Evening star., 1936-05-07
NET Of LANSTON
MONOTYPE SCARS
Earnings Reach $4.17 a
Share, Compared With
$1.68 in Previous Year.
BY EDWARD c. STONE.

By EDWAhD y. S1ONE.
Net earnings of the Lanston Mono
type Machine Co. scored a substantial
advance during the year ended Feb
ruary 29 1886, standing at SALT per
share as compared with $168 share
in the previous year, it was announced
today at the annual meeting of the
stockholders held in Alexandria, Va.
= Net earnings for the year were $780,
55632, after deducting S87 7,69883 for
taxes and $13O, 1859 for reserves for
depreciation, amortization of patents
and possible losses on foreign eX-
change, the reported stated. Losses
arising from bad debts and resale of
recovered equipments were LOG per
cent of net sales.
Henry Parsons of New York pre-
sided at the annual session. President
Harvey D. Best's report showed cash
on hand at the end of the year as
S1,317, 1882. Current assets are
s3,758,98768 against current liabil-
tiles covering accrued pay roll, export
agency commissions, customer credit
balances and reserves for taxes of
Sl08,33402. Additions, Improvements
and repairs have been made to the
plant. Against the original cost of
S2,788,32452 there has been set up
reserves of $2,202 BATHS, leaving
present book value of $685., 5,976.76.
Stock Bought During Year.
During the year the Lanston Mono
type Co. acquired through open market
purchases 978 shares of capital stock,
leaving outstanding 52.85245 shares
against the original issue of 10000
shares of par value 500.
The consolidated balance sheet OF
the three subsidiaries shows modest
profit for the year. Exchange condl-
tons have improved in some OF the
Latin American countries. Taxes were
increased when the Pennsylvania
LEGISLATURE created a new capital stock
and profit tax, and the cost of opera
ton increased through wage adjust
ments. Lanston has not increased SELL
ing prices to meet the added costs, but
the company has endeavored to I'M
prove design and affect larger factory
OUTPUT at lower unit cost, the report
says.
The Barrett figuring machine was
put on the market for the first time
last year Much further development
of Monotype products is plarned for
the coming year. The Monotype Corp.
Ltd, of England, continued successful
progress Dividends were paid for the
last fiscal year at the rate of 10 per
cent OF par value of issued stock and
about 100000 was transferred from
earnings to surplus, the Presidents
statement added.
Same Officials Reelected.
All directors were reelected at to-
days meeting, including Harvey D.
Best, Karl w. Corby, John w. Drye, jr.,
J. Thilman Hendrick. Adrian H, Lark
in, Royal T McKenna, Henry Parsons,
George w. White, and Roger j. White
ford. The election means that Wash
ington again has four prominent men
on the board.
The directors organized for the
coming year by re-electing j. Thll-
man Hendrick chairman OF the board,
Harvey D. Best, president; T. Frank
Morgan, first vice president; John j.
Meadth, vice president; A. E. Pagola,
vice president in charge of exports;
Frank j. Roderick, vice president IN
charge of Barrett division; John A.
Ferguson, secretary; Allen R. Fretz,
assistant secretary; Wilfred Bancroft,
treasurer and general manager, and
Harvey w. Monks, assistant manager.
The directors expressed much en-
thusiasm over the business outlook.
Before adjournment they declared the
regular quarterly dividend of 81 per
share. payable May 20 to stockholders
of record May II.
This meeting is always of excep-
tional interest to residents of the
Capital as the stock is widely neld
here. It is listed on the Washington
Stock Exchange, selling around $50
share.
Insurance Dividend Voted.
The Board of Directors of the Lum-
bermen's Mutual Casualty Co. has
Just declared a dividend of Is per
cent payable to its Workmens COM
pensation policyholders in the Dis
trict of Columbia. The previous divi-
dend on this class of business was
10 per cent, but improved underwrit
ing results for the year 1885 justi-
fled an increase, officials say. This
dividend will result in a distribution
of approximately $4,000 to Wash
lngton policyholders, md checks are
now being issued through the Mutual
Insurance Agency, which is the COM
pany's general agent for the District
OF Columbia, Maryland and Virginia.
Campaign Speakers Named.
In connection with the breakfast
opening National Life Insurance week
at the Willard Hotel, next Monday
at 8 am, Chairman John P. Lynch
announced this noon that the special
speakers will be DR.. Allen A. Stock
dale, who was the headline speaker
last year; Frank Fooshe of the Pru-
dental, James Maloney, Fidelity
Mutual; Miss Alma McCrum, New
York Life, and Mortimer Wilmer, who
is down on the program for the
chief address. Loren L. Cluster is
Chairman of the Speakers Committee.
which has arranged for speakers to
address some 20 luncheon clubs dur
ing the week.
The District Life Underwriters As
sociation is offering special prizes to
individuals for the best production
records during the week. The CON-
mittee handling the contest consists
OF A. L. Baldwin, D. S. Bethune, T
r. Crowley, H. E. Winter and John
F. Cremen, chairman.
Heard in Financial District.
Tom K. Smith, first vice president
of the American Bankers Association
told a convention of Kansas and Mis-
souri, bankers that the A. B. A. will
ask abolition of the postal savings sys-
tenn, or, if that fails, sharp reduction