Evening star., 1953-05-15
Washington GasL Light
Holders Take Nearly
929@ Of New Stock
By Donald B. HodIey

to them. it was announced today
by company officials.
They exercised subscription
warrants to purchase 77,913
shares at $28.25 a share on the
basis of one new share for each
10 shares held. The subscription
warrants expired at $3.50 pm.
yesterday.
Only 1854 shares remain for
a group of investment dealers
who have agreed to market them.
Taking the high subscription as
evidence of stockholders conf
dence. company officials were
highly gratified. They recalled
that subscriptions for an Offer
ing of 105,033 new shares last
year reached GOT per cent, and
that this was considered unusu-
ally high.
Offering of the remaining
shares awaits filing of an amend
ment to registration with the
Securities and Exchange Com
mission and final clearance from
that agency probably late today.
The offering price will be an
nounced at that time.
Higher Interest Offered.
Directors of the Old Dominion
Bank have authorized sale by
the bank of savings certificates
bearing 212 per cent, in amounts
OF $500 or more and with ma
turtles of six months or longer,
President Edwin T. Holland an
nounced today.
Both negotiable and nom
negotiable certificates will be
issued. The Old Dominion is
believed to be the first bank in
this area to offer 2ha per cent
certificates. A Pittsburgh bank
is offering 2l2 per cent certifi-
Gates with a three-year maturity.
Mr.. Holland said the certif1-
Gates eliminate cost of depositor
activity and enable the bank to
offer the 21a per cent rate for
investment savers. Both the
Virginia law and the Federal
Deposit Insurance Corp. permit
issuance of certificates within
certain limitations.
Bank Committees Busy.
Transportation and hotel COM
mittees are hard at work prepar-
ing for the 35th anual conven-
tion Of the District Bankers AS
Sociation at Atlantic City June
10-14, it was announced by Pres
ident George A. Didden, jr.
Ralph Endicott. vice president
of the Washington Loan g. Trust,
is chairman of the transporta-
ton committee, while Robert E.
Lee, vice president of the Lin
coin National, is vice chairman.
Justice D. Bowersock, execu-
tive vice president of the Union
Trust Co., is chairman of the
hotel committee. Douglas r.
. Smith, vice president of the Ma
tional Savings g. Trust Co., is
vice chairman. Other members
OF the two committees include:
| Transportation - Howard I. Beall.
cashier cashier Anacostia National; Barnpm l:
GG6n g 5 Rsss Sst5GRs ves Bank R,.. q
dent, Munsey Trust. and Paul r: Rodler.
partner. w. B. Hibbs g. Co.
-, HotelLJames P; Benfer. jr., executive
National; Warren r. Forster, senior vice
president. Hamilton National; J. Fon-
taine Hall, vice president and trust
W. Ireland, vice president and treasurer.
American Security & Trust.
Commodity Film Shown.
"Marketplace U. S. A." an
educational film showing the
function of the exchanges in the
marketing of commodities, was
presented by Merrill Lynch,
Pierce, Fenner & Beane at a pre-
view at the Mayf1ower Hotel last
night.
Agriculture Department off,
cials, members of Congress and
news writer's were guests.
Winthrop H. Smith, manag-
ing partner of the big New York
brokerage firm, told guests the
film was produced to create q
better understanding of the i'm
portance of futures trading in
the national economy.
Francis c. Hunter, Washing
ton partner. said the film would
be shown in other cities where
the firm operates and then
would be available for all inter-
ested groups.
New Charge Cards Due.
The Central Charge Service
announced yesterday that, be-
ginning May Is, customers Of
member stores will receive a
permanent metal charge card
similar to plates used by leading
department stores here.
Present cards will continue to
be honored until the new ones
are distributed.
Freeze to Continue.
The freeze on Government
purchases of home mortgages
will continue until "they can be
disposed of on an orderly basis"
Federal Housing Chief Albert M.
Cole said yesterday.
The Government suspended
its purchases of home mortgages
April 13, three weeks before the
Federal Housing Administration
and the Veterans Administra-
ton increased the maximum in
terest rate on individual home
loans to AZ per cent.
The Government freeze was
designed to prevent lending
agencies from unloading their
mortgages on the Government
in anticipation Of getting higher
interest rates.
Mr.. Cole told the National
Savings and Loan Association at
st. Louis the Federal National
Mortgage Association, through
which the Government pur-