The midland journal. (Rising Sun, Md.) 1885-1947, 1931-08-14

i<|&1 PI.tO' " R1s LhO hS"
dividend rate amounts
J. A. Farrell to 81 share instead
of So and is the lowest paid by the
corporation in sixteen years.
At the same time the directors
dealt with the wage question through
a recommendation that salaries of Of
ficers and employees be adjusted.
leaving 1t to the management to de-
termine the amount of reduction in
pay. There. was no mention of read
justment Of wages and the officials
would not comment on the possibility
Of this action. but in some quarters
it was thought the directors were au-
thorizins the first move in a program
that would be extended to labor in
case this became apparently unavoid-
able. President Hoover's administra-
tion took occasion to repeat its plea
that there be no lowering of wage
scales in key industries and of living
standards, and President James A.
Farrell of the United States Steel cor
poration has been regarded as one of
the stanchest supporters Of this pol
icy.
The reduction in salaries, it is un-
derstood. will be put into effect as
soon as the adjustments can be
worked out. The proposed cut will be
applicable to all salaried employees
and will average about 10 per cent, 1t
is believed. One rumor is that some
Of the higher executives will accept
larger reductions. President Farrell
himself is in this latter category. The
exact amount of his salary has never
been made public, but one guess
places it between 100000 and $780,.
600.
4 The reduction of the dividend rate
affects more than 100000 stockhold-
ers. Steel stock is owned and traded
in throughout the world. Wall Street
took the news of the directors action
quietly. though it had hoped the divi-
dend rate would be placed no lower
than $1.25 a quarter.
EOUR more bold eayiators success
= fully crossed the Atlantic ocean.
though the first pair were far from
reaching their destination. Hugh
Herndon. Jr.. and Clyde Pangborn
took off from the New York municipal
airport with the intention of flying to
Moscow and thence around the world.
All zthe way across the ocean they
flew through dense fogs and they were
compelled to land In a farm field near
Cardigan, Wales They went on to
London and continued their flight from
there.
Russell Boardman and John Po-
lando. who left at the same time and
from the same airport on fight to
Turkey. were more successful, for they
landed safely in Istanbul, beating the
nonstop distance record established
by Coste of France
DOL. CHARLES A. LINDBERGH
~ and Mrs. Lindbergh started from
Washington on their long and perhaps
rerilous aerial jaunt to Japan in their
big scarlet and black seaplane. The first
hop, which was intended to take them
as far as North Haven, Maine. where
is the summer home of Mrs. Lind
bergll's parents. ended in Flushing
bay, New York. in the midst Of a
thunderstorm and heavy downpour of
rain. The colonel announced that
the radio tests had proved unsatis-
factory and the flight was accordingly
delayed until the apparatus was got
in order
The tour of the Lindberghs will
take them up across Canada to the
Far North. across Alaska and to ia
pan by way of the Aleutian islands.
Their Lockheed Sirius plane has been
equipped with every device needed to
make the trip safe and successful.
The colonel is chief pilot. his wife
chief navigator, and both are quail
fed to work the wireless.