Evening star., 1943-07-20
Woodward & Lothrop
Stock 10 Be Offered
From Estate
By EDWARD C. STONE,


Application has been filed with
the Securities and Exchange Com
mission for authority to sell 27,500
shares of Woodward & Lothrop
common stock from the estate Of
the late Donald Woodward, it was
announced here today.
It is expected the department
store stock will be offered to the
public at price around $35 share,
according to Washington investment
dealers. There are now 250,000
shares of Woodward & Lothrop
common stock outstanding.
Merrill Lynch, Pierce. Fenner &
Beane and Alexander Brown g. Sons
will head a group of Capital under
writer's who will offer the stock to
the public, today's announcement
said.
The other underwriters include
Johnston, Lemon & Co.; Brown,
Goodwin & Olds; Robinson, Rohr-
baugh & Lukens, Mackall & Coe;
Ferris, Exnicios & Co. and Robert c..
Jones & Co.
Woodward & Lothrop common
stock is listed on the washington
Stock Exchange, the last sale being
made at "a, against high for the
year of 3412. The stock pays So a
year, which at "a means a yield Of
Col per cent.
Woodward & Lothrop preferred
sold recently at 12l on the Wash
ington exchange, pays ST year and
now yields 5.78 per cent.
Banks Speed Tax Service.
Washington banks are making
rapid progress toward becoming de-
positaries for withheld taxes under
the pay-as-go plan, the service be-
ing requested by the United States
Treasury, A. Scott Offutt, president
of the District Bankers Association
announced today.
Directors of most of the banks
Or their executive committees have
already approved filing of the neces-
sary applications and the purchase
of Treasury 2 per cent depositary
bonds. Where executive committees
have acted in advance of directors
meetings, the boards are expected
to confirm such action at the next
regular sessions.
The new service will be operated
only by banks which are insured
with the Federal Deposit Insurance
Corp. All Washington banks are in
this class. They will have the re-
quired blanks in few days and be
ready for their first deposits of tax
funds collected for the Internal
Revenue Department, Mr.. Offutt
stated.
Under the provisions of the Cur
rent Tax Payment Act of 1943, every
employer who withholds more than
500 during a calendar month is
required to pay the amounts. with
held within 10 days after the end
of the month to a qualified deposi-
tary, these funds when deposited
with banks, being kept in accounts
separated from all other bank funds
and paid over to the Government
at stated periods. A Treasury ruling,
Just announced, states that banks
which are making tax reductions
for their own employees may place
them in their withheld tax accounts
and will not be required to deposit
them elsewhere.
The tax accounts are expected to
reach large proportions, but the
service will require much less cleri-
cal work than has been the case
with ration coupon banking. Big
employers in the Capital have al
ready started withholding tax money
from salaries and wages, and at the
same time causing some quick re-
adjusting of family budgets.
Stokes Personnel Chairman.
Horace F. Stokes, cashier, Ma
tional Metropolitan Bank, has been
designated chairman of the Per-
sonnel and Operations Committee
of the District Bankers Association,
A. Scott Offutt, president, an
nounced today. F. G. Burrough,
assistant vice. president, Riggs Ma
tional, was appointed vice chairman,
the other members including:
w. Hiles Pardoe, National Saw
ings & Trust; Ralph Endicott,
Washington Loan & Trust; Robert
H Lacey, Columbia National; Rich
ard A. Norris. vice president, Lin
coin National; Hans w. Ireland,
American Security e. Trust; M. S.
Yeatman, Hamilton National; w. T.
Vandoren, Liberty National; Ruth
erford j. Dooley, National Bank of
Washington; H. j. Carr, Citizens
Bank of Takoma Park; Fred L.
Lutes, Suburban National Bank of
Silver Spring; Thaddeus M. Jones,
Prince Georges Bank & Trust Co.,
Hyattsville; c. T. Merchant, Arling-
ton Trust Co., Rosslyn; w. Paul
Stallsmith, Bank of Bethesda.
Mr.. Offutt said that in view of
present conditions in Washington,
this committees function will be
one of the most important of the
association during the coming year.
Heard in Financial District.
American Security & Trust Co.
stock again sold at 200 on the
Washington Stock Exchange today
The stock has turned considerably
more active recently.
Controller of the Currency Pres
ton Delano has accepted appoint
ment as chairman of the Govern
ment Division of the Community
War Fund Campaign which will be
held in October
The Federal Reserve Bank of At
lanta has launched an extensive
postwar planning research program
In all the States it covers. in the
fields of agriculture, commerce and
industry