Evening star., 1938-03-04
NEW D. {. ISSUE
IS SOLD QUICKLY
Terminal Refrigerating 4Hs
to Provide Funds for
Bond Retirement.
By EDWARD c. STONE.


ct 100, was quickly oversubscribed, it
was announced later by Y. E. Booker
& Co., the underwriters.
The new bonds are to be dated April
l, 1888, and will mature April l, 1948
The indenture securing the issue pro-
vides for an annual sinking fund of
3 per cent, which will retire 30 per
cent of the issue by maturity
Proceeds from the bond sale will
he used to retire on April l 100000
first mortgage S per cent bonds of the
professor company, the Washington
Market Co., and S390,00O 5ls per cent
first trust notes of the Terminal Re-
frigerating & Warehousing Corp, and
to pay off bank loans.
Holders of the outstanding bonds
and notes are being given the privi-
lege of exchanging their maturing
bonds for the new 4l4 per cent bonds.
Company officials said today that hold
ers should notify Y. E. Booker &, Co.
not later than March l3 of their de-
sire to take advantage of the offer.
Banks Taking New Bonds
A large proportion of the maturing
bonds and notes is held by Washing
ton banks, either in their banking or
trust departments, and it was UNDER
stood today that virtually all these are
being exchanged for the new bonds.
In the opinion of the company's coun-
sci the bonds will qualify as legal in
veStment for trust funds in the Dis
trict of Columbia
Application will be made to list the
new issue on the Washington Stock
Exchange. The officers of the Ter
minal Refrgerating e. Warehousing
Corp. are Wrisley Brown. president;
William H. Hanney, Fred Ophuls and
Simeon T. Price, vice presidents;
Jerry P. Johnson, secretary. and Rob-
ert D. Marshall, controller
Other directors include Charles A.
Garry. Clarence A. AspinWall. Marcy
L. Sperry. Appleton P Clark, jr:
G. w. Forsberg, William D. Hoover.
Ralph w. Lee. Clarence F. Norment,
William P. Reeves and Lloyd P. Wilson.
1t was learned in the financial dis
trict today that big New York in
surance company was ready and
anxious to take the entire S800.000
Considering the present dearth of in
vestments, the fact that these bonds
we're first offered the Washington pub
lie and financial institutions will
arouse general approval.
New Firm Starts Business
The new American Co.. reorgani-
zation of the old Federal-Amerlcan
Co., is now carrying on business on
the ground floor in the Southern
Building at 807 Fifteenth street Off
GERS of the new company are John
Poole, president; Leon Tobriner. vice
president and counsel; John w. Fisher.
secretary and treasurer. and Nathan
Poole, assistant secretary and assist
ant treasurer.
The board of directors is made up
of John Poole. Charles G. Abbot,
George w. Harris, James NJ. Johnston,
Harry King. Frank T. Mitchell. Vernon
G. Owen, James Brown Scott, Leon
Tobiner and L. Perry West.
The REORGANIZATION Committee con-
sisted of G. Thomas Dunlop and
Charles Stanley White. representing
the common stockholders; Herbert
Corey and James NJ Johnston. repre-
senting the preferred shareholders and
John Poole as president of the former
company.
The old company was organized by
officers of the Federal-American Ma
tional Bank in the days when many
local banks had auxiliary concerns
dealing in real estate.
Private Building Active.
In the Washington metropolitan
area in January the total value of all
construction contracts amounted to
s2.625,000, H. A. Johns. manager of
the Washington Office of the F. w.
Dodge Corp. reported today. Of this
amount private contracts accounted
for $l.802,000, and the remainder,
s823000, was for contracts to be
financed from public funds. Under
the heading of non residential work.
the January contracts totaled S727.-
600. Mr. Johns stated
Mr.. Johns concluded his summary
of January activities in the metro
political area, which includes the Dis
trict, Arlington and Fairfax Counties
in Virginia and Montgomery and
Prince Georges Counties in Maryland,
by reporting that the heavy engineer
ing type of construction contracts, to
be financed from public funds or by
the utilities, amounted to $4,000.
Noted Guests Invited.
F. Wilson Camp, secretary Of the
District of Columbia Building and
Loan League. announced today that
many distinguished guests have ac-
cepted invitations to the annual ban
Aqnet tomorrow night at the Mayfower
Hotel. Among them will be many
Senators and Representatives. G. J.
Oppegard, deputy controller of the
currency; E. F, Colladay, president,
Board of Trade; Ford E. Young, presi-
dent, Merchants and Manufacturers
Association; Commissioner Melvin c.
HaZen, Edward c. Baltz, president,
United States Building and Loan
League, and Executive Vice President
Morton Bodfish, O. K. La Rooue,
president, Federal Home Loan Bank
OF Winston-Salem, and many others
There will be more than $50 people
present, record attendance.
Casualty Firm Reports Gains.
Arthur r. Peters, president of the
Mutual Insurance Agency, representa-
tives of the Lumberman's Mutual Cas-
ualty Co. of Chicago, has just received
the annual report for the year 1887,
which shows substantial gains in
every department. The report states
that because of uncertain security
markets, the company has established
reserves sufficient to absorb a decline
in market value of stocks to the lowest
point reached in the depression year
of 1882. Over 81 per cent of all as
sets are in cash and Government
bonds.
Assets increased in 1887 to S3O,244,-
0s2, a gain of s3.613,S88 Premium
income reached new high record of
$26, ,566, ,766, an increase of more than