Evening star., 1941-11-16
Best Bonds Sold Privately.

In his testimony before the House
Interstate Commerce Committee on
proposed changes in the Securities
Acts, J. Clifford Folger of Folger.
Nolan & Co. claimed that all the
best public utilities issues in the
Capital are now being sold BY
private placement.
In July, 1886, he said, the Potomac
Electric Power Co made q public
offering of S15.000000 81, per cent
bonds. In November, 1887, the same
company sold s500OO0O 81 per
cent bond issue to the METROPOLITAN
Life. In December. 1899. another
similar issue was sold to the Metro
politan Life and Mutual Life. while
in September. 1910, a s10,OoO,OOO
issue was sold privately to these
same companies.
In June. 1885, the Washington
Gas Light Co. sold an issue of So
100000 All per cent bonds to the
Metropolitan Life. In November,
1888 the same company sold an
$500 900 4 per cent bond issue to
the Equitable, John Hancock, North
western, Massachusetts, Mutual. New
England Mutual and Mutual Benefit.
Of all the issues, approximately s45.-
100000, only 100000 was offered
the public, Mr.. Folger said.
Investment bankers claim that all
issues sold privately should be
registered with the S. E. c.. the
same as public issues. Opponents
to registration call it an entirely
unnecessary expense.
Holmead Named Bank Manager.
Edward C. Holmead. assistant
cashier. has been appointed man.
ager of the Takoma Park office of
the Suburban National Bank, to
succeed Ira C. Whitacre, who has
been granted several months leave
Of absence, it was announced yes
terday.
Associated with the Suburban Ma
tional for 10 years, Mr.. Holmead
advanced from assistant note teller
to assistant cashier in charge of the
real estate loan department and
later was placed in charge of the
CIeulL UcpdI UIlltIll.
In addition to his public school
education. Mr.. Holmead also is
graduate of the American Institute
of Banking. He is a member of the
Manor Club and the Silver Spring
Lions Club, of which he was presi-
dent in 1937-38 In 1910 he served
as deputy governor of District 22-A
of Lions International. He assumes
his new duties tomorrow.
Convention Plans on Program.
The semi-monthly meeting of the
executive council, District of Co
lumbia Building and Loan League,
will be held at the Raleigh at 1890
Tuesday. Plans for the departure OF
the Washington delegation to the
Miami convention of the United
States Savings and Loan League
November 80 to December 4 will be
completed.
Martin A. Cook, general chairman
of the Banquet Committee, District
Building and Loan League, an
nounced last night that the annual
dinner will be held Saturday, Janu-
ery 81, at the Mayflower Hotel. six
weeks earlier than last year. About
500 are expected to attend.
John Nolen, jr., director Of plan
ming for the National Capitol Park
and Planning Commission, will speak
on "The Future Development OF
Washington" at the next meeting OF
Washington Chapter, Society OF
Residential Appraisers, Tuesday at
8pm. at the District Title Co, 141a
. I street. Secretary R. Lee Baxter an
nounced yesterday.
Gas Issues Retain Favor.
Washington Gas Light IS, 1860
opened yesterdays session OF the
Washington Stock Exchange with q
$1,000 transfer at 1885. Washington
Gas common appeared on the board
at 49,, unchanged, and small sale
of Gas preferred brought 103.
Potomac Electric Power anc
Washington Railway & Electric pre-.
ferred issues are now being quoted
ex-dividend. The final bid for tht
week for Peoples Drug common wa!
% but no holders were willing to sci
at that price.
Financial District Notes.
The Carroll County Bank, Hills
vile, Va, has been admitted II
membership in the Federal Reserv
System, it was announced yesterday
There are 488 employees at the Fed
eral Reserve Bank of Richmond, 10!
at the Baltimore Branch and SO a
Charlotte, nearly all of whom beinl
in line for pay increases just an
nounced.
Paul j. Seltzer, manager of tn
Southwest Branch of the American
Security & Trust Co., is enjoying