Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-07-20
WASHINGTON GAS |
MARKETLEA
Press Club Building Corporal
ton Announces New Stock
Issue in Bulletin.
BY EDWARD G.. STONE.


Washington Gas Light stock led
the local market today, 80 shares
selling at 68. and 10 more at 6814
Capital Traction made UP the frac
tional loss of yesterday. and SIX
shares sold at 1G4, while Potomac
Electric Power preferred sold at
10S1s. an advance of II Of a point.
over the last sale yesterday. Wash
ington Railway & Electric preferred
registered 8S15. unchanged from yes
terday. Two more shares of Second
National Bank stock changed hands
today at the prevailing price of $50
Many gentlemen preferred bonds,
! all of which maintained firm prices
during the session. Capital Traction
5s sold at 101 on a 81 900 turnover
Georgetown Gas 5s brought par on "a
similar transaction. and Potomac
Electric Is sold at 1861. There were
two sales in Washington Gas IS. the
first price being 1O45s, and the next
1895 on very small lot transfer
Southern Building Gas. which rarely
appear, came out today, selling al
102.
Sl,500.000 Stock Issue Planned.
The National Press Club Bulletin
announces a new issue of 81 500 .00u
per cent cumulative preferred stock
| brought out by the National Press
! Building Corporation. the holding
/ agent for the Press Club. The addi-
| tiOnal funds are needed for the con
| structiOn of the three extra stories
| which were not contemplated in the
original plans. Part of the funds will
| be used to retire junior trusts subor
! dinate to the outstanding mortgage
| bonds but prior to the preferred
! stock inv 20,
| S95O,O00.
| The statement says that the new
stock issue represents IAN increase OF
| $3.50, 900 in liabilities outstanding
| against the property but based upon
ratio of income from original History
| building this extra construction. in
/ Guiding press club quarters. gives ar
| increase in physical assets estimated
! at SLIGO ,000."
| As the plans now stand the building
| will be IA stories high. The Fox
Theater Corporation has already
| signed contract for a 35-year lease
] for the theater which is to occupy the
| lower interior. The estimated cost is
/ Sll 900 600; the architects are c. w.
| and G. l.. Rapp of Chicago; and the
| builders are the George A. Fuller Co.
| The building now is we'll under way
Credit At New High Level.
| The Federal Reserve Board reports
| that the credit of member banks in
! creased in volume i'm June to new.
! high level. The expansion was not
accompanied, however. by an increase
| in Federal Reserve bank credit in use.
| The inflow Of gold from abroad and
| the fact that there was little change
IN the demand for currency were at
| tributed as reasons for the Reserve
banks stable credit conditions.
Loans and investments of member
hanks also were reported at a new
high level. these increases occurring.
however, outside Of New York City
where a slight decline was shown
This decline was said to have resulted
from reduction in loans on security.
while commercial loans increa sed in
volume, their growth being accom-.
panied by high level of Industrial
activities.
Urges Bankers to Aid Credit Move.
! Solution Of the great credit problem
/ IN connection with the distribution Of
motor cars can come only when COM
| plete coordination between banker.
dealer, finance company. factory and
| other important elements has been
achieved, in the opinion Of Oscar Cool
lean, president of the Packard Wash
ington Motor Co. Secretary Hoover
has called many conferences on stand.
ardlzation of parts. he says. and the
result mas been waste elimination and
better production methods. SIechan-
| lcalIY the automotive industry is now
az perfect Is engineering genius can
make It, but some permanent institu-
ton devoted to the subject of credit
would be productive of far-reaching
and happy results. 1t is time for
/ h.
81 New Firms in One County.
The Miami Better Business Hu.
| reau has been in receipt of INQUIRIES
| concerning stool; in recently organized
| mortgage companies. The inquiries
indicate an active campaign on the
part or stock statesmen as we'll as an
| intensive move 10 establish new mort
! gage companies. The bureau asked
the secretary of state for a list of the
! mortgage companies organized in
| Dade County since the first OF the
year. Fffty-one such companies had
been organized with an authorized
400. 600. '-'''
| Other Financial Notes.
Berkeley Williams. secretary of the
I. q o. Stockholders Protective Com
mittee. states that the minoritv hold.
| lngs still represent 10000 shares of
| stock- Some have sold their stool,
| since the April meeting. but Others
| oouSht an equal number of shares
The Federal Reserve Boards yeel,I,,
condit1on statement of 699 reportin,.
member banks in leading cities as ~
July "a shows declines of SAG .o60 Ooo
| ana SSl 100000, respectively. in loans
ana discounts and borrowings from
the Federal Reserve banks and in.
creases of $2.000.0OO in investments.
50! '9OO'OO0 in net demand deposits and
SSl 900, 600 in time deposits.