Evening star., 1921-05-26
BALANCE
SHEET FAVORABLE
Surplus at Close Fiscal Year,
$5,188,913-B. & o. Earn
ings-L0ans Reduced.
BY I. A. FLEMING.

| The pamphlet report OF the Lanston
Monotype Company for the year end
| ed March 1. 1921, is at hand. The com
pany had on hand at that time
! $219S.S1234 cash and bills and ac-
counts receivable. At cost valuation
the inventory was appraised at
| s1.s91.415.95 improvements and pat
| ents were credited with sS7.55S.2S for
the fiscal year. Bills and accounts'
| payable sl.s79.53s2s. The company
placed the value of the assets over the
! liabilities at Sl0.413,97l03. The sur
plus at the beginning of the fiscal
year was 525.3Si14. to which tn"
profit for the fiscal year is added to
! give the surplus. s5.1SS.913.4f.
| The company reported taxes due
! and paid. s22i.6S5. With a moditica-
tion of taxes the position of the COM
pany would be improved. There was
also written off last year sl30.256.91
| for depreciation. In making valua-
tions cost prices were used in every
| instance.
Big Improvement in II. and o. Report.
Shareholders in the Baltimore and
| Ohio Railroad Company will take
| great pleasure in the comDany's state
! ment for the month of April. There
! is big increase in operating revenue.
charges and good reduction in
| operating expenses, unfortunately
partly due to reduction in mainte-
nance charges.
Freight returns increased s7Ss,-
6a9-31: passenger fares increased $S9.-
S9l: mail returns gained S93.o34; ex-
pre- SIS returns, S35.344. while the in
crease in railroad operating revenue
was S126.5Sl. the comparisons in all
cases being made with the returns of
4 hn y1as
ationS fo- the month. S3,141. .645.2l.
| compared with S329.71S.5 in May
1920. Net railway operating income
was s2.337.9s7.51. as compared with
s6O.3O3.06
For the four months of the calendar
year 1921 railroad operating revenues
showed but a small increase. but the
| net operating revenue for the four
months. sl.623.SS2.23. compares with
deficit OF s5SS,1lS75 in the corre-
spending months of 1920.
Terminal Savings Election.
! At IA meeting of the directors of
| the Terminal Savings Bank. ]. j. Cay
lcr, president of the Cedar Hill ceme-
| terry and capitalist, and Thomas !.
Williams. electrical contractor. were
! added to the directory.
The bank was reported in a grow
ing, healthy condition, with deposits
increasing in satisfactory manner.
Local Securities.
n A sharp upturn on Wall street may
have aided somewhat in creating Il
steadier tone on the local market for
the few securities that actually
changed hands during today's session.
Washington Gas IS improved to 19.
Capital Traction 5S were steady at
| S7a4. while the stock sold at S1ss. the
two issues keeping very closely to-
gether.
; Railway preferred strong at 6S24..
NJ To- y
! to 121A. Lanston also figured in the'
days record. ten shares selling at i6.
and a second ten at 15l2, with the in
! side price bid for more.
Call money pegged at 4. with 6l2
/ bid. also pegged.
! The 500, 100000 French Loan. !
! No announcement has been made. as
! yet. of the closing of the one-hun-
| dred- million- dollar French loan. j.
P. Morgan & Co. declared that the de-
mand was satisfactory. Each of the
members of the big syndicate urged
sales through correspondents, but the
J books have not closed.
Large numbers of small orders are
being booked and, perhaps, in a couple
Of days the success of TIE loan may
be announced. There has been no
rush to purchase.
Official figures OF the Federal Re-
serve Board show that S21 reporting
! member banks have reduced their
loans during the last year by 81. 1.5O0.-
000.0 600. To this Improvement should
also be added the reduction of s9e3.-
$4,000 in loans and discounts of the
federal reserve system.
Cash resources of the federal re-
serve system are s470.596.00O greater
than they were year ago.
These figures would seem to bear
out the contention that it is not so
/ much matter of money at this time
| that handicaps recuperation as il is
| lack of confidence and the determine
tion of those who suffered losses to
go slow and very straight.