Evening star., 1933-11-17

some comfort may be derived from
out OF abnormal conditions and is not
the result of the loss of business
ground to Others. Relative similar
losses have been incurred by others in
our line.''
Better Business Already Noted
Continuing his report, Mr.. Dodge de-
clares that new day must dawn
presently. and as further improvement
in the economic situation takes place
there must result an increase in the
demand for the company's products.
Already there are indications of
some slight improvement. In the first
three-quarters of the fiscal year 1888
volume was almost constant and on a
low basis. These three-quarters COW
cred the prediction period, the un-
certainties that followed, the banking
crisis and its aftermath In the fourth
or last quarter of the year, dating from
July / to September 30, business VOL
ume increased about 25 per cent above
the average Of each of the first three
quarters OF the year.
I'm connection with the national in
dustrial recovery act the printing
equipment industry, of which this COM
pany is part, has submitted to the
Government officials in Washington a
code, accompanied by a concrete plan
TO solve the serious problem of surplus
used machinery now on the market,
which has proven so large factor in
retardtng business improvement in the
INDUSTRY. II this plan Is approved it
should be helpful in ridding the mar
ket OF much of the surpluS-uS ma
chinery now being offered for sale at
rldiculously low prices, and in time
increase the demand for new products,
which, in turn, will aid in increasing
employment in the manufacturing
plants" Mr.. Dodge says.
Mergenthaler Expands Products.
AS indicated in previous annual re-
ports, the company, believing it advis-
able to free itself from entire depend
ence on single-unit industry, such as
the manufacture of linotypes and parts
and accessories therefor. has been en-
deaVoring TO diversity its products along
lines not related to the composing ma
chine industry
1t now has in operation a new photo
graphic process for etching designs on
copper cylinders for use in the textile
and other similar trades. AS a COM
PdA4AO4A bklCiClOt IL LldS IGCtillIJ Q6Nel-
oped, in combination with others, a new
method of processing cylinders to sup
plant the solid copper cylinders here
tofore in use in the textile industry
These two inventions should in time
effect economies for this great industry
and steadily increase revenues, Mr..
Dodge says.
The omission of the dividend for the
Quarter-yearly periods ending June 80
and September 30, 1888, the non-pay-
ment OF which is keenly felt because
Of the long, uninterrupted record of
the company, should be not cause for
apprehension on the part of the share
holders, as many OF the outstanding
businesses of the country have been
obliged to forego payment Of dividends
as result OF circumstances beyond
their control. Under preSent-day con-
d1tions, 1t is difficult to prognosticate
at this time when payment of divi-
denos will be resumed, the president
adds.
The financial statement shows that
the condition Of the company continues
sound in every respect. It is without
Indebtedness, except minor current bills
It has no bonds or notes outstanding
1t is free from bank loans. 1t has but
one class of stock, namely, its common
stock, Of which only 256,000 shares are
outstanding
Norman Dodge was reelected presi-
dent Of the company. Frederic D. Nc
Kenney Of Washington is again first
vice president and general counsel, on
the Executive Committee and a member
of the board of directors. George
Hewitt Myers, also of Washington, was
reelected to the board of directors.
Mergenthaler Linotype stock has been
very widely held in the National Capital
for many years.
Brokerage House Moves Offices.
Stein Bros g. Boyce, investment
bankers, for q number of years located
at l4l6 H street northwest, announce
the removal of their Offices to the
Shoreham Building, Manager John P.
Bergen announces.
The original finn, Of which the pres
ent organization is the outgrowth, was
established in Baltimore in 1853 under
the name of Stein Brothers. The firm
was expanded and the name changed
to Stein Bros 81 Boyce in 1921.
The firm holds memberships In the
New York, Baltimore and Louisville
stock Exchanges; Commodity Exchange,
Chicago Board of Trade and associate
membership in the New York Curb Ex-
Cnange,
The company has maintained an Of
fee in Washington for the past IL
years The present personnel of the
local ofnce includes John P. Bergen
manager, and Samuel j. Choen and Ed
Vin D. F1ather, assistant managers II
Is expected that the firm will be estab.
.ished in the new quarters on Monday
next.
North American Investments Up.
The consolidated balance sheet OF
North American Co. and subsidiaries
as Of September 80 shows cash of ST.
566 ,7o6, against $18,059 ,507 at the same
date last year United States Gov
ernment securities and short-term in
vestments amounted to S12,677, ,708
compared with S6,063,359. Total cur.
rent assets we're $54,885,895, against
&46,l73,417 Current liabilities were
S7,589, ,180 as Of September, against
e7,957.l4 on September 80, 1882.