Evening star., 1942-04-28
New Gas Preferred
Stock 10 Be Listed
On D. {. Exchange
Company offieioIs Will
Moke Application
At eorIy Dote
BY EDWARD C. STONE.

BY EDWARD C. STONE.
oficials of the Washington Ga
Light Co. VIII apply for early list
ing OF the new 10000 shares OF 8
cumulative preferred stock. now be
Ing offered the public. according Il
plans announced In the prospectus
The National Savings a. Trus
Co. Is 10 be the transfer agent anc
the American Security 81 Trust Co
registrar for the new shares. Tht
new stock win be entitled TO cumu.
lative cash dividends at the rate OF
% share on parity with tho
$3.50 preferred stock but has prefer.
ence over the common stock.
Dividends of the shares will &C
crue from May J. The holders ol
the S. preferred will be entitled to
one vote per share and upon volun-
tarly liquidation would receive sl0s
share and upon involuntary liqui-
dation 500 o share, the prospectus
states. The stock is subject TO re-
demption on 30 days notice at s10t
per share and accrued dividends.
Net income OF the gas company
in l94l amounted 10 sl.223,885, In
1910 10 $I,3l3,g42 and In 1899 TO
Sl,23i,797. The company has paid
regular dividends on the $4,000
shares OF $3.50 preferred stock since
the shares were first issued in 1887
and has paid varying dividends on
the common stock since 1866, ac-
oording TO the information in the
circular.
Company Serves Big Area.
The company owns the Washing
ton Gas Light Co. of Montgomery
County, Nd. Rosslyn Gas Co,
Prince Georges Corp. and the Wash
ington Suburban Gas Co. The Ross
lyn company covers the city of Al
exandria, Arlington County and part
Of Fairfax County. The company
and subsidiaries have a territory
with about 100000 population.
The gas company spent 1886 ,237
for additions in 1941 and 81, ,14l 1857
In 1887 through l94l Delivery Of
the new stock TO common stock
holders win take place shortly after
May IL, when the subscription rights
expire. The rest Of the stock will
be delivered later in the month.
The president of the company is
Marcy l.. Sperry, and the directors
include Albert w. Atwood, Everett
j. Boothby, Robert c. Overs, Chris
topher II. Pope, Sidney F. Talia-
fero and Corcoran Thom. The
secretary is Edward r. Stafford and
the controller Otis H Titenour. The
prospectus contains AZ pages Of in
formation about the company, its
business and the new issue.
Trade i'm Cities Compared.
With the single exception of VAL
lejo and Napa, Calf, which re-
ported q 81 per cent gain. depart
ment store sales In Charleston. S.
c., scored the largest first quarter
gains OF any city In the country,
the Federal Reserve Board reports.
The Norfolk gain of At per cent was
also significant, as was Washing
tons Al per cent trade pickup.
Elmira reported 43 per cent ad-
vance over the first quarter az 194l.
Retail sales In Lancaster, Pa:
Akron, Erie and Baltimore were 40
per cent ahead of last year. Birm-
ingham, Ala, reported q 46 per cent
rise.
Trade In Fort Wayne gained A
per cent, Fort Smith, Ark. 40 per
cent, Wichita AZ, Long Beach 48,
San Diego 48 and st. Joseph IL, the
review says.
Auditorss Laud Conference.
Members of the auditors section
of the District Bankers Association
are most enthusiastic over the con-
ference in Philadelphia. Two of the
best addresses were made by John
A. Reilly and Arthur J. Linn. Other
Washington bankers also took an
active part in the proceedings.
The conference ended with a Sat-
urday trip to Atlantic City. The
resort has lot of war paint, the
tops OF all lights along the board
walk and elsewhere being painted
black, allowing Just enough down.
ward light so that visitors can get
about.
The number of guests appears. to
be quite normal for the time Of
year. The hotel sun parlors are
well filled.
Southern Railways Net Up.
Net income of the Southern Rail-
way in the first quarter of this year
was equal to SALT per share on the
common stock, against S2.03 on the
common In the like period in l94l
Norfolk & Western r. r. earned
1915 share on the common stock
In the first quarter, compared with
$5.74 a common share in the first
quarter year ago.
G. c. Murphy Co. is considering
the sale of 100000 of new pre-
ferred stock. proceeds to be used u
retire the outstanding 10000 shares
OF per cent preferred stock and Il
increase working capital. Stock
holders will vote on the approval al
a special meeting June "a.
Views on Market Vary Widely.
Moody's Service does not thinl
this is the time to become NOR,
bearish and advises selective pur,
chasers on weaknesses. STANDARD
Statistics finds business NOR,
prevalent than at any time since tht
decline started. but thinks some
rubber stocks and others may bt
reasonably priced.
United Business Service suggest,
that the market may be near tht
cumulative stage of the decline.
Barron's Weekly points out that al
enormous amount OF diScountinj
has already taken place; while th'
Wall Street Journal notes that peo
pie seem less anxious to sell securi
ties than they have been, except il
cases of switching.
Washington brokers today fore
cast little change in the marke
until the tax situation is clarified O
there is some big war victory.
Woodward Stock Higher.
Woodward & Lothrop preferre,
stock sold at 123 on the Washing
ton Stock Exchange, gain of thre