Evening star. [volume] (Washington, D.C.) 1854-1972, 1947-09-10
Griffith-Consumers
Offers Preferred for
Common Shares


Griffith Consumers Co. common
stockholders are being given rights
to exchange their present holding!
for new issue of preferred stock al
the ratio of one new share for eacf
four shares of common, it was an
nounced today.
The company, which deals in coal
fuel oil and building materials, pro-
poses to issue 5000 shares of 212 pei
cent preferred stock. par value $50 g
share, to replace the outstanding
10000 shares of common.
The company will continue to have
one issue of stock Recent sales ir
the common have been reported
around 81 over the counter. 1t was
predicted today that present COM
mon stock holders will take all the
new stock.
Should any shares be unsubscribed
they will be underWritten by Mackal
81 Coe and offered to the public. The
old stock has been very closely hello
and has an excellent dividend record
H. Rozier Dulany is chairman Of
the board and Pere A. Wilmer presi.
dent of the company. The present
firm was formed in 1928 through 8
merger of two fuel concerns.
Fleming Heads A. /. B. Advisors.
Robert v. Fleming, president Of
the Riggs National Bank, has beer
appointed chairman of the Advisory
Committee of Washington Chapter
American Institute of Banking, BY
Theodore Cowgirl. president. Fred L
Lutes. Suburban National, waS
named vice chairman, the Other
members including:
Daniel w. Bell, w. Ladru Koontz
Thomas J. Groom, Clarence F. Bur.
ton, Wilmer J. Waller, David S
Hendrick, M. F. Calnan, Floyd E
Davis. Lanier P. McLachlen, Chris.
topher H. Pope, J. Frank White
George A. Didden, jr.. c. F. Jacob
sen, Bruce Baird, John A. Reilly
Francis G. Addison, jr., S. William
Miller, Harry G. Meem, John E
Fowler, o. w. Youngblood. T
Howard Duckett, and George T. Day
The new committee, together with
the officers and instructors of Wash
ington Chapter, will have dinner
meeting this evening at the May
flower.
Increase In Buying NOteo.
Purchasing, the national maya
zine, reports an increase in hand
to-mouth buying rejecting a move
toward inventory reduction, eXpec-
tation of lower prices and improved
quality. and greater availability OF
supplies. A survey indicates this
policy will last six months or more
C. V, Colocotronis, Commercial
Attache of the Royal Greek Embassy
in Washington. will be absent for a
couple of weeks on short leave to
Greece.
Directors of Manufacturers Credit
Corp, commercial bankers, have
declared a regular quarterly dlvi-
dend of liz per cent on the 6 per
cent preferred stock, payable Sep
TENDER 80 to stock of record Sep
TEMPER %. Charles Delmar, presi-
DEM, announced today.
Gordon Foods directors have voted
a quarterly dividend of 10 cents a
share. payable September 80 to
stockholders of record September 19
Investment Firms Top List.
OF the top 20 investment banking
firms participating in financing
Americas industries in August, four
in this section were among the lead
ers, the Investment Dealers Digest
announced today.
These firms are Alexander Brown
& Sons, participation, s1,116,0oo;
Auchincloss, Parker & Redpath, ST.
014,O0o; Folger, Nolan, Inc, s1,o14,-
900. and Johnston, Lemon & Co.,
s1,O14 900. Only five firms outside
New York were among the first 20
in dollar value of stocks and bonds
underwritten. The other was on the
Pacific Coast.
The Washington Office of Bache &
Co. today reported growing in
terest in overtime counter trading
in platinum.
The First Boston Corp. and several
Washington investment firms today
offered 100000 shares of Seaboard
Finance Co. $3.50 convertible pre-
ferred stock at $50 per share. The
offering is subject in part to eX-
change rights for holders OF the old
preferred. The yield is 49l per cent,
International Bank of Reconstruc-
ton and Developments 25-year IS
dipped below 101 Yesterday. of more
than 2 points from the July record
i,iof of 102t