davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1930-06-05
RECE|vERSHIP
NAMED FOR
SUGAR CD.
Liabilities Include $4,000, 900
Debenture Bonds; Price
Slump Blamed for Crash

NEW YORK, June S. Receiv.
ers for the Pu-'a Allegro Sugar
Company were appointed in the
Federal Court tod on the peti
ton Of J. z. Hortor, creditor for
the sum of $4,056. The court ap,
pointed James r. Sheffield, vii
liam c. Douglas and the Irving
Trust Company receivers in bond
of $4,000.
The company's liabilities consist
OF $4,000, 900 principal amount o.
first mortgage debentures bonds
the principal and interest o.
which were defaulted on June ]
last year. In addition, the com
pany owes $685., 900 to banks fol
the account of subsidiaries. which
claims are practically secured. anC
also $1,174,000 to banks for ad
vances made on planters paper
Low Price Hurt
The petition o, Hortcr statec
the reason for the company's pres
ent condition is the abnormally
low price of its products over the
last two years, due to the diSor
ganized conditiC of the sugar
market throughout the world.
Prices in Cuba are generally
lower than the cost of production
it recites, adding that this condi
ton has exhausted the company:
cash resources and it must rails,
$3,600,0O0 to tide it over thu
dead" season of June to Decem
ber. This cash is necessary to
make advances to tenant farmers.
the petition explains.
ReOrganiZatiOn Plan
Early this year, a committee
consisting of E. V. r. Thayer, r
F. Hoyt and w. c. Douglas was
appointed to formulate a plan CT
reorganization for the company.
On April IA, this committee sub
mitted a plan which provided for
the formation of a new COMPANY
to acquire the assets and business
of the present company and tc
assume its liabilities, except tn
debentureS and notes.
Up to today. more than so pei
cent OF the outstanding deben
lures, notes and capital stock OF
Punta Allegro Sugar has been de.
posted with the Chase National
Bank in consent Of the reorganr
zation plan.
If the plan is not declared
operative prior to October IS next
it will be abandoned, unless tn;
committee again extends the time
but not to a date later than Apri
IS, 1881, within which the plar
may become operative.
The Washington times., 1930-06-05
BANKERS OPEN
ASHEV|LLE
PARLEY
800 Members Attend Opening
Session; Pole and Fleming
Principal Speakers
By JOHN E. NEVIN. JR.

Dy OO41N NE AN O1Ns
More than 800 members of the
District of Columbia Bankers AS
sociation today are meeting for
the opening session of the twelfth
annual convention of the organi-
zation in Asheville, N. C. The
bankers left Washington late yes
terday on two special trains.
The group who are attending
the conclave is the largest that
has ever gathered at such a con-
vention of the local organization.
In previous years large number
went on the convention, but due
to the fact that the convention
was being held in an entirely
new place greater interest was
manifested.
Business schedules and a sports
program as well as many enter
tanning features have been ar
ranged for the three days that
the bankers will be at the narley.
The principal address at the
convention today was one deliv-
cred by John w. Pole, Comp
troller of Currency of the United
States. Another important speaker
is Robert V. Fleming. president
of the Riggs National Bank here.
Col. Wade H. Cooper, president
Of the Commercial National Bank,
and the United States Savings
Bank, was elected vice president
of Lincoln Memorial University
at Harrogate, Tenn, it was
learned today.
The election was t.eld at re-
cent meeting of the directors of
the institution. Colonel Cooper
in addition to his duties and re-
sponsibilitieS as a banker takes
an active part in educational
matters.
Alan M. Kaufman, formerly
with the advertising department
of The Washington Times and
several other local newspapers
has become a partner in the ad
vertising firm of Norman c. Kal
and Company. He will occupy
offices in the Earle Building here
Miss Mary G. Jewby, who for
several years has been serving as
publicity counsel for a number
of outstanding Washington busi
ness houses, has become aSSo
ciated with the same agency.
The Washington times., 1930-06-05
Profit Taking Unlikely Market Can Spectator Believes
Kilgallen Compares
Quiet Market Today
And Wild Fall Trade

were coatless, and there was a
good deal Of shouting and gesti.
culating.
The difference was, however,
that nowadays they are dealing
in l00-share transactions as coin
pared with 10000 and $1,000.
share blocks last fall. 1t is diff
cult for the animated to dis
tinguiSh between a 100000.
share day and an 5000, ,000-share
session.
One form of "horse play" in.
dulged in by brokers on the floor
Of late has been to sing kid
ding" songs. A favorite is "the
wearing of the green" which is
sung for the purpose of having
a little harmless fun with a
certain member, who enjoys it
himself. The song usually starts
in a telephone booth and is soon
taken up by all the brokers on
the floor.
Another way of having a good
time these dog days is to create
a mock market. AS a joke, a
telegram is given to one f the
new members to buy such and
such preferred-Say $4,000 shares.
1t is the members chance of a
lifetime, he believes. Actually
there may be no preferred" stock
of this issue listed.
Yet the trading, all of it en-
tirely fictitious, becomes frantic
at one of the trading posts. The
victim finds he is jockeyed all
over the place. When the joke
dawns on him, he is given a
hearty and raucous laugh.
Public Stays Out
The public is ''in" the market
very lightly at present. Most of
the trading is among members
what is technically known as
floor trading" In the various
brokerage houses in the financial
district. the employees are taking
things easy.
Vacation schedules have been
advanced in some instances, in
anticipation of a marked pick up
in business late in the summer
The boss" in most offices is
playing more golf than usual, and
weekend absences of executives
is common. There has been some
Tightening up in the personnel.
The New York Stock EXCHANGE
itself, is going forward with plans
Of expansion. Improvements with
a view of handling heavy trading
days are being made, and there
is no let up in the work of in
stalling more than 10000 high
speed tickers capable of twice as
many sales as the old tickers.
The Washington times., 1930-06-05
WATER WORKS
NET GAINS

NEW YORK, June 4.-Amer-
ican Water Works and Electric
Company reports for the II
months ended April 80, a net in
come of $7,818,783, after all
charges, including taxes, deprecia-
ton, depletion, subsidiary divi.
dends, ETC., compared with S.
805.80 for the previous 12-month
period.
Net for the period ended April
80 was equivalent to $3.50 a share
earned by 1,698,511 shares of com
mon stock, as against 1882 a
share earned by 1,467 $50 shares
then outstanding for the l.
months ended April 80. 1929.
Gross income for the IL months
amounted to $54,849,143, while
balance after taxes, but before
charges, totaled $27, ,297 1865, com.
pared with $51,794.332 and $25,.
594,032, respectively, for the pre-
ceding period.
The Washington times., 1930-06-05
Prairie Pipe Line
Deliveries Gain

Prairie Pipe Line Company dur
ing the month of May delivered
5675,941 barrels of crude oil,
daily average of 1S3,095 barrels.
This compares with deliveries of
5,575,389 barrels in April. or a
daily average 185,846 barrels.
Deliveries in May Of last year,
amounted to 6,098.712 barrels, or
a daily average of 1"@7 732 barrels.
In the first five lthS of this
year. deliveries al -Junted to 29,-
O56,690 barrels, as COMPARED with
deliveries Of 29,049,922 in the
same period Of last year.
The Washington times., 1930-06-05
By JAMES L. KILGALLEN

NEW YORK, June S GN.S0-
Wall Street is in a relaxed, al
most playful mood these days OF
1000, 0,000-share stock market ses-
sions.
No hurry, no excitement, no
tension such as existed last Octo-
ber when total daily transactions
of from 100000 to 10000, 900
shares were not uncommon, and
one day reached the unpre-
cedented aggregate Of 100000
shares.
When brokers on the floor of
the New York Stock Exchange
indulge with gusto in little
horse play" when they break
out in song to kid" a fellow
member; or when they play
checkers and chess and work out
cross word puzzles between trans
actions, it is evident the big
speculative turmoil has entirely
subsidized and that this is the
period of "the calm after the
storm"
Expect Pickup in Fall.
But it probably will not be
this way long. For Wall Street
brokers-those who have not
taken advantage of the letdown
to take a trip to Europe-are
frank in saying they expect a
sharp pick up in business in early
fall. The slogan seems to be:
Good times ahead"
This summer doldrums" Is
really an annual condition, and
business on THE Street" is not
far below this time last year. It
simply seems quieter when con-
traSted to those hectic sessions
of last fall when the eyes Of the
world were centered on the New
York stock market.
A visit to the gallery of the
stock exchange today revealed
that the two big enunciator
boards, upon which click big
white numbers summoning
brokers to Telephone booths for
orders, were hardly clicking at
all. Whereas, last fall, the
boards would be v:rtually all
white during trading hours, to.
day they were almost all black
Only now and then white
number flashed up with a click
things we're quiet.
Appearance Little Changed
And yet, looking down on the
floor, the picture visible to the
eye was not much different than
during those days last fall. Be
tween 800 and 900 members, the
usual number, were on the floor
seeming quite busy. too. Some
The Washington times., 1930-06-05
Van SUeringens Hit
Sale of Whee[inQ


Another move by the Van
Sweringens to block the efforts
of the Taplin Brothers, of Cleve-
land, to acquire control of the
Wheeling and Lake Erie, was
made yesterday when the NickeI
Plate railroad asked the inter
state Commerce Commission to
dismiss the application of the
Pittsburgh and West Virginia
for authority to acquire the
Wheeling.
The motion also asked that
the hearings scheduled for June
9 be Cancelled and be reset, if
at all. only after the determine
ton of the motion.
The Washington times., 1930-06-05
BRANCH BANKS
SEEN BY POLE
As BIC AID
Rural Communities Would
Benefit District, Bankers
Told at AsheviIIe Meet

ASHEVILLE, N. c., June S
G.NSO SO.-Branch banking within
economic, areas would vastly
strengthen the American finan.
cial system, Comptroller of the
Currency j. w. Pole declared
here today before the District of
Columbia Bankers Association an
nual convention.
While Pole, remarking that the
time is not quite ripe for legiSla-
ton, did not take a rigid posi-
tion as to what Congress should
do, he said it might be desirable
to make study of the banking
system with a view to the fur
ther extension of branch bank
ing.
Pole declared that extension of
branch banking to embrace the
rural communities would not
prove inimical to the best inter
ests of the public nor would it
lead to monopoliStic control. Pole
said:
Closer to Communities
'Tt is my view that the es-
tablishment of regional branch
banking within trade areas
would have the contrary effect.
1t would decentralize the bank
ing capital in United States
and would bring bank manage
ment closer to the communities
with which they do business
that is to say the principal
banks in the country would not
all be in one or two cities.
Under the trade area branch
banking plan 1 can fOresee
many great banking inStitu-
tiOns growing up in practically
every State of the Union, with
capital structures adequate to
the responsibilities which their
large development entails, COM
peting with each other within
the trade areas which they
serve as they now compete with
each other in the largest cities
of the country, assuring the
public, rural and urban with.
out discrimination, of the ad.
vantageS of competitive bank
ing service on the one hand and
uniform safety for deposits on
the O.her."
In Poles opinion there is no
danger of a concentration of cap
ital or banking power in extended
branch banking. He took the
opposite view. Banking, accord
ing to Pole, has become a profes-
Sional business which must be
conducted with almost scientific
precision in order to achieve sue
cess. He added:
I'VE have witnessed within
the past few years a trend of
decentralization of the owner
ship of the stock of our large
banking institutions. Both
State and national laws have
encouraged this movement by
permitting the splitting up of
the stock into small par value
denominations in order that it
might be more easily sold to
the general public.
Concentrate Management
81 see in the future adoption
of regional branch banking only
one type of concentration and
that is concentration of man
agement.
eve are fast getting away
from the personal control of
business. A man is not sue
ceeded in office by his son be-
cause he is his SON, nor can he
surround himself in great
business institution by officers
and employees who are selected
chiefly upon the ground of
personal friendship.
"The concentration of man.
agement which regional branch
banking would necessarily bring
about should operate on the
side of the public welfare rather
than against it,"
The Washington times., 1930-06-05
Amer. Gas Delegates
To Visit Conference

American Gas Association will
haye three delegates present when
the World Power Conference
opens in Berlin. Germany. June
16.
They will be A. M. Apmann and
]. S. S. Richardson, of New York,
and C. J. Ramsburg, Of Pitts
burgh.
The Washington times., 1930-06-05
National City Bank
Declares 81 Dividend

Dividends aggregating 81 on the
stock of National City Bank of
New York were declared yester-
day by the bank. the National
City Company, and the City Bank
Farmers Trust COMPANY.
Dividend is payable July / to
holders on record June T..
The Washington times., 1930-06-05

be out of buying range at this
time. R-K-O is selling at high
ratio market value to earnings.
Borden Go.
During the two years from
1927 to 1929, Borden Company's
annual sales increased from $780,
100000 to $328,O00,O00, due to
acquisition of more than 100 in
dependent dairy concerns. This
gain Of $50 per cent in sales, re-
suited in q gain of 100 per cent
in net profit, indicating careful
choice of subsidiaries and excel
lent management. The consolida-
ton program wiped out all sub
sidiaTy capitalization and now
the sole capital obligation of
the company consists of 4,056, ,491
shares of Borden common stock.
Dividends are paid at the annual
rate Of 50 in cash and 3 per cent
in stock. At current levels the
stock yields about 6 per cent, and
appeals to this writer as an out
standing attractive purchase in
the food group. The company is
nearly rs years old and long has
been the leading producer and
distributor of natural and con-
denSed milk. Extension of activity
to include production Of ice
cream makes the company
leader among the hot weather"
stocks.
National Dairy PRODUCTS is con-
sidered q close second to Borden
IN its field. and has many friends
IN the financial community.
Sinclair
Unusual strength and activity
q Sinclair reflected improvement
outlook for the oil industry. mer-
EeT possibilities and the good
gIlaltg Of BUYING in the stock.
I Lac y for q quick turn and even
ogG1sz for q two months pull.
The Washington times., 1930-06-05
Output Drop ShOUn
Bu Grdhdm-PGige

Graham-Paige Motors Corpora
ton produced 4,797 cars in May,
it was announced yesterday. This
compares with an output of 6,754
in April,
The Washington times., 1930-06-05
LOCAL STOCKS
LOCAL STOCKS
FURNISHED by w B. Hibbs & Coz
SALES

FURNISHED by w B. Hibbs & Coz
SALES
Capital Traction SIS, $4,000
931, $5.O00@931.
Washington Gas SIS. $1,000m l03.
Capital Traction Co., lO066A,
l0M67.
Potomac Electric IS pfd., 100
Ill.
Potomac Electric SIS pfd., 100
1O712, 2@107H2.
Washington Gas Light, 5@125.
Washington Railway and Elec-
trio pfd., 20@98A, 1O@98, 3O@98,
1893.
District National Security pfd.,
10000, 10@8O.
Federal-American Co. pfd., 100
100.
Mergenthaler, 5@10012.
National Mortg. & Invest. pfd.,
8O@4R.
Real Estate Mtg. and Guar. pfd.,
68@7, 2O@7, 1907.
The Carpet Corp, 50@25A, 500
2512, 50@25.
AFTER CALL
Potomac Electric 51as pfd., 300
1O734.
Washington Gas SIS, $1,000 1O3.
Capital Traction SIS, $1,000
93l2, $50O@9312.
Capital Traction Co., 2O@67. 10
@67, 10@67B, 1O067, 1O@67, 10
Q67A, 10@6712, 10@675s.
The Washington times., 1930-06-05

- Bz Fm.s snd
- 4s& Gwxm @m8 sd 90
The Washington times., 1930-06-05

Public Utility Bonds
Amer Tel & Tel 4hs...... l1OOh .....
Amer Tel & Tel AIS '39. 175 ...:
Am T& T Ctl TT SIS. 1O4% 800.
Anacostia & Pot r 5s.. IS 900.
Ana & Pot Guar SIS. ..... 90 .....
z & P Tel of Va 5s. 101 u .....
Cap Tract R r SIS. s.... 93h 94h
City Suburban ,5s. ......, 81 SO
Georgetown Gas 1st 5s. .l103 .....
Potomac Elec Cons 5s. 102 ..:.:
Potomac Elec 6s.......... I106 " 1854
Wash Alex G. Mt V eft. .....
Wash BALTIC & An 5s..... sc .....
Washington Gas 5s........ 1929 IlO4
Wash Gas 6s series A. 102 lO3
Wash Gas IS serie B.. lO4 -.
Wash Ry Elec As. s........ 81 87A
Miscellaneous Bonds
Barber & Ross Inc 6Tgs.... 90 90
cha m -Vanblt Hotel 6las.. so .....
Chevy Chase Club 5lzs...,..i1O0 49,,
u. G. Paper Mfg 6s........l 73 so
w. NJ. Cold Storage 6s..... 9S -:
Wash Cons Title 6s..n..ss SO 92%
The Washington times., 1930-06-05

National Dairy PRODUCTS is con-
Sidered a close second to Borden
IN its field. and has many friends
IN the financial community.
The Washington times., 1930-06-05
Coutinsntal Can

Suze q t1e most powerful in
eNT@ssH IN the street are 6ulliSh
en- CuuxEnHE.al Can. baxing their
es @ the theory that Il Is
hmm@ET uf Th< fneZs4ry. Earnings
mzs eEpeEeed 90 comuare very
fszw1hae W1fh thnss q last year.
EwEErnE1ss arR a. hgw e6b and
- Wssz Cas- frrEif crUp prem
a8 q Hw yea- fer -arufactureTS
- 80 eu1fMzUsTE. IncsdeutaIIy.
wE usEEF1@9 ysE.er&nE that
C.wal CMm oFfariafs are
EsEEE 1z so cuEfrui - McKees
E n FErs wE-n EIpplies
w M - m las9 ny Cen
rm 60 g.
The Washington times., 1930-06-05
Steel Tonnage

Ar EeductlOn sky rOcketed
mEmzn yesterday. coming within q
fr1wx1un of It's 1890 high. Again
rnsrs W1s weakness in U. s. In
G1srrlal AicohOl and. as We said
yEsser6My. traders are wondering
wny rne varying trends.
The Washington times., 1930-06-05

F1srEE WneelsT made another
~ hlEh- a. DrediCted here. This
So wtH cuurIume 10 climb. for
r. nas nut dfsrounted fully its
rEuea1le ezruluEs resultIng from
ex14zzaaa - tne natural gas IN
wrw
The Washington times., 1930-06-05

G~nErai Motors continues to
wmpmw rfw -OOd opinion Of the
lgnNuE hzn<erS. and might well
- ued - . StablllZlng lnflu-
enrs en- snR market
The Alaska fisherman., 1930-09-15

George says he was in Call fornia. He also says he was sick. Others who claim to know say that he was in California and that he was Sick-and they grin when they say he was "sick."
 In every battle between the special interests that have milk ed Alaska, George Grigsby will be in California" sick" It may be an albi but it is no excuse.
The Alaska fisherman., 1930-09-15
TOM GAFFNEY, CANDIDATE
 FOR AUDITOR

Now that the people of the First Division have had a chance to look Tom Gafney over and also have heard him tel of his own progressive re- cord that he made while he was in the legislature of 1927, let us examine that record closely:
 He Appeals to the Women
 He says; Like all sourdoughs I dearly love and respect our Alaskan women, they have al- ways been my friends. In my early political career, I advocat- cd equal franchise"
 What He Did
 The Women's Community Pro- perty Bill (H. B. No. 53) was in- troduced in the House by Will liam L. Paul (again a candi- date). This bill had been en- dorsed by the Women's Auxiliary to the American Legion as well other organizations. Gafney voted AGAINST the bill.
 His Labor Record
 William L. Paul introduced House Bill No. 58 "to protect labor, establish regular pay days, to provide for monthly pay days, end to punish employers who take wage cases to court with out sufficient cause" This bill would have compelled the can- neries to pay all their labor at least once a month-not a bad provision considering the fact that 25,OOO men come to Alaska for the summer but who are not paid off until they RETURN TO SEATTLE.
 GAFFNEY VOTED NO.
The Alaska fisherman., 1930-09-15

require second hand dealers to keep a record of purchases. In large numbers young boys were stealing from gasboats and other places and selling articles to second hand dealers. Nearly every other state has such a law. Gafney voted NO on this bill. Discriminates against Citizen
 Labor
 When two men apply for work in a mine, one man a citizen by birth and the other having an alien mother, the man having the alien mother GETS THE PREFERENCE because it is cheaper by 409o to kill her son. Tom Gaffney supported and voted for the amendment to the wOrkmen's compensation act that makes this possible.
 William L. Paul, Hosea Ross and others pointed out that citizen applicants for labor would be subjected to this dis elimination if the bill was so amended, but Gaffney said that such would not be the result. Tom knew better, but Tom "knew his masters voice."
 The result is very plain. The big majority of miners in the big mines are ALIENS. Tom Gaffney helped to make this possible.
 Reactionary
 Tom Gaffney is reactionary
 
 ]: THWAIT'S PHOTO SHOP ! i KODAK FINISHING ]. | CUPYING-ENLARGING ]! : Ketchikan r .&::.t;:......,.33.....
The Alaska fisherman., 1930-09-15
The Herring Barrel

The Herring Barrel
 When the herring companies hire their girls, they picture how easy it is to fill a barrel ONLY 75C to a barrel-but when the girls get to Alaska, they find that it takes from 1000 to 1900 to each barrel. On this ac- count, we have known girls who worked for $1.50 per month hard to believe but true as one girl said before the legislative committee of which Tom Calf ney was a member.
 On this bill Gaffney voted NO.
 Delinquent Children
 House Bill No. 78 (introduced by William L. PauD made it crime to contribute to the de- linquency of a minor child. This bill was to reach those who did not actually commit a crime on the person of a child and yet were really responsible for the results. Such cases will readily occur to the mind of the reader. Gaffney voted NO and thus went on record as being the on- ly man in the House who refused to help the women whom he now professes to love.
 The bill for sterilization of de- fectives also met the negative vote of Tom Gaffney.
 Orphans
 House Bill No. 92 was intro duced by Jos. Murray and was to establish home IN Alaska for dependent children. We have no such home today.
 Gaffney voted NO on this bill. Fences" for Young Thieves
 House Bill No. 65 was intro duced by Charles Benjamin to
 All Kinds of Engraving and
Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1930-03-20
CAPITOL

Begging the pardon Of the Para
mount-Famous-Lasky Corp. this re-
viewer takes the liberty Of submit
ting a paraphrase for the worthy
company's picture at the Capitol
Theatre Thursday. We have viewed
the opus with pleasure, and az a
consequence we suggest that the
title become "A Roadhouse Nights
Entertainment" For that Is just
what it IS. -.
"Roadhouse Nights" Is solid
amusement from start to finish. IL
is essentially a comedy-thriller, OF
the highest type-that is, the thrills
and the laughs follow each other
so swiftly that It is impossible TO
determine where the r~ib-tickling
ends or where the pulse leaping be-
gins. 1t socks you with melodrama
and rocks you with belly-laughs.
It has to do with rum-runners,
reporters and roadhouse entertain
ers. Needless to say. the Fourth Es-
tate triumphs finally over the Cork
Estate.
Helen Morgan sings blues songs
in her own inimitable manner.
Charles Ruggles furnishes roar after
roar with his droll comedy and Fred
Kohler turns in his usual finished
performance as the rum king.