Evening star., 1944-06-15
Long Period Required!
For Simplification
: OF ". R. & {. System
By EDWARD g. STONE.


Alfred G. Neal, president OF the
Washington Railway a. Electric Co.,
Indicated today that 1t will be q long
time after the corporate simpliflca-
tion plan has been approved by the
SEC before it can be put into effect.
Certain essential steps require ap-
proval of the Public Utilities COM
mission of the District of Columbia,
while other legal proceedings will
require further time.
The plan, as outlined yesterday
to the SEC, provides for the elimina-
ton of the Washington Railway 81
Electric Co, and the Washington g.
Rockville Railway Co. Washington
Railway proposes to call for redemp-
tion the, Consolidated Mortgage 4%
Bonds, due December /, 1851, in the
amount of 1855, 900, and for the
exchange of washington Railway
preferred and common stocks for
Potomac Electric Power issues.
Also TO be redeemed are the So
cumulative preferred stock and the
51s% preferred of the Potomac Elec-
trio Power Co. The Potomac Elec-
tric Power Co. will be recapitalized
by increasing its authorized capital
stock from $50 ,00O, 900 to SIS ,0Q0 Geo,
consisting of 250,000 shares of pre-
ferred, $100 par; and 5000, 900 shares
Of common at $40 par. ~
In letter Just mailed to all
Washington Railway stockholders,
the plan as laid before the SEC is
outlined In great detail, elaborate
financial statements being included.
May Gas Sales On Slightly.
Sales of the Washington Gas
Light Co. In May were slightly un-
der the same month year ago, but
In the first five months of the year
set another new alltin1e peak, ON
cials reported today.
May sales totaled 1,324,82 thou
sand cubic feet, against 1,378, ,459 in
May. 1943, q small decrease of 53,-
631 thousand cubic feet. Failure to
set another new record for the
month was due to an exceptional
amount of very hot weather.
Cumulative sales in the five
months totaled 9,734,0N thousand
cubic feet as compared with 1885,
593 in the like 1943 period, an in
CItdSc % AdL tAlAo yCdl Va Atos1AA y
thouSdnd cubic feet, or l.87 per cent,
the report said.
Real Estate Bonds Uneven.
Washington Properties rs scored
a gain Of two full points during
May, and National Press Building
41as were up half point. Press
Building first 3-5s were unchanged
at o9H bid. Mayflower Hotel SIS
closed the month with 1855 bid, of
five points. according to the Amott-
Baker reports.
The recently called per cent
consolidated Federal farm loan
bonds Of July l, 1944-1946 will be
paid on July at the Federal Re-.
serve banks or the Treasury, and
the 4 per cent consolidated Federal
farm loan bonds of July Is. 1914
1854 VIII be paid on or after July
Is, the Richmond Reserve Bank
announces.
d. C. hanks Vote Dividends.
Directors of the Bank of Com
merce q Sa"ingS have. declared the
regular quarterly dividend OF $3.50
per share and an extra dividend Of
$3.50 per share. both payable June
80 to stockholders of record June 20.
Directors Of the McLachlen Bank
ing Corp, have declared q per cent
dividend, equivalents -t0s4 4asper share;
payable July Is to stockholders of
record June 80.
Ninety-four stocks made new
highs fol. 1914 on the New York
exchange yesterday, in spite of the
quieter trading.