davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-08-24
STOCK OFFERED
IN B. AND D.. .
SUBSIDIARY
Biggest Guaranteed Issue in
2 Years; 10000 Shares Of
Allegheny and Western Co.

Nearly a third of the entire
capital stock of the Allegheny
and Western Railway Company,
which forms an important link
in the proposed Baltimore and
Ohio line e-from New York to Chi
cago through ownership of 80 per
cent of the outstanding stock Of
the Buffalo, Rochester and Pitts
burgh Railway Company. is being
offered by Adams & Peck. priced
at 100 and accrued dividends, to
yield S per cent.
This is the largest guaranteed
stock offering of the last two
years, 10000 shares out of a total
capitalization of $4,000 shares. 1t
is not a new issue, but the &C.
emulation of holdings of various
individuals.
Has Perpetual Lease
The Allegheny and Western is
leased to the Buffalo, Rochester
and Pittsburgh Railway Company
in perpetuity, the lease calling for
a guaranteed 6 per cent annual
dividend. The Baltimore and
Ohio consolidation plan now be-
fore the Interstate Commerce
Commission embraces assumption
of the guarantee of these divi-
dendS. The new line will be 80
miles shorter than the roads pres
ent freight route through Balti-
more and Pittsburgh and is only
four miles longer than the short
est route between New York and
Chicago.
The Allegheny and Western
stock is exempt from normal Fed
eral income tax and tax exempt
in Pennsylvania. 1t bears an AA
rating by Moody and pays divi-
dends January anl July l. The
Allegheny and Western line owns
a railroad from Punxsutawney,
Pa. to Butler. Pa. the total mile
age. including branches being
74.54.
The new line will have several
important advantages to the Bal.
tomore & Ohio. 1t will save dis
tance on through traffic and
avoid congeSted terminals at Bal
timore and Pittsburgh. The Bal
timore and Ohio has already ex-
pended about SIG, 100000 to ac-
quire the Buffalo. Rorhester and
Pittsburgh. and about $6.3O0.O 900
for the Buffalo and Susquehanna.
Saving OF Millions
Baltimore g. Ohio officials tes-
titled before the Interstate Com
merce Commission that establish
ment of the new line would avoid
the necessity of an expenditure
on it's present lines just west of
Pittsburgh of between $50, 900 900
and $40,0OO,O0O.
The large sums involved indi-
cate that the Baltimore & Ohio
plans intensive development of its
new trunk line route. 1t is esti-
mated that the new trunk line
will be developed in a relatively
short time after it is put into
use to an extent giving the Allie
gheny and Western mileage q
traffic density approximating a.
600, 900 to 100000 with posi-
bilities for expansion in future
years to much larger figures.
The Washington times., 1931-08-24
CANADIAN SAVINGS OFF

Statement Of department of
finance on condition of Canadian
banks as of the end of June re-
veals seasonal declines during the
month in savings deposits and
current loans. Savings deposits
are shown well ahead of the cor
responding 1880 date, however,
and decline Of $6,054, 100 in this
item from May is more than bal
anced by the increase in demand
deposits of nearly $21 ZOO, 900. Call
loans in Canada continued low in
June. although call loans outside
increased 500, ,OOO, 900,
The Washington times., 1931-08-24
MARKET I
IS SLUGGISH

NEW YORK, Aug. "a UN.S0.
Generally lower price levels were
registered throughout the general
list of curb stocks during today's
session. The market started at
fairly moderate pace, only to be-
come dull and sluggish as the
day progressed.
The utility group continued re-
dictionary within narrow limits.
The issues in this section of the
market were generally within
fractional ranges, with American
and Foreign Power warrants,
American Superpower, Associated
Gas A, Brazilian Traction, Elec-
trio Bond and Share, Niagara
Hudson, United Light and Power
A, and Utility Power and Light
selling on the lower side. Elec-
trio Power and Light warrants
and United Gas remained un-
changed, while American Gas and
Electric and Appalachian Gas
Oils continued at easier levels
with Standard Oil of Kentucky
off u at 1874, Standard Oil of
Indiana off 20 at 26, and Derby
Oil and Refining off "a at 41s.
The speciality group turned ir-
regular with Aluminium Company
Of America leading the downward
move at l16, a loss of 2l2 points.
Cord Corporation lost u at Z and
Woolworth Ltd. sold unchanged
at IL. Frd Ltd. advanced u of
a point higher to 1O7s.
The Washington times., 1931-08-24

Wheat prospects in Continental
Europe, outside of Russia, are
fundamentally the same as a
month ago, cabled reports to the
department indicated. Western
Europe and Italy will have a con-
Siderably larger production than
last year. In central Europe,
though yields per acre will be be-
low those of 1929, a somewhat
larger production is expected
mainly as a result of acreage ex-
panSion in Germany.
In Spain and Portugal and also
in the Danubian countries, the
wheat crop will show some de-
crease compared with a year ago.
Russian production prospects are
now for a crop considerably be-
low last year In spite Of an acre
age increase Of I per cent.
The Washington times., 1931-08-24
Cigarette Output
Declines in lulu

Cigarette output during July
showed a considerable falling off,
on basis Of internal revenue stamp
tax collections. Total small cigar
cites produced during the month
was 10,699 ,528,523, as compared
with 1855. .84O,263 in the CORE
spending month Of 1880. Output
of large cigarettes was 473,O81, as
compared with SIS, ,279.
Large cigars produced durn:g
July total 47S,9O0.849. as CON-
pared with 523, ,8O5. .12O in July,
1880, and small cigars 24,967, ,613
against 3O.l85,Ol3,
The Washington times., 1931-08-24
Progress Is ShOIOn
In Use of Machines

Great progress in both the
production and use of industrial
machinery has been made in the
United States during the present
century and particularly since
the world war, the New York
Trust Company's Index states:
Between 1914 and 1927, ac-
cOrding to the Bureau Of Gen.
suS,. the annual value Of in
dustFiaI machinery produced in
this country increased from
S97S, ,O64.O 900 to $3,1O3, ,162, ,OOO. 1t
is significant that the same
period was marked by cOnSpic-
uOus increases in the, rate Of
productivity Of American labor
employed In the industries which
absorbed the increased output
Of industrial machinery
The Washington times., 1931-08-24
PrOfitLess Selling
Hit as SLUMP Cause

The annual report on interna-
tional trade, of the National For,
eign Trade Coun Gil EN- phasizes
the need to stop profitless mer-
chandising" as the first requisite
to recovery.
The council calls attention to
the fact that although wholesale
commodity prices in the United
States have been reduced by IA
per cent per month during the
past two years, that reduction is
now proceeding at a rate of
slightly less than one-half of
per cent per month with strongly
marked indication that the trend
of American trade may presently
return to stable prices and a re-
sumption of rising values,
The Washington times., 1931-08-24
Industry as Master
Scored bu Mcdowell

NEW YORK, Aug. % CU. 81.
If your system Of industry is to
continue, it must demonstrate
that it is the servant of the peo-
pie, and not master, the Rev.
John Mcdowell, secretary of the
Board of National Missions of the
Presbyterian Church, declares in
his annual Labor Day message to
the 10000 churches Of his denom-
ination. He says:
Machine economy can eman-
cipate the race from drudgery,
but it will never do that until q
large share of the national in
come Is shifted into the pockets
Of the consuming masses"
The Washington times., 1931-08-24
Dodge Sales Higher
FiUe Weeks in ROU

DETROIT, Aug. 24.-Dodge
Brothers dealers in the United
States in the week ended August
8 delivered 70.8 per cent more
units than in same period a year
ago. This makes the fifth con-
secutive week that increases have
been reported by Dodge Brothers.
These increases have been sub
stantial, graduating from an ini-
tial rise of 233 per cent on July
II 10 70.6 per cent for August 8.
The Washington times., 1931-08-24
Industrial Stocks
LOLUer at ODenin0

NEW YORK, Aug. 24.-Active
industrial stocks and rails settled
to fractionally lower prices at the
opening Of the market today.
The weekend accumulation of
selling orders was light, and few
large blocks of stock appeared
on the tape in the first period.
United States Steel dropped
back to 8634 for loss of u.
Bethlehem Steel was down "a at
38A; Vanadium down Y at
26b; American Can down "a at
81; Anaconda Copper down "a at
23A; General Motors down "a
at 35A; Consolidated Gas down
u at 9fTa, -
The Washington times., 1931-08-24
Decrease
81 Per Cent in Year

American merchandise exports
during the fiscal year which
ended June 80 declined "a per
cent, and imports declined 81 per
cent in value as compared with
those for the preceding year, the
Department of Commerce reports.
said yesterday.
The figures for the year we're:
Exports $3,O84, ,0O0, 900; imports,
$2,432, ,OOO, 900.
On a quantity basis, it was
said, the decline was not so
sharp. Exports as to quantity fell
% per cent, imports II per cent.
The loss was roughly correspond
ent to decline in domestic buSi-
ness activity.
The Washington times., 1931-08-24

ing to have. to work plenty hard
and long, that no fools para:
disc" is to be expected for an.
other 10 years at least. And i
believe that we will all be hap"ier
with plenty of work to do and
good earnings based on such
work.
We must recognize the deep.
ness and seriousness of this de,
preston, and that we can work
out of it only gradually, through
economy and further readjust-
ments in prices and in the hourly
wage rates of some protected"
labor groups.
More "Lickings" Due
There are some financial "licK-
ings to be taken yet. People Of
small means should hang on to
their money and not let those who
are holding overvalued stocks, real
estate or commodities unload" on
them.
Don't forget the causes of all
this, but insist that sound, care
fully considered reforms be car
ried through in banking and spec
ulation.
But don't turn sour, on the
world. Just as soon as we get
over these three-day weeks which
are now 'liberating" so many of
us from toll, and abandon the
notion of getting rich quick, it is
going to be a pretty good place
again. ...,
Signing off till after Labor
Day.
The Washington times., 1931-08-24
Exports of Wheat
Are UD for Week

Wheat. including flour, exports
from the United States and Can
ada for the week ended August
10, reported to Bradstreet's, ag-
gegated 4,674,697 bushels against
3.57S.026 bushels last week and
10,011.S $50 bushels in the like week
q year ago.
For the seven weeks ended Au-
gust 10, wheat exports were 3d.
$50, ,498 bushels. against 6O,256,-
096 bushels in the corresponding
period a year ago.
The Washington times., 1931-08-24
RAND SALE TEST
TRIED HERE

Elements expected to determine
profit possibilities in periods Of
depressions and business recovery
are contained in a one-day cam
paign put on today by Remington
Rand, Inc.
According to j. A. Carmack, re-
gional manager, results of this
drive on a single new product
will be watched closely not only
by the entire office equipment in
dustry. t-
The entire personnel of the
Washington office Joined with the
national organization in present
ing and demonstrating today the
new Remington portable type
writer.
The Washington times., 1931-08-24
Hearst Hotel Corp.
Gets Fifth HOsteLru

The Hearst Hotel Corporation
has taken over the Hotel Devon,
70 w. Fifty-fifth ST., New York
city, making four now in this
chain, the others being the Lom-
bardy, Ritz Tower and War
wick.
The Devon is being thoroughly
renovated and will have the same
management and cuisine as the
Warwick.
The Washington times., 1931-08-24
ELECTRIC OUTPUT OFF

Production of electricity for the
week ended August Is totaled
/ 1,629,O11 900 XVIII, a decrease Of
2.9 per cent from the correspond
ing week in 1880 and compared
with 1,642, ,898. 900 XVIII, in the Ere
ceding week this year which was
also a decrease of 2.9 per cent
from the corresponding 1880 week,
according to the National Electric
Light Association and based on
figures representing 70 per cent Of
the industry.
The Washington times., 1931-08-24
UNITED CHEMICALS, INC.

Report Of United Chemicals,
Inc, for six months ended June
80, 1881. shows surplus available
for common stock of $40, ,108
after charges. federal taxes and
preferred dividends, equal to 20
cents a share on 100000 no-par
shares Of common stock. This
compares with $108,573 or $1.06
a share in first half of previous
year.
The Washington times., 1931-08-24
USE Of MOTOR
/. FUEL GAINS

During the third quarter of the
present year the volunteer COM
mittee on petroleum economics
anticipates an increase of l.27 per
cent in the total motor fuel de-
mand over the corresponding pc
riod of 1880. For the final quar-
ter of 1881 it anticipates an in
crease of per cent, according
to a report submitted today TO
Secretary of the Interior Wilbur.
Motor fuel production during
the second quarter was 2.08 per
cent higher thar. calculated by
the committee, resulting in the
output of 2,290.G COO more barrels
than anticipated. Imports of mo-
tor fuel added $4,000 barrels
more.
The Washington times., 1931-08-24
Steel Production
Records Incernse

A gain in steel ingot produc-
ton was the bright spot in the
Commerce Departments review of
domestic business conditions for
the week ended August Is, issued
yesterday.
While the gain over the preced-
ing week was but 2 per cent, it
marked the first upward turn in
several months and was taken as
an encouraging factor in the in.
duStrial situation.
The Washington times., 1931-08-24
Line Gets More Time
To COn1DLete Rridne

Authority was given by the War
Department yesterday to the Chi
cago. Burlington and Quincy rail-
road to extend the time for COM
pleting construction of its bridge
across the Illinois River at La
Sale, ILL.,, to May 8, 1888.
Work on the bridge has been
started by the railroad, but it was
said that due to financial diff
culties it did not desire to COM
plete 1t by August 8, 1882, the
date originally fixed.
The Washington times., 1931-08-24
REPORT SHOWS
GINNING DROP

The Census Bureau today issued
a report showing the number Of
bales of cotton ginned from the
growth of 1891 prior to August l6,
and for the same period of last
years.
Total running bales, counting
round as half bales was 9O.4l4
and 572,810.
Round bales included. 673 and
1921.
American-Egyptian. none and
none.
The Washington times., 1931-08-24
AND CITY.
CONSTRUCTION
.LAGG|NG
Associated Contractors Data
Shows Total Unlikely to
Exceed That for Last Year

Construction volume in the
United States during the first
seven months of 1881 declined ap-
/, proximately 30 per cent as COM
pared with the corresponding
period of last year, according to a
The Washington times., 1931-08-24
FORD ELECTRICITY

Ford Motor Company has started
up a new single turbine generator
at the Rouge plant capable of pro
ducing an. hourly energy of 110,-
900 XVIII. of electricity.
The Washington times., 1931-08-24
MlcKELBERRY PRODUCTS

Mickelberry's Food Products
Company earned the full years
dividend requirement of 80 cents
q share on the 81 par value COM
mon stock in the first seven
months ended July g.. ...
The Washington times., 1931-08-24
News of Trade
BetterTnentS

Wheat exports rise 900, 900
bushels in week.
Dodge sales gain fifth
week in succession.
Use Of motor fuel higher
than estimated.
Average crude oil price
gains 2 cents in week.
The Washington times., 1931-08-24

FORMER GOVERNOR Of Ohio
and candidate for President
experiments with plan to re-
lieve jobless distress and at the
same time reduce surplus wheat.
The Washington times., 1931-05-09
SERVICE
FOR D. {. TRAIN

Anticipating the approach Of
hot weather, a train entirely air.
cooled and air-purified will be
placed in service on the Balti-
more and Ohio Railroad about
May 20. for the first time on
any rail system.
The Columbian" running be-
tween New York, Philadelphia,
Baltimoree and Washington, con-
sisting of a smoking lounge Ger,
observation Sun-room car, latest
type parlor cars, individual seat
coaches, and colonial dining car,
will be equipped with the air
purifying system, both east and
west bound.
The apparatus not only regu.
lates the temperature, but con-
trolls humidity and cleanses the
air Of all particles of dust, Gin
derS and smoke. The air is circu-
lated without creating drafts.
The temperature is automatical-
ly controlled by a thermostat.
Years of experimental work by
the Baltimore and Ohio and Mt.
Clare shop forces at Baltimore
were required to bring the sys-
tenn into practical use in a linn
tied way last summer on one
diner.
The Washington times., 1931-05-09
Canadian Dominion Lures
Heaps of u. S. Dollars

The expansion of United States
business interests in Canada dur
ing the past five years has ex-
ceeded $1,000, 100000, says the
Magazine of Wall Street. Fac
tories and branch plants to the
value of $1,669, 100000 have been
set up in Canada by American in
dustry since the war.
The total amount of capital
from other countries invested in
Canada at the end of the last year
was $6,375, ,533 900, an increase IN
the year of 1880 alone of 1929, ,000,-
900, according to the figures Of
one of the leading Canadian
financial papers.
Americans Lead
OF the huge foreign investment
in the country, 81 per cent is
American, with 35 per cent British
and 4 per cent from other coun-
The Washington times., 1931-05-09
]. |. CASE SLIPS
Il PO|NTSTO
SET PACE
Western Union, Auburn, Johns
ManviIIe and Long List Of
Recent Favorites Decline
By w. S. COUSINS

NEW YORK, May 9 0.N.SO
In contrast to Fridays brilliant
closing, stocks in all sections of
the market were carried down
sharply near the end of today's
weekend session by a selling
wave which wiped out the bulk
of yesterdays gains and forced a
few Of the favorites to new low
levels for the year.
ra J. /. Case Leads Break
A 10-point break in ]. I. Case
and losses Of 71a points In West
ern Union, 4 points in Johns
Manville, and 8 points in Auburn
Auto in the second hour precipi
tated heavy selling all along the
line. the professionals scrambling
to sell the stocks they had bought
near the low prices of the week.
j. I. Case closed at 68A, for a
loss of nearly II points, one of
the Sharpest breaks of the week
United States Steel started the
day at lis. but tapered off
steadily as the session drew to
q CAOoC dIlu AIAASucu dG 4AAT0 AOL
q loss of 23s. American Can
closed at l0712, down 2l2. West
ern Union fell 712 points to 103
and closed at the bottom.
Slump All Along Line
Gold Dust was down 27s at
S1A; Standard Oil of New Jersey
down 1A at 37Hs; Union Carbide
down 13s at So; American Tele-
phone and Telegraph down 2 at
1917; International Telephone
and Telegraph down to 285s;
General Motors down 3s at 1874;
General Electric down 7s at As;
Westinghouse down "a at 613s;
Worthington Pump down 23s at
62%; New York Central down
2 at %.
The Washington times., 1931-05-09
TREND Of NEAR
STOCK PRICES
DOUBTFUL
Failure of Rails to Respond
in Yesterdays Bear Drive
Dims Outlook, Says Writer
BY THE SPECTATOR

NEW YORK, May 9.-The con.
tention of this column that the
market was shaping itself for a
rally was borne out by the turn
of affairs in yesterdays session.
A laSt-hour buying drive at the
pace of a five million share day
doomed stocks sharply, with the
80 composite stocks in the
Standard Statistics Index showing
gain of approximately points.
The failure of the rail group to
respond dampenS the outlook for
further general improvement, al
though chances favor continued
Selective recovery.
Risks Seen for Buyers
Some observers are not at all
impressed by the response OF the
market to the rediscount rate cut.
Running back to August, 1929,
when the rate was lifted tC 6 per
cent, it is pointed out that the
market broke decisively for a day
and then resumed its final
spectacular advance.
At the moment, with business
more or less uncertain, it may be
that the current bulge will serve
as the forerunner for one final
burst of liquidation. which will be
the last gasp of the bear market.
The COncenSuS of usually we'll
informed opinions is that further
profit possibilities on the upside
are not commensurate with the
risks involved.
Some Stocks To Watch
Chart students who have been
paying close attention to the
actions of individual stocks have
picked the following issues as
likely to do better than the aver
age on any extension of the ad-
vance:
American Telephone, Consoli.
dated Gas, Electric Power and
Light, General Motors, Chrysler,
New York Central, United Air.
craft, United Corporation. Atch-
ison, Kroger Grocery, National
Power and Light, North Amer.
ican and United Gas Improve
ment
The Washington times., 1931-05-09
Mail Order Firms
ShOU HUqe Sales

According to compilation
issued by Merrill, Lynch g. Co.,
3S chain store companies, includ-
ing three mail order concerns,
show total sales for the first four
months Of 1881 of $73s, 35s,s64,
against $77S,592,475 in the cor
responding period of 1880, a de.
crease of SIG per cent.
The three mail order companies
alone show sales for the first
four months of 1881 of S18O.3S4,.
554, against 5000, ,336,413 in the
first four months Of 1880, a
decrease of 11.28 per cent. Ex.
cluding the mail order concerns,
IS companies show sales for the
four months of 1881 of $557,974..
80 against sales of $575, ,256, ,O62
in the same period of 1890, a
decrease of 3 per cent.
The Washington times., 1931-05-09
SALES

SALES
Capital Traction, SIS, 5000
801a.
District National Bank, 100
202.
Federal American National
Bank and Trust, 10@50; 10@50;
1O@5O; 1O@5O; 1o@5O; 1O@5O.
Washington Loan and Trust
Company, 1O@42O; 1O@42O; SO
425.
Peoples Drug Stores, pfd., SO
101; 5@101.
AFTER CALL
Washington Railway and Elec-
trio, pfd., 5O@983s; 2O@983s.
Capital Traction, SIS, $1,000
81.
Potomac Electric, cons, SIS, ST.
O0O@1O4.
Washington Gas, es, A, $1,000
1924.
Washington Gas, 6s, B. 5000
@1O424.
National Metropolitan Bank, 2
@275.
Washington Railway and Elec.
trio. As, $3,OOO@S93s; $1,000
1924.
Public Utility Bonds Bid Ask
Am Tel & Tel 41ss 39.....I131AI.....
The Washington times., 1931-05-09
RAIL RATE
PROTESTS

CHICAGO, May 9 QN.So
Railroad rate groups in all parts
of the country today we're called
on to make a survey designed to
bring about an upward revision Of
freight-carrying charges.
Request for the survey was
broadcast following a meeting
here Of the Association Of Rail
way executives, representing so
lines. The executives said the re-
vision was necessary because Of
the emergency which exists as to
the credit and income of the
railroads."
Upon completion of the survey,
in about a month. members Of
the association will again meet
to formulate recommendations to
the Interstate Commerce Com
mission.
The Washington times., 1931-05-09

tries. just prior to the war the
situation was different, when Brit
ish investment totaled 73 per cent
and American %.
Foreign capital invested in Can.
ada is estimated at 34.6 per cent
Of the total capitalization of the
Dominion, dissolving popular
conception in Canada as well as
elsewhere that United States CAPT
tai dominates the Dominion.
Outside Investments
Canada has invested outside her
boundaries nearly two billion dol
lars, Of which $72,500,000 was
added in 1890.
Investments total $1,000, 500, 900
in the United States; $113,500,00
in Great Britain, and $3.50, 500, 900
in other countries, principally
Mexico, Central and South
America.
The Washington times., 1931-05-09
Import of Leather
Goods Shows Gain

Imports of leather manufac-
tured goods during March amount
ed to $2,841 ,7S9 as compared with
$2,161, 1853, in February and ST.
821,36 in January, reflecting the
usual seasonal demand for these
commodities, Commerce Depart
ment reported today.
Leather goods imports during
the three months ended March,
totaled $6.825. .O0s. a decrease of
40 per cent from the like period
of last year.
The Washington times., 1931-05-09
Residence Building
Gains in N. Y. City

April construction contract
awards in the metropolitan area
totaled $83,53s, 400 as compared
with $1o1 ,O51,70O last year, it
is reported by F. w. Dodge
Corp.
Residential building produced
the largest total for the month
with S34,S73, 900 as compared
with $26,550,7 TOO in April, 1880,
while public works and utilities
totaled $19,93l, 800 in contrast to
$26, $50, 700 last year.