Evening star., 1915-02-15
PHON0GRAPH COMPANIES
GOOD MONEYMAKERS
Report of American Graphophone
Company Shows Surplus for
1914 of $3.50, $3.50.
Victor's Big Observation-Disclosures
Securities Fairly Active-Mergen-
thaler Directors Vote Dividend.
BY I. A. FLEMING.


Washington investors are largely in
terested in the stock of the American
Graphophone Company and have watch
cd with considerable satisfaction the
recent sharp advances in values. cs-
pecially for the preferred stock.
During the year 1914 the company
earned from all sources s637.o35.75.
Interest on funded debt reduced net
earnings to S511.s5c -. Depreciation
charges by order of the directors, were
z1st.3S03@, left available for dividends.
S35O3S1 90. from which the preferred
dividend. amounting to s14e.764.0e, was
raid. The surplus account at the close
Of 1918 was sS6e 5Ss.31. and the surplus
ct the end of 1914 s1.o7o,156.12.
Assets are given as sS.294,S51.55. dis
tributed as follows: Patents. franchises.
good wills. etc. S2,023, ,o31.1S: stocks OF
allied companies, $3o7,412.2o: real
estate. buildings. etc, plant and
machinery, S2.511. .909.i1. raw material, !,
at cost, s156,2i255; goods IN process OF
manufacture. S2ss,513-94; goods COM
pleted. on hand. at cost, s99.. 29; &C
counts and bills receivable. s1,lb4,5oI-
IS; cash. 1891, ,495.4s. and miscellaneous
accounts of S34,941.6S.
Liza abilities-Capita1 stock. s4,I24,1SO,
funded debt. SSH 700; debentures, ST.
44o.47o: accounts, bills payable. inter-
est and taxes accrued to date, ST.
tSJ.Nh---9. surplus anu ItSclNc az
count. $S.33o.66S.41
These figures, as compared with year
1918. show reduction of s152.954.3s in
stocks of allied companies: an increase
of nearly 100000 in valuation of real
estate etc: about $4,000 decrease in
raw material on hand. an increase of
about sl25.000 in accounts and bills re-
Ceivable, and $4,000 miscellaneous as
sets.
There is a reduction of s165.451 in ac
counts payable, taxes and interest ac-
crued to date. The earnings of 1914
show n decrease of S56,426.
Incidentally. there is a difference in
the earnings of the talking machine"
companies The 1914 net earnings of
are said to have been about equal to
110 per cent interest on the common
stock. Earnings for 1913 were equal
to 9314 per cent on the common stock
or si,662.s4S on s4.999,000 of common
stock The company has no bonded
debt and only s409,2O0 preferred stock.
Dividends have been declared of 10
per cent and 10 per cent extra in 1917
10 per cent and 121. per cent extra in
1918 and 10 per cent and rs per cent
extra in 1914.
Emergency Currency.
Despite the fact that there is a 5
per cent tax on emergency currency
and the regional banks have been
authorized to make per cent rates on
sixty-day maturities, there is still out
standing s42.s6S.7s7 of emergency cur
rency. Originally there was s3S4.569.
OO5 of this money placed in circula-
fion. and S541. .700,20S, or SIS per cent
of the issue, has been retired.
Treasury Deficit.
Disbursements by the Treasury De-
partment February II exceeded the re-
ceipts by s1,470,7S7, making the excess
disbursements over the receipts for the
fiscal year to that date s9S,So1.271, as
compared with an excess of s45,27s,209
for the preceding fiscal year.
Treasury Deficit.
Since January / corporate financing
has taken up s31o,000,0oo. more fnanc-
ing by s7O.900.0o0 in six weeks than
was accomplished during the last five
months of 1914
Eastman Kodak Company has de-
clared one dividend of per cent. and
an extra of 121a per cent for the first
quarter of 1918.
In 1914 the company paid 10 per cent
regular, and 20 per cent extra, the
latter 10 per cent reduction as COM
pared with the 1913 extra.
Mergenthaler Dividend.
The regular 81. per cent dividend was
declared by the directors of the Mer-
genthaler company. The earnings are
said to be excellent, the competition
less urgent and receipts. aside from
the returns from Europe, larger than
year ago, and the outlook extremely
satisfactory
Washington Securities.
Business on the Washington stock
exchange today was larger than for
some days and was we'll distributed
in both the bond list and stocks Five
twenty-hve-share lots of Washington
Railway and Electric common were sold
at go. cash. the regular stock selling
ex-dividend. little preferred brought
S3i2, also eX-dividend-
Four lots of 10 shares each of Com
Tnercial National Bank stock sold at
lse and a few odd shares of Union
Trust at l2s.
In the bond list Washington Gas SIS
were strong at 1o4A, Chesapeake &
Potomac Telephone 5s were wanted at
1o3ls and Potomac Consolidated Js
brought ss%. Columbus Gas and Elec-
trio Light 5s appeared on the sales