Evening star., 1925-03-25
n. & v. STEAMBOAT
STOCK IN JUMP
Advances s 1-2 Points.
Riggs Gain Discounted by
Later Decline.
BY CHAs. p. sHAEFFEH.

Two additional new highs were
established on the Washington Stock
Exchange today.
An advance of eight and one half
points from the previous peak on
the part of stock of the Norfolk &.
was the outstanding feature of the
market, while an advance of . points
to 355 by Riggs National Bank was
less pronounced.
The former issue, which Is more or
less of specially" has been highly
inactive thus far in 1926, having
moved in range of 615 points prior
to today The advance of Riggs was
discounted by later sales, which
forced the price back to 353. yester-
days close.
Capital Traction stock picked up a
fractional point to 81, still selling ex-
dividend. Railway preferred was un-
changed at 81, but Gas lost fraction
ally on the day, closing at 50 on odd
lot sales. Mergenthaler was easier
at $50, and National Mortgage and In
vestment preferred unchanged at
"a
Bonds were firm, heavy selling
OF hallway as forcing the price down
fractionally
southern's Net Increases.
Despite a decline of s77,433 in gross
revenues for February, compared with
the same month of 1924, the Southern
Railways net operating income in
creased TO S2,207, ,332 from s1.92e,S79.
The net for the first two months or
this year, as compared with the CORE
spending period of last year, shows a
gratifying Increase from S3,681,4I1 to
s4,2S7,479.
shrinkage in borrowings.
"A shrinkage in borrowings ranging
from 10 to 80 per cent during the last
IeW weeks is being reported by New
YORK brokerage houses. Leading horses
report declines of as much as 10 per
cent, while the smaller houses report \
railing off of as much as 80 per cent
AS a result, 1t is now estimated the total
is $780, 10000 900. as against a peak Of
s2.100,000,OO0 on March 6.
Borrowing began to advance with the
stock market in July last. when an estf-
mated total of 81 ,325, ,000,o 900 was re-
ported on July IA.
c. and o. Orders Rails.
The Chesapeake and Ohio Raflwav
co. has ordered 10000 tons of rails
Bethlehem Steel getting an order for
o'ooO tons, with the balance beinE
divlded between Inland Steel and
IIlinois Steel. The Pennsylvania
Railroad is in the market for 10000
tons Of tie plates
Pennsy. Seeks Bond Issue.
The Pennsylvania Railroad and one
OF It's subsidiaries, the Pittsburgh,
Cincinnati, Chicago and St Louis
sought approval of the Interstate
Commerce Commission today for an
issue of S26.000,000 in bonds of this
amount $10,250.000 would be used 10
pay off debt owed by the Pitts
burgh company to the Government.
while the balance would Reimburse
both corporations for expenditures
and Indebtedness in behalf of the
subsidiary in recent years.
The Central Pacific asked for an
proVal of an issue of S2,600,O 900 in
preferred stock. The new shares
Will be turned over to the Southern
Pacific Co. which in turn will use
them as collateral to secure bond
issues.
VIII Address Banking Glass,
Capt. John n. D. Beveridge, mana
ger of the foreign department in the
Dupont Branch of the Merchants
Bank and Trust Co., will address the
banking fundamentals class of the
American Institute of Banking to-
morrow night.
Capt. Beveridge has had long ex-
q
connected with an old established
London house, and is considered one
of the best informed men on this topic
in the city.
George a Harris, president of the
Potomac Joint Stock Land Bank left
for Philadelphia this afternoon on
short business trip.
Wears Ring "EnEageingIy."
Another consolidation is pending in
District banking circles, it became
known this morning
For some months it has been ru-
mored that interests affiliated with
the Federal American and the Second
National Banks were planning to
unite, rumor becoming fact this
morning simultaneously with the dis
play of handsome solitaire worn
engageingly on the third finger OF
Miss Lois a. Whites left hand Miss
White is the efficient secretary 10
John Poole, president of the Federal
American, and will mary Garrett NJ
Van Hoesen of the Second at an un-
determined date.
Both are active in American Insti-
tute of Banking work in the Capital.
Miss White is a former class presi-
dent and is now chairman of the
woman's committee. Mr.. Van Hoe
sen is chairman of the membership
committee and chief consul. He was
also a winner of the first essay con-
test conducted by the District Bank