Evening star., 1932-03-15
TYPE FIRM ELECTS
NEW TREASURER
WiIfred Bancroft Is Named
i, Official of Monotype
III Machine Co.
BY EDWARD c. STONE.

j. Thllman Hendr1ck, chairman OF
the board of the Lanston Monotype
Machine Co., today announced the elec-
ton of Wilfred Bancroft, as treasurer
of the company, to succeed Joel G.
Clemmer who died several months ago
The new treasurer has been interested in
the Monotype company since 1897 when
he graduated from the Massachusetts
Institute of Technology and was en-
pIoyed as a special apprentice in the
shops of William Sellers & Co., Phlla-
delphia. At that time Mr.. Bancroft S
father was developing Mr.. LanSton
9O-type character machine.
Wilfred Bancroft was superintendent
Of the Sellers Machine Shop when he
left that company in 1901 to join the
Monotype Co. For several years he
had charge of relations with Monotype
users, the installation and inspection OF
machines, schools for training operators
and the work OF contributing TO the
Monotype repeat order record.
When the MonOtype Co. terminated
its contract with its selling agents and
organized its own sales department, Mr.
Bancroft was made sales manager and
occupied that position until 1917. II Is
of interest to note that Mr.. Bancroft
was responsible for bringing to the
Monotype Co. its president Harvey u.
Best. and for more than 10 years Mr..
Bancroft and Mr. Best worked together
in promoting Monotype sales.
Mr.. Bancroft left the Monotype 20.
to become general manager OF tne
SIatersville Finishing Co. at Slatersvllle,
+. I. In 1919 he Gcame associated
with the saltwater Worsted Mills o1
Harrisville, r. l., and in 1922 ne was
made assistant treasurer of this well
known company which manufactures
fine worstedS in its six plants IN new
England and three in Virginia.
Chairman Hendrick said today that
MIR Bancroft. sr, was treasurer, gen.
eral manager and member OF tne
board at the time of his death in 1919.
Both Mr.. Hendrick and President Best
are very much pleased to have the son
back in the Lanston fold.
New Barber g. Ross Director.
At the regular monthly board meeting
of the directors of Barber & Ross, Inc,
John w. Hardell was elected as mem
ber of the board and elected to newly
created Office of assistant treasurer. Mr.
Hardell has been associated with the
firm % years in their structural steel
department where he served as man
ager of that department for the past
five years He is native Washing
-tonian. a graduate of the Technical
High School and Georgetown UnlVer-
s4ty. member of the bar of the District
of Columbia of the washington Board
of Trade Board of Governors of the
local Y. M c. A., and trustee OF the
Community Chest.
Riggs Bank Declares Dividend.
The board of directors of the Riggs
National Bank at its meeting late yes
terday declared the regular semi i-annual
dividend of 712 per cent. payable April
IS, 1882, to stockholders Of record at
the close of business March 81, 1882.
The New York City bank stock mar
ket during the past week registered a
the low levels of last November, ac-
cording to records compiled by Holt,
Rose & Troster. The aggregate market
value of the 16 leading issues was
S1942, ,877, 600 as of March 9. against
1881 ,433, 900 on March 5, and value
of $1.323,599, ,000 the low touched on
December II, 1881. On November 81,
1881. the aggregate value was $2,049,-
565, 900. Based upon the March II
1876 times their known current earn
ings.
Bankers Change Headquarters.
c. H. Pope, president of the District
Bankers Association, announced today
that after May Is association head
quarters will be located in the Bond
Building southwest corner of New York
avenue and Fourteenth street. Head
quarters have been in the Becker Build
ing, 1918 F street, for the past six
years.
The new Offices will be located on the
top, or seventh, floor of the building,
the change being made to obtain more
suitable quarters for Washington Chap
ter American Institute of Banking. The
association supplies the institute with
class room space for instruction in
banking. The institute has grown so
rapidly in recent years that larger
quarters became imperative.
The committee appointed to find the
new quarters included George o. Vass.
Chairman: Francis G. Addison, jr.;
Lanier P McLachlen Aubrey o. Dooley
and Richard A. Norris. Mr.. Dooley is
president of Washington Chapter this
year and Mr.. Norris is slated for the
same position next year. Chairman
Vass deserves great credit for the work
he did, as he personally looked at scores
of places before narrowing the list
QONI1 lOE dCLlOIl Dy IIlC NAlOlC
and final acceptance by the council
administration.
Western Electric Earnings Off.
The annual report of the Western
Electric Co. for the year ended Decem-
Der 81, 1881, shows a net profit OF
sl0,816,387 after depreciation, taxes,
interest, etc, equivalent to S1.75 a
share on the common stock outstand-
ing This compared with Sl5,624, ,839,
or $3.50 a share in 1880.
Current assets as of December 81
last, including s5,356,876 cash and
marketable securities, amounted to
S121.587,4 and current liabilities were
$28,495, ,898. This compares with cash
and marketable securities of S8,940,l16.
current assets of S140,442,570 and cur
rent liabilities of S50,900,7l5 at end
of 1880.
Western Electric sales in 1881 were
lower than those of any year since 1923,
when they amounted to 198,537 GOO.
Sales to the Bell Telephone companies
during 1881 aggregated s219,53 600
and to customers outside of the Bell
System, S9,42l 900. The net profit on
sales was per cent, compared with
3.4 per cent in 1880.
Western Electric has a supply house
at I'LL North Capitol street in this
city which furnishes supplies to the
Chesapeake & Potomac Telephone Cos.
in Washington, Maryland, Virginia and
West Virginia.
Advisory Committee Expanded.
The Reconstruction Finance Corpora
ton has announced the addition OF
several names to various loan agencies
all over the country. To the Richmond
agency have been added M. M Prentiss
and Albert H. Dudley of Baltimore,
George W. White, president National
Metropolitan Bank; H. H. Mckee, presl-
dent National Capital Bank, and Fran
els G. Addison, jr., president Security
Savings g. Commercial Bank, all OF
Washington.
On the Washington Stock Exchange
today Washington Gas 6s, series A
go ...a nm Inrnn,,nir, ntinnr gold Of