Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-15

Milbank and Jack m
son E. Reynolds OF
New York
Local stockhold- Fairssx H.vr,sor
erS were intensely
interested in the statement made by
stock dividends.
The management does not expect to
cut or pass the dividend and the present
prospects are for its maintenance, Presi-
dent Harrison said, unless general con-
ditions reach the stage where it be-
comes impossible for industy in general
to maintain itself on a dividend basis.
He did not look for such development.
President Harrison would not give an
opinion on the legality of the payment
of common dividends out of accumulated
surplus. He said there was no prospect
of the management ha wing to deal with
this problem in either 1890 or 1881 and
that therefore, it was hypothetical.
Preferred Dividend Covered.
Earnings from operations in 1880 to
date have been sufficient to cover oper-
ating expenses and preferred dividend
requirements, but not sufficient for any
payment on the common, President
Harrison said Other income from
Southern's investments for the current
year is likely to equal about 5 per cent
on the common stock and the manage
ment will dip into previous years earn
ings to make the 8 per cent common
dividend.
The Southern earned $11.65 in 1929,
out Of which per cent has been appro-
priated for 1890 common dividends, so
there remains S3.65 which may be ap-
piled to 1891 common dividend il earn
tngs fall below requirements.
In referring to current earnings and
- r. =
pany is still in the midst of depression.
However, he added: "Our showing
gives US some comfort when considered
relatively with operations of other rail-
roads We watched our expenses cau-
tiously in the first six months and at
the end of that period when things
looked no better more drastic measures
were then put into force
There has been no improvement In
revenue in the last so days and there
Is none in sight. However, in Novem-
Der and December We expect to get a
substantial revenue from the Florida
citrus crop and it will give a more
cheerful appearance to our current ac-
count for those two months in COMPARE
son with last year"
In the present situation the private
automobile has cut into railroad pas
senger revenue more seriously than bus
competition, Mr.. Harrison said.
Truck competition is exerting a sub
stantial effect on local freight service,
especially in the movement of cotton
which can be picked up by truck from
the gin and delivered directly to the
warehouse Mr.. Harrison looks forward
to regulation Of the truck business in
the near future.
Vivid Stock Exchange Picture.
DR.. Birl z. Shultz, education director
Of the New York Stock Exchange Insti-
tute, gave a vivid picture of the me-
chanicS OF the New York Exchange at
Washington Chapters first forum meet
ing of the year, held at the Willard
last night There are some $500 en-
ployes on the exchange, young men
under 81 years of age representing 81
States and five foreign countries, he
said. There are IS miles of tubing In
the building for the conveying orders
and several miles of telephone and
telegraph wiring used In the work at
exchange headquarters
The work OF the personnel depart
ment came in for much attention by
DR.. Shultz. The turnover in messenger
boys on the exchange is enormous. The
boys average about 10 years of age, are
all high school graduates or have had
equal training in night schools and get
$15 week at the start. They get 81
and 50 increases every six months
They are given an endless amount of
training In the mechanical work, must
learn hundreds of stock symbols, know
the locations of the telephone. booths
of hundreds of members of the eX-
change and be perfectly accurate in
obtaining and reporting quotations for
members and for use in the quotation
record room.
The average boy works about two
years on the exchange. BY that time
most of them are taken by broker
houses which are members OF the ex-
change. Last year the personnel d.
partment filed 764 calls for trained
men from members Offices. In addition
354 other placements were made. The
work is so varied and strenuous that 1t
gives the boys a wonderful foundation
for real start in the financial field.
Exchange Officers Address Boys.
The exchange maintains complete
medical department, and all applicants
are carefully examined and given fur
ther examinations periodically after
they are in the service. They are also
urged TO do much outside studying, and
are addressed by leading members OF
the exchange at meetings held every
Thursday morning before trading opens.
DR.. Bril- explained in detail the
method OF handling orders, how the
trading is carried on around the dii-
ferent posts, the work Of the special
lists. how the members keep in touch
with their offices and receive buying
and selling orders. how the stock is de-
livered how stop-loss orders often can
not be filled until we'll under the limited
price and covered host of other tech
nical points Of equal interest.
The motion pictures were excellent.
At the conclusion of his address DR..
Shultz answered many questions from
institute members. The meeting was
presided over by A. H. Herlze, chairman
of the Educational Committee. Frank
Chapter, stated that enrolment at the
institute for the first semester had
reached 1853, one more than last year.
Miss Grace S. Stroemer. newly elected
national president of the Association
of Bank Women, is in Washington for
a few days. Miss Stroemer is assistant
vice president of the Bank Of Italy and
her home is in Los Angeles. Before
taking her present position she was
director of the women's banking de-
partment Of the Bank of Italy, in Los
Angeles
Capital Traction Stronger.
Capital Traction was stronger on the
Washington Stock Exchange today. II
opened Win 10 SnafeS SeIlinS AZ o@f4
against yesterdays close at 5l34, and
closed with 10-share sale at 529s
The final bid was 52I2 asked.
Thirty shares of Washington Gas
Light stock sold at 1924, of l y points
from yesterday. Potomac Electric, 81
per cent preferred came out at l08ls
Columbia Sand a. Gravel sold at 80 and
Mergenthaler registered 90 and Railway
preferred at 98i2. Five shares Of Ma.
C. g. Pare rt1ovaNoA hand,
at 500 fiat.
Rornds were cnrnsiderahlv neglected