Evening star., 1936-10-07
$15,0DO,0()O PEPCO
! ISSUE |SL|STED
First Mortgage Bonds Are
First Added TO D. c. Mart
d in Long Time.
BY EDWARD C. STONE.

Listing on the Washington Stock
Exchange of the $l5,00o,0o0 Potomac
Electric Power Co. 81 per cent first
mortgage bonds, due in 1866, was the
first issue added to the board in many
moons, as we'll as one of the largest
and widely sold senior securities ever
placed on the exchange. The bonds
were offered and sold in many cities
outside of Washington.
Approval of the listing by the Sc
eurities and Exchange Commission
had been anticipated for several days.
The new bond issue was registered
with the Securities and Exchange
Commission back in June, so that
che commission was thoroughly IA
miliar with the securities when the
application for listing was filed.
The new bonds take the place of
the Potomac Electric Power 6 per
cent bonds, which we're called for
redemption on October l and dropped
from the Washington Exchange list
at that time. The old bonds were
called in and the new SIS 100000 issue
put out to save interest for the power
company, the yearly amount being
substantial.
Interest on the bonds is payable on
january l and July /. The bonds
IN this 81 per cent series are re-
deemable at the option of the COM
;v, tx,hn y, ut
any day prior to maturity at 106 per
cent Of the principal if redeemed on
or before June 80, 1888. After that
date the premium decreases one
fourth of per cent each year. Back
of the bonds is an unusually good
record for earnings.
Listing of the new bonds is con-
sidered an important move. There
sill now be definite daily quotation
on the exchange in the place of over
the-counter quotations. The old 6
per cent and the 5 per cent Potomac
bonds were very popular investments.
No doubt the new bonds will appear
frequently in the daily sales. The
opening bid was 104, with l04ai asked.
Crowds in Brokerage Offices.
With daily trading on the New York
Stock Exchange above the 100000
share mark, Washington's many
brokerage Offices are crowded to the
doors every morning before the trans
lux starts. There is highly cheerful
feeling among brokers who have been
hoping for long time for an in
crease in the volume Of trading and
more general public participation.
The last 10 days have brought sub
stantial gains in the trading volume
and interest in the stock exchange
Offices here and other cities indicates
more trading by the general public.
Professional trading also is said to
have been expanded materially.
Brokers on Fifteenth street ascribe
the recent advances in quotations for
stocks to the better outlook for world
trade and to the steadily improving
business conditions in this country.
And 1t should not be forgotten that
bond dealers are highly prosperous
these days. The senior securities are
N great demand and prices are most
satisfactory.
Commerce Officers Elected.
N. D. Rosenberg was reelected
, president of the Bank of Commerce &
Savings at the annual organization
meeting held at the bank on Seventh
street late yesterday Thomas J.
Groom, who is first vice president of
the District Bankers Association, was
elected executive vice president and
cashier; Joseph Sanders and Irwin
Owings, vice presidents; Joseph H.
Milans. secretary; Oliver B. Exline,
Francis e. Robey and Will r. SWEET
man, assistant cashiers, and George
M. Quirk, auditor.
1t was reported that the bank has
Just completed the best year since Or
ganization, from the standpoint of
earnings and growth in deposits.
Lands Urges cooperation.
Declaring that unfair practices in
security dealings, both on exchanges
and over-the-counter, still are far
from being defined, Chairman James
M. Lands of the Securities and Ex-
change Commission, told the National
Association of Security Commissioners
ut Denver that this field is open for
joint administrative action and re-
search. Chairman Lands stressed the
need for collaboration between the
Federal and State security commits
sions.
State and municipal financing for
the month of September aggregated
S156,921,523 as compared with
s115,116,3l2 in September, 1885. Dur
ting the month of September p w. A.
financing totaled Sl83,000 and r. F.
C. financing totaled s4,s57,232 as
compared with s433 200 P. W.. A.
financing and 1906 900 r. F. G.
financing for September, 1885.
Railroad Earnings Mount.
Glass / railroads in the Southern
district for the first eight months of
1895 had net railway operating in
come of s45,0e4522. For the same
period in 1885 their net railway op-
Grating income amounted to $2s,67l.-
o2s, and for the same period in 1880
was $54, 4,492,644.
Gross operating revenues of the class
] railroads in the Southern district
for the first eight months in 1896
amounted to 1920, ,209, an increase
of 15l per cent compared with the
same period of 1885 and a decrease of
g75 per cent under 1880. Operating
expenses totaled 1925, ,o62, an in
crease of 9.3 per cent above the same
period in 1885, but 3o.7 per cent under
1880.
Glass railroads in the Southern dis
trict for the month of August had
net railway operating income Of S.
sos, 1874, compared with s3,242,837 in
August, 1885, and $5,s4s,s22 in August,
1880.
Glass / railroads in the Eastern dis
trict for the month Of August had
net railway operating income of $34,-
AQa DOS comnared with so S42 Tag in