Evening star., 1948-01-18
Gas Holders 10 Take
71,21O New Shares,
Company Reports
By Edward c. Stone


In an application Just filed with
the Public Utilities Commission, the
Washington Gas Light Co. discloses
that subscriptions have been re-
ceived for more than 50 percent Of
its offering of $1,000 shares Of COM
mon stock, the balance OF 1880
shares to be offered the public at not
less than $2025 per share.
Subscriptions totaled II, ,210 shares,
the company now asking PUG au-
thority to sell the remaining shares
through the group of investment
dealers who managed the solicita.
ton Of subscriptions. The COM
pany's application would amend its
registration statement on file with
the Securities and Exchange Com
mission.
The unsubscribed stock would be
priced one-half pint lower than the
closing price on the New York Stock
Exchange on the day the amend
ment to the registration statement
becomes effective, but the price in
no event shall be less than $2025
a share.
Subject to PUG authorization, It
Is expected the stock will be offered
the public early this week.
d. C. Bankers to Meet.
More than $50 bank officers and
directors plan to attend the Mid
Winter Meeting of the District
Bankers Association, at the May
flower Hotel tomorrow night when
Ralph Bradford, executive vice
president of the United States
Chamber of Commerce, will be the
principal speaker.
David Bornet, vice president of
the National Savings g. Trust Co.,
will give his report as chairman of
the insurance committee, President
Richard A. Norris announced yes
terday.
Mr.. Bradford will talk extempo-
raneously on What of the Future?"
He is in close touch with the views
OF $500 associations in the national
chamber and l,205,000 members,
which gives him remarkable knowl-
edge Of present business conditions.
Acacia Has Biggest Years.
Figures announced yesterday show
that Acacia Mutual Life Insurance
Co. had its biggest year in 1947. New
amounted to $135, 900 900,
up $4,000, 900 in IL months. Total
insurance in force exceeded $780,
000, 900, a gain of $4,000, 900 for the
year. Assets increased $16,O00,000
Acacia sold more than $4,000, 900
in new insurance in Greater Wash
ington alone which brought total
coverage for families in this area
to $74,000,000.
Stores Sales in Sharp Rise.
Washington department store sales
for the week ended January 10, were
8 per cent above the like 1947 week
and Is per cent ahead of the pre-
ceding week, the Richmond Reserve
Bank reported. Sales for four weeks
ending the same date were Is per
cent above a year earlier, all ad-
vances being ahead of averages for
the fifth district.
The bank also announced that in
ventories of Washington stores on
80 we're per cent below q
year earlier. while orders for goods
were off per cent. Receivables were
up 80 per cent.
Collections on open accounts were
40 per cent of bills due on November
/ and 26 per cent on instaslment ac-
counts.
New Home Ready in Spring.
The Prudential Building Associa-
ton will move into new quarters at
1888 G street NV, in the late
spring. Secretary Elmer G. Carlson
reported at the annual meeting. One
new director was named, William H.
Prescott, Bethesda realtor. Prest-
dent Luther c. Steward and all Of
ficers were reelected.
A. H. Cannon of the Anacostia
National Bank, has been promoted
from assistant cashier to controller.
The directors gave unstinted praise
to President w. L. Koontz for 80
wears service with the. bank. He
ioined the staff at Is as runner.
Howard s. Gott, president of the
Northwestern Savings d Loan AS
sociation and all other officers and
directors were reelected at the
annual meeting.
Second National Bank reelected
John A. Reilly president, Victor B.
Deyber chairman OF the board ana
all other officers.
Chicago Man to Head Bank.
A. r. Gardner, president OF the
Federal Home Loan Bank OF Chl-
cago, has been designated acting
governor of the Federal Home Loan
Bank System, succeeding Harold
Lee, who resigned recently.
Mr.. Gardner has been head of the
Chicago bank, one of the largest in
the system, since 1882. He lived IN
several years ago willis
assisting in organizing the Home
Loan Bank Board, Chairman Will
liam K. Divers said.
Opening of Washington office at
261 Constitution avenue is an
nounced by Brooks 81 Perkins, Inc.
of Detroit, to service Army and Navy
contracts for magnesium fabrica-
tions. Calvin H. Corey, division
manager, is a specialist IN light
metals. He formerly was with
Copper & Brass, Scovil
Manufacturing Co. and the Army.
TOP Officials Attend Meeting.
Alexander E. Patterson, president
of the Mutual Life of New York;
B. Woodward. Julian S.
Myrick and Roger Hall, all vice
presidents, took part in the annual
meeting of the Washington agency,
at the Parrot, yesterday They were
highly optimistic on the insurance
outlook for the Capital.
Other speakers were Charles P.
Rice, Washington manager; j. A.
Kamerow, William l.. Porte, Max G.
Bee, P. C. Tenant, jr., and Mrs.
Paul H. Prinm. The president OF
the company was introduced at the
annual dinner by Paul Primm, ar
chairman. The Wash
ington Office reported a So per cent
gain in production in 1947 over 1916.
Accountants to Hear Byrne.
Representative William T. Byrne,