Evening star., 1942-04-15
Nine Capital Firms
To Aid Washington
Gas Offering
Many Outside Dealers
Also TO Share in
Preferred Financing
By EDWARD C. STONE.

ton Gas Light IS cumulative pre-
ferred stock was announced today
following filing of the registration
statement with the Securities and
Exchange Commission in Philadel-
phia yesterday.
The investment firms will include
Y, T.. Booker a. Co, Johnston.
Lemon a. Co: Folger, Nolan a. Co. !;
Auchincloss, Parker e. Redpath I;
Brown, GOODWIN a. Odds: Mackall
a. Co., Ferris. Exnicios & Co.: Rob-
inson. Rohrbaugh e. Lukens, and
Robert c. Jones e. Co.
II was also announced today that
many other investment dealers will
be members OF the selling group.
New York firms having Washington
branch Offices, Baltimore concerns
and others will be given an oppor-
tunity TO offer the stock to their
patrons. Most Of the stock, perhaps
90 per cent, is likely to be taken by
investors in the Capital, dealers as
Sert,
Issue Due Early in May.
The stock should be placed on the
market around May IL, this pre-
diction being based on the usual
To-day s. f. c. registration period
and the period In which 1t is offered
10 common stock holders. For each
100 shares OF the common stock now
held, these shareholders will have
the right TO subscribe for nine
shares Of the preferred stock, or
practically that amount.
The price has not been an
nounced, but 1t is expected to be
500 n share. The Public Utilities
Commission In approving the issue
stated that It could not be sold for
less than 500 a share. 1t is not
likely to be more, according to finan-
cial district comment.
The new capital Is needed TO pay
bank loans of the company, which
now amount to s3.l00,000, and also
to provide for further extensions to
the company's plants and distribu-
ton facilities.
City Bank Officers Renamed.
All officers Of the City Bank were
reelected at the annual meeting
late yesterday, including Clarence F.
Burton. president; Frank w. Lee,
A. Scott Offutt, Frederick H. Cox,
j, G. Pyles, jr., and Thomas P. Hick-
man, vice presidents; Mrs. M. H.
buckingham, cashier; T. E. Elgin,
B. M. Grant, William B. Mehler, jr';;
r. z. Norris and J. G. Stephenson,
assistant cashiers; F. II. Weaver, A.
M. Atkinson and A. L. Deuterman,
branch managers,
The directors also were reelected,
the board being composed OF w. K.
Bachrach. Mr.. Burton, Mr.. Cox,
Fred Hewitt, Mr.. Hickman, William
s. Kelly, Mr.. Lee, Mr.. Offutt, l.. H.
Phelps, E. F. Pickford, j. B. Prewitt
and ]. Chester Pyles.
President Burton reported that
The bank had Just experienced one
OF the best business years since 1t
was founded.
Regular Dividend Declared.
Directors of the National Savings
a. Trust Co. have declared the regu-
lar quarterly dividend Of 81 per
share on the outstanding stock,
payable May / to stockholders OF
record at the close Of business April
"a, Vice President David Bornet an
nounced today.
j. Clifford Folger. member of the
investment firm of Folger. Nolan
a. Co, and vice president OF the
Investment Bankers Association OF
America, left Washington today for
Texas and other Southern points on
a tour TO boom the sale OF war
bonds among investment dealers.
Other association officials will join
In the tour.
Edward Duval and Thomas K.
whinerey, employees Of the Riggs
National Bank, are shortly to enter
the Navy. Both will receive COM
missions.
Daniel Boughton. connected with
the savings department of the
Union Trust Co, Is entering the
Army for service in the finance de-
partment.
National Banks Surveyed.
Washington's nine national banks
had SIe7 ,046, 900 in demand deposits
and s5l, ,70S 900 in time deposits on
their books on December 81 last,
the controller of the currency an
nounces in a summary of condition
lust published. The same banks held
Government deposits. including
postal savings, of 81 ,447 900, making
total deposits from these and other
sources amount to 1927 Oil 900.
The same banks had total of
ss.6o0,000 capital stock, $7,485 900
surplus and undivided profits of S.
$1,000 at the end of lsst year, with
total reserves for contingencies of
1858 900.
The nine banks reported aggre-
gate savings deposits of S4S 1887 900,
a total of sloo. 900 in postal savings
and 1894 savings accounts, the
survey showed.
Gas Sales Smash Records.
Sales of the Washington Gas Light
Co. in March and the first quarter
smashed all previous records for the
two periods. company officials an
nounced today.
March sales totaled 1875 ,Se2 m.cf
Thousand cubic feeD compared with
1851 .0l2 in March year ago. a
substantial gain of ll4,7So m,cf.. oil
652 per cent.
This record was made despite the
fact that the temperature in Marcf
this year was considerably higher
than a year ago. an average of Ak
comparing with S9.S.
Sales in the first three months o.
this year totaled 6,027,2l9 m.cf,
against 5,I7e,o77 in the like 1914
period, an increase of S4S.l42 m.cf.
Today's Trading on Exchange.
A tiny sale of American Securit!
e. Trust Co. stock took place on tn,
Washington Stock Exchange toda,
at 100, the lowest the stock has Sol(
this year. The market closed will
fon HID oyl o0n aSkai