Assorted historical stuff:
American Museum of Natural History produces The Bottom of the World, a film about expedition to the Antarctic; "The penguins, to which a large part of the film are devoted, are excellent camera subjects, and provide a natural humor in their likeness to human beings."
About 4.7 million people owe their living to the auto industry, 3.96M directly employed. Industry has gone from being insignificant 25 years ago to now essential to prosperity. Other important industries developed in that period: telephone, radio, electricity, electric refrigerator, airplane [true, but we've produced twitter!].
GE to build world's largest electric generator for Hudson Avenue station of Brooklyn Edison. To be rated at 160 MWatt, 16,500 Volts, 7,000 Amps.
Number of German mark-millionaires was 15,547 before the World War, decreased to 3,917 after the [hyper-]inflation period, but has since doubled.
Molly Picon, Yiddish comedienne from Second Ave.Theater, appears at the Palace with "a program of character studies and incidental songs." Result is disappointing; "work she does so successfully on the Yiddish stage cannot be adapted well to the English vaudeville circuit."
World registration of motorcycles 2.625M in 1929 vs. 2.506M in 1928.
Major industrials hit new rally highs on increasing volume. Some setbacks in last hour, thought technical, due to "temporarily overbought position." Utilities and oils strong. Banks lower on profit taking.
Sentiment helped by some recovery in industrial activity from holiday shutdowns. "Important banking interests" encouraged in belief early July was low point of trade recession. Auto recovery now expected to lead to larger improvement as summer progresses.
Hopeful sign seen in low inventories carried by industry and retail; about as low as ever compared to volume of business. Retailers have been buying "hand to mouth" for months. This differs from the 1921 depression, when inventories were at record highs. This should add a large boost when the economy turns.
More bullish factors: Dow yield, allowing for probable dividend cuts, is 4.75% vs. 3.25% for commercial paper; a spread over 1% has been a reliable buying indicator. Also, generally low interest rates, and the passing of a year since business began to turn down.
Dresser & Escher say "American industry is in the healthiest condition it has been in years; inventories low, the cash position strong, operating efficiency everywhere developed as it has seldom been developed before." They note that stocks recently almost hit the panic low from last November; "What a chance for the man who hasn't lost his head to lay the foundation of an everlasting fortune."
US ship building one of few industries showing improvement; busiest since 1921; attributed to Jones-White bill granting ocean mail contracts based on construction of new vessels; government has granted low-interest loans to finance construction. Worldwide shipbuilding is declining.
Economic news and individual company reports:
Zenith trying to produce lower-priced radio than current line selling for $185-$495, not including tubes.
General Foods expects first-half earnings about $2/share, roughly the same as 1929. Now sells almost 80 products; Jell-O subsidiary introducing new lime flavor; also introducing Post's Whole Bran. Investigating quick freezing to ship food overseas.
United Aircraft [later became Boeing, United Technologies, and United Airlines] expects Q2 earnings substantially improved over Q1's $.39/share, but well below $1.52/share in Q2 1929. Boeing subsidiary doing well; recently developed the Monomail commercial plane, able to carry 6 passengers and 750 lbs.mail at 140mph.
Paramount Film rental revenue in US for quarter ended June 28 were 7% ahead of 1929; foreign 21% ahead.
American Chicle Co. (chewing gum) Q2 earnings $1.21/share vs. $0.95 in Q1 and $1.31 in Q2 1929.
"'Will you have a drink?' asked Sandy, noted for his thrift, of his guest, Angus McLean. 'Yuss,' said Angus, who tossed it off and set the glass down thoughtfully. ''That whuskey,' he observed, 'is just right.' 'Just right? What do you mean?' 'Well, if it were any better you wouldna give it to me and if it were any worse I couldna drink it.'"
+ The Boring Stuff: