Evening Star Newspaper, August 19, 1931, Page 13

FINANCIAL THE EVE NING STAR, WASHINGTON WEDNESDAY, AUGUST 19. FINANCIA LINOTYPE COMPANY PROFITS ARE 600D Meroenthaler Declares Regu- lar Dividend of $1.50 Quar- terly—McQuade at Meeting. Directors of Mergenthaler Linotype Co. at a meeting held yesterday at the | office of the company in Brooklyn, de- clared the regular quarterly dividend of $1.50 per share payable September 30 to stockholders of record September 2. This news is of particular interest to many investors of this city, as it is known that more than one-third of the stock of the company is held in the National Capital. The directors’ meeting was attended by Edward J. McQuade., president of the Liberty National Bank, who for| years has been a director of Mergen- thaler. Mr. McQuade is also president | of the District of Columbia Bankers' | Association. | Mergenthaler has generally been re- garded as an investment stock. and has a record of uninterrupted dividends for the past 25 years, according to Mr. MecQuade. It has a capital stock of $12,800,000, and surplus of more than $13.000,000. In addition to the Amer- jean plant in Brooklyn, there are also factories in Manchester, England, and Berlin, Germany, and agencies through- out the world. The world-wide dis- tribution of linotypes wes further em- hasized today by visitors to Wi hln'-,‘ Jom from South Africa, who faid that the Johannesburg, South Africa, Star has more than 40 linotypes in its plant. | Business Crises Listed. The Frontier Press Co. of Buffalo has published a copyrighted tabulation_in the Lincoln Library of Essential In- formation which shows there have been 43 business crises since 1560. A study of the data prepared by Fra- wler Jelke Co. shows that approximately 111 of the past 371 years have witnessed business depressions of varying severity; that the duration of these crises and depressions has ranged from a few weeks to 16 years and averaged a littie more than 2!, years each, and that the same general causes seldom have occasioned any two adjustments. Five crises have lasted less than 1 ; eight, 1 year; eleven, about 2 three, 3 years; four, 4 years; 5 years; one, 6 yeirs; one, 7 years; cne 10 years, and one, 16 years. “The causes listed are interesting. says the summary. “Directly or inai- rectly, war has been a factor in 19 ad- justments, over-speculation in 18, de- fation in 13, weak governments in 10; plaguss or bad harvests in 9, foreign conditions in 7 and bank runs in at Jeast 3. In each case there have, of course, been collateral facters which are not listed. “It is impossible to apply any yard- stick to depressions, for the causes of | no two are alike, and duration is any- thing but uniform. Fernaps the out- standing causes of the present situation are an unprecedented burden of inter- national, National, Feceral, State, mu- nicipal, corporate, private and personal debt, the repayment of which is made increasingly difficult by declining price levels and the gradual decrease in the demand for labor caused by the exten- ::e substitution of machipes for human ort. “We have confidence that the world gradually will work out of the present mfi!fi:&m and difficult situation, but we ve the recovery will be much more gradual than almost every one assumed a year ago.” Alr Transport Rate Cut. Despite the fact that air transport fines generally are unable fo operate pmau!fly at the present fime rather sharp reductions are being made in nger fares, says the Standard Sta- Co. of New York in a current survey which continues, in part: “Leading concerns in line, in- cluding Century Alr Lines, Transcon- tinental & Western, United Aircraft & Transport and Aviation .Corporation, recently have cut transportation rates materially, some reductions amounting to as much as 20 per cént. The one- way rate between Los Angeles and San Francisco, for example, has been forced down to such an extent that it is now che r to travel this distance by air than by train. Transcontinental fares lkewise have been reduced, and the is continuing on shorter lines Where competition is particularly keen. Regular C. & O. Dividend. Chesapeake & Ohjo Railway directors | today declared the regular quarterly dividend of 62'; cents on the common stock. July net operating income was | listed at $3 634,453, as against $3,119,825 in July, 1630, while seven months net operating income was $19,564,964, as sgainst $21,445,350. Schiavone Re-Elected. 1 Joseph Schiavone was re-elected pres- | §dent of the Citizens' Mortgage Cor-| poration at a meeting of stockholde: when' these other officers also were named: Dr. Salvatore Floria, vice pres- | ident and treasurer: Miss Julia Kraus. gecretary. Directors re-elected were: | Louls Carl, John E. Gill, Salvatore; Federico, 8. Schiavons, Dr. S. Floria, John Rubino. i Trading on D. C. Exchange. Bonds of the Capital Traction Co which yesterday announced increased earnings for July, sold a fraction high- | er on the Washington Stock Exchange today, when a 5 per cent $1,000 bond went at 833, as against prior sale rice. Discussion of the traction earn- ngs today pointed to the fact that Ji Jast year was the last of the mfly.}v in which the lowe: rate of fare b reflected in u as the 10-cent eas! fare went into effect year. Thus the 2 figures on ear are expected to b more truly comparable as to the actual net ‘Other utilities sold in moderate trad- | ing at prices fluctuating only slightly. Chapin Sacks 8 per cent preferred sold t 1087 i 'V\' 1ington Clearing House figures for today: $3.713.009.93. H Tonging Rules Changed. BALTIMORE, August 19 (Special) In preparation for the opening of the| oyster-tonging season September 1 Swepson Earle, State conservation com- | missioner, has made changes in the| tonging aress of the Great Choptank River and neighboring waters | The former line for oyster scraping | has moved south from the mouth of; Harris Creek, Cambridge, end the Tred | ‘Avon River to Careful Haven and Biack Walnut Beacon. This change, the con- | servation comsissioner said, will throw open about half of the Grest Choptank River and the other waters north and, east of the line to tongers alone. NEW YORK BANK STOCKS | NEW YORK, August 19 (%) —OVer- the-counter market: America .. Chase . ' Phenix Note—All stocks are sold in one hundred-share lets excepting those designated by the letter s (80s) (250s). ~Prev, 1951 High. ‘Low. 3815 2814 92 2% 109% 201 12% 59 182% 23 12% 3% 185 BRIy 4 11 814 60 201% 132% 804y 28 11% 8314 224 NEW YORK STOCK EXCHANGE Mecelved by Private Wire Direct to The Star Office. Bales— Add 00. High. Abraham Strauss... 1 Adams Express (1) . Adams Exp pt (5) Adams Millis (2). Air Reduction(t4%). Alaska Juneau (40¢) Allegany Corp. ..... Alleg Cp pf w $40 w. Allied Ch&Dye (n6). Amerada Corp (2) Am Prake S10e Am Can Co 115).. Am Chicle (13).. Am Comel Alcohol Am Buropean Secur. Am & For Power. ... Am & For Pwr 2d pf. Am Haw SUShip (1) Am Hide & J.eath pf. Am Ice Co (3). Am International. .. Am La France&Fom . Am Locomotive (1). Am Mch & Fdy 1.40. . Am Mach & Metals. . Am Metal Co. Am Natura) Gas pf. Am Pwr & Lt (21) Am Pwr & Lt of (6). Am Radiator (60¢).. Am Republic Am Rolling Mill Am Ship & Com . Am Smelt Ref (2 Am Solv & Chemical. Am Solv & Chem pf. Am Steel Found (1) Am Sugar Ref (5)... Am Tel & Teleg (9) Am Tobaero B (16) .. Am Walter Wks (3) . Am Woolen Co pt. .. Am Zinc & Lead. .. .. Anaconda Cop (1% ). Anaconda W & C (1), Archer Daniel Mid, . Arnold Constable . Associated Apparel.. Asso Dry G (24). .. 2 Assoctated Of1 (1.40) 1008 Atch To&S Fe (10).. 10 Atlantic Refining (1) 52 Auburn Auto (£4)... 45 Autosales e 5 Aviation Corp (Del). 1 Baldwin Locomotive 8 Balto & Ohlo (5). .. 19 Balto & Ohfo pf (4).. 2 Bang & Aroos (3%).. 1 Barnsdall Corp'n. ... 105 Bayuk Cig 1st pf 17). 108 Beatrice Cream (4).. 1 Belding-Homingway 42 Bendix Aviation (1). 26 Best & Co (2) REL T Bethlehem Steel (2). 43 Bethlehem Stl pt (7) 1 Blaw-Knox (1).. . 2 Bohn Alumn (1%) 67 Borden Co (k3) 13 Borg Warner (1).... Botany Con Min (A). Briges Mfg (11%) Brockway Mot Trk. . Brockway Mot T- pf. Bkiyn-Man Tran (4). Bklyn-Man Tr pf (6) Bruns Term & Rwwya, Bucyrus-Erie cv pf. . Budd Wheel (1).. 40, 2 s B R e T LT L T Ity 4 Bullard Co. 188, 185% 118 21% 69 9% Burrough A ick Co. . ‘anada Dry G A () anadian Pacific 1% . Car Clin & O ata (5). ‘avanaugh-Dobbs p “elotex pt 8 ent Aguirre (134).. erro de Pasco (1) Certain-teed Prod. .. Ches & Ohio (214). .. Chesapeake Corp(3). Chi Great Western. . Chi Mil StP & Pac... . Chi M1 StP & TFacpf. Chi & Northwest (4). Chi Pneu Tool. ChiRI& Pac (m2K) Chi R1& Pacpf (6). Chi Yellow Cab (3).. 10 Childs Company Chrysler Corp (1) ... te-Pal-P (%), Calg-Palm-P pt (6) . Collins & Alkman. Colonial Beacon. . Col Gas&Elec (2) Col Gas&El pf A (8). 0l GAS&EL pf B (5). Columb Graph (36¢). Col Graph cfs (36c). olumb Carbon (5).. Comel Credit (2) Comel Credit A (2) .. Comcl Cred pf B 1108 “omel Inv Trust ( 2 somel Inv Trpf 615 . 208 ‘omel Solvents (1) ‘omwith&Sou (40c) . ‘omwith&Sou pf (£) FTrmonamaoSun~ » amude N EEE I 2 “onsol ¢ “onsol Textile “ontl Baking (A ontl Baking (B) ontl Can (2 ontl Dia Fibre (1 itl Motors “on'1 Oil (Del) “ontl Shares. . “orn Products ( “oty 1nc ‘rex Carpet ‘rucible Steel pf ¢ “uba Cane Produ b Co. ., .. .. n Doran § ‘udahy Packing (4) ‘urtis Publish (4) Curtiss Wright Curtis Wright (A) Cushmans pf (7 Cushmans pf () Deere & CopL (1.40) Delaware & Hud (9) Del Lack & Wn (1) Diamond Mateh (1 Dome Mines (1) Domn Stores (1.3 Drug Corp (4) Dupont de Nem (4) Du Pont de N pf () stern Holl Millz stman Kodak (18) ton Axle (1.60). ington-Schild pf. c Auto Lite (8) c&Musical lnstru 8 e Pwr & Lt (1) ” P 1 1008 b} Federated Dept Sirs Firestone T&R pi(6) First Natl Strs (2%) 1 Fisk Rubber . Fixk Rubber 131 pf . . 1608 Fisk Rub 18t pf conv 108 Follonsbee Bros Foster Wheeler Foundation ¢ Fourth Nat Inv mise Fox Film (A) (218). e (3) mewell C Gen Am Tank Cari4) Gen Aspha't (2). Gen Baking (2). Gon Bron; % Gen Cable Gen Cable (A) Gen Etectric (1 13en E'ec spec Gen Food Corp (3). . Gen GaskEl A (e30c) Gen Mil's (3). Gen Motors (3). Gen Motors pf (5) Gen Prig Ink (2%) Gen Puilic Service. .2 felece-Pul alacn~ # B e 58 B wFRWlE Low. 38 14% 86 29% 80% 16% 5% 19% 113% 19% 2714 934 44n 8 20% 28% Prev. Close. Close. 88 384 145 14% 86 B6Y 30% 30 81 80 1% 16% 6 [ 20 204 114 2135 19\.) 9 27% 2T 4% 94% 4% 44 9 81 201 2014 5 224 1 31 314 N 2% 2% 5% 16% 5514 56 172% 173 120 1208 4T AT 354 35% 514 6% 24% 25 20% 201 0% 10% e 815 8% 191 19% 28% 20% 138% 137 178 17 138 137 1 1% 3% 4 18% 13% AT a6% 64 65 49% 50 9 9% 81% 80 60 604 5% 6 21% 21% 395 39% 40% 401 103% 103 17% 174 40 413 591 59 9% 19% 3 2 14 18% X 10 10 5914 60% 91 91 5% 6% 3% 14 M BY 1 1% 24% 24| 115 31 31m 281 37 : 105% | 93%, 84 ™ ~Prev, 1931 High. Low. 231 9615 6% BOs 9, 19% 94 119% 103% 37 9% 6815 14 29% 26 89 an 4n 86 1% 12% 57'3 K09, 12813 113% 55 27% 351s BT 4% 69% 34% 918 Bb'a 6315 107% 118 71 52 214 10 11 3815 2 211 ats 9% 19'% 1% 16 17 6% 2T 1% 37w 16% 48% 6 9 181 461 18% 11 360 40% 116 30 107 42 18 814 Stock and Dividend Rate. Goodvear 1St pf (7). 1 Gotham pf Xw (7)...1008 Graham-Falge. . n Min (1 1Strs (h1).. nion. . . Grand Unlon pf (3)., Grant (WT) (1).... Great Northn pf(4) . Great Northn Ore(2) Great Wn Sug pf ( Grigsby Grunow P Stores. 1(WF) (1 Hanna pf (7) y Hercules Pow pf (1) Hershey Choc (5) Holland Furn ( Houdalille Hershey Houston Ofl. Houston O1l (new) Howe Sound (2) . Hudson Motor (1) 2 o 19PN 11 ntral (4)., Indian Motor Cycle. . Indian Refiningff. . .. Indust Ravon (4). Inspiration Copper. . Insuranshares Del A Insur Sh (Md) (40¢) . Interboro Rap Trans culture, . . ulture pf. .. Machine (n6) “arriers,Ltd 50c. nt Cergent (4) : Int Combustion. . ... Int Harvester (215 Int Hydro E1 A ¢ Int Match pf (4), nt Merchant Marine. Int Nick of Can(46c) Int Paper & Pwr pf.. Int Shoe (3)........ Int Tel & Teleg (2).. Iat Dept Stores (2).. Interst D 8 pf 3w o Jewel Tea (4) . . Johns-Manville (3).. fones & Langh pf(7) an City Sou pf (1), Kelsey-Hayes Wheel Kelvinator Corp. . Kennecott Copper(1) (GR) Copt. (SS) (1.80) . S) pf (7)., Kress (SH) Co (1), Kreuger & T(m1.61). Kroger Grocery (1). Tambext Co (8). Leo Rubber & Tire Lehman Corp (3). Lehn & Fink (3). Ligg & Mvers B (45 Tiquid Carbonic (3). Loew's Inc (3)...... Loft Inc. . . Loose- Wit 0).. Lorrillard (P) Co. Loulsiana O La 01l pt (% g Lou Gas&El A (1%). Ludlum Steel....... Mclntyre Pore M(1). McKesson & Rob(1). Macy (RH)& Co(n3). Mad Sq Garden (60c) Magma Copper (2). ManhatElev mod gtd Maracafbo Oil Exp Marine Midld (1.20). Marmon Motor Car. . Mathieson Alkili (2) Melville Shoe (2). Miami Copper....... Mid Continent Petm. Midland Steel (3). Midland Steel pt (8). Minn Moline Pow.. Mo Kan & Texas. Missourt Pacific. ... Missouri Pac pf (5). Mohawk Carpet. . Montgomery Ward Motor Meter G & Motor Products (2). Mulling Mfg........ Mullins Mfg pf (7). & Murray Corp. ash Motors (4) at Acme Co at Bella Hess uit (2.80) at Cash Register A Nat Dairy (2.60) Nat Dist I'rod ( Nat Lead pf A Nat Lead pf B ( Pwr& Lt (1 Nat Ry Mex 2d pf Nat Supply Co Nat Supply pf (T) Nat Te; Nevada Cop Newport Co (1).. Chi & StLpE. ... ¢ N H & Hart (6).. NH&HDp ¥ Ont & Western ¢ Shipbuflding \ Y Shipblde pf(7) ¥ Steam pf (6) X Steam 1st pf oranda Mines. . Norfolk & Southe: Norf & Westn (t North Am Aviati Nor Amer(b10% stk) North Amer pf (1) r Lloyd m2 58 3108 Omiiibus Co Orph ard Motor (400) handle Pro& et Corpof A Phelps Dodge Phila Co new Ph 6% pf (3 ips-Jones ips Petrol oil Pierce Ol pf.. >jerce Fetrolenm 40) reh Steel sittsheh Unit pf (7 & Co (B) t R Am Tob (B trie Oil & G . >ralrie Pipe Line(3) 'ressed Steel Car Proct & Gamb (2.40) Proc &Gamb pt (5 Pro & Refiners Public Sve NJ (340, T of (5) T pt (6) N Ipti7) Publ Publ Punta Alegr + Pure Ol R 98 9 15% % 10% 3is 44 K & Purity Bakeries =70 Corp .. adio Corp (B) (5 Remingtor Reo Motos Republic Republic Steel pf Reynolds Tob B (3).. ATeway Stores Safeway Strs pf StL-San Franciseo. . StL-Sau Fran pf(6) Seaboard Air Line Seaboard OIl . Seagrave {60c). ‘Sears Roebuck (233), eou Copper B Tne. &nt Dobme. ... ttucl ) (+13%) Shell OM....... Shell UnOILpl(5%). Fa) Almmahs 2opsss Sales— 2 Add 00. High. Low. Close. Close. 841y Rt 68U 12 16 1615 44 Rd5 681 2% Prev. 841y BRL, x 165 143 85 1167% 98 6 4578 19 . | with cotton 31 1% 24 49 6% 13% 201 49% 9 _"* | gasoline and ¢ 28 114 70 % 54 2614 ' | Was 26 4814 49 18% 3 30 3015 124 13% 4 ! instance the N . | ceding seven-day period Y v | well 5u | June 30, $33 | previous week and 964, STOCKS IRREGULAR INDRAGGY MARKET |0il Shares Continue to At-! tract Buyers on Better Trade Prospect. BY GEORGE T. HUGHES. Special Dispateh to The Star NEW YORK, August 19 —In only one | group was there any significant move- | | ment in the stock market today and | that was in the oils. Petroleum shares | rong, with the leaders at new | < on the rally. Otherwise, the list luctuated through a narrow range and off without important change H he last hour saw & new vear high | - Safeway Stores and a rather sharp | ce in United States Industrial | Alcohol, but these were exceptions. | rican Telephone & Telegraph made Janguid response to the declaration of | | the regular dividend. Reails sold off at | times, but_were never % | |~ Commodity marke . d corn at new J be 3 o'cloc it nounced that Shell Ur omitted the dividend on its preferred stock The feature of the first b session was the demand for particularly the lower-priced issues. It was still based on the benefits suppcsed to accrue from the cut down of pro- duction in Texas and Oklahoma. For | |tbe week ending August 15 the daily | average output of crude oil for the {whole country dropped 57,050 barrels | | from the preceding week. Estimates of {the reduction resulting from the shut- Gown of wells ordered by the Governors | of Texas and Okiahoma run as high as 11,000,000 Meanwhile, there has | {been’ a of prices, both for ude | | New highs on the move were made by | Stan Oil of New Jersey and Stand- | Texas C left | i lows convertible If of the | the oils, | ha rporation ran | ho ver, be- }C;\\ e of the of the regular | dividend the ~day oil Union Ofl of Califcrnia ‘and Socony- | Vacuum were strong, the latter at the best since listing | The selling in the general list, it was belleved, represented the lighidation of certain &pecial accounts rather than any feeling that the business situation was | becoming worse. This was said to be | |the case with General Motogs, which under pressure today. s it had been on Tuesday. U. S. Steel sold off similarly, although the weekly steel re- | views were not pessimistic. The Iros Age spoke of a slight gain in demand, “mainly as a result of specificatiohs | from the automobile industry.” It fixed average rate of operation at 32 per cent, against 30 per cent a week ago. up over a Railroad stocks were heavy, althgugh | | there was no large volume. The car | showing a greater than decrease, was disappointing. | So were some of the loading statistics | { given out by individual roads, as for ew York Central, which | reported a felling off of 19.8 per cent for the week ending August 15, com- pared with the same week a year: ago. | The drop was 18.2 per cent in the pre- CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS ing is a summary of impertant corpora- tion news prepared by the Standard Statistics Co., Inc, New York, for the | | Associated Press. i News Trend. Revenue 1 ht cars loadings for the week ended t 8 declined to 734,780 cars from 757.293 cars in the| 7 cars in the like week of last year, according to the American Railway Association. This i | | discouraging as the decline was of { ereater proportions then is customary | at this season of the year. Decreases | were reported in all commodities with | the exception of forest products and | merchandise in less then car lots. i The shutdown in Oklahoma was | { responsible for a decline of 57,050 | | barrels in the daily average crude of { production which the American Petro- { leum Institute reports totaled 2.498,500 | | barrels for the week ended August | East Texas outp: was 83,850 barre! | greater than in preceding week { the shutdown of wells in that district | | by Gov. Sterling was not effected until {the beginning of this week. Gasolin at refin as d 34,534,000 barre barrels from the previous The Companies. Chesapeake & Ohio Railroad—July net operating income up 164 per cent seven months, off 8:8 por tent Hayes Body deficit, six months to June 30, $163.436 vs. deficit §385.768. Warren (8. Dak.), Co., common share carnings, six months to June 30, 58 cents vs. $3.98. | American Can—Savannah plant en- | 1arges output as result of contract with seneral Foods Corp., to supply o Honse Coffee with over 1,000,000 | cans ‘monthl; American Colortype on { dividend: previously paid 20 | terly | Aviation Corp. carried excluded | Omaha-Atianta and r routes up 8.5 per s common nts quar- (Del), June pouncage Albany-Nashville, | Canada Bread Co, preference share earnir June 30, $4.71 vs. $1398 Cincinnati St. Rwy. J $185.847 | Derby Oil & Refining deficit, 6 'months to June 3, $75953 vs. net income of | 8322210, equal to $1.07 a common | are | Ford Motor Co, about 1 per plen: Hi Ltd cent Wages reduced | 2 in Irish tractor e (R) & Co. deficit, 6 months to vs. net income $196,981 | equal to $2.05 a class a share. 14 101% 120% 1394, Insurance shar certificates liquid- g value June 3, 1931, $9.30 a com- mon shares vs, §9:50 December 31, 1930 { Intercontinental Rubber deficit, 6 | months to June 30, $154,714 vs. deficit | s91,273 | Louisiana OIl Refining deficit, 6 months to June 30, $1,058,997 vs. net income before Federal taxes, $47.810, | | equal to $1.20 a preferred share. ; | New York, Ontario & Western | | | Railway—July net about $230,000, vs. $185,000. Ohio Oll marks up crude 15 cents per barrel on all grades Park & Tilford deficit. six months to June 30, $151,353, vs. net income, $169,- 371, equal to 77 cents & common share. | Simmons - Boardman Publishing— | Passes proferred dividend, prewiously | paid 75 cents quarterls | Southwestern Bell Telephone $7 pre- | ferred share earnings, six months to June 30, $39.30, vs. $41.32. | Cluett, Peabody & Co.—Leominster | plant reported operating on full-time schedule, first time in 18 months. | Sheaffer (W. A.) Pen—Declares 50 | cents extra, and regular semi-annual $1 ‘Warner-Quinlan marks up bulk price of gasoline % cent in New York area .| common dividends. refinery. *| Kansas City Southern Raliway (in~ ‘Texarkana cluding ' & Fort Smith Rail- ‘way)—July net aperating income off 52.1 per cent, seven months off 268 LA T NEW YORK, August 19.—~The follow- | ¥ lat | SCHEDULES INCREASED BY CORD CORPORATION LOS ANGELES, 1. B. Manning, vic Cord Corporation, anr that in order to m mand for air transportation, schedules on the Century-Pacific Lines, Ltd., a Cord Corporation unit, would be in- creased 25 per cent at a very early date. The incremsed schedules follow a tour by Manning, who has been here for the Jast week inspecting the company's service, equipment. terminal facilities and studying traffic_possibilit Two additional Stinson tri-motored 10-passenger airliners have already been ordered for the added service, Manning said. ‘The Century-Pacific Lines ar now operating 58 daily schedules, cover- ing 5,894 miles daily between Santiago, Los Angeles, Balersfield, Fresno, Oak- land and San Francisco. Manning an- nounced that the West Coast division Wwas now operating over per cent of capacity. Jif., August 19— president of the unced yesterday the public_ de- BANKING INSTITUTE POLICY 15 PRAISED Washington Chapter’s Finan- ! cial Rules Win Favor of Convention. Success of the financial policy of the Washington Chapter, American In- stitute of Banking, is being broadcast throughout the United States in the proceedings of the annual convention of the American Institute of Banking first copies of which have just been re- celved here by Aubrey O. Dooley, pres- ident of the Washington chapter. The local policy was explained to the chapter administration conference of the annual convention at Pittsburgh, last June, by Frank M. Perley of the American’ Security & Trust Co. who was president of the chapter last year According to the official proceeding: just out, Mr. Perley explained to the conference that the local chapter had placed in-effect a scale of tuition prices of $5 for the elementary courses, $10 for the standard courses and $15 for the griduate courses Results Obtained. “Cur results” Mr. Perley “have been very pleasing. As far as engollments are concerned. for our first semester we had 36 2 more than the came period last year. For our explained. | second semester we had an enrollment ©f 295. or 17 less than last year. The total for the year was 664, or only 15 less than last year. ‘The actual decrease in our enroll- ments, therefore, was 2.3 per cent. We felt as a number of you feel, that we ould allow for a decrease of from 15 to 20 per cent The most gratifying thing, however. was the decrease in our class mortality. For the first semester we had 16.77 per cent: for the second semester it dropped | to 12.14 per cent, or an average for the vear of 14.92 per cent. which was over 5 per cent lower than we have ever had_heretofore. “Now as to membership. W mated that our to drop from , to some- 815, which it wi y thing like 600. We actually ended the { vear with 715, or a decrease of only 66. We ‘believe that that can be partly at- tributed to other conditions than existed | in the banks of the city. “The most pleasant thing of all was the finances. On June 1 of last year e had a balance of $81.86, and we beequently had to secure from our bankers' association & loan of $1,000. We have repaid this loan, have paid all the debts of the chapter, and on June 1, of this year we had'a balance of $1,567.37 Asked to explain further the finances | of the chapter, Mr. Perley said: “Here- tofore our dues have averaged us about $3400 a year. We only charged tuition on the graduate courses and from that ved a little over $2,500 a year. getting these figures from other chapters we prepared a budget this year. We estimated that we should re- ive $3400 from dues and $5,500 from tuitions. That s an increase of about 000, an additional source of income, These two make a total of $8,900. We actually received $8904. Income Estimated. “In the budget we also estimated that our income for the year $18.065. We ac v received $18,498, a little over $400 more than we figured. On our expenses we estimated $18,386.65. We actually spent $17,012.85. “The summary is that we, by means of th little over $4,000 additional revenue for the year for a chapter of nearly 800 Mr. Perley was congratulated and ap- preciation \-as expressed to him for his presentation of the local chapter case Mr. Dooley, who last year was chair- | man of the Publicity Committee for the national organization A. 1. B., reported the Chapter Publicity Conference, over which he presided. Explaining the | work of his committee, Mr. Dooley, ac- cording to the record just made public, also told of obtaining a number of ticles by prominent bankers and plac- g them in leading national publica- tions in the country. These men in- uded Rome Stephenso: cphenson, Craig B. Hazelwood, F. N | Shepherd and other: Electric Current Sales. NEW YORK, August 19 (#).—Total | sales of clectrical current in the United { States for the first half this year amounted to 36,248.664,000 kilowatt a decrease of 4.3 per cent from the like perfod of 1930, e National Electric Light Association ports. Total revenues for the period were $1,000,050,200, a decrease of eight- tenths of 1 per cent from the first half of 1930, but an increase of 4.3 per cent over_the corresponding period of 1929. Auccan TELEPHORE WD TELEGRAPH CompaY 168th Dividend Tue regular quarterly dividend of Two Dollars and Twenty - Five Cents ($2.25) per share will be aid on October 15, 1931, to stock- olders of record at the close of business on September 19, 1931, loans on_improved Real Estate in nearby Montgomery have adequate funds for I | County, Md, and the District I of Columbia for periods of 3, | 5 or 10 years. Prompt deci- sions given applicationss 5:/‘%"% BOSS and PHELPS o s 3013 K would be | tuition, provided for ourselves a | Gilbert, | 'WIDER INSURANCE COVERAGE OFFERED New Burglary and Robbery' Policies Provided for Storekeepers. BY ROLLIN M. CLARK. Insurance is constantly developing 1new forms of protection to meet pres | ent-day needs. The latest development {18 a new burglary and robbery policy for storekeepers. just announced by th: leading casualty companies affillated with the National Bureau of Casualty and Surety Underwrite: 1 signed to meet today's crime con- itions, this policy differs from fits edecessors in that it groups in one con- | tract coverage against all conceivable | hazards of criminal violence and strong- {arm methods. Heretofore a_storekeeper {'has been compelled te purchase several | | different policies in order to obtain com- | piete protection Jsually he purchased {one, and when a loss occurred found that he lacked the proper coverage. Wide Coverage. The new policy is to be written with | seven indemnity clauses, each covering | against a specific hazard up to $250. When additional protection is neede multiple policies may be taken out. The insurance will be continuous, s any number of bona fide burg | robberies occurring in a given year will | be covered without diminution of cov- | erage or extra premium payments The harards insured against under new contract include ‘kidnaping,’ when the victim is forced to go back to the store to open the safe; robbery in the home of money or securities used in the business, hold-ups. either in the store or on the street; sa | burglary or robbery, open stock bur- glary or robbery, burglary from a bank | night depository and also property dam- |age due to or caused by burglary or { robbery. For ‘rating purposes the country is| | divided into four territories, with sepa- | rate rates in each. These reflect the ompanies’ experience, and thus show the varying hazard in different parts of | the country. The highest rate is $50 for' a single policy, charged in Chicago and Cook and | Lake Countles, Ill, and Detroit and | Wayne County, Mich. A $40 rate will be | Jused in Los Angeles and San PFrancisco | | Counties, Calif.; Johnson and Wyandotte | | Counties, Kans. (Kansas City section), | and Jackson and St. Louis Counties, | Mo. The rate is $35 in Florida; Henne- | | pin and Ramsey Counties, Minn. (Min- | neapolis and St. Paul section) : Dou.lu] { County, Nebr. (Omaha. section); Bronx, | Queens and Manhattan boroughs, N. Y. | | (New York City section): Cleveland and | {Cuyahoga County. Ohio, and King | | County, Wash. (Seattle section). Cost Reduced. Being issued at a flat premium charge, the new policy sells for a frac- onal part of the cost of similar cover- age under old policy forms, the national | bureau states. The purpose behind the development of the new form, of course, |is to make this line more attractive and more productive as a source of b ness. Unless the crime wave suddenly | | abates, its popularity seems assured. | | Another new policy just announced | by these same companiés is public li bility protection for owners of motor || { boats.” While some individual com- | panies have written this coverage in | | the past, this is the first time a definite |rating method has been formulated for the use of all member companies of |the bureau. It is not large boats now covered by marine in- | owners ‘of outboard craft and mlkr[ |inboard boats, which today are not | generally covered by marine policies. (Copyright, i931.) COPPER OUTPUT REDUCED. NEW YORK, August 19 (#).—World smelter production of copper, as dis- | tinguished from refinery output, showed a decrease in July to 121,260 short! {tons, from 126,722 tons in June and | 148,929 tons in July a year ago, the| American Bureau of Metal Statistics re- ports. { ‘The daily rate of world copper output | last month dropped to 3,912 tons, against 4, tons in June and 4,804 ' tons in July of 1930. Organized 1879 JOHN JOY EDSON, President desire to to pur- Those who borrow money chase a home, refinance present indebtedness or improve property, should see us. Applications will receive prompt and cour- teous attention. No Brokerage . That The safety. offer the int ver a Third of a Century Without - a change to t May be 16% designea for | || | surance, but is expected to appeal to || isn't ment worthy of your participation. important Our 69, FIRST MORTGAGES security for your principal, sented by conservatively appraised improved Washington real estate; and very liberal interest return on vour SAFE investment—for the 6% is definitely fixed and will not 1 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Serles of Stock New Opem For Subscription James E. Connelly James F. Shea President Secreiary Money to Loan Secured by first deed of trust an real estate. Frevalling interest and. commission: Joseph 1. Weller g3 D. C. Real Estate LOANS 6% Payments arranged on easy terms by our Loan Plan, e o 00000 Open Daily 9 te § Saturdays Until Noon The COMMERCIAL NATIONAL BANK 14th and G Streets _Banking in All of Its Phases You can build up a steady in- come by ifivesting your surplus funds in Safe Guaranty First Mortgage Securities Ideal Investment . Non-fluctuating investments se- cured on income-) , cone servatively appraised properties Yilg;ll here in the NATION'S Cap- tal. Denominations as low as $100 Monthiy Payments if Devired Send for Booklet, " The Success Plan” REALESTATE MORTGAGE & GUARANTY CORPDRATION 0 K St N.W. National 1403 Equitable Co-Operative Bg.s’n 51st YEAR COMPLETED WALTER S. PRATT, Jr, Secretary See Us If You Wish a Loan on Real Estate or to Take Up a First Mortgage Loans Repayable Monthly . No Commissions 915 F ST. N.W. DON’T DREAM OF “EASY MCNEY” the type of invest- consideration is eresting qualifications of repre- he very day of maturity, purchased in amounts from $250 up,