Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-19
LINOTYPE COMPANY.
PROFITS ARE GOOD.
MergenthaIer Declares Regu-
lar Dividend Of $1.50 Quar-
terIy-MCQuade at Meeting.

Directors OF Mergenthalsr Linotype
Co. at meeting held yesterday at the
Office Of the company in Brooklyn, de-
clared the regular quarterly dividend of
$50 per share payable September 80
to stockholders of record September ..
This news is of particular interest to
many investors of this city, as 1t is
known that more than one-third OF
the stock of the company is held in the
National Capital.
The directors meeting was attended
by Edward J. McQuade. president OF
the Liberty National Bank, who for
years has been a director of Mergen-
thaler. Mr.. McQuade is also president
of the District of Columbia Bankers
Association.
Mergenthaler has generally been re-
garded as an investment stock, and mas
a record of uninterrupted dividends Tor
the past Is years, according to. Mr..
McOuade. It has a capital stock OF
$4,000 600, and surplus of more than
$4,000 600. In addition to the Amer
ican plant in Brooklyn there are also
factories in Manchester, England, and
Berlin, Germany, and agencies through
out the world. The Worldwide dis
tribution of linotypes was further en-
phasized today by visitors to WSshlng-
ton from South Africa, who said that
the johannesburg, South Africa, Star
has more than 40 linotypes In Its plant
Business Crises Listed.
The Frontier Press Co. of Buffalo has
published a copyrighted tabulation IN
the Lincoln Library of Essential In
formation which shows there have been
43 business crises since 1860.
A study of the data prepared by Fra
H. hot an
Ill of the past 37l years have Witnessed
business depressions of varying severity;
that the duration of these crises ana
Siepressions has ranged from few
weeks to 16 years and averaged little
more than 2i2 years each, and thai
the same general causes seldom nave
occasioned any two adjustments.
Five crises have lasted less Than ]
year; eight, ] year; eleven, about
years: three, 3 years; four years;
three. S years; one, years; one,
years: che 10 years, and one, 16 years.
THE causes listed are interesting"
saws the summary. Directly or lnui-
rectly, war has been factor in 10 ad-
justments, Misrepresentation in ID, de-
fiation in 10, weak governments IN lOi
plaques or bad harYests in 9, foreign
conditions in and bank runs in at
least 8. In each case there have. Of
course, been collateral factors which
are not listed.
1T is impossible to apply any yard
stick to depressions, for the causes OF
no two are alike, and duration is any
thing but uniform. FernapS the out
standing causes of the present situation
are an unprecedented burden of inter-
national. National FeGeral, State, mu-
nicipal, corporate, private and personal
debt the repayment of which Is made
increasingly difficult by declining price
levels and the gradual decrease in the
demand for labor caused by the extern
siVe substitution Of machines for human
effort
I'VE have confidence that the world
gradually will work out OF the present
complicated and difficult situation. but
we believe the recovery viii pc much
more gradual than almost every one
assumed year ago"
Air Transport Rate Cut
Despite the fact that air transport
lines generally are unable 70 operate
probably at the present time rather
sharp reductions are being made IN
passenger fares, says the Standard Sta
tistics Co Of New York in current
survey which continues, In part:
Leading concerns in this line, IN
Guiding Century Air Lines, Transcon-
finental & Western, United Aircraft q
Transport and Aviation .Corpor alton,
recently have cut transportation rates
materially, some reductions amounting
10 as much as 20 per cent. The one
way rate between Los Angeles and San
Francisco. for example, has been forced
down To such an extent that 1t is now
cheaper to travel this distance BY air
than BY train. Transcontinental fares
likewise have been reduced, and the
process is continuing on shorter lines
where competition is particularly Keen
Regular C. & o. Dividend.
Chesapeake Ohio Railway directors
today declared the regular quarterly
dividend Of 62ia cents on the common
stock. July net operating income was
listed at 50 634, 453, as against 50, ] 49, go
in July. 1890 while seven months net
operating income was Si9,5e4,S64, as
against s2l ,445s359.
Schiavone RE Elected.
Joseph Schiavone was reelected pres
gdent of the Citizens Mortgage Cor
roration at a meeting Of stockholders,
tpbe,t these other officers also were
named DR.. Salvatore Floria. vice pres
ident and treasurer: Miss Julia Kraus,
secretary. Directors reelected were
Louis Carl. John z. Gill, Salvatore
Federico. S. Sclaiayone, Dr.. S. Floria,
Trading on d. c. Exchange.
Bonds OF the Capital Traction Co
which Yesterday announced increased
earnings for July, sold traction hlgn-
or on the washington Stock Exchange
TO-DAY. when a per cent 81 600 bond
vert at 1884,, as against 80 prior sale
price Discussion Of the traction earn
fngs today pointed to the fact that july
Sc. ,,nar vUas the last Of the months
IN which the lowe- rate of fare viii he
reflected in returns, as the l0-cent cash
fare went into effect late In July Of las
wear Thus the forthcoming Angus
figures on earnings are expected 10 %
more truly comparable as 70 the actual
net
Other utilities sold in moderate trad
ing at prices fiuctuating only slightly
Chaplin Sacks per cent preferred SOLD
at 1862
Washington Clearing House ngures LOT
Scla.s. "a ira mo og