Evening star., 1938-04-23
NEW BOND ISSUES
PICTURE BRIGHTER
Quick Sale of $780, ,000,0 900
Edison Liens Imparts
Cheer to Dealers.
BY EDWARD C. STONE.

Bond dealers in Washington'S flnan-
cial district predicted today that more
new high-class bond issues may soon
be placed on the market as result of
the very heavy demand and quick sale
of the s6o,00o,000 Consolidated Edi-
son Co. 3l2 per cent debentures.
These new bonds were placed on
sale at 10134 and quickly went to a
premium and closed on the same day
Of the initial Offering at 1924 bid and
1922 asked. Several investment Of
fees in the Capital obtained blocks
Of the new issue and sold them before
noon on Thursday. They could have
sold many more, dealers said. The
same scramble to get the bonds pre-
vailed all over the country.
Banks were anxious to get blocks
Of the new issue. insurance companies
displayed an interest in them and in
dustrial investors took what they could
get. 1t is the opinion of dealers here
that most Of the bonds were bought
for long-term investment and not for
resale in case the quotations work
higher. Several refunding and pos
sibly new issues, which have long been
under consideration, may be filed with
the Securities Exchange Commission
soon. The success of the big Edison
Notation makes the outlook much more
cheerful, dealers asserted today.
Initial Dividend Declared,
Directors of the American Co., the
reorganized firm which took the place
OF the old Federal-American Co., have
declared a dividend of $3.50 per share
on the outstanding preferred stock,
President John Poole announced to-
day. The initial dividend will be paid
on June to stockholders of record
on June /.
The original company had been un-
able to pay any dividends for several
years. The fact that the new COM
pany has voted preferred dividend
is OF much interest. The exchange
from the old to the new stock was
made share for share The new COM
pany is engaged in all phases of the
real estate business. The company's
securities are sold over the counter.
Bankers Score Limiting Crops.
At the convention in French Lick,
Ind. the Bankers Association for For
eign Trade adopted resolutions calling
for early adjustment of unpaid war
debts an adequate merchant marine
and revision of combined rail and
water freight rates.
In other resolutions the association
disapproved crop limitation as stopping
the now OF surplus production to for
elgn markets and Endorsed reciprocal
trade agreements.
The resolution on war debts said
their non-payment was an obstacle
to the stabilization of exchanges and
the renewal Of normal international
trade"
Henry F. Grady of Washington. vice
Chairman of the Tariff Commission,
told the convention that ito abandon
the policy of trade liberalization and
move in the opposite direction toward
foreign trade restriction, as some
would have us do, would lead to far
reaching production controls and regi-
mentation"
Maryland Bank Loans Up.
Resources of the 181 insured COM
merclal banks in the State of Mary
land totaled 1894 $4,000 on Decem-
Der 81, 1887. according to a survey
made public today by the Federal De-
post Insurance Corp.
Deposits in the insured banks were
listed as S526, 6,305 ,000 Demand de-
posts amounted to $258.124, 900 and
time deposits totaled s1s6,16 900,
each exclusive Of interbank deposits.
Loans and discounts of the report
Ing banks amounted to $158,889, 900.
a gain of sl7,642.00O over the Deem
Der 81, 1896. total.
Marx Leads Auditors' Forum.
Raymond G. Marx, controller of
the Riggs National Bank led a forum
session at the Eastern Regional Con.
ference OF Bank Auditors and Con.
trollers yesterday afternoon in Phila-
delphia. Matters of vital interest to
auditors were discussed. Arthur ],
Linn, auditor of the Hamilton Ma
tlonal, who has been a leader in the
national organization, is also taking an
active part in the PHILADELPHIA de-
Iberations.
William o. Douglas, chairman of
the Securities and Exchange Commits
sion, will address the Association of
Stock Exchange Firms at dinner in
New York on May 20. The dinner is
in honor of Carle c. Conway and his
associates who worked out the re-
organization of the New York Stock
Exchange.
Accident and health insurance COM
panies have now planned a special
week similar to life insurance week,
the dates being April $3.50. Wash
ngton agents are planning to partici-
pate and hope to make some new busi-
ness records.
Heard in Financial District.
Bank clearings for the week ending
Wednesday totaled S22,O87, COL AZ.
against $27,370,343.91 in the same
week year ago. drop of 1s per
cent. They were off 6.8 per cent from
the previous week
The H. j. Heinz Co. is about to open
the most extensive newspaper ad-
vertlsing campaign since it began busi-
ness in 1869. The advertising will ap-
pear in more than 100 countries where
the firm does business.
Business on the Washington Stock
Exchange turned upward during the
week. Washington Gas Light bonds
led the bond market at strong prices,
The largest stock sale was an 80.
share block of Potomac Electric Power
b12 per cent preferred. which moved
at 1872.
The largest single sale in number
OF shares was in Capital Transit, a
block of 200 selling at 7.
Sales of National Dairy Corp,
which has two Washington units, for
the first quarter of 1898 were about l
per cent under the like 1897 period,
Thomas H. Mc1nnerney, president.
stated at annual meeting of stock
holders. The company operated in
the black for the quarter, he added,