Evening star., 1951-03-08
Washington Gas Light
Files Applications for
New Stock 0fferinq
By Donald B. HadIey


five held as of March n.
The company also filed with the
Public Utilities Commission a re.
quest for approval of the plar
which is contingent on sIockhold.
ers' approval of an increase in au.
thorized common stock to 1,5O0,.
900 from the present 100000
shares. Stockholders will vote al
the annual meeting March 26.
The proposed offering would in
crease outstanding shares to 1884,
600 from the present $4,000, an6
if stockholders approve, would
leave 100000 authorized but un-
issued shares for possible future
financing needs.
Company Solicits Proxies.
The offering would be made to
common stockholders as soon as
the registration statement becomes
effective, which is expected to be
March %. The company is solicit
ing stockholders proxies in favor
of the increase in authorized
shares.
Net income of the company in
January was $730.385 VS.. 1881 ,233
in January, 1850. Operating reve-
nues reached $2,623.825 VS.. ST.
1885, ,625, while operating expenses
totsled $2,214,756 VS.. $1,512,616.
Consolidated net income of the
company and subsidiaries in
January rose to $603 ,044 VS.. $468,-
811, with operating revenues of
$3.50, ,083 VS.. $2,445, 5,501 and oper-
ating expenses of $2,879.147 VS..
$1,898.682. ~.
Peoples Drug Sales Rise.
Sales of Peoples Drug Stores,
Inc, totaled $3,764,851 in Febru-
ary, a gain of ga per cent from
s3,539,320 in the same 1850
month, but were moderately be-
low $3,893, ,646 in January, Treas
urer w. H. Churchill reported
today.
For the first two months of this
year, sales rose to $7.650,568. an
increase Of 81 per cent from
$7,O77 $50 in the same period last
year.
Treasury Gives Terms.
The 234 per cent non-market-
able bonds the Treasury will offer
March 26 in exchange for $-9,-
556,07O,5O0 of outstanding 2R
per cent marketable bonds will be
dated next April /, will mature
April /, 1880, and will be callable
April l. 1875, it was announced
today.
Marketable Treasury notes into
which the non-markeuable bonds
can be converted at the option OF
subscribers will be five-year Treas
ury notes bearing 11a per cent
interest. The notes will be dated
April / and October l of each
year with appropriate interest
adjustments to dates of exchange" !"
Interest on both the new bonds
and notes will be payable semi
annually on the first days OF
April and October. each year.
These details came as a surprise
today as their announcement had
not been scheduled until March 10.
Maryland Bonds Awarded.
Washington Suburban Sanitary
District of Maryland yesterday
awarded 81 million of general con-
struction bonds to Phelps. Fem
& Co. and associates on bid
representing net interest cost of
1855 per cent on a combination
of As, 21as and 2As.
Among the associates were Alex
Brown g. Sons, which has an Of
flee here.
The bonds were reoffered at
prices to yield IL per cent for
those maturing March /, 1852, to
"a per cent for those maturing
March /. 1891.
d. C. Delegation Announced.
A large Washington delegation
which will attend the 26th annual
midwinter conference of the
American Savings and Loan In
stitute and the third annual meet
ing of the Society of Savings and
Loan Controllers at Cincinnati
March 1917, will include:
William E. Poulton Of Columbia
Federal Savings and Loan Asso-
citation, second vice president of
the institute; William II. Rippard
of Perpetual Building Association
first vice president of the con-
trollers; Raymond C. Williams OF
Northeast Building Association
trustee of the institute; Samuel
w. Fry, jr., of Northeast Build
ing Association, president of the
institutes Washington chapter
and Herman A. Schwertner Of
Eastern Building and Loan Asso-
ciation, president of the con-
trollers' Washington chapter.
u Others in the delegation viii be: Worth
bevz ApSa eSase E1stsdn teg e Waype
c. Ederkin, Anacostia; Anne Fague. Per
chares = hfzsa r4szer g. 1be1sy rafgs william
Grimm. First Federal; Francis J. Hayes
Enterprise; Alton H. Helm, American; Rob
ert F. McConkey. Perpetual; John W
Stadtler. National Permanent; Donn T.
Thomas, District; John H. Thompson
Washington Permanent. and Joseph F.
Zegowitz. tr., National Permanent.
Bank Sponsors TV Show.
The Bank Of Commerce & Sav-
ings will sponsor the television
show March of Time Through the
Years" over station WMAL-TV
every Friday evening at 10 o'clock,
starting tomorrow.
The first program entitled "In-
side China Today" will feature
DR.. T. F. Tsiang, who heads Ma
tionalist China's U. N. delegation
and William P. Gray, former head
of the Time and Life Shangha.
Bureau and now editor of Life In
ternational.
Many important subjects will be
covered by the program especially
prepared for institutional adver.
tising. John DAILY is moderator.
Speaker for Underwriters.
John D. Moynahan, president O
the National Association of Lif,