Evening star., 1932-05-18

burSmentS. UOReIIl-
er with the two ~ za Nm
previous dividends Norman Dodge.
voted during the
conpanys present fiscal year will make
aggregate dividend payments for the
IL months Of So. The rate last year
was S6.
President Norman Dodge told the
directors that every effort Is being made
to operate the company on the most
economical basis possible without I'M
pairing the efficiency OF its service. The
financial position of the company Is
sound in every respect, he said.
President Dodge sent word to The
Star that 'if the management is per-
mitted to continue the course of con-
serving its assets. the shareholders
may reasonably expect to receive pay
ment of dividends quarterly at the rate
of SO per year per share, for at least
the next fiscal year. unless unforeseen
conditions should counsel a change IN
such policy"
This announcement from the Brook
lvn headquarters of the Linotype Co.
will be reassuring to the hundreds Of
stockholders in Washington. Last De-
cember the company paid a quarterly
dividend of $3.50 per share, this being
cut in the March 80 payment to 10
the company in an unusually strong
cash position, and President Dodge now
indicates that this status has been
maintained.
Trade Improving in the South.
Washington residents who are natives
of Southeastern States will rejoice in
the latest Federal Reserve reports from
rptail trade
expanding steadily. Department stores
in all the large cities in the district
note continued slight gains with the
total volume still more than holding its
own with the like period year ago.
Wholesale trade also reveals improve
Ipent.
Cotton consumption has increased
and building activity remains on a mod
crate basis. Iron and steel output is
gaining slightly, although the plants
are operating at less than so per cent
capacity.
Reports from all agricultural centers
OF the district indicate that growers
will produce more diversified crops this
season than in many years. Some of
the largest farmers are converting to-
bacco and cotton lands into use for veg
etable and fruits.
SCs6Id1 III NtOlS Sld
resumed operations during the week
after several months of idleness. A
number Of other small industrial plants
reopened throughout the district, but
the unemployment problem still is acute.
Heavy Day in Bond Trading.
The Washington Stock Exchange en-
joyed an unusually heavy days trading
today, every transaction being in the
bond division. The market opened with
two $1,000 sales in Washington Gas IS,
series B, at 102.
Washington Gas IS figured in $500
sale at 101A. Two $1,000 transfers in
Washington Gas Is. series A, appeared
on the board at 98l2, followed by a
$1,000 sale in Georgetown Gas Light 5s
at 101
After call, Potomac Electric consoli-
dated SIS came out in a 81 900 sale at
1912 and $1,000 at l0l14. Washington
Gas 5s were then in renewed demand,
two 81 900 and $500 sales being recorded
at 101 and $500 more at 1909. The
days bond sales closed with $1,000
Washington Railway & Electric As NOV
ing at 30, $1,000 at 1914 and sl'ooO
at 1912.
Notice of the Linotype dividend ac-
ton was received on the exchange. The
stock is now quoted at AZ bid and 40
asked On S3 basis the stock Is no"
Welding we'll over per cent. 1t Is given
a high rating by local brokers.
Insurance Election Friday.
At the May meeting of the District
Underwriters Association, Friday moor
at the Washington Hotel, Roger B. Hull
general counsel Of the National Assocla-
tion of Life Underwriters, New YorK
will speak on THE Road Back to Sc
curity-the American Plan" At the
same meeting three members from tht
following six nominations Will oe elecIeC
to the board Of directors:
Thomas P. Morgan, Mutual Lie o.
New York; Russell P. Freeman, Prudeh-
tial: Horace Winter, Travellers; Eugene
Adams Continental Assurance: Car
Dow Smith. Northwestern Mutual: Her
bertaO. Mclean, Provident Mutual.
The following new members VIII bt
voted upon: P. L. Rogers, Robert E. Lee
jr.; D. NJ. Crouch, Acacia Mutual; Maui
rice Soloman, John A. Edwards, oscar
G. Richter, Miss Katherine Wilfiey, Mu-
tual Life of New York; E. N. Wright, +
TT. Kirk, Northwestern Mutual Waltel
Ogus, Equitable Life Assurance; G. b
Balluff. Prudential; James O'Brien, ID
M List, H. M. Thompson, Berkshire
Life; Walter c. Burke, E. E. Henderson
Pacific Mutual.
Bank Underwriting Defended.
Underwriting and distribution o1
securities by member banks Of the Fed
eral Reserve System is essential to the
economic welfare of the United States
the board Of governors Of the Invest
ment Bankers Association of America
asserted in a resolution unanimously
adopted yesterday at White Sulphur
Springs, according to the Associated
Press
Experience here and abroad" the
resolution said, mas shown these func-
tions, properly safeguarded, are vita
factor in providing for the normal anc
necessary flow Of capital into business
and commerce
Cleaned in Financial District.
The Chesapeake g. Ohio Railway ha!
declared the regular quarterly dividend
of 6212 cents share on the new com
mon stock, payable July l to stock O.
record June 8.
Loew's incorporated has declared thu
regular quarterly dividend of rs cents ;
share on tne common stock, payapi
June 80 to stock of record June Is.
Consolidated Gas, Electric Light &
Power Co. Of Baltimore has declared
the regular quarterly dividends of 81
cents on the common, sl.25 on the pre-
ferred A, $3.50 on the preferred d ant
S137l2 on the preferred E, all payabl
July to stock Of record June Is.
The Federal Advisory Council vii
hold its Spring meeting with the Fed
eral Reserve Board next week. Tn
flaoA tEFfH
tinue to buy Government securities 4
aid credit is generally favored in bank
ing circles.
Tremendous interest centered arount
today's meeting of the American Tele
phone g. Telegraph directors. The divi
dend.action was most satisfactory.