Evening star., 1952-04-15

41INGSlOIS.
The proposal for 1924 hai
added significance in view O.
Pepco's $83 million construction
program of the last five years.
OF the new amount, Mr.. Dunr
said. approximately $31 million
will be spent for addition to power
plants, $50 million for transmits.
sion and distribution lines. anc
about So million for general plant
Directors Reelected.
At the stockholders meetins
and the organizational meeting
that followed, all directors anc
officers of the utility concern were
reelected. Mr.. Dunn made hi:
first report to stockholders since
his election to the presidency last
spring. Alfred G. Neal, board chair.
man presided.
Referring to the 1852 earnings
outlook, the Pepco president
said that the company earned
SLIP share in 1951-of which
Is cents was attributed tC
the rate increase. In the first
quarter this year the company hac
earned 38 cents a share-of which
cents can be attributed to the
rate increase.
Earnings for the u month.
ended March 81, 1852. were S1.2I
share. Of this 81 cents was at.
trlbutable to the rate increase.
Mr.. Dunn estimated earning!
for 1852 will be as good as for the
II months ended March 81, pro.
vided the higher electric rates are
sustained by the courts.
$4,000 New Customers.
Last year Pepco added 14,0O(
new customers. The average resi-
dental customer used 2,158 kilo.
watt hours in 1851, and this i.
considerably above the nationa
average.
Directors reelected were George
BiSset, Lee D. Butler, James E
Collif1ower. Albert L. Cox, r. Roy
Dunn, James H. Ferry. Robert V
Fleming. George E. Hamilton, jr.;
William H. Lipscomb, Alfred G
Neal, Harry L. Rust, jr., and Will
mer j. Waller.
Officers reelected are Alfred G
Neal, chairman of board; r. Roy
Dunn. president; George BiSset
vice president. operations; Harold
G. Hayden, vice president and
treasurer; William L. Jones, vice
president, personnel services
George M. Thompson, secretary
and assistant treasurer: Charles
L. Carr, controller; Edwin D. Det-
Wiler, assistant secretary: Heller
NJ. Martell, assistant secretary; E
Perry Knapp, assistant treasurer
MayfOwer Merger Voted.
Stockholders of the Mayf1owel
Hotel Corp. have voted to merge
with the Hilton Hotels Corp, ma.
tiOnally known chain.
The merger proposal was ap.
proved late yesterday when share
holders of the Connecticut avenue
hotel voted it by margin of 329,.
LOG shares to 4,645. 1t was an
nounced later, however, thai
minority stockholders holding ap.
proximately $4,000 shares hac
filed objections to the merger tt
preserve their rights under Sec.
ton 81 of the Delaware law. Under
this section, it was said, dissenting
shareholders may ask for an ap'
praisal of the property value.
The merger provides for the
exchange Of Mayflower for Hiltor
shares on a share-for-share basis
It also permits stockholders op.
posed to the merger to sell theil
holdings to Hilton at a price Of
$l9.10 for a period of 80 days after
consummation of the merger.
According to latest figures, Hill.
ton owns 321 1888 or 81.51 per cent
of the Mayf1oWer's outstanding
389,738 shares. The local hote
was appraised in 1948-1951 al
about SIS million. The dissenting
stockholders, largely represented
by John L. Smith. jr., of Wash
ington and Robert Sterling Of
New York, claim the actual value
is approximately double thai
figure.
Appraisers to Meet.
The District Chapter of the
Society of Residential Appraiser:
will hold it's monthly dinner meet.
ing at 6:15 pm, April 81 in the