Evening star., 1937-06-18

SlOne, secretary.
President Primm announced the
committee chairmen to complete his
administrative staff: Laurance H
Riggles. Advisory; Paul D. Sleeper,
Bank and Trust Company Co-opera-
ton; David S. Bethune, Better Busi-
ness Bureau; Lawrence C. Crawford,
Field Practice; j. E. McCombs. Greet
ers; William J. Bryan, Industrial In
surance; John F. Cremen, Legislative;
Earle w. Sapp, Life Insurance Week
Co-ordinator: John L. McElfresh, Life
Insurance Week; H. Lawrence Choate,
Managers Section; Charles w. ODon-
nell, Membership; Leroy j. Myers,
Conservation; j. E. McCombs, Ma
tional Committeeman; Thomas P.
Morgan, jr., Program; Russell Shelk,
publicity; James A. De Force, bulletins:
John E. O'Brien, association news
correspondent; Vernon w. Holleman,
sales congress, and Alma McCrum,
women's section.
The last year has been one of un-
usual progress for the association. The
membership is now the largest on rec
ord 1924. Two highlights this year were
the establishing Of the Life Under
writer's Institute for educational pur-
poses and the organizing of the wom-
ems section of the association. The
treasurers' report revealed the best
financial condition since the organiza-
ton was started 27 years ago.
D. Gordon Hunter, vice president
md agency manager of Phoenix Mu-
tual Life Insurance Co., was intro
duced as the guest of the evening. In
stirring address entitled Lets Co."
Mr.. Hunter showed the objectives to
ne accomplished by better and more
thorough life underwriting during the
next year.
New Gas Stock Friced at sos.
The washington Gas Light Co.. in
an amendment filed with the Securi-
les and Exchange Commission, states
hat the offering price on its 10000
shares of $3.50 cumulative convertible
preferred stock will be s95 per share.
The statement further shows that
he underwriters will all be Washing
on nflrms-Archincloss, Parker g. Red
1ath, Y. E. Booker g.. Co., Brown,
icodwyn & Clds, Johnston, Lemon &
Co., William w. Mackall, ir., and Fol-
ser, Nolan g. Co.
The present stock OF the Washing
on Gas Light Co. has par value of
20 per share. When the shares are
xchanged, three for one, the new is
ue will be without par value, accord
ag to the plans as outlined to the
~'ublic Utilities Commission.
OF the 100000 shares authorized
ny the Public Utilities Commission,
100000 will be classed as common
tock and 100000 as preferred. The
after will be divided into 10000 of
4.50 cumulative convertible preferred
nd 10000 shares OF IS cumulative
referred. The coming 10000 shares
-Jlll be part of the $4,000 authoriza-
ion.
BY placing the sale of the new stock
n the hands of local investment firms
: is the hope of the company to bring
ne gas firm back to home ownership" !"
Is understood that the Chase Ma
,onal Bank is anxious to give up its
resent interest in the company.
Credit Men Oppose Income Tax.
The Washington Association of Credit
len, the wholesalers association, went
n record at its regular meeting this
eek, as opposing income tax legisla-
on Tor the District OF Columbia. It
$50 resolved to oppose the business
rlvilege tax. but indorsed q bill to
Nulre registration for a nominal fee
foreign corporations doing business
the District. The association recon-
lended the passage of bill to estab-
sh a small claims and Cancellation
ranch OF the Municipal Court of the
district of Columbia.
Ihese bills had been carefully con-
loered by the associations legislative
committee, headed by Waldo j. Tastet,
reasurer OF Fries, Beall g. Sharp Co..
no former president of the associa-
ION, and the recommendations made
'enect the Interest of the association
swell as the committees thought to-
Yard general civic improvement.
Arundel Earnings Up Sharply.
Arundel Corp, Baltimore sand
'raVel and contracting firm reports for
ne nrst flve months reported q
net profit Of s415,s79, comparing Will
\ proflt OF $35,69O In the first fve
'ilontns OF 1885. This surprising in
erease will interest many Washing.
tonlans as the stock is quite widely
.leld mere. 1t is listed on the Baltimore
Exchange.
current assets as of May 81, 1897
amounted to S3,03l, ,7O8 and c,,rren,
Liabilities were $795,116. comnarins
With $2.073,545 and s479, ,758. resnec.
Ilcely, on May 81, 1886. May prof
before Federal income taxes wa.
Slo7S2o against $55,S19 in May, 1885
Joseph V. Hogan, president, statet
that the company's sand, gravel, fla,
and pre-mixed concrete shipments ar
currently showing a substantial in
crease over the corresponding month
year ago. The concrete work unde
way Is making good progress
Work on the Baltimore City Airpor
IS proceeding on schedule. In Ma,
the company placed $4,000 cubi
yards on the Job.
Heard in Financial District.
Odell S. Smith, secretary and treas
urer Of the Norfolk & Washington
Steamboat Co., left Washington yes
1erday to attend the 50th anniversar
Of his class at Wesleyan University
Mddletown, Conn. It is the 1O5tl
graduation at the university and tn
Tooth anniversary Of the "Mystica
Seven" a class society to which M,
0. Smith belonged.
Richard Hatton, financial editor o
the Washington Herald, left the cit
today to attend his class reunion a
Princeton over the week end. He be
longs to one Of the very few classe
which have q reunion every year.
Capital Transit stock sold at 10 o.
the Washington Stock Exchange to
day, Washington Loan g. Trust regis
tered 290, American Security & Trus
300 and Mergenthaler Linotype 4