Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-10

other employees, are well known. The
company'S product has been going
ahead rapidly. Earnings for the past
seven years have naturally fuctuated
with general business conditions, since
It's sales are dependent upon all kinds
of business, but they have averaged
$4.76 a share on the class A. Last year
earnings mounted to $521 a share and
current earnings are above this level.
One must realize, however, that gen.
eral business is at present very good
and that less prosperous general con-
dition has always affected this COM
pany's earnings. While officials of the
company are now forecasting 100
million dollar volume of business year.
ly by 1894, that period is five years
OF. If this prediction materializes the
stock could earn more than $40
share. At present, however, it is earn
ing at the rate of about Sc and Is pay
ing 81. At 100 the yield is 81 per
cent. There Is always the possibility,
however, that the company will offer
rights to stockholders to subscribe to
new stock, as 1t did last December.
National Cash Register stock has been
affected by the trend Of the general
market and general business conditions
In the past.
International Business Machine.
The International Business Machine
Corporation also manufactures ma
chimes designed to make many kinds
of businesses more efficient. This COM
pany holds stock in various COM
panies which are engaged in making
wide variety of machines, including
DAYTON Scales" meat and coffee grind
ers, slicing machines, time recorders,
time stamps, elapsed time machines
and the complicated Hollereth tabu-
lating machine. Some of these prod
ucts have q wide market, while the
market for others Is quite limited. In
fact, the high cost of some Of the ma
chimes makes it advisable for the COM
pany to rent rather than sell them.
Internationals business has been
stabilized to a remarkable degree. Earn
ings have climbed steadily from a low
of $1.53 a share in 1921 to 1927 last
year. averaging SIS 26 for the eight years.
From the time it was first organized the
company has been consistently strength
ening its financial position and Is now
so established that it expects earnings
to continue to expand in the future.
Although the current dividend OF So
Yields only 81 per cent at present prices,
per cent stock dividend, paid last
December, furnished additional income
to stockholders. This company Is EARN
ing its dividend by large margin, and
it has been officially announced that
further stock dividends will be made.
Like other stocks dependent to an
unusual degree upon business prosper
ity. International Business Machine VII!
probably be affected by the swings OF
general business. On the other hand,
the steadily increasing demand for the
company,s products will help to Offset
any temporary decline In business &C
tivity.
Burroughs Adding Machine.
The Burroughs Adding Machine Co.
is one of the oldest manufacturers OF
business machines, dating back to 1880.
The company has expanded gradually
as the demand for its product grew and
as new inventions made Improvements
and new machines possible. Burroughs
now makes a complete line OF adding,
listing, bookkeeping, billing and calcu-
lating machines. 1t has over 160 service
stations In this country and many for
eign subsidiaries.
Although Burroughs financial condi-
ton has improved with its growth and
earnings have risen steadily, many are
at q loss to justify the present high
price Of It's stock. TO be sure, its price
has not risen any more proportionately
In the last two years than that OF the
two companies mentioned above, but its
present price Of around ATS shows Q
dividend yield Of only - per cent and
only 3 per cent on last years record
earnings Of $8.27 9 share. Earnings LOT