davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
COASTAL TRADE REPORT.
MADE BY Department

BY the Associated Press.
The relative Importance Of several
coastal districts in our foreign trade is
revealed in study Of ocean routes pre-
pared by the Department of Commerce.
The North Atlantic district, compris-
ing the Atlantic Coast from the Cana
dian border to Hampton Roads, Va, In
1928 accounted for % per cent of the
total foreign trade and 20 per cent of
the value of that trade. Imports into
this district constituted 800 per cent of
the tonnage of all our trade and 34.8
per cent of its value. The gulf district
ranked next, followed by the Pacific and
South Atlantic districts, in the order
named.
On a tonnage basis, the ocean route
of greatest Importance was that between
the North Atlantic district and the area
made up of Central America, Northern
South America and the West Indies,
accounting for 1874 per cent. In second
place was the route between the North
Atlantic district and the Havre- Ham
burg area, with IL per cent. The next
three routes in order of Importance were
the Pacific district-Eastern Asia with
7.6 per cent, North Atlantic district and
United Kingdom, with 7.3 per cent, and
gulf district and North Atlantic and
Baltic Europe and Havre- Hamburg
range, with 6.4 per cent.
American ships In 1928, the study dis
closes, carried BIS per cent of the
United States ocean-borne foreign trade
on q tonnage basis, tanker cargoes not
being included. The participation was
divided rather evenly between imports
and exports, the percentage of the
former being 31.6 and the latter 3l.3
per cent.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
BANKERS STUDY PROFITS
OF RESERVE SYSTEM

The chief argument against proposals
10 make membership in the Federal
Reserve system more popular by giving
member banks larger shares in the
earnings of the reserve banks than the
6 per cent dividends, to which they are
now restricted, "seems to be that there
Is considerable danger lurking in any
proposition that tends to turn the
Federal Reserve Banks into institutions
conducted in any sense with the idea Of
profit in view," the Economic Policy
Commission of the American Bankers
Association declares in q report just
made public
The fundamental value of the
Federal Reserve Banks to the Nation Is
based on their freedom to conduct their
operations with no other motive than
to serve as reserve strength in the
banking structure and to employ their
resources with the single-minded aim
OF helping to maintain such an adjust
ment of the volume of credit to the
volume of business that all constructive
needs for credit shall be met and no
expansion beyond those needs shall be
facilitated" the report says.
In that conception there is no place
for purely investment operations. The
provisions OF the tederal Reserve act
dealing with the earnings are so framed
as to make the public welfare the whole
consideration determining Reserve Bank
policy. The provisions for specifically
limiting member banks to the fair re-
turn of per cent, for creating ample
surplus funds and for absorbing all
amounts above these ALLEGATIONS in pay
mentS to the Government were designed
for the very purpose Of removing the
profit-making motive from Federal
Reserve policy"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
CHARGE SANDING
PLANS TO SELL OUT
Mexico Communist Party Declares
Nicaraguan Has Turned
rs Traitor to Cause.
ny the Associated Press.

by the Associated FEebs.
MEXICO CITY, May 30.-A state
ment issued by the Communist party Of
Mexico charged that Augustine San
dino, former Nicaraguan leader, had
turned traitor to the cause OF world
anti-imperialism and had gone back to
Nicaragua Ito sell out to the highest
bidder"
SANDING recently left his place of
refuge at Merida, Yucatan, and was
reported to be bound for Nicaragua.
Before going he discharged his secre-
tary, Agustin Marti, charging him with
being a Communist, and recent state
ment published in his behalf declared
he would have nothing to do with
communism.
The Communist statement, signed by
Herman Laborde, secretary general of
the party in Mexico, said that SANDING
agreed while in Mexico to wait at
Merida for Communist orders to make
q world tour against imperialism.
Then he received funds from other
sources, the statement continues, and
returned to Nicaragua to renew the
fight between small bourgeois groups
for control of the country The state
n1ent added that the United States was
willing TO let the fight proceed lin order
to hold the menace of a SANDING VIC
tory over the Moncada government or
enter into an agreement with SANDING
himself If he gained sufficient power"
Laborde asserted that the Communist
party had been Sandinos principal
hacker here.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
CHAIN STORE SYSTEM
OF SELLING SHOWS GAIN

By the Associated Press.
The chain store system Of distribu-
ton, which is finding tremendous favor
In this country, is becoming universally
established in growing proportions.
Recent trade adviceS to the Commerce
Department say this method has grown
to include practically all lines of re-
tail trade in England, while Australia
Is also falling in line on a large scale,
adopting American ideas as well as
equipment.
While America Is known as the land
of the chain store, the idea did not
originate in this country. In this Eng
land antidateS us by 10 years. De-
partment stores, mail order houses and
chain stores began to appear Simultane-
ously In this country during 1870.
The first successful British chain
store organization was founded in the
sixties by Sir Thomas Upton, who
opened series of retail provision shops
in Glasgow. Commerce Department
officials claim France adopted the idea
even before that time.
There are now more than 10, 900 chain
store systems, counting all concerns with
two or more units, with more than
100,000 retail outlets in the United
States. In 1928 it was estimated that
chain store volume Of all kinds made
up per cent Of the total trade of the
country; in 1926 per cent; in 1927, IL
per cent, and at the end Of the last
year, 10 per cent.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
MACHINE-TOOL TRADE
CONTINUES SLUGGISH
speclal Dispatch to The Star


NEW YORK, May 30.--Marked slack
ness continues to be the chief charac-
teristic of machinery and machine tool
markets throughout the country, Amer
lean MachiniSt reports. Inquiries are
slow and indicate little tendency of
immediate orders. Although Canadian
and New England markets during the
past week showed some signs of life,
remaining tool centers were dull and
featureless. Used-tool demand is fair.
New York reports a single railroad
inquiry and several scattered sales.
Chicago machinery sales during the
week were few, with only one list.
Good foreign demand and a sustained
volume of inquiries mark the weeks
business in New England. With a re-
sumption of industrial activity which
presages a larger volume of sales. Ca
madam machine-tool dealers report a
promising outlook.
Southern district sales are chiefly
confined to the territory around Hous-
ton, Tex, and the general trend there
is considered upward. indianapolis con-
ditionS are poor at present, although
small tools are moving in good volume
Cincinnati's machinery market Is still
dull, although manufacturers there are
still busy with back orders. With gen.
eral activity declining and few prospects
indicating an early revival, Detroit
dealers are pessimistic. Buffalo mar
ketS are spotty and dull, with inquiries
the same.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
WEEKLY BROKER LOAN
TOTAL GAINS SLIGHTLY

Special Dispatch to The Star.
NEW YORK, May 30.-Loans on
stocks and bonds to brokers and dealers
by reporting Federal Reserve Member
Banks In New York City for the week
ended May % totaled $4,022, 000, 900, a
gain Of $1,000 000 The total compares
with $4,015 ,0OO, 900 for the week ended
May 81 and 1928 900, 900 on May 30
1929.
Demand loans constituted $780,
100000 Of the total, against So, 391 900,
600 a week ago, while time loans OF
$642 900, 900 compared with 1924 ,000,-
900 In the preceding week
Loans for member banks own &C.
count were $1,777, 900, 900 on May 20
against $1,655. 900 900 on May 81; fol
out-of-town banks, $9S8, 000, 900, against
81 ,069, 900 900, and for the account OF
others $1,257, 100000 against $780,
100000.
Federal Reserve Banks Of this dis
trict were borrowing SIS 5000, 900 for the
week ended May 49, against nothing
for the preceding week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
Washington Ticker
BY CHAS. p. SHAEFFER,
Associated Press Financial Writer.

The standing committee Of the indus
tries that have held trade practice
conferences under the auspices OF the
Federal Trade Commission has en-
barked on comprehensive investigation
Of the possibilities of more effective CO.
operation between Government and in
dustry through the trade practice
conference procedure. The committee
was appointed at recent meeting of
the United States Chamber Of Com
merce here.
Thomas ]. McFadden Of the paint
and varnish industry has been named
secretary of the standing committee and
charged with the duty of gathering and
compiling the experience and views of
the industries affected 1t Is expected
that another meeting will be held CO.
incident with the convention of the
American Trade Association at Niagara
Falls in September.
The resolutions adopted at the Wash
ington meeting, directed at some tend
encies in the Federal Trade Commission,
already have borne fruit. In this con-
nection the commission has announced
new policy, under which no changes
will be made in trade practice confer
ence rules without first affording the
industry q chance to be heard and to
changes a much criticized practice I'M
der which rules were in effect rewritten
by the commission and then published
as the rules of the industry, regardless
OF the wishes of the industry or the
practicability of the changes.
The reason for this activity on the
part Of the more than 100 industries
that have held trade practice confer
ences is thus explained by Abram F.
Myers, chairman Of the standing COM
mittee:
MANY industries have expended much
time and energy in an effort to con-
duct their affairs along lines approved
by the Federal Trade Commission
They do not propose that the fair trade
practices thus established shall be dis
rupted and their business thrown into
confusion often because of the criticism
Of irresponsible and uniformed sources.
"They further wish to emphasize the
view, too often overlooked, that fair
and legal cooperation between indie
pendent business units tends to pre-
serve competition-not eliminate it. IN
der present conditions the alternative
to such cooperation is merger, and,
while mergers under some circum-
stances are highly desirable, the social
and economic dangers from excessive
consolidation activities are very great.
"These industries want also to dis
abuse the public mind of the idea,
studiously promoted in some quarters,
that the trade practices. Their posi-
ton is that, since the rules received by
the commission are not unlawful, the
industries operating under them should
be credited with good intentions until
the contrary afflrmatively appears.
They are already on record with q
ringing condemnation Of any illegal use
Of the trade practice conference rules"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
GOODMAN THEATER
DIRECTOR RESIGNS
Thomas Wood Stevens Disagrees
on Question of cart
or Profit"

BY the Associated Press.
CHICAGO, May 3O.-Thomas Wood
Stevens has resigned as director of
the Goodman Memorial Theater, a DO
sition he has held since it was founded.
five years ago. Hopeless disagree
ment" with the theater committee
over the question of art or profit" was
given as the reason.
Twenty members of the Goodman
Co, including the two directors, Whit
ford Kane and D. Iden Payne, signed
a statement indorsing Stevens stand.
Stevens said the Goodman Theater
should stand as true art theater, de-
voting itself to important plays that
otherwise would not be seen in Chi
cago. Members of the theater COM
mittee with whom Stevens disagreed
were understood to favor production
of plays with wide appeal and with
increased box Office possibilities.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
UNITED CIGAR STORES
SALES UP IS PER CENT
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, May 30.-A proposal to
reduce the par value of the common
stock of the United Cigar Stores Co
from $40 to 81 and subsequently to no
par was approved yesterday at the an
nual meeting of stockholders.
George K. Morrow, president Of the
company, said the average net sales
in the first four months of 1880 were
Is per cent more than in the CORE
spending period of 1929. The average
increase in customers in the first four
months of this year was 18 per cent,
he said. Individual sales during April
numbered 100000, compared with
16,000,00 in July and August last year,
Mr.. Morrow declared.
The company has retired 81 ,900. 600
of an original issue of 100000 Of
Whelan Drug Store bonds, Mr.. Morrow
said. United, he added, now has $4,000,
600 in cash, of which 100000 is on
call. Mr.. Morrow said April operations
showed q profit. Store operations in
1929 were conducted at q loss OF
$1,424,Q00.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
Business Notes

By the Associated Press.
NEW YORK, May 30.-Reviewing the
trend Of the copper market the past
week, Metal and Mineral Markets re-
ports that domestic sales were on q
greatly reduced scale, but that export
business was in sizeable volume. The
dizziness in domestic copper, the review
states, is accepted as natural sequence
to the record activity of the past few
weeks.
Hallgarten g. Co. and Kissell, Kinni-
cult 81 Co. announce that the entire
$2,200,000 City of Santiago, Chile, per
cent bond issue, which they offered
yesterday, has been sold.
The Otis Steel Co. plans improve
pacity at the Lakeside works.
The Illinois Central Railroad reports
that since electriflcation of its Chicago
suburban lines in 1925 passenger bust
ness has more than quadrupled. In
contrast with an annual decrease Of
1851 passengers during the last two
past two years have been 4,013,111 an
nually.
Capt. r. D. Gatewood, manager OF
the United States Salvage Association
and r. r. Adams, vice president of the
Grace line, are new members Of the
American Bureau Of Shipping.
Stockholders of the Lake Copper Co.,
owning properties in Michigan, will vote
June II on the question of hquidating
the company, Vice President F. Ward
Painte announces. No actual work has
been done at the mine since 1929.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
STATES NOW SEEK
ADDITIONAL FUNDS
Some Commonwealth En-
deaVor to Obtain Sources
of U. S. Taxes.
BY J. C. ROYLE.

Some of the States are seeking to
induce the Federal Government to re-
lease a part OF the sources of revenue
now held by 1t, according to reports
from tax commissioners in various parts
OF the country. State officials complain
that their expenditures to run the
State governments have grown ire
mendously, and that many States have
found 1t impossible to meet these eX-
penses from their old sources of
revenue.
Figures compiled by the Industrial
Conference Board show that the ex-
penSeS of all the State governments in
creased from 1898, 100000 in 1918 to
$l,211 200, 900 in 1929, the latter figure
being measured in dollars of the same
purchasing value as in 1918.
Chief Source of Revenue.
The main source of revenue for the
states has always been the general prop
erty tax, but State officials are now
seeking other sources. The income tax
has been virtually appropriated by the
Federal Government, tax commissioners
say, but in spite of that fact 10 States
now have an income tax and one other,
Washington, imposes such a tax on
earnings of financial institutions.
Reports received here indicate other
give serious consideration to the passage
Of an income tax law when their legis-
latures meet next January. In Illinois
the Legislature in special session is now
considering a constitution which, If
passed and adopted by the voters in
November, will permit an income tax
THE national income of 5000 900
is certainly as good a tax base as
the national wealth." said Mark Graves,
State tax commissioner of New York.
why, then, should the Federal Govern
ment, with one-third of the aggregate
governmental expenditures to meet, vir-
tually appropriate that source of reve-
nue., in addition to customs duties, of
which 1t has q monopoly, to the eX-
clusion of the States, which have to
finance two-thirds of the cost of govern
ment in this country?"
Missouri Viewpoint.
The Missouri Survey Commission in
recent statement says: 1.-THE enact
ment OF law permitting the Federal
Government to pass back or allow a de-
duction to each State of a portion of
the Federal income tax collected from
the citizens of that State, lust as has
been done with the Federal estate tax,
would provide each State with funds
with which it could render to all sec
tions those services for which taxes are
collected locally"
State Tax Commissioner Norman of
Georgia, in recent statement, said:
THE Federal income tax drains the
State almost dry. 1t extracts all the
cream"
Forty-five of the State Legislatures
will meet early next year. This prob
lem OF readjuStment of the tax burden
undoubtedly will come up before many
OF them. The States which have income
taxes and those which are searching for
still other sources of revenue undoubt-
edly would be glad to get back a por-
ton of the Federal tax, but 1t is still
too early to tell whether the movement
will gain sufficient Roadway to be con-
sidered definitely by Congress.
Copyright. 1930.)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
MELLON INTERESTS
BUY. PARAGON OIL
Ohio Company Is Acquired by
Pittsburgh Bank in &c.,
100000 Merger Deal.
BY the Associated Press.


CINCINNATI, Ohio, May 30.-A $10,-
000,000 Oil merger deal was completed
here wednesday, E. w. Edwards, president
Of the Paragon Oil Co., announcing his
company had been sold to the Mellon
interests at Pittsburgh for that amount.
Directors of the Paragon Co. accepted
an offer made by the Union Trust Co.,
Pittsburgh, Edwards said. All that re-
mains to finish the transfer Is approval
of stockholders, and Edwards said that
will be accomplished on June "a.
Financial circles here understood that
the Pittsburgh bank acted for the Gulf
Oil Corporation, which is controlled by
Mellon interests.
The Paragon Co. operated 800 oil
stations in Ohio and 100 in Michigan.
Edwards said preferred stockholders
will receive $50 a share and class B
stockholders will get about SIG or SIT a
share after the company Is liquidated.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
COUPON ON PREPARATIONS BOND
ISSUE EXPECTED TO BE 81 PCT.
Wall Street Believes Interest Return Will
Be About Per Cent, With Offering
Price Between 81 and 80.

coming loan is of special character,
those who advocate a price between 81
and % maintain that, like the German
government Is, 1t will be in a class by
itself and should not be considered as
being entitled to a higher quotation
than the long list of German public
utilities and institutional bonds with
which the German government has an
intimate connection.
Members of the selling syndicate have
been canvaSsing their institutional and
private investor clients and have had
assurances that the new loan will sell
readily, If the price is a reasonable one.
It Is understood there have been large
advance subscriptions abroad, particu-
larly in France. where the recent offer
of the stock of the Bank for Interna-
tional Settlements was covered more
times than any other issue in years. 1t
is expected large part of the American
allotment will be placed in the East
and on the Pacific Coast, following the
precedent Of other German issues.
German Borrowings.
Germany has been the largest foreign
borrower in the United States. The
present list of government, municipal,
state, public utility, mortgage bank and
industrial loans covers between lis and
125 separate issues. The aggregate OF
these loans, listed on the New York
Stock Exchange and on the New York
Curb, runs close TO ,250,000,000. In
the past six years since the German
government per cent loan was issued,
and particularly in the last two years
there has been heavy repurchasing of
German dollar issues by German in
vestors, as we'll as for the account Of
Scandinavian banks. For a period in
1929, when new German loans were in
frequent, the quarterly redemptionS
under sinking fund agreements over
balanced the amount of new bonds be-
ing placed. With easier money condi-
tons abroad, there has been steady
buying of these dollar loans for foreign
account, owing to the high return they
provided in comparison with foreign
money rates.
(Couvri0ht 1901
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
Washington Produce

Butter-one-pound prints, s71kass;
tub. 36a37.
Eggs-Hennery, 21a22; current re-
ceipts, 20.
Poultry, alive-Spring broilers, large,
38a4o; small, 32a33; Leghorns, 2saSo
fowls, 23a24; Leghorn fowls, 24a25;
ducks, 15a18; geese, Is; capons, large,
35a37; small, 30a33. DreSsed-Spring
chickens, large, 45a48; small, 40a42;
fowls, 27a28; capons, large, 40a42;
small, 30a33.
Meats. fresh killed-Beef, 20a23: veal,
20a22; lambs, 23a28; pork loins, 26a28;
fresh ham, 24a25; fresh shoulders. %;
smoked hams, 81; smoked shoulders, %;
bacon. 27; lard, in packages, 10; in
bulk, IL.
Live stock - Calves, Ball; Spring
lamb, 1oa11.
Fruits - Oranges. California, 7.soa
9.25; pineapples, 3.75a4.25; lemons, TOO
also; watermelons, 65a1.00 canta-
loupes, standards. 4.5O; fats, 200;
huckleberries, 500; blackberries, 750;
peaches, 800 per bllShel.
Vegetables - Peas, 5-peck baskets
200; string beans, 150a2 90; spinach,
IS; kale, 50a75; cabbage, homegrown,
rs per basket; cucumbers. 1.O0a3. 90
beets, 4a412 per bunch; beets, 100 per
dozen punches; cutoff beets, 1.25 a
basket; corn, 800 a hamper
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
BY CHARLES F. sPEARE.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, May 3o-There is a
sharp difference of opinion concerning
the price that should be fixed on the
$S2,00o,000 American portion of the
German reparations loan In order to
have it go over" satisfactorily.
Inasmuch as practically every large
distributing organization in the country
will be represented In the selling syndi-
cate, this diversity does not reflect the
usual jealousies that obtain among COM
peting groups. It arises out of studies
of the domestic and foreign bond situ-
alton from various angles and with re-
lation to the attitude of the investing
public in widely separated sections of
the country, with the result that there
Is spread of from 2 to 5 points in the
estimates of what a sly per cent bond
of the type proposed should be offered
at in order to attract generous subscrip-
tionS.
Prevailing Belief.
The prevailing belief is that the bonds
will be offered next week somewhere
between 81 and 81. At the former
figure, with a 35-year maturity, this
5l2 per cent issue would yield approx
imately 6.l5 per cent and at 80 slightly
over 6 per cent. The recent $4,000, 900
japanese government lean was priced
at 90, where the return to the buyer
was $40 per cent. Subsequently 1t sold
at premium of l Il points. This loan
was successful, not only here but
abroad, with a heavy demand from
Japan which covered a considerable
percentage of the allotment. One in
Stitution in New York alone had Jap
anese orders for $1,000, 900 par value.
The argument of those who feel that
the German loan should be priced be-
tween ga and 61a per cent basis
in order to move out quickly is that it
other German government loans and
loans in which the government has a
close identity through the guarantee to
which it has committed itself Taking
into ACCOUNT the fact that the forth.