Evening star., 1934-05-03

OF bad debts and %s#V
recoveries of ma zzRRAal
chimes j. Thil-
man Hendrick of D. human he"'rieA
this city, chair
man of the board, asked Henry Par
sons of New York to preside.
Dividends of 81 per share were paid
during the year, maintaining the
CompanyS record for regular dividend
payments each quarter since the first
quarter of 1916. The last act of the
old board was to declare the 81 divi-
dend due for payment at the end
of May
President Best reported the operat-
ing position of the company as very
strong Current assets, including
securities at market value and in
ventories, are S4,375 500. against cur
rent liabilities of only S34,5 which
include customers credit balances,
accrued pay rolls and reserves for
taxes and unclaimed dividends. Re-
serves for depreciation Of building ma
chinery and fixtures now total ST.
109,261, against an original cost. ST.
710,399. Reserves for amortization of
patents now totals Sl,4ll349, the
report stated.
President Best noted great progress
in the engineering department on
new designs for Offset and gravue
plate-making equipment. He also
said that business in South America
has improved and spoke particularly
of the splendid condition of the Eng
lish company. He expressed optimism
over the future, stating that the
losses of the first half year were offset
in the closing months and that this
improvement has continued during
the opening months Of the present
year.
The same directors were reelected
including Harvey D. Best. M. C.
Branch. Karl w. Corby, John w.
Drye, jr; ]. Thilman Hendrick, A
H. Larkin, Royal T McKenna, Henry
Parsons and George w. White. The
directors elected these officers, in ad-
dition to Chairman Hendrick and
President Best: T. Frank Morgan, A.
E. Pagola and Frank J. Roderick, vice
presidents; John A. Ferguson, secre-
tary; Allen r. Fretz, assistant secre-
tary; Wilfred Bancroft, treasurer, and
Harvey w. Monks, assistant treasurer.
New Finance Concern Expands.
The National Finance Corporation
has moved to larger quarters in the
Shoreham Building. in order to take
care of an increased demand for SerV-
ice, it was announced in the financial
district today The corporation re-
Gently was organized for the purpose
of furnishing professional services IN
the readjustment of capital and debt
structures of corporations, to qualify
them for capital loans.
Frederick S. Dudley, the president,
believes that more than 10000 major
lndustrials which are in need of work
ing capital, will have to adjust their
debt structures before they can qualify
for capital loans, as their fixed assets
are now pledged to their bondholders
and creditors.
The companys home Office is To-
Gated in Washington in order that
officials may keep in close touch with
Government affairs. Washington is
we'll represented among the executives.
One of the vice presidents is Samuel
c. Redman, president Manganese Con-
solidated Corporation, director in the
Lincoln National Bank and director IN
the Griffith Consumers Co. The Sec
retary-treasurer is William F. Tyson,
mortgage loan specialist. Earl Bunt-
ing. president Bunting, Durkee &
Leake, industrial engineers, is a di-
rector. The others are New York and
Chicago men.
Home Loan Firm Gets Start.
NlyyJo AeL nj
zation, National Home Finance Co.,
opened its doors at the Woodward
Building last Monday, reports large
response to its announcements. The
company is engaged in making build
ing loans and in the purchase Of
second trust notes. It's 8 per cent pre-
ferred stock is being sold to local
investors.
The funds invested with the COM
pany will in turn finance the purchase
of first and second trust notes on
local homes with a market value of
$4,000 or less. It's charter specifies
this type of home.
Telephones in Maryland, Virginia,
West Virginia and the District of Co.
lumbia outnumber those in all the
South American countries combined.
This fact is indicated by the latest
issue of Telephone and Telegraph Sta
tistics of the World compiled by the
American Telephone & Telegraph Co.
South American countries were
served by 635, ,64l telephones on Janu-
ary /. 1888, the report shows. This
compares with 693,776 telephones in
these three States and the District
of Columbia. The latter area is now
served by $780, telephones. Mary
land, 203 ,453; Virginia, 190,l and
West Virginia, 120,016.
Law Notes Business Progress.
Francis NJ Law, president of the
American Bankers Association, one
Of the chief speakers yesterday at
the annual meeting of the United
States Chamber of Commerce. said
that business has materially improved,
but added that business men had fears
of trend toward governmental control
of business and heavy taxation. The
association head added, however, that
he found the Nation still strongly
behind the President.
Now that confidence has been so
largely restored" he said, banks will
naturally resume more normal lend
ing policy, not in loose or unsound
credit, but in sound loans. Good bor-
rowers, it is needless to say. will be
warmly welcomed by the banks"
Mr.. Law is positive higher stand
ards of prosperity are ahead The
task is to make sure that it be of a
kind sound and durable"
Insurance Problems Studied.
Members of the Insurance Club of
Washington held their May meeting
at the Hamilton Hotel last evening,
President Philip L. Baldwin presiding.
Many intricate insurance problems
we're threshed out At Mr.. Baldwin's
request j. E. McCombs introduced
Rev. Allen A. Stockdale, pastor of the
First Congregational Church, who gave
an intensely practical business talk.
Washington Railway & Electric As
led business on the Washington Stock