Evening star., 1933-08-14
INTEREST AROUSED
mat. DIVIDEND
Many Capital Stockholders
Awaiting Action on
Wednesday.
BY HAROLD B. ROGERS.

BY HAROLD B. ROGERS.
Owing to the large amount Of Amerl-
can Telephone & Telegraph Co. stock
held here in Washington there is much
interest here in the meeting Wednes-
day of directors for consideration of
dividend
Reports have been persistent that the
regular quarterly dividend OF s2.25
would be declared whether earned or
not This stock has paid an annual
dividend of SO without interruption,
even through the depression. since 1922.
The common stock outstanding is
81. 1855 .227 500 while the bonded in
debtedness of this company is s46l,-
205 ,908
Report Encouraging.
The recent second quarterly state
ment of this company has been in
terpreted as very encouraging, reveal
ing a gain in revenues, from long dis
tance business, and a decrease in the
disconnections of telephones.
At the same time the period OF cut
ting expenses to make up for lower
gross is past in the case of the tele-
phone company, and it is predicted
that the board of directors no doubt
would be more Influenced by the out
look for trade than by current returns.
With revival of business expected gen.
erallv through the recovery program
of the administration. the prospects Tor
the regular dividend appeared to be
bright
Clearlngs Of checks in the Washing
ton Clearing House last week showed
a slump from the previous week. but
a gain over the week ended July 29.
The figures for these three weeks in
order are as follows: s9.748 235. 80 Tor
the week ended July 90, sll 1856 As
for the week ended August ). slO.47l,-
278.46 for the week ended last Satur-
day, August II.
Activity Continues.
The maintenance of business activ-
f,y on relatively high scale through
the dull Summer period remains an
outstanding feature" according to the
weekly summary Of the general busi-
ress situation by Standard Statistics
Co.
The fact that production and in
manv lines, consumption are overrld-
ing the seasonal influence shows plainly
that the present movement IS largely
one of replenishment and replacement,
when conditions urge action.
1T is possible that when consumers
have supplied their accumulated needs.
business will pause or recede, but 1t
appears rather more probable that a
normal revival of activity in the Aut-
umn will then intervene as a support
In factor. Higher cash returns for this
years crops. in spite of greatly lowered
harvest totals. strongly support TINS
possibility
PAYMENT of higher wages under the
N. r. A. codes will generally prevent
the conversion of increased gross rev.
enues into increased net. on as great
a scale as is usually the case in periods
of recovery. Part of the outgo, how
ever, will be quickly retrieved in the
form of advanced prices. and expanded
volume should tend to lower costs.
There is no occasion to regard the
codes as entailing profltless prosperity.
While their positive benefits to business
as a whole may be slow in appearing,
and while they NAV cause misgivlngs
and hardships in the meantime, the
fact remains that they seek to remedy
inadequate purchasing power. There
can be no question that in various lines
sales stimulus will result.
Credit Volume Gains.
Volume of purchases by Commercial
Credit Co. of Baltimore, during the
month Of July, 1893, showed an in
crease of more than 80 per cent over
the corresponding month last year July.
1888. volume exceeded the volume OF
purchases during the month OF June,
1888. by approximately per cent. This
is unprecedented in the company's his
tory over past years where peak pur-
chases usually come in the month OF
Nav and volume declines in the months
following.
While increases in electric production
over corresponding periods Of 1882 con-
tinue to be made by properties in the
Associated Gas & Electric System. the
tendency was noted today to be toward
gradually lessening the gains in output
figures. For the week ended August 5,
the amount of electricity produced, ex-
elusive of sales to other utilities. to-
tailed 52.634.68l units (kilowatt-hours)
an increase of 6.436594 units or 1873
per cent. This compared with an in
crease of 157 per cent in production Tor
the fOur-week period ended August D,
and with the IT'S per cent increase oc-
curing in the week ended July %. 1t
is the lowest increase reported since
early in June.
Gas SendOut again 1ell Denlno the
same week of last year in total Tor
the week ended August S, OF 259,l27.-
goo cubic feet. This was 4.3 per cent
less than in the corresponding period OF
1892. The four-week sendout of l,071.-
800 800 cubic feet was per cent less
than last year.
Personal Mention.
Maurice Otterback. chairman OF the
board of the Anacostia Bank, who has
been in Europe since June. has sailed
from London and is expected to return
to Washington about August Is.
Harry G. Meem, president of the
Washington Loan & Trust Co.. has
left with his family for vacation at
Atlantic City. where he expects to re-
main until early in September.
w. w NARROW, cashier of the Second
National Bank, has returned from
vacation of motor trips.
j. K Seyboth. assistant cashier OF
the Second National Bank, has left on
vacation, motoring through the New
England States.
Nelson B. ONeal, assistant vice
president of Riggs National Bank, has
returned from vacation at Atlantic City.
w w. Keck. assistant treasurer of
the American Security & Trust Co., has
left on vacation.