davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1930-07-02
ReserDeSecurityLoansOH oft;
Other Borrowings Gain

district. "All other" loans in
creased $55, 900, 900 in the New
York district, $6,O0O,OO in the
Philadelphia district and $50, ,000,-
900 at all reporting banks, and
declined $19,0OO,0OO in the Chi.
cago district.
Holdings of U. s. Government
securities increased $3l, ,OOO,O0 in
the New York district and $685.
0OO, 900 at all reporting banks.
Holdings of other securities in
creased $40,00O,0 900 in the New
York district, 100000 in the
Chicago district, and $4,000, 900
at all reporting banks.
The principal changes in bor-
rowings from Federal Reserve
Banks for the week were In
creases Of $1,000, 900 each at the
Federal Reserve Banks of New
York and Cleveland.
The Washington times., 1930-07-02
LisnrGn Digest VieIUs
Market Conditions

The first issue Of Lisman Di-
gest, a monthly publication de-
voted to the money, stock and
bond markets. makes its appear
ance today under the auspices Of
F. J. Lisman & Co., members of
the New York Stock Exchange.
The initial issue is featured by a
discussion of Easy Money"
which F. ]. Lisman, the senior
member Of the firm. defines as
money when it really is selling
at very high rates because at
that time the lender is less dis
eliminating or more "easy" with
the borrower. Other features are
analyses of the stock and bond
markets as of the end of June,
a section entitled "DiverSifica-
ton" which treats Of individual
investments in a wide range of
industries, statements G. leading
market analysts, etc,
The Washington times., 1930-07-02
line Expected to Continue Through Tomorrow the Spectator Believes
Treasury Faces Needy
Of Meeting U.S. Debts
With Federal Bills

With prospects Of heavily re-
duced receipts during the 1881
fiscal year, the Treasury Is faced
with the necessity of meeting ma
turing obligations amounting to
$1,42O, ,l7O,500 in certificates and
bills.
In addition, three blocks Of
$l,6l6,ll5,5OO in ga per cent
Treasury notes, which may be
called on six months notice at
any Of the tax payment periods
during the year, must be retired
in 1882.
In the next two years there are
securities of $4,979, ,928, $50 matur-
ing or callable, including the first
Liberty loan Of 1932-1947. Che
major portion OF this issue bears
312 per cent, but there is a block
Of over half q billion dollars with
interest Of ~ per cent. and If the
usual course is pursued, the bond
market being favorable, this
block would be retired and re-
placed with obligations bearing
lower interest.
Secretary Mellon carried over a
big cash balance Of more than
$500, ,000, 900 from the 1880 fiscal
year because of a maturing block
of $51,316,00O in Treasury bills
July IA, another block of $104,-
800, 900 in bills August 18, and the
fact that large expenditures may
be expected by the Federal Farm
The Washington times., 1930-07-02
MOTOR s AL { s
HIT BY ROME

ROME, July 2 UN.S0-"Amer'
ican automobile sales in Italy,
which have lately been increasing,
will be shut off," a statement
issued at the General Motors Cor
poration agency here today said
in commenting on the new retalia-
tory duties imposed by the Italian
government.
The government, taking the
first step in an onslaught against
the new American tariffs, In
creased the duties on American
automobiles imported into Italy
from 100 to 900 per cent. Trucks
and spare parts were hit as we'll
as pleasure cars.
The new rates offered q direct
and dangerous threat against the
American automobile trade with
italy, and grave concern was felt
among American importers over
the possibility Of other retaliatory
rate increases on American
products.
The Washington times., 1930-07-02
STEEL DEMAND
PLANNED FOR ,
BYF|RMS
Larger Concerns in Slack Pc
riod Prepare for Future; Cut
in Surplus Seen by Experts

Despite the recession in bust
ness activity, the American steel
industry is going ahead with plans
for increasing its potential out.
put, according to steel executives.
The capital investment in steel
manufacturing plants is estimated
at between $4,000, 100000 and
SIC, ,000, 100000 This amount will
be increased substantially before
the end Of the year.:
The annual capacity of the
steel industry is rated at 50, ,265,.
270 tons of ingots. It is esti-
mated that within IL months
this capacity will be expanded
by 1000, 900 tons. In embarking
upon such an expansion program
when the business outlook is un-
certain the steel industry is fol
lowing q policy 1t has observed
In previous periods of depression.
The policy is grounded upon
the belief that the use Of steel
throughout the world Is steadily
increasing, and that by carrying
out plant expansion in times of
depression diSlocation of produc-
ton is avoided when the industry
is functioning at capacity. In
addition, materials needed in en-
largement may generally be pur
chased at lower prices.
More than 1000, 900, 900 tons of
steel has been produced in the
United States since. the industry
was founded here more than a
century ago. One-half of that
total has been produced in the
last IL years.
The largest production the in.
dustry has achieved in one year
was in 1929. when the steel ingot
output was 56,433,4 tons. There
would appear to be little need for
expanding the potential output of
the industry at this time. How,
ever, the steel industry's record
over the last 30 years has been an
average expansion of 1900, 600
tons year. Output in 1929 was
The Washington times., 1930-07-02
HANOVER
NETS $500

In a statement of condition the
Central Hanover Bank and Trust
Company shows earnings for the
six months ended June 80 of
$3,168,419, or 1902 q share on
1,050, 900 shares. Dividends de-
clared during the period amounted
to So a share. Earnings for the
same period last year are in
determinable because of the mer-
ger with the Central Union Trust
Company. Book value Of the
present $40 par value shares is
$1O0, against sos year ago.
Chemical Bank
Statement of condition as Is
sued by the Chemical Bank and
Trust Company today indicates
earnings for the six months
ended June 80 of $1,965, 900 or
$1.31 a share on 1900 shares of
$40 par, value. Earnings for the
IL months ended June 80 were
equal to $2.91 a share. Earnings
for the six months ended June
80, 1929, were indeterminable on
account of the merger with the
U. S. Mortgage and Trust Com
Dany,
The Washington times., 1930-07-02
RALLY D|SPELS
PESS|M|SM

Yesterdays rally in stocks was
considered sufficient basis by
many brokers for the making of
trading commitments for a turn
on the upside. Pending the clear
ing UP Of the uncertainty over
hanging the market it was con.
sidered best to defer investment
purchases for the time being,
however.
In view Of the positive indica-
ton given yesterday of further
technical recovery we believe that
short term traders are justified
in making commitments covering
the next few days. Long pull
commitments may we'll be de.
ferred awaiting a test Of the mar
ket later in the month after cur
rent technical strength has been
expended.-OTIS & CO.
Regardless Of current fluctua.
tionS many sound stocks are un.
doubtedly on the bargain counter
and should eventually sell much
higher.-TOBEY & KIRK.
Remain cautious and not too
enthusiastic, but suggest taking
advantage Of the technical up
trend which exists at the moment.
-HARRISS & VOSE.
We think current bearishness
has been overdone, and for that
reason alone we expect the rally
to carry further. We think it is
premature to call this an area of
accumulation.
The Washington times., 1930-07-02
Times staff Photo

more than five and one-haf times
as large as in 1900.
In the decade that began in
1880 steel production totaled 21,-
sos, ,421 tons, or more than tour
times the amount produced in the
preceding IS years. From 1890 TO
1900 the industry's output tripled,
and in the decade beginning 1900
it tripled again. From 1910 to
1920 steel output doubled, while
in the decade ended last Decem-
ber 81 steel production increased
20 per cent.
The output Of steel has there
fore shown q diminished rate Of
increase in the last 20 years
There have been no signs, how
ever. that the saturation point is
being approached. according TO
steel executives. When this point
is reached, they declare, the in
dustrial prestige of the entire
country is likely to be affected.
The Washington times., 1930-07-02
NO SLUMP SEEN
IN AMUSEMENT
BUSINESS
Barometer of Spending Power
Of Country Experiencing
Only a Seasonal Decline

Theaters, which, despite sensa-
tional declines in attendance,
have always been a good barom-
eter Of the spending power Of
the country, are experiencing no
more than the usual letdown IN
business that comes with warm
weather, according to reports
from the leading companies
which operate large chains Of
picture houses. Executives in the
trade have taken this as an indi-
cation that in most parts OF the
country the readjustment in
business conditions has made
large progress.
It is conceded. however, that
the advent of talking pictures
has abolished any standard basis
upon which comparisons can be
made. This new form Of enter
tainment had just got under way
in 1929 when the usual summer
slump in business would ordi-
'narily have occurred, but during
the hot months the theaters ex-
perienced the best business they
ever had had.
The novelty kept business up
to a high point virtually through
the winter months. At the OPEN
ing of this year. however, 5ne
business had assumed normal
trends, according to the motion
picture companies and in COM
parison with years prior to 1929,
the seasonal letdown has been
no more severe than in any nor
NAL year.
While earnings Of the COM
panies for specific quarters are
not a good guide to the amount
of business being done, because
expenses are not evenly distributed
over the year. executives point to
the profits of the various com.
panies in the early months Of this
year as an indication Of the spend
ing power Of the nation.
The Washington times., 1930-07-02

The Federal Reserve Boards
condition statement Of weekly re-
porting member banks in leading
cities on June rs shows increases
for the week of $4,000, 900 in
loans and investments, $45, ,O0O, 900
in time deposits and $4,000, 900
in borrowings from Federal Re
serve banks and a decrease Of
$S4.000,000 in net demand de-
posits.
Loans on securities. which at
all reporting banks were $l28,0O0,-
900 below the preceding weeks
total, declined SAT 100000 in the
New York district, $43, 100000 in
the Chicago district, $4,000, 900
in the San Francisco district, $11,-
100000 in the Richmond district,
$1,000, 900 in the Philadelphia dis
trict and $6,000,00o In the Dallas
The Washington times., 1930-07-02
94,528 BID WINS
CHICAGO BONDS

Award Of an issue Of $18,970,-
900 improvement 4 per cent
bonds was made to Halsey Stuart
& Co., by the city Of Chicago.
That firm bid 94.52s, which was
slightly higher than a price Of
94,417 rendered by group
headed by the Continental 1lli-
nois Company.
A syndicate had been formed
by the bankers to market the
issue. Included in the offering
group are the following:
Lehman Brothers, Chase Sc
curitieS Corporation, First Ma.
tional, Old Colony Corporation,
Brown Brothers, Stone & Web
ster & Blodget, Inc, E. H. Rollins
& Sons, Kountze Brothers, A. B.
Leach & Co., Inc, r. w. Press
prich & Co., F. S. Moseley & Co.,
Commercial National Bank d
Trust Co., Stranahan, Harris &
Oats, and Lawrence, Stern &
Co.
Other firms participating In
clude Mercantile Commerce Com
pany, Heller, Bruce 81 Co., Wells
Fargo Bank & Trust Co., Mil
waukee Company, Mississippi Val
ley Company, Batchelder g. Co.
and Darby 6E Co.
Public offering of the bonds
will be made today at prices to
yield from 3.75 per cent to 4.40
per cent, according to maturity.
The bonds are due serially jan
uary /, 1932-1950, inclusive.
The Washington times., 1930-07-02

Board at any time.
Since the Farm Board was estsb-
lished, 1t has been necessary for
the Treasury to carry a consider
ably larger cash balance than at
any time since the postwar re-
construction period.
In September the Treasury will
retire 1851 40,500 in 3B per cent
certificates, in December $483, ,341,-
600 in 3H per cent certificates,
and June IS, 1881, an issue Of
$429, ,373, 900 in 2h per cent certifi-
Gates. The present bond market
indicates the Treasury would be
able to reduce the rate of the new
issue in September as compared
with that to be retired.
In operations of the public debt
during the next year, it is prob
able q substantial reduction will
be possible in interest charges,
from the ahnormally high rates
which prevailed during 1928 and
1929, when the booming stock
market absorbed most Of the
funds available for investment.
In view Of the probability Of q
small surplus for 1891, it is
probable the reduction of the pub
lie debt will be the lowest Of any
year since the war. During the
year ending June 80, the debt was
reduced by STAG. 900, 900 and stood
at sic, ,209, 900. This was a
reduction Of $l0,411, ,O0O, 900 since
the debt was at it's peak August
81, 1919.
The Washington times., 1930-07-02
BaItinaOrean Named
On Ship Sale Board

George S. Jackson, Baltimore,
yesterday was selected by Presi-
dent Hoover as a member of his
special commission on ship sales.
which is to report on the advisa-
bility Of permitting the United
States Lines to purchase the
American Diamond and the Amer
lean France Lines.
With the selection Of Jackson
there are now five members of
the commission. The others are:
c. M. WOolley, Ira A. Campbell,
E. N. Hurley and H. G. Dalton.
President Hoover was undecided
whether he would name a sixth
member, or direct the commits
sion Of five to proceed.
The Washington times., 1930-07-02
WILKINS VOTES 81

The board of directors of the
John H. wilkins Company, local
coffee merchants, have declared
the regular Serii-annual dividend
of 81 a share on the outstand-
ing preferred stock Of the or
ganization. A dividend of $50 a
share on the outstanding COM
mon stock was also voted. Both
dividends are payable on July 10.
The Washington times., 1930-07-02
DU. POINT EARNS
S1.31 A SHARE
Times staff Photo

In a preliminary report issued
three weeks in advance of the
usual date, the E. I. du Pont de
Nemours Company today estima-
ted earnings for the quarter ended
June 80 at $15,418,000, againSt
SIG, ,296, 500 in the corresponding
1929 quarter or $1.3l on the COM
mon against $1.44 last year. The
report was issued early this year,
it was explained, "for the gui-
dance and information of stock.
holders who have rights to SUBJ
scribe to 357,071 shares Of the
common stock of the company a.
$50 a share" These rights will
expire on July IS, before the pub.
lication of the regular official
quarterly statement.
Federal Light
Federal Light and Traction and
subsidiaries report for the IL
months May 81 a net profit Of
$2,126,290, against $2,060,738 in
the preceding IL months. Net
profit for May totaled $l59,534,
against $156,685 in May. 1929.
Baltimore Gas
Consolidated Gas and Electric
Light Company Of Baltimore re-
ports for the year ended May 81
a net income of $7,711,457,
against $S,626,676 in the preced-
ing year.
Eastern Minn. Power
Eastern Minnesota Power Co.
reports gross income after general
expenses and taxes for the year
ended May 81 of $147, 1892, against
$4,000 in the year previous.
Westmoreland Water
Westmoreland Water Co. re-
ports net income for the year
ended April 80 of $227,s54.
Curtis Manufacturing
Curtis Manufacturing Co. in
the year ended May 81 reports
net earnings equivalent to 1892
a share, against 1886 a share in
the preceding year.
Fidelity Trust
The Fidelity Trust Co. today
changed its name to the Marine
Midland Corp, and increased its
capital and surplus from $40, ,000,-
900 to $4,000, 900, it was an
nounced by James G. Blaine,
president.
The name change was made in
order to identify the bank more
closely with the Marine Midland
group Of sixteen New York State
banks, with which it became af-
filiated last April, and the in
crease in the capital and surplus
is in line with the announced
policy of the Marine Midland
Corporation to develop the New
York city unity of the group.
N. Y. Trust
New York Trust Company state
ment of condition indicates earn
ings of $2,661 900 during the six
months ended June 80, equal to
$5.32 a share on 100000 shares;
dividend requirements for entire
year are S. a share-their earn.
ings compare with $11.42 a share
for full calendar year of 1929.
During six months the company
transferred $5,0O0,000 to its sur.
plus account from undivided prof
It's, bringing the former to 10000
and leaving $5,688,'79 in the
latter. Book value of $25 par
value stock is $96.39, against 500
six months ago.
Kings County Trust
Kings County Trust Co. state
ment of condition as of June 80
indicates earnings during first
six months of 1880 of $263 600
equal to $3.50 a share on $1,000
shares outstanding, or at rate Of
$105.2O q share annually.
This compares with $81.20 a
share earned in six months ended
June 90 last year. For IL months
ended December 81, 1929, earn
ings were equal to $195.45 a
share. The company pays $50 In
regular dividends annually and
paid an extra Of $25 q share on
November last.
The Washington times., 1930-07-02
BROKERS L|GHTEN HOLDINGS
FORJULY 4 HOLIDAY
Buying of Sound Stocks Now for Possible
Rallies Next Week to Be Profitable,
Expert Contends
BY THE SPECTATOR

Toorrow session will be the last before the
Fourth of July holiday Therefore it to be expected that
the selling that appeared the market yesterday afternoon
will tomorrowS close Shortlived rallies may
and today and tomorrow but in general think
will tighten their commitments Tor the weekend
Certainly there incentive toward bus operations
with market closing and the business outlook uncertain
believe traders buying stocks today and
tomorrow anticipation of rallies early next week think
result proaby But in view OF the business
and that bears development over the
might upset the market would recommend policy
Of watchful waiting for the next few days.
The Washington times., 1930-07-02
Crude Oil Output Up
3O.47I BbLs. DutLu

TULSA, Okla, July 2.-Daily
average crude oil production in
the United States in the week
ended June %, increased 30,471
barrels over the preceding week.
totaling 2.619,251 barrels daily,
the Oil and Gas Journal today
estimated. Light oil output in
creased 1888 barrels daily.
The Washington times., 1930-07-02
Colorado Southern
Seeks Bond Issue

The Colorado Southern rail-
road has requested the Inter
state Commerce Commission for
authority to issue and sell $20,-
0O0, 900 of General Mortgage, 4h2
per cent gold bonds. The pro.
ceeds will be used to reimburse
the roads treasury for capital ex-
penditures.
The Washington times., 1930-07-02
Committee FaUOrs
Cotton Price Probe

The Sheppard resolution, au-
thorizing an inquiry into recur-
ring slumps in cotton prices. was
favorably reported by the Senate
Agriculture Committee yesterday.
The resolution directed that
the Secretary Of Agriculture con-
duct the inquiry, particularly as
to the annual price declines Of
the past four years.
The Washington times., 1930-07-02
SOIUGy to Spend
S5,OOO,OOO on Plant

SYRACUSE, July 2.-Five mil
lion will be spent by the Solvay
Process Co, subsidiary of the AL
lied Chemical g. Dye Co., in en-
larging and improving it's plant
here. About $1,000,000 will be
spent on an additional pipe line
to bring brine to the factory.
The Washington times., 1930-07-02
SiLGs StrULUn Heads
Internal, Chamber

Appointment Of SilaS H. Strawu,
of Chicago, as chairman of the
American section of the Inter.
national Chamber of Commerce
was announced yesterday. He Sic
ceeds Thomas w. Lamont, whose
term expired yesterday.
The Washington times., 1930-07-02
California Output
Of Crude Oil Drops

The California crude oil output
in the week ended June % aver
ages 599, 900 barrels daily. This
was a decrease of 400 from the
previous week, according to the
California Oil World.
The Washington times., 1930-07-02
Pool Operations

Market fluctuations prohibited
pool operations, except in rare
instances where special develop
ments made it possible to give a
particular issue a run.up. The
improved tone that appeared
Monday, however, encouraged pool
groups to resume their work, and
several of them were planning
yesterday to begin whirling their
favorites. In the event that the
market continues in a trading
range, instead of slipping into
a further gradual decline, the
pools will take a prominent part
In trading.
The Washington times., 1930-07-02

the days low, leading most Of
the list downward. 1t becomes
increasingly apparent that the
money powers are content to. let
the market drift as it will, at
least until the November lows
are threatened by leading stocks.
The weekly report on crude Oil
production, showing gain OF
more than 10000 barrels in the
daily average, is no help to the
oil price situation.
Montgomery Ward Sales
Wall Street was pleasantly sur
priSed by the gain Of 90 per cent
in Montgomery Wards may sales.
Expansion of the company'S re-
tail chain was largely responsible
for the excellent showing. 1t will
be interesting to see the reports
of Sears -Roebuck, Woolworth and
other leaders in the merchandls.
ing field. The bulliSh effect OF
the "mow" report was in no way
offset by the "a per cent decline
in May sales of National Bellas
Hess.
It is some time since there has
been report of sale Of a Stock
Exchange seat. 1t is said that
three sales have been made, how
ever without publicity. One seat
is reported for sale at $375,000
with no bids. Margin business Is
no gold mine these days.
Selling On Rallies
We were surprised yesterday
when one brokerage house, in its
daily letter to clients, advised
short sales on good rallies. It is
a long time since we have read
any such advice from brokers.
Since the beginning of the bull
market couple of years ago, we
had practically decided that such
advice never again would be
written. But now we have it
and it indicates the feeling of a
certain sector of the financial
community in regard to the i'm
mediate outlook for the market.
The Washington times., 1930-07-02

Despite current reports, United
Corporation is not buying Con-
solidated Gas shares. This rumor,
having been repeated some scores
Of times, has grown tiresome.
The Washington times., 1930-07-02
Steel Lacks Support

Despite claims that high-grade
! stocks are getting good support,
U. s. Steel, which was easily the
leader yesterday tumbled from
l61 to 1868 as soon as the bears
began operations, and closed at
The Washington times., 1930-07-02
Rails In Demand

One of the most constructive
features Of yesterdays session was
the early demand for high-grade
investment rails, most Of which
moved up /. to. 6 points. Atchi-
son, New York Central, Balti-
more and Ohio. Union Pacific.
Pennsylvania and Canadian Pa
cific were we'll bought. indicating
that those who can afford to buy
such stocks are convinced that
the worst of the decline in freight
traffic is over. New Haven, one
of the leading semi-speculative
rails, is we'll taken on all reces-
SionS. e. -
The Washington times., 1930-07-02

Yesterdays late. decline was
exactly in line with this depart
nents prediction that all rallies
at this time would be temporary
and purely technical.
The Daily Alaska empire., 1930-11-13

The oldest paper manufacturing company in Japan was organized in 1872 and now operates 13 mills.