Evening star., 1938-08-30
New Offerings Scheduled.


A S10.o00,o00 issue of Gulf States
Utilities Co. 4 per cent first mortgage
and refundlng bonds, series c, has
been tentatively scheduled for August
81. Stone & Webster and Blodget.
Inc. First Boston Corp. and Brown
Hartman VIII be the principal under
writers.
A s3o,00O,OO0 issue of Youngstown
Sheet e. Tube Co convertible de-
bentures. due September l, l946, also
has been tentatively scheduled for
September g. Kuhn Loeb & Co and
Smith Barney & Co. will head the
offering syndicate.
A S25OO0.0O0 issue of Atlantic Re-
ffning Co. l5-ycar debentu1eS, due Sep
te4nber i, 1858, is on the schedule for
September Is. Smith Barney g. Co.
will head the syndicate.
F. H. A. Loans Purchased.
The National Life Insurance Co.
has been actively buying housing loans
insured by the Federal Housing Ad-
ministration, and as of July l had
invested S26,823,805 in these loans in
80 States and the District of Columbia,
1t was reported yesterday by Ebert
S. Brigham, president of the company.
Speaking at the opening of three
day convention for leading statesmen
of the company at White Sulphur
Springs, w. Va. Mr.. Brigham de-
rlared: Investment opportunities have
been very limited from the STANDPOINT
of fair interest return during the last
few years The safest outlet for our
funds which combined security and
fair return seemed to the Finance
Committee to be the housing loans.
From the spring Of 1885 on we have
been active in taking these loans
In the accounting made TO our
policyholders last January We could
say that our bond Investment, COM
prising 36.lS per cent of our assets
and aggregatlng nearly s80,000,00
had no item of principal and but one
item of interest in arrears. The one
item was a $4,000 investment IN
bonds of municipality.
Our mortgage loans suffered from
the decline in real estate values during
the depression. When Congress passed
legislation for the relief of farm and
home owners in 1888, we co-operated
with the refnancing program, with
the result that We reflnanced 2,059
loans aggregating Sa534 383. with a
loss of 25 per cent of book value.
In the process of readjustment in
cident to the depression, we acquired
a considerable volume of real estate.
losses IN this investment, We set up
contingency reserve of S2,000,000
which so far we have not used"
w. r. & E. As at New Peak
Washington Railway e. Electric 4
per cent bonds were quoted at l09. a
new years high. in $1,000 transac-
ton on the Washington Stock Ex-
change today, The new high COM
pares with previous peak of 1903 :
and 1903, recorded in the last previous
transaction
Two l0-share lots of Washington
Railway & Electric preferred moved
at 1l2l2. again equalling its years
high. The same price was recorded
yesterday.
A 10-share deal and a l5-share
transaction in Washington Gas Light
preferred were reported at 997s, un-
changed from the previous day.
Financial District Notes.
G. B. Chapman, manager of the
IaidlaW & Co. Office here, is expected
to return Friday after a vacation of
eight weeks in Germany
The First National Bank of Gathers
burg, Md, has retired 81 preferred
shares OF 50, 200 par value Outstand-
ing stock of the bank now includes
$4,000 of preferred and $4,000 of
common,