Chocolate Plum

. . . So we'll take our ease

In the balmy breeze

And our memories forget;

And live our lives

With a dozen wives

As a Hershey baronet.

--Princeton Song

Business has not been too good for Hershey Chocolate Corp. During the first nine months of 1931 its sales of chocolate bars (plain and nutty), of chocolate kisses, , cocoa, candy coating chocolate syrup and Cocoa-Milk beverage, were around 25% less than during the same period of 1930. The figures were $23,459,130 against $29,851,069. Nor has the cherubic Hershey Trade Mark (see cut) had less reason than usual to symbolize smilingly Health, Purity and Nourishment. But there has been no gloom around the big, clean plant at Hershey, Pa. Those neighboring Mennonites who did not join the hegira to Brazil in 1928 still sniff the sweetish air, still curse their feeble appetites and mutter about "da chockle shtink" that permeates the neighborhood. Founder Milton Snavely Hershey, a ruddy-faced man of 74, still walks through his 50 acres of factory floor space, observing, commanding, happily nibbling. For while Hershey's sales have tapered, the prices of raw cocoa, sugar and milk have dropped even more violently. In 1930 for the first nine months the company made 20.8-c- on every dollar of sales; in 1931's corresponding period it made 27.6-c-. Its net income of $6,485,000 for the period was ahead of the previous year and per-share earnings on the common were $7.62 against $6.80.

Because earnings have been improving, the Hershey balance sheet has remained strong. Last week the directorate met in Hershey, Pa. and--rare action in this year of grace--increased the dividend from $5 to $6.* Immediate beneficiary is the Hershey Industrial School, where 350 boys and young men learn useful trades. The school has 500.000 of the company's 706,520 common shares held in trust for it. On the directorate which voted the raise were Cousin Ezra F. Hershey and John E. Snyder, onetime postman. When in 1886 Founder Hershey began making caramels in a little alley, Postman Snyder at first had difficulty in finding him. Later, however, he often dropped in to nibble and advise, becoming Mr. Hershey's vice president.

Founder Hershey spends much time walking through his plants and recreation parks. While this is his chief exercise, he would never walk for health alone; always he is inspecting. He is seldom in his small office in the Hershey National Bank Building. Sometimes he picks up a newspaper or magazine, has seldom been seen with a book. He has another negative habit: he rarely signs his name, writing no personal checks or letters. A man who has known him 35 years has not seen Mr. Hershey's signature more than ten times./- He goes to bed at 9 p. m. in the clubhouse which he gave to the local golf club. The building used to be his home and since the death of his wife in 1915 he has kept a bedroom, living room and bath there. He goes to work at 8:30, a dark felt hat set squarely on his head.

While lower commodity prices have been a boon to Hershey, they have also been a boon to chocolate-eaters. The Hershey bar has been getting fatter. In 1929 the 5-c- almond bar weighed 1 oz., in 1930 1 1/4 oz., lately 1 3/8 oz. The 10-c- milk bar which was 2 oz. in 1929 has been fattened to 4 oz. This largess was no attempt to ballyhoo. In 1909 Hershey Corp. advertised in newspapers and on billboards. That was the only advertising it has ever done.

*Last week E. R. Squibb & Sons ordered an extra dividend of 250, making 1931 payments $1.50 against $1 in 1930. National Cash Register last week passed the dividend which it had resumed three months ago.

/-On the backs of Hershey bars however appears the founder's signature.

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