June 12, 2009

Friday, June 13, 1930: Dow 247.18 -1.90 (0.8%)

Assorted historical stuff:

Offering of German annuity bonds a success. Until March of this year “the task of adjusting herself to the consequences of the Versailles Treaty had been continuously postponed in favor of temporary expedients to bridge recurring political crises.” Now that the extent of their obligations has been settled, they'll have to buckle down and get to it. A Paris correspondent is optimistic that this will lead to “a great revival of industry and prosperity.” This may or may not be the case. In particular, if they try to devalue their currency to increase exports this may upset the United States and England.

Passage of the Smoot-Hawley tariff seems likely. With Senator David Reed, declaring his support, the bill is likely to pass in the Senate by two votes, and then to be adopted by the House. President Hoover is likely to sign in order to end “business uncertainty surrounding tariff consideration”; it's feared that a narrow defeat or veto would simply lead to the reintroduction of the issue at the next session of Congress. Senator Reed says the bill has been improved more than generally appreciated; his action followed meetings with Secretary Mellon and President Hoover.

Manhattan population has declined 18% since the 1920 census. It's the only borough to show a decline.

Long-distance telephone service inaugurated between Mexico and the US, jointly operated by Ericsson and AT&T.

It's getting harder to get away from it all with “telephone, telegraph, cable, and radio in every conceivable place.”

Market commentary:

Stocks “developed a steadier tone”. Two encouraging developments were the success of the German loan offering, and easier money conditions with the demand rate declining from 3% to 2.5%. Stocks continued lower in the morning, with new lows in major stocks. A rally developed in the afternoon with sharp rebounds in many shares that were recently under pressure.

Business is not improving as predicted, which is lowering market sentiment. Business volume is holding fairly steady week-to-week, but prices are lower, which should lead to lower earnings. Wages aren't going down as fast as earnings, but fewer people are employed.

Market has confounded observers by slumping when two weeks ago at least 75% of the Street was predicting a rally.

Market observers now predict range-bound trading within a 5-10 point range until the economic signs are clearer.

Rumors of bankers forming a pool to buy stocks similar to the one that stopped the November crash, but bankers say the market doesn't need it.

Thursday had 1 stock making a new yearly high and 169 making new yearly lows.

Leading economists and market observers are looking for clues on how long the current trade depression will continue. Since 1873 there have been thirteen periods of business depression. Ten of these had an average length of 15 months. The remaining three were much longer, but there were exceptional circumstances in each case that it is clear don't apply here. Credit is easy, inventories are not high, and the banking system was never sounder. Therefore the current depression should not last longer than 15 months. Since it began in July of 1929 in improvement is to be expected at the start of the fourth quarter.

A considerable number of market observers” predict that once the Smoot-Hawley tariff is finally settled market sentiment should improve, whether it's passed or defeated.

Economic news and individual company reports:

I. T. & T. reported first-quarter earnings of $.57 a share, compared to $.83 a share in Q1 1929.

The Department of Agriculture's farm export index is 65 in April compared to 82 in March and 86 in April 1929. This is an index of 44 important agricultural commodities begun in 1915. April's level is the lowest ever recorded except for the one month of July 1928.

Canada Dry reports sales and profits in April and May higher than those in 1929; June so far is slightly lower.

R.J. Reynolds tobacco Co. has started using radio advertising to support the Camel brand after Lucky strikes has been taking some market share. Strategy has been successful and earnings per share of over $4.00 are expected this year compared to $3.32 last year.

Technicolor Corp. (color film processing for movies) has been forced to stop accepting new contracts since printing labs in Boston and Hollywood are already working at 24-hour capacity. They now employ 1100 technicians and have already increased capacity 700% in the past year.

Consolidated cigar reports earnings for the first quarter of 1930 of $497,473, down $171,451 from 1929. Part of the decline blamed on a delay in changing over to newfangled cellophane wrappers that have become very popular in a short time.


“Guest (to head waiter) - That roast is certainly a long time coming.

Head Waiter - Can you recognize the man who's serving you?

Guest - no, but here's his fingerprint on the soup plate.”

June 11, 2009

Thursday, June 12, 1930: Dow 249.08 -8.21 (3.2%)

Assorted historical stuff:

Thomas Edison on big government and big business: calls the US government the most inefficient big business in operation; favors high wages; criticizes mergers where “the vast size of the business tends to mismanagement;” urges Hoover to seek reelection.

Governor Roosevelt warned that municipal governments of New York are increasing debt two to three times as fast as the state – this will lead to unsound levels of debt or an unsustainable tax burden.

Lower Manhattan development is going great guns. “In the downtown financial district a dozen or more skyscrapers are in the process of construction, several have been recently completed, and numerous others are contemplated.” Major projects in the Wall Street area include the Irving Trust Company's 50-story tower at 1 Wall Street, the Bank of Manhattan's 70-story tower at 40 Wall Street, the New York Stock Exchange Annex, and the Bank of America building. Several large parcels have been assembled for future development including a full block containing 14 old buildings at Wall and Pearl Street, believed to be the first full block on Wall Street ever owned by an individual.

Ford Motor Company together with police mount a successful crackdown on alcohol consumption in Dearborn, leaving it “perhaps the driest industrial community of its size in the country.”

Western Union introduces night cable letter service to France – rates are 6 cents/word with a 25 word minimum. Slightly higher to Algeria and Tunis.

Most frequent air service in the United States is between Cleveland and Detroit (10 roundtrips a day).

The director of a large home furnishings business in Ohio suggests that good times can be restored by a “'prosperity sale' in which prices on everything are reduced by 15%”.

Market commentary:

Stocks “highly irregular and nervous.” US steel sank to a new 1930 low early in the final hour event but rallied spectacularly in the last few minutes when a bid for 50,000 shares appeared. Many other stocks moved in sympathy with Steel but did not fully recover their losses. Many large stocks are off substantially from their yearly highs, including U.S. Steel (37 points), Woolworth (13 points), Westinghouse Electric (45), and General Electric (21).

Much of the selling is blamed on the big professional traders going short on signs of weakness.

The market decline is attributed to the tariff bill and poor business. But the tariff bill will be disposed of in a week or so and “business is certain to get better, although it may recede a little farther before the trend changes.”

Easy money should help stocks. Brokers are reporting buying by corporations and financiers with surplus cash. Most income is now generated from stocks and bonds; last year most was generated from money markets.

An increasing number of executives are expressing the opinion that the worst has been seen and that business is now bumping along the bottom ...”

Economic news and individual company reports:

The number of General Motors common shareholders has increased from 82,415 in February of 1929 to 218,413 in January of 1930. Most of this increase was in the fourth quarter of 1929, during and after the market crash. Most of the new shareholders owned between one and 20 shares each. However, General Motors is effectively controlled by the 10 largest holders with a total of almost 20 million shares.

American Ice expects May profits to be up at least 10% over 1929.

Gulf Steel first-quarter net income is down, said second-quarter may show a loss; may need to cut dividend if business is not improved by August.

Great Atlantic and Pacific (food stores) reports May sales $104.6M, up 7.5% over May 1929.

Studebaker reports May sales best of any month since September 1929. Inventory as of June 1 is 10,911 cars compared to 17,529 last year.


Artists and Models: “The showgirls are not featured in the program of Artists and Models, but they are featured in fact ... they wear something at the waist and in more than one scene the rest is just a gesture in the form of gauze ... they parade as bridesmaids in costumes that would greatly enliven the usual real wedding ceremony or as widows who are so sad that they wear nothing to speak of, but their weeds and a pale blue handkerchief trailing from the left wrist.”

June 10, 2009

Wednesday, June 11, 1930: Dow 257.29 +6.53 (2.6%)

Assorted historical stuff:

Japan is suffering a severe economic slump. “Early in May leading shares of the Tokyo Stock exchange ... hit the lowest level since May 1908.” Five small banks were forced to close in April, which may have worsened the panic. Exports in the first 4 months of 1930 dropped 24% from 1929. The government is being asked to help the unemployed with a program of public works.

The German Minister of labor forces more than 200,000 iron and steel workers to accept sharp wage cuts.

Unrest continues in India. The Simon commission counsels patience and gradualism. However, “it appears unlikely that the turbulent native elements” will be convinced.

Interesting interview with the later disgraced Richard Whitney about the stock market crash last fall. He praises the stock exchange machinery for bending but not breaking, particularly the Stock Clearing Corp. and the New York banks. Dismisses the effects of short selling on the crash. Counsels against intervention in markets even during panic conditions. “We must never fall into the fallacy of thinking that it is possible by closing the exchange or by taking other measures artificially limiting its operation to manipulate or juggle prices ... When liquidation in the stock markets becomes inevitable, the best course is to let it take its way and burn itself out as quickly as possible.”

New York city and state officials confer about unification of the Brooklyn Manhattan Transit Co. with the city's new subway system. More than 85% of the passengers on the 6th Ave El favor retaining it until it's replaced by a subway on 6th Ave.

Market commentary:

Yet another editorial against the Smoot-Hawley Tariff hoping that Hoover and Mellon still have an open mind and arguing that the tariff will damage foreign trade, which we're dependent on since “we cannot hope to consume all we can produce.”

A more optimistic story on the tariff predicts that it will pass but says it's a much better bill than generally thought and the talk of foreign reprisals is exaggerated. Also predicts ending uncertainty about the tariff should benefit business.

Stocks continue down in morning but a strong rally develops in the afternoon. Rally is attributed to good news from steel, and the predicted passage of the tariff.

James C. Willson & Co. notes that for the first time since 1921, the dollar is fully backed by gold. Experience shows that when this happens a long and broad upswing in stock and commodity prices soon begins.

Shortselling has spread to some extent from professionals to “outsiders.”

Economic news and individual company reports:

US steel reported a decrease of 294,000 tons in unfilled orders for May. This was considered good news because it was below the average decrease for May in the previous seven years.

Value of automotive exports from the US during April was 44% below 1929.

Scott paper reports net income of 390,000 for the first five months of 1930 compared to 296,000 for 1929.

W.T. Grant (retail) reports an increase of 2% in sales at old stores compared to 1929.

Norfolk Southern railroad reports net income in the first four months of 1930, down 50% from 1929.

General Foods has acquired the Birdseye quick freezing process, which is predicted to lead to future growth.

Gillette safety razor company is marketing a new line of deluxe razors priced from $5 to $75 each. Blades made of “patented Kro-Man steel” to sell at 10 for $2.


“Her Father: Can you give my daughter the luxuries to which she has become accustomed?

Youth: Not much longer. That's why I want to get married.”

Classified Ad :

“Expert chart reader, with own charts, which would particularly prove of great value in customer's room.”

A Midweek Editorial on a Matter of Some Considerable Import

While the general reaction to this blog has been positive, I have been getting a few complaints about the 1930 jokes I reprint (these are usually quoted, as opposed to the rest of the blog which I summarize). Stuff like “I don't get it.” “Huh?” “Wha???”

What some of you may not realize is that these jokes are an important part of the finely tuned immersive experience that is this blog. When these jokes start making sense to you, then and only then will you really comprehend what it was like to be around in 1930.

Or ... maybe you just had to be then. Note: That great line was stolen from Nade on the Octopus Overlords message boards: http://www.octopusoverlords.com/forum/viewtopic.php?f=6&t=68342 where they also had a helpful discussion of one of the 1930 jokes. The original joke:

Got a sweetheart yet, Tillie?” “Yes, and he's a regular gentleman.” “You don't say so.” “Yes, he took me to a restaurant last night and poured tea into a saucer to cool it; but he didn't blow it like common people do – he fanned it with his hat.”

If this isn't immediately funny to you, then as silverjon points out, it may help to visualize both of the women speaking as Eliza Doolittle types, pre-Henry Higgins. If this still doesn't help, LawBeefaroni has been kind enough to provide a complete translation to 2009 English:

Got a man yet, Tylyy?” “Yeah and he's totally like, really smooth.” “Right?” “Yeah, he took me to a movie last night and in the middle he pulled out his iPhone; but he didn't talk on it like those jackasses do – he just texted and read me some tweets.”

June 9, 2009

Tuesday, June 10, 1930: Dow 250.76 -7.06 (2.7%)

Assorted historical stuff:

Senate Lobby Investigating Committee accused of straying from original purpose and unconstitutionally seizing private papers and records. Regarding lobbyists, “They are parasites, fakers, and whatever other hard names of that ilk anybody can happen to think of.” But the committee has too much power to damage targets of their investigation with no restraint.

Chinese G.E. subsidiary is presented a list of demands by the employee's union, including reinstatement of old pay scale of $1.20-$1.40/day from current $0.90-$1.00, an eight hour day, right of the unions to represent all workers, observance of all national holidays with double pay, etc.

German budget is seen running 500M mark deficit after being in balance when passed a few weeks ago; taxes running below estimates while estimated unemployed have risen from 1.2M to 1.6M.

Most common chest size for soldiers has gone down from 37” in the Spanish American war to 36” - attributed to a higher percentage of younger recruits.

New building opened for Chicago Board of Trade (commodity exchange – second largest market next to NY Stock Exchange). Building at Jackson Blvd. and Lasalle St. is 612 feet high, main trading floor is 112x165 feet. Board has had ten previous homes since founding in 1848, including a wigwam after the great Chicago fire.

Market commentary:

Stocks continued the recent string of declining days, yesterday being the worst yet. Some stocks down five points or more, many new yearly lows. No particular news to account for the decline.

Professional bear traders seem in control; one disconcolate bull suggests fingerprinting all the bears.

Decline was unexpected by most, who were bullish until recently.

Steel industry will be OK since they are “well stabilized.” The big producers are still earning enough to cover dividends even with production at a yearly low. Cut-throat competition no longer prevails.

All floor members of the Stock Exchange reported bearish, “'But,' added one veteran member, 'all of us never were known to be all right at the same time.'”

Economic news and individual company reports:

Of 34 representative railroads, only 3 report increased revenues and income for first 4 months of 1930; the remaining 31 report declines in revenue between 4.4% and 18.4%.

Auto production for Q1 1930 down 31% from 1929 but only 6% below 5-year average. Sales at retail down 17% but higher than any year but 1929.

Westinghouse Electric new business booked in the current quarter down slightly from 1929, net income will be down due to transfer of radio operations, but should be about the same as first quarter.

Wm. Wrigley net profits for first six months of 1930 will be ahead of 1929. Q1 income for 1930 was $2.64M vs. $2.52M in 1929.

Florsheim Shoe reports earnings of $1.133M for 6 months ending April 30, compared to $1.119M in 1930.

Curtiss-Wright (airplane builder) expects roughly the same numbers for Q2 as Q1, expects improvement in Q3 but doesn't expect positive earnings until 1931 due to general overproduction in 1929. Doesn't expect to need new financing. Believe they sold over a third of all new planes in the country for the first 4 months of 1930.

Shareholders of Pacific Biscuit Co. approve sale to National Biscuit Co.

Montgomery-Ward denies rumors that it has had to close some stores, says sales last month were good.

Sugar prices reaching new lows in spite of increasing consumption; overproduction blamed.

Rubber at new record low, blamed on sympathy selling with stock market. Rubber tapping holiday in May.

Wheat futures rally in their first session traded in the new Board of Trade building in Chicago.

California oil production averaged 597,000 barrels/day in first week of June, down 189,000 from 1929 – reflects cooperative efforts to curtail production and stabilize prices.


“Abe was at a dance and lost a wallet containing $600. He got up on a chair and announced: 'Gentlemen, I lost my pocketbook with $600 in it. To the man what finds it, I will give $50.' Voice from the Rear – I'll give $75.”

June 8, 2009

Monday, June 9, 1930: Dow 257.82 -6.11 (2.3%)

Assorted historical stuff:

Editorial citing Josiah Stamp, “sound economist and active man of affairs.” Blames the worldwide downturn on insufficient gold supply (dollar was gold-backed), and consequent deflation. Estimates since mid-1920 purchasing power of gold is up more than 60%. As a result, U.S. National debt while being reduced from over $26B in 1919 to under $17B currently has remained roughly constant in purchasing power. Credits Secretary Mellon with determined policy of running surpluses to reduce this debt, without which debt would be $41B in 1920 dollars. Rise in value of gold has increased burden on debtor nations. Calls for cooperation for more effective use of gold stocks and price stabilization.

Drilling a mile or more into the earth for oil is an expensive undertaking ...” Oil well drilling costs in Oklahoma about $11/foot, making a 6500 foot well cost about $71,000. Many other expensive items required, including derricks, slush pits, and lots of natural gas and water. Most oil wells average eight barrels/day.

France attempts to eliminate some tipping and restaurant/hotel service charges and taxes to promote tourism.

White Star ocean liner Homeric equipped with ship-to-shore telephone service to North America.

Dr. Whitney of G.E. suggests using high-frequency radio tubes for home heating to produce a “fever heat” in the body. G.E. officials say “he has not conducted any experiments ... nor is the idea backed up by any fact.”

Market commentary:

YAEASHT (Yet Another Editorial Against the Smoot-Hawley Tariff): Hawley dismissed the threat of retaliatory tariffs since they would be unprofitable, but “a tariff war is no more effectively banned by the fact that it is unprofitable than any other kind of war.” World currently must pay the U.S. Over $1B annually in interest on debts, and also absorb a like amount in trade surplus – showing signs of difficulty doing so – this is likely to be made worse by throwing up barriers to their selling goods here.

Market selloff continued on Saturday. Retail/wholesale reported to be picking up, but manufacturing slowing and unfavorable earnings reports expected for the second quarter. “Bearish professionals” attacking principal trading stocks, particularly U.S. Steel. Successfully drove prices below the resistance levels of the previous decline ending in early May.

Highest volume of trading in some time, many stop-loss orders triggered, ticker runs 20 minutes behind.

Much pessimism about business conditions, but bear markets have never started when trade was at low levels and money cheap. Large investors who sold stocks last summer have been increasingly buying, feeling that business is near its low and “an upturn is not many weeks away.”

Business is seasonally slow and upcoming earnings reports in July will be unfavorable. However markets improve before upturns begin, in anticipation; this is why “investment trusts and powerful banking groups” are now accumulating stocks.

Many businesses have cut costs without cutting wages. This should benefit earnings when business improves.

Economic news and individual company reports:

Armco (sheet steel) plants more active in past few weeks. Deny reports of insider selling, claim to be buying.

Record buying in copper for May – thought to be replenishment of inventory after price break from .18 to .125. Dividend cuts expected at copper companies due to reduced earning power, but recent business much improved.

Auto financing in March $121M vs. $85M in February and $141M in March 1929.


“Got a sweetheart yet, Tillie?” “Yes, and he's a regular gentleman.” “You don't say so.” “Yes, he took me to a restaurant last night and poured tea into a saucer to cool it; but he didn't blow it like common people do – he fanned it with his hat.”

Musical (review edited for racism):

Change Your Luck, a musical comedy at the George M. Cohan Theatre. A few numbers are well done, but generally an “uneven, forced, and inchoate splurge.” The second act includes a “three-round slugging match, with gloves, seconds, and referee, between two young women from the chorus.” The men's dancing is generally better done, but the women's assignment is “mainly wiggling, in an attempt at some sort of compromise between the characteristic rhythms of Broadway and Harlem.”

June 7, 2009

Impressions of the week June 2-7, 1930

June 8, 1930 was a Sunday, so there is no Journal to summarize today. I'm going to take the opportunity for a little editorial commentary. (They did have both a Saturday edition of the Journal and a Saturday stock market session in 1930 – kind of surprising to me since we don't even have that in today's hyperactive daytrading era).

Up to now in writing this blog I've tried to faithfully summarize the Wall Street Journal from each day in 1930 without injecting too much of my own personal opinion and/or knowledge of how things turned out (aside from the occasional one-liner that I haven't been able to resist). Today I'm going to temporarily drop that bit of method acting, and give some of my impressions based on my first week of doing this.

Unnerving optimism – The general tone of the editorial commentary is pretty consistently and unnervingly optimistic. Unnerving both because I know how things turn out, and because of the rather similar positive commentary we're seeing today. I haven't seen enough yet to decide whether this optimism is a permanent bias (i.e. whether the Journal was the CNBC of its time), or whether it was reasonable based on what they knew at the time. For, at least in the week I've read so far, there was a:

Surprising amount of good news – and I'm talking actual good news, where both individual company and general economic numbers were improving month-to-month even though they were still down from 1929. This is a marked (and again kind of disturbing) contrast to today, where much of the good news consists of interpreting lousy numbers as good, either because they're “better than expected” or because they're still getting worse but at a slower rate (so-called second derivative stories).

Individual company impressions - Finally, I'm getting a complaint or two about the number of individual company reports that I'm including in the daily summary. I do have a reason for this, namely to try and get a feel for what kind of companies hold up better in this type of a downturn. So I'm going to sum up my impressions of this based on the first week and subject to change.

Industries doing well: Movies (Columbia Pictures, Fox), retail radios, shoes (Brown Shoe, Melville Shoe, Florsheim), food (National Dairy, biscuit companies), cigarettes (R.J. Reynolds).

Industries doing fair to mixed: Chain stores (Sears-Roebuck, Montgomery-Ward, Woolworth), cars (lower priced doing OK, higher priced suffering),

Industries doing poorly: Most commodities (steel, copper, coal, cotton, rubber), railroads.

Weekly Digest June 2-7, 1930: Dow 263.93 -9.91 (3.6%)

Assorted historical stuff:

Was Chesley Sullenberger, Sr. at the controls? - A New York-bound Colonial Air Transport plane crashed into Boston Harbor shortly after takeoff. The 14 passengers on board were badly shaken up, but nobody was hurt.

And you thought daytrading from your front porch was cool - Stock order received from a traveller on the Graf Zeppelin, transmitted from the radio station on the airship.

Chrysler building formally opened last Tuesday, Walter P. Chrysler in attendance. Most of the ground floor and basement leased for a new Schrafft's store.

American movie industry passes a milestone – from now on, instead of exporting Hollywood films to world markets the industry will have producing units in other countries; instead of internationalizing the Hollywood film will make films indigenous to each country in which it operates. This plan appears to have been a reaction to the introduction of talkies, which threaten to end the easy foreign profits for American films (“In Paris, audiences rioted in protest against the foreign tongue which, from movie screens, was resounding throughout the land. In Berlin 'mammy' songs were muted”). At this point American movie companies are making up to 30% of revenues in the foreign markets, which is a great help in maintaining “the squanderous standard of production of Hollywood films”.

The British government abandoned the long-contemplated plan for a tunnel under the English Channel.

Canadian government carries out aerial bombing raids on schools of porpoises blamed for predation on cod.

Spider-silk – like rayon fibers only .0004 of an inch in diameter have been produced by the American Bemberg company. Rayon may replace the natural silk produced by silk worms, but “Until now the spider has remained unchallenged in his own restricted field, dark corners of attics and of Greenwich Village tea rooms.” A new Broadway restaurant with an Algerian decor has been provided with synthetic spiderwebs made by this process.

Market commentary:

Henry Ford says business is getting back to normal and the worst of the economic depression is past.

Brokers and financiers “seem to think the business depression has touched bottom, and the next turn will be for the better.”

Present dull period is giving Wall Street brokers time to improve their prowess at many games, including golf, bridge, checkers, chess, and ping pong.

National City Bank of New York anticipates an early recovery. Admits that so far recovery hasn't been marked, but “business has been on the down-grade for nearly a year and in the past 30 years depressions have rarely lasted for a longer period”. Says the danger now is excessive pessimism as opposed to a year ago when it was optimism. Admits serious problems including the worldwide business downturn and fall in commodity prices, but the country has repeatedly demonstrated ability to recover in the past. For the last 30 years, with the possible exception of 1914 (WWI), when business has begun a depression in one year it's always at least started the recovery before end of next year. True that if we look back further there have been some more prolonged depressions (panics of 1873, 1884, 1893). But U.S. business was much less diversified then, and “lacked the recuperative power demonstrated in more recent years”. Also, money markets were uncertain then, as opposed to current easy money conditions. With credit conditions this favorable and the past record of recoveries, predicts a recovery starting slowly in the summer and apparent by fall.

Economic news and individual company reports:

Fed. Reserve Bank of NY reports earnings of 257 companies now available show Q1 1930 earnings down 22% from 1929 but up 5% over 1928.

Retail sales appear improved in April - showed an increase over 1929. Combined march and April sales are only down 2% over 1929. Since the end of 1929, sales of American cars have exceeded production.

Daily electric production in April was up 1% over March, reversing the usual seasonal decline; indicates improvement in business conditions.

Commodity price index hits a new low. Average of 87.8, 2.8 below April and 3 below March. Declining commodities include tin and refined sugar.

U.S. Steel cuts ingot production to 75% of capacity from 79.5% last week and 100% last year, independents at 67.5% vs. 69% and 92% resp. Unfilled orders are also down.

Southern Railway April net income $1.0M vs. $2.1M in April 1929, four-month net income $1.8M, vs. $5.4M in 1929.

Gillette earnings running far ahead of last year. “If one could guess what the decision will be in the Gillette patent suit, he might make a lot of money in the stock.”

Columbia Pictures earnings for year ended 6/30 estimated up 125% from 1929.

Biscuit stocks are rising, which is as it should be.”

Otherwise timely joke cleaned up for racism:

A small-town man through painful thrift saved $500 in a checking account of his local bank. Moving to Richmond, he wrote a check to to cover expenses which came back promptly marked 'No funds.' He called for an explanation and received the answer: 'Oh, that doesn't mean you don't have the funds – it means we don't.'