Evening star., 1921-11-16
ANNUAL REPORT Of
MERGENTHALERC Co.
Earnings Show Slight De.
crease-ReguIar Dividend
Declared.
BY I. A. FLEMING.

SHAREHOLDERS of the Mergenthaler
Linotype Company held their annual
meeting at the home office of the
company. Brooklyn, this morning.
The company's fiscal year begins
with October l and ends with Sep.
tember 80.
For the last fiscal year the corpora
tion made a net profit Of &2,31a.4s9.44
as compared with $2,430,731.63 for the
previous year.
Whils the net earnings show a
small loss the years result and the
position of the company financially
should be source of satisfaction to
the stockholders, as they are only
slightly under the net of last year
and show earnings over 1907 per cent
The earnings for the month of Oc-
tober, the first month of the new
fiscal year, are given as S1S4,9S2.92. or
about IA per cent on the capital
stock.
The assets Of the company at the
close of the fiscal year were $2s,s84.-
So1.Se. as compared with s24.s55. .s46.0a
at the close of the previous fiscal
year. The chief increase is found in
the item. plant. machinery and tools, u
which increased from $1.40s,6S9 last
year to $1.948,037 for the year under
review. Real estate has also increas-
ed some $430,000.
These increased assets result from
the erection by the company of a
large building and equipment. fnanc-
ed without debenture or capital en-
Iargement. The whole plant is free
from mortgage Of any character.
Moreover the surplus, which last
year stood at $S,627,739 has been
increased to 1861, ,20s.s6.
One Of the most important changes
IN Liabilities is the reserve which has
been built up for taxes, depreciation
and general reserve. the figures now
being $1.613.721. 81 as compared with
5000, 502.2 20 for the previous fiscal year
The investment account has increas-
ed moderately, this account includes
corporation has held on to it's liber-
ties and has not been SO pressed fol-
cash as to have been forced to market
them.
Orders unexecuted at the close OF
september amounted to 4O7 machines
delivered.
Regular Dividend Declared.
At the regular meeting of the d.
rectors of the Mergenthaler Company
held In Brooklyn yesterday. the regu-
lar dividend of ~ per cent was de-
clared. payable December 81 to share
holders of record December 8, 1921
Since 1891 the Mergenthaler Limo
type Company has paid in dividends
to its shareholders, $42.s30,o0e.
Federal Reserve Bulletin.
The Federal Reserve Bulletin for
the month of November is at hand
IT is encouraging to business men
that has been going on for the pa ST
Two months has distinctly continued
10 increase in momentum. while some
changes in the line of betterment are
motto cable in certain foreign coun-
tries
Referring to unfavorable exchange
conditions with foreign countries. the
bulletin continues: 1T is remarkab Bile
that, in spite of these discouraeins
conditions. the export and import
trade of the nation continues at a
Toss of ss1,oOo,00o in our net favor
able balance
Attention is called in this number
to the large number Of foreign
branches of American fiscal institu-
tions that have been closed, either
temporarily or permanently, for the
reason that it was not wise to tie up
more banking capital in such markets.
Fourteen branch banks and agen-
cies have been closed
The Lincoln National Bank has re-
ceived authority from the Federal Re-
serve Board to act as trustee. exc
cutor. administrator. registrar OF
stocks and bonds. guardians Of es-
tates assignee. receiver and commit
tee OF estates of lunatics, etc.
Stocks Take the Lead.
On today's session of the local stock
exchange trading Quilted down ma
terially. and the relatively light busi-
ness was limited largely to shares
instead Of the usual bond activity.
For the first time since the listing
Of the Refunding is of the Potomac
Electric Company there were no
transactions in these bonds. but the
Washington Gas SIS at S2!1s furnished
the only bond transaction of the day,
Capital Traction was very strong,
making new high on this movement
when it sold at 80 to 9O1..
Railway shares. which were active
yesterday. were nominally firm today.
There Were nine trades in Mergen-
tha1er Linotype shares. the aggregate
being but thirteen shares. most of the
. sales being in one and two share lots.
The price was uniform, 1909, the
high of the year. high made with
out the actual transfer of more than
twenty-five or thirty shares of stock
between 124 and 1907.
Reserve Bank Anniversary.
1He TcSeTS0 banking system
Is seven years old today. 1t was not
inaugurated in time t. save the day
when the world war started on its
smash through civilization, but the
temporary duty was handled with fair
safety by the Aldrich -Vreeland
emergency currency act, a measure
that saved panic and disaster
The financing of the war-that is, the
American financing-could never have
been accomplished under that act, and
therefore it was especially fortunate
that the reserve act was ready to aid
in financing the sale of $4,000, 900, 900
liberties.
The federal reserve banks have play
cd an important part in the imitation
and defiation and have been extremely
useful to the nation.
Stock Exchange Election.
The annual election Of the Wash
ington Stock Exchange was held to-
day, resulting in the reelection of
q, Eugene +. Thompson as president;
r. L. Claughton, vice president; Car
roll c. Glover, jr., secretary, and o.
II. p. Johnson, treasurer.
John l.. Edwards. Carroll c. Glover.
jr., and r. L. Claughton were added
TO the board of governors.
After the election the board of gov
ernors met and named Charles +.
Bell as chairman for one year.
DIVIDENDS DECLARED.