Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-11-15
General Mills Chief
Gives Vivid Picture
Of Operations
Capitol Holders Hear
Address by Bell,
Board Chuirmun
By EDWARD C. STONE.

Voo1AuA6OO 31OeC1 yCoeCAuoy tAAdo
net sales last year reached $685. 74,-
600 and that net earnings amounted
to $3.50 900, from which 1920 600
was distributed to $500 preferred
stockholders and $2,600,000 to the
$500 holders Of the common stock.
The novel meeting was one of a
series in which the officials are en-
deavoring to bring the owners OF the
business into closer contact with the
management, explain more about
the firms products and show more
clearly what the figures in the an
nual report mean and how they are
obtained.
Following Mr.. Bells talk, sound
motion picture was presented which
fascinated the stockholders From
the more than $125 100000 in net
sales had to be deducted $14,318,0O0
paid $500 employees in salaries and
wages, five times as much as the
stockholders received in dividends.
Federal, State and local taxes re-
quired $2,582,000; depreciation ST.
174.0OO.
One of the most interesting scenes
In the movie pictured the remainder
of the cost of doing business, $101,-
861 900 being paid for grain from the
farmer, transportation, sacks and In
gradients. One days work In Gen.
eral Mills plant can handle the prod
uct of $4,000 acres of wheat. The
picture contained many facts about
storage space required for huge
amounts of grain, research work,
food values, value of the properties
In Minneapolis and elsewhere and
the amount of cash and materials
that must always be available.
Chairman Bell believes that the
future of industry depends to large
degree upon closer relations between
the owners of big business (the
stockholders and the management
A real responsibility rests upon the
very small shareholders as we'll as
on the big ones, he said yesterday
The smallest stakeholder on the list
of 10000 has the right to ask all the
questions he cares to about every
phase of the business, he asserted.
Other company officials were pres
ent at the meeting, as were many
newspapermen.
Bond Plan Effective Today.
The plan offered by the Capital
Transit Co. and the Washington
Railway & Electric co. for modifl-
cation, assumption and guarantee
of S per cent first-mortgage bonds
of the Anacostia & Potomac River
r. R. Co. and the City & Suburban
Co. became effective today, ending
long legal controversy and a great
deal of concern on the part of hold
ers of the bonds, which are owned
by a host of Westinghouse and
are in the vaults of many Of the
city's banks.
Both issues are listed on the
Washington Stock Exchange, 81
OCT 900 Anacostia & Potomac first
IS and $1,676, 900 City & Suburban
IS. As it became known that q
satisfactory compromise was likely,
the bonds began to move upward,
the last sale in the Anacostia bonds
being at LOG and in the City &
Suburban bonds at exactly the same
price For years they were far be-
low par, as the question of liability
was subject of speculation. The
bonds will now pay 3A per cent.
Under the terms of the plan the
old Anacostia and City & Suburban
bonds will be returned to their hold
ers with a new additional certificate
attached. It will be dated April l.,
1910, and due December l, 1851.
The old bonds, with the new GER
tificate attached, become one in
strument.
These extended bonds are re-
deemable at 1071A until April l.,
1912, and after that date the call
price becomes los. Bonds may be
called for sinking fund purposes at
any time at los. The register of
wills has given notice that the new
bonds will be legal for trust funds
In the District of Columbia.
Banking Speakers in Demand.
Many local civic and trade organ
izations, as we'll as schools, are call
ing on the District Bankers Asso-
citation for speakers on banking sub
jects. Willard G. Barker, chairman
of the Speakers Unit, and president
of the Morris Plan Bank, said today
that he would be glad to furnish
many more speakers to these various
organizations.
The other members of the Speakers
Unit, appointed by President A. M.
McLachlen, are w. T. Vandoren, vice
president, Liberty National Bank,
vice chairman; Thomas j. Groom.
president, Bank of Commerce & Saw
ings; John A. Reilly, president,
Second National Bank; Frederick
P. H. Siddons, secretary, American
Security & Trust Co., and David
Bornet, vice president, National Saw
ings & Trust Co.
Air Express Shipments Climb.
Air express shipments in the Ma
ton wide service of Railway Ex-
press Agency for the first nine
months of 1910 totaled 75l,747, an
increase of 1914 per cent over the
corresponding period of 1899, the
Washington agency reported today
Gross revenue for the nine-month
span was up rs per cent and the net
revenue to the II airlines over which
the agency operates increased 261s
per cent.
Shipments for September totaled
o7,l90, an increase of 24k per cent
over September, 1889. Gross rev.
enue for the month was up 2lh
per cent to an all-time high for any
one month in the 13-year history of
air express, the report said.
Traction Stock At 1910 Peak.
Capital Transit stock reached .
new 1910 high mark on the Wash
ington Stock Exchange today. The
market opened with so shares SELL
ing at 17A. the new high price
reached several days ago. Later In
the session 10 more shares changed
hands at 1711z, the best figure this