Evening star., 1936-12-16
CHEVY CHASE CLUB
BONDS ARE SOLD
Entire $3.50, 900 Issue Taken
on Offering Day-Early
Listing Expected.
BY EDWARD C. STONE.

Chase Club first mortgage "A per
cent bonds, which were placed on
the market yesterday by Folger, No
Ian e. Co.. has been sold, it was re-
ported in the financial district today.
The bonds were all taken on the day
Of the offering.
1t was also announced today that
application will be made shortly for
listing the new bonds on the WASH
ington Stock Exchange. The Chevy
Chase Club 5l2 per cent bonds,
which are to be replaced by the new
issue, have been listed on the eX-
change for Several years, or ever
since they were marketed. The old
bonds are to be redeemed January l
at 102 and accrued interest and will
be dropped from the Washington Ex-
change list at that time.
Interest on the new mortgage bonds
will be paid semi-annually on July
and January l. The bonds are re-
deemable at the option of the Chevy
Chase Club on any interest payment
date, as a whole or in part, up to
January l, 1912, at 104 and accrued
interest, to January /, 1947, at 1903.
and thereafter at 102 for the re-
manning years of the issue, except
at maturity at 100 and interest.
Beginning on January l, 1888. the
club is to provide a sinking fund
and pay off $4,000 yearly on the bonds
until maturity, the bonds being can
celled to be drawn by lot. The whole
issue was underwritten by Folger, No
Ian & Co., the principal officers in
the firm being J. Clifford Folger and
James Parker Nolan, both resident
members of the Chevy Chase Club.
The financial statement in the pros
pectus discloses the club to be in
excellent financial condition.
American Security Votes Extra,
The board of directors Of the Amer
lean Security & Trust Co.. at the reg
ular December meeting held yesterday
declared quarterly dividend OF per
cent and an extra dividend of per
cent, both payable January II to stock
holders of record at the close of busi-
ness December 81. Transfer books will
be closed from January 10 to January
19. both days included.
Phelps, Fem & Co., and Mason -Ha-
gen. Inc, yesterday were awarded
S20S,000 Arlington. Va. school bonds
on their bid of 1oO81 for 21.s. The
bonds are dated December |, 1885, and
are due 1910 to 1856.
The suggestion of Charles R. Gay,
president of the New York Stock Ex-
change, that low-priced stocks should
- very carefully Investigated before
Mey are purchased was freely discussed
In the brokerage houses here today.
Washington brokers consider his re-
marks in general way as an effort to
protect the reputation of the stock ex-
change in case some of these issues
should later break severely.
1t has always been rule that cheap
stocks should be carefully Investigated
to see just why they are so low priced.
As one broker said today, there is al
ways a reason why a stock is selling
at 81 or So share. AS far as could
be seen at the opening today, Prssi-
dent Gays words of caution had no ef-
feet on quotations.
Variety Store Sales Climb.
Ddlly average salts Vi NdI4tlS SlOiCS
for November were about 10 per cent
higher than for November Of last
year and about 1872 per cent aboTe
the same month of 1884. according to
preliminary estimates of the Bureau
of Foreign and Domestic Commerce,
Department of Commerce. The ag-
gregate value of sales for the first II
months of the year was about 7 per
cent above that for the same period
OF 1885.
Daily average sales Of grocery chain
stores for November showed an IN
crease of about 5 per cent in dollar
volume. as compared with Novenbs r,
1885. and were 9i2 per cent above the
same month of 1884 Sales increased
about per cent from October TO
November. as contrasteG to a usual
decline at this season.
Average daily sales for the first IL
months of the year were about 3 per
cent above those for the corresponding
period Of 1885.
Railroad Revenues Improve.
Nineteen class I railroads in the
Southern district had estimated op-
Grating revenues 70 S29,913 801 in No.
vember, compared with S24955.675 in
November, 1885, and S30,849, 1928 in
November, 1880, 1919 per cent above
the same month last year, but per
cent below November, 1880.
Freight revenues of those railroads
in November, this year, amounted to
$25,271, ,084, compared with S20,922,-
S85 in November, 1885, and S24,913.-
8o3 in November 1880. 208 per cent
above the same month in 1885, and
IA per cent above the same month
in 1880.
Passenger revenues in November
totaled S2,33S,9oo, compared with So
027,221 in November, last year, and
$3,438885 in November, 1880. being
1874 per cent above November one year
ago, but 80 per cent below Novem-
ber, 1880.
Farm Income Up 10 Per Cent.
Based on the Agriculture Depart
ment's estimate that total farm cash
income this year will amount to ST.
100000 900, the Alexander Hamilton
Institute believes this will be 10 per
cent larger than last years income.
and says that 1885 will represent the
fourth consecutive year of expansion
in farm revenues. The survey con-
tinues:
With prices. paid for goods bought
by the farmers promising to average
slightly lower than year ago, the
prospect is that the farmers purchas-
ing power will be 1913 per cent larger
than last year. 1t will be 55.8 per
cent above the depression's low in
1882 and the largest since the pre-
depression year 1929 AS compared
with 1929. the increase in purchasing
power will amount to only 7.9 per cent.
Today's Trading on Exchange.
Capital Transit sold in 10, so and
65 share lots on the Washington Stock
Exchange today at 1872. There were
two 100 shares in Real Estate Mort
~ona " Gy1orontu nreferred 63s