Evening star., 1927-10-23
CAPITAL TRACTION
STOCK SAGS AGAIN
Railway Preferred Is Leader
and Strong in Dealings
on Local Exchange.
BY EDWARD G. STONE.

B1 EDN AhD Y. SAUNE.
Heavy sales in Washington Railway
& Electric preferred and declines in
C.,pital Traction featured Saturday
market on the Washington Stock
Exchange.
Railway preferred, which hit par
By the sale of single share on
Friday. opened yesterday at 99A on
sales of 30 and shares respectively.
1t then advanced to 100 on sales total
ling 315 shares Among these trans
fers were two 100-share lots and one
50.share lot.
While Railway preferred was sell.
ing at - high for the year, Capital
r ~.ction was easing off from the nlgh
mark of 112 reached earlier in the
week. In yesterdays trading the
stock opened at 1882 and lost
point during the session.. closing at
107m. Trading was active IN tnls
issue, reaching 80 shares.
Local market observers ascribed the
slump in the price of the stock since
it's recent peak to the withdrawal
from the Public Utilities Commission
of tentative plan or suggestion Tor
the merger of the Capital Traction
AMI Washington Railway & Electric
companies. While the plan was pre-
sented merely for the purpose OF pos
sible discussion, it had buoyant Ell,
feet on Capital Traction stock untli
it's withdrawal was reported.
Potomac Electric Power 5R per
cent preferred was again strong yes
Eterday, selling at 1906, Washington
Gas Light sold at 81, and sales
amounting to 30 shares were recorded
in Columbia Sand & Gravel Whlcn
opened at 1881 and closed at 1O2A.
Security & Trust moving at 464, 4641s
and 4641s, in lots totaling 80 shares.
The week ended with the bond market
quiet but firm. 1t was an ex-
centionally interesting six days on the
Washington Exchange. local securities
ONCE more demonstrating that hey
nav no heed to what is taking place
in the way of reactions in wall street.
Firm Changes Capital Structure.
oeicia,s Of the National Mortgage &
Investment Corporation now are tahLls
stems to put into effect the important
changes in the companys capltal
structure voted at the special STOCK
holders meeting held at the Carlton
Hotel the latter part OF the week.
This meeting was called when 1t was
found that at an earlier meeting
sufficient number of proxies TO Satlsty
company officials that the proposed
alterations had been considered py
complete enough list of shareholders
At the second meeting the origihai
action was sustained by more than
200 stockholders in attendance. FRANK
J. Hughes. the president. stated tnal
the attitude expressed at the mees'
ing was a great stimulus to the Of
ficers and directors OF the company In
,,ia upino for the future.
The changes reaffirmed by the
stockholders include the cancellation
of 64,604 shares Of preferred STOCK
purchased by the company in open
market and the retirement of all out
standing SO par value common
shares, giving in return one share OF
no-par common for each 10 shares
of the old stock now held. The com
pany offers to help stockholders ad
Just all fractional shares.
Officers of the corporation include
FL, Rozier Dulany, chairman of the
board; Frank j. Hughes. president;
Clarence +. Donohoe, vice president:
Col. Mervyn c. Buckley, secretary,
and William D. West, treasurer.
Speaks ON Life Insurance.
William Montgomery, president of
the Acacia Mutual Life Association
w
on Can the Cost of Life Insurance
Be Reduced?" before the annual meet
ing of the American Life Convention
to be held at Dallas, Tex, october 26,
27 and 2S.
The convention was organized to
encourage upholding and maintaining
the business of life insurance; the up
holding Of correct principles in the
conduct of the business and the cor
rection of any abuses which may arise
in the methods of transacting the
business of life insurance.
The 141 life insurance companies of
the United States and Canada that
are members have about S19 900, ,000,.
900 of insurance in force and assets of
about $2,500.000. 900.
Cheaper Fuel Oil Forecast.
Bids of leading oil marketers for the
Shipping Boards 1928 fuel oil require
ments of about 1l.700.000 barrels on
Atlantic and Gulf coasts, show de-
cline in price from last year.
These contracts probably are the
largest placed in the country and the
price scale submitted indicates, to oil
marketers. that fuel oil prices next
year will not be good. One large
marketer said that the bids put the
lid on fuel oil for 1928"
While the oil trade will regret any
drop in prices, the users of fuel oil for
house.heating purposes will rejoice if
the forecasts come true.
Other Financial Notes.
The Union Finance Co. has just
issued report as of October 13, 1927
The local concern now has capital
stock of $S0S,000. surplus of $4,000,
and undivided profits of $20,17803.
Stockholders of the Pennsylvania
Railroad showed an increase of 374
during September, bringing total on
october to 141,93S, as against 141,-
o64 on September i and 140,153 on
October ], 1926. Since January /,
1927, list shows increase of 1856. Aver
age holdings on October l were 70.S5
shares.
The Piggly Wiggly Corporation has
&C led for redemption on November Is
it's $1,500,000 of per cent debentures
at los.
c. j. Gockeler. Y E. Booker, Wade
H. Cooper, i. j. Roberts and Hugh
Barr were among local bankers who
attended the recent reception at the
Press Club in honor of Admiral Sir
Walter H. Cowan.
Local bankers have received reports
from the American Express Co. stat |
ing that the volume of travellers
checks issued this year has been !
$25 900 900 higher than ever before, in !
dicating the smashing of all former !
records in foreign travel.
Approximately $4,000 new American |
Telephone & Telegraph shareholders
have been added thus far this wear