Evening star., 1950-12-12
Lincoln Service Corn.
To Offer 10000 New
Preferred Shares
By Donald B. Hodley

lincoln Service Corp. today
filed with the Securities and Ex-
change Commission registration
statement covering a new issue
of 10000 shares of $1.50 cumula-
tive dividend preferred stock, with
warrants.
Holders of the outstanding 7 per
cent prior preferred stock will be
offered the right to exchange their
stock for new shares on the basis
of two new shares for each share
Of their holdings, plus $3.50 a
share cash, which represents the
call premium.
Holders of the outstanding 6
per cent participating preferred
stock will be offered the right to
exchange their stock for new
shares on a share-for-sha basis,
plus $3.50 a share cash.
Unexchanged old shares will be
called at their respective call
prices, which are $3.50 for the
7 per cent stock and $2750 for
the per cent issue.
Warrants Attached.
The registration statement, as
filed, indicates that warrants at
tached to the new preferred will
give holders the right to purchase
common stock at $12 a share on
the basis of two common shares
for each five shares of new pre-
ferred. The common is currently
selling at around $40 a share and
is on a $1.20 annual dividend
basis.
- To meet requirements for the
exchange Offering, 46,950 shares
are being reserved, and an under
writing group headed by Johnston,
Lemon & Co. will offer the bal
ance of 33,050 shares as soon as
the registration becomes effective.
The company, engaged in the
small loan business. was organ
lied in 1881 by Charles Delmar,
who is president. 1t has At Offices
in six States and the District. 1t
earned $3.50 a common share in
10 months ended October 81.
Deeds Decline From Peak.
Real estate sales have begun to
taper off in the District after one
of the busiest years on record, but
deeds of trust or property mort
cages recorded in November re-
NAMED at high levels, it was re-
vealed today by a report from
Charles Rush, executive secretary
treasurer of the Washington Real
Estate Board.
November deed recordings de-
clined to 1,447 from the 1850 peak
of 1911 set in the previous month.
but were the highest for any No
vember on record, and compared
with 1926 in the same 1949 month.
Deeds recorded in IL months of
this year totaled 1868 VS.. 1896
q year ago and were the highest
on record for the period, with the
exception of 18,267 in the same
1916 period.
November deeds of trust. or
property mortgages. numbered g.
1873 for .$30,356,1O6. The former
figure was the highest for any
month on record. The latter also
was the highest for any month,
with the exception of $60,382 1913
in October, 1947. They compared
with 1,606 deeds of trust for SIS
e49,719 in October this year and
1,247 for $10,686.236 in the same
1949 month.
Deeds of trust for the II months
of this year totaled 1902 for
S198,634,231, compared with 1881
a year ago. The totals were the
highest on record for the period,
except for 1916 and 1947.
Phone Net Income Climbs.
Net income of Chesapeake & Po-
tomac Telephone Co. in october
was $517,692 VS.. $446,517 in the
previous month and $265,617 in
the same 1949 month, the COM
pany reported today. The sharp
gain from a year earlier was due
to higher rates.
Net income for 10 months of
this year jumped to- S4,375, ,387
from $2,812,10 in the same period
last year, also largely due to in
creased rates.
October revenues of 1888. 761,
compared with $3,380,896 i'll the
previous month and $2,919,999 in
October, 1949. while the 10 months
revenues rose to $32 ,601,570 VS..
$29,325 ,665 a year earlier.
october expenses of $2,4i4, ,269,
compared with $2,386,533 in the
previous month and S2,360939
year earlier Ten months expenses
were $23,590,044 VS.. $23,547, 7O6 a
year earlier.
Capital Airlines Net Rises.
Capital Airlines had an operat-
Ing profit of S338,811 in October
VS.. $128,851 in the same 1949
month, President J. H Carmichael
announced today. Net income for
the month was $175,084 VS.. SILL
622.
Total operating revenue for Oc-
tober was $2.958,424. Passenger
revenue was $2,2O5,130 compared
with $1,737,013 a year earlier.
c. Bailey Scrimgeour, Washing
ton manager for the National
Forge g. Ordnance Co. of Irvine,
Pa, since 1888, has been promoted
to assistant vice president of the
company.
Bankers Going to Chicago.
A group of Washington bankers
headed by Hubert T. Bisselle,
president of the District Bankers
Association will attend the Ma
tional Credit Conference of the
American Bankers Association,
which opens at Chicago Thursday.
Thomas B. McCabe, chairman of
the Federal Reserve Board, and
Lieut.. Gen. Alfred M. Gruenther,
Army deputy chief of staff for
plans, will be among the promi-
nent speakers.
A WASHINGTON delepation has