Evening star., 1942-03-26

lCllSlOllS " VIZ
company's plants Marcy l.. sperry.
and distribution facilities. required
by the great increase in the popula-
ton of Washington and nearby COM
munities.
This preferred stock was authorized
in 1887 at the same time as the $3.50
cumulative convertible preferred
stock with which it ranks equally as
to liquidation rights and dividend
preferences.
The S. stock differs from the
preferred stock already outstanding
only with respect to its higher
dividend rate, and it does not carry
the conversion privilege which char
acterizes the earlier issue, President
Marcy L. Sperry stated today.
Higher Dividend Desirable.
officers of the company said that
due to a decline in the preferred
stock market, the higher dividend
rate appeared to be in order.
The application which has been
pending before the Public Utilities
Commission for approval of the au-
thorization of 10000 shares of $425
preferred stock, which was voted by
the stockholders of the company in
March, 1941, has not yet been acted
upon by the commission.
This application is not to be with
drawn as it is expected that the
funds will be needed later for
further expansion purposes. This
stock would be placed on the market
at a time when there is a more
active demand for preferred issues
with lower dividend rate.
The company proposes that the S.
preferred, if approved by the Public
Utilities Commission, be sold through
a group of Washington investment
bankers in a manner similar to pre-
vious sales of the $3.50 preferred
stock. The company asks that the
competitive rule be suspended.
Directors Elect Controller.
Directors of the gas company. or
eanizing for the year yesterday, re-
elected all officers and created one
new Office, that of controller. Otis
II. Ritenour. who has been an assist
ant treasurer for several years, was
elected to this Office.
The other officers include Marcy
L. Sperry. president; Everett j.
Boothby, vice president and general
manager; Robert c. Overs, vice
president and treasurer; Edward T
Stafford, secretary; James D. Ding
we'll, jr.. assistant vice president in
charge of personnel relations; Wylie
w. Barrow, A. Gray Dawson, Frank
r. Holt, assistant treasurers. and
Hazel G. Thompson, assistant secre-
tary.
The directors, reelected at the
recent annual meeting of the stock
holders. are Albert w. Atwood, Mr.
Boothby, Mr. Overs, C. H. Pope, Mr.
Sperry, Sidney F. Taliaferro and
Corcoran Thorn.
The board yesterday declared a
regular quarterly dividend of $l.12l2
per share on the outstanding $3.50
preferred stock, payable May II to
stockholders of record April 80; also
the quarterly dividend of 37l2 cents
per share on the common stock. pay
able MAY / to stockholders OF rec
ord April IS.
Exchange Members Confer.
John E. Parker of Auchincloss.
Parker & Redpath, who is director
of the Association of New York
Stock Exchange Firms, recently held
a regional meeting of securities deal
ers in Baltimore who are members
of the association. The greatly ex-
panded program of the association
was explained in detail.
The Maryland Bankers Associa-
ton has decided to hold the 1942
annual convention in Baltimore OH
May 2l-22, instead of at Atlantic
City, the place previously selected.
Headquarters will be the Lord Bal
timore Hotel
C. P. L. Moran, manager of the
Washington Office of the Crane Co.,
announces that G.. A. Eastwood.
president of Armour g. Co.. has
been elected a director to fill Va
cancy on the board. Other directors
were reelected at the annual meet
ing in Chicago.
Public Accountants to Meet.
DR.. Paul F. Douglass, president of
American University, will be the
guest speaker at a dinner meeting
of the District of Columbia InSti-
tute of Certified Public Accountants,
at the Hay-Adams House next Mon
day evening at $50. After his talk.
the following panel will discuss
THE Economics of Contemporary
War Finance"
DR.. Fritz Kari Mann, DR.. Egon
en-Wertheimer. and DR..
Adolph Drukar, all of American
University: Dr. Oscar Zaglits, De-
partment of Agriculture. and DR..
Roy Blough, Treasury Department.
The president of the institute is
Simon w. Levitan.
The Washington Office of the
Mutual Life Insurance Co. reports
that Robert Goldstein stood Goth
among leading producers in Febru-
ary. Maurice M. Solomon was 35th,
George A. Annandale was oath and
j. A. Kamerow 32d in the number
of lives insured
Today's Trading on Exchange.
Twenty-four shares of Security
Storage stock sold at 10 on the
Washington Stock Exchange today
the first time this issue has ap-
peared on the board in 1912.
Capital Transit figured in small
sale at 20&. ex-dividend, practically
unchanged. The market closed with
20 bid and 81 asked. Bonds were
neglected, in contrast with the great
recent activity on the New York
Exchange.
Washington members Of the As
sociation of Reserve City Bankers
have received notice that the annual
convention will be held at Hotel
Hershey, Hershey, Pa, April 1928
instead of White Sulphur Springs,
w. Va. The Greenbrier Is still
filled with Nazi diplomats.