Evening star., 1934-05-07

v,
urer
washington Chapter is now enter
ing its second year 1t has come to
stand high in the national organiza-
ton. The institute is educational in
its purpose, something similar 10 the
American Institute of Banking
While the local chapter is only
year old the national organization
has been functioning for the past 10
years
Mergenthaler Earnings Gain.
1t is authorltatively reported in the
financial district that net earnings OF
the Mergenthaler Linotype Co showed
a gain of S500,000 in the first half of
the company's fiscal year. in comparl-
son with the like period in the preyl-
Gus year
The period covers October. Novem-
ber. December January. February and
March In the last quarter of the
last fiscal year. there was a turn
upward in the companys earnings,
according to President Norman
Dodges statement made at that time
With the inclusion of the first half
of the present fiscal year. the concern
has been enjoying higher earnings for
nine months, or longer.
The reported S500.000 increase in
earnings will be highly gratifying to
the large number of stockholders IN
Washington. This is why the stock
has been more active recently on the
Washington Exchange. Holders. how
ever should not be too optimistic
over the outlook The company re-
Gently restored part of the pay cut
and will restore more in the near
future. This action will. of course,
be reflected in the net earnings
But the corner was definitely turned
months ago. The stock is now SELL
ing around S25 share on the local
board So far this year 1,5l0 shares
have changed hands, exchange reports
show
Net Railway Incomes Soar.
Glass | railroads in the Southern
district for the first three months of
1884 had net railway operating in
come of Sl9,734415. which was at the
annual rate of return of 2.29 per cent
on their property investment. For the
same period in 1893 their net railway
operating income amounted to S9,368.-
500. which was at the annual rate of
return of l.08 per cent on their prop
erty investment.
Gross operating revenues amounted
to $109,051,l32, an increase of 1875
per cent above the same period in
1888, while operating expenses totaled
S78279,608. an increase of l04 per
cent
They also reported for March a
net railway operating income of S8.-
l47304, compared with S3.290,900 in
March, 1888
Thirty-four class l railroads failed
to earn expenses and taxes in the first
three months of 1884. of which 10
were in the Eastern. five in the South
ern and 10 in the Western district.
Bank openings curing 1884 have
totaled 698, according to the Ameri-
can Banker During the week just
passed. 90 banks were reopened or re-
placed by new institutions. The OPEN
ings for April we're 209, compared with
l59 for March.
The ST quarterly dividend on Lans-
ton Monotype Machine Co. stock,
which was declared last week, is pay
able on May 81 to stockholders of
record May 81.
w. W. Lanahan & Co. of Baltimore
has been awarded an issue of $4,000
Az per cent City of Cumberland, Md,
sewer bonds on bid of 1923.
The Chicago Clearing House Asso-
citation announces that an interest
rate of 2 per cent on savings deposits
in member banks will be put into ef-
feet July l, supplanting the present
2 p per cent rate.
Controller of the Currency J. F. T.
OConnor states that 848 receivers of
national banks are holding dividend
checks amounting to S3,037 526. which
have not been called for. They have
been held so days already in spite of
the usual notices.
Today's Trading on Exchange.
Washington Gas SIS, 1860, sold to
the extent of $500 on the Washington
Stock Exchange today at 1861. The
bonds closed with 1862 bid, but none
offered
Washington Railway e. Electric ap-
peared on the board again today, with
10 shares selling just under par, at
997s. The stock closed with SO bid
and 101 asked. Another stock sale
was small lot of Washington Gas
Light, which changed hands at 81
w. T Grimes of the Wall Street
journal believes that far-reaching
changes will be made by this session
of Congress in the ironclad provisions
in the much-attacked securities act
of 1888. Changes favored by many
Senators appear to have sanction of
the administration.