davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-05-28
VIEWS On STOCK
CHEAPNESS
DIFFER
Bargain Counter Idea Is Held
BY Some, But Spectators
In General Are PeSSimiStiC
BY THE SPECTATOR

NEW YORK, May 28-Whether
or not current prices are cheap"
depends on the point Of view in
vestors are adhering to at the
moment.
II one can assume that profits
for the period 1932-1937 will aver
age as good as earnings for 1880,
as certain observers contend, then
a long list of high-grade stocks
are on the bargain counter.
Many Are SkepticaI
However. with pessimism ap
parently at its worst stage, it will
take considerable prodding on the
part of constructive interests to
indicate to some spectators that
all companies will not be in red
ink for years to come.
1t has been extremely diScour-
aging to investors to see such a
time proven issue as American
Telephone in the van of the
downward move.
The drastic declines in operat-
ing income the carrier systems
have reported this year has in
fluenced generally mistaken
idea that railroads are definitely
on the downward trend, due to
outside competition.
Opposed by Figures
Figures brought out to disprove
this theory show that freight
traffic reached its highest point
in 1929, in spite of increasing
competition from other agencies.
The volume of traffic measured
in net per ton miles in the firEt
quarter of 1881 is off about 25.7
per cent from 1929.
This corresponds roughly with
a slump of 25.2 per cent in 1921
as compared with 1920.
Approximately 80 per cent of
railroad freight traffic is non
competitive with other forms of
transportation.
The Washington times., 1931-05-28
Freight Rates Cut
By Canadian Pacific

The Commerce Department yes
terday was advised that the Ca
madam Pacific Railway has re-
duced arbitrary freight rates 9n
forest products from Vancouver
points north and west of Ma
naimo to Canadian points. The
rates are to be the same rs
those from Victoria.
Rates to the United STATES
points from the Vancouver sec
ton are in process of amend
ment, it was stated.
The Washington times., 1931-05-28
Farms of Nebraska
Decrease in Value

The number of farms in Ne
braska increased from 1920 to
1880, but farm values declined
from $3,711.1O7 ,760 to $2,495 ,203,-
OIL, the Bureau of the Census
reported.
There were 124,417 farms In
the State in 1920, 127,734 in 1925
and 129,458 in 1880. The latter
total included 1924 farms OF
500 acres or more,
The 1880 census, it was stated,
showed that 67,418 farms 1ere
operated by owners, 1920 by
managers, and $1,000 by tena1 Is.
The Washington times., 1931-05-28
Scott to Take OUer
West Co. Accounts

Montgomery Scott & Co., Of
New York, are to acquire the
satisfactorily margined accounts
Of the insolvent New York Stock
Exchange firm of West & Co., ac-
cording to a plan submitted to
the United States district court
in Philadelphia.
About 1,4OO accounts are in
volved. The offer is contingent
upon the approval of the custom
ers whose accounts are involved.
The Washington times., 1931-05-28
NeU Han1pshire's
Mills Speed Work

The Cocheco Woolen Company
has resumed capacity operations
at Rochester en-, H. mill after
being closed for several weeks.
Increased operations have been
effected by Wyandotte Worsted
Company, Comic Manufacturing
Company, NeWmaret Manufac-
ing Company, Waterman WorSted
Company and Harris and Emery
mills.
The Washington times., 1931-05-28
N. ]. PUBLIC SERVICE

The Public Service Corporation
Of New Jersey. in the II months
ended April 80, this year earned
$22, ,l94,337 for its common shares
after all charges, including the
usual reserves for depreciation
and maintenance allowances and
preferred dividends. This is equal
to $4.03 a share on the $500, 1923
shares outstanding at the end of
the period.
The Washington times., 1931-05-28
American to Direct
BuiLdinq for Russia

John Calder. American con-
Struction engineer, has been ap-
pointed advisor Of the Soviet
government on all construction.
Mr.. Calder is to build a tractor
plant at Stalingrad and will at
tempt to speed up work on cur
rent projects.
The Washington times., 1931-05-28

1873 lis Zonite Prod. 119S liz 1l4
Dividend symbOls-a, extra; dividend stock: sH
stock; d. scrip "ex-dividend; texrightR.
Dividend dollars parentheseS
Years high and carried previous
~Ex-divIdend. fEx-Rights.
The Washington times., 1931-05-28
NEW GOLD ORE FOUND

Dome Mines, Ltd, has discov-
cred and drifted 100 feet on a
new ore body 80 feet wide and
assaying from IS to Sc a ton in
gold, J. H. Stovel, general super
intendent, told stockholders at
the annual meeting. The new
body is not related to any pre-
viouSly known and he thought it
might prove important.
The Washington times., 1931-05-28
WASHINGTON STOCK EXCHANGE

SALES
Potomac Electric IS, 1858,
$5, ,OOO@ 109.
Washington Gas IS B, $1,000
1862.
Barber & Ross, Inc, CON-, 500
10, 5O@10.
After call-Washington Gas IS
A, $1,000@103.
Washington Railway and Elec-
trio pfd., 1908, 3@98.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-11
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS

NEW YORK, November 1.-THE fol-
lowing is summary of important cor
poratlon news prepared by the Stand
ard Statistics Co., Inc, New York, for
the Associated Press:
News Trend.
Revenue freight car loadings for the
week ended october 81 totaled 740,363
cars. which compares with 1858 cars
IN the previous week and S34,715 cars
III the corresponding week of last year,
according to the American Railway As
ISOLATION. The decrease of 29,310 cars
was only slightly in excess of the normal
seasonal decline. Decreases were re-
ported in all commodities except grain
and grain products.
The daily average crude oil produc-
ton for the week ended November z was
2,456,80O barrels, compared with 2,431,-
z5O barrels in the preceding week, an
increase OF 25,550 barrels, according to
the American Petroleum Institute. The
only gain of any size was the 1899
barrel increase in the Oklahoma output
Gasoline stock at refineries totaled
81 ,07l 600 barrels, which was $4,000
barrels greater than at the end of the
previous week
The Companies.
American Car e. Foundry-New York
Board of Estimate approves contract
placed with company for 500 subway
cars to cost about $l0700,000.
American Steel Foundries passed
quarterly common dividend paid 25
cents September 80.
FL Paso Electric combined preferred
share earnings IL months to Septem-
Der 80, S27.77 VS.. 1886.
General Electric-New York Board
OF Estimate approves contract placed
with company for subway equipment
costing S2,5l2.125.
Kuppenhcimer tBD e. Co. takes no
action on semi-annual common divi-
dend; paid 81 July /.
Reeves tDanieD, Inc, october sales
of 8 per cent; 10 months, off 8 per
cent.
Sun Oil earnings to date more than
cover dividend requirements on COM
mon stock of % cents quarterly.
TTuscon Steel-Operations at Cleve-
land plant advanced to so per cent of
capacity VS.. 35 per cent formerly.
Chapman Valve Manufacturing deficit
nine months to october l, $l67,955.
Granite City Steel common share
earnings nine months to September
80, S1l6 VS.. $2.36.
Hires (Charles E) Co. common share
earnings, year ended September 80,
S2.79 VS.. $5.l5.
Motor Wheel declared 1912 cents
common dividend; paid Is cents Sep
TENDER TO-
Thompson John r. Co. 1881 net
estimated at about SO per common
share VS.. actual earnings of 1918 a
share in 1890
United Business Publishers 81 pre-
ferred share earnings, nine months TO
September 80, 81 go VS.. $8.78.
United Fruit declared rs cents COM
mon dividend; formerly paid 81 quar-
terly.
United States Steel ingot production
| averaging about 34i2 per cent of ca
pacity VS.. 321z per cent in preceding
week and ~ per cent q year ago.
Bangor Hydroelectric net income, IL
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-11
months to September 80, $685. VS.

months to September 80, $85S,654 VS..
$848, 807.
Pennsylvania Railroad, subsidiary of
Pennroad Corporation, acquires control
o. Commerce Freight: latter to be con-
solldated with five other units into new
forwarding company.
Texas Corporation tank car gasoline
price advances Il cent a gallon to 6
cents
Tidewater Associated Oil Sc preferred
share earnings nine months to Septem-
Der 30. "a cents VS.. $1076.
Congoleum- Marin Inc. reduces limo
leum prices to 30 per cent and felt
base products IS to IS per cent.
Motor Wheel deficit, nine months to
September 30, s37,707 VS.. net income
OF Sl,032,024, equal to $1.21 a common
share
Warner Bros. Pictures deficit, year
ended August 20, S7,9l8,605 VS.. net in
come Of S7,074,621, equal to 1927 a
common share
American Products deficit, year ended
September 80, SAL ,445 VS.. net income
OF $l52,258, equal TO "a cents common
! share
American Steel Foundries deficit,
nine months TO September 80, $l55,707
/ VS. net income of S2,720,369, equal to
/ S240 a common share.
! Associated Gas g. Electric reported
workers earning more than $1,000 per
annum are being compelled to invest
10 per cent of their salaries in utility
employees securities to provide cash that
could not be raised in open market ana
/ to avoid wage cut
! Associated Oil common share earn
ngs, nine months to September 80, u
cents VS.. S201.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-11
SMALL INVESTORS BOLSTER
MARKET DURING LIQUIDATION
Buying of Odd Lots for Cash Reached
Millions of Shares in October,
Reducing Floating Supply.

fixed trusts which made up their in
vestment lists year and a half ago.
In purchasing "ocid lots" for cash
many investors haze drawn down their
deposits in commercial banks and in
savings banks, not only to obtain a
higher rate Of return on their capital
but to be in position to gain from any
future appreciation. In this buying a
considerable amount of averaging" is
represented. For instance, the indi-
vidual who had bought 10 shares of q
stock at $50 share now buys 10 or 20
shares more of the same stock at a
third Of the original cost, bringing down
the average of the entire investment to
level which he feels is a reasonable
adjustment to decline in the earn
ings on the stock and possibly to a
reduction in its dividend.
Shareholders Increase.
1t is striking fact that with all the
liquidation that has taken place in
stocks in the past two years the total
number of shareholders in American
corporations has steadily increased.
This is pretty we'll explained by the
sale of lots in units of from 100 to
5000 shares, held by one individual
and subsequently split up into "odd
lots" representing an increase of many
hundred per cent in the ownership of
the original shares. During 1880 there
was an increase in the Stockholding
body Of so American industrial and
public utility corporations of about IS
per cent, or in numbers $4,000. This
year practically every one Of these same
companies shows a gain in the number
of its owners over 1880. In spite of
the universal bearishness on American
railroad stocks, the records Of the
largest carriers indicate the same in
crease in shareholders as has taken
place in the other two corporate
divisions
The five corporations having the
greatest number of stockholders, in the
order of their rank are American Tele-
phone & Telegraph, Cities Service
General Motors, Pennsylvania Railroad
and United States Steel FAs a group
the fastest growing companies with
respect to stockholders are the public
utilities. Not only have they made
important additions to their lists OF
preferred stockholders through popu-
lar selling campaigns, but have at
tracted to themselves a new body of in
vestors in their common stocks, owing
to the remarkable stability shown in
their earnings during the period when
the revenues of so many industrials
and of practically all the railroads have
been shot to pieces" by the general
business conditions
(Copyrieht, 1891
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-11
BY CHARLES F. sPEARE.
Special Dispatch to The star

Special Dispatch to The Star
NEW YORK, November 11.-An
analysis Of Stock Exchange transac-
tions during october. taken from the
records of commission houses and
those of firms that make a speciality
of odd lots" indicates that the small
investor has once more been the main
element of support during a period
when heavy liquidation was taking
place for the account of institutions
and for that of wealthy individuals
who had gotten in beyond their depth
in operations of a distinctly specu-
lative character.
The purchases of "odd lots" for cash
in october ran up into millions of
shares. One firm alone, that does only
a normal amount of this business,
bought and transferred to its GUS
toners last month over $4,000 shares
went on quietly. While it was in
progress it seemed to have little effect
on prices. 1t was not nearly so large
as in the months of October, November
and December, 1929 when all the world
apparently thought that. after the ire
mendous break at that time, stocks had
reached bargain level and that he
who had money to buy them would
make a quick fortune. 1t has, however
Deen an important lnIuence Since STOCKS
turned upward few weeks ago, for
the volume of it has been large enough
to affect the floating supply and to make
1t difficult for shorts" to cover when
they sensed the change in sentiment
and in the technical position of the
market that had slowly been developing
over period of weeks.
Low-Priced Issues Popular.
The small investor has been buying
quite generally through the list of &C
tive common stocks. AS rule he has
shown a preference for shares of low
market value. There is a strong opin-
ion among this class of buyers that the
issues selling in the range between $40
and $40 share offer the greatest spec
ulative opportunities during the antici-
pated period of business and market
recovery. 1t has been possible to buy
for 500 lots of five to ten shares of
stocks which would only have covered
the purchase of one to two shares in
1929 There has been, however, a
strong demand for stocks in the higher
price brackets. Among the most popu-
lar have been American Telephone &
Telegraph Consolidated Gas, General
Motors. General Electric, Electric Bond
& Share, United States Steel, Atchison
and New York Central. Most of these
are to be found in the portfolios of the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-11
CHANGES IN BANKING
SYSTEM CONSIDERED
U. S. Chamber of Commerce Com
mittee Maps Out Legislative
Suggestions.
Rv the Associated Press.

BY the Associated Press.
Significant changes in the banking
system were considered at recent
meeting of the Committee on Banking
of the Chamber of Commerce of the
United States
The committee laid out broad pro-
gram of inquiry covering questions of
eral Reserve system and National Banks.
and the relations between National and
State banks. Strengthening and unity
ing the banking system as a whole were
the objects in view.
A number of important trends are
reflected in the statistics which the
committee considered. During the first
nine months of 1929 AZ bank mergers
involved more than one-sixth the bank
ing resources of the United States. If
to the number of banks eliminated
through mergers there is added the de-
crease brought about through suSpen-
sions. voluntary liquidation and other
causes, it is found that from total of
3O.8l2 in 1927 the number of banks
have declined to 20,903 on June 80 last,
an average of 900 year, or about three
per day. While there have been vari-
Gus bank suspensions, less than per
cent of the bank deposits of the coun-
try were involved.
a.
80, 1855 or per cent operated branch
banks. The $50 State banks possessing
branches were 4 per cent of the 49,
827 total However. these BIT banks
which operated branches, or "a per
cent of all banks, had SOS, 600, 600
or 43.1 per cent of the total loans and
investments of all banks in the country
Hardly less significant is the number OF
group and chain banks, which on June
80 included 2,144, or per cent of all
banks in the country.
These banks had $12,0l9, 100000 OF
loans and investments, which repre-
sented 20.6 per cent of the loans and
Investments of all banks. OF the dupli-
cations between branch banking sys-
tens and chain or group systems be
eliminated, it is found that the II per
cent OF the banks in the country which
are affiliated with branch, chain or
group systems control more than one
half of the loans and investments of all
banks,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-11
CURB SHARES SAG
2INDRAGGy MARKET
Utilities, Oils and Coppers
ri
Prove weakest Groups
on Board.
BY JOHN A. CRONE.

Special Dispatch to The Star.
NEW YORK, November 11.-Dull and
lower from the start, today's curb ex-
change session steadily slipped as trad
ing moved al SLOW pace.
Electric Bond & Share at times was
dcwn about a point and Cities Service
was CT a email fraction. Public utili-
ties, oils and coppcrs were the iirst
groups to work lower, but liter other
sections of the list weakened
Outstanding in point OF activity ana
for its early advance was Common
wealth Edison, which plans the issuance
of additional common stock to holders
of record December Is. at 500 a share,
in the ratio of new share for each 10
now held Public Service of Northern
Illinois. also an insult utility. which
plans on the same date to offer new
shares to present holders in the ratio
of l new share for 8 shares held, at
500 share. did not sell in the fore
noon today On the curb, where 1t Is
usually rather inactive.
Edison Electric Illuminating CT Bos-
ton quickly rose 5 points, as did select
ed industries preferred, but Great At
lantic g. Pacific Tea yielded 3 points
and Driver Harris lost q point.
Copper shares indicated doubt about
the successful conclusion Of the world
curtailment conference here Saturday
1lOOII DIS bllSg teaSGA JILL WIN w AAASAAN
Mining and United Verde Extension
leading the descent. Motors were al
most uniformly lower despite some pick
up in manufacturing centers, incident
to the bringing out of new models. Ford
Motor of Canada A. Ford Motor Ltc
and Cord Corporation led the decline.
Cleveland Electric Illuminating had
previously discounted the II months
earning report, which showed $2.48 on
the common, against So for the same
period ended September 30, 1880.
Curb stocks were inactive at slightly
lower prices at the opening.
Electric Bond g. Share at 21is was
of 81. This set the level for utilities
such as American Commonwealth
Power. Central States Electric and Nj
agara Hudson Power
Cities Service opened off slightly at
BIS. Other oils were inactive Indus
trials, such as Aluminium Corporation,
Driver Harris and Swift & Co., were
lower. In the mine group Anglo
Chilean at p and Newmont at 1875
both lost fractionally. Pennroad opened
lower at 43s Gas company shares
were dull. with small declines in APP
= palachian and Arkansas Natural Gas.
United Founders sold off shade
to 34. Other trading corporation
equities were unchanged.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-11
INVESTMENT BANKERS CHEERED
BY REBOUND IN BOND MARKET

palities as we'll as those of Austria,
Poland, Greece and Hungary.
The general recovery in foreign dol
lar bonds has lifted part of the load
from the shoulders of investment bank
ers. 1t has not in the least relieved
them of the responsibility for surround
ing clients who have purchased these
during the years before these issues
reach maturity.
There has been conspicuous alb
sence of information and of advice
from the sponsors of foreign dollar
bonds in behalf of the individuals and
institutions that bought them in the
heyday of the foreign dollar bond
boom. There is, now that these bonds
have rallied materially, disposition on
the part of those who sold them-it
has already appeared in statements
coming from White Sulphur Springs
to criticize bondholders for losing their
heads and selling their bonds below
their actual values.
The reply of the bondholder may
well be that, in his moment of crisis
and of indecision. he had no one to
guide him or to urge him strongly not
to sell his South American or German
issues. AS a matter of fact, he was
frequently urged Ito get out of them
at any price" by practically the same
people who had advised him to get
into them when they were originally
issued and were selling at premium
over the subscription figure.
Information Sought.
The weakness of previous reports on
foreign dollar bonds submitted at the
annual conventions of the Investment
Bankers Association has been realized
Efforts are now being made to develop
a fund of information that will steer
the holder of such bonds along
proper course in the future. To be
worth while this must not only follow
affairs in countries that are now in
default, but be so well grounded on
conditions in Germany and in South
eastern Europe that it can represent
an opinion entitled to respect by the
American holder of foreign bonds when
he faces up to the many confused situ-
atoms that are likely to develop abroad
in the next few years.
Copyright, 1919
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-11
Protective Committee Formed.

BALTIMORE, November IL Especially.
Formation of a Protective Committee
to act in the interests OF holders of
American Solvents q Chemlcal Cor
poration of Maryland 6la per cent 10
wear sinking fund gold debentures, Gen.
eral Industrial Alcohol Corporation con-
yertible 6is per cent sinking fund de-
bentures ard Rossville Commercial AL
cohol Corporation 20-yeer sinking fund
per cent convertible dehentures has
lust been announced. The City Bank
Farmers Trust Co. of New York has
been named as depository,
The American Solvents & Chemical
Corporation Of Delaware, which has as
sun1ed the three issues of debentures,
defaulted in payment of interest cou-
pons maturing September IS last on the
American Solvents of Maryland deben-
lures. and on November on the Gen.
eral industrial Alcohol debentures,