Evening star., 1937-05-06

n,.,- ,- for the year
mount te d to
s239,56531. All subsidiaries contrib
uted to the net profits, which, before
taxes, depreciation, patent amortiza-
ton, inventory adjustments, etc, to-
tailed 1921, 1884 for the year, an in
crease over the previous year OF $685.
22446.
Important action taken at today's
meeting was the election of Robert V.
Fleming, president of the Riggs Ma
tional Bank, as member OF the
Board of Directors. succeeding the
late Karl w. Corby.
President Best reported an excel
lent business year. Lanston paid 50
in dividends, continued the policy Ut
buying outstanding stock in the open
market. increased the size of the plant,
made many machinery improvements
and enjoyed a growing demand Tor
new type products. The consolidated
balance sheet showed the company IN
very strong financial position.
Henry Parsons of New York pre-
sided at todays meeting. j. Thllman
Hendrick, chairman of the board, en-
tertained the members at luncheon at
the Washington residence after the
Alexandria meeting, All officers were
reelected as follows:
j. Thilman Hendrick, chairman OF
board; Harvey D. Best, president; t.
Frank Morgan, first vice president;
John j. Meadth, A. E. Pagola and
Frank j. Roderick, vice presidents,
John A. Ferguson, secretary: Allen R.
Fretz, assistant secretary, Wlltred
Bancroft, treasurer and general man
ager, and Harvey W. Monks, assistant
treasurer.
The directors include Mr.. Best,
John w. Drye, jr.: Mr.. Hendrick, A.
H. Larkin, Royal T. McKenna, Mr..
Parsons, George W. White, Roger J.
Whiteford and Robert V. Fleming.
Allen Praises D. c. Bankers.
Washington bankers were paid
high tribute by Commissioner George
E. Allen for the part they play in all
civic undertakings, in an address be-
fore more than $50 members of the
District Bankers Association and their
guests at the organizations annual
pre- convention dinner at the Columbia
Country Club last night.
Every enterprise of a substantial
nature requires intelligent financing"
the Commissioner said. I'm this field
bankers have a rare opportunity for
constructive work. I congratulate the
e Of UJo IL; 1ooir
splendid efforts along this line" he
added
A. M McLachlen, general chair
man Of this years annual convention,
outlined the high lights which have
already been arranged. He reported
very heavy registrations to date and
forecast a record attendance. The
convention is set for May 27 to 81
at White Sulphur Springs, w. Va. A
fve-day vacation with only two and
one-half days away from the office, a
constructive program, unusual enter
tainment and diversified sports were
especially stressed.
Thomas J. Groom, acting president,
presided. The Arrangements Com
mittee was headed by Barnum L. Col
ton, National Savings & Trust Co.
Awarding of golf prizes, including the
Robert v. Fleming Cup was one of the
evening features. following the after
noon tournament, L. P. McLachlen
winning the trophy.
Safe Deposit Leaders Meet.
Leaders in the safe deposit depart
ments of the Nations banks opened
three-day convention at the Willard
Hotel here today vixen the National
Safe Deposit Association was called
to order. Today's proceedings started
at 10 O'Clock with a meeting Of the
Advisory Council.
The first general session takes place
tomorrow morning, with an address
of welcome by Commissioner Hazen.
Many out of-toWn members arrived
as early as yesterday and spent the
dav visiting the safe deposit depart
ments and inspecting the vaults in
many of the local banks.
1t was announced this morning that
more than 300 delegates we're here
for the meeting. This is believed to
be new attendance record. Richard
E, Harris, American Security & Trust
Co., is general convention chairman.
Sacks Loan Group President.
E. j. Sacks was reelected president
OF the Washington Permanent Build
ing Association at the annual meeting
yesterday. President Sacks, now 80
years old, was one of the founders
and first directors of the organization.
The other officers elected include
John Henderson, vice president:
Carl j. Bergman, treasurer; Herman
H. Bergman, secretary; c. Chester
Caywood, general counsel. Directors
are John H. Clipper, c. Rammling,
James R. Ellis, Clyde H. Miller, Mr..
Caywood, Max Walten, Joseph N.
Saunders and Walter B. Avery. The
annual report showed a fine business
year.
New Listing on Exchange.
Common and preferred stock of the
Lincoln Service Corp, Charles Del
mar, president, was listed on the
washington Stock Exchange today.
1t was the first listing in many motnhs.
The common is selling around is and
the preferred was quoted today at so
bid and SO asked. The company is
engaged in industrial banking, with
headquarters in Washington.
Trading in the Washington Ex-
change today included sales in Wash
ington Gas at 30 and Mergenthaler
Linotype at 4534 Capital Traction
IS sold at 90 and Washington Railway
Is at 1852.
Financial District Notes.
George M. Ferris g. Co., Inc, in the
Washington Building, are of ering 8O4
shares OF 6 per cent preferred stock
and 1858 shares of common stock of
General Credit Inc, of Washington.
The concern is engaged in the business
Of financing automobiles and other
commodities, the president being A.