Evening star., 1924-10-14
BIC AM. TEL. & TEL.
ISSUE NOW CLOSED
More Than $4,000 Sub
s!criptions for $151,157,500
in New Stock-Notes.
BY CHAS. p. SHAEPE,r,n

Inc new stock issue of the Amer
lcan Telephone and Telegraph Corr
pany, offered on June 10 last to m
ompanH's stockholders at the rat
OF one new share for every five ola
shares held, has come to the succes-
iui close' IL was announced thi>
morning. The fotation amounted tn
l51,l57,Joo at par, and was one Of
the largest transactions Of its kind
ever undertaken
mere were slightly more thar
is"'oeo subscriptions, averaging -
shares each. OF these 10000 vere
paid Tor in full, and $1,000 were made
on the deferred payment basis
Nearly 10000 Of the subscriptions
and over $4,000 by investors who, by
the purchase Of rights, acquired the
right to subscribe.
The amount of stock remaining un-
subscribed is slightly over / per cent.
More than 1900 new, stockholders
! have been added and the total mum
Der Is now more than $4,000.
The balance sheet for the nine
month period ending with September
so. 1924, shows a surplus of si2749
3OI, IS compared with si44S55O4 for
the corresponding period Of last wear.
The decrease is caused by increased
interest charges and dividend nav
mentS. which more than offset tho
gain in revenues. Dividend for the
three-quarter period amounted tn
Sol,s62.574, as against s46.770,739 Iast
year.
The estimated net income Of tho
| company for the first nine months IS
placed by company officials AZ sea
| Ill 1850, after charges and Fedora
taxes, equal 10 Ss.3I per share on tn,
average amount of stock outstand
ing. compared with S612561I2 o.
/ $a-"6 share, in the corresponds.
period Of 1929.
Seek Sa.OOO.OOO Bond Issue.
Tie Pittsburgh and West Virgin
Railway COMPANY today applied to tn,
interstate Commerce Commission fo-
| authority TO issue $4,000. 600 of ~ ne
cent equipment trust certificates. 10 b..
sold to Dillon. Read & Co. al o. ne,
cent of par. The proceeds will be usea
IN the retirement OF a portion Of tn.
company q per cent preferred stock
The Denver and Rio Grandc Westar..
! Company asked for authority TO issu-
s3,oOo,oo0 of per cent funding ami
| improvement mortgage gold bonds 10
Heip lihance the road $ reorganiza tiol.
New Course Starts Tonight.
The new accounting course Of =,
| local chapter American Institute nf
Banking, viii be ushered in tonish,
at q special session of the chapter
IL IS part Of the advanced cpurs.
! open to graduates Of the stardar,,
course, bank officers and senior ban
clerks. The course will be inaug7.
rated By Joseph X. Moyer, in pcrn7a
; ncnt charge, who Will discourse on
counting
Tomorrow night the conmercf.
law class, under Raymond B. Dicke,.
VIII function, and on Thursday Elio,
H. Thomson Will lecture on 'Rccei,-
ing and Transit Departments" befo-
the elementary class on Frida
night Value" and Credit Instru
ments' viii be discussed before tn
standard economies class by F. !
Donohue and +. Gordon Finney, Re
spectively.
Branch Open to Visitors.
The new Southwest branch of tho
American Security and Trust Com
pany offlciailE opens for inspection
today from $50 to 1000 pm.
Located at Seventh and L street.
southwest, it presents an impressive
edlflce, equipped with every facilit.
10 properly conduct a modern bank
ing business.
Local Exchange Strong.
Stock of the Washington Gas Light
Co. turned sharply upward on the
local exchange this morning, selling.
at 52S4 as the session closed Ma
tional Mortgage and Investment pre-
ferred also advanced TO als, its
former level, on sales of 265 shares.
Railway preferred sold TO the eX-
tent of one share at %, the same
price being paid for Lanston Memo
type. Capital Traction was firm al
3224, as was Commercial Eationat
Bank at 140h. Union Trust Co.
brought l66.
Bond trading was we'll diversified
at firm prices