davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1930-08-04
By LESLIE GOULD

: The outlook for general nusi-
ness has turned brighter with the
coming Of the new month.
with the passing Of July every
thing indicates the low point in
industrial and business activity is
safely behind.
To strengthen this view we
have the statements from the
heads Of the nations two leading
steel corporations.
y. s. Steel Corporation looks
for an increase in plant opera
tions this month and In Septen1.
Der, with increased volume In the
final quarter.
Eugene Grace, Bethlehem's
president, believes I'VE have seen
the worst in demand and prices"
Iron Age, the steel industry's
trade magazine. finds activity IN
July "at its lowest ebh among
manufacturers Of goods for the
ultimate consumer"
Automobile factories are open
ing up on Monday. after two and
three weeks of vacation shut
downs. Plants supplying the au-
tomobile industry have already
stepped up production.
Last fall, Just before the stock
market broke wide open, there
was a loud spoken group shout
ing stock prices at the Septem-
ber-October levels would look
cheap a year from then. This
was q new era. It was all right
for stocks to sell IS and even 40
times earnings.
How wrong they were was
proved a few weeks later and
again IN June Of this year. Many
involuntary stockholders have not
forgotten this groups cries.
Now, just as loud spoken q
group Is shouting hard times.
This group undoubtedly is as
wrong as the prosperity howlers
Of last fall.
The trend in the stock market
this week has been downward.
Trading was light, and the de-
cline was a natural result of a
continued aloofness toward stock
trading by the general public.
While the general belief Is prices
at present levels will look cheap
a year from now, the public Is
holding off in hopes Of buying at
lower levels.
The irregular advance that set
in toward the close Of last week
was carried over to Monday, but a
The Washington times., 1930-08-04
u. s. Steel Business
For WeStin1hOuse

An order for electrical appara-
tuS amounting to nearly $3.50, 900
has recently been placed with the
Westinghouse Electric and Manu-
featuring Co. by a subsidiary Of
the U. s. Steel Corporation. This
equipment will be used in a new
44-inch reversing universal slab
bing mill with a capacity of ap-
proximately 400 tons an hour,
1t includes two 5000 horse.
power. 40 to 80 rpm. reversing
motors; one 2,500 horsepower, 70
to 225 rpm. reversing motor, and
one 10000 kilowatt flywheel
motor generator set. When built,
this flywheel motor generator set
Is expected to be the most pow.
erful in steel mill service.
The notor-generator set and
motors will be located in a sub
station where they will be cooled
by q closed circulating system
similar to that frequently en-
ployed in power generating sta
tions recirculating the same air
through coolers with filtered
makeup air for leakage only, be-
ing taken in from the outside.
The Washington times., 1930-08-04
statesmen USE
A|RPLANES

Airplanes are now being used
by American business houses to
send their travelling salesmen to
South America. it was revealed
today in, a report by william P.
McCracken, jr.. chairman Of the
New York. Rio and Buenos Aires
Air Lines,
The line carried 5,6S5 passen-
gers during the first six months
Of the year, and 551 of these were
transported over the route be-
tween New York and Rio de
Janiero or Buenos Aires. the re-
port states. Many Of the paSsen-
gers were statesmen. it was re-
ported, while only I per cent Of
all passengers were tourists.
Representatives of business
houses can be sent on a tour of
% key cities Of South America by
airplane in IS days. while the
same trip by steamer and rail
would require 234 days.
The Washington times., 1930-08-04
Average of Fifty
Stocks Decreases

Market value Of 50 preresen:a.
tive stocks on the New York Stock
Exchange at the close OF the week
ended Saturday. August 2. 1850.
was 4S,S72.o27. q decrease Of
$629. .42O. or approximately asa
per cent under the value Of $24.-
976. sol, ,447 at the close Of the pre-
ceding week, according to a COM
pilation by Mcclure. Jones q Co..
members Of the New York Stock
Exchange.
This compares with $44,3S4.517..
O2S. the value Of the shares at the
close Of the corresponding day in
1929,
The Washington times., 1930-08-04
BAk|NG'S
EARNINGS DUE
FOR RISE
ModerHization Program VIII
Result in Greater Profits,
Latest reports Indicate

Having definitely completed Q
program of Inodernization and ex-
panSion extending over several
years and involving the expendi-
ture Of approximately $4,000. 900.
General Baking Corporation now
has plant capacity sufficient to
handle q considerable increase In
business and Is enabled to effect
substantial operation economies
which should be reflected In In
creased earnings during the near
future, according to Mcclure.
Jones & Co. in an analysis Of the
corporation.
The building program has been
completely financed out Of earn
ings and working capital. with
the exception of the issuance In
April, 1890, Of $1,000, 900 Of 10
year 51a per cent debentureS Of
General Baking Company, the
operating unit. This debenture
issue represents the only funded
debt of either company and leaves
the consolidated current asset
position, as Of July 5, 1880.
roughly as follows: Current assets.
including inventories, 81, 7,lOO. 900,
of which $1,000 boo is cash. Cur
rent liabilities are $1,1OO. 900, in.
cluding Federal taxes Of $46O, 900.
Another factor which should
contribute to improved earnings
is that contracts for flour made
considerably above current levels
win expire during August of this
year. This factor, as well as
lower selling price, his been re-
sponSible for decrease in earn
illgs this year as compared with
last year. New contracts for flour
at current levels and increased
volume of sales will, the analysis
points out, rapidly improve this
,, situation.
The Washington times., 1930-08-04
CAIN IN SAVINGS
SEEN DURING
6 MONTHS
Mutual Banks Report Gain Of
$273,766,s07 in Savings
During Past s Months

The expected upturn in savings
has definitely arrived. Deposits
In mutual savings banks, which
hold more than 80 per cent of
all savings in the banks Of the
United States. showed a gain Of
4273,766, ,807 for the six months
ending June 30, according to
figures Submitted by the indi-
vidual banks to the National AS
sociation Of Mutual Savings
Banks.
That figure represented a
larger gain than in some other
recent six months periods before
deflation began, and compared
impressively with the decrease in
the last six months OF 1929,
amounting to $82,7l0,075. The
same ratio In national and State
banks and trust companies would
mean a gain in savings foA the
half year OF about 500 200, 900.
New York led the nation with
an increase Of its savings bank
deposits amounting to $172.953,-
l9l between January 1 and June
80. That meant an average &C.
count Of 40S7.04. only $40 per
account under the average a
wear ago. And there were 1T. .905
more depositors than o year ago.
Massachusetts, followed with the
second largest gain. representing
an increase Of $40, ,239 .371 for the
six months. compared to a loss
Of $6.896.728 in the final half
year Of 1929. The average per de-
positor was $693.24. or a gain Of
s. per account over q year ago.
Typical gains during the six
months in other key industrial
States we're as follows: Connect
cut, $24,l1O,969; Delaware, 81 ,349,-
161: Maryland, $6,51S,018; New
Jersey, $10,143,752; Ohio. $2.709.-
984; Pennsylvania. $lO.465.155.
and Rhode Island. $i,338.TS6.
Only five States showed further
receSsionS. and none of the
amounts were important.
At the end Of the half year the
mutual savings banks had total
deposits Of $9.145.891, ,859. the
largest accumulation of small cao-
ital ever brought together by one
class Of banks anywhere in the
world. Total assets, for the first
time, passed the ten billion mark,
rising to $10.252.67S,171. That is
about equal TO the entire national
wealth when the first of the saw
ings banks was organized.
The Washington times., 1930-08-04
Carpet Co. Earned
SI.4I on Common

Earnings of the Bigelow.San.
ford Carpet Company. Inc, for
the six months period ending
June 80. totaled $1,157,O15. De-
probation, taxes. dividends on
preferred stock and interest on
the company'S serial notes
amounted to $713,076, leaving
$443.939 available for common
dividends. equally $1.41 per share
on Sl4,379 shares Of common
stock outstanding.
This compares with $SO2 ,OOl,
or 1888 per share on 24O, $40
shares Of the former Bigelow.
Hartford common stock, earned
during the same period last year.
The Washington times., 1930-08-04
PRESENT level
ABOVE 1928

The lowest level of trade actiy-
ity in 1880 is above the figures
esta blished in January, 1923,
which was a period of active bust
ness expansion. according to an
analysis published in the August
edition Of the Kissel, Kinnicutt
Review.
The recovery of the bond mar.
ket is pointed to as the first evil
dence of improving conditions fol-
lowing a depression, and such a
recovery Is now clearly in Cvi-
dence. Low commodity prices
are attributed primarily to the
shrunken world supply of bank
credit and currency, providing
insufficient units Of money to
Sastain the increased number Of
commodity transactions which
must occur If commodity prices
are to be maintained.
The release Of credit from spec
ulation is stated to have removed
the major cause Of declining
prices. It is further pointed out
in the review that q recovery in
productive activity usually pre-
cedeS a general recovery in com.
modify price levels, so that stabil-
ity, rather than an immediate
upswing. in commodity prices is
to be expected for the near fu-
ture.
No difficulty is seen in COM
modify surpluses, the liquidation
of such surpluses being a regu-
larly recurring task in our eco
nomic system frequently attended
by firm or rising prices, as in the
case OF cotton in 1914.
The Washington times., 1930-08-04
ST 0 CKHOLDERS ADVISED
To HOLD ON NOW
Expert Believes Allegheny Good Buy; Pre-
diets Good Year for Rail and
Aviation Stocks
BY THE SPECTATOR

The week is going to mean lot for the market Il VIII
probably determine definite Stocks aren't very
much lower breaks last wednesday
and Thursday believe they will have fight to stay where
they are.
lot Of good buying viii be needed to push them higher
that's the knows who going to pay Tor
stocks at these levels Certainly public hasn't shown any
desire in the last couple fact the public has been
selling than it has been buying
The bull pool start demonstration or Two OUT n
going o b,y stocks and hang to them That's not the way
fSn IRE done in wall Street Wenformed people tell the
BID fellows taking stock to speak OF Tor some
time not since break IN fact The market Is up
good deal Of June u.s. Many believe tins ADVANCE
has discounted at least noticeane ~
for while then start again when there some
thing definite to point believe those who have to
put into the market will have little to lose by waiting They
may save themselves lot Of worry
The Washington times., 1930-08-04
DECREASE
NOT UNUSUAL

A decrease in automobile pro-
duction during 1880 is not ,un.
usual in view of the fact that
every third year since 1915 pro-
duction has shown q decline. Nor.
rison d Townsend point out In a
discussion Of The Automobile In.
duStry."
The years 1918, 1921, 1924 and
1927 were the only ones since 1915
to show a decrease in production.
and the present year will continue
to prove the "three-year rule" as
the 1890 output Is estimated at ap-
proximately 4,5O0,O 900 cars, as
against S,S21,7O9 in 1879, the firm
states.
''The significant point is not
that 1889 will show . decline in
production, but that, judging by
the figures 1891 and 1882 should
be years Of increased prOduc-
tiOn. sales and earnings.
The trend In the .autOmOtive
industry is obviously for q
smaller number Of financially
stronger manufacturers. the
naEmber Of passenger car mans.
facturers having declined from
179 i'm l9ll to as I'm 1899.
The industry, one Of the
most basic and important In
America and whose products
constitute the second largest Of
any exported American gOOds,
h Pepreaentea BY . capital In
Vestmena amoumtfng % nearly
Sa.00o. zee. eco. Thls lmeluaes
mA40R vehicle manufacturers
saly. without giving eomsi6eFa-
tisa - makeFs Of pARla. aeoee
asFies O. GiRoa
The Washington times., 1930-08-04
Behind the Scenes the
Other Day

There was a statement the
other day that the bulls who
started the bali rolling a few
weeks ago are in to lose a lot Of
money if the market should
break now. This hardly jibes
with the report that some OF
the bull pool leaders were out Of
stock entirely when the break
came Wednesday.
Most people assume that be-
cause so-and-So was big buyer
he puts the stock away in his
sock and hangs on. They don't
seem to realize that so-and,so can
be selling about the same time
through another source, and that
this isn't l1eralded about.
Starting q move in group of
stocks is mostly a matter Of
psychology. II, say, a leading
operator bids for a big block,
others rush to get aboard, and
the stock takes a ride. Long-pull
buying and accumulations isn't
like this at all. You hear of
what insiders have done after
the good news is out. It can be
said of the present advance, how
ever, that the bulls have worked
with the best stock on the board,
and that those who follow them
are going to make money in time.
Statement of E. p. Bracken,
vice president of the Burlington,
that the road is experiencing an
lunprecedent movement of grain
brings q ray of hope into the
muddled railroad situation.
iOwners Of rail stocks have read
earnings reports this year with
DSinking hearts.
In many cases there has been
unnecessary scare selling. The
trails are going TO do much better
| the rest Of the year. The crop
movement will help do the trick
with any pickup in business.
Stick with the good railroads.
Those at the head Of them know
their business. They aren't 60
ding to be caught mapping.
The Washington times., 1930-08-04
LOCAL STOCKS
(F'urnished by w. B. Hibbs & Coz
SALES

FURNISHED by w. B. Hibbs & Coz
SALES
Norfolk and western Steam.
boat Rts., 276l6. 6016.
Potomac Electric 8 per cent
pfd.. 50111A.
Potomac Electric s1a per cent
pfd.. 5000.
Federal American Company
COM. 1O03lK.
Mergenthaler Linotype, 106
961z, 10096h.
Peoples Drug Store pfd., 100
103h, 1O@1O31a, 1001031a, 100
103A, 100 104, 50104K.
Real Estate Mortgage and IN
vestment pfd., 1O@0A.
Washington Trust Mortgage
CON-, 50@9h.
After call-Mergenthaler Limo.
type, 1O@96A, S0096h, 100
96N, 2097.
Capital Traction IS, $1.000094e
Washington Railway and Elec-
trio pfd.. 1925.
Norfolk and western Steam
boat Rts., 11@16.
The Washington times., 1930-08-04

real achievement in comparison
with the rest Of the rails.
Allegheny also owns big blocks
Of other fine railroads. 1t Is con-
trolled by the Van Sweringsns.
the outstanding railroad men OF
the present generation. One uTl-
favorable factor Is the congres-
sional investigation Of carrier
holding companies. but the way
the rails themselves have been
playing tag with the I. G. C..
merger plan takes much Of the
sting out Of this.
Utilities whose operations are
centered abroad should attract the
attention of those bulliSh on this
group In view Of the unsettlement
created in the domestic companies
by the rate outlook. American
and Foreign Power and Interna-
tional Telephone are the two who
fill the bill. However. conditions
abroad are none too rosy. Both
companies are In China. which Is
suffering from depreciation Of sill
yer, its currency, and Interna-
tional Telephone is affected by
Spain's troubles in stabilizing It's
currency.
The Washington times., 1930-08-04
Ts Week wan Deerine Marets 7rend Spectator DecIares
Trade Has Brighter
Outlook in August;
Bond Market Gains

break In Warner Brothers started
the downward movement. Tues.
day and Wednesday the decline
was quite sharp, but on Thursday
q partly successful recovery was
staged. only to have selling break
out again.
The headwAy made in the last
half Of July has been erased by
the selling this week. The stock
market averages disclose an In
teresting point. The fluctuations
In the market are becoming mar
rover. This with the continued
public apathy would seem to lndi-
cate the market was working itself
into q period Of dull and narrow
trading, while awaiting the signal
from business.
Bonds on Upgrade
An encouraging sign Is the con.
tinued improvement in the bond
market. In all former periods of
business and stock market reces.
sions. the first step on the road
to rehabilitation is cheap money
and the second an active and I'D
vancing bond market. Cheap
money Is here. and bond market
trading Is showing q rising curve
Of prices.
New bond financing this week
again was made up almost en-.
tirely Of public utility issues. The
combined total Of offerings was
$118.966.9 900. This compares With
$73.737 900 last week and S33..
107.50O in the corresponding week
a year ago. Public utilities ac-
counted for $sT,974,SO0 Of this
weeks total.
The Washington times., 1930-08-04
Eastern NelO Jersey
10 Issue Preferred

Further financing for the East
ern New Jersey Power Company
to provide funds to reimburse
the company, in part. for addi-
tions, extensions and improve.
ments to its properties. including
new electrical generating station.
at Sayreville, N. j.. and for other
corporate purposes, will take the
form Of an issue of $1,000. 900 Of
8 per cent cumulative preferred
stock Of 500 par value.
The Washington times., 1930-08-04
Here and There

Smart investors would like to
get a lot of Union Pacific at 400
or below. The road has. huge
blocks Of stocks Of other carriers.
Baltimore and Ohio Is considered
cheap around 100. Briggs revived
some old.tine enthusiasm with its
splendid earnings report 1t also
has launched an aggressive ex-
panSion program abroad. What
ohScures its outlook and holds the
stock down, however. is that it is
mainly dependent on one automo.
bile manufacturer.
The international Salt pool is
saying that it is going to give its
stock q real whirl. SkepticS, how
ever, point out that the pool
couldn't do it when the story first
came out two weeks ago. and the
immediate market outlook was
much better. They are talking of
q move in Case Threshing. A lot
of well-informed people like the
stock. think United Aircraft is
a good bet on any real reaction.
There has been evidence Of good
buying recently. If the aviation
industry lives up to predictions.
aircraft will become one Of the
big boards speculative leaders.
The Washington times., 1930-08-04
Allegheny

I think Allegheny Is the best bet
on the list for anyone who wants
20 buy . l0w-priced stock and put,
II away for q few years. The
stock Is selling around n. II was
IL points higher this year. Two
Of the main roads In Alleghany's
portfolio. Missouri Pacific and
Chesapeake and Ohio. are doing
ahsut as vel this year e. last. q
The Washington times., 1930-08-04
Business Failures
Drop to 46S in Week

Commercial failures In the past
week declined 10 46s from SO in
the preceding week. according %
Dlrns Review. Failures I'm the
corresponding week . year agO
'tntaled eoa.
The Washington times., 1930-08-04
Its Own Proof

When q howl is raised about
how high stocks are selling, Gen.
eral Electric is always the first
to be dragged in as the most
flagrant example. Earning at
the rate of 81 for the year, it's
present market is about 35 times
earnings, double or more than
that of Steel, Can. General
Motors and a lot of other good
stocks. Yet there are quite q
few smart people who aren't i'm
pressed by this reasoning. They
say "yes" to everything and
point to the stocks market action
as the best answer.
Certainly this is more impres-
give than the others. General
Electric, in the November break.
went to 1863, or ~ for the present
stock. It's high in 1929 was 403.
This year its low was so and its
high 953s, the equivalent Of 240
and 3811a, which means that
most of the people who own the
stock feel they have a good thing
and won't let go, and that a lot
of new buyers feel the same way
about 1t. a
Talking about General Electric
recalls the story of an old-time
trader. He went short Of stock
many years ago. and got nowhere.
He then covered, went long and
hung on to it. The company's
history since then is pretty well
summed up in his words:
Zone year they don't make 80
much. the next year they make
q little more. Then the first
thing you know / get stock
dividend 100 per cent, 200 per
u cent, 400 per cent maybe"
Which bears out the declara-
tion OF people who know that
General Electric has enormous
hidden assets few are aware Of.
The Washington times., 1930-08-04
NEWS
In Today's
CLASSIFIED ADS

NDAz A&@A@4A - - 49,
LOTS FOR gALE--TwO lots q
FaIIa Church, Va; each 2SxlSb;
block off Lee Highway; owaer Anx
IOdA to exchange for late moaeA
sedan.
APARTMENTS FOR RENT-UAfur-
mlahed. located en- desirable section
We lOfh St. n. W.; attractive apart
nnentO, now available: three re0ms,
kitchen, hath and sOlarinm. SO to
SIS; excellent light and air; FRs6td-
aire ON house eUrreAt.
MONEY TO LOAN we deliver
money immediately; &10o, pay 81
weekly: $500. pay 3& weekly: Sbe0,
pay % weekly: &1,0Oe, pay -
weekly.
BOARD AND ROOM-.Hebart -.
private family; refined gentleman.
ROUSE FOR RENT, UNFUR-
NEgMED-FIOriaa Ave. n. W., foaR
rooms. GAs. esS.SO: white peOple
only.
SUBURBAN HOME FOR SALE
brick hOme Of 3 roOms. baths;
Sil-buFner and garage; will Sell at
Builders cost.
MAJESTIC el-Good e. new. oas
eompIete; ChiekeriRg UggtGht; every:
~ aTtinas. The aSakaEaay finish q
10 pereeet .ttoa, ana 10 agarl-
NEST el.a, Teia plano VIII paFtle1-
lagly aeBeal - e8a yho . 3 geea
la6ka of t@as aaa auaiSeg. SsS8. sac
The Washington times., 1930-08-04

TAsss are "siSslsssas- - saas - as.V
hoRaHs Ftmes aRa R@eia CeaSuigta9 AaAs
The Washington times., 1930-08-04

Resort ana Travel Dept.
The Waahiagt0a Timea.
WashinEtOa. D. G.
lneIOsea pleahs faaa Z cents Ter
maiIiRg eoPy 0f y0ug Sammeg Aos
sert aa1 TRaSel Guide 49,
Name s.s.s..sss.sssssssss.
address ...s.s..ssss.ss..s... -.
sss..s.s.s.s...ssssss
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1930-05-19
Photo by National Studio.

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See what Konjola did for Mrs. Lilly A.
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sylvania street, indianapolis, and then
resolve to hear all about this remark
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this city. Be curious. Ask questions.
Find out why medicine, unknown
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reason why seven million bottles OF
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fail and | had not seen a well day un-
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/ get a lot Of pleasure out OF tell
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Konjola is at it's best, 1t seems.
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FREE SAMPLES GIVEN ny II
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