Evening star., 1954-04-30
Holders Of Terminal
Refrigerating Get
S5O-a-Share Offer ). ).
By Donald B. HodIey


old Terminal Refrigerating %
Warehousing Corp. have been
offered $50 a share for their
stock and holders of around so
per cent of the shares already
have indicated their acceptance.
The offer amounting to
around 81 million was disclosed
today in a letter to stockholders
of the company from Y. E.
Booker, resident partner Of Alex.
Brown & Sons, acting as agent
for an unnamed client. ,r,s
Mr.. Booker's letter stated that
$50 a share will be paid. pro-
viding holders of not less than
80 per cent, or 1925 shares of
the 1906 shares outstanding at
the end of 1858, shall accept the
offer and deposit their shares
with the American Security &
Trust Co.
Terminal shares are quoted on
the Washington Stock Exchange
at AZ bid and 48 asked. but no
sales have been recorded so far
this year. The price range in
1853 was At high and 80 low.
Offer Expires Moy rs
The offer will expire at 4 pm.
Daylight Saving Time. May IS.
Under a deposit agreement be-
tween the purchaser and the
American Security, $4,000 has
been deposited as a guarantee to
stockholders that the matter will
be consumated when the mini
mum terms have been complied
with. E,as
The purchaser reserves the
right to extend the time limit
to 4 pm. on June "a, without
notice, and also to accept less
than the 15,925-share minimum.
Mr.. Booker'S letter said direc.
tors who won 5000 shares of As
per cent of the total have indi-
Gated their intention of accept.
ing the offer. Other stockholders
owning around 5000 shares also
have so indicated, he declared.
The company's annual report
listed net income of $62,919 for
1858 VS.. $84 ,489 for 1852. Unau-
dited figures for three months
ended March 81 this year showed
a loss of $25,729 compared With
net income of $6,022 a year
earlier, Mr.. Booker reported.
Asset Rutio High
Current assets totaled 1870, O,707
at the end of 1853 and current
liabilities amounted to $74,57I.
a ratio Of nearly 5 to l.
In addition to its $50 par value
capital stock totaling 1895, 800,
the company had a surplus Of
$1,172,39 at the end of 1853 and
a funded debt of $501 900 rep
resented by 10-year 4 per cent
first mort tgage sinking fund
bonds due April /, 1858.
The company, of which Charles
E. Norment. jr.. is president, is
engaged in the cold storage busi-
ness and the rental of the
refrigerated stores and pipe lines
here. 1t also manufactures ice
and sells it wholesale.
Through an unconsolidated.
wholly owned subsidiary, Com
solidated Terminal Corp. it sells
ice at wholesale and retail. coal
at wholesale and fuel oil at
wholesale and retail.
1t is successor to the Washing
ton Market Co.. which was in
corporated in 1870.
The market company con.
structed historic old Center Mar
ket at Seventh street and Penn
sylvania avenue NV. which was
torn down in the 1930s to make
way for the Federal Triangle.
The company started construc-
ton of it's first cold storage and
ice plant at Eleventh and E
streets NV. in 1912. This is
known as plant No. /.
A predecessor, Terminal Re-
frigerating and Warehousing Co.,
was incorporated in 1922 for the
erection of a cold storage plant
at Fourth and D streets S,W.
now known as plant No. 2. The
present corporation under the
same name was Incorporated in
1927 and took over the prop
critics.
SuIeswomun of the Month
Mrs. Ellen Gilley, staff men,
ber in the drapery and uphol-
stery department of Lansburgh's
Department Store. has been Sc
lected by the Washington Sales
Executives Club as the Sales
woman of the Month"
Mrs. Gilley, who lives at 1901
Vermont avenue NV. was NOM
mated for her courtesy. effici-
ency and exceptional knowledge
of her merchandise. t.t
New Zone Manager Named
J. B. Hayman. jr., has beer
l named WASHINGTON zone man