Evening star., 1915-01-11
LOCAL STOCKS STRONG
IN INITIAL TRADING
Bid Prices Are Generally Better
Than the Minimum Schedule
of Governors.
Lanston Circular Mergenthaler
Matters-General Financial
News and Gossip.
BY I. A. FLEMING.

BY I. A. FLEMING.
The reopening of the local stock ex-
change for trading in stocks for the
first time since July 80, which occurred
this afternoon, was a success. so far
as demonstrating the strength OF the
situation, but not from the volume OF
trades made. 1t was actually more Oh
n testing of conditions. and the action
was satisfying to the officials and MEM
bers of the exchange.
Moreover, the bid and asked prices
confirmed in every way the judgment
of the governing board when, last
Monday, it fixed a sched OF these.
In every case but one minimum price
or better was bid. while in some In
stances much better quotations were
made.
Railway preferred, on which the min
imum price was so. was bid up to 81,
and the bid reduced to S0%. Washing
ton Gas with a minimum OF ", was ac-
tually sold at 75a75A. Capital traction
minimum.
Much interest centered in Mergentha-
Ier, with minimum price OF 19o. but
the bid was 1913. with none offered un-
the rule, there being neither bid nor
vsked prices made on change, Win
Ihe minimum at 10.
A little Railway preferred sold at 81
Throughout the bank stock list bet
ter than minimum prices were very
general, and the quota tions were really
not far from the final figures OF July
30 Sales were made OF Bank OF
Rank of Washington stock at 235.
Washington stock at 23o
"a
no other transactions.
Greene Cananea-Nominal. with bids
of %.
Lanston Circular.
Stockholders of the Lanston Mono
type Company today received a circular
letter from ]. Maury Dove. president OF
the company, sent out with the authori-
ty of the executive committee.
The circular sets forth the reasons
for the passing of the last two DIVIDEND
periods without the usual declaration
due entirely to the loss OF european
business
Mr.. Dove calls attention to the fact
that the most important customer OF
the Lanston Monotype Machine COM
pany is the English corporation, wnfcn.
besides purchasing its entire machine
equipment from this company. both IN
so far as the manufacture OF the ma
chine is concerned and In SO 1ar as
the handling of foreign business is
concerned, is the most valuable asset
and a remunerative one.
$50 long as business conditions in
England and Europe remained normal
a substantial sum was earned by TINS
company each month under this con-
tract" the statement says. Since the
outbreak of the war the entire busi-
ness and operations of the English COM
pany have ceased and they have been
unable to take their monthly require
lnents of machines. This threw upon
your company an increased cost of out
put by reason of having the manufac-
turing and overhead charges spread
over a smaller output.
While it has not beel. the custom OF
%he management sto announce the re-
cult of operations at different periods
of the year, other than by the dividend
declaration, which carries with 1t the
information that the dividend has been
earned. so many communications have
been forwarded to your president with
regard to the omission of the dividend
the last two dividend periods that the
wise that some statement be made of
the business and earnings at this
time. and, pursuant to this direction.
your president states that by by
notWithstanding eas0a Ia the severe severe COM @
past year with the exception
OF one or two months or the nscal year.
or at least the ten months that have
fairly satisfactory, and we have been
able to make earnings slightly in ex-
cess of the regular dividends. The
prospective earnings for the rest of the
year warrant the statement that at
least the regular dividends upon the
stock will have been earned for the
fiscal years.
"As to the future. our President looks
forward to an improvement in the do
mestic business. This, by reason of the
fact that the severe competition that
has existed during the past year has
been to a large extent eliminated. and
further and more important by reason
of the fact that such improvements and
developments in attachments on the
machine have been made within the
past year that its efficiency. heretofore
recognized in every branch or the
printing trade, has now become practi-
cally necessity for each branch OF
that trade. in order that the trade may
produce its output at the least cost OF
production.
.Your president, therefore, states that
with anything like normal business con-
ditions he can see nothing but continued
progress in the affairs of the company"
Mergenthaler Linotype Company.
An effort will be made in the near
future to secure the addition Of another
director for the Mergenthaler Linotype
Company from among the shareholders
residing in the Washington district. The
death of Robert j. Gammel, long a d.
rector Of the corporation, has left a
vacancy in the directory.
w. ]. Kehoe. who was chairman of a
meeting OF local shareholders of the cor
poration held here just before the last
dividend declaration. is taking the
initiative in the movement to secure a
local representative.
Financial Notes.
George f. Barber, a director Of the
Bank of Commerce and Savings, died
last night. Mr.. Barber had taken a
very active interest in the affairs OF
the institution.
The untitled tonnage of the United
States Steel Corporation at the close OF
business December 81, given out Sat
urday evening, totals 3.S36.643 tons an
increase of 512.051 tons, as compared
with untitled tonnage November 80
Baltimore and Ohio has ordered 25,-
900 kegs Of spikes. the Atchison, 500
tons Of structural steel.
One hundred and ninety-one CORPORA
fions took uNfayOra hle actiop ov divf