Evening star., 1950-04-14

May 10, to act m
on the proposal.
Under the new Mr.. Lawson.
plan, each present stockholder
would receive 10 shares for each
share now held.
The 10-for-1 splitup is intended
to give the stock much wider dis
tribution than it now has; also
make it more active in the
bank stock market.
The shares have been listed on
the Washington Stock Exchange
for many years. The last sale on
the board was around 1899 a
share. The stock sold recently
off the board at $341 a share. In
the first quarter this year earn
ings were better than a year ago.
Lower 1850 Profits Forecast.
While business conditions in
1850 look very satisfactory, con-
tinuation Of the earnings of the
last two years should not be eX-
pected. as business competition
now at hand is forcing a lower
range of profit on each dollar of
sales.
This view was expressed by
Henry H. Heimann, executive
manager of the National Associa-
ton of Credit Men, who addressed
the Washington association at
the Raleigh Hotel last night on
whats Ahead for Business?"
Business, which is being paced
by construction and the automo-
bile industry. should be equal TO
last year in volume although re-
tail earnings will be lower, he said.
Businessmen should recall that
the second serious postwar read
justment has not yet taken place.
1t is inevitable and might we'll
come in 1851, the speaker asserted.
Deficit Spending Scored.
Credit conditions are quite salts
factory. The real credit problem
facing the country is that of Fed
eral Government, Mr.. Heimann
said. Continued deficit financing
can only mean a further decrease
In the purchasing power of the
dollar, holders Of fixed incomes
being the forgotten people of the
country. as well as bearing the
brunt Of the spending programs.
There is growing public con-
: sciousness of the excessive cost of
government. Washington had
better heed this. At no time in
the past decade has this concern
been quite so evident, the credit
expert declared.
William j. Newman introduced
the speaker in the absence of Ed
ward II. Fawsett. this years presi-
dent. About $50 were present.
Assets Reach New Peak.
Assets of the Liberty Building
Association reached an alltime
high of $11 ,087,882 during the
year just ended, gain of SIS
million, it was announced at the
annual meeting. All accounts up
to $4,000 now are insured by the
Federal Savings and Loan Insur-
ance Corp.
Reelection of Edmund M. En-
merich as president and secretary
OF the association was announced
today. Other officers include Will
liam c. Zimmerman, chairman of
the board; William w. White,
vice president, and Charles E.
Frazier. treasurer. Messrs. Zim-
norman, White and Frank Nit
chell were elected directors for
three-year terms.
Alex. Brown $50 Years Old.
On Monday, April "a, Alexander
Brown & Sons, oldest investment
banking firm in the United States,
will celebrate the 150th anniver-
sary of the founding of the COM
pany, the Washington Office an
nounced today.
Other Offices are in Baltimore,
New York. Frederick. Md. and
Winston Salem, N. c. The firm
ildo O 1A1OOO 1CIlldl hdO1C 1CSO1O d11S
is now at the height of its pros
perity. Y. E. Booker is the Wash
ington resident partner.
Lanston Monotype's sales for
the fiscal quarter ending February
% totaled $789,30 compared with
$692.466 in the preceding quarter.
Sales for the latest fiscal year were
$3.319,219 against $3,956,730 in the
previous year.
The Hecht Co.. Washington, was
awarded first prize of $500 in a
Nation wide window display con-
test by the Murray-Sices Co. for
windows devoted to women's suits.
Building Contracts Mount.
Contracts awarded for building
and heavy engineering work in the
Middle Atlantic States and the
District of Columbia ifl the first
three months of this year amount
ed to 1892, ,183,0 900. with residential
operations amounting to $182, $685.
600. the F. w. Dodge Corp. re-
ported today. Private construc-
ton showed a los per cent increase
oyar Ia CT yoor