davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-06-10
5C|T|ES REPORT
BETTER TRADE:

Five important cities reported
somewhat improved business con-
ditions, 10 no change and three
slight receSSions during the past
week, according to reports to the
Commerce Department today by
District representatives.
Other cities in the SO localities
under survey made indefinite re-
ports and chiefly confined their
information to data relative to
public and semi-public construc-
tion activities.
Business in Chicago during the
week continued ahead of the same
period a year ago, the association
of commerce report being one OF
the most encouraging received.
While there was slight let-down
from the preceding week, orders
for future deliveries continued In
good volume with mail orders and
commitments by retailers in the
rural fields holding up in salts,
factory volume.
The Washington times., 1931-06-10
Philadelphians Win AL B.
Convention Debate

K. Carr, Central Trust and Say
ings Bank; Harry C. Culshaw,
Franklin Trust Company. and Al,
bert W. Whittesey, alternate.
The Los Angeles team vas com
posed of Robert l.. Gordon, Bank
of America; Harold P. Cunning
ham, First National Bank; Muir
ray M. Hotiner, Bank of America,
National Trust and Savings Asso-
ciation, and L. o. Griffiths, Cali
fornia Bank, alternate.
Winners in the public speaking
contest for the A. P. Giannini
endowment fund we're: Walter C.
Brinker, jr., of Denver; John M,
Gordon, Los Angeles; v. B. Pitts,
of Wichita, and Harold W. Wall
gren, of Philadelphia.
The Washington times., 1931-06-10
ranciaL Ne1us Stocks Bonds Commodities and Com ment
Time for Hope Since False
Optimists Are Gagged

week have been neither very en-
couraging nor discouraging, at
least in so far as domestic news
is concerned. We must remem-
Der that at this time it is usual
for business activity to show
some decline.
Declines Normal
1 find the normal expectation
for the month of May is for pig
iron production to decline about
2 per cent, and automobile pro-
duction about 3 per cent.
Cotton mills usually consume
about "a per cent less cotton in
May than in April, and factory
employment declines something
like "a Of l per cent. Imports
may be expected to show a drop
of per cent.
We hear much talk of big de-
crease in untitled steel orders. But
a drop of nearly S per cent in un.
filled orders as of May 81 is nor.
NAL. Therefore, unless there is q
decline of much over $4,000 tons,
1t would not be unfavorable.
And don't forget that building
permits should slump about IL
per cent in May.
Due Also in June
Such seasonal declines are also
to be expected in June in most.
cases.
So, while steel and automobile
production have recently declined
a little more than usual. we can
discount a large part of the let
down as being seasonal.
Perhaps the two least favorable
factors are the further price weak
ness in basic commodities and the
disturbed political and financial
conditions in certain foreign
countries.
The Washington times., 1931-06-10
CENTRAL SELLS
MORE CAS-

April gas sales of operating
properties Of Central Public Serv.
ice Corporation, operators Of the
local gas companies, showed an
increase of 22.9 per cent over
April, 1880, it was announced by
the corporation today. Total sales
for the month were 1,399,546,300
cubic feet, as against 1,138,086, 500
in the corresponding period last
year. F,
For the four months ended
April 80, 1881. sales were S,516.-
O27, 300 cubic feet as against T.
BIS, 1925, 100 in the same period
last year. gain of 14.5 per cent.
Electricity sales for the month
were 46,200,722 kilowatt hours,
down SIT per cent from April.
1890. Four months electric sales
this year were 191,217,403 kilo-
watt hours, down 3.76 per cent. j,
The Washington times., 1931-06-10
DROP IN STEEL
. TONNAGE LAID
To MOTORS
Demand From Other Sources
Fair, But Fails to Offset
Decline for Automobiles

NEW YORK. June 10 Q.N.SJ
The automobile industry is chiefly
responsible for a further decline
In raw.steel production from a. to
20 per cent of capacity, and 1t
will strongly influence the course
Of ingot output in the next two
months, according to the weekly
Iron Age market summary, to be
released tomorrow.
Demand for iron and steel from
other sources is holding fairly
constant, suggesting that the ir,
reducible minimum of require
ments has been reached.
Motor Needs Falling
But motor car manufacture has
been receding steadily since the
premature contraction of retail
sales in May and seems to be
headed for a very low operating
rate in July, with suspensions,
such as occurred a year ago, a
possibility.
Prices of finished steel are
being given little test, since mills
are not pushing forward con-
tracing. Makers of sheets and
strips viii accept second-quarter
specifications until June 80 for
shipment until the last day OF
July. AS this means that many
users will have enough steel to
carry them we'll into August.
there is little interest in third
quarter contracts.
Tin plate is the most active
among finished steel products
with output holding at IS to 10
per cent. Producers expect 1881
production to compare favorably
with the 1880 total which fell
only az per cent below the 1929
peak. Fabricated steel awards of
the week, at $4,000 tons, are
above average proportions.
Scrap Price Off
Heavy melting steel scrap has
declined again at Pittsburgh,
brin nging the scrap composite
price of the Iron Age down to
$3.50 from $9.67 a week ago.
The present figure is the low
est since December, 1914. The
finished steel and pig iron COM
posite prices are unchanged, at
2.102 cents a pound for the for,
mer and $15.63 q gross ton for
tho latter.
NEW YORK, June 10 GN.s).
Untitled tonnage of the United
States Steel Corporation on May
80, showed decrease of 277.277
tons to a total of 3.620,452 tons,
according to the monthly report
released today.
This compares with 1897, ,729
tons on April 30. 3.995.3 tons on
March 81, 3.965.194 on February
%, and 4,0S9,227 tons on May
81. 1880.
The Washington times., 1931-06-10
BOND
ISSUE SOLD

Harris, Forbes & Co., Emanuel
& Co., Baker, Watts & Co., of
Baltimore, and Frederick E. Nolt-
ing & Co., Of Richmond, were
awarded $1,OOO,OOO Richmnd, Va,
Az per cent bonds, due in 10
to "a years, on bid of 105.337.
The bonds are being reoffered
to yield 3.75 per cent on the 1941
maturities and $50 per cent on
the 1865 maturities.
Second high bid of 105.179 was
submitted by Guaranty Co., G
MP. Murphy & Co. and First &
Merchants National Bank OF
Richmond.
Richmond's financial statement
as of January 2, 1881, showed as.
sesSed value Of taxable property
as $273, ,407,191. Property owned
by the city amounted to $52,,
986. 1880.
Net bonded debt of Richmond
as of January l last was $685.
633,571.
The Washington times., 1931-06-10
j. S.FERT|L|ZER
CHECK |RKS

WHITE sulphur SPRINGS, W.
Va. June 10.-Executives of the
Nations big fertilizer industry
here today threshed out in closed
session the question Of co-opera.
zion with the Federal Trade Com.
mission In an attempt to bring
about improved trade practices
The round table" conference was
incident to the seventh annual
convention of the National Fer.
tilizer Association in session here
this week.
Charles j. Brand, executive sec
retary of the association, later
made the following statement:
"MOre than 11O industries
have now held trade practice
conferences. The conference of
the fertilizer industry was held
In June, 1929. Six months later,
with almost ne amendments,
the Federal Trade Commission
approved the rules submitted by
the industry.
CON August 5, 1880, the assO
citation was advised that the
commission had revised the
rules. Objections were filed and
the commission was told that
the fertilizer industry felt that,
inasmuch as the rules had in
the first instance originated
within the industry, revisiOns
should not be made without
prior conference"
Approximately ITS manufac-
turers, he said, representing not
less than 10 per cent of the. total
production of fertilizer and fer.
tilizer materials in the United
States had accepted the trade
practice conference rules. The in
dustry had a prior code ofHtrade
practices. prepared and put into
effect voluntarily, which had ap
proximately 800 signatory manu-.
facturers.
The Washington times., 1931-06-10
.HAU.GEN CALLS
FARM RELIEF
FAILURE
Federal Board Must Suggest
Workable Plan to Congress
Next Session, Says Leader
By WILLIAM s. NEAL

Declaring the Federal Farm
Boards agricultural relief efforts
have failed, Representative Gil
bert Haugen (RD Of Iowa, chair
man of the House Committee on
Agriculture, today said the board
will be expected to come before
Congress with a new relief plan.
The announcement of the
veteran House leader, made during
a flying visit to Washington, fore
cast a revival of legislative war
fare over aid to the farmer when
Congress convenes in December.
Doesn't Blame Board
The Federal Farm Board, how
ever, was not saddled with blame
by Haugen. The $500,000, 600
farm-relief act passed in the spe-
cial session called by President
Hoover was foredoomed, he de,
clared. saying:
"The board was given no Spe.
cific plan as provided in previ-
Gus bills. 1t was up to the
board to work out plan. In
the absence of specific au-
thOrity to apply the equaliZa-
ton plan, it was beyond the
power of the board to vOlun-
tariIy organize so as to control
the whole production, which is
essential in making the tariff
effective.
"The board, in pegging the
price of wheat, has been help
full to farmers to the extent Of
20 cents a bushel, unfortunately
at the expense of the Federal
treasury. Had Congress adopted
the equalization plan, pro-
ducerS would have benefited
more without expense to the
Treasury.
The Washington times., 1931-06-10
FARMERS REPAY
j. {. LOANS

Because Gin many instances
farmers have paid off their Gov
ernment loans with the proceeds
of early fruit and vegetable crops
on which the Government had no
lien," Secretary of Agriculture
Arthur M. Hyde has found that
"a most commendable attitude is
evident" among the borrowers
from the drought loan fund. The
Secretary added:
There have been many critics
who SOurly predicted the
complete loss Of the entire loan
fund. Such critics will be dis
appointed. OF course, out Of
the 3S4, ,O0V farmers who received
loans there will be some who
are dishonest; some who fail to
make a crop because of flood,
disaster or even death; some
who are incompetent or lazy,
but We are encouraged to
believe these classes will be a
small per cent of the total"
Sew raj thousand borrowers
have returned the checks sent
them for second or third install
ments, because they found they
do not need the full amount Of
fered.
Many will repay their loans in
full this year, and in the main
the farmer-borrowers show good
intentions and fundamental in
tegr1ty, and also displayed good
business sense" added the Secre-
tary.
The Washington times., 1931-06-10

PITTSBURGH, June 10 Q.N.S0
Philadelphia today held the palm
Of victory over Los Angeles by
winning the debate which fea-
tured last nights program of the
twenty-ninth annual convention
of the American Institute Of Bak-
ing.
The Quaker City team won the
Judges decision on the question:
Resolved: That the several
States should enact legislation
providing for compulsory unem-
ployment insurance to which en-
ployers shall contribute"
The Philadelphia team was COM
posed Of Edward F. Matthews, Of
the First National Bank; William
The Washington times., 1931-06-10
COTTON HIGHER
MART ACTIVE

NEW YORK, June 10 G.N.sO.
In spite Of currently favorable
crop advises and favorable
weekly weather report, the New
York Cotton Market made ad-
vances during the forenoon
trading today, chiefly on higher
than expected Liverpool cables
and a persistent trade support.
Trading was only moderately
active with a small amount OF
price-fixing combined with cover
ing by the shorts. Cooperative
bankers bought May and scat
tered buying came from the
continent. The South sold and
heavy selling of distant months
came from New Orleans and
japanese interests. Wire firms
liquidated the lew crop months.
At midday, July sold at 8.35, up
IT; October at 8.74, up 18;
December at 8.99. up 19; Janual J
at 9.06, up Is; March at 9.26, up
Is, and May at 9.43, up IL.
Proctor & Gamble, in a cotton
crop as Of June 3, forecasts a
decrease of 80 per cent in the
acreage from lasxt years planted
area or total of about AZ, 800, 600
creS planted this year.
Temperatures throughout the
Cotton Belt average near normal
in nearly all sections, asd the
week was mostly fair, there being
only limited areas with ap-
preciable rain. 1t was the warm
est week of the season so far
over the Cotton Belt, according
to the Government report.
The Washington times., 1931-06-10
SUsQHehGnnG Dam
NeGrS COn1DLetiOn

SAFE HARBOR, Pa, June 10.
Construction on the mile-long
dam of the hydro-electric develop
ment of the Safe Harbor Water
Power Corporation has reached
the York county, or west shore, of
the Susquehanna. The power
house subStructure and the con-
crete dam are two-thirds COM
pleted, and with the final Golfer.
dam in place the last area of the
river bed will be "unwatered." ;"
The power house is located on the
Lancaster or east side of the river
and construction began there.
The Washington times., 1931-06-10
Average Gain Made
BU so N. Y. Stocks

The market value of so repre-
sentative stocks on the New York
Stock Exchange at the close of
the week ended Saturday, June
6, 1881, was $15,O61 ,094,810 an
increase of $18O,410,776, or ap-
proximately 1.21 per cent over
the value of $14,88O, ,684,O34 at
the close of the preceding week,
according to a compilation by
Paul H. Davis and Company,
members Of the stock exchange.
This compares with $26, 6,538, ,048,-
6s8. the value of the shares at
the close of the corresponding
day in 1890.
The Washington times., 1931-06-10
CHICAGO LIVESTOCK

CHICAGO, June 10 (I.N.s) s).-Hog-
$4,000; 10 cents lower. Top, $S.45;
bulk, %5.so@64O: heavy s5.S5@S.3S;
medium $6@6.40; light, $6.1006.4O;
34.se@545; pigs, $6@6.4O; holdovers,
1000
CattIe-11 900; 25 cents lower Calves
5000; steady; beef steers: Good and
choice, 7.506S.50 common and me-
dunn, S6N $50; yearlings. $3.50 SIS.
Butcher cattle: Heifers. $66s.5O; cows
s406; bulls. S3.5Oa5.75; calves, $40
$50; feeder steers. S597; stocker steers.
S4.7S9sT5: stocker COWS and heifers,
$s.5e4ISe.
sheep-11.ooo; steady. Lambs. Ssds 9:
common. Ss47: feeder; s6G7; yearlings,
S6.7S97S ewes, SIC 2.5o.
The Washington times., 1931-06-10
NEWS
In Today's
CLASSIFIED ADS

BUSINESS OPPORTUNITY - Here
is an opportunity to becOme the
owner of a long E-established deli.
an excellent business section Of the
Northwest owner will sacri-
flee.
USED CAR FOR SALE-Chevrolet
DE Luxe Coach. 1881 has
been driven only few hundred
miles excellent condition;
can he purchased at a substantial
reduction investigate today.
FURNISHED ROOMS FOR RENT
Newly decorated attractivs1y
furnished rooms for girls, leading
on screened pOrches = in pFi-
excellent hOme-eOOked meals
reasonable monthly rates.
APARTMENT FOR RENT-NewIy
8 rooms, bath and large porch
able rent
SUBURBAN HOME FOR SALE
Large 7-rOOm house. situated ON 2
acres of ground; shade trees, fruit
marches House Is in excellent
eOndItiOn throughout Reason
able cash payment and terms
Located In nearby Maryland.
TAsss ere ''sideIights'' 1a so4se o. ssas
Interesting dtdUerttsensentS you tedI Stn6 I
toddys Classified Ads.
The Washington times., 1931-06-10
BANK JOURNAL
SUMS GAINS

NEW YORK, June 10.-The
continued subnormal rate of in
dustrial activity during the past
month has proved disappointing
but it appears that, after allow
ance for seasonal changes, the
general trend is now upward, the
American Bankers Association
Journal says in its monthly re-
view of business. 1t continues:
"The automobile industry has
made a creditable record, pro
ductiOn of the textiles and
shoes is running better than a
year ago and the basic steel
industry is showing strong re-
sistance to the contraction that
normally occurs at this time Of
year."
Business sentiment in the
country at large is becoming
more hopeful, although in New
York and other financial Gen.
ters it remains peSSimistic,
which is natural in view Of the
persistent decline of the stock
market and of SecOnd-grade
bonds, the unsettled political
conditions, economic troubles
and bank failures in numerous
foreign countries.
''New lows in commodity and
stock prices have become al
most as common as the new
highs of two years ago."
The Journal sees the likelihood
Of continued though slow recov-
cry much stronger than the posi-
bility Of a renewed decline.
The Washington times., 1931-06-10
BY LEWIS HANEY
Director New York University Bureau
of Business Research, and Former
EcOnOmist Of Federal Trade
Commission

EcOnOmtst Of Federal Trade
Commission.
In business we have reached
the stage where no news is good
news. That is, the country is in
process Of correcting the great
Embellishments in business and
finance which developed in 1929,
and much progress has been made
in this direction. If nothing oc.
ours to rock the boat we will soon
be pulling through.
Quiet Welcome
A period of quiet dullness in
business should be welcomed as
allowing recuperation.
While the recent rally in the
stock market was too sharp to be
entirely healthy, it at least re,
minds us that things do not al.
ways go down, and that there is
a bottom somewhere.
Favorable crop conditions, to
gether with prospects that Can
ada will have a smaller wheat
crop, are reported to be helping
sentiment in the West.
False Optimism
Now that the false optimism
which has done so much harm
during the past two years is
pretty much abandoned, I think
it is wise to become more hope
full. A spirit of reasonable hope
fulness is warranted and will
now do much to carry us through
a dull summer.
A summer is only three months
long. And it can still be saio
there are no conclusive reasons
why real recovery may not begin
in the fall.
The developments of the past
The Washington times., 1931-06-10
Empire Economic
Meetin0 Off Year

OTTAWA, June 10.-The ad-
journed empire economic confer
ence, which was scheduled to
meet here in August, has been
postponed until next year, Pre-
mier r. B. Bennett stated in the
House of Commons.
Australia and New Zealand had
asked postponement owing to the
impending general elections.
The Washington times., 1931-06-10
BOndhOLders Form
Protective GrOuD

william E Stanwood, of Suen-
Ger, Trask & Co., has been named
chairman of the bondholders' pro-
tective committee for A. e. Little
CO. first mortgage Z per cent sink
ing fund bonds.
The company recently failed to
pay the sinking fund required by
the mortgage securing the bonds.
The Washington times., 1931-06-10

REP. GILBERT HAUGEN
"NOw that the board has
withdrawn from the market, it
evidently finds it impossible to
effect a workable plan and will
come back to Congress and
suggest that it be given q more
specific plan. 1t, Is up to the
board to report and suggest"
Equalization Plan Best
Representative Haugen, co-au
thor of the vetoed McNary-Hau
gen equalization fee plan undel
which the farmers would have
been assessed to pay the cost o.
marketing surplus crops abroae
at a lower price than sold in thi'
country, declared the farmer
cannot be charged with huge
losses sustained by the Farm
Board. He said:
"YOu can't blame the farm
ers for losses. They never asked
for a dollar. All they asked
was that they might market
commodities in their own way
as industry does. The farm
ers wanted to share both the
cost and the profits Of equaliz-
ing the price so as to make
the tariff effective. If the
equalization fee had been in
effect the Government would
not have lost q dollar"
Congress, Mr.. Haugen asserted
had given the Federal Farm
Board a free hand to work out 6
successful plan, which it has not
dOne
The Washington times., 1931-06-10
Fisher Commodity
Index Goes LODer

Prof. Irving Fishers index Of
commodity prices. based on 100
as the average of 1925, declined
3 per cent last week to a new
low for the year of 10. compared
with 70.3 a week ago. This is
the eleventh consecutive weekly
decline.
The 1881 high is 78.5, reached
in the week ended January 3,
while the 1880 high was 93.7,
made in the week of January "a,
The Washington times., 1931-06-10
Italian Prices Dip
tn Mem 1881 Bottom

Average Itadan prices, based on
the index number compiled by
the Milan Chamber of Commerce,
and using 1925 as the average OF
100. ended last week at 52.6
against SO a week previous, and
53.9 a month ago.
This is a new low for the year
and compares with the high OF
55.8 made on January 5.
The Washington times., 1931-06-10
Dividend Changes
DOIUnlUQrd in M0u

The number Of unfavorable
dividend changes in May con-
tinued the downward trend indi-
Gated in April from the high
points reached during the first
three months of 1881, says the
Standard Statistics Company, Of
New York.
Dividends decreased and passed
in May totaled lat against 139
in April and 221 in March. Favor,
able changes in May totaled So
the same number as in April.
The Washington times., 1931-06-10
American Stores
Sales S1O,389,683

American Stores Company re-
port sales for the four weeks end
ing May 80, 1881, of $l0.389 ,683
as compared with sales for the
four weeks ending May 81, 1890,
Of $10.927.956. This is a decrease
of $538,272 o. 40 per cent.
Sales for the 81 weeks of 1881
were $58,551, ,595 as compared with
$50, ,58a,28S for the like period in
1880, decrease Of $2,036,6 ,693 or
1856 per cent.
The Washington times., 1931-06-10
CANADIAN BOND SALES

New underwritings and flota-
tions of Canadian bonds reported
during May totaled 1858 ,026
against $112,330,015 in May, 1890
and 7,950,926 in May, 1929
During the first five months OF
1881, total sales amounted to
$272,377,396, against $304,299, 1886
in the like period last year, and
1928, ,765, ,612 in 1929 period.
The Washington times., 1931-06-10
PAINT SALES INCREASE

The retail paint store division
of Glidden Co. showed a Is pei
cent increase in sales for May
over the like month last year
Adrian D. Joyce, president, said
this increase not only is enCourag
ing to Gndden, but is an tndica
ton that general business Il
improving.
The Washington times., 1931-06-10
Maryland Bankers
Meet Tomorrow

The annual convention of the
Association of Southern Maryland
Bankers will convene at Leonard
town tomorrow with State Senator
Walter Mitchell presiding. The IS
bankers who will attend will dis
cusS the advisability of decreasing
the interest paid on savings ac-
counts from per cent to 3A per
cent
The Washington times., 1931-06-10
ALLEGANY OIL YIELD

Crude oil production in the
Allegany field during May
averaged 6913 barrels daily.
against 7,1l9 barrels during April.
Production there was only suf-
ficent to meet the demands of
the Sinclair Consolidated Oil
Corporations refinery at Wells
vile, N. Y.
The Washington times., 1931-06-10
GOODRICH DIVIDEND

B. F. Goodrich Co. has. de-
clared regular quarterly dividend
OF $175 on 7 per cent preferred
stock, payable July l to stock of
record June l9.
The Washington times., 1931-06-10
PLATINUM PRICE RAISED

Price Of platinum has been ad-
vanced to $3.50 per ounce from
$25.
The Washington times., 1931-06-10
New York Bond Market
Fractions ,epreseRt J2Rds
IDI menRs I01 LIZ
United States

Liberty 5 Slas 32.47...
Lib list Is 32-47 reg.
Lib 4th AS 33-3S. 81
Treasury 3Sss 43-47.
Treas 3Ss 48-4J june
Treas 33ss 4l-43 mar
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-13

Knitted things have grown so
dear to the hearts OF the Summer,
1881, person that it's not surpris-
ing that the first Fall blousettes
should be wool but they're GRO
cheted instead and double breast
with two rows of buttons, sos
Street Floor.