Evening star., 1924-07-06
BY I. A. FLEMING.

A new high on the upturn was
made Thursday on Railway common
| shares. when a sale of 100 shares
was made on the street at private
sale at 80 a share. This was en-
tirely at variance with the quota
tions on the regular call of the
Stock Exchange
At 80 the recovery. on the present
upturn, totals $6 a share. or within
two points of the price paid by in
terests identified with the North
American Company for the 27,5OO
shares of stock formerly owned by
the Washington Securities Company
and by that company placed in
escrow back of it's interest-bearing
and defaulted certificates.
or course, the incentive to the big
advance of late has been the probable
disposition of the electric light and
power fund accumulated in escrow
pending the settlement of the matter
of physical valuation of the COM
pany's property and the adjustment
of the price for light and current.
The theory is that this fund, now
estimated at close to s4,500.0OO. will
be so used as to give the holders
OF the common stock large dlvi-
dend, more than compensating for
paid.
Many large shareholders of the
common stock are clamoring for a
distribution of cash on the settle
ment of this fund. but the wise boys
consider that 1t will first be neces-
920 l92os will be very close to the
finally settled.
The District Commissioners have
case. and adjudication in courts is
the alternative.
But the entire fund on deposit, If
won by the Washington Railway and
Electric Company. would not be hand
ed over to the common shareholders.
mon shares would call for but $650.000
while IL a 30 per cent payment was
made it would call for less than ST.
100000. The preferred stock is not
are bond issues that might be reduced
and many other uses to which sur
plus dollars could be put. The pre-
ferred stock is held largely by in
vestors. and trading in it will not be
as large from now on.
The syndicate. purchasing the 27.-
500 shares of Railway common has
made an excellent profit on its pur-
chase. for the market has been broad
enough to have almost absorbed the
entire amount on the way up from the
81 n of the purchase price-and yet.
1t is not likely that the advance would
have carried anything like as far had
the 1850 shares been allowed to re-
main with the bankers committee.
Want LanstOn once Here.
There is every reason to believe
that local shareholders of the Lam
ston Monotype Company, will make an
earnest effort to secure the removal
of the main office of the Lanston
Monotype Company from Philadelphia
to Washington.
There can be no good reason wbv
this should not be accomplished. Fail
ing In that, the company should GER
tainly re-establish a transfer office in
this city. 90
market elsewhere than here A COM
paratively short time ago the stock
was also listed in PHILADELPHIA. Dur
ing the next few days there was a lit
tie business, but it was entirely for
the account Of local brokers testing
the market Since that time Philadei-
phia has not even quoted Lanston in
its stock reports. There are very
heavy holdings in Washington, some
waiting Tor a market and more be-
ing held on direct investment.
The name of J. Thilman Hendrick is
frequently mentioned in discussions
on the probable successor of the late
j. Maury Dove for the chairmanship
of the board of directors referred to,
in the event of failure to land the
presidency.
The New Per Cent Railway Bonds.
So far trading in the new s per
cent bonds of the Washington Rail-
way and Electric Company has been
disappointing to spectators who
placed quite a number of orders with
banks and the underwriters. The
general impression on the street is
that they will gradually move to
higher levels after spectators have
disposed of their holdings.
Calls A. b. A. Membership Worthless.
That membership in the association
is worthless is the claim of Charles
s. Hichborn of Augusta. Me, late
president of the New England Bank
ers' Association.
Mr.. Hichborn takes the ground that
the A. B. A. is a senseless spend
thrift; that 1t pays out thousands
every year and gives no return; that
it pays salaries to it's protective COM
mittee. $115,000 and various sums to
the different committees on marine,
federal legislation, public relation
ship. education. etc. and large
TIL w. 1904 n