davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1930-06-02
IMPROVEMENT Y
SEENCOM|NG
IN TRADE
Barnes DisCIoSes Prospects
For Capital and Building
Program Betterment

Increasing confidence in the flu
ture. Improving prospects for
capital.
A continued carrying out of the
construction programs forecast
last December.
These are the high points of
the United States present indus
trial and business condition, Ju-
lius H. Barnes, chairman of
President Hoover'S national busi-
ness survey conference, declared
today.
Barnes, one Of the natl III $
economic authorities, pointed out
two important financial trends,
which he indicated, point to in
creasing prosperity. They are:
Continued large capital i'm.
provements supported by large.
scale financing, which evidence a
confidence in enlarged future
earning power and preparation
for it.
Interest Slows
In America and Europe evi
dences of increasing reservoirs
of accumulated credit with conse
quent 'ecreases in interest rates,
and resulting benefits for pro
duCtion and distribution.
The Short-time credit market
Barnes reported, shows continued
ease. In the field of long tim9
credit, capital iSSu in April eX-
ceeded those of the correspond
ing month of 1929, when April
loans we're IS per cent above the
1929 total.
In savings the usual April ten
dency to drop was decidedly less
than normal, and new life inSur
anCe purchased in the month
was 6 per cent higher than in
April, 1929, the report said.
For the period ending May %,
1880. total building contracts for
all classes were only slightly un-
der the figure for the same
period last year, being $1,934.
100000, compared with $2,310,
100000. Additional contracts for
concrete laying, largely in the
field Of road building, however.
more than made up for this drop.
Other hig h W ay construction
was considerably more than
doubled in the period, and in
creases are noticeable in building
alteration work.
Expenditure by Class l rail
roads in the first quarter Of the
year were 100000 compared
with $l27,OOO,OO0 in the same
period of 1929, and extensive
orders for new rolling stock have
been placed indicating a con-
fidence Of future business in
crease, Barnes said.
This confidence is in the face
of slight drop in car loadings
for the period. amounting to
about 7 per cent compared with
the figure for last year.
Further indication of the re-
coVery of business in general is
shown in advertising figures for
the quarter, he said, all phases
having increased sharply.
The Washington times., 1930-06-02
Luther Place Church
Greets NeU Pastor

Historic Luther Place Memorial
Church, at Thomas Circle, was
thronged yesterday as the Rev.
DR.. Carl c. Rasmussen assumed
the pastorate.
DR.. Rasmussen comes to Wash,
ington from Harrisburg, where
he was pastor of the Church of
the Messiah. He was president
of the East Pennsylvania Synod
of the United Lutheran Church.
Luther Place Church is one OF
the historic Washington parishes.
It's first pastor, the Rev. DR..
J. G. Butler, was a friend of
Abraham Lincoln. At different
times he was chaplain of the
House and Senate.
The church was made possible
through contributions of Luther
ans all over the country.
The Washington times., 1930-06-02
Fl c \ 7.
RESUMED IN
SENATE
Presidents Flexible Power
Cause of RoW-Hope to Pass
June 16-Vote To Be Close

While administration leaders
predicted passage of the tariff
bill by June 16, the Senate today
resumed it's tariff wars with a
clash yoer the flexible powers
vested in President Hoover.
Senator Watson (RD of Indi-
ana, majoriyt leader of the Sen.
ate, voiced the hopes of the ad-
ministration with a prediction the
bill would become a law by
June Is. The opposition leaders
rather shared his belief but de-
clared there would be a close
vote in the Senate.
Second Section Opposed
The question pending in the
Senate was whether the second
section of the tariff conferees'
report should be approved. This
section contained the highly con-
troversial flexible tariff provl-
sion, which gives the tariff com.
mission power to recommend Spe-
cific rate changes but vests in
Mr.. Hoover sole power to put
such changes into effect 1t was
the fact that the provision would
give the President power to pro-
claim such changes at his leisure,
holding them up for year or
promulgating them at once, that
provoked considerable opposition.
The section also contained pro-
visions eliminating the export
debenture plan of farm relief
from the bill, eliminating all
duties on silver. fixing a rate Of
81 per thousand feet on soft
wood lumber, and abandoning the
Blease amendment, admitting
cement duty free if used for pub
lie construction. Administration
leaders declared this section Of
the report would be approved in
a day or two"
No Trouble In House
In the House, there will be no
such trouble, although the Demo
Gratis will stir up hostilities by
demanding further changes in
the bill. Administration leaders
said all such proposals would be
defeated and the bill passed
very quickly"
once the tariff is enacted, If it
is. the Senate must approve the
S3O0,000,OOO rivers and harbors
bill. Then Congress will adjourn
and the Senate reconvene In
special session to ratify the Lon
don naval treaty.
The Washington times., 1930-06-02
SMITH COMPAN
BONDS SOUGHT
Times Staff Thoto

Calls for deposit of bonds on
"a properties of the F. H. Smith
Company, were issued yesterday
by the bond holders protective
committee, through its counsel.
Root, Clark, Buckner and Ballan-
tine, New York City.
The request omitted bonds on
nine other properties, three Of
which are based on third mort
cages held incapable of liquida-
ton at present, and six on mort
cages deemed secure.
Registered Certificates
Transferable registered certifi-
Gates will be issued to all depos-
itors of bonds with the Irving
Trust Company, New York City,
principal depository. Local banks
will act as forwarding agents.
Bonds on the following issues are
listed for deposit:
Algonquin Hotel, Cumberland,
Md; AlRoy Apartments, Wash
ington; Arlington Apartments,
Pittsburgh; Cavalier Apartments,
Cedric Apartments, Washington;
Chatham Apartments, Philadel-
phia; Elouise Apartments, New
York; Emlen Arms, Philadelphia;
Fairfax, Buffalo; Fairfax, Pitts
burgh; Hamilton Hotel, Washing
ton; Insurance Exchange Build
ing, Pittsburgh; James Madison
Hotel. Orange. Va; Jefferson
Apartments, Washington: Law
and Finance Building, Pittsburgh;
New Amsterdam Apartments,
Washington; Overlook Arbs.
Philadelphia; Royalton Apart
ments, Philadelphia; Smith Build
ing, Washington; Stanley Arms,
Washington, and 2100 Massachu.
setts avenue (Fairfax), Washing.
ton.
Bonds Not Called
The Smith Company's proper.
ties. the bonds of which are not
called for deposit. are Fairfax, of
Philadelphia: Fairfax, of Pitts.
burgh: Investment Building
Washington; Law and Finance
Building, Pittsburgh; Riverside
Apartments, Washington: Rod
man Apartments, Washington
Tivoli Apartments, Washington
Vermont Building, Washington
and Washington-PittSburgh Hold
ing Corporation.
The committee has received &C
ceptance by John w. Davis,
former Democratic presidential
nominee, of a request that he
fix fees to be charged bondhold-
ers counsel and repositories
There are approximately 10000
bondholders holding about $780,
100000 F. H. Smith Co. bonds,
the committee stated. There is
no complete registration of these.
and F.. H. Smith Co. has refused
access to its registration lists.
the committee said.
Charles D. Hilles, jr., New York
City, is secretary of the COM
mittee.
The Washington times., 1930-06-02
v A n | n c
FOR RATE CUT

LONDON, June 2 CU.SO The
discount markets hopes for q
bank rate reduction to 2l2 per
cent, this week evaporated when
it became evident that there was
no hope of an immediate agree.
ment by Partisan bankers on the
question of the forthcoming rep,
arations loan.
Since the Bank of France eVi-
IDENTIFY links any further reduC
ton of the rate with the flota.
ton of this new loan, the money
market must wait for clearing
weather. Nevertheless a reduC-
ton is anticipated in the open
market in which the discount is
now at 21s per cent.
The stock exchange showed no
improvement this week and aside
from an increased interest in new
investments the markets were ex-
tremely dull. So far as industrial
stocks were concerned the week
was the dullest for many months,
with transatlantic shares reflect
ing Wall Streets reduced trading.
Rayon. iron, steel and textile
shares went without a flicker.
Bargain hunters boosted rubber
shares temporarily but they de-
clined rapidly. No definite selling
disturbed oil shares. though a
dividend announcement depressed
Anglo-Persian shares.
All mining shares were sluggish,
tial losses.
The Washington times., 1930-06-02
LOCAL STOCKS

FURNISHED by W B. Hibbs & Coz
SALES
Washington Gas 6s "A", $6000
1919, $6OO01O174.
Washington Gas IS "B", $500
@1O412, $1O0@1O3H.
Washington Railway and Elec-
trio 4s, $2,OOO@871s.
Capital Traction Co, 10@64l2,
1O@641a, 5@64H, 1O@644, 100
64H, 4O064A, 5664A, 3@64A,
1O@64, 1O@64, 1o@64, 1o@64, 10
@64.
Potomac Electric 512s pfd., 40
@1O7, 5@1067s, 2@106B.
Potomac Electric IS pfd., 80
11O1a.
District National Security pfd.,
1O@85.
Mergenthaler, 1O@1O1A, 200
1O134, 1O01O134, 100 1013s, 100
1912, 5@1O1A.
AFTER CALL
Capital Traction SIS, $500695.
Potomac Electric IS pfd., 100
Ill.
Capital Traction Co, 8665.
Potomac Electric IS 1858, $1,000
@1O84.
Capital Traction SIS, $4,000
9424.
National Metropolitan Bank,
$1,000.
II,I,iio IItiIit.-- Rnr,dE
The Washington times., 1930-06-02
Redemption Ordered
Of Philippine Bonds

Redemption Of the Philippine
Islands 512 per cent loans of 1920.
Manila port works and improve
mentS. has been ordered by the
governor general of the Philip.
pines, the War Department an.
nounced yesterday.
The bonds will be redeemed at
the Treasury of the United States
at the Division of Loans and Cur
rency here as of September /.
1880. and will bear interest to and
including that date.
The Washington times., 1930-06-02
Chase Bank Votes
Regular Dividends

Directors of the Chase Ma
tional Bank of the City of New
York and Chase Securities cor
poration have declared quarterly
dividends, on the $40 par value
stock of the Bank and the no
par value stock of the Securities
Corporation. aggregating 81 per
share on the 100000 shares Of
the corporations.
These dividends are payable
July /, 1880, to stockholders of
record at the close of business
June A, 1880. The transfer books
will not close.
The Washington times., 1930-06-02
K. G. Adams Elected
To Blair Co. office

NEW YORK. June CU.SD.
Robert C, Adams who, since 1916
was affiliated with the Equitable
Trust Company and the Equitable
Corporation as vice president in
charge of the bond department,
has been elected a vice president
and director of the Bancamerica-
Blair Corporation.
Adams, who will assume his new
duties tomorrow, will make his
headquarters in New York city.
The Washington times., 1930-06-02
Union Bag and Paper

Sale to Niagara-Hudson corpo-
ration of the entire capital stock
of Union Bag and Paper Com
pany has greatly improved the
latter company's financial posi-
ton. Niagara-Hudson, under the
terms of sale. assumes the obli-
cation to pay all Union Bag and
Papers fixed charges, and leaves
the latter company with all bank
loans paid and in possession of
adequate working capital, A IA
Vorable contract has been Sc
cured for delivery of full power
requirements at Hudson falls for
q term of years. All properties
not actually required in transac.
The Washington times., 1930-06-02
NeW Trusts Listed
On Stock Erchanqe

NEW YORK, June 2.-The roll
of investment trusts listed on the
New York Stock Exchange has
been increased by 2 to %
In the meantime more and more
trusts are listing their securities
on the curb exchange.
This active trend toward the
listing Of their securities on more
broadly recognized exchanges on
the part of investment trusts is
seen in Wall Street as a more
definite effort on the part of
executives of such companies to
obtain a wider recognition for
their securities.
The Washington times., 1930-06-02
TWO Billion Dollar
Bank Opened. Today

NEW YORK, June 2 G.N.SD .
Resources estimated at home
than $2,4OO,000,OOO backed the
largest bank in the world which
opened for business here today.
The Chase National Bank of the
City of New York, result from
the consolidation of the Chase
National Bank, the Equitable
Trust Company and the Inter.
state Trust Company, will oper-
ate nearly half a hundred
branches throughout New York
city.
The Washington times., 1930-06-02
ROAD.
ISSUE ON
SALE
Foundation Trustees Shares
And Southwestern Gas Soon
To Be Affected

NEW YORK, June Pub
lie offering will be made to-
morrow of an issue of $15,750,000
Canadian National. Railways Az
per cent equipment trust Certifi-
Gates maturing serially over a pc
riod of IS years, starting June l,
1881, at prices to yield from AIS
per cent to 4.85 per cent, accord
ing to maturity.
The certificates are being Of
fered by a new group in the
financing of this railroad headed
by Halsey, Stuart and Company,
and including Hallgarten and
Company, international Manhat-
tan Company, Inc; Chatham
Phenix Corporation, A. Iselin and
Company, Estabrook and Com
pany, Kountze Brothers. Nesbitt
Thomson and Company, E. B.
Smith and Company, Central Illi-
nois Company, e. LoWber Stokes
and Company, Foreman State
Corporation, First Detroit Com
pany, Bank of Montreal, the Royal
Bank of Canada, the Canadian
Bank of Commerce, Mercantile
Commerce Company, st. Louis
and American Securities Com
pany, San Francisco.
This group was the high bidder
for the issue at sale in Montreal
last Thursday.
Equipment is being acquired
by Canadian National Rolling
Stock, Ltd. for use on the Can
adian National Railways, which
are owned or controlled by the
Dominion government and COM
prise approximately 22,810 miles.
The equipment to be included
in the trust is to cost $21 ,008,609
Of this cost $5,258,609. or more
than IS per cent, will be paid
in cash by the Rolling Stock
Company out of appropriations
made by Parliament for this pur-
pose.
G. u. Pope and Company. Inc,
have been named national dis
tributors for Foundation Trustees
Shares, a fixed common stock
investment trust originated by
Trusteed Equities Foundation.
Inc, under an indenture with
the Bank of America N. A, as
trustee.
Public offering of Foundation
TruSteed shares. series A, will
shortly be made by a group which
will include G. U. Pope & Co., Inc,
of New York; Warwick & Co.,
members of the stock exchange;
& Co. of Raltimore
and Washington, members Of the
stock exchange, and L. l., Fried
man & Co., of Newark, N. j.
A new issue of $2,500.OOO first
mortgage 6 per cent sinking fund
gold bonds of Southwestern Nat.
ural Gas Company will be offered
this week by a banking group
composed of P. w. Chapman &
Co., Inc; Hale Waters g. Co.,
Reilly, Brock & Co., and Goddard
& Co. The bonds. dated May l,
1880. are due in 1945.
Each $1,000 bond will be con-
vertible into 80 shares of Appa-
lachian Gas Corporation common
stock any time after February l,
1881, and prior to February i,
1885. after which date the con-
version privilege is reduced to 10
shares. Each $500 bond is SINH
larly convertible for a proper
tionate number of shares. The Ap,
palachian Corporation owns IS
per cent of the common stock of
Southwestern.
The Washington times., 1930-06-02
Montgomery Ward

During the last couple Of
weeks, I have advised repeatedly
the purhcase of Montgomery
Ward, and the stock is just be-
ginning to reflect good accumu-
lation by important investment
interests. AS pointed out here
before, the reorganized manage
ment is beginning to effect
changes in policy that will be re-
.flected in lowered costs an1
larger profits.
Floating supply of Consolidated
Gas has been substantially re-
duced of late by investment buy
ing. The stocks market action
reflects this condition.
The Washington times., 1930-06-02
SOUND BUYING
ADVISED BY
EXPERT
Advisor Does Not Believe
Runaway Rise Will Occur
in Next Few Weeks
By THE SPECTATOR

Wall Street was surprised when
the stock list failed on Thursday
to yield to the profit-taking which
is always expected to strike the
market on the day before an
extended holiday. 1t was a
pleasant surprise, construed as
an indication of underlying
strength and disclosing leadership
Of the finest Callber.
Public utility shares continue to
hold the limelight, but high-grade
issues, such as American Can,
Westinghouse, General Electric
and American Telephone, expert
ence good demand and seem to
be pointing the way to higher
price levels in the not distant
future.
In today's trading, I anticipate
further recovery. If such ad-
vances should gain too great
headWay, it would be wise to look
for some profittaking, for l DO
not believe the bankers are ready
yet to let the market begin any
runaway rise. However, L be-
lieve investors and traders are
justified at this. time in buying
sound, dividend-paying stock.
German Reparations Bonds
It is quite possible, even
probable, that the German rep
arations bond issue may be OF
fered publicly today. 1t is i'm
possible to say how long it may
take to dispose of such financing.
My guess, however, is that the
loan will be oversubscribed i'm
mediately, as many financiers in
q position to buy foreign bonds
are eager to get the German
issue out of the way in order to
lay the ground for a new advance
in the stock market.
Public utility merger rumors
are being circulated widely, but
it is unlikely that official action
will be taken before adjourn
ment of Congress and the New
York State legislature.
The Washington times., 1930-06-02

ton of business have been dis
posed of, and all present prop
critics are live assets.
Failure of the Bank of Eng.
land and the New York Federal
Reserve Bank to redue money
rates was no surprise. It is felt
generally that money is as cheap
as can be reasonably expected,
but demand remains dull.
Detroit Aircraft
A report is current in the
financial district that General
Motors Corporation will acquire
all the outstanding stock of De-
troit Aircraft Corporation consist
ing of 887,769 common shares.
While there has been no official
statement, have been told that
such development would not be
surprising. due to representation
of General Motors Corporation, on
the directorate of Detroit Air
craft. Recent revival of activity
AAA ~iN 044oL Co CCClIIN W DGdl
out the claim that some deal is
pending.
Expectation of activity in the
bond market is indicated by the
New York real estate EXCHANGES
invitation to holders of New York
realty bonds to handle transac-
tions in such securities through
the medium of the exchange.
Thompson-Starrett
Profit taking brought about a
fractional loss in Star
rett at the weekend. but its
sponsors are holding their posi-
ton and feel that the showing of
2.02 net profit, announced last
week. must necessarily bring a
revival of activity and higher
prices for the stock.
The Washington times., 1930-06-02

CHICAGO, June 2 CUSHING
west Steel Corporation, an Indi-
ana corporation, has been incor-
porated as a wholly-oWned sub
sidiary of the National Steel Cor
poration, with a nominal capital
of 100000, which will later be
increased to $5O,OOO,OOO or more
it was announced today.
E. T. Weir, chairman of the
board of National Steel, is chair
man of the board of directors of
the new company. Other officers
are John C. Williams. president;
F. M Hesse. treasurer, and C. H.
Hunt of Chicago, vice president in
charge of engineering and con
StructiOn,
The Washington times., 1930-06-02
Establish Mill

Midwest Steel Corporation will
be the operating subsidiary of Ma
tional Steel Corporation in the
Chicago area, and will establish a
steel mill representing an invest
ment of between $40,OOO,O00 and
$50.000,000 in the Chicago district.
While no definite date has been
set for the start of construction
Of the new plant, the company
has acquired a l,000-acre tract on
Lake Michigan. and on compile
ton of reclamation work the site
will be approximately 1,100 acres.
Plans for construction of the new
plant are proceeding satisfacto
rily, it is said. Weir declared:
THE Chicago plant will in
clude blast furnaces. complete
steel plant and minishing mill,
and will embody the latest de
veIopment in modern steel mill
construction.
The Washington times., 1930-06-02
Foreign Power

The group active in American
and Foreign Power is still &C
cumulating the stock, and one
hears the same sort of wild tips
on this issue that we're circulated
last summer at the peak of the
bull market in utilities. I under
stand the stock is going consider
ably higher on this move, but it
is safe to say that it will suffer
very considerable setbacks before
it reaches the level of $50, which
is being promised now by the tip
sters.
The Washington times., 1930-06-02
American Telephone

American Telephone and Tele-
graph Company, the largest pub
lie utility concern in the world,
probably will be the greatest
beneficiary of important develop
ments in the radio, television and
motion picture field, due to the
hold it's subsidiaries Western Elec-
trio, has on these industries
through ownership of patents.
Once again I advise readers to
buy this issue for investment or
speculation. 1t will reach into
new high territory long before
the end of the year.
Reports of merger between
North American and American
Water Works are revived, but it
is significant that none of them
are traceable- to No. lis Broad
WaY,
The Washington times., 1930-06-02

There is every evidence of good
character accumulation of InteE
national Telephone and Tele-
graph. I like the quality of the
buying.
The Wolf Point herald. (Wolf Point, Mont.) 1913-1940, 1930-11-21
Riverside
q aRaa d q Z a

- - - - - -
Rudolph Linscheid returned from
North Dakota last Sunday. bring.
ing with him a bride. They will
live in the Bill Philips house for
the winter. Mrs. Linscheid is
well known and well liked in this
community, having taught the
Rose Hill school for two years.
The Sacred Heights church SER
vices are discontinued. There
will be no more regular services
before next spring.
The cold weather last Thursday
prevented the usual crowds gath
ering for aid"
Bill Young moved a house for
Leon Burright last week.
Clarence Knudson and Forrest
Callison drove Perle Cooper's
cattle down to the Axtell place for
him one day last week.
Mr.. and Mrs, Harold Knauts
called at the Geo. Knauts home
last Sunday.
Mrs. Geo. Knauts was in town
a part of last week taking care
of her little granddaughter. little
ImOgene Frisyold.
The Wolf Point herald. (Wolf Point, Mont.) 1913-1940, 1930-11-21
Wide Awake
Z Il Il & q 81 y x g

Z Il y u q x & K < q q q
Grandma Toavs celebrated her
81st birthday Wednesday at the
A. F. Toavs home. We all wish
her many more happy birthdays.
Callers at the A. F. Toavs home
Sunday were: Mrs. Albert Lee,
Mr.. and Mrs. N. F. Toavs and fam
lily, Mr.. and Mrs. Bartel, w. E..
Nickel and children and Mr.. and
Mrs. VIM. Toavs.
Mr.. and Mrs. Albert Lee and
family were Sunday dinner guests
at the Alfred Hanson home.
Maria and Abraham Toavs and
Azell Anderson visited at the P.
E. Penner home Sunday evening.
Mr.. and Mrs. George Hagen and
Rudolph Melquist visited at the
Sam Mcdonnell home Sunday.
N. F. Toavs and son Martin
were at Jake Neufield's Saturday
where they fixed the chimney and
did repair work.
Rosetta, Louis and Jessie Toavs
began staying in town, Monday
where they attend high school.
They have been driving from
home up to this time.
Christ Sand and son Bill visited
at the Steve Marmon home Sun
day.
Relatives have been visiting at
the Steve Marmon home this
week.
Melvin Gunderson and family
visited at the Ben Gunderson
home Armistice Day.
School Notes
The following were absent from
school Friday; Olando, Grace,
Martin, Margaret and Catherine.
The first, second and third
grade language class dramatized
the story, The Wind and The
Sun"
The seventh grade have begun
the study of Europe in Geography
The geography classes have re-
ceived pictures of the ocean. A
large picture of "Old Ironsides"
was among the collection. All
pictures and material were very
interesting.
We now have sleds at school
and expect to have great sport
sleighing at noon and recesses.