Evening star., 1938-05-05
.lANST0N REPORTS
$4.24 PER SHARE
Monotype's Net Near $4.54
Earned in 1887, Annual
Statement Reveals.
By EDWARD C. STONE.

lUI Jlit ycdl cIluCu 20, 1900,
totaled $220,3739l, it was announced
at the annual meeting of the stock
holders, held this forenoon in Alex
andria. Based on the number of
shares outstanding, this was equivalent
to $4.24 per share, against $454 a
share in 1887, remarkably good
showing in the face of business con-
ditions prevailing in recent months.
President Harvey D. Best presented
a most interesting annual report.
Taxes paid and reserves for Federal,
State and other taxes amounted to
$l29,495, while reserves for deprecia-
tion and amortization of patents
amounted to $l38,689 This was an
increase in taxes and tax reserves of
$l3,639 and reserves for depreciation
and amortization of S19,19l, the two
items being slightly more than the de-
crease in net profits.
Regular Dividends Paid.
The report stated that for each dol
lar paid to stockholders in dividends.
taxes amounted to 62 cents. In the
past two years taxes have increased 43
per cent. Compared with the previous
year, taxes and receivables decreased
S396,554. Lanston paid 81 share on
the stock during the year, a total of
S209,023. The company reduced the
outstanding stock to 81 1859 shares, the
report said
Lanston acquired additional prop
erty at the Philadelphia plant during
the year, and invested over 5000 in
new machinery. The English COM
pany enjoyed another successful year.
Patents were improved and labor rela-
tions satisfactory.
Ihe report noted that Robert v.
Fleming, president of the Riggs Ma
tlonal Bank and former president of
the American Bankers Association,
had just completed his first year as a
olrector, having succeeded the late
Karl w. Corby. All directors were
reelected including Harvey D. Best,
John w. Drye, jr.; Mr. Fleming. J..
Ihllman Hendrick, Adrian H. Larkin,
Royal T. McKenna, Henry Parsons.
George w. White and Roger ]. White
lord. Henry Parsons of New York
presided at the meeting.
Hendrick Again Chairman,
At a later meeting J. Thilman Hen
drick of Washington, former District
commissioner, was reelected chair
man of the board. The other officers
were also reelected as follows:
Harvey D. Best, president; T. Frank
Morgan, first vice president; John j.
Meadth, vice president; A. E. Pagola.
wee president in charge export de-
partment; Frank j. Roderick, vice
president in charge Barrett division;
John A. Ferguson, secretary; Allen R.
FretZ, assistant secretary; Wilfred
Bancroft, treasurer and general man
ager, and Harvey W. Monks, assistant
treasurer.
The annual report showed total
assets of s8,937,652 At a meeting
of the old Board of Directors yesterday
the regular quarterly dividend of ST
per share was declared, payable May
81 to stock of record May 20.
Sacks Heads Building Group.
E. j. Sacks, one of the original or
ganizers, was reelected president of
the Washington Permanent Building
Association at its ffty-eighth annual
meeting yesterday. Mr.. Sacks, at 80,
is at his desk daily.
This association, which is this week
celebrating the fifty-eighth anniver-
sary of its founding, reported assets of
over s9,500,o00, new high mark
Other officers and directors re-
elected are as follows: Vice president,
John Henderson; treasurer, C. j. Berg
mann; secretary, Hermann H. Berg
man; general counsel, c. Chester Cay
wood; directors, John H. Clipper, C.
Rammling, James r. Ellis, Clyde H.
Miller, c. Chester Caywood, Max
Walten, Joseph N. Saunders and
Walter B. Avery.
More State Bonds Approved.
Voters of 1T municipalities located
IN So States, during the month of
April approved municipal bond issues
aggregating $12,5O2 $50, as compared
with $l2,132,590 bonds approved dur
ing March, according to the Daily
Bond Buyer. The largest item was
Sl,3000O0 bonds by the voters of Dali
las, Tex. The total for April, 1887,
was $17,426,503. April totals for other
years were S7,488,509 in 1886 and
$l8,807 400 in 1885.
The Glass Senate Banking Sub
committee yesterday approved a bill
which would permit reduction in the
capital of the Union Trust Co. of
Washington placing the amount of the
reduction in surplus. Senator Glass
stated that under existing law Dis
trlct of Columbia banks are authorized
TO increase capital, but there is moth
ing 10 provide for reduction and the
approved bill is designed to meet that
omission.
The move is one to secure the same
privileges for all trust companies as
are now enjoyed by the national
banks
Heard in Financial District.
Armand Durant has been appointed
manager OF the Washington Office of
tne connecticut General Life Insur-
ance Co., 1t was announced here TODAY.
he has been associated with the Wash
mgton branch for many years and
has an excellent insurance record
Mergenthaler Linotype figured in
three 10-share sales on the Washing
ton Stock Exchange today, all at %.
of point from the last previous sale,
Other bid and asked prices were
practically unchanged.
Mortgages selected for appraisal by
the Federal Housing Administration
totaled ss4, 100000 during April, while
mortgages accepted for insurance on
small homes were valued at $780,
600. The volume of actual commit
ments in April compares with S39, ,9O2.-
500 in March and $50, ,042 100 for April,
1887, the peak month of last year.
Mounting evidence that the Nations
long-dormant capital markets may
soon experience a real revival of in
dustrial borrowing, says the Wall
Street Journal, was reinforced last
NIGHT I,y,I definite vx,or-l that %.o r1z~~