Assorted historical stuff:
Association Against Prohibition Amendment estimates last year's cost at $959.9M; about 90% is lost Federal revenue, remainder lost local revenue and costs of enforcement. Finnish Education Min. P. Virkkunen calls prohibition in Finland "chief source of intemperance, as well as failure on economic grounds."
Survey of 100 Detroit drivers held for violating traffic rules finds "42 were classified as of inferior intelligence, 12 as definitely feeble-minded, one as insane, and three as physically handicapped." Also, 46 were impaired by alcoholism, and only 13 were completely clean.
Building and loans plan to raise $1B new assets in next year; released for home-buying, this should raise US percentage of homeowners.
Next Congressional session in December will, among several big items, include a major inquiry by Senator Glass concerning banking in general and the role of Federal Reserve credit in speculation; also, regulation of wire and wireless communication, railroads, and power companies.
Navy completion of aircraft program in next two years will leave it with 1,000 planes vs. 354 in 1926.
Reichstag rejects most of Fin. Min. Dietrich's proposed taxation program.
New York State plans to finance future road construction from current revenues rather than public borrowing.
Central Park horse riders are supplied by 20 stables with average of 50 horses each; charge $2-$4/hour per horse. Midnight rides after theater are popular. Probably only place in the country that stables are still doing well.
International phone service to Lithuania now available; 3-minute call is $35.25, each additional minute $11.75.
New York State paid $928.5M of Federal taxes for year ended June 30, of a total of $3.038B from all states.
Bulls encouraged by recent rally and technical indicators of strength. Buy orders accumulated over the weekend, leading to an opening rally with new rally highs for many major stocks. Speculative issues were particularly active. Oils, food, amusement, communication, utilities, banks strong. Most stocks closed at daily highs.
Good signs seen in rise in life insurance sales and bank deposits vs. 1929.
Leading traders seen buying; "They are picking out stocks strong in intrinsic value, with potentialities of a quick comeback when business returns to normal."
J.C. Stone, member of Farm Board, believes wheat prices have bottomed, says Board has no plans for stabilizing this year's crop.
Netherlands Trading Society report on Holland: "The curve of the business cycle is still tending downward, without, however, having so far assumed severe proportions."
Economic news and individual company reports:
Auto industry successful in reducing inventories by drastically cutting production. Current stock is well under 400,000 units compared to 559,000 in April of 1929. This amounts to less than eight cars a dealer. Production in June estimated at 343,000 cars and trucks vs. 567,424 in June 1929; half of production was by Ford.
New cartels being formed to control zinc and bottle production.
Australian trade awful; in 9 months ended March 31, imports down $6.2M from 1929; exports down $166.8M; trade deficit now $177M. Total debt is $5.6B [vs. $2.3B GNP].
May freight traffic on class 1 rails was 36.6B net ton miles, down 12.8% from 1929 and down 6.8% from 1928.
95 public utilities total May revenues $195M vs. $198M in April and $189.8M in May 1929; earnings $86M vs. $89M and $82M.
GE first-half earnings $1.01/share vs. $1.07/share in 1929.
A&P first-half sales $548M, up 8% from 1929; June sales also up 8% from 1929. Remodeling stores to attract "that part of the public that patronizes better shopping districts and demands unusual varieties and costly delicacies."
“Applicant ... 'I may say I'm pretty smart. I won several prizes in cross-word and word-picture competitions lately.' Employer: 'Yes, but I want someone who can be smart during office hours.' Applicant: 'This was during office hours.'”
+ The Boring Stuff: