Evening star., 1938-06-05
WASHINGTON GAS
OFFERING IS DUE
Within FEW DAYS
Registration Data Filed
for 15,600 Cumulative
Convertible Shares.
NADLER WILL ADDRESS
D. c. BANK CONVENTION
Economist to Talk on Investments
and Money Rates at Session
Next Saturday.
BY EDWARD C. STONE.

OF $3.50 cumulative convertible pre-
ferred stock of the Washington Gas
Light Co. Is expected to be made tc
Washington investors early this week
by group of local investment firms
The registration statement covering
the new issue is now on file with the
Securities and Exchange Commission
and is expected to become effective
within the next day or two. Imme.
diately thereafter the stock will be
placed on sale. The price at which
the new stock is to be offered will not
be definitely determined until the
registration statement becomes ef-
fective.
The Public Utilities Commission
several days ago signed an order ap-
proving the sale of the stock, and thi,
order stated that the offering price
to the public would not be less thar
971a and accrued dividend. OF the
15,600 shares of new stock authorized
only 13,103 shares will be Immediately
available to the investing public.
Proceeds from the sale of the new
stock will be used to reimburse the
company in part for expenditures
made for the acquisition and con-
struction of new property, additions
extensions, improvements and better
ments made prior to December 81
1887, and chargeable to capital ac-
count.
10000 Shares Outstanding.
Ths company has outstanding at
present 10000 shares OF $3.50 con-
vertible preferred stock, which was
offered last June and was Immediately
heavily oversubscribed and bid up to
a substantial premium over the Of
fering price. The stock sold on the
Washington Exchange Wednesday at
98h. The fact that this new stock
is exempt from the present District Of
Columbia Intangible tax of one-halt
Of ! per cent makes 1t particularly at
tractive to investors residing within
the District.
The registration statement gives the
cornparly's net income for the past
three calendar years Us follows: 1895,
s975,76 1885, s675, 5,7sl; 1887, $780,
2o7. Operating revenues for the same
period were as follows: 1885, s7090,-
1855; 1896. s7,504, ,57s; 1887, $7,s08, ,7s9.
Net earnings for the first four
months of 1888 show an increase OF
approximately $4,000 over the cor
responding period of 1887, according
to reports filed with the Public Utili-
ties Commission.
The group of local dealers in charge
of the sale of this stock for the COM
pany includes Auchincloss. Parker &
Redpath, Y. E. Booker & Co.. Brown,
GOODWIN & Olds, Folger. Nolan & Co.,
Inc, Johnston, Lemon &, Co. and VIII
liam w. Mackall, jr.
Bankers Secure DIR. Nader.
DR.. Marcus Nader, noted New York
University economist, will address the
District Bankers Association at Hot
Springs next Saturday on investments
and Money Rates." Program Chairman
Frederick p H. Siddons announced
yesterday. He has addressed bankers
associations all over the country, was
research assistant of the Federal Re-
serve Board. 1921-1924; assistant econ
omist, National Bank of Commerce,
1924-1926, and is the author of several
books on finance.
Second Vice President Ord Preston
will preside over part of the third days
session. william H. Laughlin, presi-
dent Washington Chapter, American
Institute of Banking. will make his
annual report to the senior associa-
ton. and Arthur E. Meade. Lincoln
National, will read his prize winning
essay on the Bankers Place in the
Community"
Harry L. Downey, Washington Loan
& Trust Co., chairman of the auditors
section, and Francis G. Addison, jr.
president of the Security Savings g.
Commercial Bank and chairman of
the Law and Legislation Committee
will make reports. Other standing
committee reports will be presented
the session ending with election OF
officers. Latest announcements indi-
cate a very satisfactory attendance.
d. C. Retail Trade Lags.
The Department Of Commerce re-
ported yesterday that retail sales in
Washington during the week Just
ended registered decreases from both
the previous week and the comparable
, 1887 week. Sales were off IL per cent
from the previous week and 20 per
cent from year ago. Baltimore,
Richmond and other cities in the
NTH district reported similar condi-
tions, except Charleston, S. c., where
business was more favorable.
Bank clearings in the Capital totaled
$lS,l94,S29, against $23,6l7,821 in the
same week last year. Building per-
mits amounted to $164, 800, as COM
pared with $606,55o In the like 1887
period, two large public school build
ings being largely accountable for the
high figures year ago. May building
= permits totaled s1,53s, 400, against
$3,0s7,350 in May, 1887.
The Board of Directors of Washing.
ton Properties. Inc, has declared in
terest on the company's general
mortgage income bonds for the six
months period ended April 80, 1888
at the rate Of 2.5 per cent.
Checks for the interest payment will
be mailed August by the Central
Hanover Bank g. Trust Co. of New
York, paying agent, to bondholders Of
record at the close of business July 90
Surplus income available for in
terest for this period was $19,713.7s
less than for the same period in the
previous year. Taxes paid in this
period were s22,918l7 more than ir
the same f,eriod of the rreyioi,s year.