davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

has been beneficial and will lead to
the wholesome correction, which for
some time past has been badly needed.
OF course, when the pendulum swings
1t is apt to swing too far, and think
it has done so on many stocks in the
recent breaks. But this will correct
itself when intrinsic values and earn
ing power Of individual stocks make
themselves felt.
IT do not think this recent break
has anything to do with general bust
ness conditions throughout the coun-
try, which are excellent and likely to
continue so unless industries are choked
off by too costly money. At least that
is the situation in the building indus
try which for the moment has been
suffering not by Discrimination of peo-
pie to build but by temporary inability
of builders to compete with call money
on the New York market.
eff the stock market break therefore
tends to ease general credits the re-
suit on the building industry will be
tremendously beneficial"
Edward G. Schubert, president Stand
ard Oil Co. of Indiana: I'm so far as our
business is concerned we see no reason
for peSSimiSm, and by reason of the
been good up to the present time this
year any depression in price of stocks
can hardly be accounted for by reason
of business conditions in the oil in
dustry"
Robert W. Woodruff. president of
White Motor Co. as well as the Coca
Cola Co.: Business is in the best condi-
ton it has been for several years past
and indications lead us to the con-
clusion that this situation will continue.
The stock market seems to represent
overconf1dence in few lines which is
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

of the country, for whenever there is
huctuation we feel it in our business
possibly more SO than any other.
Il can see no indications of any kind
at the present time TO indicate we are
on the eve of hard times. Undoubtedly
there will be the ordinary slump in bust
ness which occurs every number of
wears. but that, according to my obser-
walton, is not noticeable at present"
Lewis III. Brown, President, Johns
Manville Corporations: Il know nothing
about the stock market. However,
have just returned from 5000 mile
trip around the country visiting our
sales and factory organizations and am
confident that business is on a sound
basis, inSuring a good year ahead, even
though there has been some slight fall
ing off in the past few weeks.
I'VE are continuing to show a coed
increase over last years sales and eX-
pect our business next year to show
progress"
w. III. AIbers. President, KrOger
Grocery g. Baking Co: Business con-
ditions are sound and good, SO could
have had no possible influence in recent
stock declines"
y. G.. Dahlberg, Manufacturer and
Capitalist: ct is my judgment that
the general basic prosperity of this
country, resulting IN the people having
large aggregate amounts of surplus
moneys, led to general buying of Sc
curities, with the effect that stocks Of
many companies may have been ad-
vanced beyond their present or i'm
mediately prospective earnings value.
This created a condition that neces-
sarily sooner or later would have to cor
rect itself, because in the final analysis
it is earnings and intrinsic value that
maintain stocks at long-pull value
Having in this way outstripped them
selves, correction was inevitably nee
essary and entirely wholesome. In ad-
dition thereto it was but natural that
with moneys and credits available to
them breat many people, seeing stock
prices going sharply up, would fool
themselves into the belief that they
could make fortunes overnight by en-
ploying their money in stock gambling
rather than by putting it in sound basic
investments. This, of course, had to
come to an end, as all gambling booms
in the history of the world have come
to an end, with the result that prices
have been and are adjusting them
selves to more nearly proper levels.
II think the scaling down Of prices
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

probably correcting itself. The cor
recting may be overdone."
Morris White, leather goods manufac-
turer: mo one cares for the Spectator,
but the country at large is very much
concerned about the public and those
of our people who play on margin.
Price tumbling in Wall Street must
eventually reflect on business, and may,
if driven too far, even endanger pros
perity.
more attention on business and less
on speculation is not only good Judg-
ment. but the paramount need of
America. because nothing should inter-
fere with our prosperity.
Fortunately America does not pulsate
with Wall Street, even though Wall
Street be called the pulse of Amer
lean business The American public
has confidence in our business inStitu-
tions and in American prosperity. Our
advice-shoemakers,s stick to your lasts"
Steel Sagged Slightly.
While it is true that steel prices have
sagged slightly and that there has been
curtailment in motor car production
and a downward trend in car loadings,
business is maintaining itself at re-
markedly high level.
The frank statements made above by
some of the foremost American business
leaders should go a long way toward
reassuring the American people that
business is fundamentally sound and
that the stock market, contrary to pop
ular opinion, does not at this time re-
fleet the true condition of affairs.
(Copyright, 1929. by North American News
paper Aliancel
Beans grown in South Manchuria
this year weighed 100000 tons.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

general business
conditions through
cat the country.
~"I believe basic
business conditions
are sound and that
production a n d
consumption o f
goods in most lines
have been fairly
well balanced. Be-
yond this there
appears to be no
evidence ofSpecu-
Iation in commodi-
ties such as that
Which occurred in
1920.
The demand for
speculative securi-
ties on the part of
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

business conditions IN California are
very good and are reported to be so
nationally. I can see no relation be-
tween the decline in Stock Exchange
prices of public utilities and the fine
business conditions in which. those
utilities find themselves"
flames Simpson, President, Marshall
Field G. Co., Chicago: In my opinion
the present liquidation in the stock
market is not due or does it reflect the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

the public for two years or more from
the standpoint of both volume ana
Variety of securities has no precedent,
and borrowing for speculative purposes
has recently reached the point OF record
IN this country.
THE average yield on common stocks
for the past year has been substantially
less than the interest charged for specu-
aative loans, and such a situation in
evitably leads to an adjustment in the
long run. Prices of securities must be
determined by their yield and earn
tngs on an investment basis, rather
than by purely speculative demand,
which, IN my opinion, has for many
months past been the dominating in
3luence.
Unless this readjustment of stock
prices goes too far and becomes too
drastic 1 am inclined to think it will
be helpful to the business situation in
the long run rather than hurtful"
p. J. Leeman, General Manager, First
Bank Stock Corporation, Minneapolis:
rIn my opinion the stock market IS
not affected in the slightest by business
conditions in the ninth Federal Re
serve district. Business here Is even
better than normal, in all lines. Strong
demand for money is due to disposition
bf farmers generally to hold grain for
better prices. I cannot see anything
IN the immediate future to materially
affect any line of business i'll this
territory"
J. +. SartOri, President of Security
First National Bank, Los Angeles: i
have for some time feared that stock
prices were higher than earnings war
Tanted, and that sooner or later this
situation would have to be corrected.
IT believe high stock prices and high
Interest rates have had an unfavorable
effect at least upon certain lines OF
business, though business as whole
has continued prosperous when judged
by normal standards.
! "If the break in stocks is not merely
a reaction, but a real liquidation down
Ito a point justified by previous STAN
sdards of the relation of stock prices to
present and justifiably anticipated
future earnings, think business will
be further affected unfavorably.
"If the present break in stock prices
koes no further and interest rates hold
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24
NAVY TORPEDO RUNS
LIKE HIGH-GEAR CAR
Missile of Destruction Can Travel
Seven Miles on Fixed
Course.

The Navy torpedo has long been
shrouded in mystery and very few
civilians have the slightest idea what
it is. They know that it is danger
Gus in the extreme, but beyond the
fact that a very few of them have
seen its white, foamy wake rushing at
them through the water. to be followed
by a heavy thud and the manning of
lifeboats, they have no conception of
the instrument behind the explosion.
A few years ago says Plain Talk.
it was known as the automobile tor
pedo, to distinguish it from the cans
of power that caused Admiral Farra-
gut to wax famously profane at the
battle of Mobile Bay. The old cogno-
men holds good, however; the modern
torpedO is high-geared automobile
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

DO not believe that the recent decline
In Stock Exchange prices bears a close
relationship to actual business Condi-
ttons Although there have been some
recessionS in certain basic industries,
partially seasonal, the general level of
business activity still appears to be
somewhat larger than year ago.
General business had been moving
at such a pace during the first three
quarters of the year that some read
iustment was natural, but this does not
seem to indicate a period of depression.
The break in the stock market seems
to have been caused largely by condi-
tons inherent in the market situation
itself rather than by business"
4 Louis F. Swift, President, Swift &
Co., Packers: I'm my opinion the de-
cline in stocks will have no effect on
the fundamental soundness of business.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

that will run for seven miles in
predetermined direction, carrying its
message of death at a fixed depth be-
low the surface of the water. From
the time it starts until it strikes no
hand touches it, ard it runs straight
and true. through INFINITE care and pre-
cision in the adjustment of its $500
parts.
To know how to care for
torpedo, let alone make it run, requires
work, time and study and it takes years
to make an efficient torpedo man. 1t
must be realized that the torpedo, like
its cousin the automobile, must be re-
pestedly run to keep it in adjustment
and in times of peace it is kept ready
for eventualities by firing it with
dummy head in place of the war head
with its charge of high explosive. Need
less to state, it is recovered after every
such shot, as its value approximates
S10 000
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

at lower levels, business may continue
good.
Our economic prosperity is closely
related to that of the rest of the world.
Our foreign trade cannot be main
tanned unless foreign countries can sell
to us goods or securities, and II our
foreign trade is adversely affected there
will be reaction in all business"
Rudolph Spreckels. President, Spreck-
els Sugar Co.: Nothing unusual has
occurred during this year so far as
am informed to disturb soundness of our
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

DetCer IMAM at the
present. There are
fluctuations in diff
ferent places, but
as a whole, 1 think
conditions are bet
ter than If there
was a big rise in
prices.
II cannot believe
that the wild spec
ulations in Wall
Street can affect
the general bust
ness of the country
except to cause
dearer or cheaper
money. Those of
us engaged in
shipping have our
Ennar nv, t1ao 1N,tlcn
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

worth, ana nenCe
are one of many
induces of the flu
ture.
Price movements
on the Stock Elk
change are much
more violent and
contradictory than
is warranted b Y
changes in bust
ness outlook. as is
inevitable W her e
speculation plays
such an important
part. .
obviously t h e
business Quito o k
has undergone no
such change in a
few davS as indi-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

Gated by the drop IN stock market aver
ages. 1t seems to have been generally
recognized that spectators had ad--
vanced many issues to point beyond
that warranted by equities or earnings.
st do not regard any corrective move
ment of the past few days as sympto-
matte of the trade outlook"
AZ Giannini, Bank of Italy: Con
dftions throughout the Nation are
basically all right. What We have wit
Yressed in stock market reaction is not
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

agriculture Is as
a whole on a
m o n ey = making
basis. and even
though there may
have been a slight
recession in indus
trial conditions, !
do not look for any
g e n e "a | depres-
sion"
John II. Miller,
Southern CalifOr :
mia Edison Co.:
Conditions in the
electric light and
power industry, not
only in California
but throughout the
Nation, were never
better. General
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

business or hnan-
cial structure. We
m u S t, therefore,
look to other causes
for the present
persistent decline
of Stock Exchange
stock prices.
I'VE hear a great
deal about the &C
Invites of bull and
bear groups oper-
ating on the Stock
Exchange. When
ever stock prices
b e come inflated
the bull operators
reap large profits
by liquidating their
holdings. The pub
lie generally buys
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24
TRADE HELD SOUND
IN SPITE OF BREAKS
Speculation, Not Actual Con-
ditions, Seen Cause of Re-
cent Market Declines.
Continued From First Pagel

ICOnllnutu FIUH TIISI IdBt,J
oritative opinions on the conditions in
industry and their possible relation to
the sWaying market, called on the
leaders in the key industries and in
finance.
The following telegram was sent
them: rs present persistent decline of
stock exchange prices warranted by
business conditions as you see them, or
do you believe break in stocks is due
to influences in no way rejecting the
country's business conditions?"
The replies follow;
Walter c. TcagIe, President, Standard
Oil Co. of New Jersey: over long
range I believe that security prices re-
Hect with some accuracy corporate
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

a reflection of busi-
ne S S tendencies.
From time to time
we have expert
enced similar re-
cessions and must
be prepared for
these eventualities.
Declines of this ma
tire mcy be ex-
pc C t e d. especially
when there h as
been such an eT-
tr ord mary in
crease in the prices
of many Securi-
ties"
William G. Pot
ter, PreSid G n t,
Guaranty Trust Co.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-08
Parent-Teacher Activities

AL material for this column must be
sent to the State ONCE, room 101, Bur-
lington Hotel, by the Wednesday pre-
ceding the SurGay on which publica-
ton is desired.
Mrs. FINS D. Morris, fourth vice
president of the District of Columbia
Congress Of Parents and Teachers,
will be in charge of the State ONCE
during the absence from the city of
Mrs. Giles Scott Rafter, president, ana
the first vice president, Mrs. J. N.
Saunders. Those wishing to commu.
nicate with Mrs. Morris may do so by
sending mail to First street and Riggs
road northeast or phoning Georgia
1912.
Mrs. H. N. stull, State Summer
roundup chairman of the District CT
Teachers, gave radio talk on Summer
roundup Of the children over station
VOL last Tuesday evening.
Stephen z. Kramer, first assistant
superintendent Of schools, will speak on
Parent Teacher Movement from the
Viewpoint Of a School ofncial," next
Tuesday evening"
Every Tuesday evening there will be
a radio talk under the auspices Of the
District of Columbia Congress of Par
ents and Teachers over station VOL
from to 7:10 O'Clock.
Local presidents are requested to
send to the State ONCE, Burlington
Hotel, room 101, answers to the fol-
lowing questions: /. Date and place of
your associations first meeting. 2.
Subject of program for first meeting
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-08
Organized Reserves

continued as regular practice. In the
membership of this years team there
will be only six of the officers who
fired with 1t last year.
Mai. Hyde selected the following ON
GERS as new members of the 1929 Re-
serve Officers team: Capt. Abner S.
Morley, Philadelphia, Pa; Capt. Clear
field P. Wade, Chester, Pa; Lieut.. Ed
ward S. De Long, Philadelphia, Pa;
Lieut.. Joseph j: Davidson, Pottsville,
Pa; Lieut.. Franklin s. Smith, Green
field, Mass, and Lieut. Daniel A. Huen,
Milwaukee, wis. OF last years team
there remain as members the following
Capt. Homer A. Obenauf, Culver, Ind.
Capt. Edward A. McGoldrick, Spokane
Wash: Capt. Jerry B. Garland, Gary,
Ind; Capt. Robert c. Wallace. Evans
ton, Ill.,; Lieut.. Morton Solomon, White
Plains, N. Y, and Lieut.. willard p.
Dunbar, Culver, Ind.
Lieut. Col. Arthur G. Hixson, Cavalry
has been relieved from assignment and
duty in the office of the chief of Cav
airy and is detailed for duty with the
Organized Reserves of the 3rd Corps
Area, and Is assigned to duty with the
62nd Cavalry Division, with station at
local Reserve headquarters.
The chief of staff has announced a
change in the mobilization assignments
of oficers of the branch assignment
group in the Military Intelligence Re-
serve. This change is the result Of a
recent reorganization of the Military
Intelligence Division and Of a realloca-
ton of duties to the several branches
of this division. The new assignments
of local ReServistS as a result Of this
change are as follows: Lieut.. Coils. Len
to administration branch, ONCE of the
assistant chief of staff, CO., and James
A. Buchanan, 1888 New Hampshire ave-
nue., to public relations branch. ONCE OF
the assistant chief of staff, Ga.
Majs. Kirke L. Simpson. 2Sl5 Wood
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-08

First. Lieut.. James S. Monahan has
been detached from corps headquarters,
this city. to duty with the Marine de-
tachment serving aboard the U. 8. 8.
Salt Lake City.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-08

3. Has your chairman prepared her
years program?
The singing mothers OF the District
of Columbia Congress OF Parents ano
Teachers will meet in the Burlington
Hotel Monday, September Is, at
1880 pm.
safeguarding the nerve force of the
child of today Is one Of the chief prob
lens of parents and teachers, due 70
the high speed at which this genera
ton is living" was the opinion ex-
pressed by DR.. Raymond A. Fisher Al
the last meeting Of the ParentIIeacn 1e
Rows and Girls, 1850 Mintwood place.
DIR. Fisher, who was formerly con-
nected with the ChIldren's Hospital OF
this city, has Just joined the STAN CT
| the Service School as physician IN
charge.
of the school, was in charge OF the
meeting, and reports were given by the
following committee chairmen: Mrs
George r. Stillson, Mrs. r. j. Pullman
Mrs. H. B. Walker, Mrs. @. G: Roney.
Mrs. A. c. Calderon and Mrs. Edmond
McKenna.
The meeting closed with a musical
program by NdiAs Ards Atkinson, mu-
sic director of the school.
Mrs. FINS D. Morris, former presi-
dent of the Keene School PARENT
Teacher Association, has collected
newspaper articles giving publicity &c
| the convention of the National Con-
gress of Parents and Teachers, held In
this city last May, all Of the photo
graphs. programs. souvenirs. badges
! etc. of the convention, and all CORE
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-08

lev road, and Stephen T. Early, 2OA2.
Pierce Mill road, both to public rela:
tions branch, ONCE of the assistant chief
of star, Ga; william A. Scully, Con-
necticut avenue and De Sales street;
william w. Smith, Gil Evans Building,
and Ralph w. Hills, 1920 Nineteenth
street, all to the administration branch,
ONCE of the assistant chief Of stan,
Ga. Capt. Isaac II. Horton, 25lS
Seventeenth street, to the public rela-
lions branch, ONCE of the assistant chief
of staff, Ga. Capt. Richard s. Paulett.
specialist Reserve, 1920 Twenty-flrst
street, to the material division, Indus
trial War Plans Division, and First
Lieut.. Jack H. Kealey, to the public
relations branch. e -
washington Reserve headquarters an
nounced last week the following changes
in the assignments of local Reserve ON
GERS. The following Reserve oficers
sion, are assigned to units as indicated:
Mai. william A. Morgan, 26l0 Thirty
first street, and First Lieut.. Samuel
Kahn, Gallinger Hospital: Robert e.
Moran, 1882 Sixteenth street; Walter z.
Beattie and John A. Kennedy, both
GEORGETOWN Hospital, all Medical Re-
serve, to the 305th Medical Regiment.
Second LieutS. Ord Bush, District OF
Columbia armory, and William P. Chris
man, 1926 M street, both Engineer Re-
serve, to the 305th Engineers. Second
Lieut.. Oberon Warren, Chemical War
fare Reserve, United States Patent
ONCE, to the Chemical Warfare Section.
Second Lieuts. Austin j. Naylor, 1892
Connecticut avenue, and James r. Hit
selberger, 1902 Warder street, both
finance Reserve, to the finance section.
Second Lieuts. Herbert H. McMurray,
Y. M. C. A.; John d. Wilson, 1915 T
street, and Willard Criswell, S4S2 Con-
necticut avenue. all Infantry Reserve, to
the 320th Infantry.
Second Lieut.. clifford B. Kinley, Sig
nal Reserve, 2012 r street, has been
promoted to the grade Of first lieu
tenant. His assignment to the 80th
Signal Company will remain In effect.
Severe droughts have done serious
damage to crops in Jamaica this year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-08

spondence between national and State
officers making necessary plans for the
convention. It is arranged in a scrap
book.
This book is to be sent to the meet
ing Of the national board of managers
to be held in Chicago September a., IS
and IS. where it will be an exhibit as
part Of the report of the convention
chairman, Mrs. Giles Scott Rafter.
president Of the District of Columbia
Congress of Parents and Teachers.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-08

WISE home-owners, who want greater home
w comfort and fuel economy this winter, are
planning now on insulating their roofs, on lining
their Easements attics and garages with caneJfbre
insulation.
This means they will do their repairing and re.
modelling with Celotex because Celotex is the only
cane.6bre insulation.
Nature seems to have intended cane.fbre for
insulating purposes The fbres are long, tough
and for interlacing into big, strong
boards that contain millions of tiny, sealed air
cellsust what is required for efficient insulation.
Celotex builds as well as insulates. When used
on the outside of houses, as sheathing, it adds
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-08
MARINE CORPS NOTES

The naval transport Henderson Is
now at Quantico, Va, where it viii re-
main until September II when 1t is
scheduled to leave for the west Coast
via the Panama Canal. and, while en-
route to San Diego, Calf. 1t viii touch
at West Nicaraguan Coast ports and
embark about 400 marines, who will be
transferred to San Diego. Calf. for
further transfer to Pacific Coast Ma
rine Corps posts and stations, respec-
lively.
The Henderson. which arrived at
Quantjco last Monday, brought 900 Ma
rines from Nicaragua. APPROXIMATELY
200 have been ordered to remain at
Quantico for duty, while the remainder
have been distributed In small detach-
ments along the Atlantic seaboard to
the various navy yards and stations
whereat Marines are assigned for guard
duty.
Maj. Gen. Snedley D. Butler, COM
manding the big Marine base at Guam
tico: Is taking an active interest in the
1urtherance of all athletic activities at
the post under his command. He has
personally visited the training field of
the post foot ball squad.
Capt. Oliver C. Hine, A. @. M, who is