Evening star., 1924-05-21
RULING ON At. Ct.
new STOCK OFFERING
New York Exchange Decision Re-
lating to $15o,OO0,0Oo Issues
to Shareholders.
FARM LOAN BONDS ON SALE
Review of the Trading in Local ,
Market. ~
BY CHAS. y. SHAEFFER.

The American Telephone and TeIn-
graph Company will offer to stock
| holders of record June 10 at par. one
share of additional stock for each
five shares now held The common
shares of the company must be quoted
lex rights on June 10 and rams
actions in rights settled on June %.
according to ruling of the New York
Stock Exchange handed down ,bis
morning.
The amount of the new issue will
be approximately $15O,00O. 900. Of
fered to over 100000 stockholders.
| making an average investment OF
about $500
Payment for the new stock will
be spread over period of eight
months, the first installment of $50
being due August l, and the second
of $40 on December l, and the thir,l
| of $40 on April l, 1925.
Interest at the rate of per cent.
amounting to s1.60 per share. will he
allowed on installment payments from
the due date to April l. and will lie
credited on the final payment, rcduc-
| ing it to $3.50. Stock so paid for.
will be issued under date Of April l.
1925.
May Pay subscriptions in Full.
| Subscribers, however. will be per
| mltted to pay subscriptions in fun
August i, or, having made the first
| lnstallment payment when due, they
may pay the two remaining install y
ments December l. In such Instances.
they must pay a small amount shar,.
| IN addition to make the net rate paid
| on the money by the company until
April 6 per cent, the rate allowed
on lnsta llment payments, instead Of
If. therefore, subscriptions are paid
in full August /, the price a share
| VIII be par. plus $2.75, a total of
slo2.15 a share, and if final install
ments of $50 d share are paid De
cember l, the amount payable then
will be s210 a share additional. Il
total of $50. 10 a share. Stock so paid
| for will be issued as of its date If
final payment.
Land Bank Offers Bonds.
Public offering is being made tod.
| by Hayden, Stone & Co, of new
issue of s1,2o0-0o0 of San Antonio
/ Joint Stock Land Bank } per cert
farm loan bonds due 1858. at a pre-.
of 800 and accrued interest to yield
| per cent. The bonds are not r.
deemabie before May ]. 1888. The
are exempt from all federal. stat
and local taxation. and are inStrum" n
! taiities of the United States Eovyrr-
ment
Fulfilling predictions of Alfred r.
/ Sloan, Jr.. president of the General
Motors Corporation that the pric.
| tendency of automobiles would bc ur-
| ward. the Chevrolet Motor Compaun-
! today increas ed prices on open med
| els and chassis. Closed car pric
were unchanged.
ID. c. Exchange TrndinE.
| Renewed interest in preferred stoci>
! of the Washington Railway and Eicc.
trio Company. which resulted in total
sales of 220 shares. featured transac-
| tions on the local stock exchange this
| morning. The selling in this issue
was accompanied by minor fiuctua-
| tions in price, the range recedug
| from 1224 at the opening to 724 4.
| the close.
National Mortgage and Investment
| preferred was again very active. =.
low level. Capital Traction had aa
odd lot sale at 92a4 and $500 -
| Washington Gas IS sold at 95
Directors of the Mergenthaler Lin
type Corporation have declared tn. =
| regular quarterly dividend Of -, re-
cent, payable on June 80 to Sfoc>-
holders of record as of June 1.
Personal Mention.
Maurice Otterback. pres >ident Of -
Anacostia Bank. and Frank i. StrN-
ker. president of the Columbia Na-
tional. are both confined to thei..
| homes with illness