davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1930-06-06
|. B. A. A. GROUP
ON RIVER
CRUISE
Bankers Embarked Yesterday
for Three-Day Cruise and
ParIey
BY JOHN E. NEVIN, Jr.

A number Of Washington bank
ers today are sailing on the
Chesapeake Bay steamer York
town, on the annual cruise Of
the Southeastern group of the
Investment Bankers Association
of America.
The Yorktown sailed yesterday
evening with the Washington
contingent aboard. They will re,
turn Monday morning after sew
eral stops at important points
along the bay and the Potomac
River.
Those who are representing
Washington on the trip are Carl
R. Kurtz, Of Stroud, Kurtz &
Co.; John Caswell, of F. B. Keech
& Co.; H. w. Finney, of Y. E.
Booker g. Co.; T. C. Montgomery
and J. F. Brawner, jr., of Wag-
gaman and BraWner.
A special program Of entertain
ment has been planned for the
cruise and a number Of interest
ing SpecialtieS will probably be
developed during the cruise.
The second day of the annual
convention of the District of Co.
lumbia Bankers Association was
started today. Yesterdays session
developed a number of interesting
points from the financial stand
point. Principal among the speak
ers was one by Comptroller of
Currency John w. Poole, in which
he advocated the writing of legiS
lation permitting the establishing
of liberal branch bank system.
This question has probably caused
more comment in banking circles
during the past few years than
any other matter that has ever
been considered.
In certain parts of the country,
especially where small banks have
been established in a community.
the feeling is very strong against
the establishment of such inStitu-
tionS, due to the fact that it would
probably mean the closing Of some
of the smaller banks.
However, in other sections of
the country there are many advo-
Gates of the plan who believe that
il will be the answer to many queS-
tionS which now face American
bankers.
This question may be settled
at the present convention and
some solution worked out which
will aid the problem. Repre-
sented at the convention are
advocates of both schools of
thought in the banking field.
Another speaker at the parley
was Wilmer J. Waller, president
of the organization who told of
the work that the bankers had
done during the panic of 1929.
His speech was we'll received by
the bankers.
The Washington times., 1930-06-06
Spectator Decline Nor Advance Trading Developments
Tariff Compromise
Believed Due; Vote
Seen Within 1ODays

Then they will seek to combine
the two sections of the conferees'
report SO that one vote can be
taken on the bill as whole. This
final vote, which will either pass
the bill or kill it, will be post
poned until next week.
There was a difference of opin-
ion over the bills ultimate fate in
the Senat The International
News Service poll continued to
show the bills passage by a total
vote of 49 to At, providing Sena-
tor Grundy (R0 of Pennsylvania,
voted for it. Otherwise, the poll
indicated a tie vote, with Vice
President Curtis ready to break
it with vote for enactment.
The bill. fate rested entirely
with the Senate. 1t was a fore
gone conclusion that the Admin.
istration would jam it through
the House without much trouble.
This was definitely demonstrated
when the House rejected by a
vote of lao to 181, Democratic
effort to have the House con.
ferees instructed to hold out for
free hides, leather and shoes.
The Washington times., 1930-06-06
SALES
DECLINE

NEW YORK, June 5.-Based on
data more complete than hereto
fore available, the Rubber Manu-
facturerS Association, Inc, today
issued revised estimates covering
the industry's statistical position
for the first quarter of the year
Sales of manufactured rubber
products for the first quarter of
1880 amounted to approximately
$218,315,000, a decrease of sc per
cent under the fourth quarter Of
1929 and 20.3 per cent under the
first quarter of last year.
Consumption of crude rubber
for the first quarter of 1880 Is
estimated at 10l, ,610 long tons, all
increase of 1877 per cent over the
fourth quarter of 1929. but 20.9
per cent over the first quarter of
1929.
Stocks of crude rubber on hand
in the United States on March
81 amounted to 144,642 long tons.
an increase of 1873 per cent over
December 81, 1929. and AS per
cent over March 81 a year ago
Reasonably reliable reports from
the Middle East indicate a reduc,
ton of about 10000 tons in the
probable worlds production of
crude rubber during 1880. due to
the so-called May tapping holiday,
While the price of crude rub
ber has been fairly stable for
some time past at a compare,
lively low level for the commodity,
the spot price quotations do not
reflect the actual cost of rubber
being consumed by tire and other
rubber goods manufacturers, be,
cause the greater part of the total
tonnage necessarily is bought on
futures, which are almost invari-
ably higher than the spot prices,
The Washington times., 1930-06-06
Cd TY To OMIT
DIVIDEND

NEW YORK, June 6.-Directors
of Coty, Inc, at their regular
quarterly meeting today, voted to
omit the dividend of SO cents on
the capital stock, due at this
time.
Action of directors was taken
in order to provide out of earn
ings funds to meet payments due
on the purchase of the foreign
city companies voted last year
by stockholders, according to B.
F.. Levy, chairman of the board.
In a statement following the
meeting, MI. Levy said:
Directors in taking this ac-
ton deemed it to the best in
tereStS of stockholders to pass
the dividend Of so cents per
share, due at this time. 1t was
further decided to anticipate
the balance due in 1880 on the
purchase price for the foreign
companies.
"WhiIe the general business
depression has increased diStri-
button costs, nevertheless the
sales volume of the American
and foreign city companies to
date for 1880 is equal to the
corresponding period Of last
year."
The Washington times., 1930-06-06
CTtiss- Wright
Loans LOLUered

NEW YORK, June &C. M.
Keys, president of the Curtiss-
Wright Corporation. following the
regular quarterly meeting Of di-
rectOrs. today, stated that as of
May 81 the corporation had re-
duced its bank loans to $2,750,000
from $4,825,OOO as of December
81, 1929.
A further material reduction in
bank indebtedness is looked for
by Mr.. Keys within the next few
weeks.
AS of May IS, Curtiss-Wright
had on hand $9,153,000 of Gov
ernment orders and 1882 900 of
commercial orders for prompt de.
livery. bringing the total to $l0,-
735,OO0.
Mr. Keys revealed that the cor
poration is negotiating with the
Government for further Substan-
tial orders, which will be closed
in the near future.
The Washington times., 1930-06-06
WAR
On NEW LINE

Before the New York, Pitts
burgh and Chicago railroad is
permitted to proceed with it's ap-
plication for authority to con-
struct 284-mile line across
Pennsylvania from Allegheny City
to Easton, it should show a
status which would indicate abil-
ity to proceed with the work if
its application should be granted,
counsel for the New York Central,
Baltimore and Ohio and Pennsyl-
Vania told the Interstate Com
merce Commission TODAY.
The Washington times., 1930-06-06
IrUing Air Chute
Receives Orders

George Waite. president of the
Irving Air Chute Company, an
nounced yesterday that the cor
poration had received a number
of new orders from foreign gov
ernments. Mr.. Waite. who is at
present abroad negotiating ad-
ditional business, stated that these
orders included 300 chutes for The
British air ministry, and 200
ChuteS for Czechoslovakia
The latter country has just
adopted Irving chuteS as standard
equipment for its air forces,
According to Mr.. Waite, Irving
Air Chute also received a large
additional order, calling for the
connector" type. and a small or
der from the Irish Free State.
The Washington times., 1930-06-06
GERMAN BONDS
CHALLENGED
IN HOUSE
Lamont Asked to Give Proof
Of Legality; Department
of States Attitude Hit

Renewing his attack upon the
projected sale Of German repara.
ton bonds in the United States,
Representative Louis T. McFadden
CR) Of Pennsylvania in the House
yesterday challenged Thomas w.
Lamont, Of j. P. Morgan & Co., to
offer proof Of the legality of the
bonds.
At the same time, McFadden,
who is chairman of the House
Banking Committee, raped the
State Department for negotiating
with sponsors of the loan and Civ
ing its informal approval of the
bonds, while withholding informa-
ton from him and his committee.
Replying to Lamont's recent ad-
dress before the Academy of
Political Science in New York,
in which Lamont accused him of
questioning the good faith of the
German people, McFadden de-
clared the Morgan Company mem
ber was "laboring under an illu-
SION"
Denies Charges
McFadden said:
"In none of my speeches did
nhnn~A
government or the German peo-
pie themselves with bad faith,
nor did / state that Germany
went beyond the law
What did say, and now
repeat, is that the reparatiOn
The Washington times., 1930-06-06
German Railroads
Lose Passengers

BERLIN, June 6 1.N.SD.
Complete statistics for 1929 show
that the German railroads trans
ported 1.980,000,000 passengers in
that year.
This is a decrease of 100000
passengers from the 1923 figures.
More than half of these pas
sengers, or 55.79 per cent, travelled
at reduced rate-in groups, on
communication tickets, etc, leaving
only 44.21 per cent who paid the
normal fare.
The Washington times., 1930-06-06
I. A. T. Line Seen
PLANNING Merger

LOS ANGELES, Calf. June 6
Q.N.SD Negotiations for absorp,
ton by Western Air Express of
the T. A. T.-MadduX Air Lines
in the largest commercial aircraft
merger of history, we're tacitly ad-
mitted today to be in progress in
New York and Washington.
H. M. Wright, secretary-treaS-
urer of Western Air Express, told
International News Service. the
discussion of possible merger p JAMS
was in the hands of Harris M,
Hanshue. w. A. E. president. now
in New York. but that company
officials here had nothing def
mite TO announce.
The Washington times., 1930-06-06
Acceptance Rates
SIaShed in 3 Cities

NEW YORK. June 6.-R Rates
for prime bankers acceptances
We're lowered "a of / per cent
simultaneously today by Boston
and New York dealers. Quota
tlons on maturities up to 80 days
were marked down to 22s @24
per cent, four months 2i2 M22s,
and five and six months 23s 02l2
per cent.
The reduction followed an
nouncement late Tuesday that
the Federal Reserve Bank of New
York had cut its buying rate on
short paper to the asked price
quoted by dealers. The new level
on such collateral is therefore
1a of l per cent below that at
which the Reserve Bank can pur-
chase its requirements.
The Washington times., 1930-06-06
Il. S. Pipe offer Not
TO Affect Issue

Offer of the U. S. Pipe and
Foundry Company to exchange its
first preferred stock on a share
forshare basis for second pre-,
ferred stock does not represent
any addition to the authorized
first preferred issue. as the COM,
pany has a block of the latter
stock in its treasury. This stock
will be exchanged for second pre-
ferred stock to the extent of the
company's holding, it was an
uounced yesterday.
The Washington times., 1930-06-06
DEMAND LOANS
SHOW HUGE
:. INCREASE
Time Loans Off $4,000, 900,
But Demand Shows Gain
Of Three Million Dollars

NEW YORK, June, Loans
to brokers and dealers as reported
by the Federal Reserve Board to-
day amounted to $4.101 900, 900
for the week ended June 4, an
increase of $79,OOo,00O over the
preceding week.
The largest increase was shown
in loans for members own account.
This item increased $134 ,000, 900
during the week. while loans for
the account of out-of-town banks
showed a gain of 100000. On
the other hand. loans for the
account of others showed a drop
of $60,000,000 during the week.
Demand Loans Higher
OF the total borrowings, de-
mand loans constituted S3,469,-
100000 against $3.50, ,000.0 the
week before, while time loans
represented $685., 900. 900 as COM
pared with $642, ,000,00
Both of the statements issued
by the Federal Reserve Bank of
New York and the entire Federal
Reserve System showed small in
creases IN bills purchased in the
open market. while discounts at
the two institutions declined
slightly during the week.
Purchases Rise
Other important changes re-
ported by the two institutions
compare with few weeks ago as
follows:
Bills purchased in the open
market by the local bank in
creased from $47.325, 900 to STA
653, 1000 while those bought by the
The Washington times., 1930-06-06
NeW Process for
YOUNGSTOWN Sheet

Youngstown Sheet and Tube
Company, the second largest pipe
producer. may shortly enter into
the market with an electrically
welded product to supplement
its seamless butt and lap weld
pipe output.
Several years Of experimental,
ton by company engineers has
resulted in a plan said to provide
great speed in welding skelp at
low cost.
The Washington times., 1930-06-06
Thatcher Plant
Resumes Operations

Plant of the Thatcher Manu-
featuring Company at Dunkirk.
N. Y. which has been idle since
November of last year. has re-
sumed operations at capacity. the
company announced yesterday.
During the shutdown. the glass
furnace has been rebuilt and
many other improvements made.
Orders being received will permit
of capacity operations for several
months. it was stated.
The Washington times., 1930-06-06
Federal Reserve Bill
Is Passed bV Senate

The Senate yesterday passed a
bill to liberalize the Federal Re
serve act by providing for loans
from intermediate credits banks
to private finance corporations
on bills payable and eliminating
the minimum maturity Of six
months on loans and discounts.
The Washington times., 1930-06-06
United Carbon Plans
Vote on Increase

NEW YORK. June S 0NsD.
A special meeting of the stock
holders of the United Carbon
Company will be called within
80 days to vote on an increase
in the authorized common stock
of the company from 100000
shares of no-par value to 100000
shares.
Part of the additional stock
to be authorized will be used to
expand the company's operations
in the natural gas industry, it
was understood,
The Washington times., 1930-06-06
Harris Ewing Photo

bonds, having grown out of the
illegal clauses in the armistice
upon which the illegal clauses
in the Treaty of Versailles rest,
and from which the German
ReparatiOnS Commission, as
well as the present Bank for
international Settlements de-
rived their authority. cOnSti-
tuted an illegal barrier to the
commercialization of the pres
ent bonds, which the American
people are now requested to
purchase.
"Will Mr.. Lamont now submit
this strong legal formula so as
to remove the doubts which
American investors now have
respecting the validity of the
500, ,0OO,0 900 issue, which is to
be flOated in this country"
The Washington times., 1930-06-06
merger was predicted here nearly
three months ago.
General Foods

merger was predicted here nearly
three months ago.
General Foods
I am just as bullish as ever on
General Foods, although the ctock
lost a point in yesterdays weak
market. 1t would be no surprise
should this issue chalk up a new
high today. Merger with Califor-
MIA Packing is rumOred. as the re-
suit of recent reported buying Of
General Foods stock by Bancam-
erica Blair interests. VIII e h e r
such consolidation takes place or
not, the new refrigerating process
controlled by the company is
likely to bring in revenues large
enough to justify higher prices for
the stock.
Some optimistic rlmors are be-
ing circulated about Mexican Sea-
board Oil. More about this one
later.
Warner Brothers Pictures
One Of the leading market prog
nOstiCators in the street, who is
right in most of his predictions.
has become wildly bullish on War
ner Brothers Pictures, and claims
it will sell at IS almost before you
can say Warner Brothers Pic
lures" Strength and tremendous
activity in the stock, it is re-
marked, follow closely upon the re,
turn from Eurore of John j. Ras
kob. who, wit other Wilmington
operators, was credited with the
last up-swing of the stock from
$40 to $50 a share In a few weeks.
The Washington times., 1930-06-06

A listing application yesterday
revealed that Continental Dla
mond Fibre will absorb three
Cther companies IN its field. This
The Washington times., 1930-06-06

Houston Oils recent activity
and strength is based, chiefly or
its prominent position in the
natural gas industry.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-22
GRAIN TRADE TAKES CALM
VIEW OF SOVIET HEDGING
Operations of Russians in Chicago Market
Considered Legitimate to
il; Protect Sales Seen.

effect on prices, considering the daily
turnover of between so 600 600 and
6O,OO0.OOO bushels chalked to domestic
trader account at Chicago.
Some students of the Russian situa-
ton say the Soviet Union is not in
financial position to back such a ire
nendous task as breaking the American
wheat market. It could not even afford
to stand the losses on 1000, 900 bushels
sold short If prices rose instead of fell.
From clear slate in 1923, the Soviet
funded Indebtedness has risen to 81, $780,
100000, on which 1t is paying about 10
per cent interest. Most of the money
has been spent for imports. and the
government still is largely in debt to
banks In this country for some SIS ,O00,-
600 worth OF farm machinery purchased
from American manufacturers during
the first six months Of 1880.
Traders Are Target.
Chicago traders, who insist it is their
business to accept orders from any part
of the world, are the chief target of the
Secretary's attack. He is trying to get
them to refuse Russian orders from a
standpoint of ethics, but says there is
now law to bar Russian operations or
force traders to reject them. He sug-
gests additional legislation in the next
Congress to control the situation should
further investigation lodge the blame
for current depressed prices with the
Russian government
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-22
By FRANK I. WELLER,
Associated Press Farm Editor.

After momentary upward fiutter Of
wheat prices as a result of Secretary
Hyde's crusade to drive the Russian
government out of the domestic grain
market, values have fallen back to their
weak and unsettled position, influenced
chiefly by heavy Canadian marketings
and increased offerings in Europe
The short-lived advance of cents a
bushel on wheat was considered a nor
NAL bullish reaction to the Secretary's
charges that the Soviet Union had been
selling short on the Chicago Board OF
Trade in a deliberate effort to depress
prices and that action would be taken to
curb their operations.
Generally, however, the trade re-
NAMED calm and accepted Russian par
ticipation as q hedging process of the
Mmplest and most common form.
Z Wheat Started to Market.
Russian wheat is beginning to move
70 market. There was almost 5000. 900
bushels of it in the Black Sea shipments
last week and commercial news reports
indicate Russia has chartered freight
room for 100000 bllshels-hoping to
hquidate in the world markets before
new wheat starts from the Southern
Hemisphere In January.
For the most part Russian wheat is
delivered at Liverpool. BY hedging in
the American market, Russia can pro-
tect her sales at Liverpool whether
prices rise or fall.
Grain men make an example of arhi-
trary figures to illustrate what they be-
lieve the Russians to be doing If wheat
Is selling at IS cents in Liverpool at the
time Russian cargo is dispatched and
December futures are quoted at Chicago
az 30 cents on the same day the Rus
SLAMS contract 10 sell in Chicago in De-
cenlber an amount equal to that shipped
20 Liverpool.
Then, If the Liverpool price has
dropped to 80 cents when the cargo ar
rives and December futures at Chicago
have dropped to 80 cents, the Russians
take q scent bushel loss at Liverpool
On their cash wheat, but make S cents
o bushel at Chicago by buying Ameri-
can wheat for 80 cents to fill out their
contract to deliver wheat there for IS
cents IN December.
Likewise, If prices rise the gain in one
market is balanced against the loss in
another. The system is more or less
guaranteed by the fact that American
prices never get more than a fraction
OF cent out of line with the usual
spread between domestic and world
prices. The operation is the same as
that employed by domestic traders ex-
cept that the Russians, by dividing their
sales between the two markets, keep of
the Liverpool market the additional
pressure, which might work further to
cepress prices where they expect to sell
cash wheat.
Russians Statement,
Secretary Hyde says the operation
would not be considered sinister Or par
ticularly detrimental to the American
market If it were conducted by a pri-
vate trader rather than by a govern
n1ent. He says the Russians sold more
than 100000 bushels short at Chica-
go on September 8, 9, 10 and IL, when
some influence was beating back the
price every time it opened above the
close Of the previous day.
The Russians say they have sold less
than 5,000,000 bushels, scattered over a
period of months. They deny that
even 100000 bushels would have any
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-22

Stiff, hard tires slip and slide. The tire that
runs with extreme low air pressure is soft
skid-safe! It grips and clings, gives sure, safe
traction on any road. 1t fulflls the most Inn.
portant purpose of pneumatic tires
Only the patented exclusive Blowout Proof
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-22
Jweebs aside all standard ar
bressures~ makes riding sg7ez eusiey
SAFER FROM ALL S1DDING HAZARDS

HE above photographs made from slow mo-
ton movies show you the amazing result of
skid tests on wet pavements, snow and ice!
They picture new, sure kind of safety for
the slippery season that's just around the cor
ner--skid-safety you have never known before!
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-22

High-speed turns are haz-
ards no motorist likes to face.
But every slippery mile of
fall or winter driving holds
its threat of emergency when
you must turn quick, stop
quick, or crash-wilen driv-
ing skin means little and the
whole responsibility rests
entirely on your rubber.
General Dual Balloons are
made for just such moments
True low AIR pressure is the
reason. The chart on the RICH
NoticetheamazingdiHer i
szRes, compared with therecol
peessnres Of other tires
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-22

construction OF the Dual Bal
looms permits these tremen-
dously reduced air pressures.
AIl-over flexibility eliminates
high pressure bounding, hard
riding. skidding and risk of
blowout. Itguardsyourlife and
your car. 1t puts more and
softer rubber on the road. 1t
turns You safe in emergencies.
1t grips the road for split SEQ
ond stops in a crisis
Come In and see this aston.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-22
Skid Test Results
(See Photos AbOue>

NDDB ESULUO <1UUO6J
Successful turns with General Dual
BaHOons On snow and ice at IS miles
per how-wet slippery pavement at
AZ miles per hour!
IS m7es per hour faster On wet
pavement turns than amy Other tires
were able TO go withoat excessive
skiddingi
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-22

ishing difference revealed by slow motion
movies Then you can make sure of
safety for the slippery weather
Just ahead. g