Evening star., 1925-10-23
J. D. CASSELS HEADS
{. B. SMITH OFFICE
Investment Bankers Put Lo-
cal Man in Charge-NeW
Stock Is Allotted.
BY CHiS. +. SHAEFFER.

BY CHiS. +. SHAEFFER.
j. Donald CasseIs has been ap.
pointed manager of the Washington
Office of Edward 3. Smith & Co,
investment bankers of New York and
Philadelphia. il was announced this
morning. This office. which has been
in existence for about a year, is To-
Gated at 917 Fifteenth street. in the
Edmonds Building. Mr.. Cassels has
been a resident of the city for many
years and has always followed a finan-
cial calling. His early training was
with the American Security and Trust
Co. but in later years he has been
affiliated with stock and bond houses.
Mr.. Cassels' present firm was found
ed in Philadelphia in 1892. with
Stock Exchange facilities. and a New
York Office added 10 years later. In
addition to transaCtinG a general in
Vestment, banking and corporation
financing business, the house has
membership in both the New York
and Philadelphia Stock Exchanges.
executing commission orders for its
clients.
This firm has taken prominent
part in Industrial and public utility
fina ncing. among the concerns with
which it is identified being the Inter
national Telephone and Telegraph
Corporation. Belding Bros. q co.
New York Air Brake Co, Il. Hoe y
Co. and the Stanley Co.
Joseph II. MeeCan was appointed
assistant manager Of the local Office.
Five Shares for Subscribers.
Eacn subscriber 10 the Offering Of
So .0O0. 900 of new 6 per cent non-votin-
preferred stock of the Potomac Elec-
trio Power Co. will receive no more
than five shares. company officials an
nounced. following a conference late
Yesterday afternoon called for the
purpose of devising a policy to be fol
lowed in allottins the huge oversub-
scription. Subscriptions for less than
five shares will be honored in full.
Considerably more than $4,000 600
was asked for in the orders which
numbered approximately 400. But
in order that the consumer and small
subscriber may be given preference
the usual system of pairing down all
subscriptions to the ratio of overflow,
the company adopted the fiat scale
which will give, for example, the same
amount to the customer who could
handle but ten shares as the sub
scriber who desired 1000 shares.
Trading on Local Board.
Co. suffered a slump of rather pro
nounced proportions on the Washing
ton Stock Exchange this morning
sales Of 80 shares carrying the Level
off full points TO 6S. The issue WAS
off points at the opening. selling
pressure quickly achieving the addi-
tional points.
Capital Traction stock. which h.
teamed this week with Gas in featlrr-
inc Il t.
level, having aggregate sales of 2lI
shares At 1o4 and fTactionally above
A block Of 130 shares of Lanston
| Monotype sold At 81. and 10 shares nf
| Railway preferred were firm At s51g
Ten shares Of Riggs National Bank
brought 400
British Employment SIunnpe.
Unemployment was still on the il
crease in Great Britain at the end ~
August. the Department of Commerce
announced, and was especially marked
in coal mining, textile manufacturing
and tinplate milling. On September I
the official figures showed AIS. 900
persons out of work. as compared Wi,h
], ,l9l 900 on the same date a year ago
These figures are taken from the
: English unemployment insurance de
partment, which now calculates that
I'D per cent Of the regular working
population of the country is out of EN-
ployment.
Would Buy Coal Line.
The Chesapeake and Ohio Railroad
today asked the Interstate Commerce
Commission for authority to buy three
] miles of coal railroad in Kentucky at
4 cost of SloG.14S. The branch lines
which il proposed to purchase run
from Dinwood and LaCkey 10 adjacent
coal mines.
The Roanoke Railway co. sought per
mission 10 abandon 81, miles Of road
running from Horners to Thelnna. in
North Carolina. This line was ori-i-
/ naNy built ~ serve numbering opera .
! tons in which the timber is now OK
. hauSted
Heavier loading of freight cars and
+ their more expeditions movement were
/ cited in report TO-DAY by the Bureau
of Railway Economics as havin.
caused a marked increase in the eli
cheney with which the railroads han
died their freight traffic last August
as compared with a year ago
Reports from the carriers were Sa ii
TO haN eshown q daily average move
ment per freight car of 29:5 miles per
daE last August. an increase of %
! miles over August a year ago. The
dNeio oSe icdu per 1felSht car W3S given
as us tons. an increase of 10 Of a
ton compared with the same month
/ last year.
! The bureau figured that this meant
! approximately l. per cent better serv-
! ice for the shippers
+! Bakery Earnings Very Large.
! Bakeries owned and controlled bv
i the Continental Baking Corpora ton
earned a net profit of S7.316 ,206 for the
current year to September Il before
| depreciation and income tax. Sales
are increasing and the company is en-.
joying healthy financial and business
condition.
Officials of the company state new
bakeries will he constructed in New.
ark. Little Rock, Ark. on land recently
F.! bought. and the present plants in
! Hartford. Conn. and Clarksdale. Miss.
/ will he replaced by new structures.
! Bakeries in Kansas City. Mo. and
! Boston will also he enlarged.
"GOlD POINT" RAISED