Evening star., 1922-08-25
MERGY'S EARNINGS
SHOW GOOD GAIN
Reduction In Debts and In.
crease In Cash-Phone
Company's Earnings.
By I. A. FLEMING,

Mereenthaler Linotype Company is
making excellent progress during tn.
current calendar year. each months
progress marking excess sales and
with 1t increased profits, reduced liza
oihties and incereased cash on hand
the two latter items seldom eofng
hand in hand.
For the month Of July the net gain
was sieo'leo. as compared with S113,-
o-I Tor the same month in 1921.
Bills payable. s2s55. 500, August /.
-. as compared with 34,6i2,5o0
same GATE year ago
Cash on hand August 1 1872 ssss
ago. seni
Accounts payable. s5S.1s7, Auxust /.
asLL' as compared with $317,o17 year
The net gain in earnings for the
PERIOD october to July 22. S2.o6o.62l
AFTER ten months Of operation dur
ing the hscal year the surplus stands
at slo,'6l,so2. as against Ss,7ls.so2 az
the same time last year.
ror tne same period Of the current
year the net earnings have been
small traction better than is per cent
Mercy pays 10 per cent annual
lends. rate that seems amply
warranted by the earnings of the cor
poration.
Paying Out YeIIowbacks.
during the last week the twelve
federal reserve banks have paid ou;
S4I.ooo'ooo gold from the fund of yell
low metal with the federal reserve
agents and 100000 more from the
gold redemption fund
Inc yellowbacks have been found
In pay rolls for the last few weeks.
but this is the first time the com b ned
statement has shown a noticeable de-
crease.
1t is healthy sign-that the gov
ernment has found the money market
SO plentffully supplied and the gen
erai situation SO much improved that
there is no longer need for the hoard
ing OF the precious metal
Reserve Ratio 78.5 Per Cent.
Increased investment in bills bought
IN the open market by $4,000 600 and
S24, 100000, all told, has been respoD-
sible for slight decrease in the ra-
no OF reserve TO deposit and note liza
bilities OF the reserve banks. which
today stands at 7a.5 per cent, as COM
pared with s0.2 last week
C. & r. Phone Company's Earnings.
Net income ST tho Chesapeake and
Potomac Tele ohu>e Company for
July was s75.sa9.es. according to the
Public Utilities Commission today
This was falling off from the
companys business for June. when
net income amounted to ss9.03211.
Total telephone operating revenues
for July aggregated 1922 .22S6 So. op-
Grating expenses amounted TO s3ls-
3S1.o1. This left total net operating
revenue of s103 S47.65
After making allowance for other
regular deductions, the net income
was brought down to s75.6s9e5
On the Local Exchange.
On this. the last day of the week SO
far as the local stock exchange trad
ing is concerned, business quieted
very materially. Brokers. the very
few that are still in the city, were
not favored with many orders either
way. some of the old trading fayoritcs
being entirely neglected.
With the first session of next week.
many investors Will probably be back
in the city. although the rush of re-
turning vacationists will not come
until after Labor day. -
II there was a feature 20 the local
market is was the weakness in Rail
way preferred. The first sales We're
at 7i1a and then the stock sold at "A
TIL" common stock was slow at SIS.
Capital Traction was nominally un-
changed. Lanston was strong at 80,
and Mergenthaler at 154ss. but 0MTv
one transactions was reported in
each of the typesetters.
In the bond section there was no
lack of strength, but the number OF
buying and selling orders were light
and at limits that permitted OF small
business.
Sales of Georgetown Gas IS at lO5,.
anu OF Potomac Electric general mort
gage 6s at 100l.
Personal Mention.
E. n. Brueninger, president of the
FNIz-ns savings Bank. has returned
from European trip, after an alb
sence of some months.
Marks in Dollar.
1t requires some 1900 German
marks to make one United States dol
lar.