davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28
CHICAGO LIVE STOCK MARKET

CHICAGO, December 81 (P) Omitted
States Department of Agricultural -
Cattle-Receipts. 200 head; compared
one week ago, strictly good and choice
fed steers and yearling steers, 25a50
higher; lower grades mostly steady; all
grades sharply higher than two weeks
ago; light heifers and mixed yearlings
25a50 lower; all heifers selling at dis
count compared comparatively heshed
steers: fat cows weak to IS lower; cut
tiers barely steady; bulls steady and
vealers 100 or more higher; best fed
yearlings 14.75, new high on crop;
best heavies, 1880; bulk fat steers,
8.50al2.00; most stockerS and feeders,
6.50a7.75.
Sheep-Receipts. 1000 head, includ-
ing 500 direct: today's market nominal:
for week 80 doubles from feeding sta
lions, 10000 direct; compared week ago,
fat lambs and yearlings strong to IS
higher; fat ewes mostly steady; feeding
lambs strong; weeks top fat lambs,
lambs, both natives and fed Westerns,
8.25a8.50; native bucks, 7.00a7.50;
throw-outs, 6.0Oa650; fed yearlings,
6.00a650; fat native ewes, 2.75a3.25;
feeding lambs. 6.75a7.15.
Hogs-Receipts, 1000 head, includ-
ing 5000 direct; steady to strong; top
$50; bulk 200 pounds down, 8.30a8.40
100000 pounds, 7.65a8.25: pigs, 8.00a
8.35; packing sows. 6.75a7 90; compared
one week ago. light-weights. 25a35
lower; heavies steady; shippers took
$500: estimated holdovers, 1000; light
lights, good and choice, 140-160 pounds
s.25a8.50 light-weightS, 10000 pounds,
8. 2Oa8 so; medium weights, 200-250
pounds, 7.75a8. 80; heavy weights, $50
$50 pounds, 7.50a7.90; packing sows,
medium and good, 275-500 pounds, 6.65a
TBS; pigs, good and choice, 100-130
pounds, 7.75a8.50.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28
FOOD FIRMS ENJOY
PROFITABLE YEAR
Net Earnings Reduced and Volume
Slightly Curtailed, Says
Magazine Editor.
BY DIR. L. v. BURTON,
Editor of Food Industries.

The business of manufacturing foods
Is seldom very good and seldom very
bad. The fact that people eat regu-
larly makes for a reasonably stable
market for all foods, the total retail
value of which is estimated to be about
$25 ,000, 000. 900 annually. The very sta
bility of this market Is an attractive
feature that attracts terrific competi-
ton.
Despite the drought, the cost of raw
materials has not increased and in
most cases raw materials have been
cheaper than normal. While reduc-
tons in selling prices have been made
in most food industries. these reduc-
tons are equivalent to the reduction of
manufacturing costs. Margins of profit
have not been greatly impaired. Vol
ume, however, has been slightly cur
tailed.
One large manufacturer has stated
privately that II the food industries
have not been making money in 1880
the fault is entirely their own; that the
economic conditions of the day cannot
be blamed. In a moderately broad
sense, this assertion appears to be a
valid one. There are. Of course, ex-
ceptions, the most notable of which is
the confectionery industry, which has
had poor year. Sugar is in the same
category.
Nationally advertised food specialties
have experienced more profitable bust
ness than unadvertised Brands or COM
modities themselves. Consumer adver-
Using Of foods has justified itself
In 1880.
The year 1881 holds the promise OF
as good earnings as 1880, and with a
70
and consequent restoration of full buy
ing power the volume of sales will in
crease. But, it should be remembered
that return to normal will be accom-
panied by increases in raw material
costs, which in 1880 often have been
below production costs. This increase
in raw material costs will mean in
creased total costs. This, in turn, will
require increases Of retail prices, If the
existing margins Of profit are to be
maintained.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28

with the viewpoint Of July, 1929. There
were an amazing number OF people who
were convinced then that the business
trees would grow close to heaven. The
collapse of the stock market proved that
this was an impossibility. Realization
of this has so changed the mental at
titude of nearly every one that they
business trees because these trees dis
appointed them in their hopes.
Not the least important factor in the
present situation IS what now appears
to have been the abuse of credit.
No short cuts have ever been dis
covered for the correction of credit
abuses, nor are there any short cuts for
correction of such abuses that have
made for depression, unless 1t might
be loans to foreign countries that In
turn might be used, in part at least,
to purchase some of our excess products.
People generally have long since be-
gun to adjust themselves to the new
conditions. While there may be further
business casualties in the ensuing ID
months, this Is not necessarily cause
for peSSimism, but rather a healthy in
dication of the elimination of those who
possibly never should have held a place
in their particular line OF production.
There are those who believe that no
steps should have been taken to pre-
vent the rapid decline in stock and COM
modify prices, and that it would have
been better to allow nature to take
its course, however drastic it might
have been.
Solution May Be Near.
1 belong to the school which believes
that efforts to make the decline gradual,
cushioning a toO-rapid elimination, was
the better method, and that this has
prevented many serious consequences
that would have flowed from an un-
protected decline. This, admit, is diff
f1cult of demonstration, and because it
cannot be proved must remain largely
a matter of opinion.
Just how long our difficulties will last
it would be stupid to prophesy, but
that the people In the various countries
involved have been and are working on
the problem, mostly SubconSciouSly, to
bring about. a healthy solution, is.
believe, certain, and the solution may
be close at hand.
Copyright, 1880. by North American News
paper Allance.l
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28
MORE CUTS LIKELY
IN REDISCOUNT RATE
Other Reserve Banks Expected to
Follow Action Taken in
New York.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, December 27.-The ex-
tent to which banks outside of New
York will respond to this weeks reduc-
ton in the Federal Reserve rediscount
rate from 2IA per cent to per cent
and to the dropping of the rate on de-
posts by New York Clearing House in
situations from 1l2 per cent to / per
cent was the subject Of much discussion
in banking circles today.
1t is not improbable that after the
first of the year several of the Federal
Reserve banks will reduce their rates
from 3l2 per cent to per cent in order
to cut down the spread" now existing
between them and the Federal Reserve
Bank in New York. Adjustments by
interior institutions to the minimum
rate on deposits. which has just been
adopted by the local clearing house as
ISOLATION, are likely to be slow, as there
is more uniformity In such rates among
banks outside Of the metropolitan CEN
tiers than elsewhere.
There have already been a number OF
changes in the interest rate on time
deposits made by banks in different Sec
tons of the East.
With the two rate reductions that
have taken place this week 1t is now
felt that New York bankers have gone
the limit in providing funds at abso-
Lutte minimum rates; and with a call
rate that is likely to be ~ per cent
after the FIRST Of the year for an in
definite period, the borrower has been
placed in position Of advantage such
as he has seldom occupied In this
country.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28
HOLIDAY BUSINESS
HELD UP WELL
Strength in Bonds Called Most En-
couraging Sign During
Past Week.
special Dispatch to The scar.

special DlSpaJcn 10 Inc star.
NEW YORK, December 27.-The
statistical Santa Claus has so far
pulled nothing either very surprising or
very disappointing out of the Christ
mas pack. Holiday business seems to
be in fair volume, but the trade indi-
Gators are confused by abnormal shifts
of currency and bank funds accom-
panying Withdrawals of DEPOSITS and
closing of banks due to hysteria in
some sections, says the Business Week
in its report covering the week ended
December 81
The business index remains practi-
cally unchanged for the week ended
December 20 at about 765 per cent of
normal. This compares with 1872 In
the preceding week and 99.7 per cent
in the corresponding week last year.
Building contracts are holding up
surprisingly well for the season and
this may be significant If it continues
Merchadise carloadings also are de-
clining more slowly than usual at this
period. Industrial activity is slacken-
ing rapidly, as it usually does in the
last two weekSsof the year, what with
holiday and inventory shutdowns; but
fair amount of forward buying of
steel at firm prices strengthens the
promise Of a first of the year upturn.
The return Of strength to the bond
market Is the most encouraging event
Of the past week. Rumors that the
Federal Reserve is planning to give the
world a Christmas present by larger
security purchases are ringing down
the wind like distant sleigh bells; but
it's harder to believe in Santa Claus
this year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28
FLEMING SEES 1881
ON SOUND BASIS
Capital Ready to Progress in
Business and Thrift, Bank
President Says.
BY ROBERT v. FLEMING,
nrasidnnh of Rinrr Natinnal Rank

AS we close the year 1880 and sum up
the events of the past IL months, the
citizens of Washington may well feel
that they are fortunate in residing here,
for, while we have experienced to a
limited extent the general depression
which has existed throughout the world,
nevertheless at the end of the year we
find that our financial structures are
strong. that there have been no fail
ures of moment among our commercial
houses, and while general business pos
sibly has been on a somewhat lower
level than during the previous year,
1t compares very favorably with the
volume of two or three years ago. Also
we are not faced with as great prob
lem resulting from unemployment as are
the industrial cities of the country.
The events of the past TWO years have
brought forth lessons which cannot help
but impress upon the minds of the pres
ent generation the necessity for clear
and efficient thought and action and
the fact that there Is no substitute for
established economic principles. There
fore, we shall enter the year 1881, in my
Judgment, better equipped to progress
upon firmer and Sounder foundations.
I feel we can meet the New Year
with full confidence, as no TeadjuSt-
ments are necessary here due to manu-
featuring and industrial conditions.
With the acquisition Of additional
lands required for Federal buildings and
the activity Of the Government building
program, assuring continuation of
employment of labor, and with the
steady pay roll of the Government, we
find that, in the main, we have only our
own enterprises to control and keep on
a sound business basis, in order to in
sure a continuation of the prosperous
condition of this community, and with
respect to our own affairs, have every
confidence in the common sense, in
duStry and thrift of our citizens.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28
GOOD PROFITS SEEN
IN 1881 AVIATION
Leaders Look for Gains in Both
Transportation and Pro-
duction.

The aviation industry has experienced
a year of curtailed plane production, but
it has enjoyed record-breaking year
for passengers and mail carried, miles
flown, routes operated and airport de-
velopment, according to the Union Trust
Co. of Cleveland. Leaders in the in
dustry are confident that 1881 will wit
ness improvement for profits in trans
port operations as well as in production,
the bank says.
Fully 255,00O passengers were carried
on major air lines during the first ninc
months of 1880, compared with 173, 405
for the entire year of 1929. The Nation
is served by nearly 10000 miles of air
ways, an increase of more than 5000
miles over year ago.
Av1at1on'S problem is to convince the
122, 900 Americans who don't fly
that air travel is safe and practical, !"
says the bank in its magazine, Trade
Winds. 'The solution appears to be
along four basic principles:
81. Further improvement in airplane
performance, making for greater flying
and landing safety.
20. Construction of an increasing
number of more convenient airports.
80. Developing public patronage by
advertising and education.
a. Continued lowering of aircraft
prices and of air travel rates.
Progress along these lines is certain
to be reflected by change in the COM
mon opinion that flying is a fine
thing-for somebody else Development
OF this program should make air travel
more popular and eventually lead to in
creased private ownership of planes, as
perfection of mechanical equipment adj
vances safety and economy Of aircraft
operation.
THE industry is recovering from over
expansion, overproduction and the I'M
sound types of promotion, possibly nee
essary evils which it had to pass through
to get on a sound basis. The short
time outlook for aviation Is not so ia
vorable as the longtime outlook. More
failures may be recorded before the ad-
Justment is completed.
Private ownership Of planes will
never approach the automobile owner
ship OF one to every four or i've persons.
One to every 100 families seems a more
reasonable goal. 1t seems logical that
acceptance of air transport will precede
individual ownership. The prospects for
the industry in 1881 are for further
marked progress in volume of business
and more profitable operations"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28
MOTOR BUS INDUSTRY
HAS GOOD PROSPECTS
General Conditions During Present
Year Are Declared Better
Than in 1929.
BY CARL w. STOCKS,
Editor Of Bus Transportation.

Conditions IN the motor bus industry,
taking into consideration trafic, shop
and terminal construction, equipment
buying and earnings, were in general
better IN 1880 than In 1929, although
the increase that was expected at the
hrst Of the year as a continuation of
the natural expansion Of the industry
did not materialize in full.
Expansion as measured by miles Of
bus routes in interstate and city opera
tons continued to show an upward
trend. According to incomplete returns
from about one-fourth of the States,
bus route mileage in 1880 increased
nearly IS per cent over that in 1929,
with a gain Of II per cent in the num-
Der OF buses used. The gain in pas
sengers carried was % per cent, with
q gain Of los per cent in gross revenue
This expansion or growth is probably
higher than the average for the entire
country.
The estimated number Of new buses
put into common carrier service during
the year Is another measure of the ex-
pansion of the industry. This indi-
Gates q smaller number than for past
years. The total for 1890 is likely TO
NC ACoo bAAuAA otOOO, 40 W O,1UU
IN the previous year. On this basis,
considering requirements that have been
made. 1t is not to be expected that the
total number of BUSES engaged In COM
mon carrier service throughout the
country will exceed $4,000 vehicles.
The interstate or long-haul portion
Of the industry is at a new high point.
New routes, mostly in competition with
established lines, have continued 10
be installed. Generally speaking, there
are now at least two large companies
operating buses over each of the high
ways connecting the principal inter-
state cities. Between New York and
Chicago there are four. between Chi
cago and st. Louis, seven or eight, and
between New York and Boston, three
Only between cities within the same
State is there any measure of monopoly
At the close of 1929 investment in
terminals and shops alone amounted
TO $4,000 900. When figures for 1890
are compiled this figure will be mate
rally increased. Preliminary estimates
put this increase at Is per cent. In
vestment in new terminals during 1896
viii amount to more than $4,000, 900
and in garages and shops, $4,000, 900, Il
r. estimated from figures available ir
existing records.
During the year Just passed bus fares
on long distance lines reached the low.
est levels in the history Of the industry
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28
HUGE NATURAL GAS
PROJECTS PLANNED
Large Expansion Program to Be
Carried to Completion in
Coming Year.
BY z. G. DIEFENBACH,
President. @. E. Barrett q Co.


The progress Of the natural gas IN
by further sterilization and by the COM
pletion Of the greatest expansion pro-
gram in its history.
Within the last few years natural gas
has been brought under the control of
the leading public utility systems of the
country and has taken rank with the
electric power and manufactured gas
industries. This recognition of the
sound nature of the natural gas bust
ness and its promising future has ac-
CELEBRATED its growth through public
financing and safeguarded both domes-
tic and industrial consumers by concen-
trating huge reserves of natural gas in
powerful producing and distributing
companies. The coming year will wit
ness further strengthening of the indus
try through consolidation Of smaller
units, formation of new Super-gaS SyS-
TENS and the transportation of the
fuel to large markets not hitherto sup
piled.
More than 1000 miles Of major pipe
lines now under construction will be
put in operation during 1881. These
lines, with a capacity of upward of
100000, 900 cubic feet of natural gas q
day, will supply a number of the prin-
cipal industrial markets of the country.
1t is likely, moreover, that within the
next IL months the Eastern and West
ern gas-producing areas will be inter-
connected, virtually making the industry
a nationwide public utility.
Natural gas affords greater heating
content at lower cost than manufac-
tured gas. Despite this advantage, the
two forms of fuel do not conflict in the
acquisition of new markets. One sup
plementS the other. Distributors Of
manufactured gas to large markets are
purchasing increasing quantities of nat
ural gas for mixing with their own fuel,
thereby simplifying ."peak" load prob
lens and making possible lower rates
for the consumer.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28
MOVES TO CHICAGO.

NEW YORK, December ~ P).-
The central buying organization Of
Butler Bros, national wholesalers of
general merchandise. will be moved
from New York to Chicago January /,
Frank s. Cunningham, president, an
nounced. The buying organization has
been located in New York since the
founding Of the business so years ago.
The change is being made. Mr.. Cum
bingham explained, to permit the head
buyers TO keep constantly in touch with
the central catalogue department.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28
OUTLOOK FAVORABLE
IN CHEMICAL LINES
Orders for First Quarter Promise
Better Business Than Dur.
ing Past Year.
BY SIDNEY ID. KIRKPATRICK,
Editor Of Chemical and Metallurgical
Engineering.

Engineering.
Production of chemicals in 1880,
while smaller than in 1929, was on a
relatively higher basis than manufac-
turing industry as a whole. To a GER
tain extent this was due to the replace
ment Of foreign-made chemicals by do
mestic products. An outstanding ex-
ample of this is found in the case OF
acetic acid. Higher customs tarlf1S on
different chemicals was factor in in
creasing the home output at the ex-
pense of impOrtationS. The fact that
chemicals enter into such a diversity OF
fields also aided In holding up the aver
age of consuming demand.
Prominent among developments with
in the industry was the putting into
commercial operation of the results
obtained from previous research work.
Synthetic ethyl alcohol, which was
practically in the laboratory stage in
1929, was turned out in a fairly large
way in 1880 and promises to become
increasingly important. Progress was
reported in the production OF synthetic
butyl alcohol. Synthetic acetic pro-
duction was enlarged. Many domestic
coal-tar dyes made their first appear
ance. on the market. A new dena-
turant for alcohol was developed and
promises to replace materials formerly
used for that purpose.
The outlook for chemicals over 1881
Is so closely connected with the posi-
ton of general industry that 1t can be
said to depend on general conditions.
Fairly definite estimates, however, may
be made regarding the first quarter OF
the year. The industries about which
expansion programs have been most
definite include those which offer wide
outlets for chemicals. Among these
may be mentioned building, tire, auto
motive and steel. Dyeing and finishing
of textiles also look more favorable
than at the close of 1929. Contrac-
lions for the quarter are indicated In
fertilizer and oil refining lines, but IN
practically all other consuming fields
the nliflonk Is favorable.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28
INCREASE IN STEEL
BUYING FORECAST
Precedent Shows Month of
January Has Witnessed
Gradual Upturn.
apecial Dispatch to The Star.

Special Dispatch to The Star.
PITTSBURGH, December 27.-Every
0ne in the steel trade is glad the year
Is coming to an end, since it has been
the regular thing for steel to register
an improvement with the turn Of the
year.
The last few weeks have been par
hcularly trying on account OF the rigid
ity with which buyers have held down
their commitments, appearing to take
the greatest pains not to specify a
single pound more than would abso-
lutely be needed to complete the years
work, and almost instant shipment has
generally been insisted upon.
Prices Are Steady.
With such buying practices, some
sort of rebound would seem inevitable
as the whole thing is largely a matter
of January / inventory. It is not doubt
full about prices, for steel prices are
now admittedly steady all along the
line. and that was not the case prior
to few weeks ago.
Producers Attitude.
Steel producers are certainly not
overly sanguine. It will not take much
increase in tonnage to meet their pres
ent expectations, at least for the next
consulting of the statistics and more
reliance on them there would be higher
expectations, for in every year in which
precedent would count at all there has
been a marked increase in steel pro-
duction from December to January.
The smaller increases occurred when
December had been a relatively big
month.
Improvement in steel tonnage in
January is not, of course, to be figured
on the basis of production this week
or next, there being a special holiday
dip few finishing departments are
closed for the fortnight and few have
taken only the Christmas holiday out.
There is still greater decrease in steel
ingot production than in steel finishing,
as stocks of ingotS and Semifinished are
desired to be low for January l in
ventory. There has been a little bank
ing of blast furnaces.
Character Of Comparison.
The comparison is rather between
the full month of December and the
full month of January. This month
will probably show an ingot produc-
ton about IS per cent of capacity by
the official reckoning. That would be
about 10 points loss from November,
which had points loss from october.
The greater loss would be simply sea-
sonal. and the decrease in shipments
of finished steel Is not as great as the
decrease in ingot production, on ac-
count of reduction In stocks Of ingots
and semifnished. 1t would be idle to
attempt to prognosticate January in
terms Of percentage operation, but un-
less fresh trouble develops that no one
now dreams Of, there will be a marked
increase.
(Copyright. 1901
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28
BUSINESS LEADERS URGE
MORE 1881 ADVERTISING

BY the Associated Press.
NEW YORK, December 27.-SaleS
and accurate determination of markets,
the STRENGTHENING of advertising pro-
grams and application of scientific
management to clerical procedure and
methods are three specific problems
facing the American business executive
for the year 1881, stressed by a group
of leaders IN the fields Of business and
industry in the current issue OF System.
Budgets, changes in customer require
ments and the collective folly Of new
projects in already overcrowded indus
tries are other points covered.