davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-01-13
BY FRANK F. LOOMS

When you take an inventory,
balance your books for the year
or gather facts for your income
tax, do not overlook the i'm
portant factor of checking over
your fire insurance policies, and
determine whether or not your
business, and home as well, is
sufficiently insured. Business
growth demands larger limits of
protection and if it is under
insured, both your business and
credit is endangered.
The majority of men carry
some fire insurance but few
of them ever review their policies
but simply renew them
year after year, regardless Of the
changes in their property. Per
haps your property has increased
in value, in which case your old
policy is not giving you enough
insurance protection, and, on the
other hand, if your property has
decreased in value, you are vast
ing money in fire insurance
premiums. Why not check up
on this now and take a COM
plete inventory of your prop
erty, your business, your home,
furnishings, ETC., and have your
policies adjusted to conform with
your actual requirements today?
Delay Dangerous
It is dangerous to delay, and
your fire insurance is Of such i'm
portance that you cannot afford
to postpone or forget it. Property
is often destroyed by fire in terri
BILE swiftness and comes when
least expected. While you may
not expect a fire, if you had one
tonight, would you be completely
protected against financial loss as
a result of same? When a house
burned down, people used to ask,
"Is he insured?" and now hey
ask, us he properly insured?" Re
after fire is the only
time you realize how essential
complete coverage is. but it may
be too late! An important matter
The Washington times., 1931-01-13
j, :. AIR CORPS
PLACES.O ORDERS

Contracts for new Air Corps
equipment involving an expendi-
ture of $1,42O,0O6.72 have been
approved by the Assistant Secre-
tary of War for Air, according to
War Department announce
ment today.
The Fairchild Airplane Manu-
featuring Company is to receive
a contract for $60,513.99 for the
procurement Of six Fairchild pho
tographic airplanes. The airplanes
are required to equip Photographic
sections of the Air Corps.
Fast Planes Ordered
The Consolidated Aircraft Cor
poration will receive a contract
for three fast single engine air.
cooled small transports and spare
parts at a total cost of SIS, ,040. .35.
These airplaneS are required for
service test purposes, there being
need of a fleet Of small and fast
transports in the Air Corps.
' The Stearman Aircraft Corpor-
alton, Wichita, Kans., has been
awarded a contract for four train
ing planes at a total cost Of
$26, 1850. These airplanes will
be used for experimental and test
purposes.
The Washington times., 1931-01-13
Gould's Rise in Banking
Circles Was Meteoric

dent of the Washington Me,
chanics' Savings Bank.
He is now at the head and
helm of a string of four institu.
tions bearing this name. Branches
are located in strategic parts of
the city.
Born in Washington May 25,
1877, Mr.. Gould spent most of
his youthful years on his fathers
farm in Virginia.
At the age of 18 and with 10
cents in his pockets he returned
to the National Capital.
He got a job at the Navy Yard
and continued to work there in
the daytime while he attended
George Washington University at
night.
He organized the Washington
Mechanics Savings Bank in 1905.
Deposits on the first day reached
$500 and paid in capital totaled
$500.
In 1915 he organized and be-
came president Of the DUPONT Ma
tional Bank, and when this insti-
tuition was consolidated with the
Merchants Bank and Trust Com
pany he became first vice presi-
dent of the new organization.
He has been an enthusiastic
tennis player for many years and
until recent years his principal
difficulty in representing the Dis
trict of Columbia Bankers Associa
ton on the courts was in finding
worthy competition.
He was formerly president of
the Dumbarton Tennis Club, of
Georgetown, and during his term
in office won the club champion
ship. He is active in the Racquet
Club and is a member of the
Columbia Country Club.
The Washington times., 1931-01-13
CURB STOCKS
DROP UNDER
BEAR RAIDS
Many Traders See Resump-
ton of Downward Move
ment in Securities Values
BY THEODORE KOsLOW

NEW YORK, Jan. 13.-The de-
cline in curb stocks picked up
fresh momentum today, and an
increasing volume Of liquidation
and short selling, the market
broke through the lower limits Of
its most recent setback, indicating
to many a resumption of the
major downward movement.
The early hours of trading eK-
tended yesterdays closing reac-
ton to a more or less moderate
degree, but as efforts to rally
prices proved palpably unSuCcess-
full, powerful bearish groups
swung into action and succeeded
in dislodging many thinly mar
gined blocks of stocks of the more
active favorites. A long list of
stop-loss orders which had been
placed at levels slightly under pre-
vious closing points were readily
touched off, with these additional
offerings, offsetting investment
buying orders which had been
placed on a scale down.
1t was recognized in Specula-
tive circles that professionals
whose maneuvers have been dom
inant in the recent upturn of the
market were finding the side of
the advance as decidedly too diff
ficult to negotiate, and in view
of the unfavorable earnings re-
ports which we're soon to be in
evidence, the decision had been
reached that the short side
offered considerably better oppor-
tunities over the near term. At
least from the action of the
market today, this seemed the
most logical conclusion to be
drawn.
Oils were selected as particu-
larly vulnerable section, due to
reports of impending price cuts
in the industry. Among the
widest losers were Standard of
Ohio which was off 5 points at
81, Gulf off l at 10, Humble off
212 at 601a, Standard of Indiana,
off 112 at SO, and Vacuum off
"a at 5712.
Utility shares were not as dras-
tically affected as other sections
of the list with generally modest
declines sustained 10 the run of
active leaders such as Electric
Bond and Share, American Gas
and Electric, Middle West Utili-
ties and United Gas. Cities Ser
vice was again a trifle easier, sag
ging to 1872 for a loss of 5s. In
vestment Trusts continued to re,
main in a neglected state, with
even the usually active holding
company issues showing little
price change in quiet turnover.
In the speciality list, Great At
lantic and Pacific Stores sold off
sharply to 1856, for a loss of 8
points. Aluminium was off 224
points at 1851, Continental
shares preferred lost IA points
at So, and Deere was off / at 38.
Bonds were under slight pressure
in sympathy with the set back
in stocks, and irregularly lower
levels predominated.
The Washington times., 1931-01-13
j, s. MACHINERY
EXPORTS GOOD

United States exports of ma
chinery although falling below the
record level of 1929, were well
above normal levels during the
first eleven months of 1890. Com
merce Department reports For
eign shipments Of strictly indus
trial machinery, except locomo-
motives, small engines. ETC., for
eleven months ended November
80 were valued at $206, ,943 900, a
decline in comparison with the
record value of 1921, ,458,000 dur
ing the 1929 period, but greater
than for any other similar period
since 1921. Shipments for No
vember were somewhat greater
than those for the preceding
month, the department reports.
Metal working machinery has
shown surprising strength with
exports for the eleven months Of
$40, ,006, 900, exceeding the previ-
Gus peak period Of 1929 and sur
passing the 1928 period by nearly
80 per cent.
Exports Of tobacco machinery
and sugar mill machinery showed
increases over the shipments in
the 1929 period, Shipments of
ball and roller bearings increased
from $2,997, 900 for the eleven
months of 1929 to $3,151, 900 in
the 1880 period.
The Washington times., 1931-01-13
Barnsd0U Oil Cuts
Dividend in Half

Barnsdall Corporation directors
today cut the dividends on the
class A and common stock in half
by declaring a quarterly payment
of 25 cents a share on the two
issues payable February 2 to stock
Of record January IS. Previously
the stock had been receiving divi-
dendS of SO cents a quarter.
International Superpower Cor
poration omitted the semi-annual
stock dividend of 212 per cent on
the capital stock.
The Washington times., 1931-01-13
BANKERS PLAN
TO GUT WAGES,
WAR DEBT HIT
Mellon Silent on Suggestion;
Hoover's Pay Slash Stand
Cited; Smoot Against Change

recommendations by Albert H.
Wiggin, chairman of the Chase
National Bank, that the United
States initiate reduction in inter
allied war debts fell on deaf ears
in Government circles here yes
terday.
The recommendations we're con-
tained in Wiggin's annual report
to the New York banks stock
holders today. He also suggested
that industry should ask labor to
accept a moderate reduction in
wages.
Mellon Is Silent
Secretary of the Treasury Mel
lon refused to discuss the bankers
suggestions. 1t was learned from
other high sources, however, that
the Treasury and other Admins
tration officials have not changed
their attitude in regard to the
payment of war debts.
The Treasury has always held
that the debts were scaled down
to the utmost and that it will be
no burden to any nation to pay
their debt instalments as they
come due over the next 81 years.
Republican leaders of the Sen.
ate secuted Wiggin'S plea for re-
ducing foreign debts, asserting
that Congress would never agree
to any such proposition.
SmOot FrOwns on Plan
Senator Smoot (R), of Utah,
chairman of the Senate Finance
Committee, said:
II disagree with Mr.. Wiggin.
The best settlement obtainabIe
in the Senate was made and
am opposed to any change"
Senator Fess CD, of Ohio, said:
Reducing the war debts
would be most unwise at this
time. If we started doing that
there is no telling where 1t
would end"
Other Senators pointed out that
France, one of the chief debtor
nations, is one of the most pros
porous nations.
The position of the Government
on the question of reducing wages
was stated emphatically before
the bankers convention in Cleve.
land last autumn by President
Hoover when he advocated retain,
ing present standards.
The Washington times., 1931-01-13
TRADE REVIVAL
HINGES ON j. g.,
EXPERTSS SAY
American Consuming Ability
Looked to as Hope for 1881
International Slump Cure

Chief hope for resumption in
substantial international trade
during 1881 lies in the consump-
ton ability Of American indus.
tries, in the opinion Of many stu
dents of this section Of commerce.
An official of the Commerce De-
partment said today:
"When the big consumers Of
commodities, such as the iron
and steel business, automobile
industry and others, become
convinced that bottom prices
have been reached for raw ma
terials, then a resumption in
activity may be anticipated"
1t was pointed out that inven.
tories Of virtually all commodities
are low, and manufacturers to a
great extent, in the last year of
readjustment, have curtailed pro-
duction to more nearly the de-
mand. With the demand, low
stocks have fallen correSpondingly,
with a necessary resumption in
production to meet domestic re-
qulrementS, possibly in sight.
Steel Rise Inspires
Attention was called to the nor
NAL consumption ability of this
nation, doubt having been ex-
pressed the country would be salts
fled to return to the plane of liv-
ing which prevailed before the
war. Some optimism was inspired
by rising price in steel. Off
cialS said that for the foreign
countries, there must be an in
crease in the prices of Stuffs they
export, chiefly to the United
States, before real signs of re-
covery develop. Silk, sugar, cof-
fee, rubber and many other raw
materials, of which the United
States is the worlds largest con-
Sumer, have been seriously off in
prices for more than a year,
sharply reducing the purchasing
power of a group of countries
which normally buy goods worth
h dreds of millions from
America.
Living Cost Drop
Attention was called to one en-
couraging factor of the European
situation, despite a years highly
unsatisfactory business.
The CONNER Department
said:
"The end of the year saw de-
fIatiOn of STOCKS cOincident with
low replacement costs, and a
better adjustment of retail to
wholesale prices resulting in
lower cost Of living. Wages
were fairly well maintained,
though their tendency was
downward, and savings in
creased. The farmer again had
good crops for which he will get
low prices. On the other hand,
he is paying less for his needs
than a year ago.
Business at the end Ut the
year showed some evidence Of
greater confidence, and the
Christmas trade was not bad.
The feeling is widely expressed
that the worst of the depression
will pass with the winter"
The Washington times., 1931-01-13
HGrIUOOd Named to
AdUertiSinq Position

NEW YORK, Jan. 13.-Frank
w. Harwood, for many years ad-
vertising director Of the American
Tobacco Company, has just been
appointed vice president of
Lennen & Mitchell, advertising
agents for P. Lorillard & Co.,
makers of Old Gold and Murad
cigarettes and other nationally
known tobacco products.
Harwood has had a broad ex-
perience In purchasing, selling
and writing advertising. Prior to
his former connection with the
American Tobacco Company he
was associated with the General
Cigar Company, makers of White
Owl, Robert Burns and William
Penn cigars. He has also been a
member of the board of directors
Of the Audit Bureau of Circula-
tions and the Association Of Ma
tional Advertisers,
The Washington times., 1931-01-13
British Feel War Debt
Question Is Settled

LONDON. Jan. 13 CU.SO.-The
British government will not use
the recommendation of Albert H.
Wiggin, chairman of the Chase
National Bank, of New York, as
a lever to seek a reopening of
the Anglo-American debt prob
lem.
It was also stated:
"Under no circumstances win
any suggestion be made to the
United States Government that
an adjustment or modification
of the debt is sought by Britain.
The matter is regarded as
settled"
The Washington times., 1931-01-13
CHICAGO LIVESTOCK

Hogs-Receipts 1000; market 1oc
higher. Top. $3.50; bulk. $3.50 @S25;
heavy weight. s7.25 @79O; medium
weight, $7.65 @s.25; light weight. $50
-ows SS.86@s.S6; riEs. H.76@S'SOi
Cattie-Receipts 5000. Market,
tteady. Calves; Receipts, $500: market
teady. Beef steers: Good and choice,
r1L5O613: common and medium, $3.50
oil: yearlings, s7@13.5o. Butcher
.qttle: Heifers. &5@11; cows. 491.2S:
steers S66S.75: stocker steers. $500
$50; stocker COWS and heifers $3.50
The Washington times., 1931-01-13
Trading Suspended
In LGnddy Stock

Trading in Landay Brothers
stock was suspended on the New
York Curb Exchange today be-
cause of the failure of the COM
pany to maintain a New York
transfer office. The company,
which operates a chain of radio
stores filed a voluntary petition
Of bankruptcy late last month.
The Washington times., 1931-01-13
Market News Stocks Bonds Commodities Comment
New York Bond Market
FURNISHED by W. r. Hlbbs g. Coz
Government Bonds

16sriy Fqrnished he'd by ": B. HtbDs Co. iSl 90
6sFsy L6sFty Isl ISIS cv I'll is . s:47 1Sa iSa ss ss
Liberty Al 4As '53-'3S ........ 70
Domestic Bonds
Amer Agriculture Chem '1as Al. .lO4 4
Amer Amer Smeiters S,1s 6s ~ '''.'''..'ilS33E :
Xmer % Tel S' { Tel s. s. ,e5 :.::::::ISs
Amer Tel & Tel s cit 1868
Amer Tel & Tel 5s s F .......106
AnSio AmSF dS Tsl : xttrs,es Ts rs Is Is Is 81
Armour Of Del 5lss '43 ........ IN
Associa ed Oil 6s '35 ............lO2h ~
Atchison Topeka & $ + tiss .,1dSth
Baltimore & Ohio 4lss SO cv..... 96
Bell Tel Pa Gs As B ....'.'''.iVS iVSA
Boston Maine SIS 81 ........l0l
Brooklyn Man Trans 6s '6S 99B
BROOKLYN Union Gas IS As ...''.iO!s
California Petroleum 5'2s......... lOl
California Petroleum 5s'......''' S96H
Canadian Pacific As deb.......... SS%
Canadian Pacific 41Js...........' S9
Canada Northern Ry 1s........... Ill
Canada Northern Ry 6as....... ~
Central Pacific 5s. ....'....''''''' AUS =
Chesapeake Corp 5s. .:.....'''''' SS SSSS,
Chi & Northwestern 4%s......... 9Oi2
Chi & Northwestern 4i2s......... 30
Chicago East Illinois 5s.........' 4S,t
Chi Great Western As. .........-.. 662
Chi Rock Island As I'd 1873
Chi Rock Island 4i2s cv.......... 9Vi3
Clev Gin Chi & St l. 4I2s......... 100
Cleveland Tn Term 4i2s.......... 1924
Col Gas Ell Apr 5s....'.......' SS
Consolidated Gas 5i3s...........' 5 lOe
Cuba Am Sugar Ss.... ...,,.'....'' ~
Delaware & Hudson As .......... 96%s
Denver Rio Grande & w 5s...... 80
Detroit Edison SIS '55 .......... ~
Detroit Edison 41s wi.......... lO0Ss
Detroit Edison IS B 40 ........ 10S
Dodge Motors IS 40 .......... S9h
Donner Steel is AZ .........'.'. 80
Erie Gen River IS 81 ........ IN
GsDer5 Gss Ey Motors IS ref Accept s s: 1Ssa 81
Goodyear Tire & Rub SIS 81 SO
Grand Trunk Gs SO ...........'. loS$s
Great Northern Is A '36 ,..:..,'. 11Sh
Hud & Manhattan inc IS 81 lS%
Humble Oil IS 81 .........'.. iOd
Illinois Central 4%s ...,.,.'...'. SSh
Inland steel 4hs rs ..,.....:..' SSh
Inter Rapid Transit IS '32 ...' 80
Int Tel & Tel 41as 80 CIV - go go
Kansas City southern IS .....'' 10
Kansas Gas 413s ..............' S4!a
Lake Shore & Mich As 81 ...... 1904
Loutsvrl.. & Nash IS '4o...... S7%s
Mnn st ? & ssM 5l4s ........ S71s
Missouri si pacific IS A 65....... go
Misouri Pacific 9i,fds Is F fd f1,...... 1S44
Morris & Co 4tas. ,39. 9.;;;;::''..'''' ,S2,. 80
\ Y Cenrtal 5s gO13........... 1O8
n Y Chi & st l. As 81 .....'.. @Sh
y Chi & st L 4i2s. .':;;...'' S93
New YORK Tel AIS 'S9....... 1914
New York Tel IS Al. .......... lO6%
n Y. n H & H 4las '67...,.... 93
n ont West As '92........ 45A
North Amer Edison 5s c.. 80
Northern North n''' Pacific ' IS .o47........ S9%
Northern Pacific IS 2O47...... 112h
Northern States Power 5s A Al. 1O3%
Pacific Gas & Ell IS AZ. .....~..... 103A
Paramount Broadway 51as ST.. 1928
Pathe Exchange Is 'S7.......... 55
AIS '65......... 1921
Pennsylvania AIS '6O............ 96h
Pennsylvania 5s '64.............. 1O412
Pennsylvania 6i2s '36............ 109E
The Washington times., 1931-01-13

his chosen field since that mo-
mentous decision, however, has
been at an accelerated tempo.
Mr.. Gould was 20 when he de,
cided to enter the banking busi-
ness. That was in 1906. He quit
his job at the Navy Yard, or
ganized and became first presi-
The Washington times., 1931-01-13

Ezra Gould may have been a
bit slow making up his mind to
become a banker. His progress in
The Washington times., 1931-01-13
OIL STOCKS

FURNISHED by W. B. Hibbs & Coz
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-06-24
Why Hoover Acted

The public is asking, and the Washington cor
respondents trying to answer the question: What
will be the political effect in this country Of the
Hoover debt holiday plan? That question is natural
enough Certainly change in major foreign policy
is subject to review by the voters.
That does not imply that Hoover's motive was
political There are many safer ways for President
to pave his political future than by reversing party
policy and preciptatng the kind of partisan oppos-
ton which usually follows
Fortunately public support of the Hoover plan
has been much enthusiastic than the President
or any one else dared hope Even So under the sur
face of public acclaim congressional response is quail
fed indicating that automatic ratification OF the war
debt holiday IS far from assured.
Our guess IS 5nat Hoover considered his new policy
more of a partisan liability than partisan asset
party liability IN the of reviving an old and
bitter struggle If this conclusion is accurate, the
more credit is due him for acting.
Those who would attribute partisan political
motive to the President in this matter appear to
overlook the two chief factors:
First the President merely has taken over the
Democratic policy of international cooperation Just
as there was no tariff issue in the 1928 campaign
because the Democrats accepted the Republican high
protectionst policy it is difficult to see how In
ternatonal cooperation can become campaign issue
in 1882 with Hoover ana the democrats OH C4e Sdl0
side of the fence
If there is such issue, it will not be raised by
Hoovers tardy policy but by possibility Of the Demo-
Gratis going beyond the moratorium proposal to the
debt cancellation poson-as urged, for instance by
Newton D Baker in 1926.
Hoovers position is in advance of some Republican
isolatonists but he is not ahead of the Democrats
or of public opinion Nor is Hoover apt to take any
position on debts far advanced that it would create
a national issue over Hoover leadership"
More important by far than political speculation
of this kind is the immediate economic pressure
Hoovers long refusal to acta refusal repeated just
last month when the international Chamber OF
Commerce met in ngton-indicates clearly that
he would not have acted now had he thought there
was any alternative
He acted because he had to. He acted because he
was informed reliably that Germany on the edge
of revolution which would world financial chaos
and strike the huge American investments in Ger
MANY He acted because such chaos might lead
to war
Therefore we are inclined to reject both OF the
extremist interpretations of Hoovers policy We do
not believe it was partisan political maneuver But
neither do we believe it a Of unselhsh sac
rnce or of American moral leadership Of the world
We consider it q very welcome and belated act OF
diplomatic realism in response to economic facts
which threaten both America and Europe. AS such
it makes Hoover neither schening politician nor
world savior but an American President who has
taken first step forward the long road to perma-
nent world peace and prosperity
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-06-24
The Utility Question

Possibly later one Of the political parties may
take time out from the question Of candidates and
give some thought the matter OF utility greed and
control
The present commission has performed vahantly
N the protection Of the utilities from any reduction
r any protest against new extortons. This is espe-
ciaIy true Of those owned by the large utility groups
Occasionally small independent has been spanked
It is significant that the commission having firmly
fixed the theory OF reproduction value as basis Of
rate making hesitates to apply that rule since the
price of labor and of materials such as copper and
steel has dropped.
The people continue to pay on valuation fixed
in the day Of boom and imitation under theory Of
law evolved by the utilities to enable them to cash
in on imitation, not on investment
The original theory Of the commission was that
it would act to protect the rights Of the people The
present members seem to have the idea that they
we're appointed to protect the utilities from an irste
mob and perhaps that the purpose Of the present
appointments.
The utilities have controlled very successfully the
legislators md the executives through their partic
patton in the politics of both parties.
The utilities by their Hobbies defeated any contrOl
Of the new holding company device for looting the
public
The latest little brother to ask for more pie is the
gas uJllJy WIN o demand TO SuDS1IuIe d OdSIS u
therns for feet The mixture with natural gas will
soon enable owners to cash in gloriously. The
intention If the change is to take several millions Of
dollars year from the plain citizens and put it into
the pockets Of those who understand how to use
money.
Here is a chance for some unfettered and
bilious citizen to rock the boat Of both parties The
people are in receptive mood to listen to any hope
Of relief A candidate for governor who will pledge
regulation of holding companies and fairness to the
people in The mater of rates would attract attention