Evening star., 1944-04-21
Capital Bond Issues
Disclose Firm Tone
In Second Quarter
By EDWARD C. STONE.

All bonds listed on the Washing
ton Stock Exchange now are quoted
we'll above par, with Washington
Gas IS heading the list at 1913 and
Georgetown Gas IS standing at 122
bid and 125 asked. No utility bond
has sold this year at less than 1852,
the last sale in Capital Traction SIS
being at this figure. Dealers report
a far heavier demand than supply
in all these issues.
The second quarter also has found
a lively demand for many bonds
sold over the counter. Notable ex-
amples in this list are National Press
Building and Washington Proper
ties issues. incidentally, a survey
shows Mayf1ower Hotel SIS, with
stock, to be carrying bid of 160.
Bonds Draw Wide Attention.
The first mortgage bonds on the
National Press Building have been
reduced through sinking funds and
bond retirement from $6,220,00O in
1885 to the present figure of ap-
proXimately S4,700000. Rejecting
this improvement, there has been
for some time persistent demand
for all Press Building issues.
The first mortgage bonds, due
April Is, 1850, are currently quoted
around par and the second mort
gage issue, which has been reduced
from S2,175,000 to about 81 900, 900
and is due on the same date, is be-
ing quoted in the middle Cos. The
preferred stock has attracted in
creasing attention in recent months,
current quotation being 61a bid, Of
fered at 81.
Properties Is Also Strong.
Washington Properties income rs
have proven to be outstanding in
come producers. Wartime earnings
have resulted in very substantial
reduction in underlying indebted
ness and the elimination of accrued
arrearages, thus paving the way for
sinking fund operations and further
debt retirement. These bonds were
originally outstanding in the amount
of $10,305, 900, but bond repurchases
with funds obtained from sales Of
properties and available cash have
reduced the total outstanding to
$8.803,O0 as of october 81, 1943.
The issue is secured by a first
mortgage on the Wardman Park
Hotel and Annex, the Carlton Hotel.
Cathedral Mansions North and a.
general mortgage on other proper
ties in the District. The bonds are
quoted 891a bid, offered at 9215. o.
Three New Directors Named.
Pennsylvania Central Airlines
elected three new directors yester-
day, Robert F. Black, president,
White Motor Co., of Cleveland;
Martin Lindsey, vice president, Auto
matte Electric Co., Chicago, and
James r. Stockton, head of his own
real estate and insurance firm in
Jacksonville, Fla.
C. Bedell Monro was rejected
president for the 10th year; j. H.
Carmichael, j. j. ODonovan, Robert
j. Wilson, vice presidents; r. G..
Lochiel, treasurer; whiles Hayes
Dever was advanced to the secre-
taryship. Messrs Monro and Car
michael, and Robert v. Fleming,
president Riggs National, are among
reelected directors. Mr.. Monro pre-
dicted that the Government will
turn back much equipment to the
airlines this year.
Boston Tops Insurance Gains.
Washington led Chicago, Cleve-
land, Detroit. Philadelphia and st.
Louis in the percentage gain of new
life insurance written in March
compared with the same month al
year ago. The II per cent gain here
however. was behind that of Boston,
Los Angeles and New York. Boston
topped the list with a So per cent
rise.
Boston, New York and Los Angeles
were also ahead of this city in the
first quarter but the Washington
upturn of 10 per cent over last year,
was ahead of Chicago, Cleveland,
Detroit, Philadelphia and st. Louis.
In the South Atlantic section sales
were up 20 per cent in March and
% per cent in the three months.