured con-
Vertible 5l2 FER cent bonds of the
Virginia Electric & Power Co. on the
basis of SIS in cash representing
payment of $50 in addition to the
July l. 1884 coupon interest Of S25)
and $1,000 principal amount Of the
new bonds for each $1,000 principal
amount of maturing bonds
The new bonds. which are to ma
ture July l, 1914. Will be secured by
125 per cent in principal amount OF
Virginia Electric &; Power Co. first
and refunding mortgage bonds, series
A. 5 per cent. due October l. 1855.
and will be convertible at the option
OF the holder into either the series A
bonds, plus $50 in cash, or 100 shares
Of common stock of the company
based on a conversion price of $40
share
More than 90 per cent Of the COM
mon stock of Virginia Electric Power
is owned by Engineers Public Service
The exchange offer will expire April
is. 1884, subject to the right of the
company to extend the deposit period
not later than June !. 1884
The exchange offer bondholders
are being advised. is subject to the
approval of all commissions having
jurisdiction over it and issuance of
certificates Of deposit and new bonds
and the ability OF the company legally
to cCnSummate the same
Bills Approval Questioned.
Just how far Secretary Morgenthau
Of the Treasury and Gov Eugene R
: Black of the Federal Reserve Board
have gone IN approving the bill to
control all stock exchanges is puz-
Tiing financiers in the banks and
broker houses.
Senator Fletcher says I've has been
informed that both Treasury and
Reserve Board officials are in accord
with the provisions as they have been
redrafted. Counsel Pecora says it is
fair to assume that these officials
approve the hIll as now written. Yet
one member of the Senate commit
tee implied that neither Of these Of
tlcials have definitely stated their
approval
Thomas Corcoran. r. F c. counsel,
in his final testimony asserted that
the margin provisions had now been
revised TO meet criticism concerning
their effect on underwater bank
loans. He stated that banks now
have, under the new draft. until jan
uary 81. 1899 to put their loans in
condition to meet requirements of the
bill. He said this deadline was set
after consultation with both the Re-
serve Board and the controller of the
currency.
Any charge that the bill provides
dehationary liquidation OF accounts is
thoroughly evaporated, he MAIN
tanned.
This is provision of The bill that
has caused great concern among
bankers and bank customers every
where
Exchange Trading Picks Up.
The first day OF Spring found trad
ing more active or the Washington
Stock Exchange than i was veSter-
day. Potomac Electrlc Power 5l2 pei
cent preferred moved at lc9 on the
opening sale The same corporations
per cent preferred stock sold at
11012
Washington Railway g. Electric pre-
ferred came out at "a for 10 shares.
The rest of the day business was IN
bonds.
AnacoStia e. Potomac Railroad IS
figured in a $1,000 sale al 66A, new
high on the present move Washing
ton Gas SIS. 1858, witnessed a 1000
sale at SO.
William G. Dance of the Union
Trust Co.. Baltimore, was "a visitor at
tOday's session and was granted the
privileges of the floor. He is.a iormer
chairman OF the Southeastern Group
of the Investment Bankers Associa-
ton.
Heard in Financial District.
National City Bank of New York
has declared the regular quarterly
dividend of 25 cents, payable April 2
to stock of record March "a
Empire Trust Co, New York, de-
clared the regular quarterly dividend