davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-06-05
ancaL Neus Stocks Bonds Commodities and Comment
Power Investigators Face
Another Year of Work

The power trust" investigation
of the Federal Trade Commission
has disclosed so many ramifica-
tions in the giant utility holding
companies it will be fully a year
before the commission has COM
pleted it's work, it was learned
authoritatively today.
While it is possible q prelimi-
nary report may be made to Con-
gress next winter, because Of de-
mands in Congress for legislation,
it is declared the end Of the in
quiry is not in sight.
At least three major utility
groups remain to be investigated
by the commission. These include
the vast insult interests in the
Middle West, the Byllesby group,
and the Associated Gas and Elec-
trio system.
insult Probe Due Soon
The insult group, headed by
Samuel and Martin insult, may
be considered soon, it was in
dicated. Commission experts ex-
pect fireworks when they tangle
with these two utility magnateS,
both of whom have actively taken
up the cudgel against congress
sional critics Of power trust"
operations.
Having finished it's inquiry into
the $500 100000 North American
Company, the commission today
suspended public hearings for at
least two weeks.
A new field of inquiry was
opened up by the examiners re-
ports on the North American
Company, which is expected to
be pursued when the insult group
is reached.
In at least two instances,
commissioner examiners reported,
the North American Company
had joined hands with other
powerful utilities to avoid COM
petition, duplication and rivalry
and to effect economies.
Territory Pooled
Judge Robert E. Healy, chief
counsel for the commission,
indicated he was vitality inter-
ested in the extent to which
even billion dollar utility COM
panies have pooled territory and
properties to suppress competi-
ton.
In one instance, it was found
the North American Company
and the insult interests had
Joined hands in obtaining con-
troll of the North American Light
and Power Company.
The latter company operated
properties contiguous to those of
the other two in the middle west,
The Washington times., 1931-06-05
PRICES ON CURB
ARE HIGHER

NEW YORK. June Q.N.sD
The curb market established
somewhat of a record in chalk
ing up price advances for the
third consecutive session today,
and at their midday highs, long
list of stocks had already re-
covered losses sustained in a
fortnight or more of decline.
Advances in the utility group
were of a highly Selective charac-
ter Commonwealth Edison scored
a vigorous comeback with a gain
of approximately points at 215,
American Gas and Electric was
up l12 at 81, and Tampa Electric
was IA points higher at 20. The
run of pivotal favorites such as
Electric Bond and Share, Ameri-
can Superpower, Middle West
Utilities, and United Gas were
unable to better their previous
position to any important extent.
Cities Service was also num-
bered among the unresponsive
group today lowering at fraction
ally changed levels throughout
the day.
Oils improved their position
moderately, with Humble, Stand
ard Of Indiana and Standard Of
Kentucky continuing to attract q
steady buying demand.
The Washington times., 1931-06-05

both were anxious to expand and
each wanted the North Amer
ican Light and Power. In the
end each took an approximate
40 per cent interest in it.
This ended the possibility OF
competition in a vast field in the
middle west from st. Louis to
Milwaukee, it was declared.
North American Quiz Near End
In another instance, where Pa
cific Gas and Electric and sub
Sidiaries of Western power were
in competition. and particularly
we're rivals in expansion in North
ern California, the western power
properties were given over to the
Pacific, the North American Com
pany, which owned the Western
power, became owner of approx
mately one-third Of the Pacific
company.
The closing phases Of the North
American inquiry brought the
opinion from Edwin Gruhl, vice
president and general manager.
that no end is in sight for expan-
sion of the public utility business.
Despite the depression his CON-
pany is continuing a policy Of
paying dividends and stock and
reinvesting profits in its COM
panieS.
The Washington times., 1931-06-05

counted, and we would cover
needs for the remainder Of the
year on further receSsions.
Coffee - Commitments should
be limited to immediate needs.
Corn-DeSpite relatively strong
position, tendency of this market
to act in sympathy with wheat
leads us to counsel a conservative
policy.
Cotton - Immediate require
ments should be comfortably
covered, but conditions are not
conducive to extended forward
purchasing.
Eggs Any marked recession
from present levels should be
taken advantage Of to replenisf
longer term needs.
F1our-Pending further clarifi
cation of the wheat situation, we
advise continuation of present
hand-to-mouth purchasing policy
HideS-Consumers should keer
comfortably covered on near term
requirements.
Hogs-Present conditions art
not conducive to appreciable price
strength during the next severa'
months.
Oats - Present oversufficient
supplies lead us to expect con
tinued low prices.
Crude Petroleum
Petroleum-We anticipate little
improvement in crude prices ovel
the next several months.
Silk-We recommend contin
uance on a hand-to-mouth buying
policy.
Steel-We see no necessity fol
Fastening new buying in mos
clasSifications.
Sugar-No more than slight
gains in the price Of raws are
expected during the next few
months.
Wool-Purchases should be con
fined to nearby requirements.
The Washington times., 1931-06-05
Commodity Price Trends
Sho1un By Statistics

The following brief opinions on
the price trends of various prod
ucts is taken from the monthly
resume of the outlook for i'm
portant commodities. published
by the Standard Statistics Com
pany of New York:
Butter-PurchaSes would be JUS
titled on further recessions, which
probably will materialize in the
early future.
Cheese-We advise restricting
purchases during the next few
months except on decisive mar
ket reactions.
Coal-anthracite-Despite i'm
proved demand, we would limit
dealer purchasing to nearby re-
quirements.
Coal, bituminouS-we recon-
mend covering requirements three
to six months ahead.
Cocoa and Coffee
Cocoa-Adverse statistical posi-
ton is quite thoroughly dis
The Washington times., 1931-06-05
FUTURE COTTON
IS LOWER

NEW YORK, June S G.N.S0.
Future contracts on the New
York Cotton Exchange we're
slightly lower during the fore
noon trading today, due to the
easier tone in Liverpool and
favorable weather reports.
After the first drop of 8 to 8
points at first call, the market
held steady, however, and at mid
day July sold at $50, off 4;
october at 9.06, off S; December
at $50, off S; January at $40,
off 6, and March at 9.58, off 6.
The weather has become dryer
and the temperatures have risen
so that the plant may be ex-
pected to pick up any lateneSs
there may have been and for the
ater-planted seed to germinate
rapidly. Fertilizer sales still keep
very much behind last year, and
the farmers will have to rely
more and more upon propitious
weather to make his crop.
Cotton goods production is now
beginning to increase fast enough
to threaten a period OF low prices.
Untitled orders on sheetingS are
less than two-thirds Of the stock
on hand, and print cloth produc-
ton shows that about as full
yardage is being turned out as
at any time this year. Manu-
facturers Of fine goods are talk
ing about cutting down produc-
ton in July and August go per
cent Of capacity, as compared
with SO per cent this year.
The Washington times., 1931-06-05
AID To JOBLESS
SEEN IN ADS

Intensive advertising and sales
effort as means to stabilize pro-
duction and employment are sug-
gested by Roscoe C. Edlund, man.
ager Of the Association of Amer
ican Soap and Glycerine Pro.
ducers, Inc. in a report on behalf
of his industry to the Presidents
Emergency Committee for EN-
ployment, sent to Col. Arthur
Woods, its chairman. Mr.. Edlund
explains:
"The phrase means the steady
and consistent use of advertis-
ing and sales promotion plans,
not in periodic campaigns that
are discontinued or reduced in
times OF depression, but in per.
SiStent, sustained effort that is
continued through all seasons
and periods, and is even in.
creased when general depreS-
siOnS come"
"Such sustained advertising
0AW Sd1CS CAAOEG ~ UCSASACW ~
stimulate q continuous demand
for products. Stabilized demand
will result, in large measure, in
stabilized, regular production
which, in turn, will permit con.
tinuOuS and regular employment
of labor.
advertising, in our view, can
unlock purchasing power. 1t
can turn purchasing into desired
paths. OF more importance
still It is q powerful force to
entice purchasing from self.
imposed secluSiOn and encour.
age it to enter the market
place even when people and
wealth are alarmed and tilnid."
The Washington times., 1931-06-05
MAY BOND CALL
S1Q3,z62,189

Bonds called, in whole or in
part. in May totaled $103, 1852, 189,
a value far in excess of the $751;
439,O81 in May, 1880, and sub
stantially larger than the $51, ,503,-
So2 of May. 1929, according to the
Standard Statistics Company, of
New York. The number of issues
varied less widely-9l last month,
80 in May, 1880, and 80 in May,
1929.
over $4,000 900 of last months
calls were in the utilities division,
industrials accounted for more
than $4,000, 900, and real estate,
$4,000, 900. Detailed figures cov-
ering calls for the first five
months of 1929, 1890 and 1881, are
given below:
First Five Months
1929 1880 1881
Industrial. go.
245,1O4O92 125,4SS, 200 S1,734,7oO
2s45O8S1 s,7O3,135 1s,tss,s7s
Public Utilities
1241S17O zoe 2O2s1,SOO 213,ss9,121
5,2SS,9B 1,455.Ooo 1O,781,42S
s7,S17,2oS 2zo4752s sOs44S15
Tn+a1s ARs 2no 217 1917 eQ2 Ae2 pus p72 0Ao
The Washington times., 1931-06-05
STOCKS BELOW
LIQUIDATION
VALUES
Hamilton Institute Names
Firms With Current Assets
Exceeding All Liabilities

NEW YORK, June 5.-That you
can at present prices buy some Of
the leading corporations in Amer
lea, collect the liquid assets, fire
the help, give away the real
estate, plans and machinery, pay
all debts and retire with a for
tune, will be revealed tomorrow
In the Investment Bulletin of the
Alexander Hamilton Institute.
Some of the 20 corporations
which will be named as the Texas
Company, the Atlantic Refining
Company, Montgomery w ar d,
Mack Truck and Goodrich.
Net S1,OOO,OOO Profit
For example, the market price
for Hudson Motor stock places a
valuation of $18,958,000 on the
entire equity of the company.
At the end of 1880 the corpora
ton had $13,983, 900 in cash,
United States Treasury notes and
municipal bonds and other cur
rent assets of $11,150,000, or a
total of $25,133,0O0 of current
assets, of which inventories were
only $6,843, 900. Current liabili-
ties amounted to $5,301, 900, leav-
ing net current assets OF $19,-
$4,000. The stock is selling at
about 1000, 900 under this figure.
Moreover, if the inventories are
deducted from the current asset
total, the present market valua-
ton of the stock is about equiva-
lent to the cash and cash items
owned at the first of the year.
The $30,O00,000 property account
is appraised as valueleSs.
Again. the entire equity in
Goodrich is valued at $26, 1854 900,
more than the working capital
on December 30.
AnnihiliatiOn Discounted
Commenting on these analyses,
the institutes bulletin will say:
zone of the most apt charac-
terizatiOns of the 1929 bull mar
ket was that prices were not
only discounting the future
they were discOunting the here
after. When any considerable
number of stocks decline in
price to a point where the
value Of the equity is appraised
at less than the working CAPT
taI-in some cases at less than
the cash items; when manufac-
turing plants, pipe lines, ware
houses, stores and other fixed
assets are assigned no value,
q point is being reached where
the market is discOunting not
only depression but annihiIa-
ton"
The Washington times., 1931-06-05
CLOTH MARKET

NEW YORK, June 5 0N.S0.
The print cloth market declined
70 cent today to a basis of 4Sa
cents for 381a-tnch 64x6o 5.35-
yard. Sales were limited to small
lots ranging from 1000 pieces to
not more than 5000 individually.
Quick goods were generally
wanted. Considerable pressure to
sell developed in mill quarters,
rendering this previously much
restricted price level a more gen
eral market value. Late in the
day, interest Of buyers showed
improvement, not at the newly
established levels, but in the
form of bids for subtantial
quantities of goods at a still
further recession of ls cent. 1t
was stated that these bids were
turned down. Coarse yarn goods
other than print cloths were
quiet during the day, and not
much business was done.
The Washington times., 1931-06-05
FIRST QUARTER
NET OFF 46P.C.
lHiRhl Low Last

Release of additional first
quarter income statements during
the past week has expanded the
total of corporations thus far re-
porting for this period to 357,
and the aggregate net income to
$239, SAT 600, which represents a
decrease of 46 per cent from the
corresponding three months of
1880, says the Standard Statistics
Company, Of New York, in cur
rent survey which adds:
"Of the total Of 357 corpora.
tiOnS, ESQ statements also are
comparable with 1898. Aggre-
gate net Of the latter group
amounted to $213,1O3yOOO, q
decline of Az per cent from the
1880 first quarter, and So per
cent from 1929. OF the major
groups, railroads have registered
the most drastic reduction, net
Of 81 roads declining 81 per
cent from 1880, and that Of %
comparable roads receding IS
per cent from 1929.
Results of 3O2 induStrials
fell SE per cent from 1880, and
those Of 235 concerns were
down 81 per cent from 1923;
utilities continue to reveal the
strongest relative showing, "a
having registered an increase
Of 3 per cent from 1880 and
returns Of 16 companies declin.
ing per cent from 1922"
The Washington times., 1931-06-05
B. e D. Seeks TWO
Lines for ODerGtiON

The Buffalo, Rochester and
Pittsburgh Railway Company to-
day filed an application with the
Interstate Commerce Commission
for authority to operate the Buff
falo and Susquehanna Railroad
Corporation, the latter company
concurring.
At the same time the Baltimore
& Ohio Railroad Company filed
an application for authority to
operate the Buffalo, Rochester
and Pittsburgh, including the
lines of the Buffalo and Susque-
hanna, the Buffalo, Rochester
and Pittsburgh concurring. The
Baltimore and Ohio owns ap-
proximately 80 per cent Of the en-
tire capital stock of both.
The Washington times., 1931-06-05
ORIENTAL ELECTS

Stockholders of Oriental Build.
ing Association No. 6, organized
in 1861 and the oldest in the
city. yesterday reelected Charles
H. Bauman, president: Henry e.
Deckman, secretary; Charles w.
Schafer, treasurer; Carl Haneke,
G. H. SchultZe, John j. Kolb,
William F. Ochsenreiter, August
G. Hermann, Chaplin B. Bau.
man, Charles Schafer, Thomas
B. Young, Benjamin II. Parker,
directors. -.
The Washington times., 1931-06-05
stems
ARE LISTED .
BY HANEY
Stocks Paying 8 Per Cent and
Selling at Around 8 Times
Earnings Look Good to Him
BY LEWIS HANEY
Director of New York UniverSity'S
Bureau Of Business Research ?
and Former Economist Of
Federal Trade Commission, ST


Most of us are wondering
where the bottom of stock prices
is. That is almost impossible to
say, in such a period of liquidaE
ton and peSSimism. We merely
know that the bottom will Ger.
tainly be too low, and that most
stocks will sell for less than
their investment value. -
But I want to suggest a rough
basis for figuring what q stock
may be worth near the bottom
Of bear market. This may give
a little guidance at present. I
will refer only to good dividend.
paying induStrials. =
Earnings As Base q
Roughly speaking, eight times
current earnings, and a cash
dividend yield of 8 per cent,
should mean that the price Is
low enough. 4
OF course, one must allow soma
leeway. Some sound companies
are Of a higher caliber than
others. Some are in a stronger
cash position, etc. -
On the other hand, forced
liquidation may temporarily dc.
press some more than others.
But q range of eight to ten times
earnings, and yields of 61a to S1k
per cent ought to cover most
such cases. ~
Remember, I am referring to
depression prices, and to good
ordinary industrial stocks.
Examples Cited ~.
For example. and merely to a,
luStrate the yields and ratios,
look at Beech Nut Packing and
International Cement.
1t is estimated that Beech Nut
will earn about $3.50 a share
this year. If it does, the price
at eight times earnings would Be
$44. This stock now pays a div-
dend Of So.
That is only about SIS per cent
Of estimated earnings, which is a
very conservative percentage. Thu
dividend gives a yield Of about
per cent on $44.
So this stock (now selling at
about 45) presents a fairly normal
picture of the depression values,
yields and earnings ratios. ~
Price Looks Low
International Cement, it is esta-
mated, will earn 81 in 1881. Eight
times that would give a price Of
$32. The dividend is 81. This
seems to be somewhat too high
df the earnings estimate is any.
where near right.
Say the dividend is cut to $3.50.
That would be about 8 per cent
on the estimated price of $32.
So the present price, around
$2S, looks low. even if the earn.
ings prove to be only $3.50, Il
would be selling at only eight
times earningS.) International
Cement may be discounting some
dividend reduction, but it clearly
illustrates the general rule sug.
geSted above -
The Washington times., 1931-06-05
CHICAGO LIVESTOCK

CHICAGO, June S (LN.s).-Hogs-
% sSsS saS; SG RsaVS. RSHsF sSs0Ss.ss @ ''1 medium n
S6.1O@6.4S; light. $6.16@6.6O; light
lights, 1910 @6.4O; packing sows. SASS o
$40; pigs. $S.9006.40; holdoverz. S,00e.
CRttle-3,000; steady. CAlves-Re-
ceipts 1000; steady. Beef steers-Good
and choice. S76S.25: common and me-
duim. G56650; yearlings e5@s.75.
Butcher cattle-Hehers. S4.b0@s; COWS,
S2.5eB5: bulls, 81 a $50: calves, 17@s So
feeder steers. S4.76@G; Stocker steers
e4.766T; stocker cows and heifers, Rs.s0
@s,50.
sheep-s.oee; steady, Lambs. ts4ie.26
common, &s@E feeder, Ss@7; yearlings
&s6si ewes, 81 102,TE
The Washington times., 1931-06-05
NEWS
In TOday's
CLASSIFIED ADS

SUBURBAN BUNGALOW FOR
sALE-AttraCtive nearly new g.
room and bath bungalow
floors city water. gas and
payment, balance monthly.
USED CAR FOR sALE-ChevroIet
1899 Coupe looks like new
excellent condition Can
be purchased for only $&9S.
UNFURNIsHED APARTMENTs
FOR RENT-SpaciOuk and reason-
ably priced apartments Of ., Q and
4 rooms, halls, kitchen and hath
pOrHheS Located on
Clifton st. near 18th.
ROUSE FOR sALE-six rooms and
bath excellent condition
throughout Eaa and electricity
i.,..s sitEated ON a large lot.
beautifully HANDICAPPED Very
reagOnably priced terIna, II
desired.
FURNIsRED APARTMENTs-Be
thulS fufnlsbed 2 and 3 rooms.
Kitchen RAJ bath apartments
service Accessible to shopping
district Of A4th st.
These arsa,s s'deliohts" % some % man!
Hteresttng 1dS -tiseDtents goH tctH ttnd 1,
saavs Times d HsrGIi cIGssJtS9 Aas.
The Washington times., 1931-06-05
Grant Co. Reports
Sales Gain for May

w. T. Grant Company reports
sales of $6,605, 1896 for the month
of May as compared with $6,152,'
688 for the corresponding month
in 1880. This is an increase of
$453, ,4OS or 7.36 per cent.
Sales for the first five months
of the current year totaled $26.
799, 100 as compared with $24,543,
Ss5 for the like period in 1890, an
increase of $2,255,524 or 9.18 pei
cent,
The Washington times., 1931-06-05
". Y. Hide Exchange
Sets Record Year

A record turnover, represent
ing an increase of more than
100 per cent over the previous
years business, was the out
standing feature OF the New
York Hide Exchange during the
year ended June 8, the volume
exceeding half a billion pounds.
The Washington times., 1931-06-05
KODAK DIVIDEND

George Eastman, chairman Of
Eastman Kodak Co., states that
the company does not antici-
pate any change In its dividend
policy during the present year
in view of the fact that based
on the results of the first five
four-weekly periods, sales for
1881 are estimated to approx
rate those for 1923.
The Washington times., 1931-06-05
Silk Imports
HiqTter Than 1880

Raw silk imports for the first
five months of 1881 were 21.9 per
cent higher than the correspond,
ing period of last year, according
to figures issued today by the Silk
Association of America.
Deliveries to mills were IS per
cent higher while stocks at ware.
houses at the end Of May were
32,6S8 bales compared with 35,.
477 bales on May 81, 1880.
The Washington times., 1931-06-05
PHELPS DODGE CUTS

Phelps Dodge Corporation has
declared a quarterly dividend of
Is cents, payable July / to stock
of record June 13. This places
the stock on a 81 annual basis
against 81 previously.
The Washington times., 1931-06-05

TOtsls. ass. Boz. a17 1s2.s9a. as ags.g73,g4O
The Washington times., 1931-06-05

UHIttu SIhte8
Liberty 3Ias '32-47. |
Lib 1st AIS 32-47. |
Lib 4th 4i4s 33-3S. |
Treasury 4Ls '47-52.
Treasury Is '44-54..I
Treasury 3ass 40-43.
Treasury S3ss 1-43. |
The Waterbury Democrat., 1931-11-10
RUTH CHATTERToN IN "ONCE A LADY" CLOSING TONIGHT
 AT WARNER BROS STATE

Ruth Chatterton's new picture "Once a Lady" closes its local en- gagement at Warmers State theater tonight.
 The story is of Russian adven- turess transplanted from Paris, scene of many amorous conquests. by the different wooing of an Eng fish son of wealth. The changed environment, with the husbands s disapproving family alternating the affection of a daughter from her mother, and a moment of indis- erection with a former admirer on the eve of an important election in which the young man is interested. provoke break-up. Reported killed in train wreck, the out cast wife remains "dead," becom- ing a famous butterfly in Paris, bu: jealously watching the career of her daughter from a distance.
 The manner in which the hus- bands faulty divorce decree, fear of scandal, and the woman's anony- nous devotion to her grown daugh- ter's love grue, are dramatically woven into a happy event for the second generation, makes an i'm pressive climax.
 The surrounding program is ex- cellent. Feature is shown at 2:20, 4:45, 7:00 and 9:30.
The Waterbury Democrat., 1931-11-10
Vaudeville Stage Show at Warmers
 Strand Closes Tonight; Double

Vaudeville Stage snow aC WarnSrs
 Strand Closes Tonight; Double
 Feature Screen Bill Tomorrow
 Performances this afternoon and evening mark the final show ing of the deluxe vaudeville bill now at Warmers Strand. Five headline acts and a great talking screen mystery picture, "A Danger ous Affair" make up a splendid show.
 Starting tomorrow another ban ner double feature program Will pc presented. Headline this is "Shang- haied Love" rousing tale Of the sea and the men who followed 1t in the days of the clipper ships. The cast is an exceptional one, headed by Noah Beery, Richard Cromweli ana Sally Blanc. The companion feature is "Neck and Neck, a thrilling tale of the race track wherein some splendid photog- raphy is exhibited as well as a story full of romance and thrills. Glenn Tryon, that delightful young actor who seems to be able to act any part with equal conviction ana skill, is cast in the leading role, while Vera Reynolds, has the lead ing female part. Others in an out standing cast of thespians include Walter Brennan, Lafe Mckee, Car roll Nye and that incredibly amus- ing gentleman of color, Step'N Fetchit. The performance of the last named is said to be so humor- ous that those who were acting with him on the set could hardly keep straight faces while the pic- ture was being taken.