Earnings

Any of the stockholders of Montgomery Ward & Co. who were expecting, counting on their 75-c- common dividend due for declaration last week were rudely disappointed. The directors met and voted to keep that $3,465,576 in the bank. This notable dividend failure did not surprise many stockmarket traders, but revelation of the company's losses so far this year did, and the stock sank to a low of $19 5/8, making its deflation as drastic as that of Simmons Co. In the past, Montgomery Ward have issued only yearly statements. Last week they disclosed the results of each quarter as follows: first, a loss of $2,318,000; second, a loss of $185,000; third, a loss of $345,000; total loss for the nine months, $2,848,000. President George Bain Everitt gave assurance, however, that earnings during the current three months will efface this entire deficit.

Other reports of the week interesting to stockholders included:

First Nine Months

(000's omitted)..... 1929 1930

Air Reduction ..... 4,292 4,184

American Bank Note..... 2,376 1,979

Atlas Powder..... 2,049 1,075

Beech-Nut Packing..... 2,427 2,288

Bohn Aluminum & Brass... 2,474 692

Bon Ami ..... 1,126 1,044

Briggs Mfg. (bodies)..... 3,310 4,533

Caterpillar Tractor ..... 7,550 6,137

Commercial Solvents ..... 2,809 2,132

Corn Products Refining..... 10,869 10,170

Diamond Match..... 1,977 1,980

General Foods..... 14,840 15,515

General Railway Signal..... 2,105 2,046

Gulf States Steel ..... 1,086 201D

Hershey Chocolate..... 6,327 6,215

Lambert (Listerine) ..... 5,768 5,668

Midcontinent Petroleum ..... 10,879 3,987

National Biscuit ..... 15,973 16,768

National Cash Register..... 6,437 2,194

Packard Motor Car ..... 16,369 6,680

Patino Mines (tin) ..... 3,840 516D

Stewart-Warner

(accessories)..... 6,426 1,983

Texas Gulf Sulphur..... 11,480 10,793

Union Carbide & Carbon ..... 31,379 26,865

U. S. Steel..... 147,586 92,099

D--deficit.

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