Evening star., 1936-11-24
CHEVY CHASE CLUB
BOND DATAF|LED
FoIqer, Nolan & Co. Named
Underwriters of $3.50, 900
Refunding Program.
BY EDWARD C. STONE.


BY EDWARD C. STONE.
Folger, Nolan g. Co.. investment
firm IN the American Security Build
ing, is underwriting an issue of $780,
900 "a per cent Chevy Chase Club
first mortgage bonds, due January l,
1857. The registration statement COW
ering the proposed new issue has just
been filed with the Securities and
Exchange Commission.
The proceeds from the sale OF the
new bonds will be used to retire a
total of S341 900 outstanding 5l9 per
cent 50-year first mortgage Chevy
Chase Club bonds, called for redemp-
ton on January !, at 102 and accrued
interest.
The purpose of the new issue is in
line with refunding operations being
carried on all over the country in
which high-yield bonds are called in
and new bonds put out at a lower
rate of interest. The registration
statement furnishes the Securities and
Exchange Commission with complete
information regarding the Chevy
Chase Club property and includes
many other pertinent facts.
The present 5l2 per cent Chevy
Chase Club bonds have been listed
on the Washington Stock Exchange
for several years. They have sold this
year at 1861. Latest quotations show
bid Of l02, same as the redemption
price.
The new bonds are expected to come
on the market in about month, pos
sibly little sooner, it was stated in
the financial district today. They will
be listed later on the Washington Ex-
change.
Lanston Earnings Mount.
]. Thilman Hendrick of Washing
ton, chairman of the board of direc-
tors of the Lanston Monotype Corp,
speaking informally of the big mono
type concerns business during the
past year, stated today that business
has shown improvement in every
month so far in 1886 over the CORE
spending months in 1885. There is
every indication that this monthly
Improvement will continue during the
remainder of the company's fiscal
year which ends in February. he added.
The business improvement has va
ried in different months, but in some
instances has been substantial, Lans-
ton is keeping right up with the times
in all new developments, just as the
corporation has done for many years.
The stock is listed on the Washington
Exchange and has sold above 81 dur
ing the present year. 1t started out
in 1886 at 80. The stock sold the
other Gay at 90.
Chairman Hendrick is former Dis
trict commissioner, had enjoyed very
broad business experience and is at
present a partner in the brokerage
firm of w. B. Hibbs & Co. He has
reason to feel proud of the dividend
record made by Lanston during the
depression and the return to good
' times.
Gives Up Executive Work.
Frederick w. Dooittle, vice presi@
dent of the North American Co. and
an officer and director in number
of its subsidiaries, has announced his
retirement from executive work on
December /, although he will remain
a director in the North American Co.
He is director in the Potomac Elec-
tric Power Co., the Washington Rail-
way & Electric Co. and the Capital
Transit Co. and has been well known
here for many years.
Mr Toolitt1A uoS fnrr1er1v q MON.
ber of the engineering faculties of the
Universities of Illinois, Colorado and
Wisconsin. He assisted in the de-
velopment of the technical work of
the Public Utilities Commission of
Wisconsin shortly after its organi-
zation and of the first public utility
commission in Illinois. From 1914 to
1916 he was the director of the Bureau
of Fare Research Of the American
Electric Railway Association and from
1915 to 1923 was consulting engineer
for Wisconsin subsidiaries of the North
American Co. and for other electric
utilities and railroads.
Since 1923 he has been vice presi-
dent and a director of the North
American Go. and an officer and
director of subsidiary and affiliated
companies. Mr.. Doolittle is member
OF the American Society of Civil Engi-
neers and of other engineering and
scientific societies and author of a
text book, Cost of Urban Transpor-
tation Service" and of numerous
technical articles.
Credit Man Views Outlook.
Here are some of the comments
made by Henry H. Heimann, execu-
tive manager of the National Associa-
ton of Credit Men, in his monthly
review:
There will be no monetary infla-
ton during the next four years. Gov
eminent income in two years time
should approach Government outgo.
"The next two months may see the
largest distribution of dividend checks
IN the history Of the country.
"The Securities and Exchange Com
mission is here to stay, for the protec-
ton of minority stockholders, smaller
businesses and the public against
speculative activities.
OF great interest to the Washington
Association was his forecast of the
best holiday trade since 1929, as re-
ported in yesterdays Star.
Alexandria Bonds Are Sold.
Brown, Hartman g. Co., New York;
Burke e. Herbert Bank e. Trust Co.,
Alexandria, and Miller g. Patterson,
New York, were successful bidders yes
terday for $250,0o0 public improve
ment and funding bonds offered by
Alexandria, Va, on their bid Of 107 159
for IS. The bonds are dated Deem
Der and due 1937-1971. They are be-
ing reoffered, subject to formal award
today, at prices to yield 0.50 per cent
to 2.e5 per cent. according to maturity.
Financial District Gossip.
Customers in the New York Stock
Exchange brokerage houses here to-
day saw a much better opening on
the stock board than was last nights