Evening star., 1942-06-30
W. R. & {. Permitted
To Purchase 10000
Pepoo Shares
Commission Approves
Move to Finance
War Expansion
BY EDWARD c. STONE.

lIlC W. 1Ol lIlC llSllI W oNAoAlC lOA
cash at the par value of $l0O per
share 10000 shares of common stock
of the Potomac Electric Power Co., it
was announced here today.
The sale of the 10000 shares of
Potomac Power common stock to the
holding company has already been
approved by the Washington Pub
lie Utilities Commission, although
Chairman Gregory Hankin disSented
from the ruling made by James H.
Flanagan and Engineer Commits
sloner Charles w. Kutz, the other
members of the board.
The Potomac Electric Power Co.
will use the proceeds from the sale
to finance its present elaborate con-
struction program forced upon it by
war conditions.
New Gas Stock on Exchange.
The new Washington Gas Light S.
cumulative preferred stock was listed
on the Washington Stock Exchange
today. following approval by the Sc
curitles and Exchange Commission.
The amount of stock placed on the
hist was 18.206, which was the total
amount of the recent public distri-
button. Today'S market closed with
1O1 bid for the stock and l02 asked; !;
no sales.
The stock has been listed recently
among the over-the-COunter issues,
showing considerable strength. The
closing bid last week was 100, with
1882 asked.
Fifty and 20 share lots of Wash
ington Gas Common sold on the
exchange today at IA, unchanged.
Counter" Issues Higher.
Washington securities sold over
the counter as a group have done
we'll in the first half year, accord
ing to survey made today. Many
bond issues have moved forward
as have many of the stocks in the
list. Most of the bank stocks are
now being quoted lower than on
January /. and this is true Of Few
other issues. The volume Of trad
ing has been fair" 1t was said
today.
In the bond list National Press
Building 3-5s have gained three full
points, the bid for D. c. Paper Mil
IS has advanced two points, and
Washington Properties Is are up
about two points. City Club IS and
Consolidated Title Corp. IS, as well
as Mayfower Hotel IS, with bid OF
1877. have seen little change in the
six months.
In the stock division Barber &
Ross preferred has moved from y
bid to 34l2 bid, District National
Securities Corp. has gone from 30 2
to 4Olo bid, and Fidelity Storage
has moved from l55 bio to lib
Munsey Trust has climbed from 81
bid to 87l2, while Raleigh Hotel
Corp. shares have advanced from
Boss bid to "a.
Laidlaw and Mackay Merge.
Laidlaw & Co. and Mackay & Co.,
two veteran New York Stock EX-
change firms, will combine their
business interests, effective tomor-
row. G.. Bowie Chapman. head OF
the Washington Office of LaidlaW &,
Co.. announced today. The merged
firm will retain the Laidlaw name.
Malcolm S. Mackay, senior partner,
now on flying duty in the Marine
Corps. will become a special partner
of LaidlaW & Co., while in service.
Practically the entire Mackay staff,
including three former partners and
other key men, will join the LaidlaW
organization.
Laidlaw & Co. started business in
1912 and Mackay So Co. traces its
history through the firm of Vermllye
& Co. back to 1880. Laidlaw, with
HEADQUARTERS at 26 Broadway, has
for many years maintained offices
in Washington, Boston, Oil City,
Pa: Bloomfield, N. j., and in Mon
treal and Toronto.
Partners of LaidlaW & Co., after
July |. will be Edward Roesler, Gill
bert U. Burdett, Elliott c. R. LaidlaW,
Louis w. Noel, Edward Roesler, Jr.;
Lorraine F. Pitman. Daniel E, Mac
Lean and William F. Van Deventer,
as general partners; Isabella w.
Laidlaw. Henry McSweeney and Mr..
Mackay. special partners, Mr.. Chip
man stated.
c. & p. Net Income Drops.
Net income of the Chesapeake q
Potomac Telephone Co. for May
amounted to s95, ,424, against s136,9l4
in May, 1941, a drop of SAL 490, &C
cording to the report just filed with
the Public Utilities Commission.
Operating revenues for May totaled
sl.668.509. against s1299,941 year
ago. Operating expenses required
Sl.326. 1886, compared with s942647 in
May. 1941. Taxes in May amounted
to sl30 900. Interest deductions called
for s121 ,499, against S85,373 year
ago.
For the first five months of 1912
net income totaled s560712, COM
pared with s744,565 in the first five
months of 1941, a decrease of S183,-
1878. Operating revenues during this
period we're % per cent higher than
last year, while expenses, including
taxes. were up So per cent, the re-
port shows.
There were 343.499 telephones in
service at the end of May, which was
an increase of 1.492 telephones over
the previous month. Telephone
users made 43,628.O0O calls during
the month, or 4,842,0O0 more than
in May, 194l.
Malone Joins Childs Staff.
Harold q. Malone, an associate of
the staff of E. H. Scull Co.. manage
ment counsel, 1441 Broadway, New
York. has become assistant to the
president of Childs Co.. national
restaurant chain, with headquarters
at 200 Fifth avenue, according to an
announcement today. This position
with Childs is newly created one.
Before joining the Scull staff, Mr..
Malone was controller the The
Hecht Co., Washington, for 20 years,
and for four years was director of
the Controllers Congress of the Ma
tional Retail Dry Goods Association,
and has had considerable experience