Evening star., 1940-01-04


A group headed by the First Bos-
ton Corp. and Glore, Forgan & Co.
is offering today 66499 shares of
Washington Gas Light Co. common
stock at a price of s29.50 a share.
AS part of an issue of 1862 ,588 shares
originally offered last August, the
stock being placed on the market
today was withdrawn from offering
at the start of the war. This repre-
sents the final distribution of stock
of the Washington Gas Light Co.
formerly held by Washington g.
Suburban Cos.
According to pro forma consoli-
dated statement, the balance of in
come, after dividends on the pre-
ferred stock. for the II months
ended November 30, 1899, of the
company and its subsidiaries Gn-
cluding the earnings of recently
acquired subsidiaries for the full
12-month' period amounted to $2.67
per share on the 425 900 shares of
common stock outstanding at the
end of the period. Dividends during
1899 were at the annual rate of
$3.50 a share.
Several Washington investment
houses, which took part in the
original offering, were selling the
additional shares today. Both the
common and preferred are listed
on the Washington Stock Exchange.
Loan Demand 1899 Feature.
Harry G.. Meem, president of the
Washington Loan G. Trust Co., said
today that he considered the most
gratifying feature of the year 1899
the increased demand for loans and
especially those upon real estate
which are now substantially in ex-
cess of those at the end of 1888.
Banks had good year in spite OF
low interest rates, he said.
In looking at 1910, E. c. Graham,
president of the Hamilton National
Bank, points to the Government
pay roll which he does not believe
will be reduced in any material de-
gree this year. Indeed, the signs
all point the other way. The stabili-
ty of the Federal payroll and the
ing the Capital are among leading
factors which make the 1910 out
look appear bright, he asserted.
A. G. Neal, newly elected president
of the Potomac Electric Power Co.,
reports that there was an increase
of nearly 10 per cent in the amount
of electricity sold during 1899 over
1898. Dollar revenues showed about
a per cent gain over the previous
year, the smaller advance being
largely due to rate reductions put
into effect in February, 1899. He
adds that the cost of current to
customers in 1889 was little more
than half what customers paid for
current in 1929.
Two Gas Dividends Declared.
Directors of the Washington Gas
Light Co. have declared the regular
quarterly dividend of 37l2 cents per
share on the common stock, payable
February / to stock of record jan
uary Is: also the usual quarterly
dividend of S11212 a share on the
preferred stock, payable February 10
to shareholders of record January 81.
The new high mark of $l72.50 a
share reached by American Tele-
phone stock yesterday aroused wide
interest among holders of the stock
here. Brokers said the new price re-
fected large amount of investment
buying. The same kind OF buying
has been noted in long list of pre-
ferred stocks in the past few days.
Robert " Fleming, president OF
the Riggs National Bank. will speak
tonight at Sweet Briar College in
connection with the establishing of
the Carter Glass chair of govern
ment. The two men have been very
close friends for many years.
Heard in Financial District.
The Citizens Bank of Pequoson.
Odd, Va, has been admitted to the
Federal Reserve Bank of Richmond.
The latest bid for Washington
Railway g. Electric participating
units, sold over the counter, is 1872
with 20ha asked.
The present bid for Garfinckel &
Co. preferred stock is 25A with 27
asked. Bid for the common, 81
offered at 10%.
General merchandise sales in the
South in the first II months of
1889 showed a IA per cent gain over
1888, equaled only by the Middle
West.
Sales of wholesalers based upon
reports from 2,814 firms represent
ing all parts of the country in
creased 80 per cent in November
over the same month year ago, it
was announced today by the Com
merce Department.