Evening star., 1952-07-02

trict here. He started in the Sc
curities business as a runner on
Wall Street back In 1917.
He is a past president OF both
the Washington Stock Exchange
and the Washington Bond Club.
His firm is a member OF the New
York Stock Exchange and the
Washington Stock Exchange.
Gas Shares Priced at $2S.
The Washington Gas Light Co.
today was authorized to sell 105,-
O33 new shares of common stock
at $29 a share.
The District Public Utilities
Commission granted approved to
the sale for the company to raise
more than So million to meet its
new gas construction needs for
1852. There already are 735, ,229
shares Of gas company common
stock outstanding.
The company estimates that it
will need nearly 81 million to
complete it's construction program
the remainder of this year. It has
indicated that permission will be
sought to borrow the remaining
$4 million to complete this pro-
gram, necessitated by growing de-
mands for gas service in the
metropolitan area. The firm will
have to seek PUG authorization
for any borrowing.
The new stock authorized today
will be offered first to present
stockholders at rate of one share
for each seven shares now held by
the stockholder.
Phone Outlay Approved.
Expenditures of $2,609. 900 for
improvement and expansion of
facilities in the District have been
authorized by directors of Chesa-
peake and Potomac Telephone Co.
These expenditures bring the
total approved for new telephone
construction in Washington thus
far this year to $6,353, 900.
The major portion of the total
Just approved was $2,359, 900 which
will be allocated to a large number
of projects involving expenditures
for the construction and replace
ment of telephone plant in Wash
ington during the third quarter Of
1852.
World Bank Names MachadO.
President Eugene r. Black an
nounced today that the Interna-
tional Bank for Reconstruction
and Development has engaged the
services of DR.. Luis Machado, until
recently Cuban Ambassador to
Washington, to work on some Spe-
cial matters in Latin America for
the World Bank.
The advertising firm of Henry j.
Kaufman & Associates has been
selected by the Community Chest
Federation to produce a 15-minute
black and white sound film for
use in the 1852 fund drive, October
6 through November 13.
Capital Airlines Reports.
Despite a severe curtailment of
daily scheduled flights because of
PAD restrictions on gasoline con-
sumption from May to June 8,
Capital Airlines was able to realize
an operating profit of $78.152.0O
and a net profit of $65, SAT 90 for
May, 1852, it was announced to-
day by j. H. Carmichael, presi-
dent of the airline.
Although the airline was forced
to cancel 351 900 scheduled miles
throughout its system during the
month because of fuel shortages
passenger revenue showed 9
marked increase from $2,764, ,00(
in April to $2,943, 900 in May.
Television Group Organized.
The recently former American
Institute of Television Manufac'
turers has established its nationa
Headquarters In the Sheraton
Building here. W. F. Robichaud
former president of the Interna
tional Industrial Research Corp
of Chicago, is in charge Of tn
headquarters.
Fletcher c. Waller, formerly di
rector of organization and per
sonnel of the Atomic Enegry Com
mission, has been elected vic
president for personnel. Bigelow
Sanford Carpet Co. He succeed
H. s. Hall. who recently resigned.
Chesapeake & Ohio Railwa
employees here are receiving col
orful brochure introducing th
employees stock purchase plan ar
proved by the Interstate Com
mercO Commission June a.