Evening star., 1921-06-02
GRAPHOPHONE CO.
PASSESPAyMENT
Preferred Dividend Not De.
cIared-Business Said to
Show Some Gain.
BY I. A. FLEMING.

Directors Of the Columbia Graphic
phone Company met yesterday and
postponed the payment of the divi-
dend on the preferred stock. Because
the dividend is cumulative 1t was not
passed. but the fact that it was not
declared is equivalent to the same
thing.
This will be the second keen dis
appointment to many Graphophone
s1areholders in this city, the first
coming when the directors passed the
common distribution. and now fol-
lows like action with the preferred.
;-.t,osd Mos very ea long n. az ago this company
make way for a preferred stock issue
that was to be safe and sane. It was
marketed at IS, while the common
STOCK less than two years ago sold
at 75. Today the common is 6X to z
ana the preferred 80.
AS 10 the company's business at this
time. report says that the low point in
macnines was passed in February and
one low point on records in March.
since then there has. been some i'm
provement in the demand for ma
enlnes and records. but it is a notable
Iac that the inquiry is largely for
the higher grades of machines.
Inc company has cut wages and put
economies in force wherever possible,
is not manufacturing any machines at
tnis time, reducing the inventory by
sales. is making records. and reducing
oank loans wherever possible. Work
on the Baltimore factory has stopped
ana the completed part is being used
Ior storage of cases. The Canadian
factory Is being operated.
Election Of Trustees.
The annual meeting of the. East
Washington Savings Bank was held
yesterday and fifteen trustees were
elected for the coming year. as fol-
lows: John c. W. Beall, Albert Garry,
Gratz =. Dunkum, Lewis Flemer, John
Ford. W. P. c. Hazen, William A.
Lynch. Charles A. Mccarthy. Henry
II. Mckee. Morris E. NARROW, William
n. Payne, jr.; Samuel H. Walker,
Lewis D. Wilson and John c. Yost
Officers will be elected June IA.
Csnvention Notes.
Frank J. Hogan has announced the
SUBJECT upon which he will talk at the
District of Columbia Bankers Associ-
alton as "Hampering Business by Too
Many Laws"
That the address will be interesting
and important is unquestioned..
George o. Watson, chairman of the
general convention committee, waited
on Secretary Mellon this morning and
extended an. invitation to the conven-
tion. The Secretary expressed the
keenest interest in the organization
and regretted that the press of pub
lie business of vital importance would
keep him in Washington contin-
uously.
An invitation extended to Controller
Crissinger was regretfully declined, as
he will be absent from the city on busi-
ness during the convention period.
A golf tournament. with a prize
for each member of the winning team,
has been scheduled between the
Vegetarians and the Beefeaters OF the
profession. Handicaps should be sent
to c. H. Pope, chairman, Munsey Trust
Company, as soon as possible. Name of
club and record Of three best rounds in
last six months is desired.
Local Securities.
Trading was again slow. Washing
ton Gas sold at Az. Railway As
made a new high for the year when
they sold at 81. Potomac Electric
general IS brought 94A and a few
shares of Mergenthaler sold at 121.
Money was quoted at 81. to to 7N
per cent.
The Days Clearings.
Washington bank clearings today