davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1930-12-02
By LEWIS HANEY


Director New York University Bureau of
Business Research and Former EcOnO-
mist of Federal Trade Commission
It is clear that selling pressure
has been relatively small on the
recent decline and much of the
more urgent liquidation has prob
ably been completed. It is also
clear that there are no signs Of
an early bull market. The market
is dull, but nervous. It Is no
place for the small trader. AS to
the investor, he should be care
fullyS studying real values and
pick up occasional bargains on
receSsions to prices at which
sound stocks are clearly cheap.
Secondary" Slump
The market is now in the course
of a secondary" reaction from
the rally that began November II.
Last week it lost about half the
preceding rise and then showed
signs of holding. If it continues
dull and fairly steady at about
this range, as is possible, many
will take it as a favorable indica-
ton. My guess, however, is that
lower averages are still in pros.
pect and that the old lows will
be tested again. Some of the
reasons for this opinion follow:
The yields on too many impor-
tant issues are very low, while
earnings do not indicate in
creased dividends. I can't be-
heve that the market can get
away with so many importanC
cases Of yields under Az.
Bonds Weaker
The weakness in bonds contin.
ueS to indicate great uncertainty
and backwardnesS in investment
demand. Weakness in rail stocks
is diScouraging. With gross rail-
way earnings nearly 20 per cent
below a year ago and such stocks
as Atchison, Union Pacific and
New York Central declining, con-
ditionS are hardly right for gen
eral market strength.
Important dividend reductions
or omissions continue, and evil
IDENTIFY more are anticipated. The
fourth steel company to omit it's
dividend was reported last week.
There is yet no sign of early
business recovery. A majority of
the changes in basic commodity
prices are still downward.
The recent rally was relatively
feeble in the case of the stocks
that were more active. The
volume Of trading worked lower
and lower g The Sally progressed,
The Washington times., 1930-12-02
BROKERS Split
ON MARKET

Considerable divergence Of
opinion regarding the course Of
the market appeared in broker
age circles today. Many were Of
the view that stock fluctuations
would be narrow for while.
Early trading today will wit
ness extension of Mondays rally.
-HornbloWer & Weeks.
Have no definite conviction re-
garding the course of the market
over the next few weeks.-OtiS
& Co.
Rally has built up enough mo-
mentum to carry into part Of
this week.-E. F. Hutton & Co.
Look for trading fluctuations.
-Tobey & Kirk.
Look for irregular price move
mentS during this week.-ChiS-
holm g. Chapman.
See nothing in the immediate
prospect to indicate substantial
swing in the market one way
or another.-H. Hentz & Co.
The Washington times., 1930-12-02
WickUVire Spencer
Recalls A Bonds

An extension of time for the
deposit of the various securities
affected by the reorganization
of Wickwire Spencer Steel Com
pany to January Is, 1881, is an
nounced by the committee under
whose amended plan more than
n per cent of the bonds, more
than "a per cent of the class A
notes and more than 86 per cent
of the class B notes of the COM
pany have already been depoS-
tied.
In order that holders Of the
remaining securities outstanding
may become parties to the amend
ed plan of reorganization, the
committee urges them to make
immediate deposit Of their hold
ings with the depositaries.
The Washington times., 1930-12-02
WOOIwOrth Reports

Reports that Woolworth would
pay either an extra or go on
higher dividend basis at the
January meeting of the directors
are given little credence by those
who know. Insiders tell me that
any action Of this sort is unlikely
before the April session OF the
board as full results for the year
won't be known until then
chances are that something Will
be done about paying more OIL the
stock than since 1880 earnings
year will probably be as good as
last year when net on the com
mon was 1886 per share.
Sales this year are considerably
lower, but the company Is max
ing this up through cheaper costs
of production and other econo-
mics. The English Company, I
am told while the stock is at
tractive for the pull yield at cur
rent level, is less than 4 per cent
and the new commitments might
well be deferred on the chance
Of getting it cheaper.
American Can directors meet
for dividend action at the end Of
this month and action Of the
stock, as stated here before.
strongly suggest a dividend in
crease to IS. The board at its
last meeting, when it paid the 81
extra put itself on record of
favoring higher distributions by
corporations in a position to do
this.
The Washington times., 1930-12-02
BROWN 8 H D {
NET OFF

BROWN SHOE co. Year
ended October 81 earned $4.22 a
common share, against $5.7S a
share in preceding year.
CHICAGO g. NORTH WEST
ERN r. R.-Ten months ended
October 81 showed a net income
of $7,328,653 after taxes and
charges, equivalent to $3.50 a
share on 1,584,470 common
shares, compared with $16,448,284
(including 49,493 back mail
pay, equal, under participating
provisions of the shares, to $9. .09
a share on 1,808,399 combined
preferred and common shares in
like 1929 period. october net in
come was $2,028,172 after taxes
and charges, against $3,095, ,255 in
October, 1929.
SOUTHERN CALIFORNIA ED
ISON-Net income for IL months
ended October 81 was $20,726,-
1888, compared with $685.
801.81 in corresponding 1929
period. October net income
amounted to $2,034, ,109.07, against
81, 1866, ,657 .68 in October, 1929.
DE BEERS CONS. MINES,
LTD.-Year ended June 80, total
income was f3,798,477 after de-
Quoting all charges, income tax
and preference dividends, COM
pared with f3,809,795 in preced.
ing year.
CALIFORNIA INK CO.-FiScal
year ended September 30 showed
q net profit after depreciation
and Federal taxes of $269,416,
equal to $2.47 a share on 108, ,682
no par shares of combined A and
B stock, compared with a. net
profit of $341 1888, or $3.46 a
share on $3.50 combined shares
outstanding at the end Of the
preceding fiscal year.
The Washington times., 1930-12-02
COPPER PRICE ELEcmoLrTlc
Attractive Opportunities
Seen In Stocks

and touched bottom on the little
recovery in the Saturday market.
UnsOund Arguments
The rally was almost entirely
technical and was marked by
considerable artificiahty. 1t was
supported by unsound arguments
concerning copper, rails and mer-
chandiSing shares. The decline
in brokers loans during a period
in which stock prices averages
reached a peak and rounded off,
is suspicious. 1t looks like con-
tinued liquidation. Evidently the
strained condition of many West
ern banks is a factor. The politi-
cal outlook is uncertain, md Con-
gress assembled yesterday. Weak
ness in European stock market
continues.
Investment Buying
Many stocks are we'll liquidated
and plenty low enough to buy
for Investment. The average
yield of representative list of
industrial stocks is well above the
yield on bonds or carrying
charges. Selling pressure has
been light of late. It may be
that a weak short interest has
developed, so that the market
may hold we'll for a few days.
While I would not advise going
short of the market (the time
for that was a week ago., I
would certainly restrict purchases
to the most reasonably priced
issues, preferably on a scale down.
The Washington times., 1930-12-02
I like Baldwin's prospects, but

I like Baldwin's prospects, but I
wouldn't buy it here.
Westinghouse continues to act
as though a mountain were press
ing 1t down. advise avoiding it
for the present. One thing about
Westinghouse and General Elec-
trio is that both own big blocks
Of Radio, and are naturally af-
fected by Radios current "sour-
ness"
The motors should do a little
better later this month as auto
mobile show time approaches.
They will probably have q sell
off before this, however.
Strength in the utilities doesn't
look particularly convincing.
The Washington times., 1930-12-02
Bank of BOIUie, Nd,
Votes 3 PC. Dividend

Directors of the Bank Of Bowie,
Md, have declared the usual 3
per cent semi-annual dividend on
the bank stock at their regular
meeting. This is payable to hold
ers of record as Of December 81,
1880. Directors present were Ed
ward e. Perkins, president;
Thomas Price Littlepage, vice
president; William LuerS, cashier;
Bernard A. Maenner and Daniel
B. Lloyd.
The Washington times., 1930-12-02
so Stocks Reveal
Increase of Value

The market value of SO repre-
sentative stocks on the New
York Stock Exchange at the close
of the week ended Saturday,
November 20 was $19,917,210,223
an increase of $107,610,165 or
approximately 0.54 per cent over
the value of sig, ,8O9, 900, ,O58 at the
close of the preceding week.
according to a compilation by
Otis & Co., members of the New
York Stock EXchcange.
This compares with $23,319,97
TAO the value of the shares at
the close of the corresponding
day in 1929.
The Washington times., 1930-12-02
BUYING
! SUBSTA|NS
MARKET
Hoover's Message to Congress
May Aid Upward Battle
OF Many Tagging Securities
By THE SPECTATOR

Stocks crept a little high
er yesterday, but the signifi-
canoe of the advance was
robbed of its significance by
the fact sales were the
smallest in four months.
Buying seemed to come
mainly from the shorts.
The market is apparently
awaiting the Presidents mes
sage to Congress today. Per
haps the address will be in.
terpreted bullishly, but I
don't believe stocks will go
very far on the upside and
there is a good chance OF
the bears doing a little ha: =
mering before many days are
out. So watch out.
The Washington times., 1930-12-02
LIGHT II
MONTH NET /.
INCREASES
Yearly Report Shows Com.
pany Net Earnings Amount
to $2.27 for 32-Cent Gain

UNITED LIGHT AND POWER
COMPANY-Twelve months ended
October 81 showed a net income
Of $11,226,315, after depreciation
and interest, equal. after pre-
ferred dividends, to 1927 a share
on 3,380,780 combined Class a
and B common shares, compared
with a net income Of $8,377, ,535,
or $1.95 a share on 3.217.419 com
bined Class A and B shares out
standing in corresponding 1929
period.
ENGINEERS PUBLIC SER
VICE COMPANY-Net income for
IL months ended October 81
amounted to $5,179,692 after de
probation, charges, and taxes
equal to $2.71 share on 1,874,154
average number of common
shares outstanding during the
period. This compares with $2.66
a share earned on 1,557,729 aver
age number of common shares
outstanding during the CORE
spending 1929 period. ConSoli
dated gross earnings for IL
months ended october 81 totalled
$52,945, ,391, an increase of $4,09ls
289 over the preceding IL months
WEST VIRGINIA WATER
SERVICE-GroSs income for year
ended october 81 amounted I'd
$38S, ,230, compared with $373,5O1
in similar 1929 period. Operating
expenses, maintenance, and
taxes, other Federal income tax
for year ended october 81 totanec
1886, ,484, against $429, $40 in like
1929 period.
PENNSYLVANIA GAS AMI
ELECTRIC-October net earnings
were $54,370, against $50,637 il
October, 1929. Net earnings fol
IL months ended october 81
amounted to $623,724, compared
with $597,986 in corresponding
1929 period.
LUNEBURG POWER, LTD
Twelve months ended Septembel
80 showed a net income, befors
depreciation, Of $296, lot, equal I'd
3.15 times interest charges, as
compared with 1901 1886, or 2.5a
times such charges in like 1925
period.
RAILWAY EXPRESS AGENCY
INC.-Gross revenues in Septem
ber totalled $2O,844, 900, againsi
$24,947,O00 in September, 1929
Rail transportation revenues aftei
deductions totalled $40, ,322, 900
compared with $13,415,000 il
Septemher 1929
The Washington times., 1930-12-02
WATCHES

Give the right time for
Christmas. Unusual crafts
manship in our timepisceB
makes them dependable and,
il it's q "gift for sim" that's
botherinR your E'ind, rest
assured that q coed, depend
able timepiece made by FL.
gin or Hamilton will more
than satisfy him.
The Washington times., 1930-12-02
TOYS

Here is an opportunity TO
make the kiddieB happy
Christmas and at an amazing"
ly low price, too. We are 9l.
lowing Is per cent discount
on all Electric Trains and
sundries purchased before
December !. a.
The Washington times., 1930-12-02
TREE-LIGHTING
OUTFITS

Christmas isn't complete
without a tree. Mazda,
small colored bulbs some yell
low, purple, blue, but reds
and greens predominAte; NO
danger of having fire turn
Christmas celebrations into
tragedies. Make the tree
prettier than ever before
this Christmas-for O mere
sum of 80 cents.
The Washington times., 1930-12-02
PORTRAITS

Mere precious with each
passing year. Portraits TO
those whom you hold most
dear is the most apprecta"
tive way Of expressing your
true feeling. Special-three,
9x 10. IS.
The Washington times., 1930-12-02
Too Ma1Y Tins

There are too many tips around
on Baldwin. Looks as though
somebody had some stock to sell.
The Washington times., 1930-12-02
nncaI Market Nes Stocks, Bonds Commodities and Comment
Wall Street
Hears:

That Electric AutO-Lte (mO)
viii just about cover Its So divi-
dend this year.
That Baldwin Locomotive (B)
will benefit from the recent In
quiries for locomotives by the
railroads.
That Underwood Elliott Fisher
(UNX) is being bought on re-
cessiOnS.
The Washington times., 1930-12-02
Radio RumOrs

The Street is hearing q lot
Of gossip about the possibility Of
q capital reorganization for Ra-
dio. Stories range from a reduc-
tion in common by converting
five shares of the present stock
into one of new to some sort of
exchange of preferred B for COM
mon. The latter has undoubtedly
been induced by Radios difficult
ties in covering its preferred divi-
dend requirements this year.
Christmas business will deter
mine whether it will or not since
q big deficit was incurred in the
first nine months of the year.
It is difficult to see, however,
how the holder Of the preferred
B is going to be induced to give
up his stock for common while
the company remains in good
financial shape. AS to reduction
in outstanding common, this
seems more of a possibility. AS
stated here yesterday, companies
with huge capital structures will
probably give serious thought to
this unless earnings take a sudden
squirt in the next year.
The Street is wondering how
steel operations are being main
tanned. The weekly Iron Age re-
port tomorrow will reveal this.
Production has been steadily on
the down grade, but even a fur
ther drop this month won't mean
much. The important thing will
be the extent of the expected re-
covery in January and February.
The Washington times., 1930-12-02
A Good Speculation

United Aircraft preferred looks
like one of the best safe Specula-
tions on the list. The stock pays
So, which at last nights closing
price of 81 gives a yield Of better
than 5 per cent. Earnings for
the first nine months this year
were As times preferred dividend
requirements.
The attractive feature is that
each share of preferred carries
q warrant for conversion into
one-half share of common at 80.
The senior issue has a pretty good
record market-wiSe ranging from
q low of 513s to a high of TIA,
which, at current levels for the
stock gives plenty Of chance for
appreciation if the common starts
its old skyrocketing tricks.
The fact that cigarette COM
panies seem in line to make a
'killing" over the next year or
two because. they accumulated
huge supplies of cheap tobacco
this year is not entirely in line
with the situation. Cigarette
companies average up their
inventories over a three-year
period, which tends to bring up
the balance pretty weI1. OF
course there is a big saving, but
not as much as popularity
assumed.
The Washington times., 1930-12-02
CHRISTMAS
SAVINGS

Make yourself = present Of
a Christmas Savings Account.
Your Christmas Shopping this
year 10 made possible by
your membership in a Christ
mas Club. Now Jcin one for
1891.
Many additional "Christmas
Gift SuggsstiOns" are I'd.
Osrtised today iR-
The Washington times., 1930-12-02
ELECTRICAL
EQUIPMENT

Make hers Wrestling.
HOUSE" Christmas this year.
Give her an electric parco"
lator set. Prices range from
$13 and up.
Nogales international., 1930-08-22
The Baca Float Development

Avoiding, and very discreetly, all publicity, F;
NJ Dougherty and T. T. Pendleton, formerly of
Texas, have acquired title to approximately $4,000
acres of the original Baca Float property, located in
the famous Santa Cruz Valley just north of Nogales
The two men who now own this historic prop
erty it has been learned, plan intensive develop
ment campaign which will transform the huge prop
erty which lies either side Of lofty Cayetano
tain, into veritable Garden of Eden of productive
ty. If the plan develops history only will be repeat
ing itself for three decades ago, previous to what
amounted to legal comedy of errors this particular
valley was one of the highights Of Southern Ari-
ZOna.
Lending authenticity to the major plan of dev-
elOpment which, it is understood has been mapped
out by the owners, is the fact that already ap-
proXimately 500 acres have been planted in lettuce
which, it is expected will yield between five and six
hundred carlots during the current season. In adj
diton plans have been made for further production
of this vegetable along with others and heavy yield
of alfalfa. No difficulty is anticipated through lack
of sufficient water as in addition to the exceptional
y large annual rainfall in the Nogaes district Diesel
engines will pump flow of water thrugh irrigation
bitches which will map the entire property.
The valley which, from the agricultural stand
point, will be reclaimed has had most interesting
history Located just South of Tubac this site of the
first presdio established in the Southwest by Mex
lean troops their northWard trek, this locale may
be said to have been the cradle of Mexcos most north
Nogales international., 1930-08-22
Nogales Wants Conventions

We have been pointing out from time to time a
few of the functions that we think belong to the
chamber of commerce and with the air full of con
vention atmosphere, we reminded OF the trem-
endous benefits derived by other cities from conven
tions held in those cities at regular intervals
Why is it that the chamber of commerce has not
gone after more conventions for Nogales?
We are not complaining or finding fault The
matter no doubt has just been overlooked but it is
important and should be given serious considera-
tiOn.
There is no city in Arizona more suited to en-
tertain a convention. We right on the Mexican
border we have the finest climate in the country;
our people are hospitable and offer the con-
vention delegate diversified entertainment and
show him more things of real interest than most any
other town in the state.
Nogales is an ideal convention city and that fact
should be made known to the various organizations
in Arizona that hold annual meetings. Someone en-
dowed with the necessary prestige and enthusiasm
should be sent to all of the important state gather
ngs and extend cordial invitation to those bodies
to meet in Nogales next time
Conventions bring outside money to Nogales.
Delegates who enjoy few days in Nogales spread
the gospel Of Nogales everywhere they CO. giving this
city advertising that is actually worth thousands of
dollars in the course Of time
Nogales wants more conventions. Will the
chamber Of commerce take this up another of it's
"major projects" for 1880?
Nogales international., 1930-08-22
THE MARSH
NEWS REEL

The soldiers are coming. Hurrah!
Hurrah! And Nogales welcomes
them with ali the hospitality of
two nations. The Marsh companies
wish for every person attending the
convention such joy that will live
in their minds from now to the
end of the chapter. Go to it, all
of you, and have a Muy Bien
Tempo
There are a lot of pretty windows
in town honoring our visitors, and
we want to call your particular at
tention to the one we have, trim
med and named "The Arms of
Peace" There is everything in it
but a rolling pin or gun.
We have been called Column
ist" by the advertising department
of the Standard Oil Co., and sew
eral other things by different peo-
pie. However, we are not in o. o.
McIntyres or Will Rogers class,
but we do like to brag as much as
they do, though we confine our
footing to the goods we sell. And
while we are Dragging, we expect
to have some new Flamo Ranges to
show you in few days. Don't
forget, F'lamo gives you the COM
fort and convenience of City Gas,
no matter if you live fifty miles
from town, and at cost less per
cubic foot than City Gas.
It's not too late to plant veg
etables and flowers, and we have
unpacked this week a new and alb
solutely fresh supply of the fam
Gus Ferry Seeds Raise some gard
en- stuff of your own. You will find
it both amusing and profitable.
You know, we sold fellow a
dandy big mixing bowl the, other
day and he remarked "Now the
misses won't have an excuse not to
make me that cake" Don't that
remand some of you fellows that
if you were to spend few nickles
on some new kitchen equipment
you might get some of your fav-
orite dishes little oftener? Speak
ing about favorite dishes, we stuffed
ourselves on some delicious home
made fresh Peach Sherbet last
Sunday. We used one-gallon
Alaska Freezer, price $3.50, and
Fresh Santa Cruz County Peaches
GEO. B. MARSH, INC.
(adv),
Nogales international., 1930-08-22
Western industrial Maintains
Full Wages and Employment

Once again does Western business
show the world how to weather an
industrial depression. In a recent
article in printers Ink" entitled
Bigger Than Balance Sheets" in
which Americas greatest industrials
stated their business record, The Par
2flne Companies, Inc. was the only
institution that scored one hundred
per cent.
The quoted letter from r. S. Shain-
wald, president of the Company,
stated:
Replying to your request would
state The Parafine Companies, Inc.
has made no reductions in personnel
of its manufacturing, sales or office
organizations, nor has it made any
wage cuts before or since the depres
sion beginning last fall. 1t believes
such reductions can and should be
avoided.
The article singled out The Par
affine Companies, Inc. as the outstand-
ing example of the new spirit in
management which is as conscious of
its responsibility to its employees as to
its stockholders. Thirty-fve hundred
employees of The Paraffine Compan
les and its affiliated companies are
unaware of any general business re-
cession-their wages have continued
as always-and the millions of dollars
distributed by them to tradesmen
have helped stabilize Western busi-
ness. Once again has a Western
industrial presented an unmatched
achievement.
Besides continuing the normal wage
and employment scale The Paraffine
Companies, Inc have maintained their
regular vacation plan. Every employee
of the company. including all factory
workers, is each year given vacation
with full pay. The length of the vaca-
ton is gauged by the years of en-
ployment and is as long as two
weeks. The Paraffine Companies was
the first Western industrial, and one
of the first institutions in the United
States, to give all factory employees
annual vacations with pay. This plan
was inaugurated some six years ago.
Further consideration is shown the
company's employees by the main
tenance at the company's expense of
group insurance for the benefit of
every employees family. Truly this