Evening star., 1953-01-27

pad debts
was $10,84l.
Transferred to
undivid ed
profits was $91,-
355.
Mr.. Vandoren Mr.. vandOren.
wrote: "Were it possible tx
eliminate the matter of taxes
the preparation of this re.
port would indeed be &
pleasure. During the past yeal
our gross operating income
reached the all-time high OF
$986,28 an increase of $69, ,26s
over 1851. Our net profits, be-
fore Federal income taxes
amounted to $441,172, compared
with $439,136 for the previou!
year, but due to higher taxes
our net profits, after taxes, de.
clined from $232 1926 to $142.197.'
The president recalled thai
two dividends of 81 each were
paid during 1852. Due to ar
extremely conservative dividend
policy, Mr.. Vandoren pointed
out, the bank now has accumu-
lated surplus and undivided
profits equal to three times itS
capital stock. "giving our insti-
tuition a degree of strength even
greater than it has heretofore
enjoyed"
During the past year capital
funds increased from 81 ,952, ISL
to $2,044, lot, exclusive of the re-
serve for bad debts.
Since IS per cent Of our de-
posits are payable on demand
We consistently maintain a
strong liquid position" Mr.. Van
doren told the stockholders.
with total deposits of $33, $685.
493 on December 81, we had on
that same date cash and short
term Government obligations
amounting to 1853, III" -
Total assets were $36.031 ,489
and total liabilities we're $685.
087,382.
Martin Alters Loan Policy.
The Glenn L. Martin Co., air.
craft manufacturer of Baltimore,
Md, announced it is discontinue
ing borrowing from the Federal
Government. It is consolidating
its funded debt in one agreement
with private banks.
This agreement is with group
of banks headed by the Mellon
National Bank and Trust Co.,
officials announced after a meet
ing Of the directors yesterday.
Before making the bank loan
agreement, the firm ended it's
financial relations with the Re-
construction Finance Corp. This
included cancellation of a $12
million revolving credit with the
corporation The company had
obtained and repaid $46.5 mil
lion in loans from the Govern
ment lending agency since 1947.
officials said the company
also plans to retire by February
25 the balance of its Sc million
in 4 per cent convertible notes
issued last April.
Paid Ahead of Time.
The RFC here said the COM
pany had paid off ahead Of time
two loans maturing July 1, 1854,
to clear up its balances. One
of theetwo loans cleared up was
a 1947 credit for $16.6 million on
which 81 1884 ,408 in principal and
interest remained. The other
was a 1850 loan for $13 million
on which $1,788,167 remained to
be retired.
George M. Bunker, Martins
president. said:
THE completion of new credit
arrangements and the retirement
of the 10-year convertible notes.
as we'll as repayment of all loans
from the RFC, was made posi-
BILE by the return to profitable
operations in 1852"
Mayer G. Co. Changes.
Leonard w. Jacobs, president
of Mayer & Co., and Serge Sack
noff, vice president. today an
nounced changes, due to the re-
cent death of Chester j. Berry,
for As years manager of the
downtown store.
"A. B. Zweigenhaft, formerly
controller, was named general
manager. Joseph Cohen. who as
sisted Mr.. Berry for many years,
will be merchandise manager,
with Robert w Borum as CO.
merchandise manager. Seymour
Woodnick will be their assistant.
James Harden was named man
ager of the Spring Valley Store
and will be assisted by o. B.
Fits, jr.
Miss Sylvia Nelson will con-
tinue as buyer of lamps, occa-
sional furniture, mirrors and
gift items. Alfred Whitaker, as
sisted by w. G. Kings. will han
die the floor coverings depart
ment and Truman H. Peters will
continue as buyer for bedding
and sleeping equipment. Miss
Mary B. Baird will supervise the
fabric department.
Mayer & Co. has dealt in fine
furniture and quality decorating
for more than so years.
John r. Inner, professor OF
industrial management at Amer
clan University, viii address the
Society of Industrial Packaging
and Materials Handling Engi-
neers at the Naval Gun Factory
at $3.50 pm. tomorrow. He will
discuss the Industrial. Manage
ment Program of the University
with particular emphasis on its
courses in materials handling
motion and time study and
work Simplif1cation.