Evening star., 1936-08-26
THREE ARE GIVEN
BANKPROM0T|ONS
New Vice President Named
by National Bank OF
Washington.
BY HAROLD B. ROGERS.

The Board of Directors of the Ma
tional Bank of Washington today
made three important promotions, an
nounced this afternoon by j. Frank
White, president
John Alden, who has been with the
bank for about IS years, rising through
many different positions, was pro-
moted from the post of assistant
cashier in charge of loans and dis
counts to the rank of vice president,
q new Office. Alden was born in the
District of Columbia, and began his
banking experience with the. old Gen.
trail National Bank. nearby, which
was merged into the National Bank
of Washington in 1907.
Edmund H. Graham, who has been
assistant cashier and manager of the
Water street branch of the bank, was
promoted to the post of vice president.
He remains in charge of the branch
with the rank of a vice president.
Everett H. Parsley, who has been
with the bank since 1909, was promoted
from auditor to assistant cashier.
Gas Plan Studied.
OF outstanding Importance in the
local financial world today was the
proposal of outside interests to dispose
of their "a per cent control of Wash
ington Gas Light Co.
In all corners of the financial dis
trict the move was a major subject
of consideration, with emphasis on the
possibility of control Of this important
utility swinging back to Washington.
The move, made by the gas COM
pany, representing the majority stock
holders, Washington & Suburban
Co.'S, stirred new interest in the finan-
cial structure of the gas company
here, its ownership, earnings and
future possibilities.
The proposal, as filed with the Sc
curities and Exchange Commission,
would result in sale by washington
e. Suburban Cos. of about 100000
shares of the total of 10000 shares
outstanding to group of investment
bankers and others who would imme-
diately offer them to the public.
Cut in Rates Ordered.
Recently the Public Utilities Com
mission ordered a reduction of about
$4,000 in gas rates, effective Septen-
ber /. This was the first application
of the sliding scale plan since its adop-
ton last December. This plan allowed
a basic return of 6l2 per cent on
agreed valuation, providing that in
creasing portions of the excess profits
over 612 per cent shall be considered
available for gas rate reductions in
the succeeding year.
Last December, when the sliding
scale plan was adopted, the commits
sion directed the rate reduction
amounting to net of S305,000 over
and above continuation of the 8l2
per cent discount. which had been in
effect for several years, while the
commission was completing a valua-
ton of the Washington and George
town companies. Adoption of the
sliding scale plan cut short the pro-
tracted routing method of valuation
and rate fixing, which at the time
appeared destined for test in court.
The common stock of the company,
majority of which would change
hands under the new proposal, has
par value of $40 and is outstanding in
the amount of $2,60o.000. Dividends
have been paid of $3.50 per annum,
payable 80 cents quarterly, in Febru-
ary, May, August and November l.
On the Washington Stock Exchange
the range of prices for the year 1885
ran from low of 5815 up to high
of g. Recently it has been standing
at 30 bid and about SO asked, with few
transactions.
Golf Finals Tomorrow.
The final match of Washington
Chapter, American Institute of Bank
ing, golf tournament will be played
at Indian Spring Golf Club tomorrow.
The two finalists are Lundeen v.
Steele, the Washington Loan g. Trust
Co., and Malvern F. Morse, American
Security & Trust Co.
The winner will be presented the
w. w. Spaid Golf Cup. An informal
dinner will be held after the match.
Washington Gas IS, provided the
only transaction on the Washington
Exchange today, one 81 900 bond selling
at 107. The common stock bid price
was 30, where it has been standing for
some time. There were no stock sales.