davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1930-09-09
RAILROADS SEE
GOOD TIMES
Times staff Photo

A construction program of
81 ,000, ,000, 900 is being carried out
by the railways of the United
States to serve the country when
the business Is again at a peak,
Elisha Lee, vice president. Penn
Sylvania Railroad, said today.
The railroads were preparing
for a business in the future
greater than any in past years, he
said.
Lee warned business men
against a policy of overcaution
and a hand-to-mouth buying by
both retailers and manufacturers
at this time. He said If such a
policy was carried too far reviv-
ing demand would be confronted
by bare counters.
"The railroads are again at.
testing their faith in the cOun.
try" he continued. "The United
States has gone through many
periods Of slack business. We
have always come out better
off than before. We shall do
so this time. The great bust
nesSes and the great fortunes
Of this continent have been
built up by men who were
intelligent OptimiStS on Amer
lea. Such men are shaping
our railroad policies today.
They are shaping them for =
future greater than anything
in our past.
"We are steadily pushing for
ward the largest program Of
improvements we have ever un-
dertaken, including electrified
tiOn, both passenger and
freight, Of the main lines link
ing our seabOard terminals in
the dense traffic Eastern terri
tory. Completion Of this work
will speed up train. movements
from tidewater to the Mis-
Sissippi and benefit every in
dustry and community we
serve"
The Washington times., 1930-09-09
loan BILL TO Be
PUSHED HERE

With the Bowman small loan
bill" pending before the House
District committee, it was an
nounced today that personal
financing and consumer credit
will be discussed in all phases at
the convention here, September
% to 26, of the American Associa-
ton of Personal Finance Com
panies. The convention will be
held in the building Of the United
States Chamber Of Commerce and
delegates will attend from "A
States which now have the Uni
form Small Loan Law, sponsored
by the Russell Sage Foundation.
The announced speakers in
clude Gov. John Garland Pollard,
of Virginia; Merle Thorpe, editor
of Nations Business: A. F. Whit
ney, president of the Brother
hood of Railroad Trainmen;
M. Jones, chief of the finance
and investment division Of the
Bureau of Foreign and Domestic
Comemrce; Rolf Nugent, assistant
director of the Department OF
Remedial Loans, Russell Sage
Foundation, and Leaon Hender-
son, of the same foundation.
During the past session ex.
tended hearings were conducted
by the House District Committee
on the Bowman bill applying to
loans of $500 or less in the Dis
trict of Columbia. It would legal
ize a maximum rate Of 3h2 per
cent per month on small loans.
secured and unsecured, Of a class
not acceptable to banks and
larger financial institution.
The Russell Sage Foundation
had charge of presentation Of tes.
timony in favor Of the bill. and
the late Representative E. FlQrian
Lampert, member of the District
Committee. presented witnesses
who regarded the bill as a "uSur
ious" measure. Proponents claimed
such legislation is now working
to the benefit of the small and
needy borrower in "a States.
The Washington times., 1930-09-09
ST 0 100000
TRUSTSS|GN
MERGER
Public Utility Holding Corp.
and American Founders
Tied Into Stock Exchange

Public Utility Holding Corpora
tion of America, organized In
1929, by Harris
Forbes and American Founders
interests to hold large invest
ments in public utility systems
both in this country and abroad,
plans to acquire through an ex.
change Of stock. the class A and
common stocks of United States
and Overseas Corp, formed In
January, 1929, substantially the
same interests. it was known to-
day.
The effect of the. exchange
will be to bring Ito the Public
Utility Holding Corp, the re-
sources of a foreign investment
company interested largely in the
financing of public utilities. The
combined company will have as
sets Of more. than 100000, 900. =
A new issue Of SO cumulative
stock will be created by Public
Utility Holding Corp. This stock,
together with the corporations
common stock with warrants and
detached warrants, will be ex-
changed for the common stock
and class A stock of United States
and Overseas Corp. The holders Of
a substantial majority Of the
class A stock of United States and
Overseas, who are also the hold
ers Of a substantial amount Of its
common stock, have already
agreed to the exchange.
For each 10 shares Of United
States and Overseas common. Pub
lie Utility Holding Corp, offers 8
shares of it's So cumulative stock
Of no par value, 5 shares Of its
common stock with common stock
purchase warrants, and z of its
detached common stock purchase
warrants. The offer expires Sep
tember 80.
At organization Public Utility
Holding assets of $50, 900, 900. AS
a result of it's domestic expansion
and - the formation p. of South
American Railways Com pany.
total consolidated assets Of Public
Utility Holding increased to over
$S1, ,00O, 900.
The Washington times., 1930-09-09
WALDORF SALES
OFF IN AUGUST

WALDORF SYSTEM, INC
August sales, $1,263,T72, against
$1,342,266 in August, 1929. Eight
months ended August 81. sales,
$i0.523, ,283, against $40, 0,488, ,401 in
like 1929 period.
SOUTHER RN GROCER Y
STORES-August sales, $1.126,-
800, against $1,208, 100 in August,
1929. Eight months ended Au-
gust 81, sales. $10,822,315, against
$1O035. .679 in ike 1929 period.
M. III. FISHMAN COMPANY
August sales, . $21O.232, against
S216,267 in August, 1929. Sales
eight months ended August 81,
$1.232.657. against $1,O39,O96 in
like 1929 period.
NDER GROCERY COM
PANY-August sales, $1,135, ,739,
against $1,145.149 in August,
1929. Sales eight months ended
August 81, $1O,315, ,803, against
$10.1O5, ,068 in like 1929 period.
. GRAND-SHVER STORES, INC.
August sales, $2,277 ,733, against
$2,449.916 in August, 1929. Sales
for eight months ended August
81, $18,210,231, against $17.048,-
07O in like 1929 period.
DANIEL REEVES, INC.-Au-
gust sales. $2,114,O40, against $2.-
l22,983 in August, 1929 Eight
months ended August 81. sales,
$23O15.182, against $22,S45, ,280 in
like 1929 period.
PEOPLES DRUG STORES
August sales $1,376,770. against
1887 ,5e5 in August, 1929. Eight
months ended August 81. sales,
S10,96 $40, against $9.7S1,3s3 in
like 1929 period.
The Washington times., 1930-09-09
DIAMOND MATCH
CUTS MELON

CHICAGO, Sept. "Details Of
the long-awaited Diamond Match
Co. stock split were announced
here today. Stockholders are be-
ing asked to deposit their stock
with the Bank of America or the
Continental Illinois Bank on or
before october Is.
Under the plan for the Split-up
and recapitulation the company
will issue for each share Of
present capital stock five shares
of 6 per cent cumulative partici-
pating preferred stock and four
shares of no-par common stock.
The preferred stock will have par
value of $25 and be entitled to
cumulative dividends at the rate
of 6 per cent annually and will
share with common stock in
further dividends after common
stock has received $50 share in
any year to the extent Of an
additional 2 per cent.
Under tie plan there will be
issued to holders of the stock Of
the present company $4,000
shares of preferred stock and
$50. 900 shares Of common stock
of the new company. Another
20, 900 shares of common stock will
be used by the committee for pay
ment of commissions and other
expenses in operation of the plan.
and it is expected that an addi-
tional $4,000 shares Of common
stock of new company viii be sold
to bankers.
The Washington times., 1930-09-09
HEALTH POLICY.
IS BIG FACTOR
Of SALES
Accident Policy, First Cohceiv-
ed In England, Proving At
tractiye Feature to Public
By FRANK F. LOOMS


Accident insurance had its con-
ception in England, the first
policy having been issued about
the middle, Of the nineteenth cen.
tury. The business was first
written in the United States in
1864. It has developed rapidly
and is now an important factor
Of the insurance business.
Health insurance had its origin
in the so-called friendly societies
and guilds which existed in Ger
tain parts Of Europe in the
middle ages. 1t was first under
taken in the United States shortly
after the inception of accident
insurance, but soon after became
dormant and was not revived un-
til the latter part Of the nine
teenth century. It's restoration
came about by the enlargement
Of coverage given by personal
accident policies.
Riders Attached
Some Of the companies, en-
gagged in writing accident insur-
ance. adopted the practice of al
taching to their policies riders
under which they agreed to pay
indemnitieS for loss of time oc.
caSioned by certain specific dis
eases. Thereafter, separate
policies were issued, coverage be-
ing confined to disability occa-
stoned by a few named diseases.
Accident insurance is. in so far
as death benefits are concerned, a
limited form Of life insurance. Un-
der accident policies providing for
death benefits the company agrees
to pay a designated amount to the
beneficiary in the event the in
sured shall come to his death
solely as a result Of bodily injury
effected by accidental means. Be
cause the coverage is limited from
the standpoint Of death benefits.
complete death coverage being
given. Of course, by q life insur-
ance company's policy. this. phase
of the protection afforded b COM
paratively unimportant.
Real Benefits
The real reason for the tremen-
douS growth Of accident inSurant :
is the fact that the coverage In
cludes not only death benefits, but
substantial benefits for loss of
rect to the insured in the event
more important, provides for
wee..'7 or monthly indemnitieS di-
rect to the insured in the event
that he becomes disabled by rea-
son Of an inju Of the character
described above.
The accident contract protects
against loss by reason Of acciden-
tai injury Of the most valuable as
set any man can have-namely,
his earning capacity. Health in
surance supplements this coverage,
because it protects against the
same loss when occaSioned by ILL
ness.
Cost Is Low
A health and accident insurance
policy can be purchased that will
pay $50 a week in case Of any ILL
ness or accident that causes loss
Of business time, in addition to
hospital. nurses and surgeons
fees. From $1,000 to $4,000 cash
is paid for accidental death, and
stipulated sum for loss of an eye,
finger, toe. arm or leg.
The Washington times., 1930-09-09
Flour Production
ShOLUs Slight Drop

Production of flour during the
four weeks ended September 8,
amounted to 6,62O,576 barrels, ac-
cording to a complication repre-
senting 80 per cent Of the flour
milling industry prepared by
General Mills. Inc.
This compares with production
of 6,784, ,324 barrels in the CORE
spending period a year ago.
Total production Of flour from
June 80, 1880, to September 8,
totaled 13,948, ,103 barrels as con-
trasted with 13,978,010 barrels in
the same period in 1929.
The Washington times., 1930-09-09
j. By LEWIS HANEY
Director New York. University Bureau
? Of Business Research and Former
Economist Of Federal Trade

, Of Business Research and Former
Economist Of Federal Trade
80 .t. Commission
The recovery from early weak.
ness last week all occurred In the
last two days. and in about two
hours trading during these days.
Particularly the closing hour on
Saturday brought q rush Of pro.
'fessional activity on the upside.
At the end, the market was
about a point above the high
reached in the first week Of
August. But it was still below
the peak reached on July 28. It
has not yet broken out Of the
trading range Of recent months.
Critical Point
Stock prices are now at the
critical level. The test is at hand.
Perhaps the apparent rush Of
shorts to cover indicates less con-
ffdence among the bears. But
certainly it means a weaker tech.
nical position. Has there been
enough improvement in funda-
mental conditions to make us be-
lieve that. investors will now fol-
low up the market on such q
rally?
Business news has been on the
whole, disappointing. August build
ing activity declined again, both
in value and in floor space. Auto
mobile production declined more
than usual, even chain store sales
compared less favorably with q
year ago than they have in pre-
ceding months.
1921 Conditions Better
Some have looked hack IN cnr1.
The Washington times., 1930-09-09
Mack Truck

There has been quiet buying
in Mack Truck. The stock is
selling on a 10 per cent basis,
which raises the question of the
safety of the Sc dividend. Even
if this we're cut to, say, 81, the
return would be good at current
levels of around $50 a share.
Interests close to the company
expect the $6 rate to be main
tanned despite the slump in earn
ings. Profits are running at the
rate of about S. a share for the
year, but a good last quarter
may boost this enough to cover
the dividend. The company is
in a strong financial position
and a leader in the field. The
management is high grade.
American International was one
of yesterdays hot tips. I hear
buying has been very good, and
that insiders are bulliSh. The
stock has been acting well and
looks like a good play for above
40. It will reflect general
strength in the market.
The Washington times., 1930-09-09
ChrysIer to Combine.
NOn-AutOn1Ot'e Units

ChrySler Corporation has
formed a new division, Amplex
Manufacturing Com pany, to
handle the sale Of nol1-automotive
products.
The Washington times., 1930-09-09
NEWS
In Todays
CLASSIFIED ADS

FALL SERVICES-FlOOF surfaelns,
finishing: various kinds of painting;
garage building; easy terms.
AUTOMOBlLE SERVICES APP
proved Dodge and Ford service sta
tlOns are at your command.
DOGS FOR sALE-BIue RASbon
dogs at stud; boarded. II desired.
DO YOUR FLOORS NEED At
TENTION9-FlOoe laying, scraping
and finishing; waxed to look like
new.
UPHOLSTERHNG--If your alp COW
ers and upholstery are In need Of
repair, see me for an estimate as to
complete cost
FURNITURE REPAIRED-MlrrOrS
installed or reslIvered; furniture re-
paired and resuFfaeed to look Hike
new.
Thess are "sidelt0kts' on some Of man,
stsyestiRe GdperttsemeHts RSU tnill ffRH Is
~ BHsiRess sergtce DIRECTORY 0f todaNI
'i1As Gn6 Esrele Classified zdS
The Washington times., 1930-09-09
Gillette

Gillette
There has been smart, short
covering in Gillette. This is not
out Of line with the stocks weak
ness the last few days. The
clever bears ordinarily don't cover
on strength. The stock is down
almost 10 points since I first
warned of the impasse in the
merger with Auto Strop.
I believe the merger will go
through, though Gillette will prob
ably have to pay a fat price.
The consolidation will help Gil
1ette in the long run. 1t will
restore much of the monopoly
the company maintained in years
past. There is likely to be some
financing in connection with the
deal, but expanding earnings
should take care Of the extra
charges.
/ believe Gillette is somewhere
near bottom, and moderate COM
mitmentS on a scale down seem
warranted at current levels. 1
consider Auto Strop the better
buy on the basis of the story
printed here last week, that Gil
lette will pay $50 a share cash
for Auto Strop.
I hear pools have been started
in American Smelling and Ana
conda. Insiders have been buying
both for some time. Each seems
to be somewhere near bottom, and
there is little likelihood you will
get burned in either at current
levels. Activity in these stocks
is linked with one of the Streets
leading figures who recently re-
turned from abroad. He was
prominent in the public eye
during the Wilson war admins
tration.
The Washington times., 1930-09-09
Schnf Co. Has Gain
In AUGUST Sales

Schiff Company reported to-
day sales for August of $903, ,460,
against 1884, ,760 in August, 1929.
Sales for the eight months ended
August 81 totaled $6,32O, ,948.
against $5,34O,9O5 in the like
1929 period.
The Washington times., 1930-09-09
Atlas Sales Rise
In AUuUSt

Atlas Stores Company reported
today sales for August of ST.
149, 9,269, against $1,O13,401 in Au-
gust, 1929. Sales for the eight
months ended August 81 totaled
$11,273.861. against $8,559, AIS in
the like 1929 period.
The Washington times., 1930-09-09
IRREGULAR TREND IS c HIEF
FEATURE OF TRADING
Short Covering in Gillette Leading Out
Y growth of Negotiations With Auto Strop
:. on Merger Deal; Accomplishment Seen
By THE SPECTATOR

The market waking up bit. Yesterday the first
time volume 100000 share level in quite while
evidently public bibblng around little Stocks
didn't much in the aggregate. The leaders moved in
fairly
few of the sksh performers like Auburn jumped around
in the good old manner The general trend
irregular likely to continue for few days Yet
the market still toward higher levels, and
believe the seasoned stocks buy all reactions.
The Washington times., 1930-09-09
.GfL Tea Co. Sales
DrOD in AunuSt

National Tea Company reported
sales for August of $6,894.57O,
against $7,438,332 in August,
1929. Sales in the eight months
ended August 81 totaled $780,
6O4, lao, against $29, ,193,232 in
the like 1929 period.
The Washington times., 1930-09-09
SGfeIUGy Sales Rise
80 in Eight Months

Safeway Stores Company re-
ported today sales for August Of
$1S,642,526, against $1S.67O,SO7 in
August, 1929. Sales for the eight
months ended August 81 totaled
$147,473,369, against 9,431, ,S57
in the like 1923 period.
The Washington times., 1930-09-09
DR.. SCHACHT LECTURE

DR.. Hjalmar Schacht, former
president of the Reichsbank, will
lecture on THE Pan-European
Idea" before the Institute of Arts
and Sciences of . Columbia Uni
versity on October IS.
The Washington times., 1930-09-09
Steel

Steel
U. S. Steels softness was
coupled with estimates that its
August untitled tonnage report,
to be published at noon tomorrow,
would show decline. Since last
month was the present low point
in industrial production, this
should occasion no surprise II it
develops. There were other re-
ports that tomorrow's Iron Age
report would be dis ppointing. I
shall have to see this first to
believe it. Personally look for
another increase in operations for
the steel industry as a whole or
at worst a Stand-off for the week.
Steel news should begin getting
really bullish soon. The seasonal
pickup in business seems to have
started. Steels tremendous back
log can stand a decline, and the
effect of any drop will be only
momentarily depressing. I am
bullish on steel, and advise buy
ing it on any dips.
Columbian Carbon in the early
run-up yesterday showed how it
can act when it gets going. I
like the stock, and believe it will
run away in good market.
Earnings are said to be improN-
ing. There is talk of split-up.
The Washington times., 1930-09-09
Here and There

Insiders are bullish on National
Cash Register. A block of the
stock overwhelming the market
was taken up last week. The
bulge in Auburn was due mainly
to professional jockeying. Floor
traders have been tossing the
stock around and a good sized
short interest was run to cover.
There is also the rumor of a low
priced Auburn line.
They are talking of a play in
Allegheny.
The pools in Briggs and Mexi-
can Seaboard are planning more
activity, I am told. The Seaboard
crowd is playing down the cur
rent depression in the oil indus
try by StreSsing the company'S
natural gas holdings. I wouldn' t
follow the move in either very
far.
The Thermoid pool is another
to make a little "whoopee." There
are better opportunities on the
list.
The Tobaccos look set to go.
am all for the American Tobac-
co issues and Liggett & Myers.
I consider both cheap and behind
the rest of the market.
There was good buying in
United Corporation yesterday. In.
siderS are said to be becoming
more active. United looks good
for a play,~ but this is another
I wouldn't follow too far. There
is some talk that the strength in
United may be the forerunEer of
a new stock issue to restore the
company's depleted cash condi,
ton.
The Washington times., 1930-09-09
DEFINlTIVE BONDS READY

Definitive bonds Of $11.675, 900
Province Of Buenos Aires 61a per
cent external loan of 1890, due
August !, 1861, are now exchange
able for interim certificates.
The midland journal. (Rising Sun, Md.) 1885-1947, 1930-09-12
Banking Conducting
Continual Research.

The American Bankers Association
10 daily submitting every phase and
every department of banking to search
ing scrutiny and study, says John g.
Lonsdale, president of this the worlds
greatest financial association. The
findings Of these Investigations are
made available to the 10000 members
Of the organization for their guidance.
at Is fine tribute to the spirit Of
cooperation among bankers that 1t is
able to carry on this work." he says.
Bankers from one end Of the country
to the other are constantly giving free.
ly and unselfishly Of their skill and
experience so that the association may
produce the truly great results that
are being accomplished"
Statistical information on national
and state banks, savings institutions,
trust companies and trust departments,
clearing house groups and general
banking Is prepared after exhaustive
inquiry and distributed for the use Of
all bankers. The organizations in
vestigations have resulted in the pas
sage Of beneficial legislation, revision
of banking practices and innumerable
changes for stronger and more ef-
ficient banking structure. It has set
up an educational system through its
affiliated American Institute of Bank
ing, where $4,000 ambitious young bank
men and women are now availing them
selves Of the opportunity to advance Id
the banking field.
1T has been well said that the
American Bankers Association, exclu-
sive of the Federal Reserve System.
has been the greatest single nation.
wide source of stability and improved
conditions for banking in the United
States" Mr.. Lonsdale says.
The midland journal. (Rising Sun, Md.) 1885-1947, 1930-09-12
HOU s

are caused by local conditions. For
example, sudden shower may in.
crease telephone traffic by ten to
fifteen per cent, for sudden showers
occasion sudden changes in plans, and
quick communication then becomes
necessary. Temporary failure Of train
service may cause similar jump in
the volume of telephone traffic. al.
though peaks due to these causes
usually are of short duration. Ex-
tremely hot spells will sometimes in.
crease the traffic on business calls by
two or three per cent.
To meet such conditions the tele.
phone company must be prepared at
all times with an adequate operating
force, but it is tradition In the Bell
System that in times of special stress,
where the conditions causing the peak
continue for some time, as in the
case of billiards., serious fires or
floods or protracted periods Of hot
weather. operators who are off duty
will come voluntarily and offer their
services. This has occurred time and
time again. and especially in cases of
public calamities in which human life
and property are at stake.
The midland journal. (Rising Sun, Md.) 1885-1947, 1930-09-12
We All Pay For Fire

In 1926 fire accounted for the great
est loss in our history-$560, 900, 900.
The following year there was de-
crease to 1854, 600, 900, and in 1929
the waste totaled $473, 100000. Loss
for the first part of 1880 has been
higher than last year.
But one conclusion can be drawn
from these figures, that a large part
of our people are careless in regard
to fire and indifferent to the results
of their carelessness. This has bred
the attitude of 'Let the insurance
company pay for it," as if insurance
companies had some means of get
ting funds with which to pay losses
other than collecting them from
their policyholders.
1t is said that the factor of ignor-
ance is responsible for an appre-
cable part of the waste. Yet any
number of public and private orgau-
izations have given unremitting
efforts, eliminating each year in a
Sire Prevention Week." to educate
the public in proper use of cleo
tricity, the danger of poor building
construction, the need for care in
handling refuse and the like. It is a