Evening star., 1950-04-23

1oUU. FOr 81
Mr.. Booker. generations til
business has been in control {
the same family. Alexande
Brown Griswold and Benjami
H. Griswold, Sd, now being at tn
helm.
For a century and a half tn
firm has underwritten new secu
rites and until recently engage
in private banking. When tn
Bank Act of 1888 prohibited
banking house from engaging Il
both commercial and investmen
banking, the company turned it
entire efforts to investment bank
ing and brokerage.
Other partners are Charles
Garland, F. Granger Marburl
William j. Price, Sd, j. C. Riep
and James McHenry.
Pepce Issues Coming Soon.
Holders of Potomac Electri
Power common stock were mott
fed yesterday that directors hav
adopted the plan to issue 1000
additional shares and sell SO
million in bonds, as outlined a
the annual meeting.
Both the PUG and the SCI
have been asked for approval.
Holders of outstanding commo
will be given warrants on May
to subscribe for one share of tn
new stock for each five share
now held, the price to be fixe
shortly before the Offering il
made. The PUG has set hearin
on the application for May l.
Out of the $50 million bon
issue, $40 million will be refinanc
ing of present bond issue, S
that the company will get onl
$40 million for the constructor
program.
After Easter Sales Drop.
Department store sales in tn
Capital for the week ending Apr
Is dropped 81 per cent below tn
corresponding week a year ag
and % per cent under the pre-
ceding week this year, the Rich
mond Reserve Bank reported.
The comparison covers the wee
after Easter this year and tn
week before Easter last year whicl
largely explains the heavy de
creases. Sales in the fifth distric
were down 81 per cent from tn
previous week but from Januar
were off only S per cent.
Credit Men Plan Election.
Chesapeake Chapter, Rober
Associates, made up O
bank credit officials, will hold tn
annual banquet in Baltimore o.
May 8. elect officers and the Boar
of Governors and hear an addreS
by Charles w. Williams, vice presi
dent, Federal Reserve Bank O
Richmond, who has edited man
books on bank credit.
Directors of the Lanston Mono
type Machine Co. have declare
the regular 50-cent quarterly divi
dend. payable May 81 to stock
holders of record May 10. TIL
stock is selling on the Washingto
Exchange at around $40 a shar,
Loan Information Sought.
Raymond Peterson, presiden
American Bankers Association
has asked for information on tn
loan activity of member bank
the facts to be presented befor
Congress to show that there
no need for many of the Govern
ment loan agencies and guarante
agencies which constitute a thres
to the national economy"
The purpose of securing the ir
formation is to prove to Congres
that chartered banking "is in
position to and is taking care {
the credit needs of the America
people,"
Housing Act Reviewed.
D. J. Needham, general couns,
of the ABA. devotes his latest leg
islative bulletin almost wholly
the Housing Act of 1850, passe
by Congress and signed by til
President.
The new law liberalizes FIJI
mortgage insurance and CT loa
guarantees. FILA Title l is ez
tended five years, retroactive
March l, 1850. The Veterans Ac
ministration is authorized unde
certain conditions to make diret
loans to veterans for the purchas
OF homes or the improvement {
farm houses.
Also provision is made in TIL
act for the disposal Of Governmer
owned war and veterans housin
to States and local public bodie
and for direct Government loar
to educational institutions of high
er learning to provide housing fo
faculties and students.
Southern Adds New Sleepers.
New lightweight sleeping car
with roomettes and double bed
rooms. will be placed in servic
by the Southern Railway betwee
Atlanta and New York on Ma
l and 2. They will replace tn
pen-section cars.
American University announce
summer courses in insurance,
addition to accounting, retailinl
advertising and business admin.
tration. George C. Link and Bel
nard T. Dodder will be instructor
Can Federal and Private Pow
er Live Together" will be d.
bated by the United States Cham
ber Of Commerce at a Mayfiowe
luncheon, May 2. Ralph Car
former Governor of Colorado, wi
preside.
william r. Tooker has bee
appointed assistant general ager
Of the McCombs Agency of tn
Berkshire Life Insurance Co.