Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-25
MORTGAGE FIRM
TO REDUCE CAPITAL
Plans to Cancel Some Pre-
ferred Shares and Take
Par Off Common.
Ry EDWARD C. STONE.

,,,,a NJ which Frank J. Hughes Is
president, today announced pia'' Ao'
the reimbursement of its capltal stiuc
tnro that contemplates reducing llle
nroferred stock by more than of'ooo
shares. and the common from ooo'ooo
to $4,000. -, J.. ,,rofor.
81 nd common stockholders an
nouncing a special meeting to he held
at tho company'S offices con Angus
10 to consider two main phases oil the
proposal. A., ,
The first asks approval OF the can
collation. of 64,604 shares OF preferred
stock. This stock, the directors say
in their communication, is now hein
NV the company, having peen pun
chased in the open market at less
than it's par value, represenliilS
Drofit. the statement adds, of $36'ol4.
DESPITE repeated statements ny OF
ficers to shareholders that they shoulu
retain their holdings even though the
stock was selling below par on lhe
Washington Stock Exchange, ana thc
submission of frequent statistics In
dicating satisfactory earnings, some
persons relinquished their shares'
which were largely purchased by the
company itself. President Hughes
saws this is the stock 1t is now pro-
posed to cancel. thus cutting the pres
ent number of preferred shares 10
800 900, having par value OF Slo per
share.
The directors also deem it advisable
to take the present par value OF $40
off tbe company's common stock and
reduce the number of shares from
500. 900 to $4,000. The plan OF the
directors is to issue 1 share of no-par
common for each 10 shares of $40 par
value common now outstanding.
In addition to President Hughes,
the officers of the National Mortgage
& Investment Corporation include
Clarence +. Donahoe, vice president;
III. Rozier Dulany, chairman of the
board: Mervyn G.. Buckley, secretary,
and William d. West, treasurer.
Building Association Elects.
At the annual meeting of the stock.
holders of the Northeast Building AS
ISOLATION. held recently, the follow.
ing were elected directors: II. c. Alt.
hoff, l.. L. Anderson, X. p. Arm
strong, n. d. Baron, Julian +. Bel
field. Allen E. Cowles, J. d. Donovan,
j. E. y Donovan, w. j. Dow, A. l..
Foster, Frank NJ. Hatley, Thomas P.
Hickman, Alfred Jeffrey, John l..
Knopp, Thomas S. Mallon. J. A. Open
shaw. James E. Payne, John B.
Rubino. James l.. Sherwood, j. L.
Sherwood, jr., Joseph p. Stubener,
Roy l.. Swenson, Schuyler S. Symons,
John j. Tobin, William S. Torbert
and n. J. Ward.
AT the directors meeting James l..
Sherwood was elected president; John
l.. knopp, first vice president; Fl. G..
Althon, second vice president; Schuv.
Ter 5. SymOns. secretary; Julian f.
Belf1eld, assistant secretary; Frank NJ.
Hatley, treasurer: James E. Payne. as.
slStant treasurer, and William S, Tor.
bert, counsel
Mr.. Sherwood has been head of the
association since it's organization in
1916. Last year the company moved
into a fine new home at Twentieth
ana Rhode Island avenue northeast
The financial statement submitted at
the annual meeting showed good earn.
1ngs and the association to be in ex.
cellent condition.
lglehart Opens New Office.
j.. A. W. Iglehart & Co., investment
bankers, today announced the openino
or an office in Richmond at 2O4 State
Planters' Bank Building, with r. Ed
ward Garrett as resident manager.
The opening of the Richmond office
gives the company five offices in ad.
dltlon to the office here in Washington.
Inc head office of the banking house
IS at Baltimore. 1t also has offices in
likes.B Barre. Pa; Clarksburg, w. Va,
and Wilmington, Del.
Local Exchange Trading Lively.
In lively trading on the Washington
STOCK Exchange today 1O9 shares of
capital Traction sold at los. 45 shares
oI Lanston came out, priced at 99a6
e.. a, and closing at 1914, while the
Potomac Power issues were again
active, the per cent selling at 1889
ana the 51a per cent at 1919. Rail.
way common made another new ton
Tor the year, 10 shares reaching 259
railway preferred sold at 92h. Eighty
shares or National Mortgage & In.
vestinent preferred sold at III. On
the pond side Capital Traction SIS sold
at 102. Potomac Electric ConsoIidatad ,
5s at 101%, Georgetown Gas IS at 109
ana Washington Gas IS, series A al
do29s for baby bonds, and 1921 for i
$1,000 bond. q
Federal Reserve Board Scored
:, 1t was stated at Richmond TODAY
mat cordial relationship does not
eAlst between the Pennsylvania de-
partment of banking and the Federal
Reserve Board. At the convention of
supervisors of State banks. Secre.
tary Peter G. Cameron referred
specifically to grievances which. he
SAID, the State banks suffer under the
Mctadden act. Several PENNSYLVANIA
State institutions within the last
rev weeks on making application for
membership in the Federal Reserve
system have had to agree not to
establish any branch agency or addi-
tional office except after applying for
ana receiving the permission of the
tederal Reserve Board" while ma
lonal banks may establish branches
win the permission of the con-
trolier of the currency, he said.
Ii. & D. Common Proves Popular.
Inc bankers who underworld the
issue OF $63,242,500. par value, add.
tlonal common stock of the Baltimore
q Ohio Railroad will be called upon
TO take less than 10 per cent of the
amount, subscriptions for more than
~ per cent Of the total having been
exercised, according to George M
ShrlVer, senior vice president of the
system. '''0
FOR guaranteeing the sale of the
s.och' bankers were paid a commits
sion OF Sl,422,956. Six minority stock.
noioefs out of a total of $4,000 stock
noluers challenged the underwriting
fee, claiming that it was excessive
but the Interstate Commerce Commits
sion approved it.
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