Evening star., 1938-11-09
Maryland Bridge
Bonds Offered
BySynditate
New Sc, 900, 900 Issue
Put on Market Today
At SO and Interest
BY EDWARD C. STONE.


An issue of 100000 State of
Maryland Bridge Revenue 3a4 per
cent bonds. Series A, due October
!, 1868. was offered at SO and ac-
crued interest today by a syndicate
headed by Alexander Brown g.
Sons, of Baltimore and Washing
ton; First Boston Corp. and B. j.
Van Ingen &, Co.
Proceeds of the issue, together
with P. w. A. grants. are to be
used for the construction of two
bridges on a national north-south
highway comprising one bridge
across the Susquehanna River at or
near Havre de Grace. Maryland,
and another across the Potomac
River at or near Morgantown, Mary
land. both of which have been ap-
proved by the War Department.
Gross revenues of the bridges.
less an annual operating charge of
not more than $4,000 for collect
ing of tolls and certain other
charges. will be pledged solely for
the service of these bonds.
Estimated Cost S9,369,750.
Estimated costs of the two bridges
as set forth in the report of J. E.
Greiner Co.. consulting engineers to
the Maryland State Roads Com
mission, together with interest dur
ing construction based on bond in
terest for II months beyond the
estimated dates of completion, to-
tai s9,369750 There are grant
agreements between the United
States and the State Roads Com
mission whereby the former is to
grant As per cent of the cost of the
bridges, but not more than S.
o32. 700.
The bridges will be important
links in a modern north-south ar
terial highway through Maryland
The Potomac River bridge will be
the only bridge across the Potomac
between the District of Columbia
and Chesapeake Bay, distance
of more than 100 miles, and will
provide an alternate route to such
historic Virginia points as Williams
burg, jamestown. Yorktown, Wake
field and Stratford.
Making of Wills Stressed.
Two hundred members of the
District Life Underwriters Associa-
ton and guests heard a brilliant
address by Gilbert T. Stephenson,
trust expert, at the November
luncheon at the Willard yesterday
on Provisions of Wills and Trust
Agreements Relating to Life Insur-
ance"
The guests included all the Off
GERS of the District Bankers Asso-
citation from President Hillary G.
Hoskinson to the veteran treasurer,
Albert S. Galley. Register of Wills
Coggswell and other members of
the District Bar were also present
Mr.. Stephenson said that it was
astonishing how many people die
without leaving any wills relating
to their life insurance contracts.
In a great many cases no definite
provisions covering life insurance
are made. For the benefit of life
insurance men, lawyers and trust
officers. Mr.. Stephenson outlined
workable and practical methods of
meeting this situation.
Richard w Griswold, president
OF the Life Underwriters Associa-
ton. introduced 20 new members
to the association and outlined the
aims of safety campaign in which
the association is interested. Sid
ney F. Taliaferro introduced the
guest speaker.
Loan Speakers Announced.
washington will be we'll repre-
sented on the program at the 46th
annual convention of the United
States Building and Loan League
in Chicago, November 1918. Leo
T. Crowley chairman of the Fed
eral Deposit Insurance Corp, will
speak on Commercial Banks and
Savings and Loan Associations"
John F. Fahey, chairman of the
Federal Home Loan Bank Board,
is also to speak.
Edward c. Baltz. president of the
league, and Arthur G. Bishop,
president of the District of Co.
lumbia Building and Loan League,
will also address the Chicago meet
Ing. Nugent Fallon, general man
ager of the Federal Savings and
Loan Insurance Corp: Oscar Kreutz
and John w. Ballard, both con-
nected with the Federal Home Loan
Bank Board, are also on the speak
ers' list. Leaders in building and
loan circles in other parts of the
country are also slated to appear,
President Baltz said here today.
The banquet speaker will be Gov.
Clyde R. Hoey of North Carolina.
Auditors to Hear Cissell.
The Auditors Section of the Dis
trict of Columbia Bankers Associa-
ton holds its regular monthly
meeting tomorrow at 600 pm, at
the Lee House.
Edward Z. Cissell, purchasing Of
flcer of the American Security &
Trust Co., will be the speaker and
his subject advantages of Central
lied Purchasing in a Financial In
stitution."
In addition to Mr.. Cissell's talk,
the Bylaws Committee, headed by
James D. Barrett, will present for
discussion the proposed change of
the bylaws. Gerald E. Keene,
chairman, will preside.
Noted in Financial District.
There was grand rush to the
Washington Offices of New York
Stock Exchange firms for the OPEN
Ing day. After-election trading
started of at tremendous speed,
with many sharp advances. The
tape soon fell minutes behind the
market. United States Steel drew
special attention with stock opening
with an 5000 share sale and 1ss
points above Mondays close.
The trust week program ends
this evening with a special meeting
Of the Washington Board Of Trade
L.