Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-23

should be raised on the part OF labor.
other steel companies are expected to
reduce also.
Decline In Stocks.
Operating revenues of the electric
properties of Utilities Power d Light
have been only slightly affected by the
depression and account for nearly 70
per cent of the total revenue. accord
ing to Harley L. Clarke, president. He
also points out that net profits for the
IL months ending June 80, aggregate
So 81 on the class "a stock, which sold
as low as 10, or only slightly more
than 21a times earnings.
Inasmuch as there Is no reason for
questioning the accuracy Of the above
statement, the absurdly low levels for
the shares must be attributed to pro-
fessional activities. The recent ruling
by the exchange against short seInng
should result in the shares reaching
levels which are more in line with in
herent values.
Public Utilities.
Public utility companies as a class
have come through the depression
splendidly. according to Matthew s.
Sloan, president of the New York Edison
Co. Mr.. Sloan sees in the future an
enlargement of the usefulness OF the
electric industry, an increase of its
sales and beneficial working out Of the
problems with which 1t Is now con-
fronted. Freedom from labor troubles
and the nature of the business which
eliminates the problem incident on large
inventories, are also factors favor1ng
the utilities, in the opinion OF Mr..
Sloan.
Overseas Business.
Overseas business is paying its way.
president of the National Cash Register
Co, in charge of foreign sales. Mr..
williams adds that not single Euro
pean, unit is operating at a loss and
that business is holding up satisfac-
torily, even though in sole 1nstancesI
profits may not be very large.
Appreciate improvement has alsoI
taken place in the domestic business
of the company, which prompted the
board of directors to resume DIVIDENDS
at a reduced rate on the class "A
stock. National Cash Registers finan-
cial position is entirely satisfactory
current assets exceeding current Ia
bilities by about $25, 900, 900, with cash
amounting to close to 100000.
Calamity HowIers Denounced.
The worst is over according to VII
liam D. Van Dyke, head of the Ndth-
western Mutual Life Insurance Coz
Moreover, it was never as bad IS y
was advertised. II
According to this observer, MICH q
the worlds depression Is due % re-
petition by the mirrors and ecloes q
pessimism. Mr.. Van Dyke tehev@
that what the country needs moe than
anything else is restoration OF the
ducking stool for professional pesimists,
squawkers, calamity howlers aad con-
firmed grouchers.
Suspension of Paymens.
In view of the importane Of the
British situation, little attegtion was
given the latest news from Brazil 1t
appears that this republic his also de.
cided to emulate her neighb0S and VIII
resort to a complete Suspension OF for
eign debt payments.
Sinking funds have alrealy stopped,
according to a previous decree issued
by the Brazilian government, and the
number of South America nations in !
complete default on their Aebt Is likely
to increase to four, Boliva, Chile and
Peru already belonging in this category.
Most of the Brazilian Issues traded
in on the. American market have been
declining for the past several years,
and prices at which most Of them are
quoted appear to havl already dis
counted the latest Brazilian measure
relative to her foreign cebt.
Copyright. 1881, by the North American |
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