davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1930-07-08
HEARST STOCKS
TOPAY I P. c.
To HOLDERS
Participation Privileges Giveh
Through Preferred Offer
ing Of Publications Stock
BY JULIUS G. BERENS
NEW YORK. July S.-Unusual

NEW YORK, July 0"-UnuSual
investment opportunity is pro-
vided by the new Hearst Consoli-
dated Publications, Inc. financing.
whereby the public for the first
time is permitted to participate
in the profits of the Hearst
newspaper organization.
The preferred stock now being
offered at $25 a share combines
not only all the essentials Of in
veStment, but in addition pro
vides a genuine profit-sharing
clause which adds to the attrac-
tiveness of the issue.
Yields Per Cent
A yield of Z per cent is fur
nished on the investment, but
the stock also carries the right
to participate in additional prof
its up to a possible 10 per cent
total dividend distribution. This
is the first profit-sharing stock
ever offered to the American pub
lie by a leading newspaper enter
prise.
safety, the first essential Of in
vestment, is provided the pur-
chaser of the Hearst preferred
stock by the earnings record OF
the II newspapers which make
up the corporation. Average net
earnings over the period 1926
1929 inclusive were equivalent to
3.14 times annual dividend re-
ouirements on the preferred
stock: last year the net income
reached 3.67 times dividends.
Progressive gain in earnings
available for the preferred ts
another encouraging element OF
the new stock; net earnings have
grown consistently as shown m
the following table:
1926-S10,009, ,806.
1927-$1O,162,2S4.
1928-$11,044,777.
1929-$12,S54,626.
ManaKement Ability
Management ability, a prime
consideration for investors, is ex-
emplified in the earnings record.
Public appreciation Of the Hearst
newspapers is reflected in the cir
culation of 1858, ,426 daily and
1,744,O17 Sunday, for the news
papers behind the $4,000, 1000
preferred stock issue; and the
5,606,243 circulation of "Amerl-
can Weekly" likewise included in
the chain.
Stability is provided by the
nationwide distribution Of the
newspapers, constituting the great
est enterprise Of its character. in
the world. Assets Of Hearst Con
solidated Publications, Inc, ag-
gregate more than $124 ,000, 900.
The Washington times., 1930-07-08
Note Suit
Lost by Dye Firm

The international Trust Com
pany. as trustee Of a $2,750,000
note issue of the Associated Dye
ing and Printing Corporation, OBJ
tanned judgment on the plead
ings from Justice Mullan Of the
supreme court of New York in an
action for $2.499. 900. the amount
of the outstanding notes.
The defendant. it was alleged.
failed to meet an interest pay
ment of 574,970 in May, 1880,
and on June 80.
The Washington times., 1930-07-08
Ruling Aids COhOes
Bonds Adjustment

An opinion handed down by
Judge Copper. of the United
States District Court for the
northern district of New York is
expected by municipal bond men
to facilitate the speedy adjust
ment of the voluntarily defaulted
$1.439,0 900 certificates of indebted
ness of the city of Cohoes, N. Y.
The Washington times., 1930-07-08
LOCAL STOCKS

FURNISHED by W. 3. Hibbs & Coz
SALES
Potomac Electric Consolidated
SIS. $1,000
Washington Gas IS. "a" $1,000
1o1%.
Norfolk and Washington Steam.
boat Rts. (w. H., 2@16A, 800
1917. 2@16h.
Lanston Monotype. SOILS.
Mergenthaler Linotype, 10G096.
Security Storage Company,
10@114.
After call-Capital Traction is,
$500@91h, $5O0@9lh, $4,000
91b.
Potomac Electric per cent pfd.,
5@11OK.
Norfolk and Washington Steam
boat RtS. Nv. tO, 4@161s.
Washington Gas IS, "B," |"
$1,0OO@1O5h, $700@l04, $4,000
1O4, $20001O4.
The Washington times., 1930-07-08
Katy LOGdings Gain
In June OUer MaY

June car loadings of the Mis-.
souri,, Kansas g. Texas railroad
increased 10 per cent over May
but 9.3 per cent under a year
ago. the New York offices esti
mated today. The gain is attrib.
uted to the wheat movement.
Chicago 81 Northwestern handled
1883 cars in June. compared
to 100000 in June. 1929. The
Wabash handled 1880 against
37.005. The Great Northern han,
died 101.677 against 1892.
The Washington times., 1930-07-08
BY LEWIS HANEY
Director New York University Bureau
Of Business Research and Former
Economist Of Federal Trade
Commission

Brokers loans, as reported by
the New York Stock Exchange,
dropped by over a billion dollars
in June. This is the best single
measure of liquidation. 1t shows
the enormous reduction in margin
accounts of stock spectators, and
also some liquidation Of bonds
held by dealers.
This great decrease in brokers
loans means that the whole struc-
ture of speculative profits that
was built up in the spring has
crashed and been wiped out. 1t
brings the speculative account
back to where it stood at the end
of 1929, and even lower. The
figure is 3.7 billions now, against
3.9 billions then.
Helps Market Position
This means either a more COM
pletely liquidated position than at
the beginning of the spring hang
over bull market. or that specu-
lators have put up more cash. In
either case, a larger proportion Of
stock is more strongly held, either
owned outright or carried on good
margin at banks. This is the
more notable in that the amount
of stock and bonds outstanding
has been steadily increasing.
OF course, brokers loans are a
smaller percentage Of the total
value of listed securities than
they have been most of the time
in the last few years. Is this
condition an element of strength?
Not necessarily That all de-
pends on how reasonable stock
prices are. If stock prices are
The Washington times., 1930-07-08
Lerner Stores s Mos.
Sales ShOU Bio Gain

Lerner Stores reports sales for
June Of $2,196,S77, against $1.726,-
TAT in June, 1929. Sales for the
six months ended June 80 totaled
$11, ,297 ,263, against $7,918,112 in
the same 1929 period.
The Washington times., 1930-07-08
COTTON ACREAGE DROPS

The cotton acreage in cultiva-
ton in the United States on July
l was 45.815.000 acres. as com.
pared with 47.067 900 acres in cul-
tivation at the same time last
year, the crop reporting board an
nounced today in the first cotton
report of the season. The l0-year
average abandonment for the en-
tire country is 3.5 per cent.
The Washington times., 1930-07-08
WcCrOrU Stores Sales
For Half Up S4OO,O 900

McCrory Stores reports sales
for June of $3.211.795. against
$3.334. .669 in June. 1929. Sales
for the six months ended June 30
amountedH to Sl9,410.320. against
&I9,025, ,73A in the like 1929 period.
The Washington times., 1930-07-08
What to Buy and Where

Buy the leaders at the right
time, is the trading advice of
one keen market student. He
reasons that stocks like Steel,
Can, lectric Power and Light,
Union Carbide, Consolidated Gas.
American Telephone and others
show a real and quick profit on
any rally. whereas the stocks,
even though good, it is ordinarily
long drawn out process.
The Washington times., 1930-07-08
Investment Trusts

Semi.annual statements of in
vestment trusts are making their
appearance, and do not make
comfortable reading for the stock
holders. Practically all show re-
ductions in assets and breakup
value. The two disquieting phases
are their comparatively small
cash holdings and low rate Of re-
turn on their initial capital in
vestment.
Pressure on air reduction and
Gillette as well as other erStwhile
blue chip" favorites, is attri
buted to trust liquidation. Air
reductions second quarter earn
ings are expected to be disap-
pointing, and Gillette, which has
been breaking into new low
ground, is feeling keen competi-
tion. Both were popular trust
issues.
The Washington times., 1930-07-08
The Hearst Issue

u The public's first opportunity
\ to share in the profits OF Hearst
Newspapers has resulted IN a
big rush to buy the seven per
i cent cumulative shares OF
Hearst consolidated publications,
Inc. This is one stock that l am
going to buy. 1t is priced at $2o
a share and pays seven per cent
annually. In addition there is
the possibility of it paying up to
10 per cent. After the common
stock receives SITS a year, the
preferred shares equally with
the common stock in the earn
ings, until it receives 10 per cent
I know of practically no issue
that has this added speculative
appeal.
Just how good the chances are
of receiving 10 per cent is demon
strated by the earnings records
OF the last four years Of the
papers. To be owned by the
corporation. For the last four
years these papers netted $44,'
OH, 1,4o4.86. This is average of SILL
$4,000 or 80 times the seven
per cent dividend requirements
of the $5,000,000 preferred be.
ing offered to the public and
Hearst employees. The papers
earned $12,854, ,626.69 last year.
There is going to be an open
market for the stock. The shares
are to be listed on the New
York Curb Exchange and Chicago
and San Francisco Stock Elk,
change.
Subscriptions for the stock are
being received at the cashiers
office of the Times as we'll at
the offices of all other Hearst
papers. In addition strong
banking group is assisting in the
distribution.
It is difficult to get a line on
the short interests.
On the one side am told that
this Is tremendous, and that new
short lines are being put out every
day and on every rally Another
asserts that the short interest is
small and that the cream" OF The
covering took place within the last
two weeks. The markets Sagging
action tends to support the latter.
q. s. Steel
Steel is showing more and more
resistance on the downside, fight.
ing each point stubbornly. With
Steel's earnings for the year esti-
mated at least $ll share, even
the most rampant bears admit
that the stock is worth current
levels. The stock broke badly in
the first decline. culmulating the
first week in May touching more
than the average. It was in sup
ply all the way down, reflecting
large scale liquidation. Steel did
better in the June reaction, giving
way more slowly. ! hear that good
buying made its appearance in
this "blue chip" below 1875. and
understand that this is for the
account of some one who sold the
stock down from the eos. The
Steel may break $50, the Novem.
ber low. but Wall Street expects
one of the greatest battles in his
tory before it does.
I am told that American Can
has taken a licking" on it's tin
inventories. Earnings for the year
are estimated at the 1929 level,
but hear that aggressive buying
of Can will not make its appear
The Washington times., 1930-07-08
The Utilities

Wall Street has turned "sour"
on utilities, not so long ago the
attitude was of the "sky is the
limit" type, and earnings-selling
price rate was ignored. The
change came when May output
showed a decrease, even though
small. Many expected the rate of
gain to fall off as it did early
In the ear. Few could see an
actual decline.
There has been good buying in
both Consolidated Gas and Pub
lie Service Of New Jersey. Orders
are on a scale-down and the buy
ers are not reaching for stock.
Interests close to United Corpora
ton and United Gas Improve
ment are credited with the buy
ing.
The Washington times., 1930-07-08

Aance until the stock dips !
around par.
The Washington times., 1930-07-08

I am told that American Can
has taken a licking" on it's tin
inventories. Earnings for the year
are estimated at the 1929 level,
but 1 hear that aggressive buying
of Can will not make its appear
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-15
Efforts Being Made to Have
Item for Rent Put Back
in District Bill.
INSTITUTION MAY BE PUT
IN MUNICIPAL CENTER
Two Suitable Structures There, but
Neither Is Owned by
Government.

The Police Department has not yet
made up its mind where to move the
House of Detention if the item for Sill
600 for rental of the present building Is
omitted from the District appropriation
bill. The item was left out Of the
House bill and strenuous efforts are be-
ing made to have 1t written in again
by the Senate. Assuming that these
Efforts are not successful, the House of
Detention must be moved to one of
the buildings acquired by the District
IN the new municipal center area
bounded by Third and Sixth streets,
Square.
Only two buildings in that area are
regarded by the department as suitable,
according to Harry M. Luckett, chief
clerk, and the District has not yet ac-
CURED title to either. It is probable that
tltle VIII not be acquired when the ap-
preparation act takes effect on July /.
Inc Two IN question are the building at
3z4 Indiana avenue, used by the Christ
Child Society, and another at 81 C
street. Either OF these could be used
with very slight alteration, Mr.. Luckett
said. The remaining buildings would
require extensive alterations, renodeline
ana repair before they would be avail
able.
Nevertheless, he said, If it appears
certain that the $l1 900 for rental Of the
present building will not be within the
law one of these unsuitable BUILDINGS
must be taken. The department has not
yet selected any for this purpose. as ali
are so unsuitable, he SAID.
Inc present House of Detention Is To-
Gated at Sixth street and Louisiana
avenue.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-15
BINGHAM URGES
CLEANUP OF LOTS
Holds Unsightly Spots Leave Bad
Impression on Visitors
at This Season.

A cleanup Of unSightly vacant lots
IN washington was urged on District
omclals today by Senator Hiram Bling.
nam, Republican Of Connecticut. chair
man OF the District subcommittee of
the senate appropriations committee.
Inc senator said that In riding
around the city recently he has no.
tlceo rubbish and other debris piled on
vacant spaces and pointed out that
EneSe spots mar the appearance of the
capital at this season Of the year when
hundreds Of visitors are in the CITY
me Senator said that some of the
property belongs to the District He
suggested, however, that whatever stems
are possible be taken for q cIean-,In On
District and private lots. 0-'
Inc District subcommittee TODAY ro-
celVeo delegation of representatives
% Womens organizations, reoueStino
Gaat FUNDS be provided in the approprie
atlon Dill to enable the House of De
eentlon to avoid moving again during
Cne next year. AS passed by the House
tsnIal LOT the House Of Detention was
eliminated for the purpose of having
Ciie INSTITUTION move into property being
purchased by the District in the munich
pal center area.
Luther H. Reichelderfer and Mai Gen
herbert b. Crosby, made their first an.
pearance before the Senate subcommit-
zee today to meet the members.
with al. hearings completed, the sub.
committee today began considering pro-
posed amendments in the House bill.
but changes to be recommended will
not be announced until the bill Is re-
ported by the appropriations committee.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-15
OFFICERS OF GAS
FIRM REELECTED
Board of Directors Takes Ac-
ton, Leaving Direction
in Local Hands.

The fun roster of officers Of the
Washington Gas Light Co. serving
under George A. G. Wood of Boston,
who was elected president of the con-
Germ last week, to succeed Ord Preston,
recently resigned, were reelected for
another term at a second meeting of the
board of directors, held at noon today
in the Tenth street ofi1ces of the
company.
This leaves the immediate direction,
though not the control, of the bust
ness Of the company in local hands,
lately executive vice president of the
Massachusetts, Gas Cos, it has been
announced, shortly will establish his
residence in Washington.
The officers reelected today are:
Robert D. Weaver, vice president;
George M. Whitwell, secretary; Edward
T. Stafford, assistant secretary; Thomas
B. Gardner, second assistant secretary;
Lawrence Townsend, treasurer; A. Gray
Dawson, assistant treasurer; Frank r.
Holt, second assistant treasurer; Rich
ard A. Ennis, controller; c. G. Bayly,
assistant controller, and John L. Schick,
assistant controller.
The subordinate officers Of the con-
Germ were reelected at meeting of
the directors which was adjourned from
last Saturday following the election of
Mr.. Wood as the new president. Mr..
Wood was unable to attend the session
today because Of illness. Directors pres
ent were Wilton j. Lambert, Corcoran
Thorn, Fred S. Burroughs, George B.
Fraser, c. H. Pope and Robert D.
Weaver
All the directors are local residents
except Mr.. Burroughs, who is a New
Yorker, and President Wood, who is to
establish residence here.
The term Of the officers just elected
will run until after the election of the
board Of directors next year. The d.
rectors are elected by the shareholders
at a meeting the first Monday in Feb
ruary and the election Of the officers
by the directors shortly follows this
meeting.
Controlling interest In the Washing
ton Gas Light Co. was acquired a year
ago by New York interests.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-15
WADDY'S GRAFTON
WINS AT DUNBAR
Judges in Contest Award Honor
able Mention to Louise
Pinkett.

Speaking on "The Constitution. a
Guarantee of Freedom" Joseph Waddy
was chosen as the best orator of Dun
bar High School in the school finals
today. He will represent his school in
the National Oratorical Contest finals
Of The Star area.
BY defeating four girl competitors
Waddy will be awarded q prize of 500
by The Star. Honorable mention was
awarded by the judges to Louise Pink
EFT. She discussed 1.-THE Civil War and
the Constitution"
In selecting Waddy to represent the
school, the judges pleased the large
audience. There was spontaneous and
prolonged applause at the conclusion
Of Waddys grafton. The audience was
generous In cheering the girls also. The
judges based their decision "on the
thought and rhetoric displayed by the
orationS, as well as voice, diction, pos.
ture and gesture.
Waddy spoke forcefully and to the
point in lauding the Constitution. He
pointed on that other countries had
seen Mt to model their form Of govern
ment after that Of the United States.
In an extemporaneous speech following
MS Grafton, Waddy upheld the prohibit
ton law.
Carolyn Holloman spoke on webster
and the Constitution" Hilda Lawson ON
Roosevelt and the Constitution" and
Dora Reynolds on 1.-THE Constitution
Today"
walter L. Smith, principal, vas the
master Of ceremonies.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-15
HEARING ON LOAN
MEASURE IS HELD
District Committee Gets Data
on Bill Aimed at
"Loan Sharks"

The judiciary subcommittee of the
House District committee held a hear
ing today on the Bowman bill, sponsored
by the Russell Sage Foundation, which
proposes to license and regulate the
business of making loans in sums of
$500 or less, secured or unsecured, and
designed to force out of business loan
sharks" in Washington.
This legislation is the same as was
offered by Representative Gilbert Of
Kentucky In the last session of Cong
reSs when he was a member Of the
District committee, at which time it
was favorably reported.
When Mr.. Gilbert appeared to present
proponents of the legislation today,
Representative Lambert asked that he
state what organizations he represented.
Mr. Gilbert said that he had previously
been employed by the Russell Sage
Foundation to secure passage of this
character of legislation, but that sub
sequently he had been elected to the
Kentucky State Legislature and had re-
signed from the Russell Sage Founda-
ton employment.
with the District subcommittee had dis
garding loans and the need for such
legislation.
The only other witness was Leon
Emerson, director Of the department of
remedial loans of the Russell Sage
Foundation of New York, who explained
at length the work of the foundation
for improvement of social and living
conditions covering the last 20 years.
The witness insisted that rate of 3la
per cent a month is necessary in order
to encourage the loaning of small
amounts to people without adequate
security, and err. pnasized that it is this
class of borrowers who desperately need
small loans at times and must pay
whatever the cost.
The hearing will be continued Thurs
day morning at 1890 o'clock. Repre-
sentative Lampert, Republican, Of Wis
conSin, served notice that he will de-
mand a hearing for opponents Of the
legislation two weeks hence.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-15
SEEKS WARRANT
FOR STILL OWNER
Little to Ask Papers Following
Raid on 150-Gallon Still
Last Night.

A warrant for the arrest Of the oper--
ator of a still at ACT A street southeast
was to be sought by Sergt. George M
Little today following raid IN which
his dry squad seized 150-gallon still,
40 barrels of mash and "a gallons OF
liquor. l.,
Members of uttle's squad were In
formed that q still was in operation at
the A street address last night, and
climbing to a structure at the rear OF
the house they spied the still in the rear
room on the second floor. A warrant
was obtained and the raid followed, but
the operator had vanished.
The entire second floor was given over
to the manufacture of whisky, with the
still and 10 barrels of mash located In
the rear room with the remainder OF The
mash distributed in the other two rooms
upstairs.
Kerosene was poured into the mash
and the whisky and still were removed
to the sixth precinct police station. It
will probably be turned over to Charles
3 williams, custodian Of the Treasury
Department prohibition forces, today.
Police have learned that the operator
Of the still is married man and lived
at the A street address with his wife
and two children.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-15
BACK-TO.DISTRIC
PLAN BEING DRAWN
Arlington Group Preparing Reso-
luton for Capper to
Give Congress.

A resolution to get before Congress
the proposal to bring back into the
District the original area which is now
Arlington County Va. is being prepared
for Chairman Capper of the Senate
District committee by members of the
Back to the District Association of Ar
lington County.
Senator Capper said he had not been
particularly interested in the question,
but indicated he would introduce the
resolution being prepared by the COM
mlttee that called on him for the pur-
pose. of getting the matter up for dis
cussion.
The Senator said members of the
association who called to discuss the
matter with him told him they were
having such resolution prepared.
THOSE who brought the question to the
attention Of the chairman Of the SEN
ate committee were J. Cloyd Byars, gem
eral counsel Of the association, and Rol-
lin Smith.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-15
CAB FIRMS GIVE STAND.
Some Features of Measure Are DisIiked
by Them.

Four 35-cent taxi companies at a
meeting last night unanimously voted
to indorse financial responsibility of
public carriers.
The companies were the City Cab
Co., the Sun Cab Co., the Stop-Me
Cab Co. and the Bell Cab Co.
William Mckay Clayton was retained
by the companies to appear for them
at the hearing In the Senate on o bill
giving the P. U. G. power to regulate
all taxis.
There are some features Of the bill
that the companies object to on the
grounds that they would not be ade-
quately protected against autocratic
regulation by the commission.
The City Cab Co. has bought out the
Sun Cab Co. and today took over its
management. All of the Sun drivers
are working for the companies on .
commission basis and do not rent the
cars. Under the scheme which had
been In force for several weeks the
drivers rented the cars and were re-
sponsible in case of accident. This Is
no longer the case.
A H. Ostrow, treasurer Of the City
Cab Co., in speaking Of the necessity
Of financial responsibility said:
"The public must be protected. There
is no doubt of that, and we want to
cooperate and to do anything necessary
in that direction"