Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-02-13
By EDWARD c. STONE.

Y. IF. Booker Il Co, investment
bankers. this week will announce an
offering of 100000 per cent cuf11u-
| lative preferred stock of the Chevy
| Chase Dairy. Advance notice OF the
! issue was received yesterday by the
| 900 customers and the employees of
| the dairy company. giving them
preference = in subscribing for the
stock before the public offering.
The Chevy Chase Dairy. owned and
| operated by the Wise family has
been engaged in supplying milk and
dairy products to washington
| families for more than 40 years. The
proceeds of the new issue will be
used to retire $4,000 OF common
stock. reducing the outstanding com
mon stock from $500,00 to $3.50, 600
all of which is owned by the Wise
family, and TO pay off existing mort
cages amounting to S2s,500 and to
provide additional working capital.
The new stock, offered at par. Is
exempt from present normal Federal
income and District of Columbia
property taxes. It is redeemable. in
whole or in part. on any dividend
date upon 80 days notice at 100
The Riggs National Bank Is regis
trar and the American Security and
Trust Co is acting az transfer agent
Application will he made to list the
stock on the Washington Stock En-
change.
The business has returned profit
every wear since it was organized in
1855. Net earnings for the last six
wears averaged s62,095. virtually three
times the dividend requirements on
the present issue. The companys
total assets. after giving effect to
refinancing. are listed at sS22.O9e,
Public offering of the new issue will
probably he made Thursday
Only 3,OOO.OOa Security Holders.
The widely held belief that the
number of American corporation
stockholders runs to many millions
is refuted by Joseph s. Mccoy. Gov
eminent actuary of the Treasury. de-
clares the American Bankers Assoc
citation journal. in "A study he has
made for it's current issue. +,
Taking the duplication Of hold
ings into, account: Mr.. Mccoy esti-
mates that there are not more than
5000. 900 separate individuals who own
stocks and bonds" says the Journal.
Irresponsible economists in recent
wears have estimated that there are
15.000.000 stockholders" The Mccoy
article says:
''Cash dividends are reported as hav
ing been paid for 1924 amounting to
$4.33s,S2 1853. OF this, Sa15.215.9s0
was paid other corporations, S3.250.-
913.954 was received by individuals
making income tax returns. The re
mainder was distributed to those who
make no returns leaving about per
cent to be accounted for
Former Chapter Presidents.
The latest issue of Dollars and Sense
publishes a list of the former presi-
dents of Washington Chapter. A. l. B.,
of unusual interest in connection with
the institutes Is years history. The
past presidents are w. F. ID. Heron,
1904; George W. White, president in
1904: George Q. Watson, elected to fill
the vacancy created by the resigna
ton Of Mr.. White, 1904-5; Francis b.
Dooley, first half of 1905; John Poole,
two terms, 1867; w. Mex. Stowell.
1908: E. Percival Wilson, 1909:
Edmund 8. Wolfe. 1910; Arthur B.
Cha xton, jr., 1901: Joshua Evans, jr.,
1911.l1: Ernest r. Herrell, 1912. re-
signed: Charles II. Doing. jr., 1928:
r. B. Devereaux, 1884; w. w.
191s-16; Roy l.. Neuhauser. two terms,
1865; Edward j. McQuade, 1888;
Victor r. Deyber, 1890; Charles d.
Boyer, 1920.21; Wilmer j. Waller,
1s21-22;;s William A. Dexter, tdeceased);
James c. Dulin. ir., -1923-24; Harold w.
Burnside, 1924-25: r. Jesse CLANCY,
1925-26. and T. Hunton Leith, incum-
bent.
Melons Guest Financial Genius.
Montagu Norman, governor of the
Bank Of England, who visited Secre-
tary Mellon in Washington few
days ago, is one of the most remark
able financiers in the world. I'm
fortunately while in this city he had
time to meet very few financial men
outside OF the Treasury.
So great is the influence and power
of the governor Of the Bank of Eng
land that his term of Office is usually
limited to two years. Yet this man
has been recommended by the board
of directors for an eighth year Of
service He was first elected in 1920.
The bank which he serves is the old
est bank in thee world. having been
in existence for 233 years. Is is de-
fined AS a-private bank which has
governments for its clients.
Mr. Normau hetfevps that the Pa nix