davidaulloa/AmericanStories huggingface dataset:
Evening star., 1938-01-02
EQUITIES CHEAPER
ON PROFITS BASIS
Many Groups Now Selling
at Less Than 1OTimes
Earnings.
BY CAMBRIDGE Associates,

by CamDrloRe Associates.
The old maxim that a fair price
for a stock is 10 times its annual
earnings is frequently quoted-and
consistently ignored.
In bull markets investors and spec
ulators appraise the future through
rose -colored glasses and easily find
reasons to justify quoted prices 20. 30
or even so times current earnings.
When the stock market breaks, and
Wall Street is seeing the end of the
world in the gloom that enshrouds its
own environs, then the financial world
again disregards price earnings ratios
and permits equity values to fall below
the "l0-times" figure in many groups
Romance" Stocks Popular.
Naturally, neither in rising nor falling
markets is the relation of price to
earnings anywhere the same for differ
ent groups or even for individual
issues of the same group. The "ro-
nance stocks" representing participa-
tion, usually, in new companies or
d
is predicted, regularly sell for much
higher prices in relation to earnings
than do the stocks whose earning
power is we'll established. Shares in
the aviation group, for example, were
selling for 492 times 1886 earnings
on December Of that year, and even
year later were quoted at 172 times
the current years earnings, a ratio
higher than recorded in the other
major groups.
Price-earnings ratios have also
fallen drastically in the prince and
pauper" industries Steel shares, which
were selling for Ill times earnings
in December, 1885, were offered at
about times 1887 earnings as the
year approached its close, change
effected under the twin influences Of
a rise in actual earnings and a whole
sale slashing Of quoted prices. Rail
equipment stocks dropped from a ISL
ratio to 90 ratio within the same
period and the price-earnings ratio
of building material and electrical
equipment stocks dropped approxi-
mately so per cent to 1913 times earn
ings and 13 times earnings, respec-
lively.
Food and Chemicals Steady.
The least percentage change was
shown by the chemicals, from q 20.7
times earnings basis to l5.2 basis, and
the food stocks, from IT'S to 121.
Buyers remembered the steady earning
power Of these groups during the
1930-1934 period and, Of course, the
appreciation possibilities of shares in
the food group were never held very
great.
Whether stocks are now down on
an investment basis depends largely
on the course Of corporate profits next
year. If 1t is held that = quick recov-
cry will make possible earnings only
slightly under those Of 1887, the an
swer is probably yes, particularly If
the low earning rate Of money Is con-
sidered.
Evening star., 1938-01-02

les, said James M.
Johnston, presi-
dent Of the ex-
change and SEN
ior partner in the
investment firm
Of 10 h n S t on ,
Lemon & Co.
T he demand
for the local bank
stocks has reflect
ed in a remark
able steadiness in
the market for
these securities,
which constitute
a considerably
Evening star., 1938-01-02

Thomas J. Groom
president of the
association an d
vice president of
the Bank of Com
merce IL Savings,
in looking back
over 1887.
Building Is one
OF the city's prin-
cipal industries
and the local
banks financed a
large portion of
the construction
which took place
during the year.
Evening star., 1938-01-02

Washington and
one Of the man.
ayers of the local
Office of G. M
P. Murphy e. Co.,
New York Stock
Exchange firm, in
pointing to some
of the highlights
OF the past IL
m o n t his. The
falsity Of that
belief became too
evident to admit
of further discus
sion, he said.
Mr.. Parker as
signed a reillc-
Evening star., 1938-01-02

cations and pre-
ferred S oc k S
were not extern
sive. declared L.
Clark Bro W n,
president of the
Bond Club Of
Washington and
partner in the
firm Of Brown,
Goodwin & Olds,
in looking back
over 1887. A S
shining exam
Piles, he cited Po-
tom &C Electric
Power bonds and
Washington Gas
Evening star., 1938-01-02
POINTS T0DANGER
OF THIN MARKETS
Ticker Club Chief Declares
Restrictions Failed as
Stability Aid.

The year 1887 demonstrated clearly
that restrictive measures will not
lessen price fluctuations, said John E.
Parker, president Ticker Club of
Evening star., 1938-01-02
STOCKS REFLECT EXTREMES OF OPTIMISM AND PES
BANK ASSOCIATION
ACTIVE IN YEAR
Groom Points to Big Part in
Financing New Con-
StruCtion.

The District Of Columbia Bankers
Association has taken an active part
in business and civic activities in
Washington during the last year, said
Evening star., 1938-01-02
FOUR STATES BEAR TAXES.

More than half the individual in
come taxes collected by the Federal
Government are paid by persons in
four States-New York, Pennsylvania,
Illinois and California.
Evening star., 1938-01-02
SAVINGS ASSOCIATIONS.

The number of Federal savings and
loan associations in active operation
In the United States passed the 1900
mark last October.
Evening star., 1938-01-02
d. c. STOCK TRADE
STEADY DURING 81
Notable Interest Is Shown
in Bank and Trust Firm
Stocks,

Trading on the Washington Stock
Exchange held steady during the year.
with notable interest in the stocks of
Washington banks and trust compan-
Evening star., 1938-01-02
H|CH-CRADE BONDS
ARE STEADY HERE
Preferred Stocks on Capital
Exchange Also Show
Slight Changes.

During an investment year which
was disappointing in many ways, price
changes in highest quality bond obli-
Evening star., 1938-01-02

Banana peels are used by a British
mill to make a SOFT light yarn.
The Waterbury Democrat., 1938-08-17
WILLIAMS TO BOX
 DEVORE THURSDAY
New Haven Star on Local Card; Renault Billed Too;
 KOvaCh vs Stevens

One change for the better and a good addition to the amateur boz ing card scheduled for Randolph Cloves stadium tomorrow night was made today when Promoter Michel Angelo Sebastiano Dance announced that Mickey Williams of New Ha- ven, slick lightweight will take the place of Joe PoloWitZer against Johnny Devore of Bridgeport. Polo witzer drew last night at Savin Rock with Joe Rossi. Sal Midget Renault of New Haven will also be seen in action against a suitable op- ponent. Renault boxed a nice draw last week with Jimmy Crimmins of Newark, N. J., many fans think ing he wonsthe bout. rp.t lt.+ .
 Bill Perrin of Bristol and Eddie Sampson of New York, Irish Johnny Hayes of Bridgeport and Eddie Kra- mer of Brooklyn, N. Y, are the card standouts while Dula Kovach of Nau0atuck and George Stevens Of this city ought to get a big hand when they start swinging in a heavyweight duel. Red Moffett of Devon is booked for Joe Rossi of Naugatuck in what should be a thoroughly interesting battle.
The Waterbury Democrat., 1938-08-17
ALL=CALIFORNIA
 PARKS NET FINAL

Los Angeles, Aug. l7-CUP)-The betting today favo-d second straight all-California final in the National Public Parks mems singles tennis championships
 The field was scheduled to be trimmed from l6 to eight today and in the l6 there were only four easterly players-Dave Perchonock Philadelphia; Louis Soukup, St Paul, who played each other today Harold Jensen, Minneapolis and Jack Schesinger, Detroit.
 Dave Freeman Of Pasadena, Cal the new national junior champion and Ebert Lewis of Los Ang eles, top-seeded entrant, were favored ,o reach the finals and battle for the title
 The women played second round matches with top-seeded Mary Ar hold Of Los Angeles playing Cath erine Malcolm, Chicago; md third seeded Helen Germaint, New York, meeting Pearl Harland, Santa Mon- ica, Cal.
The Waterbury Democrat., 1938-08-17
SWITCH TO MISC. MAY BOOST GATE OVER s1oo,ooo
Armstrong } 10 1 Favor.
 ite as Indoor Title Bout Nears
By HARRY FERGUSON Limited Press Sports EditOr)

New York, Aug. 17-(UP)-Henry Armstrong surges out into a pool ot hot light at Madison Square Gar den tonight to try to convince friends and foes that he can lick any man in the world between ll8 and 147 pounds
 The first man he must convince is tough little Italian named Lou Ambers who will be in the ring with him, jabbing, fighting, ducking and running to protect his lightweight title.
 If Armstrong wins-and the odds favor him three to one-he will be the first man ever to hold the featherweight, lightweight and well terweight championships at the same time. Win or lose, it will be a momentous night in the life of the little negro and he met this crisis by, of all things, writing a poem: The rest of the world is blacked out The only place left is this squared
 ring
 Under the glaring lights a man I
 must rout
 Or myself become a beaten thing"
 The boys backing Armstrong in- sist his punching is more rhythmic than his meter.
 Rained Into Success
 This little argument between Am- bers and Armstrong was supposed to have been settled a week ago tonight, but rain fell at the Polo Grounds and Promoter Mike Jacobs decided to take the bout inside Madison Square Garden. It prob- ably will turn out to be one of the smartest things he ever did. It looked like skimpy $S0,0OO gate at the Polo Grounds, but in the Gar den tonight there probably will be 17,000 customers who will pay around $l30,00O
 Armstrong, murderous puncher who has knocked out 35 of his last 38 opponents, is the boy who is drawing them. There is only one kind of battle Armstrong knows how to f1ght-to start punching when the bell rings and keep his fists flying until the round is over. He'll trade punches any time, gam bling that if he lands one good one in Is tries the man in front of him is going to fall. That's been his story all the way up from obscurity and tonight he's sticking to it.
 Every fight Armstrong gets into is darktown strutter's brawl, and if you don't think so ask Barney Ross who lost his welterweight title to the negro last May and took the licking
The Waterbury Democrat., 1938-08-17
INDIES READY FOR
 BUSY GRID SEASON

A football meeting was held last night at the Brooklyn Y. M. c. A at which plans for the coming grid iron campaign were discussed. The Waterbury Indies are back on the field this year with club which they figure will make a strong bid for the championship of the state Included in their roster of players are some of the outstanding young CT players of the last two years from this vicinity. The players signed up include: Moe Holmes, Runi- vidge, Marinelli, S Williams, Mar dozzi, Quintiliani, Sparano,' Malario Ponzelli Cronin, Lamitola, Gugli- melt, Calvin, DeBlasio, Grey Foster Jimmy Grove, Lacilla, DeSantis Galul loand Red VallOne.
 The club is well organized al- ready and will begin practice next Tuesday evening. Jimmy Zingarelli will be head coach with Johnny Barnes taking care of the back field and Hotfoot Laudisi taking charge of the linemen.
 Duke Delpo will take charge of the business arrangements assisted by Pat Stere, publicity. This club hopes to be read yto play their first game about the third week in September
The Waterbury Democrat., 1938-08-17
POOR PRIMO!

Rome, Aug. 17.-(UP)-Primo Camera, once heavyweight cham pion, is ending his career as ham" actor in second rate Italian theaters, and plans another come- back attempt in the prize ring.
 The giant whose freak physique Whirled him from a strong man in a French circus to possessor of box ing's most prized title, made his debut as thespian in a tiny thea ter at Milan few weeks ago. His pathetic efforts were booed.
 The only thing he saved from his ring winnings was the home he built in Sequale which has a gym nasium.
 He contends he is in good physi- cal condition and soon will be on the comeback trail. In his last ap- pearance eight months ago he suf- fered a tWo-round technical knock cut at the hands of one Josef Zupan. Physicians said then that his fight ing days were over.
The Waterbury Democrat., 1938-08-17
PEMBERTON ACES
 DEFY MOHAWKS

The Pemberton Aces, who have twice been refused games with the highly touted State street Mohawk $ for the third and nnal time chal- lenge them The Mohawks who have won 13 straight games nave In their lineup "Toots' Minniccucci, former utility outfielder of the Aces, in the centerfield position and James Ang- eric brilliant shortstop, Jimmie as he is known to his friends, has an average of 500 getting five hits in 10 times at bat, one being a game winning triple. The Mohawks will start their ace pitcher, T, Barone against the Aces.
 Murphy, winner of l6 out of Is games, will be Barone's opponent on the mound in this important game if 1t ever comes inIo being. Duane who has raised his batting aver age 20 points to total of .453 will also see duty in this contest
 Coach Burns thinks the MohaWks are deliberately avoiding the Aces in fear that they will meet their first defeat of the year For arrange ments call James Kearney at l3 Ayers street, between 530 and 6.3O.
The Waterbury Democrat., 1938-08-17

He spent some time in the ring, punching at Sparring partners, but his real work was done in his room on his musical instruments.
 Al Weill, Ambers' manager, said he had never in all his life seen anything to equal the trombone as a sharpener of fighters.
 Before he took up the trom- bone," Weill said, "Lou's right hand was just another right hand. Not bad, not good. But week on that instrument and his right hand be- came killer diller. The snare drum helped him, too. To play one of those durn things, and play it hot, you got to swing your body like monkey on limb. Lou would get to swinging piece and then ask his sparring partners to try and hit him. They couldn't put glove on him when he was really going to town on Flat Foot Floogie.'"
 A Poet. Egad!
 Armstrong came down from his Pompton Lakes camp just as fit as Ambers. Henry is poet and the composition of IS odes, IA sonnets, two epics and an elegy brought him into magnificent shape. He was hard as Grecian urn, fast as a west wind, tough as the shooting of Dan McGrew, and as composed as though he were looking into Chapman's homer for the first time.
 His plan of battle calls for him to scan Ambers for the first two or three rounds and then beat him verse" than he did Barney Ross early in the summer. He has pre- dicted that Ambers will look like the ancient mariner with his paradise lost after he gets through with him.
 Ambers countered this with a statement that when he finished getting in his own "hot licks" Arm strong would be so worn out he couldn't even hold down the job of poet laureate for Madison Square Garden.
 There is expect cd to be little diff ference in their weights. Ambers came in at 135 with a Cymbal in his hand when he was weighed last week, and Armstrong, with an anthology of modern British verse under his arm, tipped the scales at 133A.
 The managers hold conference with Mike Jacobs today in regard to the announcing of the main fight. Ambers manager will demand that the announcer introduce with three verses of "Old Man Nose Is Dead" and a chorus of "Tisket-Tasket." [" Eddie Mead, Armstrong's handler, will insist that the introduction of Armstrong be followed with three verses of Hiawatha and Greys elegy In Country Churchyard.
 Mike Jacobs, have learned from source 50 close to Mike Jacobs that it is Mike Jacobs, will tell them both to go to- whats the name of that place that is hot sometimes cold sometimes, but just won't freeze over?
 Copyright, 1888, by United Press)
The Waterbury Democrat., 1938-08-17
KEAVNEY, KAMPNER
 WIN NET DUELS

Pulling another back from the grave" effort, Bud Keaveney won his way into the guartcr- finals of the city junior tennis tournament with 2-6; 6-3; 7-5 victory over Norman Rochon after a IA deficit in the final set Jack Kamphcr won two matches from Larry Wals!. and Wa|ter Griffin, 6-2; 6-l and G-l.
 The other results were as follows Jim Lord defeated Fran Keayeney 6-2, 6-l, John Gurklis defeated Nor mon Christ 8-6, GA, Ishiah Jacob- son deafeated Fred O'Rourke. 6-l, 6-3, and Ed Walsh defeated Dave SWitz 6-3. 6-2.
 Quarter finals: 9:30 a. m, Jirl Lord vs. Bud Keaveney, John, Cur klis ys. Bill Blair, I. Jacobson vs George Lord, l0:30 a. m., Jack Kampner vs, Ed Walsh
The Waterbury Democrat., 1938-08-17
NEW AUTO MARK

Bonneville Salt Flats, Utah, Aug. 17-CUP)-Capt. George E. T. Eys- ton of England, holder of the worlds automobile speed record of 3l1.24 M.P.H., predicted today that he would shatter that mark next week.
 Eyston drove his record smashing Thunderbolt at 270 miles an hour yesterday. and the trial almost end- ed in disaster. Fumes from tight brakes filled his cockpit and he was forced to use a respirator which drew fresh air into the cockpit. He said the brakes would not have thrown of fumes had they been rubbed down properly.
 He was pleased with his machines performance. He hopes that by next week wet spots on the l3-mile salt oeds would be dry SO that he can go for a new record.
The Waterbury Democrat., 1938-08-17
NAUGATUCK GEMS SET
 FOR GRID SEASON

The Naugatuck Gems who sent Dick Tuckey to the big show arc ready for the new football cam paign which is just around the cor ner. The first practice session has been called for this week and the candidates will be tossing the pigskin around Recreation fleid in real earnestness for the tough schedule that is being planned.
 Some of the stars of last yeal s great team will return here but the nucleus of the squad will be con- posed of new faces 10 these parts. A working agreement with a major club is being arranged and the Gems will again be a farm for the leaguers.
 Games are now being completed with the best state teams as the Gems hope to win the title this coming season. Last year only one state team had the courage to play Naugatuck but this fall 1t is hoped 3y local fans that Danbury, Bristol, Wallingford and New London will invade the borough.
The Waterbury Democrat., 1938-08-17
Today's Sport Parade
By HENRY McLEMORE United Press Staff Correspondent

New York, Aug. 17-UP)-Benny Goodman and Henry 'Wadsworth Longfellow meet by proxy for the worlds lightweight boxing cham pionship in Madison Square Garden tonight.
 Representing Goodman will be Lou Ambers, 135 pounds of pure swing music, and representing Long fellow will be Henry Armstrong, 134 pounds of ode, idyll and sonnet.
 Ambers, who advanced from alli- gator to cat to jitterbug to de- sire for his own swing band, has been training faithfully on the trombone, clarinet and snare drum at Madame Bey's bungalow of bop.
The Waterbury Democrat., 1938-08-17
GRID STARS DRILL

Kingston, R. l., Aug. 17-CUP)- A squad of 30 nationally famous college football stars started twice. daily practice sessions today under three New England football coaches in preparation for game with the Chicago Bears on Sept. for the Shriners' cripple children's hospital benefit.
 The all-stars are practicing under Pat Hanley, Boston university coach and his assistants, George Sauer of New Hampshire and Frank Keaney of Rhode Island State.
 Coach Hanley plans to hold morn- ing and evening sessions until cool CT weather arrives.
The Waterbury Democrat., 1938-08-17
Burke Captures Connecticut
 Open Golf fCrown
AlLabutis, Chase Pro Fifth at BrOOklaWn-KOSin=
 ski=Runner=Up

Bridgeport, Conn, Aug 17-(UP) Eddie Burke, a heavy-set 26-year- old professional golfer from Nauga- tuck, today held the Connecticut open golf championship for the first time following sparkling display ot talent in which he shot 72 holes in 287 strokes.
 Burke went the first 36 holes in 142 strokes to lead the field at the halfway mark and then continued his march yesterday at Broklawr Country club, pounding out 72 and 73 for 287 aggregate, four strokes ahead of his nearest rival.
 He was young Tony Kosinski, for mer state amateur champion, who tailed 29l over his home course.
 In third position was another amateur and former state winner Bobby Grant, Wethersfield, who had 293.
 Defending champion Leo Mallory Wee Burn professional who won the title also in 1886, wound up in fourth position with a 296 total His first round score of 77 was too high for him to overcome despite excel lent later rounds.
 Al Labutis, Chase pro, followed Mallory by two strokes and Dave Stewart, Millbrook professional and Ralph Greenwood, ShCrehaven pro were tied at an even 300.
 Cleeko Marchetti, Fairchilc Wheeler amateur was next with 30l strokes, and tied at 303 were:
 Herb Armstrong, Goodwin Park pro, F. G. Gillette, Norfolk amateur and Charley Clare, Race Brook amateur.
 Willie Hunter, Willimantic pro came up with a 3O4 score
The Waterbury Democrat., 1938-08-17
7hisSborting
 World
Ambers To Be Strong-Armed
BY JOHN A. CLUNEY

a getting a repreve walk the thing his 35 pound title tonight racing anyother To nothing but with able Abers knockout technical clean will probably result Trelss
 
  great
 
 beating  The trick tonight pick the round which Ambe will be tagged
The Waterbury Democrat., 1938-08-17
SACRED HEART GIRLS
 WIN AT SOFTBALL

Sacred Heart girls softball team had no trouble defeating the Perry Girls last night in a game played at the Wolcott Fair Grounds. The Sacred Hearts would like to play any other girls softball team in Wa terbury. For games call 3-1375. Last nights batteries were: M. Burke and A. Begnal for the Hearts and M. DiMarie and c. Sharon for Perry's.
The Waterbury Democrat., 1938-08-17
PROBABLE PITCHERS
By United Press) AMERICAN LEAGUE


 St. Louis tJohnson l-2) at Cleve- land (Feller l2-6).
 New York Ferrell l3-8( at Wash ington Leonard 9-1O
 Chicago Uyons 5-8 and Knott 4-O at Detroit Bridges 6-8 and Gill 8-5)-two games.
 Philadelphia tPotter 2-7 and Caster l2-14 at Boston (Wilson To- 9 and Ostermueller 5-4--two games
 NATIONAL LEAGUE
 Cincinanti CWalters 9-l2 at Chi cago Page 1-D
 Brooklyn fPosedel 8-5) at New Hubbell l3-0
 Pittsburgh Brandt 4-2 at St. Louis fHeshaw 4-8)
 Boston tDeis l-5 at Philadelphia (Passeau 9-l0
The Waterbury Democrat., 1938-08-17
SETH THOMAS TEAM
 BEATS THOMPSONVILLE

Thomaston, Aug. 17.-The Seth Thomas softball team defeated Thompsonville Al in the second game in the state league last night. Tuesday night the local team, which came up tops in the recent industrial league, was defeated by the Isaacson team of Winsted TO- The game scheduled for tonight here with Granby will not be played due to that team dropping from the league. Thursdays contest will be in Win sted when the clock makers hope to even the score.
The Waterbury Democrat., 1938-08-17
WOMEN'S TENNIS
 ENTRIES FRIDAY

The entries will close in the city women'S tennis tournament at noon Friday. with the first round sched- uled for Saturday.
 Entries may be given to Bob Blewitt or telephoned to either 4-8372 or 4-S037
 The players who have already signed up are Mrs. Albert Genua, Peg Mahoney, Yolanda Calabrese, Dora Eurell, Emmeline Manginello, Eleanor Baltrush, Kay Wolff and RoSamond Carserino.
The Waterbury Democrat., 1938-08-17
FITCH VS KELLEY

New Haven. Conn.,. Aug. IT, (UP)-George Fitch, local Negro heavyweight, and Roy Kelley, Bos- ton fighetr, meet here Saturday night in 10-round bout for the New England light heavyweight championship. Both fighters claim the title.