Evening star., 1950-06-01
Washington Gas Light
Offers New Preferred
To Common Holders
By Edword c. Stone

py EoWoFO -. St0ne
The Washington Gas Light Co.
today offered common stock
holders the right to subscribe for
$4,000 shares Of $4.25 cumulative
preferred stock at SOB per share,
the rights to expire June 13.
Holders of common may sub
scribe for one share of the new
preferred for every 20 shares of
common stock now held. The price
of S103 share. plus accrued divi-
dend. was announced yesterday,
the issue having been approved
by the Public Utilities Commission
and the Securities and Exchange
Commission.
Any unsubScribed stock will be
offered the public by the under
writers, headed by Johnston,
Lemon & Co. Other firms include
Alexander Brown & Sons; Auchin-
Gloss, Parker g. Redpath; Folger,
Nolan, Inc; Goodwin g. Olds;
Mackall & Coe; Ferris & Co.;
Robinson & Lukens and Robert
c. Jones g. Co.
Proceeds from the new issue
are to be used to finance sub
stantial additions to company
property. The company and sub
Sidiaries will have outstanding
$28,334, 500 long-term debt: 10000
shares of new $425 preferred
stock, without par value; 10000
shares of $3.50 cumulative con-
vertible preferred stock, without
par; and $4,000 shares of COM
mon. without par value.
Pepco April Income Rises.
Net income of the Potomac
Electric Power Co. for April
amounted to $3.50, 500, an increase
of $18,543 or 5 per cent over April
a year ago, it was reported today
to the Public Utilities Commission
Net income in the first four
months of this year totaled ST.
627, ,566, a decrease of $108,794, or
per cent, the report showed
Net operating revenues were up
20 per cent in April and 479 per
cent in the four months. Sales
revealed good gains in both periods.
Expenses were reduced in April
but climbed 1853 per cent in the
four months.
Bank Plans Stock Split.
Details we're announced today
by Barnum L. Cotton, president
of the National Bank of Washing
ton, of a plan to recapitalize the
bank. The par value of the stock
will be changed from 500 per
share to $40 and 10 shares will be
issued for each share presently
outstanding.
After this has been done, the
outstanding stock will be increased
100 per cent by giving each stock
holder the right to subscribe on a
share for share basis at $40 per
share Q50,000 shares. The bank
will then have 100000 shares out
standing, with $40 par. making to-
tai capital and surplus, $4,000, 900.
Stockholders will vote on the
recommendation on Monday, June
IL.
Commercial Loans Drop,
Commercial loans in Washing
ton member banks in the Federal
Reserve System showed a drop of
about 81 million in total loans in
the week ending, May IA, the
Richmond Reserve Bank reported
today. Commercial loans were
down about a million from the
previous week.
Total investments showed a.
slump from 1921 ,476, 900 in the
previous week to $507 POI 900, the
main reason being sharp declines
IN the purchase of Treasury bills
and certificates of indebtedness.
Demand deposits registered a
small decrease.
Auto Dealer Week" Fixed.
The National Automobile Deal
erS Association announced today
that the week of October 22-28 has
been selected for the 1850 observ-
ance of National Automobile
Dealer Week"
Max w. Shoup will be general
chairman of the Regional Coast
Conference of Washington Chap
ter. National Association of Cost
Accountants, to be held in No
vember. An attendance of more
than 400 is expected, with IS
chapters participating.
Firm Moves to Alexandria.
The Dryomatic Corp. of Amer
lea. makers of dehumidifying
units. has reorganized as a Vir-
sinia corporation and moved
headquarters from Baltimore to
Alexandria.
The annual convention of the
District Bankers Association will
draw about $50 members and
guests to White Sulphur Springs
next week. This is practically the
same as last years attendance.
President George M. Fisher stated