Evening star., 1939-10-13


when he was transferred to the
Chesapeake & Potomac Telephone
Co. as general plant manager and
placed in charge of construction
and maintenance of telephone plant
in Washington. Maryland, Virginia
and West Virginia.
In 1929 Mr. Hamilton was ap-
pointed general manager of the
Chesapeake g. Potomac Telephone
Co. operating in the District of
Columbia and in 1881 was appoint
ed assistant vice president.
Loan Association Federalizes.
John B. Harrell was reelected
by the shareholders of the Colum-
bia Building Association at the an
nual meeting last night to serve
his 33d consecutive term as presi-
dent of the organization. Elected
originally when the association was
formed in october. 1907, he has
been active head ever since. His
report to the shareholders stated
that total assets are now $3,136,572,
an all-tlme high, while loans made
during the past year exceeded ST.
100000.
Explaining to the members that
the Federal Home Loan Bank
Board had offered to grant the as
sociation a Federal charter without
imposing any conditions, Clarence
E. Kefauver, secretary, related the
benefits to be derived from operat-
ing under such charter. After
hearing from Ray Anderson, head
attorney of the Federal Home Loan
Bank Board. who outlined the ad-
Vantages of supervision of Federal
associations, the shareholders voted
almost unanimously to federalize.
The shareholders reelected C.
Gay Harrell, vice president and
treasurer; Clarence E. Kefauver,
secretary, and William E. Poulton,
assistant secretary. Directors in
clude w. Owen Hohenstein, George
B. Cowles, Howard E. Thompson
and Albert o. Denham
d. c. Accountants Hear Olson.
Lyle H. Olson of New York, vice
president of the American Ap-
praisal Co., addressed the District
of Columbia Institute of Certified
Public Accountants at the Hay
Adams House last evening on Fl
nancial Statements" calling for
more complete disclosure of prop
erty and economic facts. Harold
c. Anderson presided.
Mr.. Olson discussed the inven-
tory verification problem, bases of
valuation of Intangible assets and
the financial, economic and prop
erty facts that could reasonably be
developed by accountants and ap-
praisers for the benefit of the in
vestor.
Mr.. Olson contended that in the
requirements with respect to finan-
cial statements filed with the Sc
curlties and Exchange Commission
there should be more realistic rec
ognition of economic facts and con-
ditions.
Mr.. Olson's address was followed
by lively discussion on the rela-
tive parts the accountant and the
appraiser should play in the de-
velopment of financial and eco
nomic information pertaining to an
enterprise, for the use of manage
ment, the stockholder, the in
vesting public and others interested.
Heavy Travel Predicted.
The Keystone Automobile Club
reports substantial increase in the
volume of requests for routings to
Southern resorts and information
regarding late fall and winter travel
in other parts of the United States.
Officials believe the increases are
mainly due to the material i'm
provement which has taken place so
far this year as compared with
1888. They consider the economic
betterment more important than
the war abroad which naturally
will have the effect of centering
American travel at home.
Transfer Firm Votes Dividend.
Directors of Smiths Transfer g.
Storage Co. have declared a semi
annual dividend of 50 per share on
the outstanding stock.
The following officers have also
been elected for the coming year:
Arthur Clarendon Smith, president
and treasurer: Mrs. George Burch-
field, vice president and secrtary;
Mrs. Buell. Miller, director; Mrs.
Donald Lathrom, director, and DON
aid Lathrom, general counsel.
The safe deposit section of the
District Bankers Association will
meet next Wednesday at 8 pm. in
the boardroom of the American Sc
curity g. Trust Co.. with Chairman
T. Eugene Elgin of the City Bank
conducting the ,,,eetinc