Evening star. [volume] (Washington, D.C.) 1854-1972, 1955-05-01
State Loan Net
Jumps so Pct.
.AboveYearAqo
By DONALD B. HADLEY

531 in the first three months Of
this year, after income taxes, q
gain of s207,055 or so per cent
from the same 1854 period, it
was announced yesterday by Paul
H. Williams, executive vice pres
ident.
Earnings were l8 times the
dividend requirements of both
classes Of preferred stocks for
the three months.
After providing for preferred
dividends, they amounted to %
cents a share on an average of
1,843,744 common shares OUT
standing in the quarter, COM
pared with 1875 cents a share on
an average of 1927, 1873 shares a
year earlier after allowance for
the 2-for-l split last September.
During the first quarter Of
1855, an additional Office was
opened in Ardmore, Okla, rails
ing the total to SO, and the cor
poration plans to open around
20 new offices in the remainder
of this year. reported Mr.. VIII
liamS.
More Ofices Planned
Experience has shown that
new offices operate at a loss for
one to two years, after which
they become profitable" he
added. In the light of our finan-
cial position and net earnings,
the management feels the OPEN
ing expenses of these new Offices
can be absorbed without having
serious effect on consolidated net
income"
The corporation made or pur-
chased SIG, 466, 054 loans in three
months ended March 81. an in
crease of $5.365,945 from SILL
100,109 in the same 1854 period.
Customers notes receivable on
March 81 amounted to 41,622,-
O49, compared with $50, 364,20l
a year earlier, a rise of $9,257. 848.
Televisi0n Is Leader
Television was a major leader
in expanded sales of electric
appliances in this area during
the first quarter of 1855, the
Electric Institute of Washington
disclosed yesterday.
Unit sales of TV sets in the
territory served by Potomac
Electric Power Co. jumped to
1922 from 1858 a year earlier.
Room air conditioner sales
totaled 1884 units VS.. 1858 a
year earlier. Vacuum cleaners
totaled 1921 VS.. 3.763, while
automatic clothes washers In.
creased to 7.450 from $3.50 in
the same 1854 period.
Other gamers included:
Freezers. 1.412 VS.. 1888; water
heaters, 484. VS.. 1888: dryers,
1886 VS.. 1857; dishwashers,
1870 VS.. 955; food waste dis
posers, 1888 VS.. 1903; electric
ranges, 1881 VS.. 2,007; electric
refrigerators. 10,508 VS.. 1882.
Declines included. Radio sets,
1871 VS.. 1868; dehumidifiers,
203 VS.. 367; ironers, 241 VS.. 2sl:
conventional washers. 1855 VS..
1909.
Loan Volume Expands
Loan volume of Major Finance
Corp. reached a new high of
$177.052 in the first three
months of this year, a gain Of
1914 per cent from a year earlier,
President Morton Stuart an
nounced.
Small loans outstanding to-
tailed $412,601 on March 81, an
increase of 45.2 per cent from
the same 1854 date. Capital
funds reached $275 ,889, a gain Of
37,7 per cent. Assets amounted
to $518,797. a rise of 42.S per
cent.
Gross income for three months
totaled 1898, an increase Of
37.7 per cent from a year earlier.
Sales Manager Named
Samuel w. Of has. been,
named sales manager for the
Washington district OF the
United States Steel Corp, ef-
fective Immediately.
Mr.. Of Joined the Washing
ton commercial sales staff as
assistant to the manager Of
sales in July, 1858. Previously
he was salesman in the Pitts
burgh district sales office.
Except for three years in the
Navy during World War II, Mr..
Off has been with the steel
corporation since 1899. He is q
graduate of Phillips Academy
and Williams College.
New Vice President
Harry G. Petrey has been pro-
NOTED to vice president Of engi-
neering for the Frederick Re-
search Corp. at Bethesda, Nd,
President Carl L. Frederick an
nounced.
Mr.. Petrey Joined the COR
poration in 1852 and will be In
charge of Los Angeles Offices
established to accommodate West
Coast clients.
Annual Dinner Planned
Chesapeake Chapter, Robert
Morris Associates, organization
Of bank lending officers here and
in Baltimore, will hold Its ninth
annual dinner at the Sheraton
Belvedere Hotel In Baltimore
Wednesday night.
John A. Eiseman. a past presi-
dent of the Philadelphia Chap
ter. will be guest speaker. He is
assistant vice president in charge
Of the commercial credit depart
ment of the Pennsylvania Co.
for Banking and Trusts.
The chapter will hold its an
nual election of officers and
members Of the Board of Gov
ernors. .a
Points 10 Farm Changes