davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-07-02
GAS FIRM GAINS
81 PER CENT IN
NET EARNING
Report for First Five Months
This Year Shows Increase
Over Same Period in 1890

The Washington Gas Light Co.
report filed with the Public Utili-
ties Commission shows net earn
ings the first five months this
year were $173,288 more than for
the similar period in 1880, a gain
Of, 37.3 per cent.
Net earnings in May we're $23,.
$50 more than for the same
month last year, an increase Of
27.9 per cent.
May Revenue $51O,9O1
The company reports operating
revenue in May as $510,301 .88.
This compares with operating
revenue in May, 1880. of $482,-
1885. Operating expenses for
the same period are given as
$309, ,236.68. This compares with
$308, ,167.01 for the same period
last year. Total deductions from
operating revenues are listed as
$342. .401 .43, in comparison with
$339, ,697 .88, leaving an operating
income of $168, ,500.45. compared
with $142,555.67 in" May, 1880.
Net $1O6,OOO
The company reported a non
operating income of $5,982.21,
against $1,917.70 a year ago.
Miscellaneous deductions amount
ed to $67, ,880.08, against $61, Isl 30,
leaving a total net income OF $1O6,-
602.58, compared with May net
in 1890 of $83, 3,322.07.
In it's report for the first five
months of 1881 the gas company
reported operating revenues total
ing $2,869, TOT SO, against $2,546,-
405.58. Operating expenses were
$1,742, ,308.38, compared with ST.
SIS, 5,868.69, leaving an operating
income of $949, ,915.89, in COM
parison with $766, 769. 80 to date
in 1880.
Gross Income
incorporating income totaled
424, 4,209.21, against $8,936.76, with
gross income standing at 1914
225.10, compared with SITS, ,706 sc
in, the like period last year.
After all other deductions, the
gas company had a net income
of $637, ,724.75, against $464, ,435 .87.
or the aforementioned gain of
almost $175,000.
Rapid Transit Deficit
A statement filed by the Wash
ington Rapid Transit Company
showed May net income of $1,478,
a decrease of $2,032 from May
last year.
A deficit of $2,345 was reported
for the. first five months of this
year, nearly double that for the
same period in 1880.
The Washington times., 1931-07-02
By LEWIS HANEY
Director New York University Bureau
of Business Research and Former
Economist of Federal Trade

economist or Federal Trade
Commission
Much postponed buying of COM
modities has been driven in"
by the sentimental effect of the
proposed foreign debt holiday.
This is notably true of cotton.
And, through raw cotton. the
effects of stronger markets have
been transmitted to yarns and
goods.
UnqueStionably cotton was sell
ing at or below the average cost
Of production. In certain favor
ably situated areas, cotton can
be produced at five cents pound.
That, however, is exceptional.
1t is doubtful if the South can
break even on eight-ceht cotton.
The market was getting abnor-
mally low just before the mora
tOrium proposal came out.
Demand Backward
This condition was due to the
backwardneSS of the demand.
The supply is huge. but more than
that the trade went short" in
the sense that manufacturers
were buying less than normal re-
quirements. Goods were so cheap
they could make no money.
Then the foreign debt negotia-
tions aroused hopes. The trade
hastened to cover as speculative
forces bid up cotton prices. The
market snapped back to above 10
cents, a gain of nearly Is per
cent.
Cloth buyers took notice, and a
week or two of good volume in
the print cloth markets has
brought sharp price advances.
This, however, has been mostly a
sort of short covering" and
seems to have been more the, re-
suit of higher cotton, than Of in
dependent strength in the demand
for textiles.
More Consumer Use
There has been some real in
crease in the consumer use OF cot
ton fabrics this season, part1cu-
larly in mesh weaves for sports
wear and in materials for beach
pajamas, etc. But statistical in
dications do not show enough
strength in the demand for cot
ton textiles to make it a factor
in pulling cotton prices up.
For one thing, the spread be-
tween cotton and the prices Of
yarns and gray goods remains
very small. This suggests that
the supply OF goods is greater than
the demand. Moreover, stocks OF
standard cotton clothes and stocks
The Washington times., 1931-07-02
to Combat
Rail Freiqht Raise

The State Corporation Commits
sion has announced it will op-
pose a blanket increase of Is per
cent in freight rates sought by
the railroads.
A formal objection win be filed
with the Interstate Commerce
Commission in the near future, it
was stated.
The Washington times., 1931-07-02
Electric Output
Cut 80 Per Cent

Electric output in the United
States for the week ended June
81 was sol 900 XVIII. against
1,657 ,320, 900 in like 1880 week. a
decrease Of 3.9 per cent. In week
ended June 80 output was 1871
185, 900 XVIII. against 1855, ,5O4, 900
in 1880 week; a decline Of 4.6
per cent.
The Washington times., 1931-07-02
u. S. Employment
ShOUS Little Gain

Employment conditions through.
out the United States showed lit
tie improvement in mid-June over
the recent levels, according to a
report to the Presidents Emerg-
ency Committee for 26 localities
made public by Acting Chairman
Fred c. Croxton,
The Washington times., 1931-07-02
WASHINGTON TIMES

BUSINESS OFFit,k I3I7 n 81 n W
RA rES DElINEREI BY EARRlER IN
WASHINGTON AMI AI.EXANDRiA
The Washington CtmeS daily Is dsnVer
By carrier at 10 cents neT week Daily
Times and Sunday Herald is cents Der
week.: daily Times and HERALD daily 90
cents per week. daily rimeP and Herald
daily and SUNDAY 25 centa Der week
day 10 delivered by carrier al is cents Oer
week: daily only 10 cents per week and
SUNDAY only 10 cents Der week
Orders can be sent by mail or telephone
District $500 Collection is made weekly
by carrier
The Washington times., 1931-07-02
TANKERS
SPEED Up n. !.
CAS- WAR +
Steamers Unload CargOes at
Albany WharveS for First
Time in Oil Trade History

NEW YORK, July "A gaso-
line price war is on upstate today
with the slashing of service sta
ton and tank wagon prices at
Syracuse 2 $40 cents a gallon by
the Standard Oil Company of
New York.
This brings service station gaso-
line down to IL cents a gallon
and tank wagon to 10 cents, not
including tax. At Buffalo and
The Washington times., 1931-07-02
SEARS, ROEBUCK BUYING

Sears, Roebuck & Co.. is re-
ported in wholesale channels to
have been a substantial advance
buyer of mems clothing for fall
delivery, especially on two-pantS
suits to retail at about $3.50.
The Washington times., 1931-07-02
RAIL PLEA UP TO THREE

A committee of three members
Of the Interstate Commerce Com
mission, Commissioners Meyer,
Lewis and Lee, will conduct the
hearings on the Is per cent rail-
road rate increase plea.
The Washington times., 1931-07-02
ENTERS NEW FIELD

j. Maynard Magruder, well
known locally as a manager Of
hotel properties, will enter the in
surance field. according to an
nouncement made yesterday.
The Washington times., 1931-07-02
CHEEKY Trade
News Items

Film In duS try Outlook
Brighter.
Gas Firm Gains 81 Per
Cent in Net.
Packing Trade Gains in
June.
Stocks Regain Lost Bill
lions.
Canadian Business Better.
The Washington times., 1931-07-02
Deficit For France
Put at S96, 900

Latest official estimate places
the 1930-31 French deficit at FIR.
2,40O, ,000,0 900 ($96, ,000, ,000).
The Washington times., 1931-07-02
H0LEPROOF OMITs

Holeproof Hosiery Co. has
omitted the quarterly dividend OF
$1.75 on the 7 per cent cumulap
tive preferred due at the present.
time. 20
The Washington times., 1931-07-02
nancia Ne1v Stocks Bonds Commodities and Comment
New York Bond Market

FTactIoas TepvcSeR SsHdS
IUI I meuR' f01 l-JS
The Washington times., 1931-07-02

IhIted SIAIes HLkh Low L-AsL
Lib 1st 4hs '32-47. l1eS 12l1O3 101oS ~
Lib 4th AIS '33-3s. l1O4 24fIO4 23I104 %
Lib 4th 4As seller i104 24l1O4 241O4 -
The Washington times., 1931-07-02

ATLANTIC CITY. n. ).
The Washington times., 1931-09-30
R B MARKET
UT|L|T|ESOFF

NEW YORK, Spet. 80 G.N.S0.
Reactionary tendencies continued
unchecked in active Curb Market
dealing today with heavy selling
centering in the utility group and
spreading out to take in other
sections Of the stock list, as the
decline picked up momentum
shortly before midday.
The sharp declines recorded in
the utility group carried most of
these issues to levels which were
but a small fraction of the
prices attained in the memorable
1929 upruSh.
Standard Oil Of Indiana broke
to a new low in an otherwise
steady oil list, falling back to
1879 for a loss Of a point.
Specialties were off sharply in
spots, with the weakest issues, in
GLIDING Aluminium, off 31a at
85h, Glen Alden Coal off az at
IS, Great Atlantic and Pacific
Stores off AZ at 172, and Mead.
johnson off 2 at so.
Curb bonds were irregularly
lower on the average,
The Washington times., 1931-09-30
COTTON PRICES
ARE HIGHER

NEW YORK, Sept. 80 G.N.SO.
The New York cotton market to-
day was simply a balancing off
Of Southern and hedge selling
against trade buying, with few
other important factors entering.
The hedges were fairly numer-
Gus during the forenoon trading.
At the opening, Liverpool was re-
ported being buyer. Wall Street
was credited with being a buyer
of several thousand bales. The mar
ket was early concerned about
further rumors Of difficulties in
foreign exchange.
Export figures were of some in.
terest, with Great Britain and the
Continent taking the bulk of the
days total. It was explained that
the let-up of buying from the Far
East has been due to some worry
about the comparative position of
Lancashire and Japanese Spinners
and the fear that Britain might be
able to meet competition more sue.
ceSsfully.
At midday, October sold at 5.88,
up 8; December at 500, I'D 2:
January at $40, up 8: March at
6.3S, up 4: May at 6.55, up 8, and
July at 6.74, up 3.
The Washington times., 1931-09-30
IS CITIES NOTE
BETTER TRADE

Favorable business reports were
received by the Department of
Commerce today from II out of
81 principal cities.
Scattered signs Of improvement
were seen in Boston, Buffalo,
Philadelphia, Charlotte, Charles
ton, s. c., Atlanta, Birmingham,
M e mphiS, Louisville, Chicago,
Dallas, Salt Lake City and San
Francisco.
An increase in employment and
payroll earnings was reported in
Boston for August as compared
with July. Wage earners in
creased % per cent while aggre-
gate weekly earnings gained 90
per cent.
Gains were reported in prac-
tically all important Massachusetts
shoe centers, while improvement
was reported for the wooden, cot
ton. and confectionery business.
The Washington times., 1931-09-30
WEEK
GAINS GROUND

The five-day week is steadily
gaining ground as a permanent
labor policy in American industry,
according to a survey just COM
pleted by the United States
Bureau of Labor Statistics.
OF IT industries, taking in
1887 separate business estab-
lishments, the bureau found that
"a per cent had permanently
adopted the five-day week for
part or all Of their employees.
The bureau found that the
automobile industry with 44.3 per
cent had the highest percentage
Of employees on the five-day basis.
Next highest was the radio in.
dustry with 34.4 per cent, the dye
ing and finishing textiles in
dustry had 27.0 per cent and the
aircraft industry 24.9 per cent.
The Washington times., 1931-09-30
CRED|TCONPA ANY
NET HIGHER

BALTIMORE, Sept. 3O.-Con-
soidated net income applicable to
the common stock of the Com
mercial Credit Company for July
and August, 1881, was at the an.
nual rate of 1929 per share, as
compared with 5000 for 1880, and
for the eight months ended Au.
gust 81, 1881, was at the annual
rate of $2.09 per share, as com.
pared with $2.17 for 1880.
On domestic operation alone
Omitted States and Canada) con.
solidated net income applicable to
the common stock was at the an.
nual rate of $3.15 per share, as
compared with $2.02 for 1880, and
for the eight months ended Au.
gust 81, 1881, was at the annual
rate Of $2.71 per share, as com
pared with $1.87 for 1890.
Fortunately, all operations OF
the foreign subsidiary, including
capital invested therein, which
would have been directly affected
by the recent decline in the pound
sterling were fully covered at pre-
existing normal rates.
On account Of the continued
unsettled foreign economic and
exchange conditions, the foreign
subsidiary set up a cash reserve
in June, 1881, of $1,500,000 out of
its paid-in surplus against depre.
citation of investments, probable
credit and exchange losses, which
reserve, with previous reserves,
now seem ample.
The Washington times., 1931-09-30
GERMANSSTUDY
GOLD DRAIN

BERLIN, Sept. 80 U.N.sJ.-De.
spite Chancellor Bruening's dec
laration that Germany will re-
tain the gold standard in the face
of suspension by Great Britain
and other European nations, some
concern was expressed today in
industrial and financial circles
here over Germany's financial
future.
Since September 7, 100000, 900
gold marks have been withdrawn
from the Reichsbank, but to off
set this, a $500,000,000 favorable
trade balance is expected during
the next six months.
German credits of more than
81 900, 100000 will expire in Feb
ruary, but there is confidence
these will be extended.
Reviewing the financial situa-
ton, a group Of eleven leading
business and industrial associa-
lions presented the Government
with a series of demands for de-
creases in public expenditures, ad-
justments in salaries and wages
to meet world competition, and
relieving the money market of
the pressure Of floating the pub
lie debt,
The Washington times., 1931-09-30
8 LARGE ORDERS
HELP STEEL
TRADE
Public Work Contracts Are
Features in Dull Market,
Iron Age Summary Shows

NEW YORK, Sept. 80 UN.S)
A few large individual orders
mainly for public works projects
are conspicuous in an otherwise
predominantly dull iron and steel
market, according to the weekly
Iron Age summary to be released
tomorrow.
It points out that a New Or
leans bridge, 10000 tons, and
terminal for the port Of New
York authority, $4,000 tons. &C
count for the major part Of the
weeks structural awards, which
aggregating 10000 tons, are the
largest since March.
Big Pipe Purchase
A cast iron pipe purchase by
Lincoln, Nebraska, calls for $4,000
tons Of 36-inch diameter material
while a rail order placed by the
Chesapeake and Ohio totals $4,000
tons.
In general. however, buying Of
iron and steel is exceedingly eau
tious, although seasonal forces
have resulted in slight gains in
demand in certain districts. The
Review goes on to say that recent
wage reductions by steel com
panieS have proved an unsettling
influence, increasing the pressure
for price concessions and causing
the postponement of purchases
except for urgent needs.
With steel producers strongly
resisting current efforts to under
mine the price structure, the fact
that demand is showing any gain
at all is regarded as an encourag'
ing indication. The betterment is
reflected in ingot prNdu ton
which has risen to 81 per cent
from 20 per cent week ago.
Composite Price Holds
While prices or finished steel
and pig iron appear to be holding
weakness has cropped out in cast
iron pipe on the Pacific coast and
scrap prices have given further
ground. Heavy melting grade has
declined IS cents a ton at Pitts
burgh and Chicago, and the Iron
Age composite price for heavy
steel scrap has dropped from
$9.17 to SO a gross ton. This is
the lowest level in the century
reached only once before, in No
vember, 1914.
The Iron Age composite prices
for pig iron and finished steel are
unchanged at 1912 a ton and
2.116 cents a pound, respectively
The Washington times., 1931-09-30
POIUer COnlpGny'S
Net Revenue Gains

American and Foreign Power
Co., Inc, reports total operating
revenues of subsidiaries for the
IL months ended June 80, 1881
as $73,578,434 as compared with
$75,023,509 for the previous IL
months. Net revenues from oper
alton were $37,548,878 as com
pared with $37,269,328 for the
previous IL months.
The total income applicable to
American and Foreign Power Co.
Inc, for the IL months ended
June 80, 1881, was $29,81O, 1913
After the deduction of $1,869, ABS
for expenses and taxes there re
NAMED a balance of $27. $40, 908
The Washington times., 1931-09-30
Engineers Utility
ShOUS Less Gross

Engineers Public Service Com
pany reports for the IL months
ended August 81, gross earnings
Of $52,298.410 and net earnings
Of $22,591, 022 which compares
with $52,677 ,808 and $22, 495 ,2O5
respectively, for the IL months
ended August 81, 1890.
For the month of August, gross
earnings were $4,242,193, a de
crease Of $269. 500 under the previ
Gus year. Due, however, to reduc
lions in operating expenses, net
earnings of $1,939. 400 are $116,50I
above the previous year.
The Washington times., 1931-09-30
NEW PLEA FILED
IN RAIL RULE

The st. Louis Southwestern
Railroad, better known as the Cot
ton Belt, today filed exceptions
to the report of Examiner Thomas
F.. Sullivan recommending the
Interstate Commerce Commission
deny the application of the South
ern Pacific Railroad for authority
to acquire its lines by purchase
of capital stock.
Sullivan's report conceded the
unification would improve "the
desperate plight of the Cotton
Belt" but recommended denial on
the application on the ground it
would divert traffic from other
Southwestern lines. The Cotton
Belt pleads:
''This is q life-and.death mat.
ter with the Cotton Belt. 1t is
the Onl means for its salvation
against inrOads into its traffic
which have been made possible
through the orders Of the COM
mission"
The Washington times., 1931-09-30
F AR N LEADERS
PLAN UNITED
FRONT
Grange Meeting Here to Join
Other Groups in Debenture
and Equalization Fee Fight
BY ROBERT S. ALLEN

Mounting farmer agitation for
q general moratorium Of their
debts was under consideration by
the executive committee Of the
National Grange meeting here to.
day to launch comprehensive
program for drastic farm relief
legislation at the December SeS-
sion Of Congress.
With the demand among farm.
ers for q general debt suspension
growing in insistence and volume
the Idaho State Grange recently
went on record as favoring .
moratorium.
United Front Planned
It was pointed out that Fed
eral land banks have sold millions
of dollars Of bonds which might
be seriously affected should the
moratorium movement spread
To safeguard these investments
and ease the great burden OF
debts carried by their members.
grange executives declared, 1t IS
imperative that prompt relief
measures be instituted.
The National Grange, therefore,
is joining with the American Farm
Bureau and the Farmers National
Union in a united front" pro-
gram for farm relief legislation
in December. These dominant
farmer organizations favor dif'
ferent methods for dealing with
the crop surplus problem.
The Farm Bureau advocates
the equalization fee. The grange
holds to the export debenture.
The Farmers Union is split, one
group favoring the fee. the other
opposing further legislation.
Under the present program.
each, while adhering to it's own
proposal, will not contest that OF
the other. The plan is to go be-
fore Congress and ask for the
enactment of the fee and the de-
benture, writing them as amend.
ments to the Federal Farm Board
act.
Optional With Board
Their use would be optional
with the board, farm leaders eX'
plain. This would strengthen the
effectiveness of the board, they
declare, as it would give the
agency full freedom Of action.
Some farm leaders declare this
program is Administration in
spired.
It is definitely known that
farm leaders friendly to the Farm
Board have advised the President
to give the farm organizations o
free hand in amending the Farm
Board act. Such a policy, they
declare, would operate to allay
farmer hostility and would rally
farm support to the board against
the threatened drive to abolish 1t.
The Washington times., 1931-09-30

that 101 or 40.6 per cent sold at
less than five times average earn
ings for the same period; 43 OF
17.3 per cent at less than three
times, and 20 or 8 per cent at less
than two times average earnings
for the past seven years. More
over, it is seen that 178 or Ills
per cent sold at less than book
value. The review comments:
cat a time like the present,
when peSSimism is being carried
to even greater extremes than
was optimism in 1929, it is ad.
visable to consider the situation
calmly and inteIIigently and
consider the actual facts and
values instead of being carried
away by mob psychology.
ut should be realized that it
might not be good judgment to
base security values upon cur.
rent earnings because current
earnings are not normal. Aver.
age earnings for a period Of
years as well as asset values
should be considered in reIa-
tiOn to market prices"
The Washington times., 1931-09-30
NEW HAVEN,N.Y !.
CENTRAL SET
PACE
U. S. Steel Sells Below II
And N. J. Standard Oil at
80 Before Prices Turn Up
BY w. S. COUSINS

NEW YORK, Sept. 80 U.N.So.
The railroad stocks were the
leaders in an upturn in prices in
an irregular market this morn
ing.
The industrial stocks and utili-
ties were forced to slightly lower
levels in the first period by an
accumulation of overnight selling
orders, which carried both United
States Steel and American Tel
and Tel. to the years lowest
prices.
Big Steel Under ~
Big Steel broke under 70 for
a small volume of sales. Amer
lean Tobacco, Consolidated Gas
and General Electric sold lower.
General Motors and Dupont
were under pressure at the start,
and were forced down fraction
ally.
The upturn in the rails accom-
panied reports that the tranSpor.
tation chiefs had made good
progress in ironing out consolida-
ton problems; that rail freight
rates were likely to go up 7 to 10
per cent, and that freight car
loadings have been increasing
moderately of late. New Haven
moved up 3 points to 41H2 and
New York Central was up 3R
at IS.
The high priced specialties
which were under pressure on
Tuesday recovered a part CT their
losses, but their movements were
offset by the sharp declines else
where in this group. International
Business Machine fell off 6 points
to 112A.
Oils Slip Down
Standard of New Jersey led a
reaction in the oils and sold at
30 for the first time this year.
Atlantic Refining and Socony.
Vacuum sold fractionally lower.
United States Government bonds
and rail bonds held fairly steady
In O smaller volume of trading.
Cotton fell off a few points in
the early trading. Corn lost ~
cents a bushel and wheat sold
fractionally lower. ---
Narrow price changes were re-
corded in the commodity markets.
Call money was unchanged at ~
per cent.
The Washington times., 1931-09-30
Community Finance
Cuts 2O-Cent Melon

Directors of Community Finance
Service, Inc, have declared an
extra dividend of 20 cents a share
on the class A and class B pre-
ferred stocks and on the common
stock, payable September 80 to
stockholders Of record September
%. The directors also declared
the regular quarterly dividends.
Directors of the Franklin Plan
Corp, have declared the regular
quarterly dividend of rs cents per
share on the preferred stock, pay.
able October / to stockholders OF
record September Is.
The Washington times., 1931-09-30
KreSS Co. Declares
Extra SOC Dividend

The s. H. Kress Company has
declared an extra dividend Of SO
cents a share on the common
stock, payable in special preferred
stock, in addition to the regular
quarterly dividends Of IS cents on
the common and IS cents a share
on the special preferred stocks.
All the dividends are payable
November 2 to stock of record
october 8.
The Washington times., 1931-09-30
Pennsy Contracts
For Terminal Heat

The Pennsylvania Railroad Com
pany has contracted with the New
York Steam Corporation for the
supply of its entire steam re-
quirements, about 100000, 900
pounds annually, for the opera
ton Of the power and heating
equipment at the service plant;
the refrigerating and heating
equipment in the Pennsylvania
Station; it's railroad car heating
and for power, lighting, refrigerat'
ing, heating, cooking and laundry
purposes at the Pennsylvania
Hotel.
The Washington times., 1931-09-30
u. S. Leaf Tobacco
Exports Increased

American exports of leaf to.
bacco for August increased 2,50O,.
600 pounds over shipments dur
ing the previous month, with a
valorem increase of about $780,
600, the Commerce Department
stated yesterday.
The average return per 100
pounds, however, declined from
5000 to $20.07.