Evening star., 1935-04-11
LAND BANK ISSUE
IS WELL RECEIVED
Capital Bankers and Brokers
Surprised by Rush
for New Bonds.
BY EDWARD C. STONE.

investment bankers over the interest
shown locally in the sl62, 100000 Fed
eral Land Bank Consolidated 3H per
cent bonds, due 1855 with 1945
calling option, and offered at 10034.
Investment houses here have re-
ceived host of inquiries about these
bonds and rush of orders resulted.
A good deal of switching from other
bond issues is reported, such action
being forced on holders Of the $162,-
S15,960 Federal Land Bank SIS which
have been called for redemption on
May /.
The proceeds from the sale of the
new issue are to be used to pay off
the called bonds and holders of the
old bonds, so far as practicable. are
being given preference in exchanging
them for the new ones. The new
bonds have been more than three
times oversubscribed. according to re-
ports today, having caught the in
vestment fancy even more than other
recent issues which sold so rapidly.
While the yield is not all that could
be desired, it is enough higher than
Other recent new bond issues have
also been popular here and a great
many more of them could have been
disposed of by investment houses if
they had been able to get as many
as they wanted.
Enterprise Officers Elected.
James E Connolly was reelected
Af &I@
Building Association at the forty
third annual meeting held last night
in the head office of the association,
at Seventh street and Indiana avenue
Other officers were also retained,
Michael A. Keene, vice president;
Martin A. Cook, secretary. and G.
Percy McGlue. treasurer.
The following directors were re-
elected George I. Berger. Bernard
r.. Edwards. Maurice Fitzgerald, c. F.
Gibson, P. F. Hannah, Ralph A. Judd.
Edward T. Kehoe, sr.; Fred Kraus
and Frank j. Torrens.
The report of the association shows
assets of s1,394, 1858, an increase of
S26,62056 over the assets in April,
1884. The Enterprise is serial
building association issuing stock
semi-annually, and is now receiving
subscriptions to stock in the seventy
fourth series. The directors declared
a S per cent dividend for the past
year.
The association is member of the
District of Columbia Building and
Loan League and the United States
Building and Loan League.
Nominees Widely Known Here.
j. W. HaneS, who has just been
nominated as member of the Gov
erning Committee of the New York
Stock Exchange, is senior partner in
the brokerage firm of Charles D.
Barney & Co.. which has had an
office in Washington for some years,
the managers being Frank P. Morse
and Edward w. Gamble, jr Mr.
Hanes acquired his Stock Exchange
membership last January and shortly
after that time was selected to fill the
vacancy on the governing board
caused by the death of EraStus T.
Tefft. He is also a member of the
New York Cotton Exchange, New
York Produce Exchange and Chicago
Board of Trade. He is an occasional
visitor at the firms office here
+ Henry Rogers Winthrop. another
nominee, heads the Stock Exchange
which also has a Washington office,
located IN the woodward Building.
He is a director in various industrial
corporations and railroads.
( Richard Whitney, retiring president,
Is perhaps the best known broker in
The governor list. E. Burd Grubb is
remembered in Washington as a
former president of the New York
Curb Exchange, although he served
but a short time.
Nordlinger Is Reelected.
Isaac B. Nordlinger was reelected
president at the annual meeting of the
sCitizenS' Equitable Building Associa-
stion just held at association head
quarters in Georgetown. at 1907 Wis
consin avenue. All other officers and
directors were also renamed
{ The other officers include John
FHadley Doyle, vice president; Harold
~. Burnside, secretary: Mrs. Irene B.
FArendes. assistant secretary; Harry l..
'Selby. treasurer and Bernard l. Nord-
Singer. general counsel.
The directors of the building asso-
citation chosen at the meeting are:
Patrick F. Carr, Archer l.. Haycock,
Robert E. Layton, j. Leo Kolb, jr.,
and George A. Sheele.
{ The annual report of the aSSo-
citation, which is So years old, showed
an excellent years business. 1t was
announced that the organization is
nov offering its seventy fourth series
of stock. President Nordlinger, who
now devotes most of his time to the
association, recently retired from
other active business after being a
shoe merchant in Georgetown for so
years.
Today's Trading on Exchange.
Trading on the Washington Stock
Exchange today opened with Capital
Traction IS, selling at 80. off half a
point from the last sale. In the stock
division, Potomac Electric Power per
cent preferred sold at Ill while a
single share of the corporations 512
per cent preferred moved at ia.
Mergenthaler Linotype figured in one
transaction today at 80, unchanged
and one small lot of Capital Transit
Co. stock changed hands at 20. While
traction bonds have been very active
recently, the stock has been rather
quiet. Other bid and asked prices
were little changed.
New York Stock Exchange Office.
here today witnessed jump in at
tendance on account of the advance
in the price of silver. The opening
was higher and later the market be-
came very lively.
The Association of Mutual Savings
Banks has entered a protest agains
the Wheeler -Rayburn utility holding
company bills passage. Its passage
would react disastrously upon securi
ties of gas and electric operating com
,panies. representatives told the Hous'
committee.