Evening star., 1925-09-09
RAILWAY COMMON
DECL|NESTO ia II
Many Believe Advance Has
Run Its CourSe-Other
Financial Notes.
BY CHAs. p. SCHAEFFER.

BY CHAS. r. SCHAEFFER.
Washington Railway and Electric
common stock returned to the active
list this morning, on the local ex-
change, with a slump of Az points
over the last previous transaction
Today's closing price of 1741a, re-
corded after exchanges of so shares,
was not unexpected, in view of the
unsupported asked" price of 18l
yesterday.
While mystery still enshrouds the
factor responsible for the issues SEN
Satlonal rise of more than so points
IN the last two months, the feeling
Is rather general that the upturn has
reached its peak. The last weeks
trading would appear to bear out this
belief in that only declines have been
registered. However, it would oc-
casion but little surprise If the enig-
matte force behind the security should
stage another ascension, as the out
of-toWn interests operating in the
issue have We'll concealed their WINS
and wherefores.
The remainder of the days active
list was uninteresting An odd lot
sale OF Washington Gas found the
level pegged at 63, and Lanston Mono
type was unchanged at S47s CAPITAL
Traction stock sold at par and a quar-
ter and Riggs Bank brought 382.
Fifty shares of National Mortea
and Investment, preferred, sold at 9la.
Bond trading was sparse. confined
10 utilities at unchanged prices.
North American Investment Deal.
II. Z. Wilson, president of the West.
ern Power Corporation has issued a
statement explaining that the offer
Of the North American Co. for a con
trolling stock interest in Western
Power does not contemplate an actual
merger of the properties, but, on the
other hand, is an investment only
The North American Co. as a hold
ing corporation would control West
ern Power, he said, but the preferred
stock of Western Power and it's sink.
ing fund of gold debentures would not
be involved in the acquisition of the
common stock. No changes in the
mana cement OF Western Power are
contemplated.
Local Brokers Prospering.
So great has been the boom in New
York Stock Market securities that
local members of the big board have
already realized a larger commission
business thus far in 1925 than during
the entire year of 1924. For the
first eight months of this year the
ever known.
General prosperity, first, and then
cheap money are mainly responsible
for the present enormous public par
tlcipation in the stock market, while
the number of new trading accounts
being opened are far beyond fondest
anticipation, it is claimed.
Daily trading in New York Stock
Exchange stocks have averaged
] E0 IL
year. For the first eight months
period Is 1000, ,000-share days were
recorded, together with lat days on
which sales exceeded the 900 ,000-
| share mark
Similar conditions prevail on the
Washington Stock Exxchange. A
cursory check up of the local list re-
veals that stock transactions for this
year to date are many thousand
shares in excess of the same period
of last year. The answer is readily
found III the rising market, easy
money and bright future.
Stock Largely Deposited.
Chapin-Sacks, Inc, announced to-
day that 96,147 shares out of leo, 900
shares outstanding had been deposited
under the plan of exchange of class
"A'' stock of Southern Diaries on a
Bond Redemption Announced.
Formal notice of redemption of it's
entire outstanding issue of S7,760, 900
of 61a per cent bonds was filed with
| the trustee on September l, it was
| announced today by the Certain-teed
| Products Corporation. At the same
| time officers stated that funds were
| deposited to provide full payment OF
| principal, per cent premium and
| interest to November l. This issue,
| which was originally for $4,000, 600,
and which has been outstanding only
since May 1, 1928, was reduced
s240,000 on May 1, last, by maturi-
ties under amortization provided in
! the mortgage.
The retirement of the bonds makes
the per cent preferred stocks the
prior obligations of the corporation.
The annual dividend requirement for
the $4,000 shares of first preferred
and 26,750 shares of second preferred
is S501. $780, after which earnings will
be available for common stock. Net
profits after bond interest for the first
half of 1925 were S1.00S, ,228.40. At
this rate with bond interest eliminated
the net profits would be S2,541. .552. .76
per annum.
New Teachers at Institute.
| The personnel of instructors for the
| local chapter, American Institute OF
Banking, for the coming season con-
tains several new names. Dale Car
negie, public speaking teacher at Lon
| don, Paris, Philadelphia and Balti-
more, will have charge of this depart
ment, and William Gordon Buchanan,
| c. P. A, will conduct the classes on
credits. William NJ. Deviney, A. M
Phi. D., will lecture and instruct In
accounting and investments.
| RAYMOND B. Dickey, affiliated with
the chapter for several years, will
! continue in his capacity as dean. He
will specialize in commercial law and
negotiable instruments. Eliot H.
| Thomson will continue in banking
fundamentals, as will F. ]. Donohue
| on economics and standard banking.
Bankers End Vacations.
! William D. Hoover, president of
| the National Savings and Trust Co.,
| has returned from several weeks va
cation at Hot Springs, Va.
John B. Larner, president OF the
| Washington Loan and Trust Co., has
also ended a vacation at his Summer