davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1930-11-14
uonciaI Market Ne1Os Stocks Bonds Commodities and Comment
Don't Rush Buying on Rally;
Expert Advises

that Inland Steel, Continental
Can, Allis Chalmers and Mathie-
son Alkali may settle to levels
that are cheap, but we can hold
u. s. Steel, American Can, Gen.
eral Electric and Allied Chemical
at higher levels. The rails may
go to a thoroughly hquidated in
vestment basis, they say, but we
can hold the utilities up and
salvage a part Of the new era
values"
The significance Of the October
November market decline Is to be
found in the abandonment or
weakening Of this idea. 1t Is the
utilities aud the blue chips that
have been leading the recent liqui-
dation.
But there are still important
discrepancies in the market.
Roughly speaking, we can say
that, while rails, equipments, oils,
coppers, steels Gas a group, and
motors. are well below 1928 low
levels, this Is not true Of utilities,
stores and the blue chip manufac-
turing group.
Liquidation Deferred %
In my opinion-though it can
not be proved-it is such stocks
that are largely responsible for
the big bank loans on securities.
If this is true then the increase
in the total collateral loans last
week (when brokers' loans de-
creased, is not encouraging.
Rather, it suggests that liquida-
tion is being postponed through
q heavy draft on bank credit.
Brief rallies we may have.
Many good standard stocks are
low enough and should be held.
But no broad and sustained rise
Is to be expected until there has
been much further liquidation Of
security loans and q long period
of irregular sidewise movement in
the market during which investors
will accumulate"
My advice is. don't buy stocks
on any rally now.
The Washington times., 1930-11-14
NEW PRODUCTS
REPORTED

Several new products consisting
primarily of gypsum were intro
duced during 1929 and may lead
to an increasing use Of this ma
terial, according to the United
States Bureau of Mines, Depart
ment of Commerce. An extreme
" hard dense plaster, suited pri-
marily for architectural casting,
was recently placed on the mar
ket.
On the West coast producers of
gypsum products have developed
a wall board that may be bent
or folded to conform to structu-
raj needs. Gypsum lath that
folds and is more or less flexi-
BILE so as to simply its applica-
ton to intricately designed inter-
ior structures was also a new de-
velopment. A new method for
fastening wall board and lath to
steel structural members was de-
vised.
Considerable research work was
dcne to develop acoustical wall
boards, and gypsum acouStical
ducts that prevent the transmits
sion of sound through ventilator
shafts were placed on the MAJ
ket. Some companies are now
producing artificial travertine,
using gypsum as the principal
material.
A process was patented for
casting concrete objects in porous
plaster molds. The plaster molds
absorb considerable portion of
the water in the concrete mix
ture, resulting in concrete OBJ
ject of great strength.
The manufacture of white ce-
ments having excellent cemen+ing
properties from anhydrite is re-
ceiving considerable attention and
points the way to the economical
use of enormous tonnages Of ina
terial now considered waste. Ce-
mentS made by patented process
es develop strengths of 500 to
$50 pounds in "a days and 500
pounds in % days and are hard
enough to take a high polish. It
Is said that they can be calcined
at fuel costs comparable with
present practices in calcining or
dinary gypsum.
In sthe Middle West and East
the manufacture of gypsum lum-
ber made considerable progress
during the year, and it is re-
ported that the future of this
gypsum product is very promis-
ing.
The Washington times., 1930-11-14
|0NAL
RAIL NET Up

international Railways Of Gen.
trail America reports for october
gross revenue totaling $532,923,
as compared with $566,350 in Oc.
tober, 1929. Operating expenses
and taxes totaled $341, ,260, as
compared with $413,15S. Income
applicable to fixed charges
amounted to $191,663, as COM
pared with $15S,192.
For the first 10 months Of
1880 gross revenue totaled So
179,7SO, as compared with ST.
314,122 in the corresponding pc
riod of 1929. Operating expenses
and taxes totaled $3,635,377, as
compared with $4,328.429 in 1929.
Income applic able to fixed
harges totaled $2.544, ,403, as
compared with $2,985, ,693 In the
first 10 months of 1929.
The Washington times., 1930-11-14
BY LEWIS HANEY

Director NeD York University
Bureau of Business Research
and Former Economist OF
Federal Trade Commission
Several indications which usu-
ally precede a technical rally in
the stock market have appeared.
The volume of trading has run
I'D to q peak and fallen off. At
the same time, the market on
Tuesday held at the old lows, and
q majority of all stocks traded in
made small gains. The bond
market was stronger.
Signs of a sizable short interest
have become apparent, which may
furnish the basis for a brief rally
due to covering operations.
The feeling must be growing
that a market which has declined
so steadily for two whole months
is entitled to a breathing spell.
Short Selling Risky
Such may be the case. At least
1t seems very risky to sell short
Just now. But I do not think that
liquidation is completed or that
the averages have yet seen their
lowest level.
I do not fail to recognize that
many stocks are plenty low
enough. Many good stocks now
pay ample yields on present
prices, and their dividends are
well secured by earnings. But the
averages" and the general course
of the market are influenced by
q considerable group Of Leading
or pivotal issues. 1t is these
that are in question.
For a good many months, many
large investors, including some
investment trusts" have been
hanging on to such issues bought
at higher prices. Obviously they
have been hoping to be able to
hold them throughout the bear
market until they eventually
come back.
They have said to themselves
The Washington times., 1930-11-14
LAMONT NOTES
END Of SLUMP

CHICAGO, Nov. IA G.N.SJ.-
A message "that business will
soon resume its forward march
was left with members Of the
Chicago Association Of Commerce
today by Robert P. Lamont, Sec
retary Of Commerce.
Secretary Lamont presented an
array Of government statistics to
demonstrate his assertion that
the present depression cannot
last. Sixty prominent Chicago
business men, gathered to cele-
brate "a decade of industrial
progress" heard Secretary La
mont.
Administration plans not only
to combat the present depression
but to establish an economic
balance were disclosed in the
talk. The proper economic bal
ance sought will prevent the
cycle of business booms and
Slumps, he said.
Secretary Lamont based his
prediction of better times upon
the presence of the same rich
resources that prevailed before,
the abundance of new territory
to be developed, and the same
measure of national self-suf.
ficiency which has made the
United States largely independ-
ent Of the outside world,
The Washington times., 1930-11-14
Treasury Offering
OUer-Subscribed

Subscriptions to the Treasury's
forthcoming issue of 91-day Trea-
sury bills totaled $500, ,280, 900, or
more than four times the amount
of the $125, 100000 offered, Secre-
tary Mellon announced. The
Treasury accepted bids totaling
$127, ASS, 900.
The highest was 99.6O5, equiva-
lent to an interest rate of 1.56 per
cent, and the lowest was 99.558,
equivalent to Its. The average
was 99. .564, or 1.72.
The Washington times., 1930-11-14
GAN HEAD CALLS1
MERGERS NO |
CURE-A -ALLS
H. W. Phelps Believes Many
Would Be Abandoned at Pre-
Iiminary Stage If Scanned

That a merger may prove to be
q toxin rather than q cure for
economic ills, and that some
would be abandoned in the pre-
liminary stages II the situation
were surveyed more thoroughly
is the opinion expressed by H
w. Phelps, president of the Amer,
lean Can Co., in the current
bulletin of the Metropolitan Life
Insurance Co.
Mr.. Phelps describes the major
difficulties to be overcome in
effecting profitable consolida-
tions.
"A merger is little more than
an opportunity for an able
management to do q good piece
o. work." Mr.. Phelps points out.
Companies are brought to-
gether on the basis Of earn
ings and assets. The picture
looks bright, but when the
merger is actually cOnsum-
mated difficulties arise. These
difficulties are ct least four
fold In character and concern
the personnel, methods Of
marketing, manufacturing facili-
ties anC equipment"
Executives who are conStitu.
tionally unable to accept subordi,
nate positions must be eliminated,
Mr.. Phelps explains. Marketing
and selling policies must be
standardized and sales control
centralized to a certain degree.
at will be found when the
new consolidated company
starts operations" the writer
continues, "that . number of
plants duplicate facilities, some
Of these plants are obsolete,
while others are poorly located.
These mai ufacturing plans
must be gradually worked off,"
Mr.. Phelps points out that
present day mergers will probably
go through the same steps which
confronted his own company in
its early existence, but they have
an advantage in that they can
take leaf out of the experience
Of tie early twentieth century
consultations.
The Washington times., 1930-11-14
Virginia Buyers Must
Pay Full Tax on
Margin Stock

RICHMOND, Va, Nov. IA q.
N.So.-The Virginia supreme
court of appeals today ruled
persons who buy stocks on
margin are subject to State
tax on the full value OF the
stocks.
This reversed a decision Of
the circuit court at Clifton
Forge which held the title OF
stock purchased on margin is
held by the broker until he re-
ceiveS full payment.
Officials at the State tax de-
partment explained the ruling
will provide more revenue for
the State in times Of bullish
markets.
The Washington times., 1930-11-14
Federal Land Banks
Plan Bond Issue

It Is reliably reported that Fed
eral Land Banks plan an issue of
short time bonds suitable for
bank as well as individual invest
ment. The issue will be for $780,
100000 and formal announcement
probably will be made within a
few days. It is understood the
rate will be between 4 and 5 per
cent.
A canvas of dealers, which was
made in anticipation of the issue,
indicated a demand larger than
expected and on request of under
writer's the total was raised.
The Washington times., 1930-11-14
so NeIU York Stocks
Decline in Week

The market value Of fifty rep
resentative stocks on the New
York Stock Exchange at the
close of the week ended Satur-
day, November was $18. 400, 1885,
1872 a decrease of $1.436, ,491 ,433
or approximately 7.21 per cent
under the value of $19,926, ,687 ,615
at the close of the preceding
week, according to compilation
by Otis & Company. members of
the Exchange.
This compares with $22,975.-
254,056 the value. of the shares
at the close of the corresponding
day in 1929.
The Washington times., 1930-11-14
Wall Street
Hears:

That there has been q con-
siderable amount Of odd lot
scale buying coming into Amer
lean Type Founders (TYl.
That National Supply (NSC)
will net about So . share this
year.
That the reports that the
Federal Reserve Bank is urging
member banks to reduce col
lateral loans Is again being re-
vived.
That Pullman tPU) will net
about $3.50 a share this year.
That the traction and copper
stocks are attractive purchases
at present levels.
The Washington times., 1930-11-14
Slump Is Near End,
Report Declares

That the decline in the business
cycle has about run its course is
the belief of the Brookmire Eco
nomic Service. In the last issue
of their Forecaster they say:
'Tt seems probable that the
declining cycle Of business has
about run its course. The
fragmentary statistics for Oc-
tOber which are now coming to
hand indicate that basic in
dustrieS got down to q level
which may be considered close
to minimum and which, if con-
tinued for a few months, will
bring the needed correction.
We still adhere to our belief
that the spring of 1891 will
see a cycle recovery under
wav."
The Washington times., 1930-11-14
STEEL INDUSTRY
| OUTLOOK IS
| BRIGHTER
Immediate Outlook Is Termed
Very Unsatisfactory, But
Long Term View Is Good

Immediate outlook in steel in.
dustry is unsatisfactory but sor
first time in several months the
long range view in the industry
Is Frightening.
Steel ingot production now ap-
pears likely to continue to move
toward lower levels for remainder
of this year and early weeks of
1881. Specifications against con-
tracts are limited to actual re-
quirements and these are usually
small at present with practically
no chance of an appreciable
change for the better in next
two months.
Called PesSimistic
Several months ago it was pre-
dicted steel ingot production dur.
ing late part of this year would
get down to between 35 and 40
per cent. At that time many
were inclined to consider esti-
mate too peSSimistic. However.
it is now believed likely that rate
Of activities viii get below this
range before there is turn for
the better.
There is a growing belief in
the industry that an improve
ment in steel operations will set
in some time between January Is
and February /, or February Is.
This would be a logical period
for more activity for the spring
business. BY that time rail mills
will begin rolling on orders
booked for railroads for spring
deliveries and other branches
will be picked up, which should
be reflected in rate of ingot pro-
duction about the same time.
Market To Test
Leading steel interests are now
inclined to put the market to q
test. Carnegie Steel Company.
subsidiary of United States Steel
Corporation, recently established
minimum quotations of $1.60 per
100 pounds on bars, shapes and
plates at Pittsburgh. Other large
units have adopted similar
attitude.
While the prices do not repre-.
sent an advance over previously
prevailing quotations they will
actually result in increased earn
ings for steel companies if they
are maintained. 1t has been pos
sihle right along for consumers
with definite inquiries to get
price of $3.50 or $1.55 per 100
pounds from those seeking orders.
Maintenance of the $3.50 figure
would mean a gain of 81 to 50 q
ton in profits of steel companies.
The Washington times., 1930-11-14
Associated Gas
Output at NeIO Peak

The Associated Gas and Elec-
trio System electric output IN the
month of October was the largest
for any month in the history Of
the system, exceeding October,
1929, the previous high, by $685.
$50 kilowatt hours, a 3.3 per cent
increase. Kilowatt hours produced
amounted to 281 ,636,772 In this
month. For the II months ended
October 81, total output was
2,9S0, ,082, ,295 kilowatt hours, or 1.6
per cent more than last year. b
The Washington times., 1930-11-14
Northeastern Cuts
Dividend to 81 Year

Chicago & Northwestern Rail
way directors today cut the divi-
dend to 81 annually by declaring
a quarterly payment of 81 a share
on the common. Previously the
stock had been on a SIS annual
basis. The regular preferred divi-
dend of SITS a share was also de-
clared. Both dividends are pay
able December 81 to holders of
record December /.
The Washington times., 1930-11-14
MART STRENGTH
TO Be TESTED
SHORTLY
Spectator Believes That Rally
win Be Short-Lived, With
Future Sessions Laggard
BY THE SPECTATOR

The market is showing up
a little better on the right
side of the ledger. Stocks
continued their rally yeSter-
day and closed strong.
Indications are that the
rally may go somewhat
further today, helped by the
huge drop in brokers' loans.
Yet it is very likely that
this will attract consider.
able profit-taking. Further
more higher prices undoubt-
edly will bring out a good
deal of stock bought for sup
port purposes, so that I
don't believe the rally has
much further to go right.
now.
The Washington times., 1930-11-14
NGtL Dairy Raises
Dividend to $3.50

National Dairy Products Corpo-
ration directors today declared a
quarterly dividend of IS cents a
share on the common stock
placing the stock on a $3.50
annual basis against the 81 previ-
ously paid annually. In addition
to the cash dividend the company
previously paid per cent in stock
quarterly. The dividend Is pay
able January 2 to holders Of rec
ord December 8.
The Washington times., 1930-11-14
Illinois Waterways
Plan Nay Be Rushed

The War Department may ask
Congress for an emergency ap-
preparation to permit an early
start on the Illinois waterways
project, Secretary Of War Hurley
said today.
The State recently offered to
advance the Federal Government
funds to get the work started.
The Washington times., 1930-11-14
Road Takes Step
To Revue TrdUeL

CHICAGO, Nov. ID QN.S0.
Hoping to stimulate travel between
Chicago, st. Paul and Minneapolis,
and Seattle and Tacoma and
other North Coast cities, the Chi
cago Milwaukee, st. Paul and
Pacific railroad will try a three
fare plan starting January 1. It
was announced.
The Washington times., 1930-11-14
StGbiLizGtiOn Near
In Prices of Steel

NEW YORK, Nov. 14.-First
definite steps toward sterilization
of steel prices was announced by
the Carnegie Steel Company. a
subsidiary of the U. S. Steel Cor
poration, that it has established
a minimum price of S1.60 for
100 pounds for bars, plates and
shaneS. effective Immediately.
The Washington times., 1930-11-14
Gas Firm Orders
$50 Miles of Pine

NEW YORK, Nov. IA. c.
Smith Corporation received an or
der for $50 miles of large diameter
gas line pipe from Texas Con-
struction Company, a subsidiary
of Electric Bond and Share Cor
poration, according to C. C. joys,
manager of the pipe division.
The pipe is for shipment to
Louisiana, and will be used to
connect existing lines. it was an
The Washington times., 1930-11-14
SincIGir-PrGirie Oil
Wer0er Plan Fails

CHICAGO, Nov. IA u.N.S0.-
Merger negotiations between the
Sinclair Consolidated Oil Corpo-
ration and the Prairie Oil and
Gas Company, pending for sew
eral years, have been dropped def
initely because Of inability to
agree on terms. Harry F. Sinclair
announced here today.
The Washington times., 1930-11-14
UTILITY PURCHASED

American States Public Service
Company announce the acuuiSi-
tion of the Plains Light and Water
Company In western Montana.
and the RathdTum Electric Com
pany in Central Idaho.
The Washington times., 1930-11-14
Here and There

Regarding the future course of
the market, one keen Statistician
has this to say: as'I shouldn't be
surprised if stocks have seen
bottom, but you can be sure that
the lows will be tested a few
times before the year is out
The Street is bit apprehen-
i've about the crisis in Cuba,
This nation has a huge invest
unent there.
Standard Brands sales for Sep
tember and october were above
the same months last year, I am
told. The stock at current prices
Is disccunting a dividend reduc-
ton
The Washington times., 1930-11-14
Local Stocks

FURNISHED by W. 3. HiDbs q Col
SALES
Washington Railway g. Elec-
trio Is, $5,000087l2.
washington Gas IS "a" $1,000
1903.
Capital Traction Co.. $3.50, 20
so, 2150.
Federal American CON-, 4@31.
Lanston Monotype, 500 l02, 10
010l, 100 I001s, 200 lo0b, 100
l00l4.
Peoples Drug Store pfd, 100
s97a, 1G199Hs.
AFTER CALL
Federal American Co. CON-, s
G3O.
Capital Traction IS, $4,000
IS, $1,O00@85.
Potomac Electric 6s, 1858, $400
Washington Railway and Elec.
tric As, $5,O0O@S71a, $4,000
871a.
Public Utility Bonds | Bid Ask.
Amer Amer TeI Eel 3 Tel n ~ -. s. III III ". -.
Am Tel & Tel Crl Tr SIS. ,I105EI. .....
Anacostia & Pot r r 5s.... 81 s3
Ana & Pot Guar 6s........ 95 %
C & P Tel of Va S.. H.. 400 1....,
Cap Traction r r 5s...... "a S5h
City & suburban 5s........ so So
PeSesesS~h Potonse Eleo esS Cons M S.. h i55
Potomac Elee IS 1853; :.... 1oa 1lo
Wash BALTIC & An 5s...... IS II
Washington Gas 5s. .l1044l1os
wash Gas 6s series 49,. .l1O2 Z I1o3
Wash Gas IS series b.. 105 l.....
Wash Ry & Elec As. .......l S1hl So
miscellaneous Bonds
Barber & Ross Inc 6hs....I SO Ssh
Chevy Chase Club 5hs.... l10O 49,.
d. C. Paper Mfg 6s......... SO IS
w. NJ. Cold. Storage 5s... S5 ,:...
wash Cons Title Ss....... .I1O0
Public TtiIIty stocks =.
Amer Tel & Tel ........ 18SN go.
Capitol Traction Co........ 49Ti 50h
Wash Gas Lit Co...........l1 120 I125
N & W Steamboat. ...,......l2l0 l25O
Potomac Elec Power IS Pfd III l112
Pot Elec Pwr 5hs Pfd, ,..s. 1854 l10S
&Wash Ry Elec Com. -. 400 ....
aWash Ry Elec Pfd ....l 97Al 80
National Bank Stocks
Capital ............''''''..i2So 2So 200
Columbia .............'' I4VO !:..''
Commercial (stamped). l2?3 235
District Observation-Disclosures eos 1870
Federal American ......... 266 800
Liberty ,........... .l195 t21O
Lincoln 400 '425
Metropolitan ............. I330 400
Riggs .425 l495
Second ..................... 200
WASHINGTON .I240 $50
Trust Company Stocks
Amer Sec & Tr Co........ 1856 ISS0
ContinsnAal Trust. 120 l140
Merchagk & Trust. -. los htI13h
Natiot Aings & Trust. $50 I495
Prince Ms Blk & Tr..... rs so
Wash Laa4 Tr........... 40 i45O
Savings Bank Stocks I
Bank of Bethesda. .........I 58 65
Com. and Savings. 1925 ..,
East Washington. ........... IS 35
Potomac Savings Ban....,.. SIS rs
Sec. Saw. & Com. Blk. .471 1900
Snifsd SfTsRih statss stfsst : isss :sss $50
Wash. Mechanics. ..,........l SO so
Fire Insurance Stocks
American OBSERVATION-DISCLOSURES 800 .....
Firemen's ........:..:...... 80 81
The Washington times., 1930-11-14

Director NetD York University
Bureau OF Business Research
and Former Economist OF
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1930-01-10
Notice 10 Creditors.

NOTICE is hereby given that the sub
scriber of Fort Monroe, Va, has obtained
from the Orphans Court Of Montgomery
county, Nd. ancillary letters OF admins
tration C. t. a. on the personal estate of
GILBERT D. BUSH, ra
late Of Gallia county. Ohio. deceased All
persons. res dent and non -resident, having
claims against the said deceased are
hereby warned to exhibit and file the
same in said court. with vouchers thereof,
to the subscriber on or before the 30th day
Of June. $780, otherwise they may, by
law. be excluded from all benefit Of said
estate. All persons indebted to said estate
are requested to make immediate pay
ment. Given under my hand this 30th
day Of December. 1929.
ALBERT d. MILLER,
Administrator C. T. A..
jan 3-6t Fort Monroe, Va.
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1930-01-10
jan lots
Notice to Creditors

NOTICE is hereby given that the SUBJ
scriber of Montgomery county has OBJ
tanned from the Orphans Court of Mont
eomery county. Nd. letters Of administra.
ton on the personal estate Of
ETA C. WARD.
late Of Montgomery county, deceased. All
persons having claims against said
deceased are hereby warned to exhibit
the same. withthe vouchers thereof, to the
subscriber. on or before the LIST day
OF July, 1880; otherwise they may, by
law, be excluded from all benefit of said
estate. All persons indebted to said estate
are requested to make Immediate pay
ment. Given under my hand this 3ist
day Of December. 1929.
JOSEPH HOWARD WARD,
Administrator.
jan 3-6t Rockville. Md.
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1930-01-10
Notice to Creditors

Notice is hereby given that the subscrib.
er Of Montgomery county has obtained
from the Orphans Court Of Montgomery
county. Maryland, letters Of administration
c. t. a. on the personal estate of
JOHN WADE AGNEW.
late Of Harrison county, W. Va, deceased.
All persons. resident and nonresident,
having claims against the said deceased
are hereby warned to exhibit and file the
same in said court. with vouchers thereof,
TO the subscriber on or before the LIST day
Of July, 1880: they may otherwise, by law
be excluded from all benefit of said estate.
All persons indebted to said estate are
requested t. make immediate payment.
Given under my hand this 3lst day Of
December. 1929.
CLIFFORD H. ROBERTSON.
Administrator C. T. A.,
jan 3-6t Rockville. Md.