davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
INCREASE IN LOANS
SHOWS BASIC GAIN
TwofoId Significance Given
Facts Reported by Federal
Reserve Board.
BY CHAS. p. SHAEFFER,
Associated Press Business Writer,

One irrefutable barometer of an I'm
provement in basic business conditions
is the increase in commercial loans Of
member banks of the Federal Reserve
system. as reported weekly by the Re-
serve Board.
Such a showing is twofold in sig
niffcance. 1t shows that business men
consider conditions as more favorable
and the time propitious for expanding
commercial operations. It also indi-
Gates that bankers view the situation
with confidence, feeling assured their
interests with safety.
Another but less emphatic indicator
Of improvement is shown in reports of
the Federal Reserve Board, which In
dictate a sharp increase in money in
circulation. This item is now approxi-
mately $500, 900 900 higher than last
Summer and represents the peak since
October. 1880.
Usually mere money in circulation
means more activity in business. due TO
more cash being needed to conduct op-
erations. Trade barometers. however,
indicate business progress has not been
commensurate with the increase regis
tered by circulating funds A truer ex-
PLANTATION, undoubtedly, is that many
depositors, especially In the Middle
West, have seen fit to withdraw their
bank accounts due 10 undermined con-
hdence resulting from the series OF
bank failures. Lately, however. the
trend Of deposits is again upward
designating returning confidence and a
level paralleling present business &C
tivity
During the last six weeks commercial
loans Of member banks. as reported nv
the Reserve Board. have increased 10
the extent Of approximately $50. 600
600. That amount at least has been
thrown into the breach of business ac-
tivtty and cannot have other than
favorable effect.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
STEERS REACH TOP
PRICE FOR SEASON
Sheep Situation, However, Becomes
So Acute Stock May Have
to Be Killed.
speeial plspateh to rhs So

special DISPATCH to The Star.
CHICAGO, August 15.--A bright spot
has developed in the farming picture
this week with the rise IN the price Of
best steers to $40. the highest of the
season. This follows a recent upturn
IN hog values to above So a hundred
pounds.
At the same time. the farmer who
has diversified his production finds that
his eggs bring him about 90 per cent
more than they id two or three weeks
ago and he is realizing a larger return
from his cream. Live stock and the
farm dairy are carrying thousands of
farmers through a critical period in
the Middle West and Northwest.
The one most discouragEng feature Of
the Northwest situation is reported to
lie in the range country of Montana
and Idaho, whsre sheep raising is the
principal Industry. There drought has
complicated the problem of marketing
an unusually large crop OF lambs,
May Have to XIII Sheep.
Producers coming into the stockyards
here say that many sheep men will be
forced to shoot their animals, owing to
low prices and difficulties Of obtaining
pasture and water
c. E. Reichard, an extensive sheen
raiser in Sanders County, Mont, while
here with a big run of animals which
he was marketing, said that thousands
OF breeding ewes viii be slaughtered to
keep them from starving
There is not enough grass for the
ewes and the lambs, too" he said. THE
alternative is TO dispose of the ewes
some way. They are ECO thin in flesh
to pay freight to market, and the only
salvage for the ranchman is the pelts
Even the lambs are too light to meet
market requirements. but possibly they
can be sold as feeders. One b outfit
near me killed $4,000 Water in some
places has been hauled GO miles
May Concern Board.
The sheep situation is likely TO be-
come the next problem to concern the
Federal Farm Board. There is unusual
overproduction this season that is ex-
pectsd by live stock men TO complicate
the market situation when the animals
start to flow In during September and
October.
It is pointed out that supply of over
81 900, coo lambs in the West and TO-
900 600 east of the Rocky Mountains
must be disposed of between now and
next Spring This is said to be a crop
% per cent larger than IN 1923, when
there was a good marketing year. Con- .
sumption of mutton products is said 70
have fallen about Is per cent in the last
year, while the crop Of lambs to be
slaughtered is the largest on record.
Other divisions of the live stock trade,
however, are in much better shape and
promise to afford the Middle Western
and Northwest farmer his meal ticket
during the present year.
tCopyTight 1917
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
AUSTRALIA FAvORS
INVESTORS OF U. S.
Exceptions Made for Foreign Elk.
porters Holding Short Term
Paper.
~ the Associated Rress.

~ the Associated Press
Australiais conversion of debt pro-
gram contains an exception for Amer
tcan and other foreign exporters who
have found it advisable to keep the
proceeds OF their sales to Australia In
state and commonwealth short-term
maturitieS.
To effect q saving Of 22lz per cent
OF the interest burden, the common
wealth Is planning to convert approxi-
mately $4,000, 900 pounds of internal
and commonwealth state debts into
lower interest bearing securities with a
postponed maturity, All internal Sc
curities will be included, advices to
the Commerce Department indicate,
not excepting those which were to ma
ture within the next II months.
Under the provisions Of the bin ef-
fecting the conversion Is q clause that
where a holder Of existing securities
satisfies the treasurer that they were
purchased by him with overseas trade
money" as a sflort-tern investment
new securities may be issued in ex-
change redeemable on such date or
dates as the treasurer approves. In
ether respects, however. the provisions
Of the conversion act must be con-
formed with
Reports to TIE derartment imply
pressure has been brought TO bear on
the Australian government, stressing
the hardship which foreign exporters
would suffer were no exception made
in their cases.
The conversion lean does not affect
Australian dollar securities or Austral-
ian sterling securities quoted in Lon
don. II Affects only Australian gov
eminent securities issued in Australia
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
.ELECTRIGTY'S Use
BYFARMERS GAINS
AgrlculturiSts Spend Three
Times as Much as Rail-
roads for Power.
BIZ GEORGE E. DoYING.

Figures available today nom Covern-
eminent sources show that farmers IN
sne United States in 1880 spent mora
than three times Is much for eIectrte
power as the amount spent by all the
railroads in the country and increased
their use Of this form Of energy, not
outstanding the depression.
The agriculturists spent s4s 1877 600
for electricity. having consumed nearly
1000 100000 kilowatt hours during the
year. More than 10 per cent of the
Nations 5000, 600 farms now make Use
OF electric power, which supplies about
10 per cent Of the horsepower hours
used on all farms
Many Uses Round.
Many uses for electric power ON the
farms have been developed since it was
nrst used Tor pumping water for irriga-
tlon purposes, which operations still con-
suInes the greater part Of the electri-
cal energy used on farms. 1t is being
used now on dairy farms, poultry farms.
truck farms and others where compara-
lively high-priced labor had previously
been found essential. The farmers are
using electricity to operate feed-grind-
ing machines and threshing machines.
as we'll as to fill silos. drive cotton Gins
and pump water. Among the latest cleo
trical devices are those for the heating
OF hotoeas and the operation Of euuip-
ment Tor dehydrating crops
ms information is based upon re-
ports received by the United States Ru-
reau OF Agricultural Engineering. and
the Geological Survey of the Depart-
,ment of the Interior reports that while
the normal seasonal decrease in the
daily demand for electricity for all pur-
poses from January to June is about Z
PEI cent, this year the decrease was
about per cent.
The average daily production of cleo
Lrlcity Tor public use in the United
states in June, according to the Geo
logical Survey, was $50 500 900 kiIowatt
hours, which was / S per cent more than
the daily output for May. The total
production Of electricity during the first
six months Of this year was as IT'S 600 :
600 knowatt hours, while the total for
the entire year 1880 was IS ,e36. 000. 900
kilowatt hours. The decrease in o,rtout
in 1881 would have been far greater b,1t
farm use.
Cut Operating Costs.
In the face Of the slump in indus
rlaI consumption as a result of the
economic depression, the electric utilities
nave not only devoted attention to in
creasing the use of electricity in the
homes, but have continued to develop
farm use and have co-operated with
the agriculturists in numerous WAYS to
reduce operating costs. On the Pacific
Coast the California Oregon Power Co.
recently made voluntary reduction IF
10 per cent in its power rates in irrire-
ton districts and offered TO maintain
the lower rates as long as the price Of
outter lat remains below IS cents a
pound. II Is probably the first instance
OF record where a public utility rate
was based upon the price Of a com
modify not directly involved in the
cost OF producing energy.
tcopyrisht, 1872
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
UPPER BERTH RATES
TO BE CUT FOR TEST
Three Railroads to Reduce Cost Of
Accommodations on Capital
New York Run.
By the Assoclatta Prss.

BY the Associated Press
CHICAGO, August i5.-The Pullman
Co. and several railroads were granted
permission by the Interstate Commerce
Commission yesterday to reduce upper
berth rates In two areas for experimental
purposes.
Prom August 20 to November 20 up
per herths on sleeping cars viii cost Just
one-haH as much as lower bsrths on the
New York Washington lines Of the
Pennsylvania. Baltimore e. Ohio and
Reading Jersey Central Railroads.
The same reduction will be made for
The same period b. ali railroads oper-
stine between Chicago and ST. Paul,
Minneapolis.
In asking for permission TO reduce
the rates, the operating companies
stated that they wanted to see how
much traffic could be added and whether
there was q possibility OF lessening the
number Of cars because Of added use
Of upper berthS.
The reductions viii amount TO STA
per cent Of the present upper berth
rate
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
GENERAL MOTORS
MAY enter RUSSIA
Negotiations Resumed Look
ing Toward Establishment
of Plant There.
BIZ JUNIUs B. WOOD.

By Cable to The star.
MOSCOW, u. S. s. r., August 49,
Important representatives Of the Gen
eral Motors Corporation are again in
Moscow after a couple Of weeks Of tour
ing the Soviet Union, ready for fur
ther discussion with Soviet officials re-
garding what Is considered the big
American corporations final offer TO
establish plant here.
Negotiations between the Soviet gov
eminent and the Detroit firm along
these lines have been conducted inter
rlittently for more than n year. Though
details have never been disclosed. it is
understood that the firm has contem-
plated construction of an immense
plant, with its operation under joint
control, differing from other industrial
plants under the flye-year plan con-
structed and operated entirely by this
government. Though the original plan
has been considerably modified by both
sides during the discussions, no agree
rnent has been reached.
visit Big Plants.
Particular attention during their pres
ent trip was given by the General Mo-
tors representatives to the big Nt1nino-
ogcrod plant which viii produce Ford
producing International Harvester type
tractors The Nijninovogorod plant is
Under construction, with machinery now
being installed. and II is expected to
start assembling cars in November,
while the Stalingrad formally opened in
July, 1880, delivered 4197 tractors dur
ing the three months ended with July
81 last
Though the alleged shortcomings Of
the Stalingrad Works has become
national issue, Soviet newspapers are
printing daily reports Of the number
Of tractors finished, which for the last
three months were only 20 per cent
Of what the flve-year plan opttmistcal-
" calls for.
Employs Huge Force.
American experts with years Of ex-
perience in such plants say that,
though the machinery at Stalingrad
is already showing need of mainte-
nance and, though about three times
the number OF employees are working
as in a similar plant in the United
States. an equally new plant ia the
United States with inexperienced
workmen would not be producing more
csrs
The General Motors representatives
now here are &. C. Riley, from Paris,
European director, and W. l.. Carver,
from London, special Russian repre-
sentative. accompanied by their wives,
end Charles H. Smith, located in Mos
COW as Russian adviser.
(Ccpyrlghk 1917
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
Washington Produce

Butter-One-pound prints, 81; tub, 80.
Eggs-Hennery, 24a25; current re-
ceipts, '16al7.
Poultry, alive-Spring broilers, 3
pounds and over, 80; to ga pounds,
~; IL to pounds, IS; Leghorn broil-
ers, large, "a; medium, %; hens, large,
Plaza; small, 17a1s; Leghorn hens,
large, 15a1s; small, 13al4; ROSTERS,
12a13.
Dressed-Spring broilers, pounds
and over, 80; 2 TO 2i2 pounds, 80; Ia
TO 2 pounds, 81; Leghorns, broilers,
large, %; hens, large, 23a24; small,
19a20 Leghorn hens, 17al8; small,
l4ai5; ROSTERS, 13al4; Long Island
ducks, 21a22.
Meats-Beef, prime, IS: choice, 14j2;
good, lSa13lz; Texas steer, 1lal2; lamb,
20; veal, 12a14; fresh hams, 19 smoked
hams, al; strip bacon, "a; lard, 1o1a
all.
Live stock-Hogs, heavy, s.ooa7.25;
light and medium, 7.25aT75; pigs, 7.25a
IT'S; roughs, 3.Ooa5.0o; lambs, 4.00a8 90;
calves, 4.00as.50.
Fruits-w atermslons, 25a7s; canta-
loupes, bushel baskets, 100; Persian
melons 2.00a2. so; honeydews, l .50a2. 90;
oranges, 4.o0a5.0o; lemons, 6.00a8 so;
I.00a350; apples, bushel
baskets, 25al.00; box stock, 2.25a2. rs;
peaches, so; pears, 2.00a2 so;
plums, 1.50al rs; huckleberries, 500;
figs. Norfolk, crates, 500; grapes, I.50a
as; bananas, l.25al.5oi pineapples,
S.50a375.
egstables-Potatoes Z. 00a2 rs; sweet,
per bushel, ITS; tomatoes, 2-peck bas-
kets. 50al 90; squash, so; spinach, New
Zealand 100; kale, 75a1 90: peppers,
2-peck baskets, 40; cabbage, rs; carrots,
per 100 punches. 500, beets, per 100
punches 500; corn, 5-dozen sacks, 4oa
so; string beans, 100; limas, LISA
1.5o; cIIcumbers, 2-peck baskets. so;
celery, per bunch, 75a1 90; peas, 4.o0a
$50; eggplant, $50; lettuce, Iceberg,
$50; okra, 2-peck baskets, so.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15

ponds almost exclusively upon tin, i'm
provement in the price OF the COM
modify should have a favorable effect
upon the economic conditions in the
republic, which. early this year, was
obliged to default on It's entire foreign
debt held almost exclusively by AmeTi-
can investors.
Boom for Packard.
September will witness the beginning
of Q good Fall selling season Of Packard
cars, according to H. w. Peters, vice
president of the company In charge
Of distribution. Mr. Peters adds that
shipments In July were the largest for
any month since October, 1880, and
that August business will exceed the
preceding month.
Chile viii Pay Nothing.
Chile has apparently made up her
mind to disregard completely the rights
and privileges Of foreign creditors. She
will listen to no compromise. A pro-
posal which was offered by the Chilean
deputy, Pradenas Munoz, that so per
cent of the foreign debt b. paid during
the next five years, was rejected. Chile
will pay nothing, and viii utilize sums
which ordinarily go for debt service to
cover the budgetary deficit.
Reserve Out Of Proportion.
Why Is 1t necessary for Uruguay to
have q gold reserve Of over % per cent?
Is 1t not within reason to assume that
even a drastic cut in this percentage
would not result in further weakening
in the value of the peso, quoted cur
rently at appreciably less than half its
par value?
1t would seem that since the coun-
try's gold Is admittedly out of propor-
ton. when compared with the value
Of the peso, and since Uruguay is
anxious to continue to meet all her en-
gagements promptly, the earmarking
Of part of the gold as security for a
temporary advance would hep the
situation irnneasurabiy,
The crisis is not going to last for
ever, and Uruguay possesses in her
resources and in the energy Of her
people sound basis for the ultimate
rehabilitation.
(Copyrisht, 1881, BY the North American
Newspaper Alliance, Incl
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
U. S. ELECTRICAL EXPORTS
INCREASE DURING JUNE
By the Associated Press.

BY Ine ASSOCIATED Press.
Exports Of electrical equipment from
the United States during June amount
ed to $S,o34,o44, a gain Of s25 900 over
the same month last year.
Increased shipments 10 Russia was
responsible for the favorable showing
exports to that country being valued
at 81 076,790. The bulk OF this bust
ness was in power switches and circuit
breakers over 10 smperes, accessories
and parts for generators, portable elec-
tTic tools, industrial electric furnaces
and ovens and other heating devices.
accessories and parts for motors, / to
200 horsepower stationary motors, and
double-cuTrent and motor generators.
dynamotors, synchronous and other
conFertors.
All other European countries regis
tered small decreases in imports Of
electrical classification during the month.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
FIGHTING HELD cHINA'S
NEED FOR UNlFlCATIoN
Or. Ming-chien j. Bau Says Gov
eminent Like q. s. Too
Advanced.

TOXIC. Japan (Speciall China must
undergo another period Of fighting be-
fore Il can evolve a strong and orderly
government. declared DR.. Ming -Chien
J. Ban. professor Of political science az
the University Of Peiping. Occurring here
at the Oriental Culture Summer College
The present nationalist government
he asserted is based on the same prin
cipie as that Of Soviet Russia. Osten-
tatiously q party elects congress CT
representatives, but in reality the cleo
tons are under the control Of infiuen-
tial men able to sway the congress in
whatever manner they choose. Because
the influential men in Carton are not
In sympathy with those In Marking.
they have established q separate gov
eminent. The only way 10 unity China
Is again TO resort to fighting.
DR.. Bau believes that eventually
China win develop system OF govern
nlent similar to that OF the United
states, but for the present the demo-
cratic system Of election BY the people
a too far advanced.
Or. Bau received most OF his edu-
cation in the United States, studying
nt yale, Columbia and Johns Hopkins.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
Unholsterv Demand spottY.

NEW YORK, August Is OF.-De-
msnd for upholstery fabrics was spotty
In New York this week Calls for naohair
plush and other fabrics were numerous
from some furniture producers. but less
than normal from others With prices
remaining unchanged, producers held
10 the belief that more active buying
.yould develop later in the month On
18th rgahair and On cotton sOodS
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
MORE GOLD RECEIVED.

NEW YORK, August Is (P).-The
gold statement of the Federal Reserve
Bank OF New York showed imports of
$4,000 900. Of which $4,000 600 came
from Argentina and $1,0o0.000 was re-
ceived from the Banco de la Republica
Oriental del Uruguay by the Guaranty
Trust Co. OF New York. There were
no exports and there was no net
change in gold earmarked for foreign
account
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
Will Try Store Methods.

NEW YORK. August IS tF9.-Ar-
rangements have been completed be-
tween Kroger Grocery & Baking Co,
and one of the largest chain store sys-
tems In England whereby the British
company viii license Piggy Wiggly self
perinental stores 10 be set up in the
near future. The British system oper-
ates principally in London and North
ern England.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15


from Europe. German aid is expected to
be forthcoming at an early date. Hun
gary's stress is expected to be relieved by
an l8-month credit, which is understood
to have been arranged to the amount Of
$25 100000. Preparations are under way
to arrange, under the auspices of the
League Of Nations, a long term loan to
Austria. to take care Of some pressing
short-term obligations
In the United States, too. signs are
not lacking of improvement in certain
lines. Engineering construction contracts
for the last month are materially in excess
Of last years figures; automobile retail
demand for July and August has gained
markedly; the machinery and machine
tool market is distinctly upward; the oil
industry shows appreciable Improvement,
and there are also noted gains in the auto
mobile tire, shoe and textile trades.
Lowest Levels Reached.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
Buying Cheaper Furs.

NEW YORK, August is GEl.--Retsil
fur events are providing the fur trade
with q fair amount OF recorders, but the
post-Isabo day buying win have to
furnish the bulk Of the seasons business
IN better grade coats, trade circles re-
port. Thus far the buying has largely
concentrated on coats within the 500
price line, and in some cases up to SITS.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15

newal Of crop damage talk 1t is also
urged by bulls that any change for
the better in economic conditions would
be favorable to corn owners.
Eastern consumers of corn are ap-
parently obtaining the bulk of their
supplies at present from States east of
Chicago. In addition, some other feeds
are relatively cheaper than corn, and
are being used on an extensive scale.
Meanwhile. there is little corn being
sold to arrive here, and this would sug-
gest that rural supplies of old corn are
scanty. It is contended in various
quarters however, that the present level
a. which new crop future deliveries are
selling leaves scarcely any doubt that
feeding operations later on win be
heavy.
Little Hedging Pressure.
An outstanding feature in the wheat
market is that relatively little hedging
pressure from the new Spring crop APP
pears probable, as the expected yield
suggests only 100000 bushels avail
able for mills after allowing for seed
requirements. Oats are steadied by the
fact that the after-hsrveSt movement
has been small and seems likely to re-
main so.
Lard prices reflect support ascribed
to distributors, whereas meats show the
bearish influence Of big stocks.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
Get Colombian Funds.

NEW YORK, August is tE1.-Hall-
Earten a. Co. and Kissel Kinnicutt &
Co. fiscal agents for the Republic Of
fund bonds, dus October /, 1851, an-
nounced the receip6 Of funds % cover
service requirements due October next.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
Rail surnlu, doubled.

NEW YORK. August IS tA1.--Acting
President Joyce Of the Chicago Greae
Western Railroad said July surplus was
tinaed Through the FIRST week Of Aa-
gust
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
FAILURES sLAcKEN.

Business failures slackened slightly
during the week ended August as the
trend was noted BIZ the Commerce De-
partment. In the levels that follow the
are given for comparable
periods, based on representing the 1928
Is average as 100:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
Made Railway Director.

BALTIMORE. August Is (SpsciaD -
Philip H. Glatfelter, president of the
Glatfelter Paper Co. OF Spring Grove,
Pa, and the Hanover Wire Cloth Co.
Of Hanover, Pa, has been elected a
director of the Western Maryland Rail-
way Co.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
TREASURY STATEMENT.

The United States Treasury balance
announced to-day as OF close Of bust
ness August Is was sl95 .5ee. ios.6I. Gus
toms receipts for the month ta date
we're SIC 1918 f04.ss. Total ordinary ex-
pendltures were sl0.2e3, 400. 81.