Evening star., 1933-05-06
BOAT LINE STOCK !: f.
REDUCTION VOTED
Norfolk & Washington Plans
to Cut Capital Structure
Down to $500, ,OOO..
BY EDWARD C. STONE.


+ BY EDWARD C. STONE.
Stockholders in the Norfolk g. WASH
ington Steamboat Co., have approved
the proposal of the directors to reduce
the outstanding stock from 81 ,OO0,000 10
$500,000.
The plan was ratified by the share
holders at a special meeting called by
the directors, who explained the pur-
pose of the move in detail in notices
sent out some time ago.
The adopted proposal contemplates
the purchase of the outstanding stock
from the shareholders at par, which IS
$1OO per share, in proportion to each
stockholders financial interest in the
company, payment to be made from the
substantial surplus which has been
maintained for years.
Reducing the capital stock from
81 100000 to $500,000 will place the
company in a much stronger position to
meet present business conditions. After
the retiring of this stock the steamboat
firm will still have surplus OF $780,
e42 go, a substantial figure.
The annual report of the Norfolk u
Washington Steamboat Co., as of De-
cember 81, 1882. showed total assets OF
$l906, ,791.41, with working and accrued
liabilities of $4O,S48.79, leaving $780,
942.62. With such sound financial
structure as this, the retiring OF $780,
900 in capital stock was a simple matter.
The action is in line with that taken
by many other large corporations since
the depression started and lower earn
ings and dividends became the rule.
Retiring of half the stock will OF course
make it much easier to earn satisfactory
dividends on the other half That is
the reason for such moves by so many
different companies, and those with
large surplusses have been lucky, at
least, the stockholders have been. Many
other concerns have not been able to
retire stock at anything like par value.
The present officers Of the company
are: Clarence F. Nornent, ST.. chair
man of the board; Clarence F. Norment,
jr.. president; G. w. Forsberg, vice
president; E. C. Brandenburg, second
vice president and general counsel;
Odell S. Smith, secretary and treasurer,
and j. Allen Riordon, general manager,
The Norfolk & Washington Line,
which operates steamers between this
city, Alexandria, Old Point Comfort and
Norfolk throughout the year, has re-
Gently adopted novel plan in order to
increase business. Passengers may have
their automobiles placed on the boats
for free transportation. At the end of
the trip they are available for use at
the Virginia resorts or for motor trips
South.
Becomes Federal Reserve Member.
Announcement was made today that
the Washington Loan & Trust Co. has
become a member OF the Federal Re
serve System.
This institution was the first trust
company to engage in business IN
Washington, having been organized in
1889. It was also the first trust COM
pany to become full member of the
Washington Clearing House Associa-
ton, which it joined some years ago.
With resources of over $19,000,000
and capital, surplus and undivided
profits and reserves in excess OF So
900 900, it has always been consistent
advocate of policies in keeping with
conservative banking practice.
Harry G. Meem is president OF the
bank and John JOY Edison, a former
president, chairman OF the board.
Bankers Debate Here Tonight.
E. Wallace Schreiner, member OF
WASHINGTON Chapter, American In
stitute of Banking, will be one OF the
contestants in District No. National
Public Speaking Contest, which will be
held in the club room of the American
Security & Trust building at 8 o'clock
this evening.
Aubrey 8. Dooley will end an un-
usually successful year as chairman OF
the local chapters Public speaking
Committee, at this time
The contest will include representa-
al MARYLAND NPW
Jersey, North Carolina, Pennsylvania,
Virginia, West Virginia, and the Dis
trict of Columbia, and the winner upon
this occasion will be sent to the Ma
tional Convention of the American In
stitute of Banking, which will be held
in Chicago in June, to compete In the
A. P. Giannini Public Speaking Con-
test for the Giannini prizes, ranging
from S100 to $500.
E. F.. Matthews the First National
Bank of Philadelphia, will preside.
Heard in Financial District.
At the meeting of the board of direc-
tors of the National Permanent Build
ing Association held yesterday after
noon the resignation of ]. Leo Kolb as
a member of the board was rendered
and regretfully accepted.
The Treasury Department has invited
tenders for 91-day Treasury bills to
the amount of S75,000,000 or there
abouts. Tenders will be received up to
pm, eastern standard time, May 8.
Bills will be dated May 10, maturing
August 9.
Directors Of Drug, Incorporated, to-
day declared the regular quarterly dlv1-
dend of IS cents per share on the capl-
tai stock, payable June to stockholders
of record May Is.
Edgar Morris, president of the Edgar
Morris Sales Co. of Washington, was
elected member of the board Of di-
rectors Of the Southern Gas Associa-
ton at the close of their threc-day
convention at the Shoreham Hotel
The E. S. BraShears Life Insurance
Agency, washington branch OF the
Union Central Life Insurance Co. of
Cincinnati, showed a 20 per cent in
crease in net paid-for business during
the month of April, 1888, over the cor
responding period last year.
Virginia Public Service Net.
Net income of Virginia Public Service
Co. for the fiscal year ended December
81, 1882, was S1,013, ,497.64, the annual
report Of the company distributed yes
terday from its Alexandria, Va. office
reveals. Total gross earnings were
$6,977, ,669.79 and total operating ex-
penses and taxes amounted to $685.
307.72, leaving balance of S3,134,-
362.07. From this was deducted total
interest charges Of $2,120,864.43.