Assorted historical stuff:
D. MacMillan, Arctic explorer, disputes idea of Arctic as wasteland, says over 700 plant varieties known in the Arctic Circle, some within 9° of North Pole.
Economy of US South has grown from minor size in 1900 to now producing 16% of US manufactured goods, 32% of mineral, and 36% of agricultural products.
Over 95% of all Swedish electric power supplied by hydropower, also known as "white coal."
French Senator V. Dalbiez says Russia exported $33M of products to France in 1929 while only importing $10M; accuses Stalin of using surplus to help with "the object of preparing a world revolution and increasing propaganda funds for Communist groups in other countries."
Three-day meeting of European carmakers in Paris ends without agreement on quota system to restrict American imports.
Navy awards contract to Loening Aeronautics of New York for seaplane with folding wings to be used on submarines. Contract price is $49,500.
Dr. K. Clark of the Univ. of Alberta has been working on tar sands for past 10 years; recent experiments successfully produced 5 barrels of pure tar from 5 tons of sand. This summer experiments will continue with production of petroleum products from extracted tar.
Individual drugstores estimated to carry in stock 8,000 to 15,000 different articles.
Jack Warner, VP of Warner Bros., announces new policy. For past four years, studio has taken 8-12 week vacation period “in order that the creative workers might rehabilitate themselves and start the new year's work after a good rest.” Plan is no longer practical, and studio will now operate 52 weeks a year.
Bulls encouraged by resumption of auto manufacturing and higher commodity prices; technical market position also considered promising, ready for gradual resumption of upward trend interrupted in late July. New rally highs reached by US Steel, GE, Westinghouse, Consol. Gas. Trading favorites including Vanadium and Radio particularly strong. Volume remained low, but prices generally improved through the session and closed at day highs. Utilities and oils strong; banks and trusts weak. Bonds dull but generally firm.
August bulletin of Nat'l. Assoc. of Credit Men optimistic; "We have managed to get through the storm with no conspicuous failures and no serious damage to our machinery of production and distribution." Now sees business skies clearing, sees gradual but sustainable recovery.
Chairman G. Woodruff of Nat'l Bank of the Republic in article "Green Lights Ahead" predicts second-half recovery in business. "The red lights, through which our people last year drove, have changed. The curbstone admonitions of the minions of the economic law near an end."
Technical market strength seen in resistance to repeated bear efforts since July 18; very low recent volume attributed to stocks in strong hands ("in the hands of interests not to be frightened by professional drives"). Recent rally having been digested, market considered in good technical shape for further advance.
Market action still seen driven mostly by professionals, not much public or outside buying seen. Conservative observers still believe sustained uptrend unlikely until market breaks through previous resistance levels on good volume.
Farm leader Taber predicts "major catastrophe" unless rain appears in drought area soon; calls on President Hoover for immediate help for affected areas.
Attorney General Mitchell orders investigation of low-price for Georgia tobacco after charges that speculators are manipulating the market.
Economic news and individual company reports:
All states have a gasoline tax; average is a little below 4 cents a gallon. Total expenditure by motorists for fuel, tires, parts, other needs about $3.75B/year.
150,000 auto workers, including 100,000 in Ford's Rouge plant at Dearborn, returned to work yesterday as production shutdowns ended.
Auto sales worldwide remain at depressed levels, including India, China, Canada; attributed to world economic depression and political situation.
Fed. Reserve member banks report $75M increase in week ended July 30 in “all other” (mostly commercial) loans to $8.529B.
Companies reporting decent earnings: American Machine & Foundry (cigar/cigarette making machinery), Crown Cork & Seal (bottle caps).
RCA-Victor exhibiting new radio models to retail for $110 to $285. More expensive models will come with recorder able to permanently record radio programs.
“Earl Carrol's 'Vanities.' A lavish and expert spectacle, containing good comedians and a spectacular chorus: marred by offensively infantile grossness in the sketches and awkward aspirations toward mere nakedness.”
+ The Boring Stuff: