Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-03
LINOTYPE COMPANY
HAS GOOD RECORD
Net Earnings for Year Total
sos Per Share, Re-
port Shows.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
In a letter sent to stockholders in
connection with the coming annual
meeting of the Mergenthaler Linotype
Co, its president, Norman Dodge, makes
the announcement to stockholders that
the net earnings OF the company !or
the fiscal year ending September 80,
1880, from all sources, after proper als
lowance for depreciation and taxes,
amounted to $1,809, 4l0.71. During the
year the linotype company paid to the
stockholders cash dividends amounting
to $1,664,000, the report adds.
The net earnings show that the COM
pany earned $7.05 per share on the
265. 900 shares of stock outstanding
The corporation paid $3.50 per share Ill
then had $40, 800 left over to be added
to surplus. Considering business con-
ditions, the showing will be considered
most satisfactory by the hundreds OF
stockholders in Washington.
President Dodge announces that
carefully conducted survey of the bust
ness prospects for the ensuing year has
been concluded and reports that the
outlook is encouraging. The detailed
financial statement will be distributed
at the annual meeting, which takes
place soon. 1t is now being audited.
Barron Opposed Short Selling.
Hints are daily coming out of Wall
street that the New York Stock Elk
change is trying to put some kind of
curb on bear raids that break sound
stocks and brighten thousands of honest
investors until they sell their holdings
at the bottom. In this connection it is
highly interesting to note that the
late G. w. Barron, who for several
decades was unusually familiar with
Wall Street practices, always strongly
onposed short selling. In "They Told
Barron" a book just published by
Harper & Brothers, Barron'S biog-
"a conclusion of the aging Barron,
freuuently mentioned in his notes, is
that the Stock Exchange should limit
short selling of standard securities. IN
one who believed in open trade ana no
interference with business this may
seem an Inconsistency; but 1t 1t ref1ects
not only a congenital optimism, but
also his growing conviction that the
investing public of America, now pc
come the chief investing bloc OF the
world. needed protection from the buc-
cancers of Wall Street. Barron was tne
personal friend of the buccaneers, YET
he steadfastly stood with the conserVa-
tive elements in the defense OF invest
ment as opposed to speculation.
barron made an enormous number OF
personal notes during his very actlVe
life many of which are printed IN the
hook That he condemned short selling
is especially interesting at TINS time,
when an investigation OF the New YORK
stock market by Congress Is on the
schedule and when bear raids are pre-
sumed to have been topic OF converse
ton recently between President hoover
and President whitney of the Exchange
Exports Smaller.
Agricultural exports for the third
quarter of the calendar year declined
in value to $286. 1872 900 from 1885, ISL
600. a decline of $50. 600, statistics
Of the Department OF Agriculture snow;
OF this decline there was crop OF
roughly $51000O0 in meats. nearly
40 600 600 in oils and fats and about
81 800 900 in leaf tobacco. and SIC. O00,-
200 In forest products. Exports OF wheat
Including flour, increased from the third
quarter of 1879 10 the third quarter OF I
1880 to so, 10000 bushels from 49, $780,
600 bushels. Value, on the other hano
decreased to $50, 935 600 from $64, 1O6,-
600. There was also a general decline
in other grains, barley for example, hav-
ing declined In shipments to just under
$4,000 900 for third quarter this year
from $l0,8j3 900 in third quarter OF last
year.
Exports of cotton during third quar-
ter of 1880 amounted to 1886, 600 bales
of 500 pounds. in comparison with l.
253,000 bales in 1929. Notwithstanding
this increase in volume the value OF the
exports declined to $l04, 629,0 600 from
1923, 8o9 900.
Firm Members Greet Friends.
The newly established investment Sc
curtty firm OF Auchincloss, Parker q
Redpath, Inc which has opened Tor
business in the National Savings &
Trust Building, is holding open house
for two days. Business men, bankers
and many other personal friends visited
the finely appointed Offices this fore
noon The new Offices have most
unusual outlook, overlooking the United
States Treasury, with the Washington
Monument, Arlington and the Masonic
Memorial in Alexandria in the more
distant background. Many floral gifts
added much to today's reception. The
members of the firm are High D. Auch-
incloss, Chauncey @. Parker, jr., and
Albert G. Redpath.
Bank Building Being Rushed.
Work on construction of the big an
mex to the American Security & Trust
Co. is going forward at rapid pace.
While the new building was being
brought up to street level, the progress
made did not stand out as it does now.
The concrete has already been poured
and has hardened up TO street level
and the framework for the building
above the street is now rapidly taking
form. The building will be a marked
addition to that part of the financial
district and is expected to be ready
for occupancy on April !. 1t adjoins
the present bank on Fifteenth street at
Pennsylvania avenue.
Today's Trading on Exchange.
Washington Railway & Electric pre-
ferred supplied the activity on the
Washington Stock Exchange today. The
days transactions covered 100 shares
ali in 10-share lots. The stock opened
with 10 shares selling at 98I2, the next
so sold at 98as and the last 40 at 98l4
Twenty shares OF LanSton sold at
108 and five of Mergenthaler came out
at 90 Ten shares Of Capital Traction
sold at so and Is of Potomac Electric
Power 5l2 per cent preferred moved at
$685.. Washington Railway g. Electric
Is recorded the only bond sale.
II was announced that, following the
closing OF the New York Stock Ex-
change on election day, the local ex-
change would also be closed tomorrow.
Heard in Financial District.
Washington banks will be open as
usual tomorrow, but things will be
pretty quiet in the local broker Offices
with practically all the New York mar
kets closed for election.
willard c. Barker chairman Of the
entertainment committee of Washing
ton Chapter, American Institute of
De- III. a t1,N