Evening star., 1932-05-05

ndVmg DeSu III &524$4<fA -
operation for some IA
time The disburse- A
ment is payable SAa
May 81, to share
holders of record T. TbiIman Hendrick
May 81.
j. Thilman Hendrick, chairman of
the board presided at today's meeting
and President Harvey D, Best pre-
sented his annual report. This showed
the company to be in splendid flnan-
cial condition The company again
closed the fiscal year with no bills or
accounts payable and no liabilities other
than reserves for Federal taxes and the
common stock.
Lanston In Strong Position.
The report stated that Lanston's cur
rent assets include cash on hand and
bills and accounts receivable of $3276,-
153, or S5773 per share. Investment
and inventory amount to an additional
S32.70 per share. Total reserves are
shown in the Treasurers statement as
Sl,942,311, against an original cost of
real estate and buildings, machinery
and equipment, furniture and fixtures
of So, 1876. Reserves for patents were
set up during the year at the approved
rates. The company has total assets
of over $10000,000.
President Best reported sales were
below normal last year. as was the case
in almost every other business. Cen
tral and South American business was
limited by very unfavorable exchange
conditions. The Barrett Adding Ma
chine division also suffered from pre-
vailing conditions. but a new direct
subtraction feature materially helped
to maintain distribution, Mr.. Best said.
Economies were effected through es-
tablishing short-time work in the fac
tory and by substantial reductions in
all salaries rather than by dismisSals.
President Best reported that the
English Co. showed most gratifying
maintenance of sales and profits. Sew
eral new inventions were perfected dur
ing the year. as well as new type de-
signs. The president concluded his
statement with a reference to the death
of the treasurer, Joel G. Clemmer, on
November IA.
Same Officers Are Reelected.
All the directors were reelected. in
cluding Harvey D. Best, M. c. Branch,
Karl w. Corby. John w Drye, jr.; J.
Thilman Hendrick, Adrian H. Larkin,
ROYAL T. McKenna. w. Usher Parsons
and George w. White.
The directors organized for the COM
ing year by re-electing these officers:
]. Thilman Hendrick. chairman of the
board; Harvey D. Best, president; T.
Frank Morgan, A. E. Pagola and Frank
j. Broderick, vice presidents; John A.
Ferguson, secretary; Allen r. Fretz,
assistant secretary; Wilfred Bancroft,
treasurer, and Harvey w. Monks, assis-
tant treasurer.
At the conclusion of the annual
meeting Chairman Hendrick reported
that the company's business in April OF
this year had shown distinct improve
ment over March.
Exchange to Close Saturdays.
The governors of the Washington
Stock Exchange have voted to close the
Exchange on Saturdays during the re-
mainder Of May, June, July. August
and September This is the usual ac-
ton taken during the hot weather.
Today's market was quiet. The first
sale was 10 shares of Capital Traction
stock at II. Potomac Electric Power 6
per cent preferred came out at 1071a,
the same strong price as in other recent
sales
After call. Washington Gas Light IS
figured in $1,000 sale at 100%, while
Washington Gas 6s, series B. recorded
the transfer of two baby bonds at 1929.
Building Association Elects.
Stockholders of the Washington Per-
manent Building Association held their
annual meeting yesterday and re-elect-
ed all of the following officers and di-
rectors: E. J. Sacks, president; John
Henderson, vice president; C. j. Berg
mann, treasurer; Herman H Bergmann,
secretary: John Waldman. c. Ramm-
ling, John H. Clipper, James R. Ellis.
- T,1N t.
seph N. Saunders, Clyde H. Miller, di-
rectors
The association is nearly 81 years old
and its assets have risen from S38,6 ,624.-
95 the first year of its existence, to
more than S7,000.000.
Loans made since organization total
more than S23,00O.O00; stock paid in,
more than $20,000,000, and dividends
and interest paid, more than $5,00o,000.
Cleaned in Financial District
The Baltimore & Ohio has been
granted the right by the Interstate
Commerce Commission to issue s55,-
$4,000 refundlng and general mortgage
per cent bonds in connection with
a proposed note issue.
Drug, Inc. has declared the regular
quarterly dividend Of 81 per share,
payable June / to stock Of record
May Is.
Dividend action Of unusual local in
terest was taken late yesterday by Gen.
eral Motors when the common rate was
cut TO 25 cents per share. The regular
quarterly dividend Of SIPS share was
also declared.
A large delegation of Washington in
surance underwriters viii attend the
Fourteenth Annual Maryland and Dis
trict Of Columbia Congress Of Life IN
derwriters, to be held at the Lord Bal
timore Hotel, in the Monumental City,
on Friday.
National Dairy Products Corporation.
which has two local units, has declared
the quarterly dividend of 65 cents on
common and S1.75 on the preferred,
both payable July ! to stock of record
June 3.
The District Bankers Association is
holding its last meeting before the an
nual convention this afternoon in the
American Security Building.