Evening star., 1923-03-21
REPORTS ON MERCY.
HFOR FEBRUARY, e.
Net Earnings, 8 IL Per
.>19 Cent-AIIotment OF
Certificates.
BY I. A. FLEMING.

r.. ]. McQuade, local director OF the
Mergenthaler Linotype Company. at
tended regular meeting of the dlrec-
tors of the corporation in New YORK
YESTERDAY and furnishes the following
information for the benefit OF tocas
shareholders:
During the month Of February the
company sold machines to "a value or
sa23,661.S3; supplies to the amount OF
s37S.76S6i and miscellaneous ma
chimes to the value of $40. Rents
for linotypes. $4lo. 4 total revenue OF
Sl.303 .560.47.
Note and bank interest amounted TO
$31.439.17. while general ana seiilhs
expenses were $24l, ,500.50.
The investment for the month was
s2S.357 Net gain. S2lo.70Ss6. and the
net gain from October l. l9-2, TO
February IS. 1928, $1.0S9,955.4'
Net earnings for the month. s.. nei
cent as compared With is per cent
for the same month last year. There
were orders for 49, machines on the
books at the close OF the month.
Allotment of Treasury Certificates.
All subscriptions for 100000 or
less of the recent Treasury Offering
have been accepted. subscriptions for
amounts over 100000 and not over
100000 were allotted so per cent.
with 100000 as the minimum sub
scription: over $5O0.O00 and not ex
cceding S1000.o00. - per cent. with
TO subscription for less than $i00Oo0:
over 81 Sl.000.000, so pre- cent, but not
less than S150,000 on any one sub
scriptior.
The total subscriptions were S53S.-
$4,000. Of Which this district. Rich
mond. took Sl9.14l 900. Treasury Sc
SuritieS to the amount Of $36.233.6oO
were exchanged for the new issues.
Program Committee.
The fun program committee of the
NTH annual convention of the Dis
trict Bankers Association at Hot
Springs, Va. is as follows: Rob,
J McQuade, George o. Nass, Victor
f. Deyber, Frank q. Addison, jr.. w.
j. Waller and Hillary \. Offutt. There
IS no question as to the strength of
this committee. composed as il is of
six vice presidents of leading banks
aid one cashier. all able, strong men.
The appointments promise an in
feresting program.
Local Securities.
Today's session on the local ex
change was featured by small sales
of Riggs National Bank shares at 500
20 Sol, while National Savings and
Trust stock changed hands at $50
Capital Traction shares were active
in small way. numerous odd lots
selling at 99R
a round lot. 100 shares Railway
common brought 66Ss
Washington Gas 5s, 95l4
Pigsiy WiGgly Stock.
Piggly Wigsly shares We're elm
mated from the trading list of the
New York Stock Exchange yesterday.
This announcement was made in the
$50 edition of The Star yesterday.
The shares ran up 80 points on the
exchange yesterday. going from !4a.
movement was so plainly due to
eliminated it from the list. 1t would
have been a great buy few days ago.
If enc could have liquldated anywhere
near the top.
United states steel Report.
Steel common earned in 1922 s2.S4
a share as compared with S2.24
share during the previous year. After
paying the preferred dividend which
only partially earned, there was a
deficit of S10.aSl337. as compared
with a deficit OF Sl4,olI.ts5 in 1921
and a surplus of $59.o2!. 42l IN l92e.
carried from current assets to sink
ink fund. in Liberty bonds: Current
assets December 81 $512:2o2.354,
sinking fund and reserve $122. S22.-
277 with current liabilities of S9S,-
1535S3.
There was u decrease in the value
of, cash and securities December 81,
19'22 under the value at same date
1921 of s59.433.o70. but by the trans
fer of $15.000.000 Liberties this be-
comes Il gain of $l5.556,93o.
The advances in securities during
the current year will increase the
value of the securities owned very
greatly.
The average number Of employees
during the year was 2l4.93l. the
maximum 235.3G0, and the minimum.
1861 Production for the year was
II per cent of capacity. Daily aver
age earnings per employe in Decem-
ber. 1922. S5.59. compared with $3.50.
December, 1921.
and purchase money obligations were
retired.
The company reported cash on hand
s126.700.I32. and time deposits or
39,50J,732.