Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-17
Everybody's
Business
Whisferers Turn From
Banks to Make Trouble
for Bonds, Particularly
Foreign - Lowerng Of
Dividends.
By DIR. MAX wINKLER.


Special Dispatch to The Star.
NEW YORK, September 1.-THE de-
structive forces of Wall Street appear
to have abandoned for the time
being rIrnors regarding bank troubles.
Whether the severity Of the recently
adopted measures is responsible for
their cessation cannot be stated with
definiteness.
The forces referred to, however,
seem TO have discovered q new field.
They single out bonds, both domestic
and foreign, especially the latter, and
commence whispering campaign
chat the next coupon will not be met.
In addition, some bank executives
are definitely understood to be advising
any client who inquiries about foreign
bonds to sell them irrespective of price.
1t win not surprise US to learn that it
is these very executives who but a short
while ago we're urging their purchase,
also regardless of price. It is obvious
that such advice had better not be
given.
Reduced earnings made it advisable
to lower the dividend rate on Westing-
house, according to statement made
by Andrew w. Robertson, president of
the company.
Further Reduction.
In January of this year the rate was
reduced from SIS annral basis to 81,
~nile the further reduction to a $3.50
less is IN line with the generally un-
So FACTORY business conditions and the
less favorable operating results Of the
company this year. and also in order to
conserve cash resources.
The decline in earnings Is evidenced
from operating statistics covering the
first half Of the current year, and which
resulted In loss Of close to $4,000, 900,
as compared with a net profit Of $3.13
share IN the first half of last year.
The stock, according to those familiar
with the affairs Of the company, has
reached a point where accumulation is
not likely to be regretted.
Depending largely upon outside
sources for crude oil, the recent mod
crate improvement in the gasoline
market has not been of especial help
to Atlantic Refining. Moreover. the
price Of crude oil has advanced relatively
more sharply than the rise In the price
OF gasoline. 1t is, therefore, doubtful
whether the management will care to
continue the present dividend OF 81 a
share
A satisfactory solution would be an
amalgamatiOn with a strong producer,
which would tend to create q more
complete unit and (which should prove
distinctly beneficial to the stockholders.
by Sears -Roebuck so far this year Is
ahead Of last year, although dollar
sales are appreciably below, according
TO Leasing j.. Rosenwald, vice chair
man of the company. Mr.. Rosenwald
attributes this situation TO the severe
decline in commodity prices.
Greater Rubber Consumption.
fundamental influences alone point
70 q substantial increase In the con-
sumption OF rubber, according 70 Law
renee O.. Odell, an authority on the
commodity.
Mr.. Odeil says that rubber has fallen
20 per cent since February, 1929, show
ing the greatest percentage defation OF
any commodity Indications OF con-
tinued falling prod action, q better out
look for consumption and the relation
shin now existing between cost Of pro-
auction and market are regarded a.
Some Of the constructive features.
n this connection it Is Of interest u
, Ssfer To another authority. William