Evening star., 1947-09-24
Wreco Asks Holders
To Present Shares
For Exchange
By Edword G. Stone

By Edword c. Stone
With the Washington Railway &
Electric Co.'S amended liquidation
plan declared effective as of Oc-
tober i, by the directors, holders
Of the preferred and common stocks
may present these issues on or after
that date to the exchange agents,
company officials announced today.
Washington Railway will no longer
exist after that date, in accordance
with SEC orders under the Holding
Company Act.
Under the terms of the plan,
holders of the SO preferred stock,
$780,. .par value per share. of WASH
ington Railway are entitled to ex-
change each share of such stock for
(a) l share of 1907 preferred stock
of Potomac Electric Power Co.
cPepcoD, par value $50 per share
(b) 4A shares of common stock of
Pepco, par value $40 per share, and
(c) 412sc in cash. The cash to be
received is equal to accrued and un-
paid dividends on the SO preferred
stock to October /.
Holders of the common stock, s100
par value per share, of Washington
Railway are entitled to exchange
each share of such stock for 40
shares of the common stock of Poto-
mac Electric Power Co. par value
$40 per share. and holders of Par
ticipating Units are entitled to ax-
change each Participating Unit for
one share of such common stock of
Pepco.
The National Savings Trust Co.
has been appointed exchange agent
for Railway preferred and common
Bankers Trust Co., New York, and
National Savings e. Trust have been
named exchange agents for the Par
ticiapting Units. A dividend of So
q share on the common, equal to
~ cents on the Participating Units,
has been declared, payable Septem-
Der 80 to stock of record Septem-
Der 20.
Women Delegates Listed.
Announced today, delegates from
Washington to the Association of
Bank Women's annual convention
at Atlantic City, September 26, q
and 28, will include:
8. Winfred Burwell, Assistant Trust Of
HCer, National MetrnnoIitap. rstharira AZ
Lois A. White. Assistant Cashier. Hamilton
ssra ses ssnS1 Ms
L. Chadwick. Assistant Trust ofneer, wash
ington Loan q Trust; Alice L. Whitton,
National, Alexandra: Mrs. Nell c. Saylor,
Head Of Personal Loan Department, Burke
g. Herbert National; Charlotte Ensel, AS
Cashier and Auditor, Seat Pleasant Bank;
Mrs. Vera G Rhine; Assistant VICE Pres
Assistant Secretary. McLschlen Banking
Corp: Florence T. Kelly, auditor. McI.ach-
len sn MIS- M
Lachlen Bank.
Hecht Co. Votes Dividends.
The Hecht Co., which operates
eight stores in Washington, Mary
land and New York, has declared
the regular quarterly dividend of
s3A cents a share on the 81 per
cent preferred and a quarterly divi-
dend of 40 cents a share on the
common, both payable October 81
to stockholders of record on Octo-
Der 8.
Gerry W. Hawes, jr., former
Washington district manager for
American Airlines, has been named
central regional director of State
affairs with headquarters in Chi
csgo.
Allen H. Ottman, controller of
the American Hard Rubber Co.. will
speak at dinner meeting of Wash
ington Chapter, National Associa-
ton of Cost Accountants at the La
fayette Hotel tonight.
d. c. Bank Loans Increase.
Loans by Washington banks for
the week ending September II,
showed a gain of s1,o02 900, the
Richmond Reserve Bank reported
today. Commercial industrial and
real estate loans all revealed gains.
Assets were up $9.765 900. Demand
deposits we're up; time deposits off.
Many brokers and bankers
planned to attend the funeral of G.
Bowie Chapman at St. Thomas
Episcopal Church this afternoon.
Gas Dividends Declared.
Directors of the Washington Gas
Light Co. today declared the regular
quarterly dividend of $1121a per
share on the $3.50 preferred stock
and the usual quarterly dividend of
s1.06l4 a share on the $4.25 pre-
ferred, both payable November 10
to stockholders of, record october
25; also the regular quarterly divi-
dend on the common of 371a cents
per share. payable November to
stock of record October Is.