Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-02

crease in volume Ezazszaz
of sales. This is ! Tbilm.n H.ndr,ek
reflected, he said, . HA" "'Hui''A
in net earnings during the past year
after depreciation and taxes, of $780,
194.65. Reserves for depreciation OF
patents and plants have been adjusted
to conform to depreciation allowances
approved by the United States Internal
Revenue Department for the years 1903
to 1928, total reserves now being $2,811, :
G3599.
There is also shown, President Best
added, substantial increase in cash
on hand and current assets. The COM
pany has no liabilities other than thrift
notes issued to employees. These bear 6
per cent interest and are paid on de-
mand. The plan was originated follow
ing the closing out of employee Liberty
loan accounts and is intended to encour-
age savings through monthly or weekly
deductions from pay. The notes now
total over $4,000.
Important Move During Year.
President Best reviewed the purchase
in February of the entire plant and
stock on hand of the Thompson Type
Machine Co. of Chicago, along with i'm
portant latent rights. The plant has
been moved to Philadelphia and con-
solidated with the Lanston plant, and
the Thompson machines are still being
manufactured. Payment of the pur-
chase price of the Thompson plant was
made from earnings, Mr.. Best said.
Business in South and Central Amer
ica is growing steadily in Importance,
the president continued, new models
are being well received, while the CO.
operation and exchange Of information
between the English and American COM
panies has continued through recent
visits of officials.
The balance sheet as of February %,
1929, shows cash and call loans of
81 1913; accounts receivable from
customers, $751; ,252; notes receivable
from customers, $l,539, 636; inventories,
81 ,266, 759, and investments, $403 ,209,
making total current assets of $5,146,-,
1877.
The company has rights, franchises,
patents and improvements valued at
1921 ABS, less reserves for depreciation
of $1,l11,572. Investments in affiliated
companies, real estate, buildings, ma
chinery, etc, bring Lanston's total as
sets up to $10,272, 463.69.
The company has capital stock issued
and outstanding totaling $5,s49, 900;
surplus on March j, 1929, Of $4,137,-
50l.89. The company paid $3.50, 900 in
dividends during the year and charge
offs Of over sS1 900 were made on obso-
1ete machinery.
The following directors were re-
elected at the meeting: Harvey D. Best,
M. G. Branch, Karl w. Corby, j. Thil-
man Hendrick. Adrian H. Larkin, Royal
T. McKenna, w. Usher Parsons and
George w. White. John w. Drye, jr, a
New York lawyer, was added to the
board to fill the vacancy caused by the
death in February of Halliburton Fales
The directors will meet later today
at the Carlton Hotel for organization.
The present officers in addition to Mr.
Hendrick and Mr.. Best, include T.
Frank Morgan, vice president: John A.
Ferguson, secretary; Allen r. Fretz,
assistant secretary; Joel g. Clemmer,
treasurer and Harvey w. Monks, assist
ant treasurer.
The newly elected director, Mr.. Drye,
has served as an attorney for the COM
pany for several years. Lanstor stock
is very widely held In Washington and
the fact that the company has three
local directors on the board is con-
sidered highly gratifying.
Trading Heavy on Exchange.
Trading was heavy on the Washing
ton Stock Exchange today, a broad list
of stocks and bonds appearing on the
board.
The first stock sales were in Capital
Traction, the issue opening at 9734 and
closing at SO, on 69-Share turnover.
Potomac Electric Power 5l2 per cent
preferred sold at 107ia and Railway g.
Electric preferred moved at 975.
Both type stocks were out, 100 shares
of Lanston Monotype selling at 1864
and an odd lot of Mergenthaler Limo
type bringing 107k. Columbia Sand 81
Gravel preferred changed hands at
Oil 20 shares of Commercial National
Co. preferred at 1912 and Federal
American Co. common at STA and 81.
Peoples Drug Stores preferred sold at
1l4t2. Merchants Transfer & Storage
common at 1913, and 10 shares Of Real
Estate Mortgage & Guaranty preferred
at 5s Woodward & Lothrop prefer
red came out at 108X.
Bonds were equally active. Gas IS.
series A, opened the trading at 1922.
The Gas B bonds figured in several
sales at 1912 Consolidated Tile IS
sold at par. The bond market leader
was Capital Traction SIS. These bonds
opened at 1914 and closed at 1884, on
q $500 turnover.
After call Georgetown Gas SIS sold
at par and Washington Gas SIS re-
corded a $4,000 transfer at 1904.
Two New Directors Elected.
Two new directors were elected at the
annual meeting of stockholders Of the
Washington Permanent Building Asso-
citation, formerly the Washington Six
Per Cent Permanent Building Associa-
ton, yesterday, they being Joseph N.
Saunders, vice president of the District
Title Co., and James r. Ellis, civil engi-
neer.
Ofiicers and directors reelected were
the following: H. H. Bergman, presi-
dent; E. j. Sacks, vice president; c. j..
Bergman, treasurer; Herman H. Berg
mann. secretary; John Waldman, Chris
topher Rammling, John H. Clipper. John
Henderson, c. Chester Caywood and
Max Walten, directors.