Evening star., 1932-11-19

during the past
year in numerous M
devices not con- NJ
nected with the . p
composing machine Norman, Dodge. {
industry, which
might offer satisfactory manufacturing
: and sales possibilities. Several articles
are now in the course of manufacture.
The companys plant in Brooklyn Is
very large, and even in normal times
not all the space is needed for manu-
featuring linotype machines and other
printing equipment There has been
report in Washington for months
that the company was planning the
manufacture of other products in order
TO turn unused space into profits. This
is the first time the idea has been out
lined by an official to the shareholders.
Business Men Key to Recovery.
Up until now there has been a linger-
ing hope that the fundamental nature
of the depression did not require such
severe readjustments as is actually the
case, says the Alexander Hamilton
Institute This was natural attitude
in view of the difficulties involved in
adjusting such factors as prices. labor
costs and capital structures. Conse-
Quently there has been tendency for
business to make only such adjust
ments as has been necessary to tide
business over the period of depression
which was still hopefully expected to
end automatically. There has been
tendency to think of these adjustments
as of O temporary nature that could
be abandoned at the end OF the de-
preston.
Some great shock, such as the out
come of the election, was needed to
rouicinF1 Of rIVfS attitude Qn6 q
realization that readjustments are neces-
sary to business prosperity, and must
therefore be of a permanent nature.
RECOGNITION of the true state OF affairs
will stimulate efforts to complete the
readjustments and end the delay that
has been inspired by the hope that
prosperity was a matter OF waiting
rather than of acting.
Business recovery will result chiefly
from the efforts of business men to put
their own houses in order, the institute
asserts.
MAY Raise Insurance Premiums.
Dispatches received here from Hart
ford, Conn, state that life insurance
companies are considering increases In
the premium rates on new applications
from applicants 40 or more years of age
because of unsatisfactory experience.
Travellers, Connecticut General and
Aetna Life are considering the increases.
Advances in the policy surrender
charges also are under advisement.
Aetna Life is expected to announce a
reduction of 25 per cent in the dividend
scale on participating policies for next
year. Travellers is rewriting its suicide
clause to make contestability two years
instead of one, the Hartford report says.
Local insurance men said today that
they had received no definite tnforma-
tion on any proposed higher rate on
people more than 40 years of age. One
leading producer, however, said it would
be a good idea to make special cam
paign on 1.-The 40-end-over class" so
that they can get full advantage OF the
present rates. If insurance figures take
a big Jump in the next few weeks in
Washington, the reason will be due to
some such extra activity by local agents.
In and Out of the Local Banks.
The interest rate on savings accounts
in banks in the Middle West is to be
reduced after January l, 1888, according
to Chicago reports. The decision was
made by the Executive Committee of
the Chicago Clearing House Association,
the new rate being expected to include
nearby territory.
OIl IIlC UdDAo VI II4C Az niOl1bAAo oAAON-
ing and using authoritative estimates
for the remainder of the year. Chesa-
peake g. Ohio Railway is expected to
report net income for 1882 equal to att
least S2.85 share on the 1852, ,778 COM
mon shares. covering the $3.50 annual
dividend requirement by a margin OF
close to Is per cent.
The Nebraska Bankers Association has
withdrawn its offer of $2,500 for bank
robbers, dead or alive. caught in the act
of banditry. The refusal of sufficient
number of banks to contribute to the
maintenance of the fund is advanced
as the reason for withdrawal.
Deposits of the New York Clearing
House Association member banks con-
tinue to mount, a trend which has been
apparent each week, with few excep-
tions, since last June. The increase has
averf rf~-i $40, 1000, 900 weekly.
The Touthern Railway has been per-
fnittc by the / C. c. to abandon its
50-mile Cleremont branch, operated by
the Atlantic g. Danville Railway in
Greensville, Surrey and Sussex counties,
Va. The road was built to serve YES
sels plying the James River and cannot
now be operated except at substantial
loss.
Fifth District Shows Progress.
At the conclusion of a meeting of
the Banking and Industrial Committee
of the fifth Federal Reserve district at
the Riggs National Bank late yesterday,
it was reported by Chairman E. c..
Graham that the movement for indus
trial rehabilitation in this area is well
under way.
The committee chairman also reported
that present Government agencies fur
nishing credit relief are making ex-
cellent progress in the fifth district, the
committee having co-operated closely
with the Reconstruction Finance Cor
poration and the Federal loan banks.
Steadily improving business conditions
and increasing confidence appeared in
reports from members Of the subcom-
inittees and from the other banking
and industrial committees which are
engaged in similar activities throughout
the United States
Elected to R.-K.O- Board
George Armsby, chairman of the
board of Bancamerica- Blair Corpora
ton, has been elected to the Board OF
Directors of the Radio Keith -Orpheum
Corporation.
Rackliff, Whitaker g. Loomis, Inc,
announce the election of Lewis E. War
ing, partner of the New York Stock EX-
change firm of Clark, Chilos g. Keech
and director of Chesebrough Manufac-
turing Co.
N-~I.A Dzxz-k Ea-nroLI.