The Washington times., 1924-09-11
.C.F|NANCE CO.
To SUSPEND
BUSINESS
Board of American Finance
Corporation Orders Disso-
luton at Meeting
BY HARRY GUSACK.


Steps toward the dissolution of
the American Finance Corporation,
established here in 1917, have been
taken by the board of directors Of
that company, it was announced to-
day by Leroy Mark. president.
1 In sending out a notice of this
kction to stockholders of the COM
pany, most of whom are in nearby
states. Mr.. Mark declares that the
action of the board was prompted
by the high cost of selling the
small amount of stock disposed OF.
such as salesmen's commissions ana
other unavoidable expenses, ana
especially of inability to sell enough
stock to gather enough working
capital to conduct the business
economically in competition with
older and more solidly financed
corporations. \
lin addition, there are number
of finance companies doing ousl-
ness In. the District OF Columpla,
competition is very keen, ana we
have never had sufficient funds TO
employ the capital in way to bring
the best results" Mr.. Mark explains.
ut finally became apparent that
there was so little prospect OF adol-
tional sale of stock or OF sutflclent
receipts to pay all the necessary eX-
penses toward running the company
and keeping it free from debt, much
less pay dividends or realize pronts,
that the directors reached the con-
clusion that the company should not
continue in business any longer ana
that it would unquestionably be Tor
the best interests of all concerned
that the company be dissolved
rather than continue under these I'M
favorable circumstances.
AS a result of this decision, the
board of dir ectors adopted resolu-
tons to abandon the corporate en-
terprise, surrender it's charter ana
dissolve.
A special meeting Of the stock
holders for this purpose will be call
ed within a few days, Mr.. Mark
said, and the net assets of the corp
grafton distributed pro rata among
the stockholders.
Bankers Convention.
District of Columbia Bankers will
be well represented at the coming
annual convention of the Amel Ican
Bankers Association to be heiu III
Chicago, September 20 to OctoDer 2.
The program, featuring outstand-
ing spokesman for ali sides OF
American business problems will be
heard by the nations bankers, Off
Gals Of the association announced
today.
divisional and committee meetings
will be called the opening day, Mon.
day, September 20, and the first
general session Will be held the
morning of Tuesday, September 80.
Walter w. Head, president of the
association, will open the general
hession with an address on the
banker in the nations business.
Another speaker will be e. I. Mere
dith, head of the Meredith farm
publications of DesMoines, Iowa,
and former Secretary of Agricul-
ture. on the Relation of Agriculture
to Other Business" He will be
followed by Dwight w. Morrow, of
J. P. Morgan & Co.
On the second day the first
speaker before the general session
will be Arthur Reynolds, presluen,
OF the Continental and Commercial
National Bank of Chicago, on the
subject, Tuning in Win Events.
He will be followed by Z. II. Mark
ham, of Chicago, president of the
Illinois Central Railroad. who well
speak on Railroads as Factors in
Business. The third speaker will
be John K. Edgerton, Oh Lebanon,
Tennessee, president of the National
Association OF Manufacturers, OH
Making Securities Secure. g."
Still other major phases of cur
rent problems will be taken up at
the third general session. James
G.. Cropsey, of Brooklyn, n. y,
Justice of the Supreme Court OF
New York, will speak on The
Responsibilities of Citizenship"
The final speaker will be Senator
George Wharton Pepper, of Phila-
delphia, on Banks and the Gov
eminent"
Advance registrations at the
Chicago convention hotels show
that TINS year S meeting will be one.
of the largest in the history OF the
organization. The detailed pro-
gram of the three general sessions
In as follows:
Tuesday, September 80, $50 a. m.
Concert orchestra; vocal solo,
Miss Agnes Neudorff; cali to
order, President Walter w. Head;
Invocation, address of the presi-
dent; report, official acts and pro-
ceedings of the executive council;
address, Relation of Agriculture
to Other Business" +. T. Meredith,
Meredith Publications.; address,
Dwight w. Morrow, j. r. Morgan
4 Co.; appointment of resolutions
comml.,eS, comm unlCatIOnS ana
announcements.
Wednesday, October /, 900 A. M.
Concert, orchestra; vocal solo,
Miss Agnes Neudorff; invocation;
address, Tuning in With Events"
Arthur Reynolds, president Cont
mental and Commercial National
Bank: address, "lhe I.dllruads AS
Factors in Business" c. Fl. Mark
,bain, president Illinois Central Rail-
road; report Of nominating commit
tee and election of officers; address,
Making Securities Secure" John r.
Edgerton, president National Asso.
citation of Manufacturers; report of
resolutions committee; communica.
tons and announcements.
Thursday, October ., $50 A. M
Concert, orchestra; vocal solo, Miss
Agnes Neudorff invocation; address,
1.-The Responsibilities of CITIZENSHIP"
Justice James G.. Cropsey. New York
Supreme Court, Second District: ad-
dress, Banks and the Government.
Senator George Wharton Pepper;
unfinished business; new business:
installation of officers; announce.
Rnents; adjournment.