Evening star., 1941-11-18

are in excess of S450,000.
Directors reelected by the share
holders are: Arthur G. Bishop
Franklin w. Harper, Vernon G
Owen, Marvin A. Custis, Thornton
w. Owen, Samuel Scrivener, Edward
C. Baltz, John C. Scofleld and DR.
William G.. Schafhirt.
Officers reelected by the directors
include Arthur G. Bishop, chairman
of the board: Marvin A. CustiS, pres
ident: Vernon G. Owen, vice presl-
dent: Edward C. Baltz, secretary;
Franklin w. Harper, treasurer; VIII
liam H. Dyer, assistant secretary;
James c. Roy, assistant treasurer,
and William H. Rippard, auditor.
Larger Quarters Needed.
Chairman Bishop stated that the
rapid increase in business has over
crowded present office space ana
plans are being considered for larger
quarters. However, he added, moth
ing will be done at the moment, be-
cause of the defense program and
the difficulty in obtaining proper
materials
Mr.. Bishops report reviewed the
growth of the Perpetual from a
small building and loan group to
its present position as the largest
association of its kind in the United
States. He said that when the
first balance sheet was given share
holders in 1882 resources were only
S27.843. In 1882, when the 50th an
riversarv was celebrated, assets had
moved up to S27,00O,000. During the
past 10 years, the chairman SAID,
assets have doubled. the latest state
ment rejecting total OF So4,zlo,-
900. a high-water mark.
The report pledged cooperation
In the defense program and stressed
the fact that the association has
qualified as an agency to sell De
fense bonds and through special
advertising of this service has made
a creditable showing in sales.
Mergenthaler Net Surprise.
The lump from II cents per share
to $3.50 per share in Mergenthaler
Linotype net earnings for the year
ended September 80 was a happy
surprise to the host of investors in
the Capital. After depreciation and
provision for 100000 additional
taxes. profits totaled Sl,387 ,65O
against only s41,45O year ago.
Current assets as of September
80 amounted to sl5,l5l,804 and cur
rent liabilities were l,l28,484
against sl3,678,655 and S353,784, re-
spectively, a year ago. Marked I'M
provement in earnings had been an
ticipated but no such a high figure
as was reached.
President J. T. Mackey reports
that business in the United States
and in Latin America Increased
over last year and was better than
could have been reasonably eX-
pected. Sales in European coun-
tries have been greatly curtalled
by the war. Income, such as m
terest and dividends, increased be-
vond that received in the previous
wear. The big concern has no labor
troubles and defense shipments are
exnected to increase during 1912, he
says. -
During the year the total OF all
taxes paid by the company amount
ed to 1898 1867, or 81 per share.
The president adds that research
and development work is being
pushed, both English and German
companies declared dividends our
ing the year, and full capacity op-
erations in Brooklyn are already as
sured for 1912. The company Is Tree
from debt, except as to current
items. For the first time, the report
Is profusely illustrated, work at the
plant being pictured in detail.
d. C. Insurance Sales Soar.
Life insurance sales in the District
of Columbia in October took sud-
den lump and scared 81 per cent
above the like 1910 period, it was
reported from Hartford, Conn. TO-
dav. Sales reached S6,722O0O.
against s5,O24OOo in october. 1910.
Sales in Washington in the first
10 months of this year totalec
s57426. 900, the report said, a gain
of 7 per cent over last year, when
new policies totaled S52705,0 900.
Virginia's October sales totaled
s1o7o1 900, a sharp gain of 20 per
cent, while Maryland's total OF
s1oO79 900 in new business was Il
per cent ahead of last year.
For the 10 months Virginia re-
ported an II per cent gain on a
volume of 91.811 900 and Maryland
q 9 per cent upturn on policies
totaling so8608.000.
The October national gain was Il
per cent and the 10-month upsWlne
7per cent.
Parker on Governing Board.
John Z. Parker of Auchincloss
Parker g. Redpath, New York Stoci
Exchange firm with the home once
in Washington, has been elected
member of the Board of Governor
from outside of New York OF th'
reorganized Association OF Stock Ex
change Firms. Mr.. Parker is a vet
eran broker, having been active II
Washington's financial district TO
many years.
The new Board Of Governors
elected officers today, James F
Burns. jr.. of New York being nameo
president; J. C. Bradford, Nashville
Tenn, first vice president, ane
George E. Barnes, Chicago, secone
vice president.
There are 80 new directors. Tht
association plans to function on
Nationwide basis as a supple
mentary public relations body II
the New York Stock Exchange.
Today's Trading on Exchange.
Capital Transit was active on thu
Washington Stock Exchange today
opening with two 50-share sales a
1871 and closing with another so
share sale at 1898.
Ten shares of Mergenthaler Limo
type, disregarding the annual re
port, sold today at ~, of . hal
point.