Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-11-22

IN 01rect sales OF the company, pdIIlCu-
larly in the domestic market, the
president said, adding that this out
side supply of used machinery is now
Cwindling.
With net sales about the same as in
1894, income from sources other than
sales increased over the previous year.
increases in pay in 1884 covered only
FIVE months but in 1885 the pay adj
Vances included the full II months.
The company employed as much
economy as possible consistent with
efficiency. Following net losses in
1882 and 1888 of nearly 100000 a
year, Mergenthaler's profit rose to
S212,027 in the 1884 fiscal year but
dropped again to $36,16O last year in
spite Of practically the same sales.
New Models on Market.
During the year two new Linotype
models were placed on the market,
machines supplying larger type faces
being in increased demand. The
Linotype also was adapted further to
foreign languages hitherto outside the
range of the machine, Mr.. Dodge said.
Volume demand for these machines
already has picked up.
Business of Linotype & Machinery,
Ltd, has been satisfactory, owing to
substantial improvement in general
business in the British Isles. Other
foreign business decreased somewhat,
partly due to conditions in Germany,
credit, exchange and other circum-
stances. Earning of the foreign COM
panies are not included in operations
of the American company operations.
except when dividends are received
which are listed as "other income"
President Dodge referred to en-
bargoes which still keep money abroad
which otherwise might be brought
here; also to old-age pension and
unemployment insurance laws. which
will add further burdens to the COM
pany. For these reasons the COM
pany is keeping in an extra strong
financial position to guard against
Unforeseen hazards" The company
has continued efforts during the year
to diversity its products along lines
other than the composing machine
Industry, Mr.. Dodge concluded, pre-
dieting further progress as improve
ment in general business takes place.
Recent Upturn in Sales.
Mergenthaler directors include AL
bert H. Sawyer, Ogden L. Mills, Nor
man Dodge, Ogden M. Reid, Frederic
D. McKenney, Joseph T. Mackey, Roy
C. Gasser, George Hewitt Myers and
Victor E. Walker. There are 256,000
shares of stock outstanding, on which
net earnings were IA cents this year,
against 80 cents year ago.
A decided upturn in Mergenthaler's
business took place in October and
November seems to be keeping up the
pace, Joseph T. Mackey, executive
president and treasurer, reported to
the stockholders after the annual
report had been presented.
Should the future months match
the first two of the current fiscal
year, which started on october /,
'there is every reason to expect
most satisfactory IL months" Mr..
Mackey said.
The wholesale demand for dry goods
in the fifth Federal Reserve district
in october jumped 1874 per cent over
October, 1884, and led four other i'm
'portant lines, the Reserve Bank of
Richmond reported today.
Groceries increased 80 per cent
and hardware % per cent, the report
added. Wholesale trade in shoes de-
creased So per cent and drugs l per
cent during the month, the figures
being based on returns from So firms.
October sales, as compared with
September of this year, showed per
cent increase in groceries, 81 per cent |
in dry goods, 2 per cent in hardware
and IA per cent in drugs, while shoes |
decreased 1873 per cent.
For the first 10 months of the cur
rent year, as compared with the same
period of 1884, groceries increased ga
per cent, hardware 81 per cent, drugs
] per cent, while dry goods slumped
liza per cent and shoes declined 1914
per cent.
Collections were the best in groceries,
followed by shoes, drugs, dry goods and
hardware, in the order named.
Gas Bonds in Good Demand.
Five consecutive 81 600 sales in
Washington Gas SIS, 1860, led business
on the Washington Stock Exchange
today, changing hands at 116A. The
same company's IS, series B, figured
In three 500 sales at par.
Capital Transit stock opened at 1917
and closed at 1924 on a light turn
over. Mergenthaler Linotype recorded
two 10-share sales at 81, while Wash
ington Railway & Electric preferred
moved at 1885, ex dividend
Bank clearings In Washington for
the week ended November 20 were up
S25 per cent over the same week a
year ago and GIT per cent over the
previous week The gain in Baltimore
over the previous week was 15.9 per
cent and in Richmond 1874 per cent.
Excess Reserves Opposed.
The Wall Street Journal today said
that differences which are likely to
be officially aired during the next few
days, have developed between the
Federal Reserve Board and Federal
Advisory Council, over the matter OF
doing something about excess reserves.
The Advisory Council, following its
two-day Fall session, made a general
recommendation to the board, 1t is
understood, that Federal Reserve bank
holdings of Government securities De
permitted to run of. Details Of the
recommendations were closely guarded
at Reserve Board quarters, pending
definite formal submission of the coun-
ellis conclusions The board will then
submit its answer.
Rail Earnings Excellent.
THE Norfolk & western Railway
had excellent earnings in October" A.
c. Needles, president of the road, stated
today In an interview.