Evening star., 1927-05-05


ing current assets of $4547, ,564.59, a
net gain of $423, 900 for the year after
payments of dividends.
Regular quarterly dividends were
paid amounting to a total of $360,000,
and the policy of creating adequate
reserves for depreciation and patents
has been continued.
Notwithstanding the increase of
bills and accounts receivable, resulting
from a larger business during the
year, necessitating the use of more
capital, the report states that the
company's cash position has been
such that no money was borrowed.
For the third successive year, net
earnings, volume Of sales, and new
customers increastd.
Consolidated Balance Sheet.
In addition to the above figures, the
consolidated balance sheet shows fixed
assets, including real estate and build
ings, plant, machinery and equipment,
furniture and fixtures, totaling S2,419,-
844.12. From this sum deductions for
depreciation are taken, leaving
81 1874 600.62.
Rights, franchises, patents and inn
provements are reported at S5,092,-
827.73, from which $512, 2,853.F is de-
Quoted for depreciation, leaving a.
total of $4,579, ,974.26. Total assets are
SO ,977, ,791.33.
Under liabilities and capital the re-
port shows that during the year the
Monotype Co. charged off over $64 900
and that depreciation on patents and
plant amounted to a little more this
year than in 1926 or 1925. On March
/ of this year the company'S surplus
amounted to SS10,19S47.
Chairman j. Thilman Hendrick
presided at the meeting and much en-
thusiasm was shown in the fine an"
nual report.
Fewer Bank Crimes Reported,
Marked reductions in crimes against
member banks of the American Bank
erS' Association were reported to the
executive council of the association
at Hot Springs, Ark, today by James
E. Baum, manager of the protective
department, who declared that the or
ganization's Nationwide campaign
against criminals is increasing in ef-
fectiveness. The committee report
especially Endorsed the Baumes law of
New York as an effective means to
curb crime. The report adds:
IAN appreciable reduction is also
noted in forgerieS, SWindles and sneak
thefts reported by member banks,
whose warfare against the criminal
gives promise of an improvement that
will rank 1927 as a banner year for
the suppression of bank crimes. Dur
ing the period under report our detec-
tive agents caused the arrest of lat of
the 211 bank criminals apprehended
72 of these having been convicted and
imprisoned. In addition there were So
convictions of prisoners who were ar
rested prior to September, 1926"
Piggy WiggIy Sales Gain.
Sales of all Piggly Wiggly stores for
March, 1926, amounted to $13,064,-
1928. Sales of all Piggly Wiggly
stores for March, 1927, amounted to
SIS ,480,732.31.
Sales for three months ending
March 81, 1926, amounted to $37, ,902,-
966.37. Sales for three months ending
March 81, 1927, amounted TO $43,259.-
90s.55. The gain in 1927 over 1926,
5,356,9421S.
B. & o. Seeks Bond Issue.
The Baltimore & Ohio Railroad has
applied to the Interstate Commerce
Commission for authority to nomi-
nally issue $11, ,425 500 of it's refunding
and general mortgage per cent bonds
and 1851 500 of it's Toledo Cincinnati
division first lien and refunding mort
gage per cent bonds. Bonds
will be pledged as collateral security
for short term notes.
Elected to Advisory Board.
AT the meeting of the board of di-
rectors of the Merchants Bank &
Trust Co. late yesterday, George c..
Herder of 3507 Twelfth street, north
east was elected a member of the ad-
visory board Of the Brookland
branch.
Building Association Elects.
The Permanent Building Associ-
alton has reelected the following off.
GERS and directors for the coming
year:
j. A. Maedel, president; E. J. Sacks,
vice president; III. Fl. Bergman,
treasurer. and l.. G. Ostermayer, Sec
retary, and these officials with the
following comprise the board of diree-
tohs: John II. Clipper, c. Rammling,
John Henderson, c.. J. Bergmann,
John Waldman and Max Walten.
Guest Addresses Luncheon Group.
Raymond E. Jones, vice president of
the Bank of the Manhattan Co., was
guest yesterday of Robert V. Flem-
ing, president Riggs National Bank,
at the weekly forum luncheon of the
District Bankers Association at the
Willard. Mr.. Jones, who is an au-
thority on the early banking history
or New York, was called on to speak
and responded with some interesting
and informative data of banking as it
existed in the days of its infancy.
Compton Made Bank Receiver.
Following the indictment of the
president and six directors of the Kan
sas City Joint Stock Land Bank last
week, the Federal Farm Loan Board,
with Treasury officials, took immedi-
ate control OF the situation and Farm
Loan Commissioner Williams has
been in Kansas City for several days.
1t was announced here today that w.
Il. Compton. head of the banking firm
bearing his name, of st. Louis and New
York, and owning a controlling inter
est In the st. Louis Joint Stock Land
Bank. has been appointed temporary
receiver until such time as new Off
Gals and directors can be chosen.
IL was also announced here that the
coupon interest due May l was
promptly paid.
The last statement of the Kansas
Clly Lank shows a capital of $3,SO0,.
600, legal reserve and undivided prof
its in excess of $780, 900, net mortgage
loans of SAC, ,557 ,234.04 and bonds out
standing of $44.376,500. The total as
sets of all the Joint Stock Land Banks
as of March 81 was S706, ,907; cap
1tal paid in, $45. 5.293,185; surplus paid
in and earned $2,372, ,160, and in ad-
dition legal reserve of S4,593, 709.
Assistant Secretary of the Treasury
G. S. Dewey, in a recent address, de-
Tended the system, but stated that the
system had long since ceased to be
merely an experiment in this country
and is now an important unit of our
banking structure.