Evening star., 1923-02-20
GAS ASL|GHTCOMPANY
PLANS NOTE ISSUE
Directors See Need of More
Funds for Extensions.
Banking Doings.

Shareholders of the Washington
Gas Light Company will meet March
z to ratify the action OF the COM
pany's board OF directors. who yes
terday authorized the issuance OF
$15. .0O0, 900 ten-year per cent deben-
ture notes, to be sold from time to
time as the needs of the company
may require. according to announce
ment made by Howard Reside, presi-
dent
Criticism of the proposed reanAnc-
ing of the company was heard In cor
tain quarters today. It being pointed
out by several brokers and invest
ment bankers that the company
might find a wider market, X. instead
Of the debenture notes, 1t issued Sec
ond mortgage bonds: as the issue
proposed, it was said. would be OF
little interest to investors outside OF
the city, and would have to be ab-
sorbed locally.
Rapid Growth Noted
Owing to the rapid growth OF the
company's business, the annual re-
quirements for extensions better
ments. additions and improvements
have greatly Increased over the an.
nual requirements during the perioo
from 1910 to 1920. and 1t is estimated
the requirements for such purposes
during the current year and Tor the
next ten years will approximate from
$500. 900 to $1.000,000 annually, MI
Reeside states in his notice OF the
coming shareholders meeting.
OF the SIS, ,000, 900 required. the com
pany proposes to place approximately
50. 100000 of the amount to be au-
thorized on the market Immediately
Part of the proceeds OF such sale VII!
be used to retire the $2,0oO.0O0 OF
standing. OF which s1.20o.ooo have
been sold. and 100000 hypothecated1
at 103. The remainder will be used
to reimburse the company for extern
sionS heretofore made, and to pro-
vide requisite moneys for extensions
during 1929.
The notes. il issued, will carry q
provision giving the holder the right
to convert such notes at par into
non-voting cumulative preferred
stock should this company at any
time hereafter. upon obtaining au-
thority to SO do, issue such stock"
The officials OF the company ex-
pressed the belief yesterday that a
considerable part Of the issue will
be purchased by it's employees and
consumers. They will be issued in
denominations such as will inter
est small investors.
Seeks Conversion.
The Citizens Interstate Bank OF
Mount Rainier. Md, has applied to
Controller of the Currency Crissinger
for permission to convert into the
First National Bank Of Mount Rainier
Md. The capitalization OF the sbur-
ban bank Is $4,000.
Would Operate Savings Bank.
Controller OF the Currency Girls
singer is in receipt OF an application
from the Merchants and Farmers
Bank OF Anacostia for permission to
operate as savings bank. according
to Raymond B. HUNT, president OF
the institution.
The controller has replied to the
application. 1t is said. advising tina,
! set OF examiners would be assigned
! TO go over the books, in the regular
style. his final decision resting upon
what the examination reveals.
The institution In question has beer
functioning for approximately si1
tion of trust. 1t not having enough
paid-in capitalization to enable 1t te
secure a charter from the controller
Contrary to general opinion. appli.
cation for charter has never been ap.
piled for heretofore. The application
ings bank of 100000 capitalization
approximately $4,000 Of which ha.
been paid in.
Under the original organization
plans, the Institution was to have 9
ca pit alization of s250,000. Inasmuct
as the present paid-in capitalization
would not allow of such a sum, char.
ter of 800. 900 has been solicited. Sub.
seQuent applications will be filed from
time to time until the capitalization
reaches the desired amount
Inasmuch as all necessary requisite,
have been met. II is almost assured
the charter in question will be grant.
ed. The institution. officials aver, is
serving quite a large clientele in, ano
In the neighborhood Of Anacostja
who have, several months ago. peti.
toned Mr.. Crissinger to grant the in
stitution a charter. This, as statec
above, was at that time impossible
owing to a deficient paid-in capital.
Raymond E. HUNT is president O,
the institution, and J. Chris. Woot
cashier.
A. I. ID. Activities.
Joshua Evans. jr., vice president o,
the Riggs National Bank, will talk te
the elementary class. Washington
Chapter. American Institute OF Bank.
ing, tonight on Bank Statements"
Tomorrow night Prof. F. S. Donohut
of Catholic University will speak be
fore the members Of the economi,
class on Mercantile Credit" Will,
on Thursday night Raymond B
Dickey will continue his series OF
talks on Negotiable Instrume nts
before his class.