Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-05-06
SUBSTANTIAL GAIN
SHOWN BY LANSTON
Annual Meeting of StoCkhold-
ers Held in Alexandria
Today.
Ey tnW ARD c. STONE.

HARVEY y. Best. president OF the
I.ans:nn NonotNpc Machine Co. re-
ported ia the stockholders at the an
f,llal meeting held in Alexandra this
noon that earnings for the fiscal year
ended February - showed substantial
eains as compared With the previous
year. that S36S SS9.14 had been set
aside during the year for deprecla-
ton of patents and plants. and that
hills pavahle Ia banks had been re-
dNced from 81 .955. 900 in 1922 to moth
ing This last statement was con
sdcred The most striking feature OF
The report He said. in part:
THE earnings for the fiscal year
showed a substantial gain as com
pared With the previous year. DIVE
,lendS were paid quarterly amounting
To total of 100000 for the year
Prior TO 1924 il was not the pollcN
of the company To create reserves Tor
depreciation. although the plant has
always been kept in a high state OF
efficiency Beginning With last year,
depreciation reserves on patents ana
plant have been established and are
shown in the treaSurcr'S statement
No accounts Payable.
The wear closed with no bills or
accounts payable. the only obllSatloil
of the company on March l. 1926, beng
employe savings fund. amounting 10
n total Of S5.94372 Under this plan
employees receive interest at the Gite
of 6 per cent per annum on weekly
savings deposited with the company
There has been Il gratifying I'M
movement in the financial condition
of the company. Bills payable 10
banks and bankers for the year ending
February %. 1922, and Following
wears were:
1929, 81 955 100000; 1928, S,745.-
O00.00 1924, 81 ,367 10000; 1928, $747,-
500. 90: 1926, none. :.
."Throuchout the year the work of
making tools, iigs and fixtures for the
manufacture of the new monotype
GIANT caster was carried on, and the
first shipment of commercial ma
chimes was made in February, 1876.
This new machine completes the
monotype non distribution system, un-
der which newspapers and job print
ers now manufacture on monotNpeS,
in their own plants, all material uSeu
hv the hand compostor at cost less
than the wages formerly paid for re
covery and distribution of purchased
material.
Company Machine Sales.
"Sales of composing machines and
keyboards were larger than during
y
an increase in sales Of type and rule
casters and monotype material
making machines. Our business
with the English company was
smaller, due to their own manufacture
of machines, but this loss has been
more than overcome through IN.
crea sed sales to South and Central
America. In these countries job
printers and newspapers are introduce
ing modern composing-roo meth
DDS Our export manager has been
constantly in South America during
the year with most satisfactory re-
suits. On the occasion of the Pan
American Congress of Journalists the
entire conference Of more than nun
dred delegates visited the monotype
factory for demonstration OF our
products.
The report of the English company
shows increased sales and larger
profits. Important additions have been
made TO the buildings and plant equip
ment at the factory at Red Hill. New
patents were taken out during the
year and we now have in progress
new engineering work. Sales of Bar
tett adding machines under the new
dealer plan inaugurated in May, 1929,
have steadily increased in both the
domestic and export markets. Fur.
Their improvements have been made to
the machine along with reduction In
Costs due to naturalization of mod
els"
Regrets COrby's Death.
Mr.. Best concluded his report by
noting the cordial relations existing
between the company and the en-
ploves. and by expressing deep sorrow
over the death Of the vice president
and director, Charles l. Corby. on Feb
ruary 10. 1926. The report of the
treas Joel G.. CIemmer, was then
presented.
Much regret was expressed over the
absence of J. Thilman Hendrick,
chairman of the board Of directors,
who now is recovering from a very
serious illness. The directors state
that Mr.. Hendrick has played an ex-
eeedingly important part in the eX-
cellent showing the company has
made.
New Vice President Elected.
w. Usher Parsons, one of the di-
rectors, was elected vice president to
fill the vacancy due to Charles /.
Corby's death.
George w. White president of the
National Metropolitan Bank, also a
director, was placed on the executive
committee.
Royal T. Kenna of this city was
added to the board of directors, the
official family now standing as fol
lows.
Omcers-J. Thilman Hendrick