davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1930-03-15
Mr.. and Mrs. Williams
Going to Aintree To
See Grand National
Photo by 1nteruatlonal

Mr.. and Mrs. John Winslow
Williams will sail for England
next week to witness the Grand
National, to be run at Aintree,
near Liverpool, on March %.
From England, Mr.. and Mrs.
williams will go to Paris to
be the guests Of the latter's
brother-in-law and sister, the
United States Ambassador to
France and Mrs. Walter Edge.
Returns to Capital
All Ishmail, former first Sec
retary Of the Egyptian Lega-
ton, has returned to Washing
ton as charge d'affaireS of
Egypt, post he will hold until
the arrival Of a new minister.
Dinner Hosts
william p. MacCracken, jr.,
has joined Mrs. MacCracken
in their apartment at the
Wardman Park Hotel for the
week lend. Mr.. and Mrs. Mac
Cracken will entertain at din.
ner this evening In honor Of
the Air Attache of the Brit
iSh Embassy and Mrs. T. G.
Hetherington. There will be
16 in the company.
The American Association of
University Women has secured
for its annual Fellowship theater
benefit Journeys End, to be
given at Polls Theater, Monday,
March, 81.
Mrs, Samuel G. Herrick, Eel
lowship chairman for the Wash
ington Branch, will have assist
ing her Mrs. William Notz as
chairman Of patroneSses and
boxholders. Other members of
this committee are Mrs. H. E.
Payne, Mrs. Howard Leroy,
Mrs. Harris Baldwin, Mrs. w. j.
Cooper, Mrs. c. L. Veerhof, Mrs.
George F. Bowerman, Mrs.
Joshua Evans, jr., Mrs. j. j.
O'Connor and Mrs. Philip Sid.
ney Smith. The ticket COM
mittee. headed by Mrs. A.
Harding Paul as chairman. is
composed of Mrs. G. s. New
combe, Mrs. M. M. Proffitt, Mrs.
H. A. Whitney and Mrs. T.. w.
Heitz.
Southern Vacation.
Mr.. and Mrs. AbSalom Waller
and their son. Nelson Waller. are
leaving next week by motor for
Miami, Fla, where they will
spend several weeks.
They will make several visits
In Georgia before returning to
Washington.
Hosts Last Evening
Mr. and Mrs. John pulver
entertained a party of 80 last
evening at dinner at the Club
Chantecler, the company re-
manning later for the supper
dance.
The Washington times., 1930-03-15
Hosts Last Evening

Mr.. and Mrs. John pulver
entertained a party of 80 last
evening at dinner at the Club
Chantecler, the company re-
naming later for the supper
dance.
The Washington times., 1930-03-15
Luncheon Today.

Mrs. Walter Bloedorn. wife
of Comdr. Walter A. Bloedorrl,
u. s. NJ, entertained at lunch
con today in honor Of Mrs. Will
liam Wisner Chaplin, OF RocheS-
ter, N. Y, at the willard.
Mrs. Chaplin is visiting Mrs. D.
Wickershan.
X
Mr.. and Mrs. William Ray De
Lano, Of WeStfield, N. j., are at
the Dodge Hotel for an 4ndefi-
mite stay.
The Washington times., 1930-03-15
Southern. Vacation.

Mr.. and Mrs. AbSalom Waller
and their son, Nelson Waller. are
leaving next week by motor for
Miami, Fla, where they will
spend several weeks.
They will make several visits
In Georgia before returning to
washington.
The Washington times., 1930-10-23
RECORD MARK IS
SET BY FIRM

For the ninth consecutive
month of the current year Ameri-
can Commonwealth Power Cor
poration today reports increased
earnings, with gross revenues
from all sources, of the corpora
tion and affiliated companies for
the IL months ended September
80, 1880, reaching the record total
of $27, ,675, ,679. This represents a
gain of $4,688, ,191, or 20 per cent
over the gross of $22,987,488 re-
ported for the corresponding
period ended September 80, 1929.
Net income after operating ex-
penSes, including maintenance
and general taxes, amounted to
$12.944,831 as against $9,924,118,
a gain of $3,O20,713 or 80 per
cent. After interest charges on
the funded debt of subsidiary
companies and dividends on the
preferred stocks of these conf.
panieS, there remained a balance
available for American Common,
wealthS Power Corporation and
for reserves of $6,588,O4O as COM
pared with $4,467 ,267 in 1929, or
an increase of Al per cent.
The Washington times., 1930-10-23
SEE PARALLEL
IN MARKETS
GraY.Reards Refurn
DecIine in Final Phase

The possibility of investing with
greater assurance through the
recognition Of stock and COM
modify prices as reciprocal ba-
rometers is suggested by the Alex
ander Hamilton Institute in the
current Investment Bulletin.
A 10-year-compariSon Of the
trends of the two-price indexes
discloses close parallelism. Conse-
quently the divergencies strongly
suggest the future movement Of
the tagging index.
For instance, the decline in
stocks in 1890 was a signal to
sell commodities, which began to
decline In price several months
later. The recovery Of commo-
ditieS in the summer Of 1921 was
a signal to buy locks whose price
trend began to turn upwards
shortly after. In 1922 stock prices
began to fall before commodity
prices, giving the signal to sell
commodities. The weakening of
commodity prices early in 1926
warned against the break in
stocks in March. And the sub
sequent rally in commodity prices
forecast the subsequent bull mar
ket in stocks:
The Institute saws:
"There has been no particu-
lar regularity in the order in
which turns in the two markets
have come" At times bottom
prices for commodities and for
stocks have been reached almost
cOncurrently. At other times,
notably in the postwar market,
the stock market has changed
direction before . change In the
direction Of commodities.
"The value Of the commodity
price barometer may be ex-
pressed in this general rule. An
upward turn i'm commodity
prices is generally accompanied
by a recovery Of stock prices.
That recovery may anticipate
the change in the commodity
market; it is reasonably certain
to follow it. The direction of
commodity prices accordingly
Is . factor to be watched care
fully In view Of the extent to
which deflatiOn has proceeded"
The Washington times., 1930-10-23
DEFER Buying,
BROKERS SAY

to be advised in brokerage circles
A sidelines attitude continued
today. While in a few instances
buying stocks on reactions for
long-pull holdings was recon-
nlended, in the majority of cases
deferrlng purchases until a def.
mite turning point is reached was
urged.
Postpone trading commitments
until stocks can be bought with
better aSsurance.-HORNBLOW-
Err q WEEKS.
Accumulate high-grade dividend
paying stocks for the long pull.
M. j. MEEHAN & CO.
Hold up buying until situation
has cleared up marketwiSe.-
EMANUEL & CO.
The list will doubtless be irreg-
ular with fresh weakness at in
terVals.-TOBEY g. KIRK.
1t is never obvious that the
market is making bottom until
after the bottom has come and
paSSed.-BAAR, COHEN & CO
Conservative to defer trading
commitm ants unt'' climax de-
velopS.--OTIS e CO.
Avoid n~ematu~e hullishnnss.-
e, F. HUTTON & co.
1t is impossible to gauge pur-
chasing baSe.-JOEN MELADY 81
co.
Wait until the market has def
nitely reached a bottom.-CUS-
lex, KENT & co.
The Washington times., 1930-10-23
RAILROAD Ne 7
DECLINES

The gross revenue, net railway
operating income and net income
Of the Chesapeake and Ohio Rail
way Company, together with oper-
ating ratio are shown in the state
ment Of operations for the month
Of September, 1880, report for
which was sent to the Interstate
Commerce Commission today.
For comparative purposes, the
figures for the month of Septem-
ber, 1929, and nine months period
to September 80, 1929, include the
figures for the Hooking Valley
Railway Company, and for the
period to September 30, 1890,
there are included the results of
operations of the Hooking Valley
Railway Company from January l
to April 80, 1880.
Gross revenues for the month
were $12,138,012, a decrease of
$1,366,177 over September of last
year; operating expenses were ST.
O23, ,977, a decrease of $1,194,566,
as compared with September Of
last year; net railway operating
income is $4,272,590, a decrease
Of $685. ,563 over September Of last
year. The net income after all
charges for the month of Sep
tember, 1890, was $3,775,612, a de-
crease Of $272, ,4O7 over September
Of last year. The operating ratio
is 57.9 per cent compared with
60.8 per cent for September of
last year, or a decrease Of 20
per cent.
For the nine months ended Sep
tember 80, 1880, the Chesapeake
and Ohio Railway Company SHOWS
gross revenues of $103, 3,539,O31, a
decrease of $8,456,922. Operating
expenses were $66, ,469,71O, a de-
crease of $6,805,297. Net railway
operating income was $50, ,006, ,734,
a decrease of $2,401, ,730. Net in
come after ali charges is $25, ,074,-
18O, a decrease Of $1,401, 1926. COM
pared with corresponding period
of 1929. The operating ratio for
the period is 64.2 per cent, a de
crease Of IL per cent as compared
with same period a year ago.
The Washington times., 1930-10-23
A Year Ago

The stock market broke
badly in a selling wave and
losses ranged from l to SO
points.
Sales were near the 100000
share mark.
CAL money dropped from 6
per cent to 5 per cent.
Adams Express dropped 96
points to 44O.
Air Reduction at 1851 was
off 1871 points.
Allied Chemical was off 1871
points at 2861s.
General Electric slumped 20
points to 314.
Johns-ManviIIe sold down to
18O. off Is points.
u. S. Steel lost S1s points at
2O4.
Western Union broke 80 points
70 235.
The Washington times., 1930-10-23
HARB0ARD SEES
DIVIDEND

Gen. James j. Harboard, chair
man, Radio Corp, prior to his
sailing for Europe today declared
he believed the dividends on
Radio preferred and the B stocks
were assured.
Stating that he could make no
definite prediction at the present
time, he said:
Earnings Of the Radio Corp.
for this year should i'm my
judgment amply cover the pre-
ferred dividend rs well as be-
ing sufficient to assure the
safety Of the dividend on the
B stock.
Generally I am satisfied
with the outlook at this time
and all indications point to
improvement in our business
for the last six months Of 1885,"
The Washington times., 1930-10-23
By LESLIE GOULD

Here's q tip on how TO make
in Wall Street handed out
thirty-fiye years ago. It holds
gooC. today.
The late Henry Clews, Wall
Streets Boswell, in 1895 penned
'But few gain sufficient ex-
uerience in Wall Street to COM
mand success until they reach
that period Of life in which they
have one foot in the grave.
When this time comes these old
veterans Of the Street usually
spend long intervals OF repOse
At their comfortable homes, and
in times Of panic, which recur
sometimes Oftener than once .
year, these old fellows viii be
seen In Wall Street, hObbling
down on their canes to their
brokers' offices.
''Then they always buy good
stocks to the extent Of their
bank balances, which have been
uermitted to accumulate for
lust such an emergency. The
panic usually RACES until enough
of these cash purchases OF
stock Is made to afford q big
rake In
"When the panic has spent
its force, these old fellows, who
have been resting judiciOuSly
ON their oars in expectation Of
the inevitable event, which usu-
ally returns with the regularity
OF the season, quickly realize,
deposit their profits with their
bankers, or the OverpIus there.
Of, after purchasing more real
estate that is on the upgrade
for permanent investment, and
retire for another season to
the quietude Of their splendid
homes and the bOSOms Of their
happy families.
eff young men had only the
patience to watch the specula.
tive signs Of the times, as
manifested In the periodical
egress Of these old prophetic
Spectators from their shells of
security, they would make more
money at these intervals than
by following up the slippery
tips Of the professional point
ers' Of the Stock Exchange all
the year round, and they would
feel no necessity for hanging ct
the coat tails, around the no
tells, Of these speciOus frauds,
who pretend to be deep in the
The Washington times., 1930-10-23
PUBLIC SERVICE
NET DROPS

PUBLIC SERVICE CORP. OF
NEW JERSEY-In a preliminary
report for September showed net
income Of $s,262.177. against 3d.
32O,7O8, a decrease Of $5S,530 from
September, 1929. The balance
available for dividends during the
month totaled $2,564,722, COM
pared with $3,O85, ,O98 last year.
Gross for the month amounted
to $11,223.651, against .$11, ,321 ,918
in the same month last year.
In the IL months ended Sep
tember 80 net income totaled $42,-
734, ,354, against $40,758,377 in the
preceding IL months. Surplus
available Ifor dividends during the
period amounted to $40 $40 ,857.
against $28, ,969,176 in the like
1929 period, and gross for the IL
months was $138,734,702, against
$134.078,719 in the preceding IL
months.
SOUTHERN CANADA POWER
CO-Eleven months ended Au-
gust 81. net earnings 81, ,3O9, ,273,
against $l,244,346 in the like 1929
period
CHICAGO SURFACE LINES
September gross $4,568, ,564, against
$5.048.055 in September, 1929.
PENNSYLVANIA GAS AND
ELECTRIC September net in
come $57,411. against $59,644 m
September. 1929. Twelve months
ended September 30, net earnings
1885, .407, against $304,374 in the
preceding IL months.
! BOHN ALUMINIUM & BRASS
CO. Quarter ended September
80, net profit $3,9T0, against $685.
327 in the like 1929 quarter. Nine
months ended September 80, net
profit $692, 1876, against $2,474, ,906
in the like 1929 period.
The Washington times., 1930-10-23
AUtO-StrOp to Vote
NOU. l8 on Mercer

The Auto-Strop Safety Razor
Co. today called a special stock
holders meeting for November 18,
to vote on the proposed merger
with Gillette Safety Razor Co. In
connection with dividends on
Auto-Strop stock, the company
stated:
"Since the Gillette preference
stock is to carry dividends from
November /, and dividends on
the class "A stock Of Auto
StrOp have been paid to October
1, if the transactions are ap-
proved and cOnSummated, divi-
dend Of rs cents q share ON the
convertible class "A stock for
October will be paid to holders
Of record November g."
The Washington times., 1930-10-23
SUN LIFE HEAD
PRODS RESERVE

Calling upon the Federal re-
serve system to prevent an ex-
cessive deflation, T. B. Macauley,
president of the Sun Life Assur-
ance Company Of Canada, the
largest owner Of common stocks
in the world, today urged the
reserve system to buy $500, ,000. 900
United States Government bonds,
thereby increasing the money in
circulation and stabilizing corn-
modify prices.
Mr.. Macauley gives the reserve
system credit for preventing an
initiation in general prices in the
last 10 years of gold accumula-
ton by the United States. He
said:
"The position is now reversed;
we are suffering from excessive
defIatiOn. It is certainly as Inn
pOrtant to prevent disastrous
defIatiOn as it was to prevent
undesirable initiation.
"What now is required is to
increase banking resources by
buying bonds. What amount Of
bonds It would be necessary to
purchase to restore the com.
modify price level it is not pos
sibIe to say definitely. A COM
paratively small amount, say
$500, 200, 900, probably would be
sufficient. Re-eStablishment Of
the old level by steadily prog
resSive steps should not be diff.
cult If undertaken at once.
Mere announcement Of such an
intention would bring heavy
buying in all lines Of business"
Mr.. Macauley believes money
rates should be made particularly
easy in all parts Of the country,
as well as in the call money
market here used by brokers.
The Washington times., 1930-10-23
Sales of Pig Iron
Drop to 5000 Tons

Sales of pig iron in the New
York district last week were
smaller than for several weeks
past, amounting to around 5000
tons. Inquiry is not extensive at
present, and there are only 2,00O
to 5000 tons Of business, mostly
for small lots, now pending.
The situation is Spotty, but re
port from dealers indicate that
consumption is holding up on the
average, as better shipping in
structionS have been received in a
number Of instances. Foundry
operations are holding their own,
and with inventories Of iron gen.
orally low in consumers yards,
the situation is technically strong.
The Washington times., 1930-10-23

hUOuJ V4V O4A VA4O NSA4AAAAOA$ SCS N>~~
year. bringing the stock at cur
rent levels to about five times
earnings. This comes to being
pretty close to panic levels in my
opinion.
Liquidation
Not all the forced selling Is
coming out over the ticker. Big
bundles Of stock in various COM
panieS have been taken over
privately by banks and others
from those driven to the wall by
the steam roller Of deflation. One
such transaction that took place
recently, I understand, was for
a block Of Borden aggregating at
least 100000 shares. Deals OF
this kind plus steady investment
and odd lot buying win event
ually take care Of all the stock
that must be sold and thus lift
the pressure on the stock list.
The interesting thing would be
to know what prices these blg
blocks of stock are being sacrl'
feed at. Unquestionably 1t Is
much below the market.
A bearish analysis I saw on
United States Industrial Alcohol
estimates that the company Will
show less than So on the COM
mon for the year as against a 50
dividend rate. This despite the
fact that the company earned
SI.47 a share in the first six
months and that the second hall
of the year normally produces
two-thirds Of the profits. Alcohol
is said to have suffered big In
ventory losses, yet the stock has
been surprisingly strong IN the
last few days.
Here and There
/. Competent authorities predict
stock prices are within two weeks
of bottom.
present selling price Of Com
mercial Solvents is explained by
it's earnings of only IS cents a
share for the nine months. Oh
viously it isn't going to show
much over 81 on the common
for the full year, or just a little
more than the dividend. Yet
Solvents will do better II the
automobile industry picks UP
next year.
Worthington Pump is acting as
if it were meeting real buying
around rs. Net on the common
was over 81 a share for the first
six months.
Case Threshing has been a
much more stubborn stock Of
late.
Atchison is expected to show
about $14 on the common despite
the slump in rail earnings this
year. Those bulliSh on the stock
point out the heavy maintenance
expenditures in the first half OF
this year, and predict Atchison
will do better in 1881 since it viii
be able to cut its outlayS.
The Washington times., 1930-10-23
Retail Sales Held
BLOLU to Packers

Testimony tn at independent
packers throughout the country
are branching out into the retail
trade to market their products,
but large packers are restrained
to the meat packing business
alone. was offered In District Su.
preme Court yesterday by the
Smith and Armour companies in
their attempt to win modification
Of the packers contest decree
Of 1920.
The Washington times., 1930-10-23
RAIL DEMAND,
BUILDING AID
STEEL TRADE
Increase in Railroad Buying Is
Seen as Big Factor Toward
Ultimate Trade Recovery

Increased railroad buying. heavy
awards Of structural steel and
scattered gains in steel production
are favorable developments in an
iron and steel market in which
pronounced conservatism remains
the dominant note, Iron Age win
say tomorrow in it's weekly review
Of the steel industry.
Rail orders total 1900 tons,
including $1,000 tons bought by
the Union Pacific, 10000 tons by
the Atlantic Coast Line and 10000
tins by the Boston & Maine. The
Chicago & North Western is ex.
pected to close for 10000 tons be-
fore the end Of the week, while
the Erie is preparing to buy
10000 tons.
Interest Gains
Concomitant with the current
rail buying movement Is q revival
Of interest in railroad equipment,
demand for which has been at Q
low ebb for several months.
Fabricated steel awards, at 49,
900 tons, are the largest since
mid-July, and the large amount
Of pending work indicates that
steel plans can continue to count
on good support from heavy
building operations.
Even more l1eartening to the
iron and steel trade than better
ment in railroad buying or the
maintenance Of structural steel
demand are evidences that con-
sumption is humping rock bot
tom. New buying Of finished
steel is restricted, but shipments
against contracts are holding up
rather well. In fact, pressure for
deliveries is such as to indicate
that steel users are maintaining
unusually low inventories.
Demand Declines
With the decline in demand, as
measured by shipping orders,
checked, steel output shows signs
Of stabilizing. At Chicago, where
railroad demand is an important
factor, ingot output has advanced
from SIS to 81 per cent Of capacity,
and there have also been slight
gains at Buffalo and In the Pitts
burgh district, but these increases
were more than offset by losses
elsewhere. Raw steel output for
the country at large is estimated
at So per cent, compared with SIS
per cent a week ago.
Tin plate demand and automo-
bile production continue to show
seasonal curtailment.
Downward readjuStmentS in pig
iron and steel are in diminishing
number, but scrap continues to
show pronounced weakness. Heavy
melting grade is off Csc a ton at
Pittsburgh and st. Louis and SOC
a ton at Chicago and Detroit.
Weakness in heavy melting
steel scrap at both Pittsburgh and
Chicago has brought a further
decline in The Iron Age COM
poSite scrap price is $12.67 a ton,
the lowest level since February,
1922,
The Washington times., 1930-10-23
County Trust Stock
SDLit -Four For One

County Trust Company direc-
tors today approved the plan to
reduce the par value Of the stock
to $25 from 500 and exchange
four Of the new shares for each
share now held. A meeting Of the
stockholders has been called for
November II to vote on the plan.
CHICAGO, Oct. 23.-Milton F.
Goodman, president of Reliance
Manufacturing Co. Of Illinois, Is
dead today following an operation.
The Washington times., 1930-10-23
The Electrics

A4ASSNeAS
Selling converged on General
Electric and westinghouse, break
ing both to new lows by a wide
margin. The spectacle Of Cen
eral Electric under SO and West
inghouse flirting with 100 was
something few bulls would have
admitted possible q month ago.
Yet deflation and liquidation
have irresistible tricks all their
own.
weakness in these stocks was
an aftermath Of WESTINGHOUSE
poor report for the nine months,
showing only $4.25 earned on the
common against well over 81 Tor
the same period last year.
It is anticipated that General
Electric's showing will be rela-
lively as bad and that the COM
pany will fall quite q bit short
of earning 50 on the common
for the year, pretty low for a
stock selling near SO.
There is as yet no evidence OF
any real support in either and
only signs Of a bit Of long pull
bllying here and there. Each
could easily lose five points or so
more and would steer clear for
the present. ,.....-...
The Washington times., 1930-10-23
Canada Ginger Ale
NpnrS 1929 Record

J NEW YORK, Oct. 23.-P. D.
Saylor, president Of Canada Dry
Ginger Ale, Inc, said that the
close of the fiscal year on Septem-
ber 80 indicated that sales in the
last IL months are only 2 per
cent less than in the previous
year. Profits probably will be
within 4 to 5 per cent Of last
years figures.
The Washington times., 1930-10-23
Erie Railroad Gets
S86,424 Tax Refund

The Erie railroad has received
tax refunds Of $86,424 for excess
taxes paid in the years Of 1918
and 1919. The principal issue in
the five allowances figuring in the
roads case was the amount of
$64, 500 credited to depreciation
in 1918. Another allowance was
made for accrued interest on the
money paid as a result of over
assessment of the road.
The Washington times., 1930-10-23
Electric OutDut
For Week Hinher

Electric output for the United
States for the week ended October
18 was Ito 258 90" XVIII. e~ainst
ISL .00Okwh. in previous week, l.
T72, ,2a8, 900 in like week in 1929
and 1866. 900 900 in same week in
1020.
The Washington times., 1930-10-23
MARKET IS UNSAFE NOW, |
SPECTATOR WARNS
Securities Expert Urges Clese Study Of Stocks
Before Making Purchases; Electric
Shares Break to New Lows
By THE SPECTATOR

Stocks to along under their burden Of
LIQUIDATION action yesterday characteristic OF
markets past few weeks sinking spell followed by an
rally and then down again. Volume comes out only
the downside. far from encouraging sign
Yesterday another lows which in
General Electric and other leaders You can't
beat it, and the slim profits offered in dayoday trades are
worth the risk for the investor there Is still plenty
Of time to buy with the likelihood of lower prices.