Evening star., 1932-02-17

board made vacant
by the death of Edward J. McQuaoe,
who had served the company for many
years. Mr. Myers is one OF the largest
individual holders of Mergenthaler
Linotype stock, a director in the Union
Trust Co. member of the investment
firm of Y E. Booker & Co. and prom
inent Washington citizen.
His election to the board will arouse
wide interest here as there has been
much speculation as to the probable Sc
lection. The large holdings of Mergen-
thaler stock in the Capital entitle the
holders to two members on the board.
The other local director is Attorney
Frederic D. McKenney, who is vice
president and general counsel of the
company.
Plan New Products.
Following yesterdays meeting, j. L:
Mackey, vice president and treasurer OF
the Mergenthaler company stated that
the dividend was reduced in order TO
keep the company in liquid position,
the corporation having adopted the
policy of many similar organizations IN
refusing to dip into surplus for dividend
purposes Mr. Mackey said:
The financial condition of the COM
pany is sound in every respect, but as
no definite improvement has yet been
indicated in trade conditions immedi-
ately affecting the company's business,
and considering TIE Importance OF
maintaining a thorough liquid position,
the directors we're of the opinion that
it would be unwise to distribute more
than IS cents per share at this time.
In reaching this conclusion the directors
we're Influenced by the fact that as gen.
eral business conditions improve the
demand for the company's products in
creases, the need for credit extension
crease.
Furthermore, for some time past
the company has lad under considera-
ton projects for adding to the COM
pany's output certain products entirely
outside the printing and publishing
field. the production of some OF which
will probably occur in course OF the
current year"
In message to The Star, Vice Presi
dent Mackey said the company took
great pleasure in the election of Mr.:
Myers of Washington and Mr.. Gage OF
New York to the directorate.
ReihIe to Address Underwriters.
Theodore M. Reihle, vice president Of
the National Association of Under
writer's. will address the District Of Co.
lumbia Underwriters Association at the
February luncheon tomorrow noon at
the Carlton Hotel. President David S.
Bethune announced today. Mr. Reihle
addressed the association last year. He
is known as one of the largest personal
producers in the United States, mem
ber of the so-called ''million-dollar
round table" and is connected with the
EQUITABLE as an agency manager
He will speak on prospecting in
1882" His address last year was great
" enjoyed and the members are most
enthusiastic over his coming again.
Capital Traction Higher Today.
Capital Traction stock sold on the
Washington Stock Exchange today at
90. an advance from last weeks sales.
Todays transfer was only a small lot
as present trading in this issue Is very
slow pending the outcome OF the merger
proposition now before Congress.
Washington Gas SIS sold to the ex-
tent of $500 at SO today. Washington
Gas 6s, series A, figured in a small
turnover at 995s.
Washington Railway & Electric pre-
ferred figured in small sale at 9O12,
eX-dividend.
The reduction in the Mergenthaler
dividend was announced on the ex-
change today.
Joins National Organization.
The Eastern Building g. Loan Asso-
ciation, Pennsylvania avenue and
Fourth street southeast. today received
its credentials as a sustaining member
of the American Savings, Building q;
Loan Institute. The institute is the
educational and research unit OF the
country home financing industry.
The Eastern association is one OF 80o
affiliated with the educational work OF
this business. This institute trains
workers to give fuller service to nome
owners and systematic savers oil tne
country. Night classes are held weekly
in cities where the institute mas lts
chapters and the enrolment Is close tc
1900.
c. & O. Dividend Declared.
The Chesapeake g. Ohio Railway has
declared the regular quarterly dividend
of 62ls cents on the common stock
payable April l to stock of record March
Of 3.25 on the preferred stock also wa:
declared. payable July to stock OF rec.
ord June 8.
The Chesapeake Corporation declared
the regular quarterly dividend OF Is
cents. payable April to stock OF recoro
March 8.
Loew's, Inc. declared the regular
quarterly dividend of IS cents share
on the common stock payable March 81
to stock of record March Is.
b. e. o. Earnings Reported.
Preliminary report of Baltimore &
Ohio Railroad Co. for year ended De.
cenber 81. 1881. shows net income o1
S3.8O2.978 after taxes and charges
equivalent after per cent preferred
Dividends to 56 cents share on 2,562,'
954 shares Of common stock. This com.
pares with S21 1.423,771. or $7.44 com.
mon share in 1880.