The Washington herald., 1922-05-14
FIN A N CT AL
LANSTON COMPANY
MAKES CORRECTED
EARNINGS REPORT
Net Surplus, S4,123,715,
Surplus, $4,5 $780, 1896; Net
Tax Item, $4,000.

A letter from certified public ac-
countants to ]. Maury Dove. presi-
dent of the Lanston Monotype Ma
chine Company says:
In order to correct the misun-
derstanding of our statement of
your company for the year ending
February 2s. 1922. we submit here
with supplemental statement
showing the surplus account re-
stated. charging the account as at
February 2S. 1921, with taxes paid
belonging to a prior year, and also
amounts written on belonging to
prior years.
The statement shows correct ac-
counting practice. as well as the
procedure authorized by the U. s.
government tax bureau
The treasurer's balance sheet
showing position of Lanston Mono
type Company as of March 1, 1922,
gives profits for the fiscal year as
s7s6,6s0. equal to 13.1 per cent on
the s6,O00.0O0 outstanding capital
stock. No allowance, however, was
made for taxes for that year, a,
they will be charged against sur
plus in the next report.
That Is to say, the S4.550.3s6 bal
ance to credit of profit and loss
March I, 1922, is subject to later
deduction of taxes for 1921-22. As
restated, surplus account shows:
Surplus. beginning OF year. s4,473,-
971: less taxes paid fiscal year
l920-21. S3Os,S03; less written OF
belonging to prior years), s41,451
for obsolete machines, parts, ETC.,
making net surplus March l, 1921.
as restated. s4,123.715. Dividends
of s360.OO0 were paid and balance
Of s426.6S0 profits for the year car
ried to surplus. bringing that ac-
count up to s4,55O.396.
1t is expected that, allowing for
credits on foreign business, the net
tax item for 1922. to be charged,
after being ascertained, against
surplus, will be scarcely more than
$4,000.
Since the annual report as of
March 1. 1922. company has re-
duced its Indebtedness by over
100000.
Finance Company Election.
At a recent meeting of the d.
rectors of the General Finance
and Security Company. Irving
owings. vice president of the Bank
of Commerce and Savings, was
made a vice president of the in
stitution, and likewise added to the
board
NJ. G. Mccormick, formerly presi-
dent of the Merchants and Me-
chanics Savings Bank, was elected
treasurer of the company, and
added to the directorate, and j.
Preston Atkins, formerly manager
of the motor service department
of the Finance and Guaranty Com
pany, Inc, of Baltimore, was made
secretary and assistant treasurer.
r. ]. Abbaticchio, local attorney.
was also elected to the board of
directors, which body. in addi-
tion to the above names reelected
the following: John B. Densmore,
Lawrence Allnutt. Frank ]. Davis.
John T. Higdon, James ]. O'Donnell
and Charles ]. Rogers.
Local Securities.
One OF the heaviest trading ses-
stons in months was witnessed on
the local stock exchange yester-
gains in various issues.
National Savings and Trust Com
pany stock. heretofore relatively
inactive. sold to the extent OF
forty-two shares at 2S5.
Lanston sold more freely at
7615. and the other typesetter
brought 155 to 155& the latter at
the close for relatively small lots
of stock.
Capital Traction shares were
easier. opening at 977s and closing
at 971z. Gas IS were firm at 941z
Consolidated SIS of the Potomac
Electric Company brought 95.
Metropolitan Railroad 5s were
steady at 81.
Personal.
Francis VI. Savage. president of
the Northwest Savings Bank, is
making his annual visit to Gary,
Ind, looking after his business in
terests there.