Evening star., 1937-07-10
D. c. SECURITIES
ON LEGAL LIST
Acceptable Utility Bonds
Include Some Leading
Capital Issues.
BY EDWARD c. STONE.

UUll lSSucS dI6
Included in the legal investments for
trust funds in the District of Co.
lumbia, just compiled by the register
of wills, Theodore CogsWell, with court
approval, which went into effect on
July /.
Public utility bonds which are legal
investments here under subdivision D
include Anacostia g. Potomac River
Railroad first 5s, due April /, 1949;
Georgetown Gas Light first SIS, due
April /, 1861; Washington Gas Light
general 5s, due November /, 1860, and
Washington Railway & Electric con-
solidated As, due December l, 1851.
The new list includes a host of
United States Government obligations,
such as all issues of United States
Treasury bonds and notes, all issues
of Home Loan Owners Loan Corp,
all issues of Federal Farm Mortgage
Corp, While under section II are
listed the Federal Land Bank bonds.
Unoer section III appears a long
list of State, county and municipal
obligations given legal investment
rating for Washington; the State
bonds or obligations, either bearing
interest or sold on discount basis, of
any State in the United States, or
those for the payment of principal and
interest on which the faith and credit
of such State is pledged. A long list
of county bonds is included, Baltimore,
Md, and Richmond, Va, being named
here.
Naturally, the railroad list is par
ticularlv long and comprehensive. 1t
is headed by Atchison bonds and very
large number of Chesapeake & ONO
bonds and obligations assumed by the
C. & o. Burlington and Louisville q
Nashville issues are included and tlVe
Norfolk G. Western bonds. Among
MANY others are the Vlrginlan Rail-
vav's first lien and refunding series
A 3s4s, due March l, 1866, and Equip
ment Trust series E 4l2s, due TO l94o'
The public utility bonds, under Sec
ton V, furnish one OF the longest
lists. Among those bonds are Con-
solidated Gas Co. of Baltimore City
first SIS and Consolidated Gas, Elec-
trio Light & Power Co. of Baltimore
first AIS. due December l, l9Il,
Chesapeake & Potomac Telephone CO.
of Virginia first 5s, due May i, l945'
and the Potomac Electric Power Co S
first 3l,s, due July /, 1886. The whole
list is intensely interesting and was
prepared with the greatest possible
care by investment experts. 1t mas
met a lively demand during the hrst
week of distribution.
Loan Group Elects President.
Charles Kattelman has just been
elected president of the American
Building Association, 300 Pennsyl-
vania avenue southeast, to succeed
the late William A. Hettinger. He was
advanced from the position OF vice
president.
Other officers elected included Ar
thur C. Balser, vice president: Will
fred H. Blanz, secretary, and Guy
M, Neely, treasurer. These four oftl-
GERS and the following compose the
Board of Directors: John H. Mergner,
Clarence F. Donohoe, Chatham M.
Towers. Thomas S. Sergeon, Charles
H Rossiter. Milton H. ProSperl and
William c. Farmer.
The new president, Mr.. Kattel-
mann, has been connected with the
association for more than half CEN
t,1rv. and a director for 35 years. A
native of Washington, he has always
lived here, being engaged in the jew
elry business. He also is president OF
the Mutual Fire Insurance Co. OF
Washington, member of the Advisory
Board of Branches of the American
Security & Trust Co. and a member
of the Board of Trade.
Vice President Arthur C. Balser is
president of the Central Armature
Works. The sixty-third annual re-
port showed the associations assets
over se,OO0,000.
Postal Savings Exceed 1895.
For the second consecutive month,
depositors balances in the Postal Saw
ings System have decreased, according
to the Federal Reserve Boards bulle-
tin for July, just issued.
The decrease for May, the last
month for which figures are available,
is sl.OOO,OOO. The April decrease was
S3,O00000.
However, May, 1887 as compared
with May of last year is greater by
s54,Oo0,0OO. Comparative totals are
as follows:
May. 1936------------ Sl,214, 100000
Anril 1927 1.26o 600 600
May 1937----- 1858, 100000
Peoples Drug Sales Increase.
Details from the monthly report of
Peoples Drug Stores, Inc, disclose that
June sales totaled S1,770,506, against
Sl,675,e93. an increase of S94.813 or
5.6 per cent. Sales in the first six
months of 1887 amounted to $40
9046l0, in comparison with $9,870173
in the first half of 1886, an increase
of S1,034, ,437, or 10.5 per cent. May
sales showed an increase of lit per
cent over the business done in May
a year ago. The half year gain is
considered highly satisfactory.
Heard in Financial District.
w. B. Fairfax, who now appears in
the firm name of McKneW, Fairfax
g. Co., National Savings and Trust
Building joined the firm in 1886 and
was formerly in charge of the stock
department of the Boston Office of
HornbloWer g. Weeks. He is the son
Of Charles w. Fairfax formerly of
Stone & Fairfax, graduate of Yale
and the Harvard School of Business,
member of the Washington Bond
Club and the Yale and University
Clubs here.
The Maryland Public Service Com
mission announced the ConoWingo
Power Co. has reduced its electric rate
for consumers in Hartford and Cecil
Counties. The new rates will effect
a saving of $4,000 year to customers
and will be effective July Is.
The Committee on Commissions of
the New York Curb Exchange is ask
ing for data to use in a study of the
of