Evening star., 1941-11-10
Utility Bonds Bring
Extra High Prices
On D. {. Exchange
Listed Issues Quoted
Well Above Par,
Survey Reveals
BY EDWARD c. STONE.

SClIulS 1dI dUOFe Par, Willie prices
In most issues are at or close to the
years highest prices, market sur
vey discloses. Trading volume also
has held up, although many in
vestors are unwilling to sell
The last sales in American Tele-
phone & Telegraph per cent de-
bentureS were made at 11l3s, OF
more than II points above par. Ana
costa & Potomac r. R. first 5s. 1949
recorded their last sale at 108, the
high for the year, while Anacostia
& Potomac guaranteed IS are Il
points above par. Anacostia & Poto-
mac R. R. modified 5S, 1851, have
recently appeared in the trading
around l06, the years top being
108l2.
Capital Traction SIS, now selling
around los, have been by far the
most popular issue on the board so
far in 1941. City & Suburban SIS
have sold at only one price this
year, 108, and the modified City &,
Suburban SIS have the same record,
being quoted at 1912. Georgetown
Gas Light IS are 1884 points above
par.
Potomac Electric Power first 314s
have had only one selling price this
year, 109, while Washington Rail-
way & Electric As sold today at
107&. Washington Gas Light 5s
remain the highest priced bonds on
the board, changing hands recently
at 1882. At present prices, Capital
Traction SIS return the highest yield
of any bond in the list, 405 per cent,
the survey shows.
Large c. e. p. Outlay Voted.
Directors of the Chesapeake &
Potomac Telephone Co. have voted
an outlay of ST ,267 900 for expansion
of service and construction in the
Capital. C. A. Robinson, vice presi-
dent and general manager, an
nounces.
About Sl060,000 will be used for
additional equipment in several CEN
trail Offices and nearly s194,OOO will
be used for the installation of
branch exchanges.
So far this year S12,700,000 has
been voted for expenditures in the
District.
Bankers Plan Cost Forum"
How to Meet the Overhead in
1912" will be the subject of a special
forum discussion at the convention
OF the Investment Bankers Associ-
alton at Hollywood, Fla. late this
month, 1t was announced here to-
day.
J. Clifford Folger, of this city. will
act as chairman and be one of
eight investment bankers to lead
the discussion. Charles B. Merrill,
OF Merrill, Lynch, Pierce, Fenner g.
Beane, will be another speaker.
The program calls for addresses
on taxes, private financing and
postwar REIMBURSEMENT.
Maryland Deposits Reported.
Resources of the 172 insured COM
mercial banks in Maryland totaled
1888, ,670,0 on June 80. l941, accord
ing to survey by the Federal De-
posit Insurance Corp.
Deposits in the insured banks were
listed as s766, 5000. Demand de-
posits of the latest call date
amounted to 1851, $4,000 and time
deposits totaled S215,45200O.
Loans and discounts of the re-
porting banks amounted to s195.-
218,000, an increase of Sl8,14O,OOO
over the June %, 1910 total.
More Bond Issues Approved.
During October the voters of Al
communities located in % States
approved a total of s13,72420O of
new bond issues as compared with
only s5,42S,629 during October, 1910,
according to the Daily Bond BUYER.
The total for September was S4,-
638,053.
Officials of the Federal Deposit
Insurance Corp. are very proud of
the fact that only six banks closed
during the first 10 months of this
year. against 10 a year ago in the
same period. Only a small sum of
money had to be paid to insured
depositors. The report was the most
favorable since the insurance cor
poration was started.
Investment Committee Meets.
The Business Conduct Commit
tee Of District No. IL, Investment
Bankers Association. held an all
day meeting here last week and
gave careful consideration to many
fair practices cases.
These committees are considered
among the most important in the
association and are constantly called
upon to take up matters regarding
investment dealer ethics.
James Parker Nolan is chairman
OF the committee in charge of this
territory. The other members are
Y. E. Booker of the investment firm
bearing his name, Howard Demut!l
and Herbert Schaefer of Baltimore,
Oscar Burnett, Greensboro. N. c..
and L. Gordon Miller, Richmond.
Holiday to Be Observed.
Washington banks, building aSso-
Citations, New York Stock Exchange
Offices, the Washington Stock Ex-
change and the investment houses
will be closed tomorrow for Armis-
tice Day.
Brokers say they are having more
holidays this month than they want
election day, Armistice Day and a
day off for Thanksgiving. They not
only lose three days business. but
trading on the days before holidays
Is apt to be very quiet.
Heard in Financial District.
Officers at the Riggs National
Bank, who paid special attention to
Robert " Fleming's 10Th anniversary
as president, November 9. an
nounced today that average deposits
for October in 1925 totaled $35, 5,735,-
900 and in October this year aver
aged $156,277,0OO, an increase of 337
per cent.
Depositors on November /, 1925
numbered 1896 and on November
/, this year, 83,469, while capital
funds, as of November l, 1925, to-
tailed $4,418 900, as compared with
e10,382, 500, as of November l, 1941
Washington Gas Light common
stock was very active on the Wash
i~~tox, C+1oIr Co1os