davidaulloa/AmericanStories huggingface dataset:
Evening star., 1931-06-16
GAINS IN RAILROAD
EARNINGS ARE SEEN
Moody's Service Official Says
Carriers win Be Among
Leaders in Recovery.
Special Dispatch to The star.

LAKE PLACID, N. Y, June l6.-The
TACT that certain bonds may be included
on State legal lists for investment by
savings banks does not Of itself assure
the high quality Of the issues, the New
York State League Of Savings and Loan
Associations was told here today by D.
F. Shea, vice president Of Moodys In
vestors' Service.
Discussing investment policies before
the forty-fourth annual convention of
the league, Mr.. Shea stressed the neces-
sity Of constant supervision of bond ac-
counts, with particular attention to is
sues in danger Of removal from the
legal list, either because of general eco
nomic trends or Of individual develop
mentS.
"A recent compilation shows that
over IL per cent of total assets of n1u-
tual savings banks, or more than one
billion dollars, is now invested in rail-
road securities" he stated. Certain of
these bonds have recently been removed
from the legal list, while others of me-
dium quality have just managed to meet
the requirements. Some, which have
been removed from the approved class
because fixed charges were earned less
than one and one-haif times, are in
reality of much higher quality and are
fundamentally more desirable from an
investment standpoint"
Despite the current poor operating
results of the railroads, the speaker as
serted that the carriers will be among
the first to experience the results OF
general business recovery.
Quality and liquidity are the two
principal factors to be considered In
savings bank bond accounts, Mr.. Shea
declared Liquidity he defined as ready
marketability without real sacr1f1ce OF
principal"
"High-grade short-term issues are
preferable so far as stability Is con-
cerned," he said. This is, of course,
because their near maturity resists any
sharp decline When money rates are
falling. it is wise to increase the hold
ings of long-term bonds in order to
reap the benefits of appreciation. When
money rates are rising, however, ac-
quisition of short-term issues elini-
mates depreciation and provides the
essential element of liquidity."
Mr.. Shea also outlined proposals for
amending the New York law to give an
approved status to some gilt-edged util-
tiles which are now excluded. MANY
feel that the present legal list in this
State might conservatively be increased
to include other well secured and de-
sirable investments" he said. "Recog-
milton Of additional investment media
for savings bank funds has often been
rather belated.
"It was not until 1928 that the law
was changed broadening the field to en-
brace the mortgage issues of certain
utilities, which at that time were on a
relatively low yield basis. If official
recognition of the stability Of the utility
industry had been given four or five
years earlier, the institutions would have
invested large amounts on very ia
yorable return"
Evening star., 1931-06-16
BOND list Strong
IN LATE TRADING
Railroad Issues Recover
Ground Lost During Early
Part Of Day.
BY r. n. RICHARDSON.

Special Dispatch to The Star.
NEW YORK, June 16.-The bond
market made late recovery after de-
clining in the morning. Both move
ments were q reflection Of the action
of stocks and mostNof the activity was
in second iand third grade railroad
bonds.
Such issues as Frisco AVS, Erie SIS,
Missouri Pacific IS and st.. Paul IS re-
covered losses Of to points when
the market turned upward In the after
noon. Heavy trading In United States
Government bonds was feature. Prices
held unchanged or dropped 1-32 to 2-32.
This was attributed to the readjust-
ment of bank portfolios, following
Treasury financing operations.
The substantial aid involved in the
removal Of over $40 100000 in gold ear
marked here for France TO Germany's
account combined with the averting Of
cabinet crisis in Berlin to give the
market confidence. The advance here
in German securities was more sedate
than in Berlin. Amsterdam and Lon
don.
Brazilians were higher on an improve
ment In coffee exports, coffee prices and
Brazilian trade in general. The gains
were narrow, but they affected all the
Brazilian government issues as well as
the emissions of the Brazilian states,
including Sac Paulo, Minas Geraes, Rio
de Janeiro and Pernambuco.
Australian bonds also worked higher,
on cable advices from London that
Australians were being bought there on
the theory that the turn in Australian
business had come. There was q sharp
Improvement Of Australian exchanges in
terms Of sterling,
Junior domestic bondy were heavy.
With the exception Of st. Louis-South-
western consolidated Is, which gained
fractionally, there was hardly O second
grade carrier bond on the list that did
not drop at least 2 points. These In
cluded Allegheny IS, st. Paul SIS, St.
Paul adjustments, Chicago N North
western AZ, Rock Island AIS, Erie
general 4s Erie IS, Louisiana q Arkan-
sas IS, Missouri-Pacifc IS, Missouri
Pacific general 4s, Frisco A Is, Frisco
B IS, Frisco 412s. Southern Pacific AIS,
and Wabash AVS.
There was lower trend in industrial
issues such as Chile Copper SIS, General
Theaters Equipment IS, International
Paper IS. Philadelphia q Reading Coal
q Iron 6s, Vanadium IS, and Warner
Bros. Pictures 6S. New York City trac-
ton bonds were on q point or more on
the refusal Of Brooklyn-Manhatta
Transit and Interborough Rapid Transit
to participate in the present unifcation
negotiations.
The new capital market was quiet
with 2 total Of about $4,000, 900 bonds
Evening star., 1931-06-16
LOW COST OF COPPER FORCING
MANY MINES TO CURTAIL OUTPUT

600 pounds Of refined copper are above
ground, including copper paid for and
held by producers for consumers.
Considering the rapid decline in both
foreign and domestic shipments in
April and May, and that the outlook Is
for total shipments in June, and prob
ably also in July, to be below average
Of 5,214 tons for the first five months
this year, reduction in mine output may
be faster than seemed probable q month
ago. In May, because of the low ship
ments which totaled only II, l,949 tons
and were smallest in many years, being
even lower than those Of 1928 tons
in April, 1880, refined stocks in North
and South America increased over 81
100000 pounds, while foreign stocks of
all kinds in Europe increased over o.
100000 pounds.
Production Costs Lower.
The situation is dependent somewhat
upon the condition of the treasures Of
the various companies and the cost Of
making copper. These costs are OF
materially from what they were q year
or so ago, owing to the greater efficiency
with which the men are working and
the lower wages, as wages at the mines
and SmelterS are on q sliding scale that
varies with price of copper. AS q result
of these and other causes, for instance,
Anaconda Is producing copper at its
various properties at the lowest oper-
ating cost In the history of the mines
But 1t also has to be remembered that
overhead, interest and carrying charges
on idle mines are falling on . smaller
output, 50 that when charges per pound
Of metal produced are considered the
costs are not so low as they would be
at somewhat higher rates Of operation.
That q good part of the output will
begin to be cut on in the next few
months II copper stays at Sh cents or
lower appears probable from q glance
at the cost Of producing copper at the
mines that were in operation during
last month, when world output was
around 125,00O short tons Of copper.
Evening star., 1931-06-16
CRUDE OIL OUTPUT
DROPS DURING WEEK
BY the Associated Press.

BY the Associated Press
TULSA, Okla, June 16.-Daily aver
age crude oil production in the United
States dropped 30,170 barrels last week,
totaling 2,443, ,603 barrels, the OH and
Gas Journal estimates.
East Texas led the downward move
ment with u reduction of %, 500 barrels,
which lowered that new areas output
to 329, 900 barrels.
Oklahoma production, estimated at
557,065 barrels, showed an increase of
1925 barrels over the preceding weeks
average.
The midcontinent areas production
was placed at 1,480,950 barrels, q de-
crease Of 20,355 barrels. This included
q decline Of 3,840 barrels in Kansas,
that States yield being estimated at
102,o10 barrels.
Eastern production was unchanged at
110, 600 barrels.
The Rocky Mountain area registered
an increase Of 1885 barrels, with an
output Of 99, 1853 barrels.
California production dropped 1,750
barrels to SIS, $50 barrels Small de-
clines were reported in several other
areas.
Evening star., 1931-06-16
Special Dispatch to The star.

opcClaI 0lbpAtCH 70 nc obAT
NEW YORK, June 16.-The present
price Of copper of SI cents q pound
delivered makes 1t impossible for prac-
depreciation and all other proper
charges included. Even with only oper-
ating costs included, which are before
depreciation, producers Of over half of
the worlds present output of roughly
$50 900 900 pounds a month probably
are not able to break even with copper
under 8l5 cents delivered
This Is why some of the copper mines
are beginning to curtail further and
even to shut down completely for the
Summer. Some Of the mines that
have closed can produce copper fairly
cheaply, but the arrangements do not
believe it wise, and to the best inter
estS Of their stockholders, to continue
to sell copper at present prices.
Already United Verde with an OUT
put Of about 5000 900 pounds q month
has shut down, Magma with an output
of 2,4O0,00O pounds q month Is down
Omitted Verde indefinitely and Magma
for six weeks, while United Verde Ex-
tension with capacity Of roughly
5000, 900 pounds q month has announc-
ed that 1t will shut down for so days
from July /.
Further ShutdOwns Likely.
1t Is probable that other mines will
soon begin to shut down for one reason
or another. Some feel that the copper
situation will be brought into more
stable equilibrium through voluntary
curtailment Of output during the next
two months, and that there viii not be
a general shutdown. In their opinion
it will not be necessary for price Of
copper to go below cents delivered to
bring about such curtailment. Others
take the view that decline in price
below 8 cents may be necessary to
bring the curtailment in time to avoid
q further large increase in copper
stocks. Now approximately 100000
Evening star., 1931-06-16
UNVVISE EXTENSION
OF CREDIT IS RAPED
By the Associated Prs,s.

By the Associated Press.
ST. LOUIS. June 16.-Unwise exten-
sion Of credit through mismanagement
was described rs one of the primary
causes "of the greatest business depres-
sion Of all time" by DR.. Clyde william
Phelps, head Of the Department of
Economics, University Of Chattanooga,
q speaker at the opening today of the
annual Conference Of the National Re-
tail Credit Association. He said busi-
ness depression cannot take place un-
less there Is undue expansion of credit,
whatever other causes may be involved
in the situation"
Under the goading Of his own en-
thusiaStic. high pressure saleSmen," DR..
Phelps said, the credit man gave way
and played recreant to his duty to So
ciety. Credit was unwisely extended;
imitation burst all bounds, and the en-
tire Nation suffered because credit had
been mismanaged by bungling, incom-
petent hands. This u an intolerable
situation"
David r. woodlock Of st. Louis,
manager-treaSurer Of the association,
urged the members to hold fast to
faith, courage and vision and put
money and credit TO work in our ex-
change system so they viii benefit all
and restore prosperity"
About 1000 members. representing
retail firms and credit bureaus In all
parts Of the country, are attending the
conference.
Evening star., 1931-06-16
Washington Produce

Butter-One-pound prints, 2s; tub. 2S.
Eggs-Hennery. 1sa20; current re-
ceipts, 17a1S.
Poultry, alive-Spring broilers. 3
pounds and over, 35a36; 2 to 3 pounds,
32a33; smaller, 28a30; Leghorns, large,
24a25; small, 20a23; hens, large, ~;
medium, 20a21; Leghorns. 16a17; roost-
ers, 13a14. Dressed-Spring broilers. 8
pounds and over, 38a40; 2 to 8 pounds,
35a36; Leghorns, large, 28a30; small,
26a27; hens, large, 24a25; medium, 24a
Is; Leghorns. 18a20; roosters. 17a1S;
ducks, Long Island, 23a24.
Meats Beef, IA; veal, IA; lamb,
Western. 18; Spring, 20; pork loins,
161aa17; fresh hams, 171a; fresh
shoulders, IL; smoked hams, 1917;
smoked shoulders, IL; strip bacon, 81;
lard, in bulk. 10; packages. II.
Live stock-Hogs, heavy. 6.o0a6;7 ;7S;
a7.25; loughs, S50a5 90; calves, 4Ooa
800; Spring lambs, 6.00aS.75.
Fruits-Watermelons coal 90; can
taloupes, jumbos, 3.0oa3.25; standards
2.75a3 90; ponys, 2.00a225; fats, LISA
$50; honeydews, 2.00a2.25: honeyballs
4.50a5. so; oranges, 500; lemons, 6.50s
TOO; lines, per 100, 500; apples, box
SCocK, z.oOaZ.fo, peaches, puSnel DaSkeCS
2.25a2.50; 2-peck baskets, LIS; cherries
California, boxes, 1.25a2.25: 32-quart
crates homegrown, 4.50a5.00; strawber-
ries, 2.50a3.00; blackberries. 2.00a3.00;
huckleberries, 1.50a4.00; apricots, 1.50;
plunns, $50; bananas, 1.25a1. so; pine
apples, 3.50a4.00.
Observation-Disclosures new, per barrel
2.75a3.00; old, 1O0-pound sacks, LISA
zoo; sweets, per bushel, 200; tomatoes
Span crates, 1.50a3.O0: onions, Texas
50-pound sacks, 1.50; Spring, per 10C
punches, ZOO; radishes, per 10C
bunches, $50; string beans. 75a1.15;
limas, 500; peas, 1.25a1.50; cucum-
bers. 1.25a1 so; peppers. 4.00a4.5C; cauli.
| flower, homegrown, 1.25a1.50; spinach
35a50; kale. 35a50; turnips. per 100
punches, 400; beets, per 100 punches
500; carrots. crates, 500; eggplant
2.50a3.00; corn, ESQ.
Evening star., 1931-06-16
POTATO MARKET.

CHICAGO, June IS (E9 UNITED States
Department Of Agricultural Potatoes
Receipts, LOG cars new, old; on track
307 new, old; total United States
shipments, 643; new stock, weaker,
trading slow; sacked, per hundred
weight, Alabama, Louisiana, Mississippi
Bliss Triumphs, 1.50a1 .65; few fancy cars,
1.70; ordinary, heated. 1.25a1. 40; Texas,
best, 1.40al so; North Carolina, barrel.
Irish CohblerS. few sales, $50; old
stock, steady; trading light; Wisconsin
round whites, 1.O0a1.30, according to
quality; russets not quoted.
Evening star., 1931-06-16
MONEY MARKET.

NEW YORK, June Is B.-Call
money held at 13s per cent, the re-
newal rate, today In both the official
and outside markets.
Bankers acceptances were steady,
with supply and demand about equal
and asking rates unchanged CONNER
cial paper was quiet and unchanged,
and time money was dull and un-l
changed.
Evening star., 1931-06-16
COAL OUTPUT DECREASES.

BY the Associated Press.
Production of bituminous coal during
the week ended May 80 showed q de-
crease Of "a per cent as compared
with the previous week. The total
of Memorial day in many fields. Ag-
Rregate outputs, for comparable periods,
as measured by the Bureau Of Mines,
follows:
week ended May 80, 6,466, 900 tons:
previous week, 6,626, 900 tons; same
week last year, 7,590,00O tons.
Evening star., 1931-06-16
Stockholders Increase.

NEW YORK. June 16 LP9.-The num-
Der Of stockholders in American corpo-
rations increased almost 25 per cent
during 1880. despite the widespread
business depreSsion--or, perhaps, be-
cause of it." Standard Statistics Co.
says I'm an analysis Of the changes in
the lists Of stockholders Of SO large
corporations. The so companies had
1852 900 shareholders at the beginning
Of 1880 and 4,4O1 900 at the end Of the
year. The individual percentage gains
varied widely, the largest being 225 per
cent for Ohio OIL.
Evening star., 1931-06-16
CONSOLIDATED COAL co.

BALTIMORE, June 16 (speciaD -
The Consolidated Coal Co. viii pres
emily issue $4,000, 900 of per cent coll
lateral trust gold notes, which have
been sold at par net to the company,
the proceeds Of which viii permit the
retirement of the $3,10i 900 of Fair
mount Coal Co. outstanding bonds
which mature July /.
Evening star., 1931-06-16
METAL MARKET.

NEW YORK, June 16 R.-Copper
quiet; electrolytic, spot and future, 0a
ga. Iron quiet, unchanged. Tin steady;
spot and nearby, 22.75; future, 22.95
Lead steady; spot New York, 3.75; East
st. Louis, $50. Zinc steady; East ST
Louis, spot and future, $40. Antimony
600.
Evening star., 1931-06-16

1890 AM....... 100000 1900 Noon. 600 600
l:se Pm. M........ 100000 2:l0 PM. 100000
Hieh Low Dividend Rate Add 90 Hsh. Low. Close
Dividend rates in
based on the latest quarterly or haysry
in stock sPasabe in scrip tPlu ~ stock
Payable stock In
I Plus 9E in stock Plus o@ I'm
~ in stock m Pad
this regular rate. Plus s&
Evening star., 1931-06-16
SILVER ou0TATTONS.

NEW YORK, June is (A9. Bar silver
steady and l.s higher at n6ss.
Evening star., 1931-06-16

Mirrors or looking glasses were made
at Venice IN the year 1900.
Evening star., 1931-06-16
AFTER CALL.

Lanston Monotype-3 at 90, ! at 90, /
at 90.
10 at 1907, 10 at lOOIk, 10 at IO0n.
Capital Traction Co.-10 at IS, 10 at 35.
Evening star., 1931-06-16
Washington Stock Exchange

Washington Gas IS A-Sl00 1T lO2.
Capital Traction Co.-10 at 34%
Potomac Electric 6% pfd--8 at ia.
Potomac Electric 5KSo pfd.-l0 at
ilo3s, 10 at 1lol2, 10 at 1l09s. S at
1903.
Washington Rwy. g. Elec. pfd.-5 at
98ss, 20 at 981a, 20 at 9Slz, 20 at
9si4, 20 at 9e1z, 10 at 9s1a, 10 at
9e1la, IS at 98l5.
Lanston Monotype-20 at s0h, 10 at
80, 10 at 90, 5 at 30, 10 at 90. 10
ut 90.
Evening star., 1931-06-16

Lurnherirr Is Flnland's most impor-
sant industry
Evening star., 1931-06-16
BONDS.
PUBLIC UTILITY.
MISCELLANEOUS.
STOCKS.
PUBLIC UTILITY.

a.Sis.i a%sE T:E 4rss.l9s e Gsl. CO. ISL ssH
washington Gas Light Co. 1S). 1l5
N & w Steamboat tl2)....... leo 201
Ess Ess H:s El:s e. s: Dis I5s I5 liz ifs
Wash. Rwy. FL. pfd. tS)..... ssh2 SS%
Evening star., 1931-06-16
TRUST COMPANY.

Amer. Sec. & TT. Co. d0..... 2s4 PIG
Soei saw. .SS Trust 5iaij.... io3 44s
Prince aeorges gk. q Tr...... ,23SS ,55SS
Wash WnaSn Loan aIs' trust iiD.....: 4iS 40
Evening star., 1931-06-16

IL Zonite Prod Corp Cd IL l1M lIh
Sales Of Stocks ON New York ExchanR,
Evening star., 1931-06-16
NEW YORK STOCK EXCHANGE
eavsa BY once


, wire Direct 70 The Star once.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-02-21

garage owner whom the state
charges with burning an unknown
man in a flaming sedan west of the
city the night of May 81, the
petition stated.
Baker said that tickets will not be
needed by spectators. A few were
issued, Baker said, admitting county
officials and employees to the rear
doors Of criminal courtroom. When
the trial starts Tuesday, spectators
will be admitted as usual, Baker
said.
In his objections to the public
announcement, Holmes said in his
petition that Schroeder is entitled
to public trial" and that Ito restrict
attendance at said trial to those
favored with the issuance of tickets
would be a denial to Schroeder of
his constitutional right to a public
trial"
Coincident with the attempt to file
the objection, Holmes said he agreed
with prosecutors that a sanity COM
mission should examine Schroeder
as asked in a states petition filed
Friday.
The petition would have 1.-TWO or
three competent physicians" ex-
anime Schroeder, findings to be
used as evidence in the trial.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-02-21
Parrish Says

Gray will be the leading
color for mems suits this
spring. That's the word from
Amos Parrish, the nations
greatest authority on fashions,
who tells of new styles and
colorS for men in his daily ar
ticle appearing on The Times
Home Page next Monday.
Dresses for Different Types
will be his topic for Tuesday,
and he asks which, is the best
silhouette for you-the Bell,
the Straight Line, or the Pep
lura, all Of which will be in
fashion.
"Your Sleeve Lengths for
Daytime" is his theme for
Wednesday. On Thursday Mr..
Parrish will discuss Goats That
Look Like Dresses, and his
Friday subject will be Queen
Anne Furniture.
Winding up the week, he will
take up Military Looking De-
tails in Fashions.
Thousands of Times readers
are following the Parrish ar
ticles, appearing every day on
the Home Page. Be a Par
rish fan and keep in step with
fashions.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-02-21
home OPTION ON MAKING
AND DRINKING OF LIQUOR
:. PROPOSED BY W|OODCOCK
Prohibition Director Urged Wickersham
Group to Sanction Non-Molestation of
Persons Who Make Own Beverages.
QUIZ EVIDENCE is GIVEN TO SENATE
Mrs. Withdrawals View That Volstead Act
Section 20 Represents Congress- Thought
to Lift Heavy Hand on Family Habits.
By United Press

By United Press
WASHINGTON, Feb. 21.-Two large boxes of evidence
and testimony upon which the Wckersham commission n
partbased its prohibition report the possession
the senate today and contained among many things
Prohibition Director WoOdcock's confession that
prohibition not prohibit"
Mrs. Mabel Walker WdIebrandts legal opinion that
Section 29 of the Volstead represented the Thought
Of to lift the heavy hand of the Vosteod
from interfering ith family habits far possible
dozen labor leaders, testimony against prokibi-
ton constituted.
Special Investigator Henry S. Dennisoms statement
that there has not been get any true test Of the pro-
bibton laaOs"
Reports Of enforcement conditions in thirtytoo
states.
The material was submitted in response to resou-
ton offered by Senator Milard E. Tydings Dem., Md
Chairman George W. Wickersham informed the senate
letter that much information obtained in confidence
had been withheld This apparently included testimony of
Treasury Secretary Mellon and Attorney General William
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-02-21
MUSCLE SHOALS BILL
PASSES HOUSE EASILY

A total of eighty-seven Repub-
licanS deserted their house leaders
to support the bill, while only three
Democrats bolted their party to vote
against it.
The vote in the house indicated
rather conclusively the measure
could not be passed over a presi-
dental veto.
The measure calls for government
operation of the power plant, with
construction of transmission lines
to carry electricity to communities
throughout the southeast.
1t provides for private operation
of the nitrate plants for the man
ufacture Of fertilizer if they can be
leased within a year. If they can
not, the government viii operate
these, too.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-02-21
E. Mitchell

Il. MlLCIlGll.
Woodcock's confession" in
no wise represented an opin-
ion by him that the prohibi-
ton experiment must fail. He
contended, rather, that prohi-
bition can not actually and
completely prohibit consump-
tion of alcoholic beverages.
He suggested recognition of
that fact in the federal en-
forcement policy by a system
of what he termed "home OPP
ton"
With specified qualification, home
option" would permit manufacture
and consumption of liquor by any
householder without molestation.
Mrs. Willebrandt Gives Views
1.-THE householder could not claim
the right to buy or sell liquor. But
if he possesses liquor, or makes
liquor in his home, and in such a
way as not to be observed by the
public, this policy would require that
he be not disturbed" Woodcock
wrote to the commission.
Woodcock's attitude particularly
was interesting in view of the po-
sition taken by Mrs. Willebrandt,
former assistant attorney general in
charge of prohibition prosecutions.
Mrs. Willebrandt has been acting
as counsel for Fruit Industries, Ltd,
whose marketing of grape concen-
trates fermentable into wine has
reused some dry organizations to
demand that Section % of the Vol
stead act be amended.
ut is clear from the circum-
stances surrounding the inserting
of this exception into the act she
said, that it was the intent of con-
gress to give to the householder all
the leniency as to fermented bever-
ages that properly could be given. :"
Leave the Homes Alone
Woodcock contended that courts
and enforcement agents should be
expected only to:
Stop public sale, manufacture
and use Of intoxicating liquor.
Stop transportation in quanti-
ties larger than can be con-