Evening star., 1927-04-20
ARCADE CO. BONDS
PRACTICALLY SOLD
ST 100000 Issue, Offered
Today, Reported About
Marketed by Brokers.
BY EDWARD C. STONE.

BY EDWARD G. STONE.
Tt was announced at the office of
Crane, Paris & Co. this noon that
the new issue of 81 400, ,000' Washing
ton Arcade Co. first mortgage 62
per cent sinking fund gold bonds,
dated April /, 1927, offered today, had
been practically sold.
This is one of the largest local bond
issues brought out in many months.
The bonds were priced at 100 and ac-
crued interest, to yield 61s per cent.
The proceeds from the sale will be
used to refund existing mortgages,
to reimburse the company for i'm
provements, and to provide funds for
increasing the capacity of the Arcade
Market and for enlarging the second
floor auditorium until it has seat
ing capacity of 10000.
The property is at Fourteenth street
and Park road. The present company
was organized in 1926.
The capitalization of the company is
81 ,400, 900 first mortgage 612 per cent
sinking fund gold bonds, now being
offered; preferred stock, par value
$10O, authorized, $2,000,000; issued,
S312, 900, and 10000 shares no par
value common stock, of which 1870
shares have been issued.
officers of the company are: John s.
Blick, president and general manager;
William A. Rodenberg, vice president;
c. Chester Caywood, secretary, and
Harry NJ Crandall, treasurer. The
board of directors consists of the of
ficers and G.. w. Forsberg, DR.. Nal.
colin G. Gibbs, John P. Morgan and
j. Shulman.
Bank Stock Again Prominent.
Bank stocks again were prominent
in the trading on the Washington
Stock Exchange today, holding their
recent advances and some going
higher.
Capital Traction was also consider
ably more active today, closing at 1O5.
Lapston came out at 96 and Potomac
Electric Power preferred at 10SA.
Washington Gas Light closed at 70.
Washington Gas IS, series A, led
light bond trading, selling at 10SB
while one series B bond sold at 1O5.
Additional Bank Stock Sold.
The additional $3.50, 900 issuesof Sec
ond National Bank stock has all been
sold, according to announcement By
President Victor B. Deyber, made to-
day.
This stock was brought out in con-
nection with vote taken by the direc-
tors and approved by the stockholders
favoring an increase in the capital TO
$3.50, 900. The approval of the Con-
troller of the Currency was granted at
once.
The Second National now has a sur
plus of $4S7, 500, having just been in
creased from $500 900. Mr.. Deyber re-
ports that so many subscriptions were
received that more than the $3.50, 900
additiona stock could easily have
been disposed of.
Title Company Stock Offered.
Public offering of the securities of
the North American Title Guaranty
Co. and the North American Security
Corporation is being made in Wash
ington today for the first time by the
Standard CO., investment security
dealers. at 1405 I street, fiscal agents.
The title company is under the super
vision of the New York State insur-
ance department and is one OF the
first firms of the kind to be organized
in several years. Its business consists
in searching and insuring titles of real
estate and supplying first mortgage
investments. The security corporation
is a subsidiary organized to handle
real estate transfers, mortgage loans
and allied business.
Washington is represented on the
board by Wade III. Cooper, president
of two local banks, and invitations
to serve as directors have been &C.
cepted by Alfred H. Lawson. real es-
tate officer, Washington Loan & Trust
Co., and by w. Risley Brown, presi-
dent of the Terminal Refrigerating &
Warehousing Co. The two concerns
are under the same management,
Senator Edward /. Edwards being
chairman of the board. Other officers
are William E. Walter, president;
George v. Van Tuyl, jr., vice presi-
dent; Russell r. Whitman, vice presi-
dent and secretary; John F. McCabe,
treasurer. 1t is proposed to add direc-
tors from various parts of the coun-
try as the business expands.
The securities are offered in units
at $225 each, consisting Of one share
of the title company capital stock at
1925 per share and one share of the
per cent accumulatiye preferred
stock Of the North American Security
Corporation at par $50 and one share
no par common at $5Ot
c. & o. Stockholders Favor Merger.
AT Richmond late yesterday stock
holders of the Chesapeake & Ohio Rail-
way Co. approved the plans of the
board of directors for purchase of the
Erie and Pere Marquette railroads.
Authority for the merger is now be-
ing sought before the Interstate Com
merce Commission.
A minority report which, in effect,
sought to prevent purchase of the
roads was defeated simultaneously
with approval of the directorate's re-
port.
Votes representing S10,437 shares
were cast in favor of the merger. and
1876, 49S shares were voted against.
Merger Plans Are Approved.
Stockholders of the. Mortgage Sc.
curity Corporation of America at a
meeting in Norfolk, Va, approved
consolidation with the Mortgage Bond
new company, to be known as the
Mortgage Security Corporation of
America. will have capital and sur
plus exceeding $4,000, 900, and re-
sources of more than $40,000,000 A
dividend of $150 a share on the COM
mon stock of Mortgage Security was
authorized.
Telephone Official Resigns.
Samuel M. Greer. vice president of
the Chesapeake & Potomac Telephone
Co, has resigned his position to be-
come affiliated with jeremiah Mil
bank, at Al Wall street, New York.
Mr.. Greer, was vice president of the
Bankers Trust Co. of New York be-
fore he came to Washington. During
A.. I1n of ny
eral manager of the American Red
Cross with headquarters in this city.
Miller to Be Special Guest.