Evening star., 1937-05-03
EARN|NCSBOO
BY MERGENTHALER
President Mackey Reports
Sales Increase During
First Half Year.
BY EDWARD C. STONE.

o..
The midyear statement is of particu-
lar concern to Washington, where
Mergenthaler stock is so widely held.
The security in recent weeks has sold
off on the Washington and Boston ex-
changes, present sales being around
47. The 1887 high is 54a..
The increase in sales and earnings
is noted in Facts and Figures on
Washington Securities, just published
by Y. E. Booker & Co. Mergenthaler'
first half year closed on March 81.
After calling attention to the i'm
proved position of the company Presi-
dent Mackeys letter added
"Our machines have been further
broadened in scope and new designs
are now coming through for delivery.
They are being favorably received by
the trade. 1t is our hope and expec-
tation that volume will further i'm
prove in the final six months Of our
present business year, particularly be-
cause of increased labor costs recently
made effective.
TT is also within the probabilities
that there may be encountered other
items of added expense arising out of
legislative enactment, such as taxes. p"
Wholesale Trade Up Sharply.
The value of wholesale trade in
creased substantially in March, 1887,
from March, 1886. and collections on
accounts receivable were made at a
higher rate over this period. according
to reports by the National Association
of Credit Men and the Bureau of For
eign and Domestic Commerce.
Total net sales of 1912 reporting
wholesalers increased "a per cent in
March, 1887, from March, 1886, a con-
tinuation of change recorded for
every month since the beginning of
the study in January, 1886. March,
1887, sales registered an increase of
about % per cent from February Of
this year.
Percentages of collections on ac-
counts receivable submitted by 683
wholesalers were higher in March this
year than in March last year and
February this year. In March, 1887,
IT'S per cent of accounts receivable
were collected, as compared with 70.l
for March last year and TOT for Feb
ruary this year.
Fifteen of the nineteen wholesale
groups reporting showed higher aver
age collection percentage for March,
1887, than for March, 1886. The
greatest relative increase in collections
from year ago was registered by
wholesalers of meats and meat prod
ucts
Allen to Address Bankers.
Commissioner George E. Allen will
be the chief speaker at the annual
pre-convention dinner of members of
the District Bankers Association, at
the Columbia Country Club on We'd
nesday evening.
There will be one other speaker
A. M. McLachlen of the McLachlen
Banking Corp, who is chairman of the
General Convention Committee. He
will naturally boom the convention
and announce many details regarding
plans for the White Sulphur meeting
which have already been completed.
The attendance at Wednesdays din
ner will border on a record. About
$50 members and guests have sig
nified their intention to be present,
many high Government officials being
among the guests.
Barnum L. Cotton, real estate officer
of the National Savings & Trust Co.,
is general dinner chairman. Acting
President Thomas j. Groom will pre-
side. The dinner promises to be one
of the rlost enjoyable in several years.
The afternoon will be devoted to golf
prizes being awarded the winners in
the evening.
Fleming Again Treasurer.
Robert v. Fleming, president Of the
Riggs National Bank, was again elected
treasurer of the United States Cham
Der of Commerce, at the annual meet
ing here last week. Mr. Fleming has
been treasurer several years and has
also served on several important COM
merce committees.
Eliot H. Thomson of the Washing
ton Loan & Trust Co., has been giving
a series Of talks in high schools ad-
Jacent to the Capital on banking as a
vocation. He spoke in Fairfax, Vienna,
and several other places last week
under the auspices Of one of the ma
tional fraternal organizations.
The annual convention of the Ma
tional Safe Deposit Association opens
at the Willard Hotel Thursday for a
three-day session. General Chairman
Richard E. Harris, American Security
& Trust Co., announced today that a
record attendance was expected The
speakers, announed last week, make a
line program assured.
Garnett Joins Brokerage Staff.
G. Tinsley Garnett, son of District
Attorney Leslie c. Garnett, has Joined
the staff Of Hartman & Keech, New
York Stock Exchange firm, it was
announced In the financial district
today. MIR. Garnett has had wide ex-
perience in the brokerage business
having been associated with the
Washington Office of G. M P. Murphy
& Co. for the past eight years. He is
native Of Virginia. The Hartman
& Keech resident partners are George
A. Garrett and Maj. Ferry K. Heath
Washington banking institutions
which are members of the Fedora,
Reserve Bank of Richmond, an.
nounce that the rise in Federal Re.
serve requirements effective on May
was very easily met. With such
ample reserves on hand it was easy
to switch the necessary funds te
Richmond to meet the new require
ments,
Wholesale commodity prices de.
clined OIL per cent during the week
ended April "a. according to an an
nouncement made by Commissioner
Lubin of the United States Bureau Of
Labor Statistics
Today's Trading on Exchange.
The weeks trading on the Washing.