Assorted historical stuff:
Agriculture Department continues war against America's food racketeers. Last year obtained 487 judgments against adulterated food products, also 40 insecticides and 296 patent medicines or other drugs were removed from the market. Officials declare the general condition of prepared foods and medicines to be excellent.
Railroads make it possible to supply the country with fresh fruit and vegetables almost all year. First shipment of Georgia peaches arrived in New York on Monday.
Germany reports that the budget planned a month ago, has been upset by falloff in revenues and rise in unemployment. The assumed improvement in business has not materialized. Germany's largest copper producer, the Mansfield Corp., closes its plant, locking out 14,000 workers, after Communist pickets had prevented workers from entering.
Canadian government carries out aerial bombing raids on schools of porpoises blamed for predation on cod.
Airmail lines now reach almost every important city in Mexico. In 1929 Mexico received over 14 million letters from the United States.
Market commentary:
Dull market coming back from Memorial Day holiday. Lowest volume since January 20. Large industrials including U.S. Steel and American Can traded in a narrow range. Good performers included utilities, Montgomery Ward, Woolworth, and some food product stocks. Little change in the business average for the past two months.
Harvard Economic Society predicts stocks will go up because of easy money and favorable business prospects. “Though business activity continues to make unfavorable comparison with that of a year ago, May transactions in the aggregate, as measured by bank debits through the 21st, have shown more than the usual slight seasonal gain over April.”
Most of the large professionals have turned bullish.
Government officials predict a trade revival over the next few months.
Mildly optimistic take on the later-infamous Smoot-Hawley tariff. The final version includes a compromise flexibility section allowing modifications to the tariff schedules by the President and a Commission. “It is a slender reed for the President to lean upon while he signs the bill, but, curiously and significantly he is himself a part of that reed. If the President has the stomach for an indefinite number of knock-down and drag-out fights over specific tariff rates, the reed will do.”
“Evidently, there are some food stocks that have been digested and others that haven't been.”
Economic news and individual company reports:
Foreign currency generally down, Britain imports and exports for April down 20%.
Chase National bank formed by merger of old Chase National, Equitable, and Interstate Trust.
The Hobbs oil area in New Mexico is developing into a major operation probably calling for some agreement to restrict drilling or prorate production.
99 Congressional bills affecting the sugar industry over the last 10 years, 15 in 1929.
Several copper companies cut dividends by about 50%.
Monsanto chemical business is improving month-to-month but down YOY.
Ford reducing model prices to 1927 levels.
Car company shipments down big in May vs. 1929 (Buick, Reo, Hupp).
Montgomery Ward sales up 26% in May vs. 1929 but store count up 60%.
Florsheim shoe will probably have profits in 6 months up to April 30, 1930 equal to 1929.
April meat sales up 6% sequentially but down 4% YOY.
Movie:
Safety in Numbers - A young man from San Francisco who has been sent to New York by his uncle to receive enlightenment as to this city's nightlife. His tutors are three chorus girls who, for $10,000, promise to guide the young man through New York's pitfalls ...
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