Evening star., 1925-07-08
VOTING TRUST PLAN
is OPPOSED HERE
{. w. Bradford Scores PIGGY
Wiggiy Action Taken u
at Memphis.
BY CHAS. r. SHAEFFER.

T.. w. Bradford, general counsel aud
one Of the largest stockholders in Pig
gly Wiggly Corporation. does not look
with favor upon the formation OF
voting trust, a plan which was ad-
vanced by controlling interests OF the
concern yesterday in Memphis.
In the opinion of Mr.. Bradford
there is no good business reason for
such a proposal. Il do not believe tho
interests Of the company will be besr
served by the formation Of such q
trust" he said
The speaker declined to state at this
time whether any concerted action on
the part of local stockholders would
be made TO Illustrate the plans Of
Memphis interests, but inasmuch
a large majority of Washington own
ers financially interested themselves
solely on the strength of Mr.. Brad
lords recommendations, the assump-
tion is gained that at the proper time
a vigorous protest will be made by
local holders, who see in the plan only
a medium through which the present
control can perpetuate itself in office
ut attractive salaries
Piggly Wiggly Corporation was or
ganized in 1919 by Clarence Saunders
Several. years later a corner" va
effected in the stock on the New York
Stock Exchange, which resulted in
president in 1923. c. B. Smith sue
ceeded him. There are ar present 13
753 preferred shares of 500 par value
outstanding, of which more hhan .Oar
are held in Washington. There arc
also $4,000 shares of no par value
common, more than 5,0NO Of which are
held here.
Trading on Local Exchange.
Railway and Electric Co. returned to
the limeHght on the local board this
morning, when a new high level, since
reorganization, of 106 was established
A total of -106 shares sold at this fig-
ure.
r Another conspicuous issue was Ma
tional Savings and Trust Co. stock
which changed hands at 465 TO the
extent of 10 shares. This issue now
has the distinction of being the high
est priced issue on the local market
Other securities were firm but un-
Changed. Traction stock brought par
and a quarter, and Gas sold at 621z
Railway preferred was quiet at S37s
as was Lanston at s4Ss.
Banks Get Silver Reserve.
One item which will not appear in
the current condition of local banks
is the impetus given silver reserve.
due to the recent convention of the
! District Bankers Association.
Al the Liberty National Bank the
handsome golf trophy donated by w
| 3. Hibbs & Co. and captured by CLYDE
B. Asher occupies a conspicuous
place, while at the Columbia National
Bank reposes the new Shannon trophy
which was captured by Walter 3.
Guy, jr. Not TO be outdone, II. L.
Mcleod, secretary of Hughes & Co.
stepped out and showed the way 10
an imposing array of bankers, win
ming the initial leg on the McLachlen
cup, which is now ensconced in the
Offices of the finance company.
Bankruptcy Petition Filed
A petition in bankruptcy has been
filed in the Federal Court of New
York against the Commonwealth
Finance Corporation of that city. The
petitioners were the American Surety
Co., whose claims amount 10 S124
600, due on promissory notes. and
$4,000 in rent; Kraft Murphy Co. Of
this city, d creditor to the extent of
$4,000, due on promissory notes. and
Ferdinand Bruyninck. a creditor for
$4,000 due on notes.
The corporation is remembered a.
money-lender on mortgages or
other liens, on real and personal
property and underwriting.
The petition alleges the corpora
ton owes a number of other creditors
and that it had made preferential
payments TO creditors of various
sums aggregatinG more thar, $4,000.
The assets We're not made public.