davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-05-04
CEMENT MILLS
IN PRICE WAR

War is on in the Portland ce-
ment industry east Of the Rocky
Mountains and prices are the
lowest in IS years, with con-
sumers buying only for immediate
needs and awaiting deeper cuts.
Since the first of the year five
reductions have been made in
New York city, the last being 10
cents a barrel on March 30.
Tuesday, cuts we're made in Hud-
son River territory, the Baltimore
district and the Midwest.
Many contracts have been
closed at prices that show no
profit to the manufacturer. In
instances involving large tonnages
States and municipalities, taking
advantage Of the demoraliZed
market. have called for and re-
jected bids on the same projects
several times, and have obtained
lower prices on each new pro-
posal.
Companies east Of the Rocky
Mountains, where more than rs
per cent of the country'S cement
is used, are probably getting an
average of around 81 a barrel
net in bulk at the mills. as COM
pared with about $1.65 a year
ago
The Washington times., 1931-05-04
UNDERWENT TERS
MEET HERE

John H. Snyder, president of
the District Life Underwriters
Association has announced for
the joint meeting here with the
Baltimore association, opening at
10 a. m. Thursday at the Shore
ham Hotel, the following
speakers.
Jerome Clark, superintendent
of agencies, Union Central Life
Insurance Co.; Vincent B. Coffin,
educational director, Penn Mutual
Life Insurance Co.; Ralph G.
Engelsman, general agent of the
Penn Mutual Life Insurance Co.;
Roger B. Hull, Of the National
Life Underwriters Association; A.
r. Jaqua, associate editor, Dia-
mond Life Bulletin, and Valiant
w. Kenney. general agent of the
Connecticut Mutual Life Insur-
ance Co., of Boston. and Joshua
Evans, jr., president : of the
District National Bank.
About 500 underwriters of the
District and Maryland are ex-
pected to attend, besides a num-
Der of fiduciary officers of local
banks. Mr.. Snyder will preside
at the morning session, and
George A. Myers. president of the
Baltimore organization in the
afternoon.
The Washington times., 1931-05-04
IN SPOT
COTTON ARE
SLACK
Week in New Orleans Shows
No Improvement As Demand
for Goods Decline at Mills

NEW ORLEANS, May 4 GN.S0.
There has been no improvement
in the New Orleans spot cotton
market during the past week,
with activity appreciably duller
than during the preceding
weeks. There have been some
inquiries from exporters mainly
on orders from Bremen and Italy,
but the actual amount of business
done has been un1mportant.
The demand from domestic
mills has been very slack and
confined largely to small lots Of
staple cottons for New England
establishments. AS result the
daily sales reporter to the New
York Cotton Exchange have been
the smallest of the season.
Goods Demand Slow
Traders attribute the absence
of demand from spinners to the
decline in prices and the slowing
down in demand for cotton goods.
Many mills are said to be turning
out more goods than the trade
will take and are talking of cur
tailment, unless the demand for
their product improves in the
near future.
Exports have been moderate
from this port during the week
although making fair showing
as compared with other ports. AS
a result of the clearances the
stocks in warehouses here have
been somewhat reduced and are
now down to 100000 bales, includ.
ing about $1,000 bales on ship
board awaiting clearance.
Japanese Buying
While the dock-laborerS strike
continues it is apparently not
handicapping the shipping of cot.
ton to any extent. The foreign
markets have worked lower dur.
ing the week and the difference
between Liverpool and American
markets has widened which ought
tc stimulate a better export de-
mand.
Japan continues to take consid.
erable Of our cotton apparently,
as clearance from Pacific ports
have increased during the past
week and assumed rather fair pro-
portions, cutting into Pacific coast
stocks considerably.
The Washington times., 1931-05-04
Mid West Utilities
EGrninqS Reported

Consolidated earnings of Mid
West States Utilities Company
and constituent properties for the
twelve-month period ended De-
cember 81, 1880, after giving ef-
feet to the projection of esti-
mated operating results Of one
subsidiary for an annual period
as set forth in engineering re-
ports, and before depreciation
and Federal income tax, is re-
ported by independent certified
public accountants as follows:
Gross revenue $1,333,551, oper.
ating expenses $816,842, leaving
a balance of $516,708 available
for fixed charges and a. balance
after such charges of $272,446.
On a basis of the number of
shares outstanding on December
81, 1880, this balance was equal
to $7.21 per share.
The Washington times., 1931-05-04
so Chicago Stocks
ShOlD Loss in Week

CHICAGO, May 4.-Fifty rep
resentative. stocks traded on the
Chicago Stock Exchange during
the week ended May 2 had a
market value of $2,181, ,037 ,996
at the close of business Satur.
day as compared with $2,207,.
l31, ,455 at the close of the pre-.
vious week, according to a com.
pilation by Paul H. Davis & Co.
This represents a decrease OF
$26, ,093, ,459. or 1.18 per cent.
Paul H. Davis & Co.'S analysis
shows that the market value of
$2,l8l ,037 1896 for these so stocks
on Saturday compares with So,
228, ,796,l33 for the same stocks
on May 3, 1880. This is a de
crease daring the year Of $1,047,
758,137, or 32.45 per cent.
The Washington times., 1931-05-04
TRADE BARRIERS
TO Be STUDIED
. BY CHAMBERS
International ParIey Will
Discuss Plans to Relieve
World Tariff Situation

Among the important questions
to come before the International
Chamber Of Commerce gathering
: here this week will be that of
&; trade barriers, a subject of de-
c1ded embarrassment to the
United States.
Officials admitted today there
are few countries which have
erected more effective hazards to
the free-flOw Of international
trade than has the United States,
especially in the 1880 tariff act.
- Foreign Trade Collapse
Commerce officials have fire.
quently condemned the barriers
placed in the way Of international
trade, holding such policies were
decidedly shortsighted. In the
long run, these experts feel, even
though the trade barriers are
erected for the protection of do
meStic industry. they fail to at.
tain the required results and IN
The end simply revert to retalia-
ton which cuts into the volume
Of commerce.
Since the enactment of the
1880 tariff act, which increased
the duties of many articles,
there has been a virtual collapse
OF the country's foreign trade.
While probably the larger share
OF the reduction may be at
tributed to the worldwide buSi-
ness depression, a perceptible por.
ton of the slump is undoubtedly
due to retaliatory measures taken
by foreign countries as the re.
suit of provisions Of the law.
Forced Labor Act
One feature of the act which
is likely to- cause this Govern.
l11ent much international diff.
Guilty is section BOT, effective
January l, 1882. It provides an
embargo on the products of forced
and indentured labor, provided
there is an insufficient domestic
production of such products.
), The asury already has
started the preparation Of regu-
lations for the application Of this
far-reaching section, which will
affect trade with all tropical
countries, and possibly bring
about a virtual elimination of
business with Russia which, in
the first three months of this
year, was Americas fifth best
customer.
In some quarters the opinion
exists that if the United States
is to remain the worlds greatest
trader" some of the policies re-
lating to foreign trade must be
radically revised.
The Washington times., 1931-05-04
TRADE ON CURB
IS DULL
Hill

NEW YORK, May 4 GNSD
Curb stocks drifted about uncer-
tainly in dull trading today. with
first hour firmneSS proving but
, temporary, although subsequent
selling was absorbed without no.
ticeable impression upon Satur.
days closing level of prices.
Utilities were generally higher, al,
though midday prices were slight
ly under the best levels of the
day. Among the best performers
in this group were Electric Bond
and Share up at 43A, Ameri
can Light and Traction up 13s at
42, Electric Power and Light war.
rants up 21s at 22B. and United
Light and Power up 11s at 23A
Cities Service was fairly firm, al
though it broke no records in
moving up to 1879 for a lain
Of %.
Another cut in the price of the
metal, caused a sympathetic de.
cline in Newmont Mining, which
slumped 2 points to 35A, the low.
est level it has reached in some
years.
With many of the usually &C.
tive leaders in this group failing
to put in an appearance at all.
Parker Rustproof after a promis.
ing start with gain of 33s points
to "a, promptly gave up all Of this
advance with a dip to 81. A fair
degree Of strength was evidenced
IN Glen Alden Coal which rose 19s
to 1874, and Pilot Radio Tube
which was up about a point at
211a.
The Washington times., 1931-05-04
SILVER PARLEY
FAILURE SEEN

Effective action by an interna,
tional conference for the stablli
zation of the silver market Will
be extremely difficult in the
opinion of the Bank of America
N. A., as set forth in the current
issue of the Review.
Remarking upon the irregular
ity Of demand for silver, the bank
notes the suggestion that if gov.
ernmentS would make their pur.
chase for coinage purposes at
times when Eastern demand for
silver is slack, and make sales
from surplus reserves when gen.
eral demand is a little more
active, part of the sharp
fluctuations in price might be
eliminated. The Review continues
What can be accomplished
by the international conference
which silver producers ere
anxious to have consider the
situation in the silver market
Is difficult to say. 1t is evident
that there will be more selling
Of silver, both on account of
demOnetizatiOn and the debase-
ment Of silver coinage.
I'm spite of a recent revival
Of talk of bi-InetalliSm, the fall
lacies of that system appear to
be too generally realized for
such suggestions to receive
much consideration.
ut is practically impossible
to make a drastic cut in silver
production, mainly because
from so to 70 per cent of all
silver produced is obtained as
q by-prOduct in the mining Of
other metals. Consequently,
very little help can be given to
silver prices by such measures"
An estimated reduction of some
20,000,00O ounces of silver in 1880
was not sufficient to check the
downward movement of silver
prices, the Review points out,
quotations ruling currently at
around SO cents in 1929.
The Washington times., 1931-05-04
IS NAMED
DIRECTOR

j. Henry Knapp, jr.. head of
Knapp & Co.. Inc, investment
bankers, with headquarters here
and branch offices in a number
of cities, has been elected a di,
rector of Distributors Group, Inc,
sponsor of North American Trust
Shares.
At the same time, George B.
Cortelyou, well known in Wash.
ington as a youngster when his
father was Secretary of the Treas.
ury under President Roosevelt,
was elected president of the or
ganization, succeeding w. w.
West, jr., ofGWest & Co.
The Washington times., 1931-05-04
1anciaL Nes Stocks Bonds Commodities and CONNER
Decline in Brokers' Loans
Analysed By Haney

brokers from outside. banks and
Others" are now down to the
lowest level since early 1922
So, you see that an enormous
amount Of funds has been with
drawn by outside lenders. The
low money rates and the weak
ness Of stocks have greatly re-
duced the supply Of credit avail.
able to spectators.
Pools Closing Out
We may learn several things
from this drop in loans to brokers
and dealers. It tells us Of the
winding up Of pools which were
operating on borrowed funds.
1t tells us Of the liquidation Of
loans made by failed brokerage
houses which had participated in
unsuccessful security fIOtatiOns.
Probably, too, there were q good
many little SPECTATORS who tried
to follow the pools in February
and March whose accounts were
finally closed out by margin calls.
loans on securities made to non-
brokers actually increased.
The total loans on securities
made by New York banks de-
creased by only 100000. 900 while
the loans to brokers fell $82, ,000,-
900. Therefore, the loans on Sc
curities to others than brokers
and dealers increased $22 ,000. 900.
Some observers consider that
such borrowers are more intelli-
gent than those who borrow
through brokers. Such observers
will consider this increase a favor.
able indication.
The Washington times., 1931-05-04
Longer Store Hours
Help Unen1DLOument

Keep the stores open longer
and employ two shifts of labor
This is a solution offered edi
torially in the current issue OF
Chain Store Age to ease the un
employment problem and increase
vloume Of sales. Godfrey M. Leb
har. editor writes:
THE adoption of the shift
system, however, as it is used
induStrially, and rs it is al
ready employed by retailers in
certain fields, kills many birds
with one stone. It tends to in.
crease volume; it reduces over
head prOpOrtiOnately; it gives
employment to more people; 1t
Is a convenience to the public"
The Washington times., 1931-05-04
N. Y. BOND PRICES

NEW YORK, May 4 0.N.SO
Liberty bonds and Treasury issues
led the way to slightly higher
prices in best grade bonds to-
day. Foreign government bonds
and speculative American issues
fell off to slightly lower levels,
but losses were small compared
with some Of the active sessions
of last week.
Treasury 4K4s led the advance
in United States Government is
sues and moved ahead to l12.5.
Treasury S2sS Of l947 sold at
1927 and 3&s of 40 at lOI %.
Liberty old 31as sold at lOr. 20,
first 4As at 103, fourth 4As at
lO4.4.
The Washington times., 1931-05-04
BY LEWIS HANEY
Director New York University Bureau Of
Business Research and Former
Economist Of Federal Trade
COmmiaaiOn

Commission
The decline in brokers' loans
throws some light on the market
situation. The loans made by
banks to brokers and dealers in
securities fell by $114,000, 900 in
the week ended Tuesday last.
This is the Sharpest decline
since early last November, at the
end of the September October
LIQUIDATION wave. Moreover, the
loan decline was relatively sharp
in comparison with the decline in
stock prices.
Decline, Then Rally
The available figures do not al
low any extensive comparisons,
but such as they are they suggest
an early secondary" decline, and
then a more extended but moder-
ate rally pending the development
Of second-quarter results.
The total brokers' loans are
now the lowest, with one recent
exception, since late in 1924. This
speaks elOQuently Of stock market
deflatiOn and the absence Of pub.
lie interest in speculation in stocks.
All classes of loans were re-
duced last week. Loans by cor.
porations and other private lend
erS made new low at only
$219, 600, 900. Loans by banks out
side New York fell to only $243,-
100000. All these loans to
The Washington times., 1931-05-04
Plan Capital Change
For WheeLinq Steel

Wheeling Steel Corporation di.
rectors have approved a change in
capital structure which will be
submitted to stockholders for ap,
proval at special meeting to be
held June 2.
One share of 8 per cent pre-.
ferred "A" will be exchanged for
/ 1-3 shares Of new 500 par 6 per
cent preferred; one share of 10
per cent preferred "B" for 2-5
shares Of new 6 per cent preferred
and one share of 500 par COM
mon for one. share of new no-par
common.
The Washington times., 1931-05-04
East Texas Crude
Production .Hi0heT

Production of crude oil in East
Texas area, embracing Kilgore
and Joiner areas in Rusk county
and Lathrop Pool in Gregg coun-
ty, averaged $40, 300 barrels daily
in the seven days ended April 20.
In the week ended April Is pro-
duction, according to American
Institute, was 298, 400 barrels daily,
There are 341 producing wells.
The Washington times., 1931-05-04
Central Gas MAKING
Capacity Increases

CHICAGO, May 4.-Daily gas.
making capacity of Central Pub.
lie Service Corporation. which
operates the Washington Gas
Light Company. gas properties in.
creased 1877 per cent during
1880 from 91,623,O0O cubic feet
at the close of 1929, to 1915, 900
cubic feet on December 81. 1880.
Communities served with gas
increased from Ill to 1853, and
the number of gas plants from
Sc to II. of which number 81
were being served either natural
or mixed gas. The company had
II Jas plants and $3.50 miles Of
mains in service at the end of
the year.
The Washington times., 1931-05-04
J. M. KOCH PROMOTED

j. M. Koch, widely-known mer-
chandising executive, has been
elected vice president of the
Quaker State Oil Refining Co.
Samuel MesSer, president, an
nounceS.
For eight years Mr.. Koch has
been sales manager and general
sales manager of the company,
during which time it has become
the worlds largest seller Of 100
per cent PENNSYLVANIA oils.
The Washington times., 1931-05-04
CHICAFO GRAIN

CHICAGO, May U.N.SO.-Grains
were uneven in early trading today.
wheat opened NC up to 1ac up and
to nc lower The Liverpool market
was 1bd to lid higher, but received
little attention.
Corn was 3sc higher to Nc lower
early with light trade. Weather
over the belt Is favorable.
oats was H. 70 VI higher at mid
session and. rye unchanged to nc lower.
The Washington times., 1931-05-04
CUBAN SUGAR EXPORTS

A total Of Gas. .464 tons Of sugar
was exported from Cuba between
January to April Is. with per.
mitS granted by National Export
Corporation. The United States
took 355,342 tons from 1929-3Q
crop and 21O,1O1 from 193031
crop. Other countries took 54,170
and 23.S5t tons. respectively.
The Washington times., 1931-05-04
PORTO RICO GAINS

The prevailing low price of
sugar and the delayed movement
OF the grapefruit crop in Porto
Rico have retarded the seasonal
improvement in business. General
business conditions. however. con
tinue TO show improvement.
The Washington times., 1931-05-04
BrOGdlUGy Building
Gold Issue Closed

s. w. Straus and Company
announce that the 81, 100000 is
sue Of 1410 Broadway Building
first leaSehold mortgage per
cent sinking fund gold bond Ger
tificateS recently offered has been
entirely disposed of at retail.
The Washington times., 1931-05-04
FOREIGN POULTRY TRADE

The foreign trade of the United
States in poultry products in 1890
increased II per cent in exports
and decreased 48 per cent in i'm
ports, as compared with 1929.
The Washington times., 1931-05-04
NEW WHITE TRUCKS

The White Motor Company has
added two new trucks to its de-
livery line. The new models,
which have weight ratings of
5000 and 10000 pounds, are avail.
able in either 1873 or 157 inch
wheelbaSe.
The Washington times., 1931-05-04
New York Bond Market
United states
Fructi0Hs represent S2Hds
I0I 4 means IOI I-S2

United states High Low Last
Lib Ss{ isy cv s rs 3s.ii iSs M Ss Ss . los -
Lib 4th 4As 3S-3s. .IlO44 l1O44 104
Lib 4th AIS odd lot. I1O44 I1O44 E1044
Treasury AIS 47-52. .l112 1Sll12 16l1l2 is
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24

for granted that all rumors are
facts, what do these figures mean to
the nation? 1t would mean that
an individual or a corporation hav-
ing a monopoly can take unlimited
profit from the consumer, even IL 1t
should cause a panic. Now if our
legislators had drafted and legis-
lated law limiting profit, Henry
Ford could have made just as many
cars, paid his labor the same wage,
sold his cars at a fair profit and
could now be worth one million dol
lars, which is more than any man
needs, and today there would be in
the pockets of the farmers, labor
ers and consumers of this nation
four billion, nine hundred and
ninety nine million dollars. Would
$500.00 now in the pockets of each
of 9,99S,O00 farmers and laborers
help ease this depression?
Would this excess of $4,000, 9,000,-
600 help feed the unemployed? If
Henry is worth five billion dollars,
he could give away a $500 automo-
bile every day for 27,397 years, if
he lives that long, and would then
have 95 automobiles left.
Now from another angle: The in
terest profit on the reported invest
ment of $4,000 by Mr.. Couzens
amounted to fifteen thousand per
cent. His profit on $4,000 in
vestment as a capitalist investing in
a monopoly was greater than the
annual gross earnings of 10000
farmers living on $4,000 farms,
each farmer having the same
amount of capital invested and in
cluding the labor of 10000 men,
but Mr.. Couzens' profit was a net
profit, and it would take 10000
farmers on $4,000 farms to gain a
net earning equal to the net earn
ing of Mr. Couzens' $4,000 invest
ment in monopoly. I admit Mr..
Couzens' fifteen thousand per cent
profit was not an annual profit. My
commission did not specify the
time, but any way I look at it, these
figures are startling, and / ask you:
When such profits can be made by
capital in monopolistic manufacture
and commerce, is it fair to agricul-
ture? Mr.. Couzens' investment may
have run along for several years,
but it paid dividends that took all
the profit of one year from 10000
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24
Page Five

farmers. In other words it would
take the average farmer with $2.-
600 investment $4,000 years to
earn a net amount equal to that re-
ceived by Mr.. Couzens, with the
like amount in a few short years
Now, what about labor? Suppose
Ford labor was paid a minimum
wage of SIS, and suppose every la
borer bought a Ford automobile
did the excess profit taken on the
automobile reduce the wage to 81
SO, 81, or 81? 1t all depends on the
length of employment and yoHz
mathematical ability to figure per-
centage, profits and rumors.
(To be continued)
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24

Valley lodge, No. las, F. & A. NJ. >
of Malta, installed the following Of
ficers Wednesday evening: W. NJ
William Porter; S. W.. Edward
Perkins; J. W., Robert Naylor; s.
D. Milford Peck; j. D., Paul Bank
es; Sec'y, j. A. Hambleton; Treas,
B. S. Harris; S. S., B. D. Richard
son; J. S., Jesse Niceswanger; ,,
Tyler, H. /. Wilson.
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24

Mrs. Elmer Spence of this place
luckily escaped injury, when on last
other, driven by George Aiken col
lided on the approach of the Bev-
erly- Waterford bridge. Both cars
were considerably damaged
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24

Born Sunday to Mr. and Mrs.
Dorsy Divers (Forrest Perkins) of
near Eagleport, a son, here at the
home of Mrs. Divers mother Mrs
Letitia Perkins.
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24

Mr.. and Mrs. Robert King and
three children of Akron will spend
Christmas here with the formers.
parents, DR.. and Mrs. j. A. King.
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24

The Marietta Times and Morgan
County Democrat, both one year for
SIS. f1etf
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24

The real estate and insurance
firms of w. E. Helmick and v. II,
Moorhead of GAINESVILLE have BEEN
consolidated.
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24

The Marietta Times and Morgan
County Democrat. both one year for
IS. l- f19tf
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24

Miss Etha Hardesty of Cleveland
is spending her holiday vacation
with her home people at Bristol.
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24

Prof. j. Ray Smith and family
are spending Christmas with Ma
rietta relatives.
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24

Mr.. Dan Chidester, Spanish
American war veteran of Pennsville,
is suffering with gangrene in one of
his feet.
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24
Loo A l. N e w s.

Clyde Newsom of Hopewell re-
mains critically i'll.
Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1931-12-24

Last Minute Gift
Give the Morgan County Demo
crat.