Evening star., 1923-01-17
MERGENTHALERCO.
MAKES GOOD GAINS
d. c. Director Reports
Months Earnings-More
Bank Officers.

baflK UIllCeTS.
A net gain of $2I2,224.56 for the
month of December, 1922, was report
ed at the board of directors meeting
of the Mergenthalcr Linotype Com
pany in New York yesterday, accord
ing to Edward ]. McQuade. vice presi-
dent of the Liberty National Bank,
one of the two company directors in
the District of Columbia, Frederic d.
McKenney, the other local director,
was unable to attend the meeting.
The companys net gain for the last
three fiscal months of the year, Oc-
tober 1, 1922. to January /. 1928, was
S62l.9S2.Ol. or .04S59 per cent for the
period, which, if maintained, will
equal little over 19 per cent for the
wear Mr.. McQuate returned to the
city today.
Franchise Tax Declines.
sensational decline in the fran
chise tax on federal reserve bank
earnings for the last year was report
cd by the Treasury last night, the
Igures last year amounting only to
SIC, $4,000, as compared with s59,
974,000 for 1921.
The commercial liquidation begun
late in 1921 and continued into the
next year was the plausible reason
given by officials for the sharp decline
IN the tax return.
hundreds of millions OF dollars of
frozen credit were Jared loose, il
was asserted, and the NrcadiuStment of
general business about the postwar
peak was said 10 have added to the
total of the liquidation.
bef1atton which followed the war
necessarily cut down the expansion
OF commerce and industry and reduced
me earnings assets of the reserve
banks it was said. This, of course.
yurtailcd the net profit of the reserve
banks.
Substantial Progress Made.
Operations of the American Security
ana Trust Company for the year Just
ended showed substantial progress ac-
cordlng TO the thirty-third annual re-
port submitted to the stockholders yes
terday.
Net profits for the year amounted to
Soi5'5so, exceeding all previous records
and the 1921 figure by more than
soo,Ooo. Deposits at the end of the
year were S24559.s63, representing an
increase of about S2,4O0.0OO over de-
posits at the clos" of 1921, while the
number of depoSttorS showed "A net
gain of 1.332.
After paying four quarterly divi-
dendS Of 5 per cent each and two
extra dividends of I and , per cent,
amounting in all to $4,000 the sum
OF SlO3,@S5 was added to the undi-
vided profits from the years bust
ness. The surplus of the company is
S2,ouo,O0V, and the balance to the
credit of the undivided profits ac-
count, after providing $4,000 for
the regular and extra dividends paid
January 10, 1928. is $67O.56l
The annual report further shows
that the capital stock of the com
pany, $500. 600. is held by 569 stock
hoIderS. an average of sixty shares
TO each holder. There were 6623g
deposttors al the end of the year, and
posits during 1922.
Investments and cash held in trust
on December 81. 1922. the report
showed, amounted 10 s73.9I7,6 $50, as
'ompared with $69,457.270 held on De-
469,395.
international Finance Election.
At the annual stockholders meet
ing of the International Finance Cor
poration. held in Alexandria. Va,
yesterday, the old board of directors
was unanimously reelected to. serve
Tor the ensuing year. Those chosen
are William l. Bachelor, William G.
carter, Charles A. Douglas. l.. Whit
ing Estes. Ernest f. HerreIl. Bynum
r. linton Arthur G. Lampe, Fred w.
Mckenzie, Charles NJ. Pepper Ben L.
Prince, Edward L. Stock, Walter r
Tuckerman and John r. Waller.
MARKED Improvement in the COM
panyS business during 1922 was
noted in the annual report submitted
by Ernest T.. He ~rell. president
AT the close Of 1922, the COMPANY
had business on its books amounting
TO $2,ol4,602, representing an increase
OF S64S,10S or approximately II ner
cent over the volume of business AZ
the close of 1921. During the wear tho
volume Of business handled totaled
S6.096,119, while during the preceding
years the total volume of business
was S4.571.295 an increase during
i922 of slightly more than 80 per
cent. Capital, surplus and undivided
profits at the close of 1922 totaled
Sl,o25 600. of which sSS3,100 was paid
in capital.
Mr.. Herrell reported the corporation
has taken on many new accounts in
the last three months, and declared
mat indications point to a prosperous
year for the company.
Banking Trust and MORTGAGE
Franklin p. Ba3zuro was added to
the board of dire ctors of the Banking
Trust and Mortgage Company at its
annual stockho ders' meeting yes
Ierday. The following were reelected:
DR.. w. s. Bened ct, II. Ralph Burton,
DIR. G. y. Chipnan. Percy S. Foster,
William S. Gray, George n Harrell'
Alfred Higbee, L. Morgan Johnston,
-hSlllOll - JULES w . H. fNlIe, X. ii. Nc
Nelll, P. A. Radi3i. DR. Frank Repetti.
=. H. Rosengarten and n. +. Ryon.
The board orga nized Immediately and
elected these officers: Percy S. Foster,
president; DR.. c. n Chipman. vice
president; w. II. Kile, secretary and
treasurer, and T.. II. Mcneil. general
counsel.
w. r.. T. Company Election.
At the annual shareholders meeting
Of the Washir gton Rapid Transit
Company, held January II. the fol-
lowing directors were reelected for
the ensuing year, Leon Arnold. viii
liam p. Killeen, Fred 5. Spfcer. Nor
man Brooks, Charles II. Leavell, Will
liam TrOwbridge and Harry Walsky.
The board organized and elected the
following officers: Leon Arnold, presi-
dent; William j. killeen, vice presj-
dent: Fred =. Spicer. second vice
president; Charles H. LeayelI. secre
tary, and Norm an Brooks. treasurer.
Owing to pre- ssing business inter-
cStS Mr.. killeen resigned Is general
manager of the organization. A sue
cessor will be appointed in the near
future. A satisfactory report was
read
Departmental Bank.
At the organization meeting Of the
Departmental Bank, held yesterday
the following officers were chosen to
serve for the ensuing year: J. II. Ex-
niciOuS, president: r. J. Quinn vice
president; r. e. Potter, vice presi-
dent; l.. A. Rosafy, secretary, and
Marshall o. ENniciOus, cashier.
North Capitol Savings Ean!..
At the annual shareholders meet
tn1