Evening star., 1937-06-28
PAPERS DELIVERED
FOR GAS SHARES
Buyers of New Convertible
Preferred Issue Get Ger
tificates Today.
BY EDWARD C. STONE.

today to purchasers of the new 10000
shares Of Washington Gas Light
$3.50 cumulative convertible preferred
stock, which was placed on the market
here last week, oversubscribed in one
day and the subscription books closed.
The 10000 shares were sold largely
to Washington investors by six Capt.
tai investment houses, some 18 other
local firms also having a limited
amount of the stock for their clients.
The firms which acted as underwriters
for the issue announced at noon on
the day Of the sale that all the stock
had BEEN taken.
The new issue will be listed on the
Washington Stock Exchange in the
near future, probably in the next few
months. Application has to be made
to the exchange and registration also
filed with the Securities and Exchange
siderable time.
The new preferred stock was
brought out at 95 and accrued interest,
which amounted to TIA cents. Since
the stock was marketed there has been
a bid in the financial district at 9712.
The fact that the bid is so much
above the sale price is highly graft
flying to the underwriters and to the
Washington Gas Co. AS the stock has
all been sold, however, there is no
floating supply available at present.
Washington Gas Light common
stock rights" are now being quoted
at is cents bid and 25 cents asked
They will expire on July II. These
rights allow conversion of common
stock into the new preferred In case
of fractional shares, many holders
will want to sell the rights they have
or buy more That makes the new
quotations of special interest and
importance to the public.
Branch Banking Hit Hard.
Both the Virginia and West Vir-
glnia Bankers Association went on
record as very much opposed to the
McAdoo bills which would extend
branch banking across State lines,
the Virginia flnanciers stating that
they were 100 per cent against the
measures.
Following election of Alex F.
Ryland of Richmond as new head of
the Virginia association, c. L. Robey
of Purcellville was elected vice presi-
dent at the closing session Saturday
at White Sulphur. He is one of the
most prominent bankers in Northern
Virginia. c. w. Beerbower, Roanoke,
was again elected secretary and
Thomas D. Neal, Richmond, was
named for another term as treasurer.
H. H. Cooley, Round Hill, and T. H.
Blanton, Bowling Green. were named
to the associations Executive Coun-
Gil and T. E. Gebrell of Clarendon
was made an alternate member of the
Nominating Committee of the Ameri-
can Bankers Association, representing
Virginia
Mrs. James B. Day. jr, of Norfolk
was presented a special memorial gift
in tribute to her husband, who was
president of the association at the
time of his death some months ago.
The Washington bankers attending
the convention were back at their
desks today, most enthusiastic over
the three-day session.
Appleby Heads Loan Group.
Charles A. Appleby was elected
president of the Kenilworth Building
g. Loan Association at the fifteenth
annual meeting of the stockholders
held in the Union Trust Building.
Samuel K. Murphy was named vice
president; Fletcher v. Shipley, secre-
tary, and j. Leo Kolb, treasurer.
The annual reports of the presi-
dent, secretary and treasurer showed
the association to be in excellent
financial condition. They reported
the past year as one of the best since
the organization was incorporated in
1921, opening for business shortly
afterward
The semi-annual dividend of 2l2
per cent will be paid on July IS to
stockholders of record as of June 80.
Insurance Sales Compared.
With the 3 per cent gain in new
life insurance sales in May. Washing
ton was behind the national average
gain OF 6 per cent over May of last
year. The Capitals five-month gain
OF l3 per cent. however, is better than
the national record of per cent.
st. Louis led Washington and all
the larger cities in May with q gain
of IA per cent, with Cleveland running
second with II per cent pickup.
Neither Of these cities did as well as
Washington in the flve-month period,
compared with 1896.
Forty-dve per cent of the companies
doing business in Washington wrote
more new insurance in May this year
than they did year ago, in Maryland
50 per cent and in Virginia, 81 per
cent, which accounts for Virginia's %
per cent jump.
In the report by districts, the Mid
die Atlantic States were up per cent
IN May and the South Atlantic States
10 per cent over May, 1886, the Hart
ford survey shows.
Cycles Held Banking Danger.
The worst enemy of banking in this
country has always been the business
cycle, Leonard P. Ayres, vice president,
Cleveland Trust Co., Cleveland, Ohio
and chairman Economic Policy Com
mission of the American Bankers AS
sociation, told a general meeting of
the Graduate School of Banking at
Rutgers College
Bankers have always made loans
IN periods of prosperity that turned
out to be in greater or less degree un-
collectable in the following periods Of
depression" Col. Ayres said when
the depressions were mild and brief
the resulting banking troubles did not
prove serious, but when they were
severe the banks suffered greatly"
He said that with almost clocklike
regularity banking has been hard hit
in business depressions at intervals of
about 20 years ever since this country
has been in existence.
Tod2y's Trading on Exchange.
Capital Traction IS opened the week