Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-12
STEAMBOAT STOCK
OFFER EXPLAINED
New Issue of, N. & W. Com
pany Is Priced at $500
Per Share.
BY EDWARD C. STONE.

SuSIl .. OHlAIAl, VIC hCaodAOA'
The stock is offered to stockholders
at par, which is 500 per share, and the
holders of record at the close of business
on May % will be entitled to subscribe
in the proportion of one additional
share for each nine shares now held.
The last sale in this stock was made
on the Washington Stock Exchange at
$3.50 a share, which shows the present
value of the offer of extra stock at par.
The rights are selling on the exchange
at II.
The additional stock is being issued
to provide funds to partially reimburse
the companys treasury for past capital
expenditures The notice states that
warrants will be mailed to stockholders
on June IA, and all subscriptions must
be received before the close of business
on August 6. Payments must be made
In full at the time of subscription.
The treasurer announces that stock
holders having less than nine shares
may subscribe by acquiring additional
subscription rights. enough TO make nine
or multiple of nine rights.
Garrett Secures Local Offices.
Robert Garrett e. Sons, one of the
Oldest and best known banking houses
in the United States, have acquired Of
tenth and H streets, as the pew home
for their Washington branch organi-
sation. This unit. operating for the
convenience of their many clients To-
Gated in and near the National Capital,
will be opened on June /.
This fact is disclosed in connection
with the announcement that William A.
Wood, until recently the head OF the
bond department Of the Central Ma
tional Bank of New York, has become
afflliated with the firm as manager Of
the Washington office.
Mr.. Wood is thoroughly familiar with
washington banking interests, and Is
well known here and in Baltimore. He
has had II years experience in the in
vestment banking business through his
connections with some Of the most i'm
portant underwriting houses in the
American financial world. His early
training was acquired as an employe OF
Alex Brown g. Sons. Since then he has
held important executive positions with
Hemphill, Noyes & Co. of New York;
the Central National Bank, now merged
with the Bank of the Manhattan Co.,
New York City, and with Robert Gar
rett g. Sons.
The firm ia well known In Washing
ton. It was founded 90 years ago by
Robert Garrett, whose name is identified
with the history Of the Baltimore IL
Ohio Railroad. Two members of the
family have been presidents of the
Baltimore & Ohio.
One member of the present firm, John
w. Garrett, now United States AM
bassador to Rome. has had a con-
spicuously successful career in Ameri.
can diplomacy He was appointed
secretary of the American legation at
The Hague 20 years ago. and has served
since as secretary to the embassies in
Berlin and Rome, as United States
Minister to Venezuela, Argentine, the
Netherlands and Luxembourg. and, at
the outbreak of the World War, was
sent to France as q special representa-
tive OF the State Department in the
American embassy In Paris. He was
appointed Ambassador to Italy last
September.
Mellon Announces Treasury Issue.
Secretary Mellon announces that a
new issue Of Treasury bills in the
amount Of s100,000,000 viii be put on
the market.
Bids for the new issue will be received
at the Fe<sral reserve banks and
branches up to 2 o'clock pm. on Thurs
day. Tenders will not be received at the
Treasury Department.
The bills viii be dated May 10 and
win mature on August ls, and on the
maturity date the face amount viii be
payable without interest. The bills will
be issued in bearer form only, and in
amounts or denominations Of $1,000,
$4,000 and 100000 maturity value.
Sales and Collections Better.
The National Association of Credit
Men reports improvement in both sales
and collection over last month.
A - friI 81
survey In 46 cities characterized their
sales as fair" while % cities reported
their sales as "slow."
Thirty-nine cities reported collections
"fair" and "a cities reported collections
ns SLOW"
Today's Trading on Exchange.
Capital Traction sold at rs in small
lots again today on the Washington
Stock Exchange. Potomac Electric
Power 512s preferred came out at 108%,
Columbia sand &c Gravel preferred
moved at 95 and Lanston Monotype
sold at 1873
Two bank stocks appeared on the
board. A single share of National Saw
1ngs g. Trust changed hands at SIS
and 10 shares Of National Bank of
washington sold at ESQ. In the bond
division there were $500 sales Of Wash
a.
sales in Gas 6s, series A, at 10212. and
. very small sale In Potomac Electric
Power IS at 1854.
Financial District Notes.
Lawrence A. Slaughter, vice president
Of the Commercial National Bank, who
has been taking q vacation at Atlantic
City, was back ut his desk today. AS
chairman of the District Bankers AS
aiaft svHasft tar faIr hA
coming convention, Mr.. Slaughter has
secured some very excellent speakers.
Washington retail merchants are in
terested this week in the proceedings of
the convention of the National Retail
Dry Goods Association which opens in
Chicago today. The association Is COM
posed Of dry goods, speciality and de-
partment stores Of the country.
Washington is represented among the
executives Of the organization by II. H.
Levi, vice president and general man
ager of the Hecht Co. who is vice
president for the South OF the national
association.
Companies registering greater pros
perity in 1880 than they attained in
1929 are discussed in the current issue
of the Financial and Economic Review,
published fortnightly by J. A. W. Lyle
hart ~ Co. The same issue takes up
American Telephone g. Telegraph COM
mon stock, with special reference to the
company's new financing and rights.
Banks in Insurance Field.
The recent decision of the Boston
Five Gents Savings Bank to establish
O department for the writing OF life
insurance and old age annunities, d.
reefs attention to the fact that there
are now IL savings banks in Massa-
chusetts conducting life insurance de-
partments. There are also 90 other saw
ings banks acting as agents for the
savings banks which issue policies.
There are 10000 policies in force, rep.