Evening star., 1925-08-17
v. R. &E. COMMON
TREND DOWNWARD
Stock Gradually Drops From
Recent High LeveI-LocaI
Exchange Tone Strong.
BY CHAS. p. SHAEFFER.

BY CHAS. p. SHAEFFER.
A definite trend toward lower levels.
which began a few days ago, was con-
tlnued on the Washington Stock Ex-
change this morning by Washington
Hallway and Electric common, which
netted decline Of half point on the
DAY, and 3 points from the recent
hlgh, established about a week ago.
This stock, which has been the sen
satlon OF the local market for the last
month. opened at 1857, selling off BY
degrees TO 146 on sales of 100 shares.
Inc buyers are still identified as out
oI-toWn purchasers who spend with
utter abandon, who are doomed To
suffer financially, according to good
local opinion, if they plan to unload
on North American Co, which is az
cumulating the stock. The latter com
pany is in the field for all they can
get, but only at a fair price, a spokes-
man for the company declared this
morning. This spokesman contends
the present price is not only unfair.
but ridiculous.
Tone of Market Strong.
The general tenor of the market
was strong. Railway preferred sold
at 8512 to the extent of II shares
and Gas stock brought spa. ON an
par and half, Lanston S41b and S4L
and Mergenthaler, 1917. Riggs Ns.
tional Bank advanced to 365 and
American Security and Trust Co. 10
349.
On the bond side of the marker
Gas 5s brought par with the large
denomination 6s up to 1034 Railway
General and Refunding 6s were firm
at lO2l2, and IS 900 Potomac Electric
consolidated Eg NJ
Traction 5s sold at SO and 991z
Seventy municipal bond offerings
totaling slightly more than $4,000. 600
distributed practically over every sec
tlon of the country, are on the calen-
dar for this week. There are about
10 New York municipel issues OF
varying sizes, the usual number Of
Florida loans and miscellaneous offer
inSS here and there.
The largest offering of the week IS
scheduled for Tampa. Fla, which Will
sell Sl.45O,00O Improvements bonds to-
morrow.
Offering on Change.
The First Security Company of New
York and the National City Companv
are offering today at par and accrued
dividend new issue Of S25. .221 500
Tidewater Oil per cent cumulative
convertible non-voting preferred stock
Of 500 par value subject to prior
subscription by stock holders of the
! company.
The threefold purpose of the financ.
ing involves the retirement of entire
/ funded debt Of the company amount.
| ing to S12, 900 600: the provision Of
! funds for carrying out program for
! development Of its producing manu-
1 featuring and marketing divisions and
I the furnishing Of additional working
/ capital TO meet the needs Of steadily
/ expanding business. Application has
/ been made to list the stock on the
| New York Stock Exchange.
The conversion of preferred stock
into new no par value common is ar
ranged for on a sliding scale Of prices
The first $4,000. 900 of preferred stock
surrendered for conversion will he con
vertible on the basis Of one share Of
common for each $3.50 par value OF
preferred: for the second 5000, 900 the
basis is $40: for the third S.. 900. 600
the figure fixed is $3.50. and for the
balance S47.
Net tangible assets as of January
80, 1925. adjusted 10 give effect 10
financing amount TO more than $96-
600 600, or over 1888 per share of pre-
ferred stock. Net earnings of the
company and subsidiaries available
for dividends have averaged during
nine and one-half years ended June
80 last to S6.146,0S2 annually, or four
and seyen-eighths times annual divi-
dent requirement on preferred stock.
Bankers Association Program.
The District Bankers Association,
under its new administration named
| in June. will begin funCtioning aC-
lively on or near the first of next
month, it was stated this morning by
Francis G. Addison. jr.. president
All that is holding up the machinery
at present Mr.. Addison SAYS. is the
absence from the city of several mem
bers of his council of administration.
The first regularly scheduled meeting
/ of the association on the third Monday
/ of September will be preceded by a
meeting of the council. when aCtiVi-
/ ties for the year will he discussed
Heads for the important standing
! committees for the ensuing year al
ready have been decided upon. it was
said. and their official appointment
awaits only their acceptance. These
committees include the law and lesis-
lative, auditing. improbable &C
counts. protective, insurance and
! trade activities.
The local financial district was de
pleted this morning by the departure
! I.anier P MCLaChlen. en- masse, with
their wives. but was augmented by
i the return of Eugene T.. Thompson
! after week in New England. Rob
/ ert V. Fleping of Riggs also departed
! on a weeks leave to Cape May, \. J