Evening star., 1933-04-16
company Offers to Purchase
Z, Half of 81, 900, 600 Is
sue at Par.
FUNDS ARE AVAILABLE
IN SURPLUS ACCOUNTS
Special Meeting Has Been Called
to Vote on Proposal May 4.
Would Strengthen Finances.
BY EDWARD c. STONE.


Notices have been sent to stockholders
In the Norfolk g. Washington Steam
boat Company, announcing a proposal
by the directors to reduce the outStand-
ing stock from 81 O000 900 to S500,000.
The plan contemplates purchase Of
this outstanding stock from the share
holders in proportion to their holdings
at Sl00 per share, which is the par
value, payment to be made from the
very substantial surplus which the
steamboat company has carried for
some years
Retirement of the stock is in line
with similar action taken by a good
many large corporations all over the
country since the depression began to
grip business conditions. In many in
stances the companies have not been
in position to pay for the stock at
par. But the famous Norfolk line is
we'll able to retire the stock by payment
in full.
The annual report of the Norfolk g.
washington Steamboat Co. as of De-
Cember 81. 1882, shows total assets of
S1,906, 791 Al, with working and accrued
Liabilities OF S4O,84879, leaving $780,
e42.62.
Deduction of s1,O0o,OOO authorized
and outstanding stock from the above
assets leaves the steamboat company
with surplus of S865 ,94262. After the
retirement Of the S50O,O00 in capital
stock the boat company will still have
a surplus of $365,94262, a substantial
figure
These figures from the last annual
report reflect the able management
under which the company is being
operated Retirement of one-half of
the capital stock will, of course, place
the corporation in a very much stronger
position SO far as earnings and divi-
dendS are concerned In these days
or even in boom times it is vastly easier
to earn dividends on S50O,000 in stock
than on double that amount.
The stockholders will vote on the
proposal at special meeting to be held
at the company's head Offices Thursday,
May 4. The present officers of the COM
pany are: Clarence F.. NorrIent, ST.,
chairman of the board; Clarence F.
Norment. jr., president; G. w. Forsberg,
vice president; E. C. Brandenburg. sec
ond vice president and general counsel;
Odell S. Smith. secretary and treasurer,
and j. Allen Riordon, general manager.
Acacia Notes Business Gains.
That confidence and interest in life
insurance both continued Unabated dur
ing the banking crisis is pointed out by
William Montgomery, president Of the
Acacia Mutual Life Insurance Co.
1T is gratifying to us, and we think
of great importance generally" Mr..
Montgomery says, that the Acacia
Mutual Life Insurance Co.'S new bust
ness for the period from January to
March, 1888, registered a 13 per cent
gain over the corresponding three
month period of last year.
Especially significant is the fact that
while Acacia granted policy holders one
months grace in the payment of their
premiums. in recognition of the difficult
ties entailed as result of the bank
holiday, the cash income of Acacia was
maintained at a remarkably high level
With the volume of new business in
creasing so notably during the critical
months now behind us, we feel amply
justified in looking forward to a period
of continued expansion during the re-
mainder of the year."
Building and Loan Assets Up.
Figures just compiled by William S.
Quinter, secretary Of the Building Asso-
citation Council of the District of Co.
lumbia. for the quarter ending March
81 1888, show a substantial growth for
the first three months of the year 1888.
The gain in assets was 1888, $50 while
f52 new loans were made during the
period for total Of S2399769, and
1858 new accounts were opened by
local building and loan associations.
This report is the best proof that
first mortgage money is still available
in Washington, Mr. Quinter declares,
although in many parts of the coun-
try there is a scarcity of funds for
this purpose.
Accountants to Hear Fox.
Next Wednesday evening at the
monthly meeting of the Washington
Chapter, National Association of Cost
Accountants, DR.. A. Manuel Fox, chief
economist of the United States Tariff
Commission, will discuss the problem
of the computation and distribution of
joint and by-product costs.
The talk is to be followed by an open
forum A special invitation is ex-
tended to the governmental bureaus
and to teachers and students of ac-
counting to attend the lecture at 7:30
O'Clock at the Mayf1ower Hotel.
Junior Bankers Arrange Play.
The Spring open meeting of Wash
1ngton Chapter, American Institute of
Banking, will be held on April 18 at
the Roosevelt High School at $3.50 pm.
Through the courtesy of talented Sc
curity Club Players of the American
Security & Trust Co., play entitled
Hay Fever" will be presented and
this will be followed by dancing.
Those making up the cast of the play
are Miss Marguerite Detterer, Miss
Alcena White, Miss Margaret j. Buck
ley, Miss Audrey N Shreve and Miss
Margaret E. Reed, and Edward N. Will
dams, Joseph Haltigan, E. Clark Seaton
and Granville Longerbeam.