Evening star., 1950-03-08

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tended by more
than $50 mem Mr.. McGrath.
bers and guests of the league.
An unusually large number of
Senators and Representatives were
among the guests.
John L. Connor, league presi-
dent, and Oscar R. Kreutz, execu-
tive manager, took turns presid-
ing. The first speaker was ]. Ber-
tram Watson, who followed Mr..
McGrath as president of the
Providence Loan Association.
Other speakers, who made re-
marks which drew great applause,
included John R. Steelman, as
sistant to President Truman; AS
sociate Justice Tom Clark, for
merly Attorney General, and
Senator Theodore Green of Rhode
Island.
Mr.. McGrath accepted a laudi-
tory plaque and complete silver
service with deep appreciation.
virginia issue fOpuldF.
Washington investment houses
reported today that the Virginia
Electric & Power Co.'S Offering of
100000 shares of preferred stock.
s100 par value, is being we'll re-
ceived.
The stock carries a dividend
rate of $4.04, at $10227 per share
plus accrued dividends from
March IA, 1850. Proceeds of the
sale are to be used to reduce
outstanding bank notes by SIS mil
lion, and to finance construction
expenditures.
The company supplies electric
service in most of Virginia and in
portions of North Carolina and
West Virginia, in an area totalling
$4,000 square miles. The firms
common stock is very active on
the Washington Exchange.
Fleming Raps Brannan Plan.
The Brannan farm plan never
was a farm program" and farm
ers don't want to depend on the
government, anyway. Robert w.
Fleming, of Washington, secre-
tary-treasurer of the American
Farm Bureau Federation, told Vir-
ginia bankers at a credit meeting
at Natural Bridge. He attacked
the plan according to the Asso-
ciated Press, at a dinner last night.
Earlier, credit policies were dis
cussed by S. B. Mattingly, credit
and collection manager of the In
ternational Harvester Co.
The Auditors Section Of the
District Bankers Association will
consider Service charges at the
monthly dinner meeting at the
Burlington Hotel tomorrow night.
r. Earle Haycock, senior auditor
of the Riggs National Bank, will
conduct the discussion.
North American Moves Fast.
According to the SEC annual re-
port, the North American Co. in
1887 controlled So utility and 46
non-utility subsidiaries. Electric
systems were conducted in 10
States and the District of Colum-
bia, with gas operations in nine
States. The consolidated balance
sheet showed assets of 5000 billion
and control of an empire with an
aggregate value of $4,000 million.
During the last five years, North
American has taken substantial
steps to comply with the holding
company act and has disposed of
nearly all of it's assets except the
Union Electric Co. of Missouri.
The company eliminated all it's
debt and preferred stock and now
has an all common stock structure.
Bond Approvals Increase.
State and municipal bonds re-
ported during February, as ap-
proved by 81 municipalities in
% States, aggregated $51, 1893 900
compared with $45, ,337 900 in the
same month year ago. the Daily
Bond Buyer reports.
Harry Waddell, former manag-
ing editor of Business Week, has
been appointed editor of Factory
Management and Maintenance, to
succeed L. C. Morrow, for 80
years with the McGraw-Hill Pub
fishing Co.
Charles P. Rouse, for many
years associated with Droop's mu-
sic store, has assumed manager
ship of the newly formed Silver
Spring Piano Co. He is associated
with John Shaeffer.
A telegram to The Star says
more than $4,000 persons visited
Miami's manufacturers exposition
in the first two days.
Business Week believes the fur
niture business is entering it's
best decade in history.