Evening star., 1955-07-31
BY DONALD B. HADLEY


State Loan g. Finance Corp.
set new records in earnings, vol
ume of business and number Of
ofices in the first half Of 1855,
President Davis Weir announced
yesterday.
Net income for the six months
was $1,1o0,720 after provision
for taxes, a jump of Al per cent
from $778.490 in the same period
last year.
Latest earnings were 18h
times dividend requirements on
both classes Of preferred stock,
and after providing for dividends
on these shares. were equal to
56 cents a share on 1,849, ,665
average number of common
shares outstanding In the period,
compared with 43 cents a share
on an average of 1.553.544 COM
mon shares in the 1854 period.
S37 Million Lent
The company made and pur-
chased $37,427,830 of loans in
the six months, compared with
$29, ,801 ,846 a year earlier. an
increase of $7.625.984.
Customers notes receivable
totaled $44,082,544 on June 30,
a new high mark, which was 81.
623, ,662 ahead Of 36.458,882
reported a year ago.
At midyear the company op-
Grated ITO offices, an increase OF
18 Offices in six months. Since
June 80, an additional five Of
fees have been opened.
This practically completes
plans for operating new Offices
mentioned in the March 81 re-
port. Mr.. Weir declared. Most
of these Offices began operation
i in late May or June so they have
not materially affected either
the volume or earnings for the
six months, he pointed out.
Profits Plan Adopted
Jones. Kreeger g. Hewitt, men,
bers Of the New York Stock Ex-
change have adopted a profit
sharing and retirement. plan fol-
employees, effective August l. II
was announced yesterday by
Robert C. Jones, senior partner
The plan applies to all en-
ployes of the firm and none OF
| the participants will be required
to make any payment at any
time. The firm will pay all pre-
miums on life insurance on all
employees and will offer a bonus
system and group hospitaliza-
ton for members of the staff.
The firm is believed to be the
first securities house in Wash
ington to adopt such a plan.
Opens Washington Office
The management consulting
firm Of ,Cresap, Mccormick and
Paget will open its new Wash
ington Office at 1145 Nineteenth
street NV. tomorrow; with
Thomas D. Morris as resident
partner in charge.
The firm is a member Of the
Association of Consulting Man
agement Engineers and also has
Offices in New York and Chicago
4 It has assisted in many man.
lagement studies for the Govern
iment. including both Hoover
Commissions, the Housing and
Home Finance Agency, the Fed
eral Power Commission and the
Department of Defense. State
Commerce and Treasury. It also
Ihas served many leading private
companies.
A native Of Knoxville. Tenn.
and a graduate of the University
of Tennessee, Mr.. Morris ha.
lIbeen q partner Of the firm since
1948. He was on Navy Secre.
tary Forrestals staff in Worlc
War II.
Major Finance to Expand
Major Finance Corp. will oper
it's third Office at 105 South
Washington street in Alexandra
this week, President Morton
Sturt announced yesterday.
Founded in April, 1852. the
firm already has offices at Silver
Spring and Mount Rainier, Md
! President Morton said the
company's recent offering of pre-
ferred and class A common stock
has been fully subscribed.
The public part of the Offer
ling consisted of 5000 units, each
including one share Of each class
of stock.
Purchase warrants also were
issued to present stockholders.
Atomic Fund Dividend
Directors Of Atomic Develop
ment Mutual Fund Friday de-