davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1934-03-26
MARKET. WATTS
NEWS BREAK
BY WALL STREET SPECTATOR

BY WALL STREET SPECTATOE
NEW YORK, March 26 d.N.S).
Wall Street is hoping that the
Easter spirit will get around as
the new week opens. The market
has been pretty close to the
depth Of dependency at times
in the last seven weeks and needs
little rejuvenation. The lifting
Of the labor strife clouds should
bring a new slant on things. In
the meantime, though, most
everyone prefers the sidelineS.
It seems almost time anyway
for the market to get a break
in the news.
Perhaps the progress on the
auto situation will prove q
harbinger of a succession Of more
favorable developments. So far
Reading and Erie are the onlI
roads to show anything on thB
common for February. In both
cases the net was small. Storms
were costly last month, March
though, should be much better.
Steel operations and business
generally held up well in view
of the recent unSettle1nent.
Detroit has been on the buying
side of the motors for a couple
Of days.
It's five months now since
Russia was recognized by this
country, yet trade with the
Soviet is still largely in the dis
cussion stage. This is in sharp
contrast to the predictions around
last year on the huge orders that
would develop, and the specular
tion that any recognition rumoV
usually brought.
Action of Colgate recently IN
raising wages to the 1929 level
is responsible for the friendly
feeling toward the stock.
The 20 point premium on the
new New York Central bonds is
surprising with the stock points
under the first conversion price.
The Washington times., 1934-03-26
F|SHER'S INDEX
TURNS DOWN

Prof. Irving Fishers index of
wholesale commodity prices de-
c1ined in the week ended March
%, the first time since December
%. After rising for IL consecu-
tive weeks, the figure fell a half
point, wiping out the gains of the
preceding four weeks.
The current figure of TAI COM
pares with 74.6 week ago, the
highest point reached on the re-
covery, with low of $50 on March
3, 1888, and with average of 56.1
in March, 1888.
Purchasing power Of the dollar
rose to 134.9 from 134.O in the
period. This compares with de-
preston high of 1917 and with
average Of 1871 in March, 1888.
British index of wholesale COM
modify prices continued its de-
cline, falling to $751; from 65.3 in
the week. This compares with
recovery high of 66.4, with depres-
sion low Of 58.7 and with average
Of 600 in March, 1888.
The Washington times., 1934-03-26
HOLDER
GROUP FEWER

Pennsylvania railroad stock
holders decreased during Febru-
ary for the eleventh consecutive
month, total on March ! being
reported at 236,369 as compared
with 238,00 on February /, de-
crease, 1889. Total on March /,
also compared with 248,655 year
ago, decrease, 1926.
This is a new low in number
Of stockholders since the peak
Of 252,142 was established on
September I, 1882. Average hold
ing on March / was $50 shares
as compared with $500 shares
on February and with 52.95
shares on March l, 1888. Total
stock outstanding was unchanged
at 13.167.6 shares.
New York and New England
showed an increase in percentage
of stockholders to total, those
two sections practically absorbing
the decrease shown in percentage
Of holders in Pennsylvania.
Pennsylvania accounted for
40.07 per cent of total holders,
decrease, 0.85 per cent, while New
York holders formed 1853 per
cent of total, increase, O.30 per
cent, and New England 1890
per cent, increase, 0.44 per cent.
The Washington times., 1934-03-26
RAYON OUTLOOK
GOODFORYEAR

Following a year in which
rayon production in the United
States reached new high records,
nearly so per cent ahead Of the
best previous year, there has
been a slight slowing down in
activity in the last 30 days, mainly
seasonal.
There in no current indication
that volume Of demand this year
will not be at least as good as
in 1888, but due to the pressure
Of lower raw silk prices the mar.
gin Of profit per pound may be
less this year than in the latter
part Of 1888.
However, demand is still ex-
panding so that there is as yet
no cause to expect any great
decline in profits Of the rayon
companies this year.
There has been a slight falling
off in inquiry and some defer
ment Of orders from the cloth
mills and converterS pending the
clearing out Of the remainder Of
this seasons stocks, but the mar
ket for rayon piece goods is firm
and there are no material price
concessions being made.
The Washington times., 1934-03-26
Business NewS
Spotlight

Union Carbide's 1888 net
profit was $1.57 q share, as
compared with 81 cents in 1882
Demand for steel holds
despite labor difficulties, accord
ing to the magazine Steel
Pullman, Inc, reduced its 1888
net loss to $2,672,864 from
$3,S34,724 the year before
United Cigar Store creditors
will get a rs per cent dividend,
the second to be paid to date
Pennsylvania Railroad
stockholders have declined 1859
in the past month and 1926 in
the past year Otis Ele-
vat0r 1888 net loss was $2,465,-
O2S, against net profit of $3O7,-
519 in the previous year
GOrham Manufacturing Com
pany declared a IS cent dividend
on common, payable April 16 to
stock Of record April 2. The
December dividend was so cents.
The Washington times., 1934-03-26
v'sS: :S,:.ssss s;;ss'" N. Y. Bond Quotations

NEW YORK, March 26 Q.N.SJ .
Rallying tendencies in rail and do
mestic corporation liens and a
fresh outbreak Of weakness in
German government obligations
were the contrasting highlightS in
early bond market dealings today.
Demand for the rails followed
successful negotiations on the
auto strike situation, although
failure to attain an agreement on
the carrier wage controversy re-
stricted gains to fractional proper
tions. Allegheny IS Of so, New
York Central IS, Southern Railway
General As, Northwestern AIS,
and Illinois Central 434s were
among the issues to turn up.
Studebaker IS were outstanding
in the domestic list with a squirt
Of almost 2 points. Postal Tele-
graph 5S and American and For
eign Power IS followed with lesser
gains.
German 51as slumped to a new
low for the year.
U. s. Governments were frac-
tionally higher, with the Treasury
IS and Liberty 4th 414s leading the
group.
Investment grade loans were
dull and firm.
The Washington times., 1934-03-26
COTTON MOVES
Up SW|F TLY

NEW YORK, March 26
UNS0.-Cotton futures today
added gains to the sharp re-
covery on Saturday.
The highs for the forenoon
were chalked up at the first
call, when the market opened
II to 13 points higher. Although
the list continued to display a
firm tone as the morning wore
on, moderate profit taking
brought futures back somewhat
from initial levels.
Buying came from professional
traders, Wall Street and domes-
tic mills, in fairly heavy volume
during the first half-hour, but
in smaller quantities as the mar
.ket reached the noon hour.
Southern selling was light, but
O fair amount of offerings
drifted into the ring from New
Orleans and several spot firms.
Around midday the market
was up 6 to 8 points, with May
up 8 at 1906, July up 8 at 1920,
October up Z at 1921, and De-
cember up 8 at 12.43.
The Washington times., 1934-03-26
y:S; i::S:G ':'s;.:' ss:::: N. Y. Curb Quotations

NEW YORK, March 26. Q.N.S)
The curb market staged a brisk
advance today, following settle
ment Of the auto strike, with Sc
lected specialties the pace-setters
in the general upturn. Turnover
was much heavier than over the
past week or so, with traders who
have been inactive for some time
renewing their position on the
bull side.
Advances in the miscellaneous
section ranged up to 3 points, with
Aluminium up at II and General
Tire up 3 at SO.
Alcohol shares were moderately
higher, with Hiram Walker up -
at 46A, and Distillers Seagrams
up u at 1917.
Hollinger featured a sluggish
metal group with a gain Of 1s to
a new peak at 1879.
Utilities were also in fairly good
demand, with Electric Bond &
Share up 7s at its top of 1917.
Curb bonds were fractionally
higher, with American Power &
Light IS up 11a at 80, and New
York Central IS up u at 1904.
The Washington times., 1934-03-26
Hog Trading SLOIv
With Prices LOlDeT

CHICAGO, March 26 G.N.SO3.
The hog market was slow today
with prices steady. Bids were
from $3.50 down but quality was
so plain that statesmen expected
to get $3.50 for good quality
light weights.
Cattle receipts were 1900. The
market was slow and bids Is to
25c lower. Cows and heifers also
were quoted lower. StockerS and
feeders were steady.
Good lambs weer quoted from
40 down.
The Washington times., 1934-03-26
GRAIN FUTURES
TURNOVER

CHICAGO, March 26 IN.S.).
Grains averaged moderately lower
In early dealings today.
Strength in stocks and cotton
we're ignored, the market easing
pm scattered selling prompted by
bearish weather news.
Near midsesSion wheat was K0
hc off with May at 87hc. Corn
was h@Ac off, oats Ac down
and rye A@%c off.
~ Liverpool wheat was % to u
pence higher shortly before the
close, Winnipeg unchanged to hc
off at mid session.
Estimated carlotS: Wheat "a,
Rsorn 159, and oats 1S.
The Washington times., 1934-03-26
Demand Is Limited
For LiUerpOOL SpOt

LIVERPOOL, March 26 G.N.S.).
There was a limited demand for
opening spots on the Liverpool
cotton market today. Prices held
steady. Receipts totaled 1000
bales, none of which was Ameri-
can.
At noon, middling fair was
7.59d; strictly good middling,
lid; good middling, 6.84d;
strictly middling, 6.69d; middling,
6.54d; strictly low middling,
6.29d; 10 wmiddling, 6.14d; strict
ly good ordinary, sad; and good
ordinary, 5.64d.
Futures opened steady and at
noon were quiet and to 2 points
below opening levels.
The Washington times., 1934-03-26
Commonwealth Net
And Gross Increase

By International News Service
commonwealth Edison Company,
excluding subsidiaries, reports net
income in February Of $818,024,
and gross revenues of $6,391, 1894,
comparing with net of $739,841
and gross of $6,091,5 in Febru-
ary, 1888.
For the first two months of
1884, gross was $13,271,114 and
net net income $1,817,384. COM
pared with $12,546,690 and ST.
664, ,608, respectively, in the same
period last year.
The Washington times., 1934-03-26
Hudson Manhattan
ShOLUS Loss in Month

BY International News Service
Hudson and Manhattan had a
net deficit Of $29, ,682 in February
after taxes and charges, COM
pared with a net profit Of $12,853
in February, 1888. Gross was
$636,15 against $679,026.
Two months net loss was
$40, 1865, against q net profit Of
$4S,SS4 In the same 1888 period.
The Washington times., 1934-03-26
aluminium Goods
TrebLeS EnrninOs

The Aluminium Goods Manu-
featuring Company reports for
the year ended December 81, 1888,
net income of $352,735 after de-
probation, Federal taxes, etc,
equal to 81 cents a share on the
capital stock.
This compares with net income
Of $1O7,705 or 10 cents Q share
in 1882.
The Washington times., 1934-03-26
Hearing Set on Plans
For REORGANIZATION
BY International News Service


Details Of a proposed reor-
ganization plan for the North
eastern Public Service Company
will be submitted to the Delaware
chancery court in April, it is re-
ported. Under the plan a new
concern would be formed which
would issue bonds in exchange for
$4,670,000 first lien and collateral
trust 51a per cent bonds due in
1861, owned by the Chemical
Bank, and preferred and common
stock in exchange for $11, $50 300
general lien and collateral trust
51a per cent bonds, whose holders
are represented by a protective
committee headed by James T.
Woodward.
The Washington times., 1934-03-26
April Corporation
MQturitieS Treble

Corporate bond maturities dur
ing April will total $215,596,591
according to the Standard Stats.
tics Company, of New York. The
number of bonds and notes max
ing up the total is 1872, of which
1S amount to $1,000,000 or more.
March maturitieS amounted to
$69, 9,217, 1854 and issues and portions
Of issues falling due in May win
total $9O,594,90O.
The Washington times., 1934-03-26
NET
EARN|NGSU UP
SHARPLY

An analysis just released by
the Alexander Hamilton Insti-
tute Of 217 leading corporations,
representing q cross-section Of
industry, reveals that corporate
net incomes showed a material
gain in 1888 over 1882.
The analysis shows that these
217 corporations, representing
~ different lines of industry,
reported q total net income Of
$S23,344,OOO last year compared
with q total income Of $780,
$4,000 in 1882.
For a large majority of the
groups the improvement is posi-
tive. Thus the automobile manu-
facturerS,. the accessory manu-
facturers and companies in the
building industry, electrical equip
ment, metal production, office
equipment, meat packing, textile
and rubber industries reported
group profits compared with
group deficits for the previous
year. The corporations tabulated
in the chemical, coal, container,
food, household supply, retail
shoe, beverage and miscellaneous
groups all showed profits for
1882 but these profits were en-
larged last year.
While positive results were thus
shown by these numerous divi
stonS OF industry q negative i'm
provement was registered in other
lines. The past year was a bet
ter one than 1882 for the steel
companies, the agricultural imple-
ment makers, machine manufae-
turerS, railway equipment manu-
facturerS and amusement COM
pan1es but the improvement was
not sufficient to make the years
operations profitable. The i'm
provement was manifest, rather,
in O. reduction Of the deficits
which were shown in the preced-
ing year. Finally several Of the
groups tabulated apparently show
no Improvement.
Heavy Industries Lag
The laggard lines include good
proportion Of heavy industries.
Of the groups which improved by
The reduction of deficits but which
were unable to show profits for
the year, four out Of five are in
lines of heavy industry. 1t is not
unlikely that this reflects a
tendency which will continue
until the deficiencies created by
years Of deferred want satisfac-
tion are made up.
It Is true that . recovery In
the heavy industries is more inn
pOrtant economically than .
recovery in the industries ca
tering largely to immediate con-
Sumptive- needs but the tempo
Of business sank to 50 low an
ebb after productive capacity
had been raised to q much
greater demand that a slow re-
vival in heavy Industry lines is
to be expected.
The showing Of groups not in
cluded in the industrial tabula-
ton is not without it's bearing on
the heavy industries. For while
the industrial groups show a gain
In net incomes for the year and
while the railroads were likewise
able to register an Improvement
the great public utility industry
finished the year with the grour
income reduced well below thai
Of 1892. For Is large companies
q net income of $257 1865 900 was
reported compared with an In
come Of 1888, ,768, 900 for the same
group the previous year.
The Washington times., 1934-03-26

been depressing
it. 1t has edged
up to the level
through which
it broke last
Monday. If this
hope is justi-
fled, it must
hold, or work
higher.
But much of
the uncertainty
remains, a n d
caution is still
advisable. m
portant legisla-
ton. and eXecu-
tive action are
The Washington times., 1934-03-26
FUTURE
LITTLE HURT,
SAYS HANEY
BY LEWIS HANEY
Professor of Economies, New York
University

The stock market closed Satur-
day at a sort of critical level, as
seen from the traders point of
view. It obviously was under the
of hope concerning the
various uncertainties which have
The Washington times., 1934-03-26

pending, and a labor crisis still
exists. So much depends upon
arbitrary decisions at washington
that no one can predict with con-
fidence.
Furthermore, the market aver
ages have just closed the gap"
left last Monday, and are right
up against the upper boundary Of
sort of declining path which
they have been following since
the middle of February. The ques-
ton is, is there enough confidence
to push them through? This may
be one of the times when one
should await the markets own
action.
But 1 am inclined to the Opin-
ion that marketwise things are
not as bad as they seem. It
seems to me that the unfavOr-
able aspects may have been dis
counted, and that the action of
the market shows more hope
than fear. 1t certainly shows
no certainty Of approaching
ruin.
And meanwhile, industrial activ-
ity has been creeping upward.
Among the more bullish indica-
tions are the following:
The decline in bond prices was
checked during the past week, and
the averages turned up on Satur-
day for the first time since
March IA.
The stock market averages have
held remarkably well in the face
of extremely disturbing conditions.
They have actually gained a little
during the past five days, and on
Saturday closed a fraction below
the averaged of week ago and
two weeks ago. That hardly sug.
gestS distribution"
There has been no tendency to
gather momentum on the down
side. In fact, the activity has
favored the up side, as is indi.
Gated by observing the direction
taken by the most active issues
from day to day. If one could
have bought the 20 most active
issues each day since the February
peak, selling them each time at
the close, one would now have a
three-point average gain (though
commissions and taxes would have
eaten it up).
Another point I note is that
several leaders, such as Dupont
and Steel, have filled the January
Is gap. Some, as American Can,
have broken their recent down
ward paths.
So I see no reason for not
holding ones reasonably priced
stocks, and continuing the policy
of adding thereto on all reces-
slonS. Don't try for speculative
turns" Just try to save your
principal IN a per1oQ OF currency
depreciation.
1t should be noted that, un-
desirable as it may be in sew.
eral respects, the proposed stock
exchange regulation will not
hurt any stock which is con.
servatively appraised at its
existing price. I think that it
is only the OverbuIled and
highly speculative issues which
may suffer directly from the
regulation now proposed.
There is no weak public fol-
lowing" to be shaken out of the
market. The bulk of the sounder
reasonably priced stocks are held
outright or well margined, for the
purpose of protecting capital
against a shrinking dollar. And
the dollar will continue +o ehriVoly
The Washington times., 1934-03-26
BOND MARKET AVERAGES

Copyright, 1884, Standard Statistics Coz
NEW YORK, March 26 IN.S.).
Evening star., 1934-04-18

wages. And tell them thereu be
coffee and sandwiches for them when
they come back"
I'm fighting rather desperately for
loyalty" she informed Larson. "As
soon as you get under way I'll call the
wives together and start them making
sandwiches. The restaurant men and
storekeepers will help. I know, and
Preacher Smith will let us use his
canvas tabernacle"
With Larson and the men away, she
turned to Delphy, who had stood be-
hind her fairly qlivering with excite
ment. "Delphy," she said in low
voice, you've got to help me now as
you've never helped before. We have
to keep these men steady on their
Jobs. More than half Of them are
married. Their wives are going to be
down in town helping us make sand
wiches and you're going to say things
to them that wouldn't dare"
Swear words?" offered Delphy, de-
lighted, Miss Judy, you never did
hear all the words / can use"
"No, Delphy," Judith laughed. As
usual the old woman relieved the ten
sion, you're going to say you suppose
that all those fool men will be rush.
ing of thinking they can be Million
aires; leaving good jobs behind and
losing them. You're to say it's q
shame men don't think of their wives
and babies first, that they are all
gamblers. taking a chance on a million
they won't get and leaving their good
salaries behind, understand"
Tomorrow. Judith learns the truth
about the oil strike.
Evening star., 1934-04-18
2O+H0UR A|RMA|L
SHIPS TO SPAN us.
Army to Fly Route Between
New York and San
Francisco.

The fastest transcontinental air
mail service the Nation ever has had
is about to be inaugurated by the
Army Air Corps. 1t was revealed yes
terday by the Post Once Department.
Deliveries now are being made to
the Army OF new -motored Mar
tin bombardment airplanes, which are
said to be the fastest multi-motored
aircraft in the world. As soon as
sufficient deliveries have been made
the Army will put these planes into
service on the New York-San Fran
cisco route.
A tentative schedule worked out by
the Post Once Department calls for
less than 20 hours flying time, coast
to coast. Chicago and New York
will be four hours apart under the
new schedules, 1t was announced.
Airmail leaving New York at 4.30
pm, at the close of the business day,
will be delivered in San Francisco
in the first afternoon delivery the
following day. just half q business
day from New York.
The new Martins are q development
of the sensational planes which won
for Glenn L. Martin of Baltimore,
their designer and builder, the Collier
Trophy last year. This trophy, the
highest American award for areo-
nautical achievement, was presented to
Martin by President Roosevelt.
Exact performance characteristics Of
the new bomber are withheld as mill
tary secrets. 1t Is claimed to be the
fastest heavy bombardment airplane
in the world, however 1t Is a twin
engined plane, with retractable land
ing gear and with the personnel fully
inclosed in streamlined celluloid
cowlings to improve the performance
of the plane and protect its crew.
Evening star., 1934-04-18
Judith Lane
Ss JEANNE BOWMAN

ment later, could I take Tommy and
Name with me to Houston?"
I'm sorry, but the ship doesn't
carry that many passengers, but I'll
tell you what you can do, Mr.. Sanford
will take Mrs. Scoggins and Tommy
for ride in the morning before you
leave and I'll tell you what I'll
do. I'll have a friend Of mine buy
Mrs. Scoggins flsh-scale dress and
you can bring 1t back as a present"
During the time 1t took to draw up
the contract she focused all Of her
attention on the wording. passed it to
each man in turn and. confident it was
proof against Lampere's agents break
ing. placed it before Scoggins for his
signature.
And Judith. pen poised full mo-
ment, signed last
The days began to pass like drab
brown oblongs Of khaki. No time TO
think, with the mad rush of work and
the tension of Big Tom Town to
watch.
And then the tension broke. 1t broke
at twilight. There had been the calm
of the after dinner hour lowering over
the camp and Judith, sitting on her
front porch had listened to her Mexi-
can vanquero singing to his lady love
when suddenly the guitar stopped and
out on the air rang the words-"Oil
:. oil. they've struck 1t. she's howin'
40 barrels per :"
"Oil Miss Judy, OIL" the cry
came up the hill. A band of workers
was approaching her. They struck
oil at Scathborne's field, brought in q
roarin' well. She got away from them
at first. Rider just come in from
there"
Judith wanted to say, Well, what
of it, how does it affect us?" but she
knew better than that. She pretended
interest, advised them to quiet down,
but they had come to tell her they
were going on over to see for them
selves.
Wait" cried Judy, tell you what,
boys, let's make a night Of 1t. Scath-
borne's mules and wagons have worn
a pretty good trail, we've got full
moon In our favor, and wen get the
company trucks and picnic over, what
do you say?"
A roar was their answer. Larson,
having heard the news, had come
racing to Judiths house. Judith
turned to him-"make 1t in relays"
she said to Larson, they all want to
60. Figure 40 to a truck. Make them
sign before they leave that II they
don't report back for work within "a
hours they'll forfeit this months