Evening star., 1937-06-06
DOCTORS HOSPITAL
STOCK ISSUE GETS
s. {. c. APPROVAL
1000 Shares of Common,
$100 Par Value, to Be Of
fered to Specific Groups.
100000 CONSTRUCTION
LOAN TO BE FLOATED
Legal Work Is Being Speeded to
Secure Clear Title for 81 ,000,-
600 Project.

Plans for the s1,000.000 hospital
TO be erected on l street between
Eighteenth and Nineteenth streets
took substantial step forward yes
terday, when the Securities and Ex-
change Commission authorized Doc
tors Hospital, Inc. to issue capital
stock for sale to the medical, dental
and allied professions, only.
Action came by the S. E. c. when it
permitted the registration statement
filed by Doctors Hospital for sale of
Its stock, to become effective as of
May 30.
The issue will consist of 1000 shares
OF common stock, 500 par value, to
be offered at par. to specified group,
the medical, dental and allied pro-
fessions. No underwater is named in
the registration certificate, and it was
learned that Doctors Hospital. Inc,
plans to sell its stock direct Already,
1t is understood, many members of the
medical and dental professions have
indicated desire to purchase the new
stock, so that it probably will be
quickly subscribed
Plan to Raise $1,000 900.
Sale of this common stock will re-
suit in fund of 100000. In addi-
ton to this it is proposed to float
q construction Joan of about $500 900,
raising the total revenue to $1,000 900.
The construction loan cannot be
made, however, until title to the land
Is clear Legal work now is being
pushed forward by J. Austin Stone.
attorney, representing the interests
selling the land. Stone said last night
he hoped the question of the title
could be cleared in a short time so
that the transfer of property can be
completed.
AS soon as the land belongs to the
doctors corporation the construction
loan can be foated, and the building
erected. Just when this will be, could
not be forecast accurately last night,
but it was hoped that all stages of
the program would be pushed for
ward in order to put the building
under construction as soon as pos
sible.
The new Doctors Hospital will rise
on the land lying between two medi-
cal buildings-Washington Medical
Building at the corner of Eighteenth
street, and the Columbia Medical
Building at the corner of Eye street
The land in three parcels is being
purchased from three different own
ers: The SidUell Friends School,;
the heirs of the late Thomas SidWell,
and the Alexandria Monthly Meeting
of Friends, better known as the Il
Street Meeting"
No decision has been made yet as
TO where the school and the Friends
meeting will move when they vacate
the present property, where they have
been located for many years. The
Friends School has suburban school
located at 1901 Wisconsin avenue,
where commencement took place Fri
day night.
To Spend $500 900 on Building.
The doctors plan to pay the three
owners OF the land s2ol ,SO5, accord
ing to the registration statement filed
with S. E. c. They propose to spend
5000 for the hospital building, in
cluding architects fee; sl94,000 for
furniture, fixtures and equipment, and
S4,195 for organization expenses.
Much OF the new issue of stock, it
IS believed, will be sold to doctors and
dentists in the two adjacent medical
buildings, who already own a large
part of the stock Of the medical
buildings.
Plans for the new hospital are being
drawn by Francisco g. Jacobus, archi-
tects, in consultation with officers of
the hospital corporation. headed by
DR.. Charles Stanley White, president.
Other officials of the corporation are !:
DR., Edward L. Morrison, vice presi-
dent, DR.. Charles Wilbur Hyde,
treasurer, and DR.. Oscar B. Hunter,
secretary. There is one other member
OF the original board, DR.. Alan j.
Chenery Gardner Booth of Alexan-
dria is counsel. The corporation has
selected as building contractor Lee
Paschall OF Richmond, Va.