davidaulloa/AmericanStories huggingface dataset:
Evening star., 1931-12-22
SEVENTH STREET SAVINGS BANK.

The Board of Directors at its regular
meeting. held Thursday. December H. 1881.
, has DECLARED the usual ,semi-annual dividend
OF Sc 90 per share on its capital stock pay
record at the close Of business December
26. 1881. JOHN ". DeMARCO Cashisr
Evening star., 1931-12-22

VAN NESS ORANGE GROvE-FREsH CAR
Golden RusSetts, s. for LOO. Special for
juice. 20 for 75c. llOl Water st
Evening star., 1931-12-22

CHAIRS FOR RENT. SUITABLE FOR
BRIDGE PARTIES. banquets, weddings and
meetings, l0c up per day each; new chairs.
Also invalid rolling chairs for rent or sale
UNITED STATES STORAGE CO., 41a 10th
MetrOD0lttan
Evening star., 1931-12-22

TO NEW YORK, .-'1.,-'o.. DEC "a
TO PHILADELPHIA. DEC. IS
And all points North and West AGENT
ALLIED VAN LINES. We also pack and
ship by STEEL LIFT VANS anywhere.
SMITHS TRANSFER e. STORAGE CO..
1913 YOu St N " PhnnrS North 3342-3313
Evening star., 1931-12-22

.INFORMATION DESIRED REGARDING
Morris. formerly residing at No. Florida
ave. ne, WASHINGTON, D c. Telephone
National 2oo6 or address Box 1923, Star
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
NEW YORK BANK STOCKS
SCORE FURTHER RALLY

Special Dispatch to The Star.
NEW YORK, october 20.-As Q re-
suit Of the further advance in the
Federal Reserve rediscount rate New
York City bank and trust company
stocks registered further recovery dur
ing the past week. As indicated by the
Dollar Index figures compiled by Holt,
Rose & Troster, Is leading issues as OF
october II still yield an average OF 6.!4
per cent, compared with high yield
Of 1882 per cent recorded at the low
point touched on October and with
yield of 6.25 per cent on october 10.
Based upon the october IL figures,
the 16 issues are now selling at Isl
times their known current earnings,
against 1873 times on october 10 ana
IL times known earnings on october 8,
the low point for the year. The current
market value of the Is stocks Is l.04
times known book value, against LOO
on october 10 and 0.8l on October 5.
At the close of the market october
II the open market value of the Is
issues aggregated $2,lS2 200, 900. against
81, 714.032, 900 on October S, indicating
that the stocks as a group recovered
~ per cent Of the loss recorded be-
tween September and october 5.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
Baltimore Markets
Special Dispatch to The Star.

Special Dispatch to The Star.
BALTIMORE, Md. October 20.-Po-
tatoes, 100 pounds, 75a1 90: sweet po-
tatoes, bushel, 35a50; beans. bushel
LOCAL SO; yams, barrel, LOCALES; beets,
per 100, l50a250; cabbage, bushel, 40a
so; carrots, pc. 100, 250a3.50; lettuce
per crate, '3.00a3.5O; caulif1ower, crate
/ LOCAL so; celery, crate, 1.75a275: lima
beans, hamper, 65a2 90: okra, 2.ooa2 so:
peppers, hamper, 25a35; onions. per 100
pounds, 1.75a2 90: spinach. bushel, 4oa
stock, 40a60; apples. bushel, 50al25;
cantaloupeS, crate, l.25al75.
Dairy Market.
Chickens. young, 2oa22; Leghorns, 1s
a2O; old hens 1924; Leghorns, old. IL
ale; BOOSTERS. 12a14; ducks, 12a20;
pigeons, pair, 15a2o; guinea fowls, pair.
25a55.
Egg-Receipts, 1928 cases; current
l8a26; hennery whites, 34a36; nearby
firsts, %; Western firsts, %.
Butter-Good and fancy creamery, 80
a37; ladies. 20a22; process, 23a24; store
packed, 15al6.
Live Stock Market.
Cattle-Receipts. $50 head; light Ap-
ply; market steady.
Steers-Choice to prime, none; good
to choice, TBS to IT'S; medium to good
625; plain to fair. 500 to SIS; COM
mon to plain, 4.25a5.00.
Bulls-Choice to prime, none; good
to choice, 4.00a4.75: medium to good,
400 to $50; fair to medium. $50 to
400; plain to fair, 3.25 to $50; COM
mon to plain 800 to 1925.
Cows--Choice to prime, none; good
to choice, AIS to $50; medium to good,
3.75 to 4.25; fair to medium. 3.25 to
3.75; plain to fair, 2.25 to 3.25; COM
mon to plain. $50 to 2.25.
Heifers-Choice to prime. none;
good to choice. 500 to $50; medium to
to $50; plain to fair, 400 to 500; COM
mon to plain, $50 to 400.
Fresh cows and Springers, 5000 to
5000.
Sheep and lambs-Receipts, 700 head
LOO to 500; lambs, $50 to 7.5o.
Hogs-Receipts. 1000 head; light sup
ply; market lower. Lights. 500 to 625;
heavies, $50 to 6.10; medium, 900 to
6.25; roughs, 400 to Sis; light pigs,
SITS to 600: pigs, $50 to 6.25.
Calves-Receipts, so head; light sup
ply; market steady. Calves, 400 to
lU.UUi extras, 1O.5O.
Hay and Grain Prices.
Wheat-No 2 red Winter, export, no
quotations; No. red Winter, garlicky,
spot. domestic, SIS; october, SIS; No
vember, 5512.
Corn-No 2 yellow, domestic, spot,
53a54; cob corn, new, 1.75a2.00 per
barrel
Oats-No. 2 white, domestic, spot.
33a34; No. 3, 32a33.
Rye-Nearby, 40a45.
Hay-Receipts, none. New hay is
starting to arrive in increasing quanti-
ties, but so far no official grading haas
been attempted, selling being strictly
on merit. Demand for old hay slow
and market is dull and quiet, with
prices in buyers favor at range OF
14.00a17.54 per ton.
Straw-No. l wheat, 9.00a9.50 per
ton; No. ! oat, 8.5oa9.00 per ton.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
CURB SHARES RISE
IN HEAVIER TRADING
Market Registers. Gains Of
Fractions to Five Points.
British Issues Higher.
BY JOHN A. CRONE.

Special Dispatch to The Star.
NEW YORK, october 20.-Spurred
by encouraging industrial news and
prospects of favorable domestic and
international developments, stocks on
the Curb Exchange today recorded
gains ranging from fractions to five
points. The rise in prices was &C
companied by increased trading.
Electric Bond & Share, leader OF
the market was up nearly two points
shortly after midday. Cities Service
rose fractionally. A three-point ad-
vance in Humble Oil was the feature
of Standard Oils, which as a group
were higher.
Strength and activity of the London
market was mirrored here in the move
ment of British shares. Arrival of the
conferees of the World Copper Curtail-
ment Conference proved to be signal
for bidding up red metal shares. Hard
ening of the oils was brought about by
reports of higher crude prices.
Early features in the utilities on the
upside included American g. Foreign
Power. Hydro Electric securities, Amer
lean Gas g. Electric, Electric Power AS
sociates A. following the declaration of
the regular quarterly dividend, united
Light e. Power A and American Light
& Traction.
Strength in F. w. Woolworth COM
mon over on the big board helped Wool
worth, Ltd, common, the English SUBJ
sidiary. General Electric, Ltd: Brazil
ian Traction. Ford Motor, Ltd, and
other British securities were also
marked up.
Higher prices prevailed at the open
ing.
Although few coppers such as New
mont Mining opened firmly, the feature
Of early trading was the strength of
public utilities Electric Bond g. Share
at 1878 was up only u, but 1t quickly
added nearly point gain. American
Gas g. Electric at asa within a few
succeeding sales showed gain of more
than a point. Cities Service at 71a lost
"a, but quickly recovered and moved
forward.
Standard Oil of Indiana at 2o5s
gained "a, as did Standard Oil of Ken
lucky at 1884 Ford Motor, Ltd, at
SIS was up %. Cord Corporation was
of slightly at Ga. Long Island Light
ing at 241a rose IA.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
BETTER TIMES SEEN
IN COTTON SECTIONS
Encouragement for South Held
Likely by 1933-34 Due to
Larger Buying Power.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. October 20.-The Alex
ander Hamilton Institute says that
while the cotton situation looks appall-
ing on paper, the prospect is that con-
ditions in the South will be consider
ably better next season than during the
current one. Here is the bad side of the
picture:
"On the basis Of the current price
the money income from the 1881 cot
ton crop, exclusive of income from seed
will be s432, 100000 as against $685.
100000 in 1880 and Sl,245, 200, 900 in
1929. Owing to low prices. the cotton
growers money income this year will
be the smallest since the beginning of
the present century. No great improve
ment is in prospect during the season of
1928. If higher prices result from
a reduction in the crop next year. the
small because the smaller quantity will
tend to offset the advance in prices
It is consequently probable that the
bad situation prevailing in the South
at the present will not be entirely rem
edied before the season Of 1933-34.
"On the other hand, the reduced
money income this season will help to
force down the prices of the goods
which the cotton growers buy. Con-
sequently. they can buy a larger guam
tity of goods next season even though
their money income shows no marked
increase. This. in turn, will have a
beneficial effect on manufacturing &C
tivity. which the discrepancy between
the prices Of raw materials and the
prices Of finished goods is now cur
falling"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
FEDERAL RESERVES
DECLINE SHARPLY
~
Banks Increase Bill Buying
Operations as Gold
Supply Oh ,ps.
By the Associated Press.

By the Associated Press.
The central banks of the Federal Re-
serve System have undergone wide
changes in their financial structure
since advent of the Fall season.
The movement Of gold from this
country, which began simultaneously
with abandonment Of the gold standard
in England and the raising of the dis
count rate there to per cent. has de-
pleted the institutions total gold re-
serves by $3.50, 900 900 since the first of
September. The banks reserve of the
yellow metal on october IA stood at 81
636,O14 900, as compared with So, 49,
900 900 on August 26. rfS
Bills bought in the open market by
these institutions have increased $780,
100000 since the first of September and
now total, as of october IA, $3.50, 407,-
600. And during the same period re-
discounts of the central banks have
gained 1897, 900 900, standing on october
II at $685., OOO. 900.
In the meantime there has been an
increase in Federal Reserve notes in
circulation which on october IA
amounted to $2,321 BIT 900, and a gain
in deposit liabilities, which total ST.
SIG, 34l 900. These combine to reduce
the ratio OF total reserves 10 deposit
and Federal Reserve note liabilities to
81 3 per cent on october IA as compared
with 1913 per cent on August 26 and
with 500 per cent year ago.
The bulk of gold reserves of the CEN
trail banks is concentrated. in order, at
the institutions in New York, Chicago,
Cleveland. Philadelphia and San Fran
cisco, with the following respective
amounts on hand: 1892 .203, 600, $573,-
525, 900, 1921, 069 900, S246. 457 900 and
S225. 100000. The New York institu-
ton is far in the lead in discounted
bills with total on October IA Of $685.
Gas, 900, or almost as much as for the
entire system on September /.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
DETROIT RAILWAYS
OPERATE AT LOSS
Publicly Owned Utility Re-
ports Deficit of $780,.
100 for Year.
BY BRADLEY w. TRENT.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, October 20. Oppo-
nents of municipal ownership of pub
lie utilities perennial issue in Amer
lean politics for more than a quarter
Of q century-declare a heavy blow has
been struck against 1t with the reveal
ton that the Detroit street railways.
owned and operated by the City of
Detroit, operated at net loss Of ST.
SSl, 160.eS during the fiscal year that
ended June 80, according to figures
made public today.
A heavy decline in revenue, caused
by the receding number of Street-car
riders, which is traced to the easing
OF factory employment. Is blamed for
the deficit. With no immediate pick
up in employment in sight, the drop.
ping of OF revenue of the street rail-
way syst -iin brings an added problem
to complicate DetToit's financial dim
cultieS
Attempt to Lift Burden.
An attempt to tighten the burden of
the Detroit street railway system Is
being made in the decision to abandon
the sinking fund in favor of the is
suance of bonds. The sinking fund,
originally created to retire the indebt-
ednesS of the Detroit United Railways,
from which the city purchased the
street car lines, has for the mos part
been transferred to what is known as
the surplus" fund to strengthen the
financial basis Of the city-owned COM
pany.
Next January, under the terms Of the
contract signed when the lines were
taken over from the Detroit United
Railways 10 years ago, the city would
be compelled to meet final payment
on the purchase contract of 1884 900.
However, since bonds are to be issued
to retire this deft, it is no longer
necessary to continue the heavy pay
ments to the sinking fund.
The city Of Detroit agreed. in taking
over the lines in 1921, to pay SIG, 1850, COO
The contract provided for semi annual
payments of 100000, with the balance
due in 1882. When it became evident
that this burden could not be carried.
operating under the cent fare which
prevails in Detroit, the Street Railway
Commission recommended the issuance
Of the bonds.
Rate Increase Unlikely.
Whether the deficit shown for the
last operating year will eventually bring
an increase in street car rates remains
to be seen. More than a year ago, when
the possibility of Z sent fare was
raised by Mayor Charles Bowles, Detroit
voters raised howl that caused BowleS
to drop the proposal hurriedly. Because
any increase must be tied up with
political consequences, it would probably
be opposed by any city administration.
(Copyrisht, 1879
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
SOUTH AMERICAN BONDHOLDERS s.
PROTECTIVE COMMITTEE URGED
Recent Suspensions of Interest by Several
Nations Has Caused Unusual Depres-
sion in Prices of Securities.

bankers would not recommend until late
IN the period Of indiscriminate Dor
rowing. when these same bankers lost
their heads and became partners in
undertakings that have subsequently
proved an embarrassment to them. The
same contagion over South American
loans as over American common stocks
carried them away after long resistance
10 invitations In commitments of this
character. Five Brazilian government
loans, with coupons ranging from 612
per cent to 8 per cent, selling at an
average price of 80 early this year and
much higher even in 1890, were quoted
today at an average below 80. The
Brazilian per cent bonds were re-
Gently offered at Is cents on the dollar
The organization out of which a COM
nittee for the protection of foreign
bondholders should most naturally de-
velop is the investment bankers of
America. One of the committees of
this association has been making pre-
functory reports year by year on for
eign dollar bonds. AS a contribution
to exact and helpful financial literature,
these have not been taken seriously.
In fact, they have not bestowed much
credit on their authors. Some of those
dealing with South American and Cen
trail European bonds might well be for
1Il6Se anu Lie anu
suggestions that have been distributed
in connection with individual foreign
loans since 1924 emphasize demand
for something more than an investiga-
ton into the merits of foreign bond
from the standpoint of its immediate
market performance.
Foreign Dollar Loans.
1t is expected that the question of
foreign dollar loans and what the
sponsors for such loans and those to
whom they have sold them are to do
in the present situation will be actively
discussed at the forthcoming conven-
ton of the Investment Bankers Asso-
citation at White Sulphur Springs. A
group of bankers who realize their re-
sponsibilities has been attempting for
some time to Great sentiment that will
focus In an organization. either under
the auspices of the Investment Bankers
Association or apart from it. to de-
velop the best sources of information
concerning conditions in debtor coun-
tries that is obtainable and at the
same time make every effort to pro-
tect the holder Of foreign bonds from
unnecessary sacrifices of his principal.
The default by Brazil has had the eff
feet of bringing attention along this
line to head
Copyright. 1917
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
Grain Market

BY the Associated Press.
CHICAGO, October 2O.-Grafn pr
tended downward early today after
Irregular start. Unexpected lover vi
quotations from Liverpool, a6Erlhed
surprising changes in sterl-n9 rates,
bearish effect, despite frost rep
from Argentina
Opening at p cent % "a u
wheat later sagged all afu9znd c
started unchanged to ADVANCE
subsequently declined
No damage by the frostH III Argent
was reported, but it was stated tha
spread northward serioHs injury 1
wheat would be proba bic. On the OF
hand, Liverpool stocks III wheat
tinued to increase, total1N& 8,768,
bushels larger than yesf 80. Cor
mental European stocks M4Ee A1so
ported as larger than at Xn'S tine ]
year.
Moderate rallies from inside figu
in wheat accompanied pe3S*Ent co
mission house small lot Nzz4k0& of
ture deliveries. This buHznK was
ISOLATED with word that t1e Germ
agent, who recently effecf& big p
chase of United States EcVernm'
sponsored wheat had e Rev "
for Chicago, and that &lz Uepartl
West had led to suggest8xos "a like
hood that another 0au- Uni
States wheat deal was uY1GEE#ng. It
was current too, that farm b0ard no
ings had. been much reduced of Il
and were smaller than traders genera
believed. Corn and oats were govern
chiefly by wheat fluctuations.
Provisions responded to downtu
in hog values.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
PROPOSAL FOR SILVER
STERILIZATION LAGS
Recent Movement to Hold Confer
ence Has Thus Far Failed
to Bring Results.
By the Associated Press.

By the Associated Press.
Considerable agitation for proposals
to rehabilitate silver is heard in Wash
ington. but thus far no definite move
p1ent promising early results has been
announced.
The recent Fan-American CONNER
cial Conference. representing the coun-
tries Of North, South and Central
America, participated in by the United
States delegates, adopted a resolution
countries to consider the desirability of
submitting to a world conference the
possibility of rehabilitating silver"
This final action of the conference
on the silver question was a revision Of
e recommendation by one of its group
conferences, sponsored by Mexico, pro-
Aosing an international silver confer
ence.
In again urging the President to call
an international conference to restore
silver to its monetary status. Senator
King of Utah. in recent radio ad-
dress, said such a conference had been
Endorsed by II States and by various
organizations.
It is understood that economic ad-
visers of the Farm Board have re-
ported adversely on proposal to trade
surplus wheat to China for silver, a
proposal recently advanced by R. M.
Atwater, president of the Interstate
Zinc and Lead Co.
The boards position is said to be
that there is nc connection between the
sterilization OF farm products and of
silver, and that China. which has pro-
posed the wheat exchange. had not
suggested payment in silver. China
planned to pay for the wheat at the
present rate of exchange. which is the
custom at its ports. Trading in the
interior of China, however, is on sill
yer basis.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
CRUDE OIL OUTPUT
GAINS DURING WEEK
Reopening Of Oklahoma Fields
Proves Chief Factor iE In
creased Production,
BY the Associated Press.


TULSA, Okla, October 20.-A 100
per cent increase in production from
Oklahoma wells as a result of the re-
opening Of the flush fields was largely
responsible for a gain last week OF
2T3,356 barrels in the daily average
production. of the United States, the
Oil and Gas Journal reports.
Oklahoma production averaged $685.
2l5 barrels daily, while the preceding
week the daily average was 251,135 bar
rels
For the week ended October II the
production for the entire United States
was an average of 2,428,370 barrels
daily, while the week of October 10
the average was 2,155,514 barrels.
East Texas averaged 422,189 barrels
daily, as compared with 403, 884 barrsls,
Kansas production dropped from l07..
AIS barrels daily to 10l $40. The entire
midconttnent area produced an aver.
age of 1,500.56 barrels daiv. IS com
pared with previous repo of 1,232,-
729 barrels
Eastern production was down 1000
barrels daily at 10000 barrels. THE
Rocky Mountain area produced @,Ts9
barrels daily, as compared with n2,427
barrels.
California production was up# 500
barrels daily at $4,000 barrels
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
BY CHARLES r. SPEARE.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, october 20.-The sus-
pension of interest on majority OF
its federal debts, just announced by
Brazil, increases the need of an Or
ganization to protect holders Of South
American dollar bonds who have made
an investment in the obligations OF
South American countries estimated at
over 81 ,000, 100000.
Brazil, Bolivia and Peru have now
actually defaulted on the service of
their debts. Chile has made a tenn
porary suspension, with her exchanges
in a condition that prevents the early
meeting of their obligations In full
Argentine Is the one South American
country that has been able promptly
to meet its requirements. There have
been no defaults among the Central
American borrowers in dollars.
Patience Required.
It Is feared that the road toward
lean republics will be slow, and that
much patience on the part Of the
American holder of South American
dollar bonds will be necessary while
trade is improving, and the balance
Of exports over imports are sufficient
to re-eStabliSh payments to foreign
lenders. During this period there is the
urgent need for an organization to in
vestigate thoroughly the conditions in
the defaulting countries and promote
plans to work out the highest proper
ton of return to creditors possible I'M
der the circumstances.
OF late much consideration has been
given to the creation of a committee
of foreign bondholders, similar to that
which has been in effect in England
for years, and has nursed along situa-
tons corresponding to those which
now face the American banker and
his client in South American issues.
1t is recognized that part of the lend
ing in South America was done in a
haphazard way, and that the chief
interest In the loans was that Of the
commission available to the lender, and
not the purpose to which the proceeds
Of the loan were used. Much of the
money that went into South Amerisa
was wasted by governments that have
passed out of existence during the
revolutions marking the political his
tory of the. various republics in the
past two years.
Brazil has always been recognized as
one of the weakest credits in South
America and the one whose loans many
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20

outlook for the remainder of 1891 is
viewed with optimism, because ship
ments SO far this year include only to
small extent exports of the com
panys new popular Plymouth, which
did not really start until August.
AS result of the suspension of Ger
man reparations payments for one year
Jugoslavia's budget for the current year
will close with a considerable deficit.
In order to cover the excess of expendi-
ture over receipts, negotiations have
been started in France in regard to a
short-term loan on credit of ,O0O, 00O,-
600 dinars, equivalent to about ST.
100000. The credit is to run for one
year.
(Copyrisht, 1891. by the North American
Newspaper Alliance, 1nc.)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
MANY BIG U. S. FIRMS
STILL PAYING DIVIDENDS

Special Dispatch to The Star.
NEW YORK, October 20.-Of the $50
leading American corporations 176 are
still paying cash dividends, and the
average yield of these 176 at market
prices on October was 11.3 per cent,
according to an analysis prepared by
the Ontario Finance Corporation. OF
the 176 companies IA have earned their
dividends for the first six months of
1881, A have not earned their divi-
dends, and on the remaining So in
formation is not yet available.
A summary Of the "a companies
which have earned their dividends re-
veals the fact that the average income
return or yield offered is 10.1 per cent.
OF this group 10 yield above Is per
cent, Is between 10 and Is per cent,
Z between and go per cent, IL be-
tween 8 and SO per cent, IL between
z and 7.9 per cent. 9 between and
SO per cent and below per cent.