davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-04-25

country Is the fOrerunner OF
wage cuts.
"SOme industries say that
prices of their products must
go still lower before they can
go up, but that high wages
block the salutary process. 1t
is argued that lower wage rates
will mean more jobs and that
the lowered cost Of living will
make a less cash wage equal
in real pay to the higher money
pay of prosperous times.
Mechanization Problems
"On the other hand, the ex.
treme mechanizatiOn Of indus
try in this country has given
us many industries where the
rate of wages is but a minor
factor in labor costs. COntinN
GUS advance Of mechanizatiOn,
with its reduction of employ
ment, ought to mean higher
wages, and increased cOnSump-
tiOn.
1--WE should exert every ef-
fort to prevent the passing ext
gencieS Of the period from de-
priving the worker Of a share
in the profits Of mcehaniza-
tion."
The Washington times., 1931-04-25
SMALL BUYERS
ADVISED To Be
CAUTIOUS
Haney ForeseeS New Lows for
Stocks, But Warns Danger
Lies in Being Caught Short
BY LEWIS HANEY

BY LEWIS HANEY
Director NetO York University,
Bureau of Business Research
and Former Economist of
Federal TT Ie Commission
About all that can be said on
the bull side Of the market IL
that stock loan rates seem to In
dicate pretty heavy borrowing on
short account. Sooner or later
the market will get oversold, as .
matter of course.
One can also say that there Is
tendency to exaggerate some Of
the merely seasonal declines In
business.
New Lows Due
But aside from the exceSseS
that the bears are likely to
commit, and the resulting occar
sional brief rallies, there is at
present no prospect Of q rise. Il
seems probable that the averages
will break the December lows.
The utilities look quite o bit
lower.
To the ordinary small investor.
I advise against being in a hurry
to buy. Wait until values are
much more settled than now.
But don't 60 short now. Above
all don't get Over-extended on the
short side. Don't sell the rails
short now.
Selling at 1924 levels, many
Of the rails are beginning to look
about low enough (though I think
Pennsylvania is a little out Of
line).
Bear Market Still On
Looked at in very broad way,
I think we can say that we are
still in the bear market Of 1929.
1881, and that liquidation is not
complete yet. We may we'll re.
member that there has been tire.
mendous over-capitalization.
Too much stock has been issued.
Many readjustmentS in capital
structure will probably have to be
made.
Meanwhile, it is unsound to
compare recent total earnings
with total earnings in 1921 or any
other time. Remember, it is earn
1ngs per share that count. The
more shares there are, the lower
the earnings per share and the
price.
The Washington times., 1931-04-25
Electricity Output
ShOlUs Drop in Week

The production of electricity by
the electric light and power in
dustry of the United States for
the week ended Saturday, April
18, was 1852, $4,000 kilowatt
hours, according to the statistical
research department of the Ma
tional Electric Light Association.
This is 4.6 per cent below the cor
responding period in 1880.
The Atlantic seaboard shows a
decrease Of 0.2 per cent in elec-
trical output below last year. The
great central industrial region,
outlined by Buffalo, Pittsburgh,
Cincinnati, st. Louis and Milwau-
kee, shows a further decline and
registers, as a whole, a decrease
Of 9.5 per cent below last year,
while the Pacific coast shows an
increase Of 7.3 per cent.
The Washington times., 1931-04-25
NEW YORK BOND PRICES

NEW YORK, April 25 (IN.S.).
Industrial and railroad bonds followed
their respective stocks to lower price
levels in an unsettled weekend market.
Foreign government bonds were irregu-
lar, with moderate recoveries in nuIS-
Der of the South American issues which
have been under selling pressure of
late and liberty bonds were Inactive but
firm.
Uruguayan Government 6s moved up
2A to 73, in the lead of the South Amer
loan group: Sac Paulo City IS were
down points at "a, and Santa Fe 7s
unchanged at 81. Lantaro nitrate IS fell
off points to So
General Theaters Equipment IS rallied
more than points to 45, while Warner
Brothers SIS fell off IL to Am, Texas
tai Telegraph IS declined points to
6oh and Pan American Pete SIS lost TX
at 52%. In the rail list. Philadelphia
and Reading 5s declined liz to 1871 and
New York Susquehanna 5s were down
Liberty Firsts 4As sold fractionally
higher, at 1927. Fourth AIS at 1O4.2,
and Old 3hs at 1924 Treasury As
sold at 1927 and S%s of Al at 101. %.
The Washington times., 1931-04-25
CLOTH MARKET

NEW YORK, April Is GN.s).
Some leading sellers of cotton
gray goods reported further gains
in sales volume at the weekend to-
day. Perceptible increases have
occurred from week to week in
sales volume for some little time
now. and this together with the
fact that price-cutting has not
been the major attraction to the
buyer, furnishes a basis for a
more confident outlook.
The fine goods and some other
divisions of the market have been
holding their own very well, and
in the meantime such coarse yarn
descriptions as print cloths, mar
row drills and few other items
have registered slight gains in vol
ume, even though values have de-
clined. The inducement to pur-
chase appears to be the actual
need of the buyer for goods. Buy
ing merely because Of lower prices
does not seem to have been preva-
lent,
The Washington times., 1931-04-25
Financial Neus Stocks Bonds Commodities and Comment
Pay Maintenance Claims
Debunked By Editor

In certain nonunionized indus
tries, the boom times wage scales
months ago, says the
Magazine of Wall Street, and
continues:
"White collar workers, out
side Of q few paternal corpora
tions, strongly entrenched in
surpluses, meekly took their
trimming some time ago or
are suffering it now.
Union Scales Shells
even in some Of the union
lied industries only the shell
Of the wage scale remains
just enough to save the faces
Of union leaders, and Of the
employers who believe that
high wages and prosperity are
closely related.
abroad, the German work
ers took a 10 per cent cut a
year ago, and several English
trades are now yielding to the
inevitable. The reductions are
accepted as being the only way
back to prosperity. Perhaps
tho sIashing or deletiOn Of divi-
dends now in process in this
The Washington times., 1931-04-25
DATE
SET BY A. |. B.

The local chapter of the Amer
ican Institute of Banking has an
ncunced the nomination Of can
didates for office at a election to
be held May IA, as follows:
President, Aubrey o. Dooley,
Federal-American National Bank
and Trust Company; first vice
president, Richard A, Norris,
Lincoln National Bank; second
vice president, Robert H. Lacey,
Columbia National Bank; secre-
tary, Rose L. Royce, washington
Loan and Trust Company.
Nominees for treasurer are
Henry F. Kimball, American Sc
curity and Trust Company, and
Walton L. Sanderson, Federal
American National Bank and
Trust Company; assistant sec
retary. Constance Fogle, Riggs
National Bank, and Christine
Haggerty, Union Trust Company;
chief consul, Kenneth Birgfeld,
Riggs National Bank, and Earle
McGeary, w. B. Hibbs & Co.
Nominees for the board of gov
ernors are Anne P. Crawford,
McLachlen Banking Corporation;
Lloyd H. Johnson, Northeast Say
ings Bank; Robert E. Lee, Lin
coin National Bank; Alfred w.
Sherman, American Security and
Trust Company; Robert A. Sis
son, washington Savings Bank,
and Norman E. Towson, Washing
ton Loan and Trust Company.
The Washington times., 1931-04-25
German Imports
Of u. s. Oil LOlUeT

The United States supplied
more than 46 per cent Of Ger.
many"s oil imports which, despite
the depression, established a new
high record during 1880, the De-
partment Of Commerce announced
yesterday.
The United States sold Germany
1882, 900 barrels Of her 1880 i'm
ports Of all varieties of oil as COM
pared to 8,115,829 in 1929. The
chief item was gasoline amount
ing to 5,944,075 barrels.
The Washington times., 1931-04-25
Empire Gas Lists
Smaller Surplus

Emipre Gas and Electric Com
pany in it's annual report issued
today showed balance Of surplus
on December 81, 1880, Of $780,
643, as compared with $1,013,793
at the beginning Of last year.
Gross operating revenue5 of the
company for 1880 were $3,254,851,
as compared with $4,000, ,149, while
net income, after all fixed
charges, amounted to $462,775,
against $552,601 in the preceding
year.
The Washington times., 1931-04-25
Lambert Company
Increases Profits

The Lambert Company reports
for the quarter ended March 81,
1881, consolidated net profits,
after taxes Of $2,110,307. This is
equivalent to $2.s1 per share on
the 74S,996 shares Of capital
stock outstanding.
Consolidated net profits for
the first quarter in 1880 were
$2,06S, ,267, equivalent to $2.76 per
share on the same number of
shares.
The Washington times., 1931-04-25
Decline in Foreign
FLOtQtiOns ShOlU1l

Sharp decreases in foreign cap
ital issues floated in the United
States during the first four
months this year were attributed
by the Department of Commerce
today to the unstable political
conditions" in some of the coun-
tries, as well as to the depres-
sion.
The issues negotiated totaled
$118,000,000, against $341, ,000,0 900
the same months last year. Of
this years flotations $11,5O0,00O
were for refunding purposes and
the remainder for investments.
The Washington times., 1931-04-25
Magnesium Output
In 1890 Decreases

The domestic output Of new
magnesium ingot decreased from
1925, ,669 pounds in 1929 to 1,173,-
557 pounds in 1880, according to
reports furnished by producers to
the United State Bureau Of
Mines, Department Of Commerce.
Though failing to equal the high
record in the production and
sales Of magnesium in 1929, the
industry did register an increase
as compared with 1928 and pre-
vious years. The output Of new
ingot was considerably more than
double the 1928 output and only
IL per cent less than the 1929 fig
ureS.
The Washington times., 1931-04-25
HONORED
BY BUSINESS
LEADERS
Retiring President Of Board
of Trade Lauded at Dinner
for Years Achievements

Leaders Of business and civic
organizations here honored George
Pitt, retiring president Of the
Board of Trade, at dinner last
night in the New Willard Hotel.
The principal speaker was Mai.
Gen. H. B. Crosby, District Com
missioner, who, with others, COM
plimented Mr.. Pitt on the achieve
ments of the Board of Trade un-
der his administration.
Plaque Presented
A handsomely inscribed plaque
presented to Mr.. Pitt listed,
among other accomplishments,
publication Of the first general
survey of Washington and its
environs and the underwriting by
the board of National Firemen's
Day and parade, which brings
here more than 100000 persons.
Others were the promotion of
the Hybla Valley Air Field as the
American port for the proposed
transatlantic Zeppelin line and
creation of the Greater National
Capital committee of the Board
of Trade for the general promo
tion of Washington throughout
the nation.
Offutt New Chief
The plaque on which this was
noted was signed by eight Of the
board officers, headed by George
W. Offutt. the new president.
Others present at the dinner
were Jerome F. Barnard, Edwin c.
Brandenburg, Walter A. Brown,
A. c. Case, E. F. Colladay, Robert
j. Cottrell, J. Harry Cunningham,
Frank P. Leetch, Charles w. Nor
ris, Arthur Moses, Odell S. Smith,
Frank r. Strunk, Milton Schwab
Ben T. Webster, Fred ]. White and
Don Warren.
The Washington times., 1931-04-25
v. R. AND {. NET
Up IN MARCH

Net income of the Washington
Railway and Electric Company in
March showed a gain Of more
than $4,000 over the same month
last year. Net income for the
first quarter of the current year,
also, was greater than for the
same quarter last year, according
to a report filed with the Public
Utilities Commission yesterday.
The report of the Potomac Elec-
trio Power Company indicated a
decrease for the first quarter in
net income although a gain was
registered in March, 1881, as COM
pared with the same month in
1890.
The Washington times., 1931-04-25
Hoover Is limited
To Wheat PGrley

Senator McNary R), of Ore
gon, chairman of the Senate Com
mittee on Agriculture and Fores-
try, yesterday requested Of Presi-
dent Hoover that he send a rep
resentative Of this Government to
the World Wheat Conference in
London on May Is, Canada, Aus
tralia and Argentina will. send
representatives, he told the Pres
ident.
McNary said the President
promised to discuss the matter
with the Secretary Of Agriculture
and the Federal Farm Board.
The Washington times., 1931-04-25
Where American Visitors
NAV Feel at Home

The principal feature Of the
American group at the interna-
tional colonial exposition in Paris,
France, which will open May /,
will be an exact reproduction Of
Mt. Vernon.
The replica of the Washington
mansion was built of material
which had been carefully cut
and fitted in America, so that
the work Of assembling was the
principal job in France. This
was done by French workmen,
who had first to be educated in
American methods Of construc-
tion.
Work Is Hurried
The contract for the erection
of the Mt. Vernon group was let
on october II Of last year to
Sears, Roebuck and Company, Of
Chicago, and five days later the
framing and roofing for the first
six buildings Of the group was
The Washington times., 1931-04-25
CHICAGO LIVESTOCK

CHICAGO, April 25 UNS)-Hogs:
Receipts 5000. Market, steady. Top,
1896; bulk, $5.s5@725; heavy weight.
So. @6.95; medium weight, $6SO0735;
$7.1O@7.25; packing sows, S546@6:
pigs. $6.50@710. Holdovers. 1000.
Cattle-Receipts, 200. Market, steady.
Calves: Receipts, 100. Market, steady.
Beef steers: Good and choice $500
SIS; common and medium. $5500S; !;
yearling, S5.5O@l025. Butcher cattle /:
Heifers, $5.6O@9.1O; cows, s4.5O0650;
steers S5.5O@s: stocker steers. $500
8; stocker cows and heifers. $45016.50.
Sheep - Receipts, 1000 Market,
steady. Medium and choice lambs.
S9@9.75; culls and common. $7@S5O;
spring lambs, $1O@12 yearlngs, $40
$50: common and choice ewes, $1@4;
feeder lambs. $500 $50.
The Washington times., 1931-04-25
GRIGSBY GRUN0W co.

CHICAGO, April 25.-Balance
sheet of Grigsby Grunow Co. and
subsidiaries, as Of March 81, 1881,
shows current assets Of $685.
47O, including $2,004,829 cash,
and current liabilities were So
260,869. Profit and loss surplus
amounted to $2,075,051.
The Washington times., 1931-04-25
NIAGARA POWER EARNINGS

Consolidated earnings state
ment of Niagara Hudson Power
Corporation and subsidiary COM
panieS shows for the first quar-
ter Of 1881 a balance for divi-
dends of $3,659,394 compared
with $4,789, 9,644 for the corresponds
ing period Of the year before.
The Washington times., 1931-04-25
u. S. Capital Leads
Polish Investments

The United States held the
lead in foreign capital invest.
ments in Poland at the end Of
1880, the Commerce Department
announced yesterday. France
was second and Germany third.
Of the $1.159, 200, 900 Of foreign
capital. Sab, ,142,000 was from the
United States.
The Washington times., 1931-04-25
COTTON OPENS STEADY

NEW YORK, April 25 I.N.s).-Cot-
ton futures were steady at the open
ing today with May up at 1918.
July unchanged at 1912, october up
uary up at 11.15, and March UP 1
at 11.3I.
The Washington times., 1931-04-25

Canada
New York funds in Montreal, $0.62h
premium at $1,000.
Montreal funds in New York, $o.62h
discount at $1,000.
e3-32: S29-32
Imperial Valley press., 1931-09-25
Calipatria Suit
BObs Up Again
I'm Court Here

The time honored Caipatria sew
age disposal plant case was called
to mind once again today when an
amended complaint was filed in
the county clerks office by A. n.
Myers.
Asking judgment against the city
of Calipatria and members of the
city council for $3.50 and interest,
the plaintiff also asked an account
ing of city funds and accused the
council of fraud. Also the plain
tiff wants the council refrained
from granting special immunities in
collection Of revenues of the city
for 1880 and 1881 and that a fund
be reserved to settle the Judgment
she prays
The case is one Of long duration
and claims have been assigned from
one to another over a period Of
years. Action began November 8,
1926 in a suit of the city of Cahpa-
tria against the Imperial Irrigation
district and the American Surety
company concerning the sewage
disposal plant Calipatria built on
the banks OF the Alamo river in
1921.
Settled out Of court. the amount
now alleged due was said to be ow-
ing for services rendered during the
preparation of the suit for trial.
Imperial Valley press., 1931-09-25
WOMAN DENIES SHE FORGED NAME OF
DALLAS ATTORNEY TO HIS LAST WILL

Accused Of forging the signature
of Charles c. Cobb, Dallas attor-
ney, to his will concerning dispos.
ition of an estate valued at $500 600,
Mrs. Laura Raspasky is in the
county Jail here awaiting the al
rival of officers from Dallas, Texas.
why should 1 forge my name to
will which left me ony S. she
asked this morning My son, who
also is the son Of Charles c. Cobb.
Dallas attorney, and I signed away
any claim to the estate when his
life was threatened. Some one
shot at him after the trouble over
the will started and someone turned
the gas on in our house SO that we
would be killed
Mrs. Raspasky showed a news
paper clipping which told of
judge in a Dallas court permit
ting the mother and son to
withdraw claims and which also
told how the judge considered
the will forgery.
A letter worn thin from handling
and frayed from being carried
about, was dated two days after
the birth of the boy and was alleged
by Mrs Raspasky to have been
written by the attorney. The let
tel refers affectionately to the
woman and the son. Il never have
loved anyone but you and never
will. I shall never marry. I Wisn
had married you before but it is
impossible now as everyone would
know we were united in a common
law marriage are among the sent
imentS expressed the letter. The
writer also said he would provide
for the care of mother and son.
No Alias
Il have never had an alias Ny
name never was Cobb. I married
man named Bice to give a name
to my son before the child was
born said the woman from behind
the bars in the county jail" I
also was married to a man named
Chaplin, I have the right to use
any of the names but Cobb. l
have no right to that as I was only
his common law wife.
Cobb married a relative in
1926" said Mrs. Raspasky, "and
the estate. according to the viii
they say j forged, the 100000
estate was to be divided between
the widow, nephew, two
nioces and my son. / was left
s5."
The will which caused all the
trouble, explained the woman. was
left in the hands Of a physician TO
whom Cobb entrusted the care CT
his common law wife and his son.
Trouble Over VIII
"Dr. j. w. Poulter tried to sell
Imperial Valley press., 1931-09-25
BY THOMAS l.. STOKES
United Press Staff Correspondent

WASHINGTON, Sept. 25. U.P) -
Government economists foresaw to-
day a prospect of decided improve
ment in business through fall buy
ing.
Assistant Secretary OF Commerce
julius Klein said the most encour-
aging factor is stability in the price
curve. He said this reflects a bal
ance that has not hitherto been
manifest in the depression and links
up directly with anticipations of re-
vived buying.
"A balance in a situation of this
kind is healthy sign." he said in
an interview with the United Press.
THE remarkable balance that
the price curve has maintained
for several weeks is highly inter-
esting." he said. This has not
happened before in the time
since the crash came in Dcto-
ber, 1929. Since then, up to a
few weeks ago, the price curve
was gyrating."
This seems to DR. Klein to sig
Nifty renewed confidence, both on
the part of business and the con-
sumner The plunges of the price
curve, he said. represent a nervous
ness and reflect the throwing of
goods on the market at any price.
That sort of psychology seems to
have disappeared
Seen As symptom
Il think this stability is a rather
interesting symptom and it looks
significant" he said. 1T indicates
stimulation of buyer interest-not
the ordinary buyer who goes in to
get a collar or a tie, but the big
buying agent, who now apparently
is beginning to prick up his ears
Seeing the price curve moving
along a steady line, he says to him
self that he had better get in and
buy before it turns upward Some
Imperial Valley press., 1931-09-25
AIMEE LEAVES
PORTLAND FOR
LOS ANGELES

PORTLAND. Ore, Sept. 25 U.P,
Aimee Mcpherson Hutton, evan
gelist, was 10 leave for Los Angelus
tonight after dedicating the new
Four Square Gospel temple hero.
Arriving Sunday morning, she
said, she would attend a reception
at the downtown depot. then go to
Angelus temple to preach. Imme-
diately after services she planned
to take a short trip with her bari
tone husband, Dave Hutton.
In a season when gates" for
everything from picture shows to
football games are small, Mrs. Hut
ton today shared with Pugilist Jack
Dempsey the distinction of being
the only attraction to draw a full
house" here.
Eyades kidnapping
The evangelist preached two
shifts at the auditorium here last
night. Her topic was my life" but
lilboC VIII w vi IllO
desert episode" were disappointed
1t was not mentioned. After preach
ing one short sermon last night,
Mrs. Hutton asked the 5000 persons
to make room for another 5000 wait
ing in the street.
Showmanship was blended with
American middle class doctrines by
the evangelist in drawing record
crowds at all appearances. She
prefaced a sermon on the evils of
a jazz age by pedaling onto the
stage in a toy automobile, pursued
by Portland policeman on a mo-
torcycle. She spoke against Soviet
Russia, explained her theories of
the business depression, and extolled
home ownership at other appear
anceS.
Imperial Valley press., 1931-09-25

the will Cobb gave to him. I know
that and I can prove it," said Mrs.
Raspasky, then he sent it to me
by special messenger and I have
the envelope it came in I did not
open it until I was in the presence
OF my lawyer"
The envelope displayed by the
woman bore a return address,
Room 1910 Medical Arts Building"
Copies Of legal papers used in
the will suits bear the name of
John Davis. guardian of the son.
Davis is said to be former Texas
senator and close friend of Cobb
Cobb died April 5, 1890.
"iYe left Texas because l was
afraid my son would be hurt or
killed. don't care about the
money as long as l have my
boy. We were on our way
back home when I was arrested
We were in an automobile acci-
dent and then we appealed for
help, i was arrested. We were
on our way back anyway"
The boy was born May 4, 1914,
and was with his mother when she
was arrested here.
Il made a mistake by giving my
life tC a man when I wasn't his
wife but that is all I have done
which is not right. I have my son
and I am glad of that
photograph of a distinguished ap-
pearing. grey haired man she said
was Cobb.
Mrs Raspasky is a large woman
with dark hair and eyes. She
speaks with a soft Texas drawl.
She apparently was greatly upset
at her arrest and wants to do every-
thing n her power to settle the diff
ficulties in which she is involved.
Imperial Valley press., 1931-09-25
PROPOSE BONDS
TO AID JOBLESS
DURING WINTER

SAN FRANCISCO, Sept. 25. U.P)
A proposal to issue S25. 900 900 in
bonds to relieve unemployment in
this state stood approved today b.
the County Supervisors Association
of California in conference here.
Supervisors from 35 of the 55
counties attended the meeting and
only the Los Angeles county dele
CATION voted against the plan. The
fund would be made possible by
increasing the present three cent
gasoline tax by one cent. using the
extra income to retire the bond
iSsUe.
The plan will be reported to all
boards of supervisors for possible
inclusion at an election next Nov
ember as an initiative measure.
The plan was outlined by
State Senator Roy Fellom. who
recently suggested a 100000
600 fund for the same purpose.
Supervisors Tom Hurley of San
Diego and Thomas Hickey of
san Mateo also spoke in favor
of the bonds.
Sales and income taxes as posi-
Bile substitutes for a part of the
present heavy tax burden on real
estate were discussed by the super
vlSors
A plan approved by the associa-
ton called for adoption of a sales
tax estimated to raise
S64, 100000 annually and an in
come tax to be one third of the
federal tax which they estimated
would raise s1S.O0O,OOO yearly.
A committee was appointed to
outline the details of the plans for
tc other state groups.
Thomas C. Maxwell OF
Vapa county presided.