Evening star., 1952-06-15

Election of the Executive Council
for the ensuing year also will be
held at that time.
Johnston. Lemon & Co. and the
First Boston Corp. will head
underwriters of the 104,915 ad-
ditional shares Of Washington Gas
Light common stock being offered
to help defray expansion costs.
An amendment to the registration
statement filed with the Securities
and Exchange Commission will
designate the two underwriting
firms and others.
The subscription period is ex-
|pected to extend from July 2 to
July Is. the offering being in the
ratio Of one additional share for
each seven shares held.
The utility company has called
for redemption on July Is Of
100000 Of its refunding mortgage
bonds, 31a per cent series due
1875.
F. c. Oldenburg. Washington
warehouse manager for Packard
Motor Car Co., was in Detroit
Thursday and Friday attending a
CONSUMERS service conference at
the factory. Under inspection
were the new S. million facilities
for Packard parts and accessories.
PepcO Report H0nOred.
The 1851 annual report of the
Potomac Electric Power Co. has
been given a Merit Award in the
18th annual survey conducted by
Financial World. The design Of
the report was done by Presenta-
ton Inc.
Two Washington area managers
for Acacia Mutual Life Insurance
Co. have completed a three-day
conference with company officials
as members Of the Acacia Field
Advisory Committee. They are
Joseph A. Barbeau. manager Of
the District Branch and Vernon
r. Zimmerman. Of the Northern
NuBlIlld DTdIlCn.
Mr.. Barbeau, District manager
since 1910, is serving his ninth
term on this committee. Mr.. Zim-
norman, who has held his present
position since 1948, is on the COM
mittee for his second year.
Convention Hears Retailer.
Albert Cohen, Washington re-
taller. was the principal speaker
Thursday night at the convention
OF the American Merchandising
Corp. in Swampscott, Mass. He is
general manager and partner Of
Cohen's here, and in Shirlington
in Virginia. as we'll as lessee-op-
orator of departments in depart
ment stores in other cities.
His convention topic was How
to Improve Sales and Merchandise
in Department Stores" Represen-
tatives of 26 acknowledgement de-
partment stores attended.
Bank Debts Listed.
Bank debts as reported in 342
leading centers for May aggre-
gated $135.955. 600, 900. the Fed
eral Reserve Board reported. Dur
ing the three months ended May
80, total debts were $4l5,O73,-
100000. gain of 3 per cent from
"a year ago. Debts in May were
SIS, PSI 100000 above the figure of
May, 1851.
In the Fifth District. Washing.
ton banks ranked next to Balti-
more in debts for the three
months ending in May. The total
was 1920, ,629. 900 compared with
So, ,233, $4,000 for the period a
year ago. Debts for May totaled
1912. .349, 900. another drop. COM
pared with $1,059, 1856, 900 in 1851.
Washington department stores
sales gained 5 per cent in the
week ended June over the cor
responding week a year ago. In
the four weeks ended June 7,
however, sales declined 1.per cent
here compared with the same
period of 1851. Dollar sales In the
whole Fifth Reserve District, reg
istered further improvement dur
ing the week reported, being up
4 per cent over year ago.
In Washington. the sales for
the week spurted 81 per cent over
the previous week, while in the
whole district the gain was rs
par cent. Store closings on Me-
mortal Day accounted for most Of
1. 1. l.. Il.