davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
GAIN IN AUTOMOBILE
PRODUCTION SHOWN
Estimated Output for January
Placed at 175,000 Cars.
Sales Pick Up.
Special Dispatch to The Star.

Special Dispatch to The Star.
DETROIT. February 3-With con-
trolled output continuing to hold aut9-
mobile manufacturing within the limits
of fi:ld requirements, estimated output
for January is placed at approximately
175,000 cars. Approximate totals of
Ford and Chevrolet combined may reach
10000 or close to three quarters of the
total.
The January rise may be chiefly
credited to General Motors from its
Chevrolet division, and represents gain
of 10000 cars and trucks over December
figuring out as approximately IL per
cent. Other producers, including the
indep: ndents and other G.. M divisions,
have contributed to it but their increases
have been slow.
From now on they may show greater
volume to consist of such stocks as
distribution may require in advance of
the Spring season. Spring and good
driving weather, the factory officials
expect, will bring demand out of the
low-priced groove and give the volume
in the medium priced lines a lift.
The prospects largely depend on re-
suits from the Second National Auto
mobile Show of the year, which has
bCSAA Al PAOBL az SIAlCcSO ILLS WSCh
While no news of startling import has
come from it, the prospects are favor
able because Chicago as a concentration
point for wholesale orders is the
strategic center of Middle West trade.
Leaders of the industry have been in
Chicago this week and have voiced
sentiment favorable toward the future.
Alfred P. Sloan, jr., General Motors
president, was quoted as saying that the
Chicago show always draws the largest
number of individual motorists of any
show in the country This year." he
added, appears to be no exception.
Reports of sales and prospects indicate
tn outlook to be very good
Alfred Reeves, general manager of
the National Automobile Chamber of
Commerce, pointed to thu fact that the
cars in the higher priced fields as well
as those of medium and low price sold
well at Chicago and at other shows
throughout the country.
(Copyright. 1879
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
OIL OUTPUT DECREASES
1852 BARRELS DAILY

BY the Associated Press.
TULSA, Okla, February 3-The Oil
and Gas Journal reports the country S
crude oil production resumed the down.
ward trend last week, daily average out
put totaling 2,079,080 barrels decrease
of 25,532 barrels from the preceding
weeks figure.
Oklahoma headed the movement with
a reduction of 22,730 barrels that
dropped the States production to 443,~
80 barrels.
With an output Of 1882, 309 barrels,
the Midcontinent area had decline of
1890 barrels. Outside of Oklahoma,
the biggest shift in the area was in
West Texas, where production climbed
5,721 barrels, to 250,578 barrels. Kan
sas produ ;tion was down 2,725 barrels
at 104,220 barrels.
Eastern production was unchanged at
100000 barrels.
Rocky Mountain production dropped
3,213 barrels, to 95,647 barrels.
California registered a decline of g.
500 barrels, with an output of 525,500
barrels.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
Specialists Help
In Orderly Sales
Of Various Stocks
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, February 3.-Expulsion
of two specialists on the New York
Stock Exchange has produced num-
Der of queries about specialists. Es-
sentially they are brokers who deal in
comparatively few stocks and are
charged with the responsibility Of
maintaining a market for such shares.
If nobody wants to sell the specialist
may have to go short of his stock and
if nobody wants to buy he generally
takes all offerings. If there are neither
sellers nor buyers the specialist may
call upon the governors to help him
establish a market
One specialist of the writer's ac-
quaintance would be many times mil
honaire if he merely handled all bust
ness on strictly commission basis.
This specialist has been bulliSh on his
stock even when the president of the
company predicted gloomy future.
Just now he is very optimistic about
the company and steadily last year
took offerings on a down scale. This
position has cost this specialist at least
several million dollars, but it has main
tanned good market for the stock.
Specialists, however, are roundly
abused by both buyers and sellers, when
as matter of fact it is their special
knowledge of certain stocks that often
keeps such stocks active The activity
of few stocks, especially if accom-
panied by strength or weakness, often
determines market trends.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
EARNINGS REPORTED.

NEW YORK, February 3 [P).-Gen-
eral Outdoor Advertising Co. and sub
salaries for 1880 had net profit of
$345 ,240, equal to $1.40 a share on the
class "A" stock, against $l,843, $780, or
81 80 share on the common stock in
1929.
Johnson Motor Co., and its wholly
owned subsidiary, the Canadian John
son Motor Co., Ltd, for the year ended
September 30, had net income of $751;
484, equal to % cents a share on 1924
shares, compared with $346,6 SIT, or So rs
share on 98,412 shares in the pre-
ceding year.
Lima Locomotive Works had 1880 net
profit equal to $655 a share, against
S2,37 a share in 1929. Unified orders
as OF January totaled 81 .046, 1856, against
$12,181, 113 as of the same date last
year.
Munsingwear, Inc, for 1880 had net
income of $715,006 before dividends of
subsidiaries, against $l,744,785 in 1929.
Scott Paper Co. and subsidiaries for
1880 had net profit equal to $506 a
share on 162,059 common shares,
against $467 a share ON $40 shares
in 1929.
Pennsylvania Water & Power Co. for
1880 had net profit of S1,957,797, in
GLIDING $4,000 transferred from the
equalization reserve to earnings and be-
fore appropriations to equalization and
miscellaneous reserves. The 1880 net,
excluding the $4,000 drawn from
equalization reserve, was equal to $500
share against $1,877, 1881, or $4.36
share, in 1929.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03

| son, S68 BIAS, $50: Consolidated Tele-
graph & Electric Subway, SIS, 791 300.
Consolidated Lead g. Zinz, 1880 deficit
$50, 900 against net of $64025 in 1929
against 26 cents common share.
Federal Knitting Mills 1880 common
share earnings $4.53 against $5.06.
Finance Service 1880 combined class
A and B share earnings, $1.91 against
1929.
General Outdoor Advertising earned
| 40 class A share in 1880 against
$3.50.
General Public Service reported plan
ming purchase of investment trust.
Graham Paige Motors pr@duced 2,113
OF the new sizes in Janu2}T, against
total shipments of 2,055 and aggregate
output of 2,976.
! Hazeltine Corporation gets affirma-
tive final decree from appeals court
| in suit against AtWater Kent Manufac-
turers and National Carbon.
International Nickel of Canada de-
clares Is cents quarterly common divi-
dend; paid IS cents previously; Frood
mine output to be increased to 400, 900
tons monthly from $4,000.
International Telephone g. Telegraph
takes full charge of Rumanian tele-
phone system.
Jackson g. Curtis Investment Asso-
ciateS liquidating value December 81
1 1921 common share, against $53.48
December 81, 1929
johnson Motor common share earn
ings year ended September 80, "a cents,
against 1882.
Lake Superior Corporation over 77I2
per cent of shares deposited for ex-
change for Algoma Consolidated, Ltd,
time limit for deposit extended to Feb
ruary IA, 1891.
Mccall Corporation 1880 common
share earnings, 1882, against $Sl.7s.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03

common share in 1880, against S432.
Ainsworth Mfg. omits common divi-
dend; paid 25 cents December /. 1880.
Air Reduction acquires control of
Wilson Welder & Metals, manufacturers
Of electric welding apparatus and sup
plies
Alpha Portland Cement five plants
resume on full time.
American Cities Power & Light about
IA per cent of investments in public
utility common stocks.
American Hard Rubber declares four
quarterly preferred dividends of So each
for 1881.
Bachman & Emerica reported to have
deferred dividends on preferred ard A
and B preferred; paid 81 on preferred
and class A preferred and 87i2 cents
on class B preferred october 81.
Baltimore & Ohio Railroad reported
to have acquired working control OF
Reading Co. through acquisition OF
slightly more than Al per cent of COM
bined preferred and common stocks.
Bethlehem Steel plans no cut in work.
ing force; offers per cent preferred
share to workers at 1921.
Bucyrus Erie reported to have ac-
CURED sizeable interest in Manighan
Mfg. Co.
Budd &c. 60 Mfg 1880 preferred
share earnings 80 cents against $21 90.
Budd Wheel 1880 common share earn
ings $l.36 against $l.84.
Capital Administration, Ltd, net as
set value December 81, $1468 a share
against $23.l3 December 81, 1929
Commercial Solvents 1880 common
share earnings SLOT against $l.51.
Copper range maintaining output of
/ 100000 pounds monthly.
Consolidated Gas of New York-New
York State valuation Of subsidiary prop
erty for 1891 taxation; New York Edi-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
PRICES IRREGULAR
| IN CURB TRADING
List Erratic as Business on
Exchange Continues
at Low Ebb.
BY JOHN A. CRONE.

Special Dispatch to The Star.
5, NEW YORK, February 3-The Curb
Exchange, after opening dull and un-
changed today, widened its price f1uc-
tuations, but retained the sluggish
character of trading as the session
progressed.
The power and light division was dull,
with small declines in Electric Bond &
Share American Superpower, Niagara
Hudson Power and United Light &
Power A. Cities Service was up shade
as it crossed the IS level.
Standard Oil of Indiana dropped to
a fresh low as tired long holders sold
on the reduction of the dividend rate
and traders expressed caution about the
stock because Of the possibility OF an
import duty on oil. Indiana Standard
would be affected by such legislation
through one of its principal subsidiaries,
American Petroleum &c Transport.
Eureka Pipe Line lost a point on its
first sale, hitting a new low Tor 1881.
National Transit was unchanged and so
was Missouri-Kansas Pipe Line in the
first few hours. Pipe lines generally
were dull and heavy in sympathy with
the oil group, even where such car
riers handled natural gas rather than
petroleum.
was a feature of the amusement di-
vision. 1t rose to a new high for the
wear on reports that the new miniature
theaters, which are to use its talking
picture apparatus, are about TO be
opened.
In the metal list Aluminium Co. OF
America and Aluminium Ltd, warrants,
series d, jumped Ia and 4 points, re-
spectiveIy. Pittsburgh & Lake Erie
Railway had a sharp advance. Other
rails were dull and virtually unchanged:
Western Air Express, with a gain OF
nearly 2 points, was the only aviation
issue to display any speed.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
INDUSTRIAL GAINS ARE LISTED
IN MONTHLY BANK BULLETIN
Increased Activity Is Noted in Steel and
Automobiles, With General Business
on Upgrade During January.

capacity. Taking the year as a whole,
however, the showing for the steel in
dustry is pst bad one for depression
With the, recovery in industrial &C.
tivity since the year end, steel mill
operations have been stepped up 70
around as per cent of capacity, the bull
letin says. 1t continues:
while this represents considerable
percentage increase from the low point,
the gain started from such a low level
that the current rate falls good way
short of the "a per cent rate in effect
at this time a year ago. Some disap-
pointment has been felt that the ad-
vance has not been more vigorous, yet
it could hardly be otherwise in view of
the status of ultimate consumption.
1t is now clearly seen that the adj
vance a year ago was too rapid and led
to ogerproduction. and the feeling Of
most authorities at the present time is
that business progress will be on a
scunder basis if it moves slowly"
Aside from the expansion in the
steel industry, railway traffic also has
given evidence of seasonal revival.
Weekly reports on automobile produc-
ton are not available, but reports from
the manufacturing centers have indi-
Gated steady, though cautious, ex-
pansion of activity, and current esti-
mates place the probable output for
the month in the neighborhood of
175,000 cars and trucks, against 1885,
sol for December and 273,218 for jan
uary, 1880.
Test of Recovery.
so far as the revival of manufacture
ing already witnessed is concerned, 1t
must be recognized that this reflects
to a large extent an expansion of pro-
duction in preparation for an expected
consumer demand. This Is particular
ly true of the automobile industry,
whose enlarged activity in recent weeks
has been a prime factor in the stimu-
lus given to industry generally. It re-
mains yet to be demonstrated to what
extent these larger programs of pro-
duction have been justified, and in
our judgment the decisive test as to
recovery will lie in the extent to which
industry is successful in distributing
this enlarged output to the consumer.
This, coupled with the trend of build
ing operations this Spring, particularly
in the residential field, should give
more reliable indication as to whether
or not the turning point in the de-
preston has really taken place"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
STORES TO CONTINUE
KELLY BILL FIGHT
Mai. Namm Holds Amendments
Have Destroyed Value
of Legislation.
snecial nisnatch to The star.


NEW YORK, February 3.-Vigorous
opposition to the Kelly bill, permitting
the fixing of resale prices, will be offered
bv the National Retail Dry Goods Asso-
citation when the measure which passed
the House reaches the Senate, MAJ.
BENJAMIN H Namm, president OF the
Nan1m Store and chairman OF the or
ganization's committee on resale price
legislation, said Commenting on the
passage of the bill by the House, MAJ.
Namm said:
Il believe that the Kelly bill Oh. r.
I'D is thoroughly emasculated by the
amendments that have been attached to
il. Nevertheless, We are as strongly OPP
posed as before to the principle OF the
bill and we shall continue our nght
against it before the Ssnate.
This does not mean, in any sense OF
the word, that we are in favor OF preda-
tory price cutting. On the contrary, we
have steadfastly opposed this form OF
unfair competition and VIII continue 70
do SO.
'-The Kelly bill is unfair to9consumers
as well as to retailers. 1t restraints legl-
innate price cutting, which is so neces-
sary to the reduction of inventories,
which constitutes the safety valve OF
modern business.
There is no need or occasion for this
form of radical legislation. Let the
Federal Trade Commission restrain the
predatory price cutters by all means, but
legitimate retailers should not be ham
pered in their efforts to bring business
back to normal again."
Charles Wesley Dunn, general coun-
sci to the Associated Grocery Manu-
facturerS Of America, Inc, in COM
menting on the bill, said that amend
ments made by the House have nullified
the measures practical value and will
raise serious constitutional questions.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
GRAIN MARKET

CHICAGO, February 3 Pl.-Gralns
advanced early today, stimulated by
persistent lack of moisture throughout
the Winter and Spring wheat belt and
by unreasonable warmth. France re-
ported unfavorable conditions for new
wheat, with seed rotted, owing to pro-
longed wet weather, and Argentina also
complained of excessive rains.
Starting unchanged to Is higher,
wheat afterward scored material gains.
Corn opened 81 off to Is up and suisse
quently rose all around.
Increased demand for new crop wheat
future deliveries soon carried prices
upward more than cent a bushel
Offerings were scarce. Advices covering
all domestic wheat sections noted rain
less skies, temperatures above normal,
and almost total absence of snow
Some falling-ofT in wheat primary re-
ceiptS was also noted, reducing the to-
tai to about the same as a year ago.
Winnipeg messages said wh2at export
business was good.
Corn and oats sympathized with
wheat strength, and responded to a
sharp decrease in arrivals of corn at
leading terminals. Corn primary re-
ceipts, 626, 900 bushels, were only about
half as large as at this time last year.
Arrivals in Chicago amounted to but
SO cars against 169 year ago.
Provisions were firm, Influenced by
upturns of csrsals.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, February 3.-January
justified expectations of an improve
ment in the business situation, accord
ing to the current bulletin of the Ma
tional City Bank, published today.
Activity in the steel and automobile
industries has increased, the bank says,
and has been paralleled by a general
broadening out Of business in other
important lines. Employment reports
indicate a substantial expansion of
pay rolls, and sentiment among buSt-
ness men is distinctly more confident.
Action Of Market.
ITO what extent the improvement
in sentiment is due to the better trend
in the security markets is impossible
to say" the bulletin continues. "Wheth-
er at any given point it should be said
that business reflects the stock market
or that the stock market reflects busi-
ness is always a question for debate.
Doubtless in the long run the stock
market will take its cue from business
rather than the reverse but the two
influences act and react upon each
other, and there can be no doubt that
the swing of stock prices is an i'm
portant factor in shaping public pSy-
CLlOIOSy.
Figures which have become avail
able during the past month reveal in
striking fashion the extreme low point
to which industrial activity fell in
December. At 81 per cent of the
1923--25 average, the composite pro-
duction index of the Federal Reserve
Beard was down 2 points from the
November level and the lowest for
any month since May, 1922. More
over, if any allowance is made for the
normal growth of business from year
to year the current showing as COM
pared with previous years is even
worse. The Annalist's index, for ex-
ample, which measures business in
terms of deviations from a computed
normal showed in December the
largest decrease from the normal line
recorded in any month since 1908,
while certain other business indexes,
computed on a somewhat similar basis,
show the downsweep to have the deep
est recorded at any time in the past
so years.
Steel Production.
Production Of steel during Deem
Der amounting to 100000 tons was
the smallest for the month since 1921,
and at the rate of 1857 per cent of
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
RETAIL BUSINESS GAIN
Is NOTED IN MIDWEST
BY the Associated Press.

CHICAGO, February 3.-Indications
that retail business was headed upward
in 43 States and parts of Canada we're
noted here as the vanguard of 10000
merchants arrived to do their Spring
buying.
Registration for the nineteenth semi
annual convention of the Interstate
Merchants Council, which opened yes
terday was Is per cent ahead of last
years
THE fact that such a huge number
are coming to the convention" Fred
Nickla. secretary of the council, said,
seems q fair indication that the retail
business is preparing for a good Spring
and Summer
Style shows and buying tests were
held throughout the city and will con-
tinue through Saturday.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
INCREASE IN FAILURES
REPORTED BY DUN & CO.
Special Dispatch to The Star

Special Dispatch to The Star.
NEW YORK, February 3.-Com-
mercial failures in January totaled
1916, an increase of 31.3 per cent
over the 2,525 in December, r. G. Dun
& Co. reports. The total for January
last year was 2,795. The report said
the increase was quite little higher
than is customary, even for the first
month of the year."
Liabilities involved in defaults last
month totaled S94,608,212. compared
with S33 ,683, 361 in December.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
HOMES FOR WORKERS.

RICHMOND, Va, February 8 (P.-
The Southern Mineral Products Cor
poration, subsidiary of the Vanadium
Corporation of America, will construct
so homes for employees at its plant on
Piney River near the border of Amherst
and Nelson Counties, it was learned
here. The plant is being constructed
for the mining and treatment of ore
from which product will be obtained
for use in manufacture of paint.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
NEW YORK COTTON

NEW YORK, February Especially =
Gotten prices were l to 3 points lower
at the opening of the market today.
Trade reports were mostly satisfactory,
and there was better tone in the
market sentiment An actual shortage
of some fine spinning materials was
reported. The advance of cotton root
rot in 1876 counties OF Texas was an
nounced in Washington.
Opening prices were: March 1898,
of 3; May 1852, off /; July 1885, off
3; October, lilo, off 3, and December,
1929, off 3.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
COAL PRODUCTION.
BY the Associated Press

Production of bituminous coal d.
creased 81 per cent during the week
ended January "a. as compared with
the previous period.s Total output, for
comparable weeks, as calculated by the
United States Bureau of Mines, follows:
Week ended Jan. 24..... 8,859,OO tons
reYiolls week. ........ 9,l95, 900 tons
sAkuS week last year. -. II. 703. 900 taS
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
Silver at Low Record.

LONDON. February lP.-Silver
reached new low level today when
spot bars declined 7-l6 pence per ounce
to ~ 1916 under China selling and
absence of supporting orders.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
BONDS ON THE CURB
MARKET.

Sales in DOMESTIC BONDS.
/ II a$Fls s = 2 I5s: i$s i$s
Amer Rsd rs 8 a9 81 iS SS 49, 49, 1857 ISS
i z zSS:f:ss IS ST S.; ! i g.. f.
! Asso 8 AS ;4g z 81 81 ~
q A AssS Gas Gas : Fl s. s. S S 7 7ts IS: ?ss
! Ass9 2 , e z ! S1zs II sSiie ga ga
A hsi TEE Tfl Can S S's s. 49, g 49,. 49,
ee s1frP stat E Ter s. s. z zs q g g
5cRRi Bis Bis E Ee t SIS 20 s 1897 sS 1897 1897 60
= chs l9iss y gyef s9a . a956 r. e.. -
Sitf ger seT PdS SIS E go g sts. g.. a.,
3S3sass 6 :. S j. s. 49, 81: 81 S 49, 81
f s. IF IS, P Si A. o Z e. s 81
ySssaiassdP p y 81 8 $5 $'' 81
$SS 65.i gag as S e e g" 81" g"
E them r g'i &c Is s. g.. &c. 81. g g..
5sS Cen g%L = g g.. e.. sSSS7.
Es SisB s 6 sSa 81 1872 1897 1872 1872 iS2
fEEsEEssS sR'; + q : = f. T.. e.
NS $::S S{if g 49,. ,S SS 49, SS
E III aos5 49, 49, iSs& 1885, 1885,
New New Enc Ems 9 9%E ): S g g.. s.. g. g..
2 Obi ohio i Edis S 60 VI! ss34 ,ss34 $50.
Okla Gas & e s. so 1929 1899 1922
Ss{ "a e g. Viii IS5 H. ]S5 H. II
s ssR e e. s. s 50 ss. g. s sss
SSS !$sP rs q e. Z; ,S IS. g.
SIS P& 81 s ss q Ky sE 49,. 49, g ls g
s sS5aH P' Nat f. ss 9: e e g g g g
q s sSR q q s s. 20 Vi S5 &c., iS6 iS S5
# E:s:: 81 Pi;s fss;5 =: s ss e:
y g uni In L : r ky S5ss 50 sg g.. S.,
a Van s EeR e 6 6 as IS" ssss4 IS
Ws s:t VS. RS s 6 s s3 49, issSs-i2SSSH
w WISE ns P3L s. z So lofi.s 49, lSYYN
FOREIGN BONDS.
IAgr Mtg Bank g 4s GO ss ss
Buen Air Pr 7izs - ssIs s8b $751;
9Can Dominion Is 80 93h 90 90
Chile Mtg Bk IS 81 97Iz 9T3a ora
Com Pr Rk sos 81 ana ava ~
Eur Ell Gas '66 WV 10 10 10
0esfueral es $50 Wv 76,2 ?5z ~
Rio de Jan 6Izs So 4s az 48
Russian S,as sc cifs q oSSp ossn or
/ SHINES rs SO XIV. 65 IS 65
Terni Soc 6lzs A So 7aIs 1874 78h
ww-With warrants.
zv--Without warrants.
. NEW.
1t-When issued.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03

annual payment Eek dividend. tParty tPlus 4%
stock Payable cash
ment dividend Plus IN h
III in In Z in m
81 in stock Plus 81
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03

Note-All stocks sold in one hundred share lots
excepting those designated by the letter (80s (250s)
which shows those stocks were sold in odd lots
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
FOREIGN BONDS.

Ww-With warrants.
xw--Without warrants.
New.
Ssr-When issued.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
BONDS.
10
IndustriaIS

(oopyrlght, 1881, standard statistics Coz