Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-18


81. 1880. The company SpecializeS in
the building of water-power dams anG
dredging work. The firm has built two
of the largest water-power plants III
the country, the latest one completed
being the Conowingo Dam on the
Susquehanna in Maryland at total
cost of $50000o00. Frank A. Furst is
chairman of the board and Joseph j
Hook, president of the company.
The Arundel Corporation has just
completed arrangements with the At
kinson Construction Co. of San Fran
cisco by which the two firms will bid
on the construction of the 100000
600 Hoover Dam in Color, ado. Each
firm has deposited S2,500,000 cash to
make up the S5,000.000 deposit re-
quired of all bidders on this project.
Broke Records Last Year.
The Arundel Corporation broke all
records in net income last year in spite
of the general business slump, accord
ing to the annual report, which showed
that net income was $2,916382, or $3.50
a share on the 495, 426 shares of capital
stock. after deduction OF depreciation,
depletion and Federal income tax, and
the addition of a special item resulting
from a readjustment OF assets. rms
compared with net income of SODA
CAS- or SAILS a share, reported for 1929,
the company's previous record year.
Net income for 1880 from operations
alone latter taxes was s.. l63.694, and
even without the special credit all
records were broken.
The special credit amounted to $752,-
6s8 and resulted from an increase In
net income for prior years brought
about by the differentiation oil
charges for depletion and depreciation
based on appraised values OF fixed assets
acquired at the inception OF the 'cor-
poration."
After the payment of s1,477.566 in
diyidends-an increase of 81 share
over the previous year-the corporation
added 81 ,69S,392 to its surplus, bringing
that item up to s5,074,725 at the end OF
the year.
Many Contracts on Books.
The balance sheet showed current as
sets of S3,735,7 1872, as against current
liabilities Of S883,873. Included in cur
rent assets was 1881, 147 in cash and
Sl.829,675 in marketable securities at
cost and not above market value. The
report showed also that 1910 shares OF
capital stock had been reacqu1red ana
held in the treasury.
In addressing the stockholders meet
ing Mr.. Furst said the corporation had
about $21, 3l7.322 in contracts on its
books. of which $7,800,000 had been
completed. leaving $13,517,322 to be
worked out.
In addition to this. he said, the Mont
rose Construction Co, one-half owned
by the Arundel Corporation. had S2,835,-
900 on its books, of which Sl,237 900
had been completed, leaving sl,597 900
to be worked out. Thus. he added,
there was a total of SIS, 900 of in
completed work on the books of the
Arundel Corporation and its subsidiary.
This will be increased materially, he
stated, as a result of the emergency
. work being awarded by the Government.
Columbia Well Known Concern.
Clyde B. Asher, president Of the Co
lumbia Sand and Gravel Co, left
Washington yesterday for vacation in
deal with the Baltimore concern, other
officials said they were not in posi-
ton to give out the details.
The company has been in business
here for several years, being sue
cessor to the Columbia Granite and
Dredging Corporation. The company
has a splendid up-to-date plant on K
street in Georgetown, owns fleet OF
tugboats and barges, has valuable rights
to sand and gravel up the Potomac
River and also obtains great deal Of
sand from down river.
The company has an outstanding issue
Of per cent cumulative preferred
stock which Is listed on the Washing
ton Stock Exchange. This stock closed
yesterday at SO, having advanced sharp
~ in the past few days. 1t was said
in the financial district today that the
sale would prove of great benefit to
nf-Lz HIn% Fnrly
will quite likely be called in at no At
one time last year this stock dropped
as low as 80. The company also has an
outstanding issue of l0,460 shares of
common stock which was privately held
and never listed on the local stock ex-
change.
Aside from President ASHER, the off,
GERS are L. l.. Reeves, vice president and
general manager and G. A. Bonnet,
secretary and treasurer.
Financial District .GIeanings.
Directors of the Mergenthaler Limo
type Co. have declared the regular
quarterly dividend of $3.50 per shara,
payable March 81 10 stock of record
March 4.
The Chesapeake &; Ohio Railway Co
has declared the regular quarterly divi-
dend OF 81 = cents on the common stock,
payable April 10 stock Of record March
2, and the regular semi-annual dIvi-
dend Of 1925 on the preferred, payable
July l 10 stock Of record June 6.
John Saul. son Of the late B. F. Saul
has been elected a director in the
American Security e. Trust Co. taking
the place so long held by his father
The safe deposit S7ction of the Dis
trict Bankers Association will meet
tomorrow night at 3 O'Clock at the
Hamilton Hotel Baltimore and Phila-
delphia safe deposit men are 10 speak
and buffet supper serv d.
The District of Columbia Life Under
writer's Association meets tomorrow
noon at the Hay-Adams House, with
Albert z. N. Gray of Newark, N. j.. as
guest speaker. The association is now
completing the program for the sales
congress to be held here next May.
New life insurance production for all
classes showed a decline of l07 per
the first month Of 1880, the ASsocia-
ton Of Life Insurance Presidents
reports.
The LanSton Monotype Co. paid a
regular quarterly dividend of 134 per
cent today and an extra of "a per cent.
Today's Trading on d. C. Exchange.
Capital Traction figured in only two
io-share sales today, opening at IS,
where 1t closed yesterday, and closing
up IA. Columbia Sand e. Gravel pre-
ferred gained more points today, clos
ing at IS. Mergenthaler closed at 87l2
and Peoples Drug Stores preferred
changed hands at SO. Bonds were In
fair demand at recent prices.
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