Evening star., 1942-05-07

500 ,633 %, amor J. Thiiman Hendriek.
tization and charge-of Of patents
and improvements of $9l, 1927,
taxes. other than income taxes OF
S73,54s.71, and setting up reserves
for Federal and Pennsylvania in
come taxes of $4,000, making a
total of 1851, 1927.
{ All taxes for the year amounted
to 1888 per share, Mr.. Best stated.
AS provision for possible losses
which may result from war or post
war conditions, 500 900 was appro-
priated to contingent reserve. After
this reserve and payment Of divi-
dends for the year of 81 per share,
S4l, 1887 was carried to surplus, the
report showed.
Company Pushing War Work.
81. Thilman Hendrick, chairman
Of the board, presided at the meet
ing. Further details in the report
showed that the monotype company
had q fine year, much better than a
year ago. The Philadelphia plant
is doing a great deal Of very valu-
able war work. The company Is
supplying a large number of special
map-making cameras to many diff
ferent nations as well as other i'm
portant materials. The balance
sheet shows cash assets Of $l,218,-
BIZ.
Louis B. Warren of New York
was added to the Board Of Direc-
tors, succeeding the late Adrian
H. Larkin, who had served the
company for 80 years. Directors re-
elected include Harvey D. Best,
James E. Colliflower, John w. Drye,
jr.; j. T. Hendrick, John Oliver La
Gorce, Henry Parsons, William E.
6chooley and Roger j. Whiteford.
Officers were reelected tnclud-
Ing Mr.. Hendrick, chairman OF the
board; Mr.. Best, president; T.
Frank Morgan, executive vice pres
ident; John j. Meadth, vice presi-
dent; John A. Ferguson, secretary;
Allen r. FretZ, assistant secretary;
Wilfred Bancroft, treasurer and
general manager; Harvey w. Monks
assistant treasurer; A. E. Pagola and
r. J. Broderick, vice presidents.
Bankers Study Credit Rules.
! Washington bankers are giving
deep study to the Federal Reserve
Boards sweeping new credit rules.
From a score of articles, the credit
buying rules now cover 46 classifi-
cations, including clothing, Kitchen
ware, linens and jewelry.
Down payments were increased
by the board and payment periods
shortened. In addition, the boayo
DEGREES that charge accounts must
be liQuidated by the 10th of the
second month following the pur-
chase. This means that goods
bought at the very end of month
must be paid for in 40 days.
The Reserve Board reached out
TO cover single payment consumer
loans. Such loans of 81 500 or les:
are limited to a maturity OF 90
days. Where the proceeds are to
be used to purchase credit-re-
stricted article costing SIS or more
a down payment also is required
If not paid in 80 days, the loan must
be placed on an installment basis.
Power Stock at New Peak.
Fifty shares OF Potomac Electri,
Power 612 per cent preferred Stocl
sold at 1l6 on the Washington Stool
Exchange today, new 1912 high
mark.
Washington Gas Light common
was fractionally stronger, a small
sale being registered at l5h. Wash
ington Railway g. Electric preferret
appeared on the board today,
shares moving at l101a and 4
shares at II, unchanged from las
week.
The New York Curb Exchang
plans to increase commission
charges about 20 per cent and init
ate a system of special offerings
on the floor. the proposals to 60 int
effect in about two weeks provide
the members vote approval.
Harold N. Graves, assistant t
the Secretary Of the Treasury. tol
the National Association of Mutu,
Savings Banks that War bond sale
IN the first year Of operations to
tailed about SIS. 400 ,000, 900; series
60 9db.OOo 600