Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-02-01
REORGANIZATION IS ASSURED
NOW FOR OLD DUTCH MARKET
Three Stock Issues to Be Nucleus of New
Plan-Commercial National CO. Stock
Offered Public Today.

a share and accrued dividends. The
company placing this stock on the
market is controlled by the stockhold-
ers of the Commercial National Bank,
r. Golden Donaldson, president. The
officers and directors of the bank are
also officers and directors of the Com
mercial National Co. The new com
pany began operations in June, 1926,
and reports a large business in the
first seven months. 1t is intended to
list the stock on the local exchange.
Moran Co. Makes Stock Offering.
c.. E. Moran e Co., local investment
bankers today are Offering the pre-
ferred and common stock of the
United States Securities Corporation,
which has Just been organized here
with headquarters in the Southern
Building. The authorized capital con-
sists of 100000 Of per cent cumula-
tive preferred stock, par value $l0,
and $50 shares of common stock or
no par value. Ten shares of each are
being offered at $125 per unit.
The new firm, which will do gen.
eral commercial financing business,
was formed with Senator Edwards as
chairman Of the board, Nathaniel b.
Dial. president; Percy c. gum, wee
president, and James d. Hobbs, treas
urer. The directors also include
Charles A. Douglas, Edward w. Pou,
John r. Waller, George A. Garrett,
John p. Story and Carleton Il. Moran.
New Farm Loan Bond Issue.
C.. F.. Childs & Co are today Offering
q new issue of $4,000 Potomac Joint
Stock Land Bank per cent farm loan
bonds, priced at 1881 and accrued in
terest, to yield about 4.59 per cent to
the redeemable date, 1887. and per
cent thereafter. These bonds are
dated February |. 1927, and are issued
in $500, 81 900, $4,000 and $4,000 de-
nominations. They are subject to the
same tax exemptions as other bonds
of this type.
The circular announcing the offering
contains a statement by George A.
Harris. president of the Potomac Joint
Stock Land Bank, which summarizes
the salient features Of the banks OPP
erations and shows the marked prog
ress attained since it's organization
1t operates in Maryland and Virginia.
Brokerage House to Move.
Arthur Foraker manager of the
Washington office of Eastman, Dillon
& Co, announced today that the firm
is to move March / from the Trans
portation Building to new quarters In
the wilkins Building at 1872 II, where
extensive offices have been leased on
the ground floor. Mr.. Foraker also
stated that F'ranck Hyatt, Jf., and
Alexander McCook Dunlop, who have
long been connected with the local
office of Hartman & Co. in the stock
department, are to join his staff.
In the past the firm has confined
it's business largely to that of invest
ment securities. 1t is now the inten-
ton to branch out and make much
more of a feature of stocks. The
company, in business II years, has
always had a seat on the New York
Stock Exchange An interesting fact
about the firm is that there are six
partners and the oldest member is
only 43 years of age.
Takes New Insurance Position.
J. Frank Fooshe, ir., who has been
with the Prudential Insurance Co, has
been appointed manager in charge of
production in the local office of the
National Life Insurance Co. of Mont
pelier, VT, according to announce
ment by w. G. Worthington, general
manager for the District and northern
Virginia. Mr.. Fooshe has been a resi-
dent of Washington for thep asst five
years, is a member of the Racquet
ISOLATION. Since he came here he has
had rare success in writing new in
surancs.
Local Stocks at New Highs.
Stock of the District National Bank
sold at 240 today, the highest mark
ever reached. One share of Federal
American Co. common sold at "a,
which was the highest mark this stock
has yet attained. Twenty shares of
the same issue changed earlier in the
session at 331a. Seventy shares of
Capital Traction moved at 104A, while
the final sale in this issue registered
1919 Washington Gas Light sold at
691s, Railway & Electric preferred at
90B, Columbia Title at 1012, Lanston
at 941a and Liberty National at 205.
Bonds We're strong. Potomac Elec-
trio 5s going at par and ~, Electric
SIS at 1075s. Washington Gas 6s,
series b. at 104ss and Chestnut Farms
Dairy 61as, 10S1a.
Southern Earns S17.16 Share.
The Southern Railway earned $17,16
share on the common stock in 1926.
after preferred dividends, against
$16.31 a share in 1925. Net income rose
to $23, 596,722 from $22 ,579,172.
Net income of the American Rail-
way Express for the first 10 months
of 1926 was $4,000, 800, against $685.
262 in the corresponding period of
1925.
January sales of Montgomery, Ward
& CO. declined to SIS, 1877 ,054 from $751;
266 ,946 in January, 1926.
Federal Land Banks Report.
The consolidated statement of condi-
ti6ns of the IL Federal land banks, is
sued by the Federal Farm Loan Board,
gives total assets at close of business
December 81, 1926, as $1,155, ILL., 15
and liabilities as 81 .0S3, 1928, O45. Total
net earnings of the Federal land banks
in 1926 are placed at S43, .S91, and
net earnings available for distribution
are stated at $32 ,44S, 1873. OF total of
IS 1892 100 in capital stock originally
subscribed by the United States, 81
S33 ,245 has been retired TO date, leav-
ing stock now held by Government
$1,058,8S5.