Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-11-19
SHARP GAIN NOTED
BY MERGENTHALER
IN OCTOBER'S NET
Improvement of $1,000 Is
Reported, Compared With
Like Month in 1882.
FIRST REAL SUNSHINE
FOR MORE THAN YEAR
Character Loan Pioneer Work of
Joseph I. Exnicios Is Recalled.
Peoples Drug Votes Dividends.
BY EDWARD C. STONE.

Since the annual report of the Mer-
eenthaler Linotype Co. for the year
ending September 80, 1888. was pre-
scented few days ago, showing a net
loss Of S959,2SS, after taxes and de-
probation, against net loss OF 1898, e.
526 in the preceding fiscal year. very
substantial improvement in net earn
ingS has been experienced il was
learned In the financial district yester-
day.
The Linotype company had an Oc-
tober net profit of $4,000. in COMPARE
son with loss of $4,000 in October,
1882. Coming out Of the red and add
ing $4,000 profit is the equivalent
70 an improvement OF $1,000 in earn
tngs during the month.
Company ofhcials find it difhcult 10
explain this sudden change for the bet
ter in Mergenthaler's earnings. The
last three months had shown an up
ward trend in business. but it remained
for October to reveal the FIRST real
sunshine" for q year.
Whether the upswing was due to the
N R. A. expectation of better economic
conditions IN the near future greater
confidence among business leaders, or
TO q host of other factors that always
enter into the business and trade pic
ture has not been made clear. To the
hundreds Of local holders Of the stock.
however. the jump in revenue is of
more Importance than the causes
Mergenthaler's balance sheet as of
September 80. 1888, shows surplus Of
Se,4el.027 against sl0.766,38I on Sep
TENDER 80. 1892 Current assets, in
Guiding s598.440 cash, amounted to
S14 .3o6,5ls and current liabilities were
sl53, 096. comparing with cash of $780,
1872, current assets of Si5,430.675 and
current liabilities Of s20,e04 at end of
preceding fiscal year Total assets on
September 80 last amounted to s23.-
493,253. Capital stock amounts to
256,000 no-par shares.
Exnicios Pioneer Banker.
1t was a long. courageous but dis
couraging fight put up by Joseph T.
Exnicios, which ended in his death
few days ago. Founder and president
OF the Departmental Bank, which was
closed while he was too Ill to attend TO
business. he was forced to witness from
his sick bed an unusual number Of dis
appointments His bank was not 8
large one, but he was very proud of II.
He declared it had its own place among
the city's financial institutions and re-
jOtNCA III Abo SlON DOb otCdQN pIOBIESS.
He viii be missed by banking asso-
ciates.
Mr.. Exnicios also viii long be re-
membered. He had the distinction of
being one of the pioneers in the whole
country in establishing so-called Char
acter loans" on q reputable banking
basis. Many years ago, before most
bankers gave any serious thought TO the
idea, the Washington banker visualized
the need among people of limited means
of obtaining small sums of money by
using their past records for honesty and
integrity, instead of high-class stocks
and bonds, as collateral.
He had come here from New Orleans
IN 1890, his first position being in the
Adjutant Generals Once in the War
Department. Being Unexpectedly called
to New Orleans by the illness Of his
mother. he had great difficulty in
quickly obtaining needed funds. He
realized that hundreds of other Gov
eminent workers must sometimes find
themselves in the same position. 1T
is the man of ordinary means and not
the millionaire who most needs help"
he kept saying to himself and as soon
as he got established as a banker char
acter loans became numerous In his
bank.
Other Washington banks took I'D the
idea and he lived to see Charles Z.
Mitchell and the National City Bank
make similar loans on q very big scale
His idea became more than national.
One Of his banks advertisements ap-
peared in The Star and was read in
New Zealand. Later he got a letter
from a banker asking him for the de-
tails on such loans in order that the
system might be put into effect there
at once. And so it was.
Attend Loan Convention.
The thirteenth annual convention of
the Maryland League of Building As
sociations was held in Baltimore on
october 16 and was attended by Ed
ward H. Jones and J. Horace Smithey.
president and secretary-treasurer of the
Chevy Chase Building & Loan Associa-
ton. The convention consisted of a
business session, an open forum in the
afternoon when various building and
loan problems were discussed by State
leaders, and the annual banquet at 6
O'Clock
Addresses were delivered by Mayor
jackson of Baltimore, Horace Russell,
general counsel Of the Federal Home
Loan Bank Board; Morton Bodfish. ex-
ecutive vice president of the United
States Building 6, Loan League, and
Thomas W. Elicit president of the Fed
eTal Hcme Lean Bank of the fourth
district at winston Salen1, N. c.
Notes in Financial District.
Peoples Drug Stores Inc. has de-
clared the regular quarterly dividends
OF IS cents en- the common stock. pay
able January 2 to stock OF record De-
cember s, and Sl62l2 on the 612 per
cent convertible preferred stock, pay
able December IS to stock of record
December l
Postal savings deposits as of October
81 totaled 81 ,l39. $50, 6l2 as compared
with $l,l80573,238 on September 80
and S87l 1898 ,638 on october 81 of last
year, the Post ONCE Department an
nounced. The October deposits show
an increase of $e.007,37 over Septem-
Der and a gain of s5l7, 686,s74 over
October a year ago
The Baltimore & Ohio Railroad srose
into the black for 1888 with its report
issued Friday for nine months ended
September 80. 1888, showing net in
come Of s773,73o after taxes and
charges, equivalent to Sl3l a share on
588,631 shares Of per cent preferred
stock This compares with net loss OF
$5,837 .2o2 in first nine months of 1882
FURNITURE INTEREST GAINS
NEW YORK, November ID 0p.-A