Evening star., 1935-06-06
RACQUET CLUBS
BONDS ARE READY
Booker Reveals Reorgan-
ization Completed and Is.
cue Can Be Delivered.
BY EDWARD c. STONE.

have been in default since January ], ,
1882. are advised in a letter received
today from Y. E. Booker chairman of
the Bondholders' Protective Commit
tee. that reorganization of the club
has been completed and that new
first mortgage bonds are now ready
for delivery.
Under the terms of the reorganlza-
tion new per cent l0-year first
mortgage bonds have been issued in
the same amount as the original
rnortgage-S575,0 The new bonds
are dated January l. 1885. are in
coupon form with interest payable
January l and July /
The indenture securing the new
bonds provides for cumulative sink
Ing fund of ] per cent per annum,
which fund will be used to retire bonds
by purchase in the open market The
committee expects that through the
operation of this fund a substantial
proportion of the total issue will be
cancelled during the 1O-year period
In its letter to the bondholders the
committee states that it has collected
total of $4,000 from the club during
the last three and one-half years and
that after paying all expenses.
amounting TO S84254 a balance of
Sl0,831.90 is now available for the
bondholders Checks for this sum.
which is equivalent TO Sl8838 for each
$1,000 bond. are being delivered with
the new bonds.
Exchange of the new bonds for the
old bonds and certificates of deposit
Is being made by the American Sc
curity & Trust Co. which company
also will act as trustee under the
mortgage and paying agent for the
coupons
The letter states further that re-
organization of the club has been COM
pleted under section II tbl of the
bankruptcy act and that all details
have been approved by the Supreme
Court of the District of Columbia
The Protective Committee consisted
of Y. E. Booker. J. Barrett Carter and
Wallace w. Chiswell
Patterson Joins Exchange.
Auchincloss. Parker e. Redpath an
nounce that they have obtained an
additional seat on the Washington
Stock Exchange. The firms member
ship on the Washington Stock Ex-
change is now held by Chauncey
Parker. ir.. who is a governor of the
exchange. and Harold c. Patterson.
The FIRMS main office is located in
Washington and they maintain offices
In New York. Philadelphia. Baltimore
and Wilkes Barre. In addition to
membership on the Washington Stock
Exchange. the firm has membership
on the New York Stock Exchange
New York Curb Exchange associate
members. the Commodity Exchange.
Inc; Chicago Board of Trade and the
Chicago Mercantile Exchange.
Mr. Patterson. the newly elected
member has been a partner in the
firm since it was organized. He re-
signed a lieutenancY in the United
States Navy to enter the investment
business in 1928 He and Mr.. Parker
have been associated in the invest
ment business almost continuously
since that time.
OFF to Jersey Convention.
The following members of the
Executive Council of the Safe Deposit
Section Of the District Bankers Asso-
citation left here this morning for
y, O..
attend the annual convention of the
National Safe Deposit Advisory Coun-
ell. to be held there on FRIDAY and
Saturday: Richard E. Harris of the
American Security e. Trust Co. Albert
e. Fisher Of the Riggs National Bank,
John F Hlllyard Of the National Bank
of Washington and Andrew R Walden
Of the Hamilton National Bank
They will arrive in time to attend
meeting Of the executive council
this evening. which will be held IN
the Berkeley Carteret Hotel. The dele
gates will return Sunday and be back
Rt their desks Monday morning.
Bank Elects Is Trustees.
At the annual meeting of the stock
holders of the East Washington Saw
gngs Bank. held yesterday, the follow
ing IS trustees we're elected to serve
for the ensuing year
John C. W. Beall. T Earle Bourne.
Charles A. Garry James A. Donohoe.
Gratz E Dunkum, Lewis F1emer, John
Ford, W P. c. Hazen. Edward B.
Hughes, ir. Morris E NARROW. H H
Mckee, William N Payne, jr.: Francis
j. Kane. William F. Simpson and
Lambert o. Turner
Oficers will be elected at the first
meeting Of the new board Tuesday,
June IL.
Bank Declares SO Dividend.
Directors of the Bank of Commerce
r. Savings have declared a dividend
of SO per share on the outstanding
stock. payable July ! to stockholders
of record on June 20. This is the
regular semi-annual payment due at
this time
Expressing belief that the public
utility industry is fundamentally a
Uoman's industry, directors of Women
Investors of America. Inc, have for
Uarded petition to Congress asking
either the defeat of the Wheeler
Rayburn public utility bill or its
amendment so that the confiScatOry
provisions and threats TO private
ownership and investment values
would be eliminated.
Concern in the public utility measure
now pending is of primary interest to
women. the petition stated. for two
reasons: First. because they are the
largest owners of public utility securi-
ties. either by direct ownership or
Indirectly through major life insurance
companies savings banks and trust
funds, and. second, because they are
che major domestic consumers.
Heard in Financial District.
The Peoples National Bank OF Vic
toria, Va, with $4,000 capital, has
Just received a charter from the con-
troller of the currency. The capital
consists of $4,000 common and S25,-
900 preferred stock; Aubrey B.
Chandler, president, and Thomas 1.
Hardy cashier.
Capital Transit stock moved at 20
on the Washington Stock Exchange
today, maintaining its recent i'm
provement Potomac Electric Power
51a per cent preferred stock came out
at ia on a nine-share sale and closed