Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-09-23
SECURITY STORAGE
SPL|T-UP IS 0. KID.
Stock to Be Reduced to $25
Par and New Shares Issued
on Four-for- 0ne Basis.
BY EDWARD c. STONE.

The stockholders of the Security
Storage Co, at special meeting
Yesterday, voted unanimously to APP
prove the recommendation of the
hoard of directors to reduce the pa:
value of the stock from 500 to
| $25 per share, and to issue to the
| stockholders four shares of the new
! stock for each share of the present
| stock.
This company was established In
| 1906 and succeeded the storage de-
partmcnt of the American Security
| &, Trust Co, the trust company still
being largely interested In the stor-
| age company. The capital stock Is
| $500. 900, but 1t is understood that
| the value of the company's ware
houses and property Is several times
its capitalization.
The stock of the storage company
has always been very closely held
and shares only infrequently come on
the market. 1t has recently been quot
| ed on the Washington Stock Ex-
change at 475 and has sold during
| the year sas high as 485. Under the
new plan it will probably be quoted
at first around 125.
Clarence A. Aspinwall, who has been
with the company since its early years.
Is president Of Security Storage and
the other officers, who have also
grown up with the company, include
| Charles w. Pimper. vice president and
treasurer: Charles P. Ravenburg, Sec
rotary; F. A. Ray, superintendent; H.
l.. Clayton, manager Of the cold stor-
age department; Paul Alvey, assistant
secretary. and Miss Helen Howison,
assistant treasurer.
Mr.. Aspinwall states that the COM
Lnc 90 HA lny no< -
repositories anywhere in the country,
and was a pioneer in developing eff
cient methods for the care and hand
ling Of household goods and personal
effects. He says 1t was the first com.
pany in this city to use padded moving
vans and the first in the world to APP
ply cold storage to the protection of
furs and other articles subject to in
sect depreciation.
Railway Common is Feature.
Washington Railway & Electric
common featured the Washington
Stock Exchange today when it opened
at new high, 900, climbed to 325
and closed at $40. The days trans
actions totaled 45 shares. The stock
closed last week at ESQ, making a
jump of 80 points in less than half
that number of days.
Potomac Electric Power s per cent
preferred was strong today at ITO,
110A and 1101a. and there was one
sale in the 51a per cent preferred
at 1031a. Sanitary Grocery preferred
again sold at 102 and the only bank
stock out Commercial National.
closed at 2701a.
On the bond side Washington Gas
IS Series B, sold at los and Gas 5s
at 102.
Market Company Changes Name.
Stockholders Of the Washington Mar.
ket Co. yesterday ratified the proposal
of the board of directors to form
third company to be known as the
Terminal Refrigerating 6 Warehousing
Corporation. The plan was outlined
by the directors several weeks ago.
The new company will have an author
lied capital of 1000, 900, to be divided
into 10000 shares with par value
of $50, the same as the present stock
of the Washington Market Co. The
new company will exchange the stock
share for share with the market CON-
pany and also hold in trust for the
Washington Market Co. all the stock
of the subsidiary Terminal Refrigerat-
ing & Warehousing Co.
When the new corporation acquires
ownership of all the stock of the mar
ket company, 1t will take over the d..
rect ownership of all the assets and
liabilities of the market company and
it's subsidiary. and the two then will
be dissolved. And in due time appli-
cation will be made to list the new
stock on the local exchange.
Reports show that the Washington
Market Co. is in excellent financial
condition. 1t has, however, outgrown
it's charter and the present steps are
being taken to remove these limita-
tions. thus permitting 1t to conduct
business on broader lines as well as
more efficiently and economically.
The reorganization committee was
composed Of Charles J. Bell. Wris-
ley Brown and Eugene e. Thompson.
The directors of the old company. as
we'll as of the new company, are
Charles J. Bell. chairman; Wrisley
Brown, Clarence A. Aspinwall, Apple
ton p. Clarke, jr.; Gustave F. F'ors-
berg, William M. Hannay, James B.
Lambie, Ralph w. Lee, Robert p.
Marshall, Clarence r. Norment. Sim
con T. Price, William P. Reeves and
Eugene E. Thompson.
Two Dividends Declared.
At it's last monthly meeting the
board of directors of the National Cap
jfnI Mort o. q up 70 voted tho ma ypoont of