Evening star., 1926-03-04
NEW BANK STOCK
WILL Be OFFERED
Potomac Joint Authorized In
crease Made to Present
Shareholders.
BY CHAS. p. SHAEFFER.

The authorized 100 per cent stock
increase of the Potomac Joint Stock
Land Bank to $500, 900. approved by
shareholders at the annual meeting
January 13 fast. has been offered to
the present stockholders, to be trans
ferred April 1, according to announce
ment by George A. Harris, president
OF the institution, this morning.
IL IS anticipated that the present
stockholders will absorb all the new
stock to be offered at this time, the
bank planning to sell only enough to
meet the expansion program as re-
quired under Federal statutes. In
all likelihood a portion of the author
lied increase will be offered to the
investing public at later date.
Total loans of the bank will reach
S4,000.000 by April l next. against
which the bank has outstanding
$4,000,000 In farm loan bonds. 1t is
on 3 per cent semi-annual dividend
basis.
Bonds Reach Big Total.
New bond offerings during the first
two months of 1926 aggregated SSH
029,000, consisting of S470 ,O4S, 900 in
January and $500 $4,000 in February.
against 1915, ,197,750 in the correspond
ing months of 1925. according TO fig
ures compiled by Dow, Jones & Co.
1t was pointed out a feature of last
months new issues was the large pro-
portion of taX-exempt bonds, amount
ing to 26.7 per cent, against 90 per
cent in January. This was chargeable
to the SIS 900 900 City of New York Of
fering, the largest piece of financing
done by the city at one time so far.
Domestic corporation issues last month
accounted for slightly more than 40
per cent Of the total. while foreign Of
ferings, including Canadian, aggregat-
ed 26 per cent.
Credit Conditions Improve.
Taken as a whole, the country shows
a distinct improvement over both the
previous week and the corresponding
week of last year. says the Credit
Clearing House In its summary of OBJ
servations in credit checking for the
week ending February 27.
While only two sections show bet
ter purchasing activity over the pre-
vlous week, five of the six sections
show an Improvement over the cor
responding month of last year. In
debtedness, however. showed an in
crease over the previous week in four
or the six sections, and in five Of the
six over the corresponding week of
last year. this increase being due
largely TO the increase in late pur-
chases.
Local Stocks Decline.
Skids were slid under the Washing.
ton Stock Exchange this morning and
a generally declining market ensued.
due in part: probably TO a movement
III sympathy with the New York
Stock Exchange obard.
Capital Traction stock lead the de-
cline, selling off TO l13Ih on sales OF
l4l shares. Many brokers charge this
issues recent upturn 70 hysteria. as
serting that the many qualifications
incident to merger proceedings with
the Washington Railway and Electric
90. would point 10 far-removed date
before consummation.
Railway common stock sold off 10
I90 on a sale of 10 shares, this level
being loss of 60 points from its all
tlme high registered in November
Gas stock was weaker, at 72at. with
Railway preferred selling. on good de-
mand, at. 90a. Lanston was uuiet. at
So@4 and fractionally above. with Ma
tlonal Mortgage and Investment pre-
1erred bringing and SIS.
continental Trust Co. sold at 1O1.
Commercial National Bank at 242T
National Savings and Trust Co. at
4s5 and Riggs National at 4I5t..
Lower Stock Levels Seen.
! The Brookmire Economic Service.
| commenting on the break i'm stock
prices, takes the view that still lower
| levels are in prospect. Their latest
bulletin says. in part:
1T is decidedly our judgment that
| liquidation so far has been Insufficient
to justify q conclusion that prices
have been readjusted to q level war
ranting purchases. In view of the fact
that stocks on the average are selling
at record high levels, the decline
thus far must be considered very
mild. There is every reason to be
lieve that further liquidations will
take place before stocks will have
reached prices justifyinS general &C.
emulation