Evening star., 1936-07-10

S ~ ent year, these
Is additions follow
cr c ing several made
to the roster dur
ing 1885 The six members admitted
in 1886 are:
Bernard ]. NeeS, who is connected
with the investment firm of James
M, Johnston g. Co.
Merton A English, who is asso-
ciated with the investment firm of
George M Ferris &, Co.
George A. Watson, active in the
service of Kenneth S. Wales g. Co.,
another financial concern here.
Frank M. Hall, one of the partners
in Hall, Peters & Bryson, one of the
newer investment houses in the finan-
cial district.
T. Baker Robinson, in charge of
the bond department at G. Mp.
Murphy g. Co.'S Washington Office
George F. Cramer, secretary Of Wag-
saman, Brawner &, Co.. Inc, the new
est member who was elected to a seat
on the Exchange this week.
These new members, together with
those who obtained seats in 1885, have
given the local exchange new lease
of life. Attendance at the daily
sessions is much larger than it was
for long time after the 1929 f1nan-
eial crash.
AS already noted, trading in both
stocks and bonds in the first half OF
1886 was way ahead of the like 1888
period. The icreased attendance, to-
gether with the great Improvement
in financial conditions, has brought
about a new deal on the local Securl-
ties Board that is most gratifying to
President Y. E. Booker and the other
Exchange officials.
Paper Company Bonds Ready.
In accordance with the reorganiza-
ton of the District of Columbia Paper
Mfg, Co.. it was announced in the
financial district today that the new
bonds are now in possession OF the
Union Trust Co., as trustee, for dis
JflOuLlOIl
securities. Holders of the non-nego-
table receipts issued by the bank as
trustee for the paper company, OF the
conpany's first mortgage IS, OF the
8 per cent cumulative preferred stock
or of the common stock may now
transfer these securities into the new
bond and stock issues.
It will be recalled that the District
Supreme Court confirmed the plan OF
reorganization on March 30, the name
of the concern now becoming District
of Columbia Paper Mills. Inc, with an
authorized capital of 100000 shares
of common stock of the par value of
81 a share and an issue of 3 per cent
first mortgage bonds dated January
l, 1886, and due January l, 1946. The
bonds have been registered with the
Virginia State Corporation Commits
sion.
Notices sent out today by Y. E.
Booker, chairman OF the Reorganiza-
ton Committee, state that the bonds
are ready for delivery at the Union
Trust Co. The new stock certlflcates
will be prepared for delivery as soon
as the holders of the old securities
have furnished the necessary informa-
ton for their registration.
Funds for paying the July l, 1886,
coupon on the new bonds are In the
hands of the Union Trust Co., as
paying agent, so that the coupons can
be cashed as soon as the holders of
the old securities receive the new
bonds.
Holders of the District Paper Co. |
securities may obtain delivery of the
new securities by appearing in person
at the bank or they may apply for |
them by filling out the usual letters |
Of transmittal.
Receiver Makes Fine Record.
Receiver Carey A. Hardee's report |
that checks are being drawn for the
payment to 1892 depositors in the
closed Chevy Chase Savings Bank of
a 20 per cent dividend is very cheer
full news. This will bring the pay
ments to 100 per cent and means that |
the depositors are to be paid in full. |
This final payment is expected to
start sometime early in August. Only
one other closed bank has to date
made as fine a record, the Woodbridge
Langdon Savings e. Commercial Bank,
which also has paid off 100 per cent.
The permanent roster for 1886 of
the District Life Underwriters Asso-
citation has just been printed and
shows gain during the past year of
1876 members, bringing the total men,
bership to 295. From a membership
point of view the present year has been
the best on record. w. G. Batchelder,
manager of the local Office of the Con-
necticut Life Insurance Co., was chair
man of the Membership Committee
which made such an outstanding rec
ord, j. E. McCombs being president.
Home foreclosures during May, 1886,
showed decline of per cent COM
pared with April, and 81 per cent
compared with May, 1885. the Federal
Home Loan Bank Board reports. They
May trend of foreclosures is usually
upward. Equally encouraging, the
board states, residential building ac-
tivity in May increased II per cent in
dollar amount, compared with May,
1885.
State and municipal financing for
the month of June totaled S111,264,-
575, as compared with s68,303, ,384 in
June, 1885.
Traction Bonds Popular.
Capital Traction SIS were the most
popular securities on the Washington
Stock Exchange again today. Four
consecutive $1,000 transfers were re-
corded at 92A, same as yesterdays
close, although most of yesterdays
sales took place at 921a, the high for
the year.
A single share of American Security
& Trust Co. stock was traded at 258. |
Bid and asked prices on other issues |
were practically unchanged. On ac-
count of the SATURDAY. closing. it was