Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-20
DEALINGS LIVELY
|. ON EXCHANGE HERE
Capital Traction and Pepco
Preferred Are Leaders
in Today's Session.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Trading started the week in llveiy
fashion on the Washington Stock EX-
change today, with Capital TRACTION
| and Potomac Electric Power 512 per
cent preferred competing for honors III
the early transactions.
Capital Traction again selling eN-
dividend. opened at 103B. 1t then
| registered five sales, involving 50
shares at 104, and closed with a ~
share sale at 1O4h. The new Poto-
| mac Electric Power stock came out at
1902, total sales at this figure reaching
101 shares. The closing sale was
45-share lot at 1918. The same cor
poration's per cent preferred sold at
10S%.
Washington Railway & Electric pre-
ferred moved at 913s, Federal-Amerl-
can Co. common opened at 33A and
advanced to "a. One share of Riggs
National sold at ATS. One sale in
Washington Gas Light took place at
75A and the days stock trading ended
with National Mortgage & Investment
preferred selling at 81.
Bonds were quiet. Washington Gas
6s series B came out at 105, while
Capital Traction SIS changed hands at
1O1A. Seven stock issues on the
board are now selling ex dividend.
Land Bank Increases Dividend.
At a recent meeting of the board
of directors of the Potomac Joint
Stock Land Bank, after setting aside
the legal reserve required by law
, and adding a substantial amount to
earned surplus, dividend of 3R per
60. cd ootlfh ne
June 80 was declared, payable on July
/, to stockholders of record June 20.
This puts the stock on a per cent
basis.
On June / the capital stock was
increased to S350.000. This stock is
closely held, and all issues of new
stock to date have been absorbed by
the present stockholders.
Bankers Address Distributed.
The address delivered at the District
of Columbia Bankers Association con-
yention, at Hot Springs, by Francis
G. Addison, jr., has been printed and
sent to the members by the new Sec
retary, Lanier p. McLachlen. The
topic discussed was 1.-THE Importance
of Having All Real Estate Notes Ger
titled to by Responsible Title Com
pany." The subject-matter was con-
sidered Of such vital import to Wash
ington bankers that it was voted TO
print it at once, furnish copy or II
to each banker and then act upon
it at a special meeting of the assocla-
ton to be called for that purpose.
Local bankers will be given reason
able time to study the address, and
especially the recommendations con-
tanned in the conclusion, before the
meeting is called. 1t is believed that
some definite arrangement with the
title companies will prevent losses or
considerable proportions which nave
sometimes occurred in the past.
Il. & O. Pushes Stock Issue Plans.
The Baltimore & Ohio Railroad has
appIied to Interstate Commerce Com
mission for authority to issue $685.
242, 500 of common stock. proceeds
will be applied to redemption on or De.
fore January !, 1928, of $35 ,OOO,OoO OF
1O-year per cent secured bonds, ma
turing July l, 1929; to reimburse the
roads treasury in part for expendi-
lures made in 1926 and up to June /,
1927. for additions and betterments
and for future additions and better
ments and other corporate purposes.
The issue will be underwr1tten py
Kuhn, Loeb & Co. and Speyer & Co..
who will receive $1.422, 956, or $2.25
share, for this service.
Present stockholders will be offered
the right to subscribe on or before
July 81 at $107.5O for the new issue.
equal to 80 per cent of the stock held
by them as of June 20. 1927.
Opposition to New Currency.
A good many bankers all over the
country are registering opposition to
the proposed change by the United
States Treasury in the size of paper
money, the intention being to reduce
the present size by one-third. The
reduction in size is expected to save
the Government about 100000 per
year.
Many bankers express the hope that
Secretary Mellon will withdraw his ap-
prevail of the plan. The new currency
is opposed because of the financial
burden that will be placed upon the
banks while it is being adopted. 1t
will be necessary to operate two
money-draw outfits, as both sizes will
be In use for quite long period. 1t
will also be much more difficult to
handle the two currencies rapidly and
accurately.
Bankers opposing the change insist
that the present paper money is per-
fectly satisfactory and that the saw
ing to the Government will not be
sufficient to warrant the trouble that
will be caused while the new money
is being placed in circulation and the
old currency withdrawn.
New Financial Firm Incorporates.
The George III. Price Co. has been
incorporated and opened an office at
SIS Fifteenth street: 1t is the purDose
of the company to do general in.
surance and bonding business together
with loans and investments for both
local and foreign clients. F. Harold
Deland, formerly of the Treasury
Department, is president.
George II. Price, vice president, has
been 20 years in bonding business and
was at one time manager of the
Washington office and also four years
in home office of the Fidelity & De.
post Co. of Maryland.
Miss M. Loretto Mullikin, formerly
connected with the Washington office
of the Fidelity. g. Deposit Co. of