davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
DROP IN EXPORTS
IS LAID TO TARIFF
New Canadian Duties De-
CIared Cause of Decline in
U. S. Shipments.
BY BRADLEY w. TRENT.

Special Dispatch to The Star.
NEW YORK. June 6.-Upward re-
vision CT Canadian tariff rates this
week-which changed the duties on
more than 200 items, particularly auto
mobiles. coal, coke, canned goods, food
and utility products delivered in car
tons-directs attention to the fact that
since November. 1880. when the Do
minion's emergency imports went into
effect, the United Kingdom has sup
planted Canada as Americas best GUS
toner
Because the new rates announced
during the week may bring a further
sharp cut in American exports to Cana
da, it Is interesting to. examine in de-
tail trade between United States and
the Dominion since September, 1880.
Decline Is Noted.
Eliminating from consideration ex-
p0rt shipments of wheat. corn, rye and
barley. since the bulk of these grain
consignments to Canada are ultimately
re-exported to Europe. it will be found
that United States exports for the six
months antedating the Canadian emer-
gency tariff amounted to S342. 500 900
and that in the following six months
allowing again for the grain shipment
adjustments. exports declined to $780,
400 900, difference of 81 per cent.
If the same periods were utilized and
grain again eliminated, according to
Moody's Investors Service, the differ
ence in our exports to all other coun-
tries lis represented by the astonish-
ing figure Of only At per cent"
1T may be objected" says Moody's
survey, that Canada experienced the
full measure of the depression later
than the rest of the world, and that
the extent of the much greater change
in our exports to that country cannot
be blamed solely on the tariff. But even
when Canada's total imports are weighed
against our exports to the Dominion in
these periods. it appears that Canadian
purchases from all other countries fell
only about 10 per cent, as against a 81
per cent difference in imports from the
United States"
Tariff Rates Blamed
The survey contends this is almost
conclusive proof that at least a large
part OF the decline was aided by tariff
rates aimed in our general direction,
and continues:
1T Is futile to predict that g. similar
trade loss will follow in the wake of
the latest revision. Generalities as to
tariff causes and effects are banded
about all too loosely. What is certain,
however. is that we have lost much of
our performance in the markets of our
former best customer, who in recent
years has turned to us for around 60
per cent of her foreign purchases
(Copyrisht, 1917
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07

to England. This spelled only one word
to the pesSimists-"morato rium"-and
they went so far as to say that once a
moratorium was in operation on po-
litical reparations payments, the de-
fault Of commercial loans would not be
far OF. Young plan 5 IS touched new
low. But on Friday this DOGGY was
more or less erased by an authoritative
denial that private and commercial OBJ
legations would be touched at all.
The immediate future depends large
ly on what stocks do and their course,
in the last analysis, is dependent on
business. The weeks sudden price
spurts in wheat. cotton and other COM
moditieS were more easily attributable
to the stock markets advance than to
the creation OF a new demand. On the
other hand there is no. reason why
bonds should again dip to the exag-
geratedly weak levels of Tuesday and it
is probable that the investment market
will show an upward tendency for some
time to come
The price Of high-grade issues may
be expected TO advance still further.
During the week Secretary Mellon an
nounced that for the $500, 900, 900 of
3 70 per cent long term bonds offered by
the Treasury there had been received
subscriptions to the incredible total of
Sb,UUO,OU0,OO were the treasury or
its advisers of the opinion that money
rates would not go lower. there would
be no point in not leaving the loan
open and accepting enough subscrip-
lions to fill the Treasury's immediate
needs instead of closing the books with
the announcement that a further
81 ,000. 900 900 TO 1900 900 900 would be
needed before the year is out.
Rediscount Rate.
Evidently there is some thought in
Washington of again reducing the New
York Federal Reserve Banks redis-
count rate. II this IS so, the Govern
ment and municipal lists and the highly
regarded corporation bonds may be ex-
pected again to advance to new tops.
The Overwhelming preponderance OF
the demand for bonds over stocks was
illustrated during the week by a COM
pilation of figures for the first five
months of the year on new offerings.
The total of 1896. 10000 in new
financing since the first of the year is
made up OF $l.786, 700, 900 bonds and
SITE, TOO, 900 stocks. And of the stocks
$l10,100,000 we're preferred stocks.
During the week bond offerings
amounted to $72,195,000. against $92.-
554 900 last week and $63, 1852, 500 in the
same week of 1880.
Copyright, 1919
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
INVESTMENT BONDS IMPROVE
WITH GAIN IN STOCK PRICES
Foreign Dollar Obligations Join Domestic
Corporation Group in Broad Advance.
Market Aided by Favorable News.

Special Dispatch to The Star.
NEW YORK, June 6-The bono
market dropped to its lowest level in
eight years on Tuesday. turned abrupt
~ around on Wednesday and finished
the week still climbing.
1t was one OF the sharpest reversals
of trend seen in the investment market
in years. Standard Statistics index oil
80 bonds dropped two-tenths of point
under its December, 1880. low on Tues
day and when the market closed there
was no sign of strength anywhere. But
at the opening Wednesday the Street
had reports that the refinancing of the
st. Louis-San Francisco Railroad had
been arranged and that another rail-
road system had secured banking as
sistance. 1t was sufficient to turn the
market.
Stock Gains Aid Bonds.
Before the day was out the whole
group of junior railroad bonds, includ-
ing st. Louis-San Francisco 4l2s and
Nickel Plate 41as. had advanced 4 to 8
points and the next day these gains
were almost equaled. AT the end OF the
week the movement broadened out to
include the whole list, even foreign dol
lar bonds.
The stock market had a parallel and
equally impressive recovery and it was
the persistence of the adance in equities
that was the chief mainstay of the bond
market. Much OF the over emphasized
gloom that chiefly manifested itself by
talk of receiverships and other dire
events hanging over the market was
dissipated.
There was no particular bullish news
m regard to foreign dollar bonds. but
with the return of more cheerful I'M
dertone it was apparent that some
bonds, notably Argentine IS. Chilean IS
and a number Of the Central European
issues, had been oversold and as con-
sequence there was a wide recovery in
them. In addition, Brazilians worked
higher because Of the maintained ex-
cellence of the monthly report of the
Sac Paulo coffee loan plan. 1t showed
interest and sinking fund payments
amply covered.
The European situation was helped
by the better reports Of the condition
of the Austrian Kreditanstalt, the COL
lapse of which was threatening the post
war economic structure in Central Eu-
rope.
German Group Lays.
German bonds did not share the i'm
provement because of the nervousness
engendered by the visit Of Chancellor
Bruening and Foreign Minister Curtius
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
OIL INTERESTS HOPE
FOR BETTER PRICES
Steps Are Being Taken to Remedy
Evils Resulting From Sur
plus Stocks.
Special Dispatch to The Star.

Special Dispatch to The Star.
TULSA, Okla, June 6. While the
situation in the East Texas field con-
tinues a menace to the entire oil In
dustry, the future is not wholly hope
less. in the opinion Of important petro-
leum interests.
Active steps are being taken to al
Ieviate conditions created by excessive
overproduction and collapse Of prices.
Oil men are organizing, Gov. Ross
Sterling of Texas is comforting with pro-
ducers, the Attorney General is looking
into the legal aspects of the situation
and the State Railroad Commission Is
also endeavoring to enlist the support
of the industry in carrying out its
orders. 80
Proration has broken down COM
pletely in East Texas. That much is
admitted. Production last week reached
a daily average of $4,000 barrels,
against an allowable maximum OF 1907
600 barrels. But the breakdown in
East Texas has not been followed by
collapse of proration in other large
producing fields, such as those of
Oklahoma, and throughout the entire
Midcontinent orderly production has
been maintained. Producers of Cali
fornia also have kept their feet on the
ground. If order could be restored in
East Texas the industry could be
stabilized, it is believed. ....
Restriction measures in East Texas
have failed because the conservation
law has no teeth and independent oper-
ators have refused to give voluntary
support to the orders of the State
Railroad Commission. 1t is possible,
however, that If efforts to bring the In
dependents into line fail the Governor
will call upon the State Legislature to
amend the conservation law so as to
give the commission the authority it
now lacks.
copyright, 1879
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
BENEFITS BUDGET
AROUSES CRITICISM
Elements in Dominion Are Not
Satisfied With New Schedule
of Duties.

special Dispatch to the star.
TORONTO, June 6.-Not since Sir
John Macdonald's national policy of
more than so years ago has so revo'u-
tionary a budget as Premier Benefits
been brought down in the Dominion
House. And not since the imposition
of the famous N. p. protective tarlH
has Canada received a budget so difh-
cult of acceptance with pleasure In It's
entirety.
For instance, the quadrupling Of the
sales tax, the increase in letter postage
and the canceling Of many air mail con-
tracts, while necessary to the wiplng
out of the $75,000,000 deficit in the
budget of the last fiscal year and for
the insuring Of the balancing of the
country'S accounts during the next IL
months, can naturally not be unani-
mously accepted with enthusiasm. Nor
can the Canadian readers OF the better
paying much higher price for their
periodicals, although admitting the de-
STABILITY of the exclusion Of those
of doubtful influence.
A general objection to the new pro-
tective tariff is made by the free
traders, who blame the high tariff OF
the United States for much of the dis
treSs across the border at present, and
who predict a further loss of Canada's
export trade If the Doninions custo-
mers are not able to sell here as well
as to buy.
More specific criticisms of the new
customs duties express fear of an in
crease of the cost of living in Canada,
since oranges, coal, corn, tea, certain
classes of machinery, automobile parts,
used cars, cars Of the luxury class and
silks have had special levies made upon
their importation. AS all imports,
whether listed as free or dutiable, are
subjected to a Surtax Of per cent, the
critics express fear that imports may
fall so low as to endanger the amount
of revenue needed by the government
from the customs department.
(Copyright, 1919
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
FERTILIZER LEADERS
TO HOLD CONVENTION
Special Dispatch to The Star.

Special Dispatch to The Star.
WHITE SULPHUR SPRINGS, w.
Va. June 6.-Executives of the fer
tilizer industry from all parts of the
country are arriving today for the an
nual convention of the National Fer
tilizer Association, which begins Mon
day and continues until Thursday.
OF special interest Is the receipt Of
a cabled message of greeting to the
convention from Sir John Russell, d.
rector of the famous Rothamsted Ex-
pertinent Station in England. Sir John
attended the last convention here four
years ago. His message reads:
"Heartiest greetings and best wishes
for successful convention. Agricul-
ture is depressed everywhere, yet there
are signs of hope. The widespread de-
mand for higher standards of living
must eventually increase agricultural
production. especially II producers or
ganize. Agricultural improvement would
rapidly react on the fertilizer industry,
as modern conditions demand the full
est economic use of fertilizers for spc-
cess In crpn production !.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
BUSINESS LEADER DEAD.

SHIPPENSBURG Pa, June CP).-
George H. Stewart, long identified with
industrial and civic affairs in the
Cumberland Valley, died in his sleep
during the night. He was SO years old.
At one time Stewart was credited
with being the largest real estate holder
in the valley and more than 100 farms
were listed in his name. He also was
the principal stakeholder in the Cumber-
and Valley Railroad, and it was through
his stock and influence that tie Penn
sylvania Railroad obtained control Of
the line.
Stewart spent his entire life in
Shippensburg. He began his business
career in 1857, when he started store
here. In 1868 he began his real estate
operations and later operated a canning
factory and a grain warehouse.
In 1890 Stewart organized the Valley
National Bank of Chambersburg.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
POTATO MARKET.

CHICAGO, June s (Ao Omitted States
Department Of Agricultural Potatoes,
81 carloads; on track, 1S1 carloads:
total United States shipments, 1,101
carloads; new stock, slightly weaker;
trading fair; sacked, per 100 pounds,
Alabama, Louisiana Bliss Triumphs
mostly 1.45a1.55; few, fine quality
higher; ordinary, 1.35a1. 40; Texas, LISA
$50: mostly 1.40a1.50; old stock, firm
on Russets, steady on others; trading
light; Idaho Russets, 1.50a1 so; few
higher; Wisconsin round whites, LISA
$50,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
GAIN NOW REPORTED
IN SHOE PRODUCTION

Production of boots and shoes in
April amounted to 29,746,542 pairs, as
1880, Commerce Department reports
from 1892 factories show. For the
period January l to Apil 80, output
totaled 102, 1853, 1913 pairs, as compared
with 110,058,575 pairs in the cor
responding period year ago. For the
month the increase was 1.3 per cent
and for the period the decrease was
6.4 per cent.
The increase for April was account
ed for by the 50 factories In Illinois
and the 1852 factories in New York.
The 379 factories in Massachusetts,
showed q decrease in output.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
NEW YORK BANK STOCKS

NEW YORK, June Especially =
Bank stocks and trust shares sold off
in decreased trading today. Bank of
America at 1914 was off "a, Bankers,
Trust. 87l4. off IL; Central Hanover,
pit, off /; Chase National. 69A. Off 4 :;
Chatham henix. 56la, off u; National
City. 7134, off "a; Continental, 17H,
off Il Corn Exchange, 81, up / Empire,
4212, off y; First National, $3.50, off q;
Guaranty. 400, off 3; Irving Trust, 1914;
off e; Manhattan. 1924, of "a; New
York Trust, 1873. off 3, and Public, 4512,
off =. The following were unchanged:
Brooklyn Trust, 400; Chemical, 1919;
Commercial, 240 Manufacturers, 1914.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07

view says: while trade reports are
irregular. it is evident that where re-
tailers are able to make an appeal to
buyers upon the basis of a good quality
of merchandise at low prices, they are
moving a very large volume of goods
across their counters"
In it's discussion of money and bank
ing, the review reports that the influ-
ence of cheap money Is gradually
spreading and supplying an increasing
incentive for capital to overcome its
timidity and seek more active employ
ment in industry and trade.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
Better Business Reported.

NEW YORK, June P1.-Joseph
Wiltshire. president of Standard Brands,
Inc, says the company's business in
the second quarter is better than dur
ing the March quarter. He added that
business is ''scraping bottom" as he ex-
poets gradusf Improvement in condi.
lions.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
COTTON PRICES DROP
ON WEATHER REPORT
Weakness in Foreign Market Also
Factor in New York
Decline.
BY the Associated Press.

NEW YORK, June 6.-Cotton prices
declined about "a cent per pound to-
day, bringing the active positions to
within 3 points of the seasons low
levels established earlier in the week
There was heavy general liquidation in
response to show of weakness abroad
and on the favorable weather over the
belt and the lreaviness in the stock
market. Selling orders were also re-
ceived from the South, and while the
trade bought on a scale down, the
general demand was limited, suggest
ing a weaker technical position, and
the market closed barely steady at
practically the low of the day with net
losses Of "a to IS points.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
Telephone Company Income.

NEW YORK, June 6 (P.-Operating
income of los telephone companies in
March totaled $24 ,055, an increase
over $22.805,572 in the like month last
year. The total for the first quarter
was SIS, 2c2 ,739, compared with $67.-
7s1,035 for the corresponding quarter
d. 1880 49,,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
Trust Company Closed.

PHILADELPHIA, June 6 (H9.-The
Mortgage Security Trust Co.. a COM
paratively small institution, closed its
doors today ito prevent any dissipation
of assets and to protect deposition"
Deposits amount TO about 500 COG.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-07
EARNINGS REPORTED.

NEW YORK, June (P).-Per share
earnings of corporations reporting this
week, with comparisons with last year,
The Washington times., 1931-05-18
Slow to Pay Off

The pay-off windows at Louis
vile work more slowly than
any track in America, Mexico
or Canada. You get the odd
cents and they must have
gotten the tellers from the old
mems home. Half of them
can't see and the other half
can't count-with facility.
If you don't think the best
horse won. just note that
Twenty Grand went postward
at SO cents and Mate $3.50.
The difference between first
and third is reflected in those
odds. Twenty Grand was a
cinch to win and the only ques-
ton was the kind of a ride he
would get. He got the proper
steering this time, which he
didn't get in the Preakness,
despite the fact that ne beat
the barrier at PimlicO.
Sonny Workman came very
near riding Twenty Grand for
this reason, but the owner de
cided to stick with Kurtsinger
in order not to injure his esprit
d'corpS and was rewarded for
her SportswomanShip with a
victory by Twenty Grand and
Kurtsinger.
The Washington times., 1931-05-18
Three in One

The best way to visualize a
Derby crowd is to imagine the
New Orleans Mardi Gras, Armi-
stice night in Paris and the
Rockville Fair all happening at
the same time and in the same
spot.
Bugs" Baer and his bride OF
a week were there, chaperoned
by Mrs. John Prince, wife OF
Chicago newspaper man. We
see by the morning paper Bugs
is still in Looville. Some kind
soul ought to send him railroad
fare.
Bill Corum, New York's clev-
crest sports columnist. shot
craps all the way to Louisville,
dropping something like $500
he admits, and getting only an
invitation to ride to the Downs
in a taxicab with his benefi-
ciary. Bill says he's been taken
for many a ride, but that one
was the most expensive Of the
lot.
Friday night, the "Looville"
oldest inhabitants said it would
be the smallest Darby" crowd
in a quarter of a century. AS
matters turned out it was the
largest, folks coming in over
night on special trains which
stood in the yards ready to take
them home. They are finally
getting tired of paying $35 a
night for a room in "Looville." !"
The Washington times., 1931-05-18

two per game. backed him in
five other starts.
Obviously Brown is headed for
his greatest season in organized
baseball. Gilt-edged singing such
as he has exhibited to date can
hardly fail to click.
Arriving here early this morn
ing, the Griffmen were set to
enjoy a day of rest, tomorrow
they are to launch their three
game series with the Chicago
White Sox at greater Comiskey
Park.
Sam Jones is expected to rep
resent Wlater Johnson, DOME
Bush's selection has not been re-
vealed.
A veritable home run shower
in the ninth inning averted a
dual humiliation yesterday as
Washington captured the final
game of its double-header with
st. Louis at Sportsman Park, 4
to 2, the Browns, rallying behind
the superb pitching of Sam
Gray had copped the opener, I'll.
The Washington times., 1931-05-18
ToDAY'S SCRATCHES
AURORA

AURORA
FIRST RACE-MaGters Rose. Irrita-
ton.
SECOND RACE Margaret Parker,
Behave Cash.
THIRD RACE - TEMPO. Essential.
Heise MHdder. Mary Bans. Eehbi".
Bridgeport.
SIXTH RACE-GraytlsIP.
SEVENTH RACE-SwOOp. HOmpwOOd.
Zahn. Nancy Seth, General Keeps, Cor
Fine d.
THORNCLIFFF
FIRST RACE-CudgeldOe. MarGie.
Devas Vale, Erin Chief.
SECOND RACE-Satan's Pet
THIRD RACE-Lord Cardigan. Re-
Sainer, Fair Precious. Mananna, ROselys.
Illumination.
FOURTH RACE-Candy Man Naughty
Naughty. Traumagne, Cupboard, WOIver-
SIXTH RACE-Agnes SOreJ. Gay
WldOwer. My Betty. CuDidity. Ike Mann.
SEVENTH RACE-FairdaIe. Thistle
Coot, Fair VaEsry, Thymon. Black
Friars TOmbOy.
The Washington times., 1931-05-18

Unlike many of his associates,
Brownie follows his work care
fully and intereStedly. Conse-
quently when he compiled a set
of figures revolving around his
1881 performances this morning,
the writer gladly copied them.
So far Brownie has won four
games and lost three. All of his
reverSals have been by one run
margins. Philadelphia lowered
him l to 0 and 3 to 2 and De-
troit stopped him only recently,
2 to /.
He has started and completed
five games. In three appearances
he was lifted for a pinch hitter.
He also worked one part-time
assignment.
In eight starts Brown has per-
mitted but 81 runs, one of them
unearned. A $50 earned run
average, everything is considered.
is fine pitching in any company.
Although his mates have
pounded across 36 talIieS, 26 of
them were marked up in runa-
way games. In these instances
Washington won from Boston,
New York, and Cleveland by 8
to 0, 9 to 5, and 9 to 3 scores
respectively.
But 10 counters, an average of
The Washington times., 1931-05-18

impression is that hoss race
is pretty much a hoss race,
whether it is a Derby. Freak
ness. Belmont, Withers or a
plain six-furlong event. The
ponies run the same way very
uncertainty in all of them, but
the crowds vary, as do the purses
and pay-offs.
You can see more prominent
people of America by standing
in one spot at Churchill Downs
on the afternoon of a Derby
than if you travelled thousands
of miles and spent millions of
dollars looking them up at any
other season of year.
At the Downs they have
scores of rustic Settees located
about the clubhouse lawn and
the biggest piece Of gall we
observed was a smartster try
ing to sell a sucker standing
room on one of them just be-
fore the Derby horses paraded
to the post.
The Washington times., 1931-05-18
RENO STIRRED
OVER SCRAP

RENO, New. May 18.-With a
20-round bout between Paolino
Uzcudun, Basque Woodchopper,
and Max Baer, California heavy
weight, arranged here for July
and one of Reno's favorite sons,
Tony Poloni, turning professional,
Reno today was talking in the
terms of hooks and jabs. .Poloni
recently won the amateur heavy
weight title.
Jack Dempsey, former heavy
weight champion, may give PO-
lOni a few pointers within the
next few days.
He has expressed willingness
to, don the gloves with the Reno
boy. and he may also have him
appear in one of the preliminarieS
to the Uzcudun-Baer fight.
Dempsey, here to establish a
residence for the announced pur
pose of suing his actress wife, Es
telle Taylor, for divorce, is keep
ing himself in trim by fishing ano
hiking. He is also the promoter
OF the Baer Uzcudun bout.
The Washington times., 1931-05-18
BaSQuez Victor
In CucLe Grind

SANTA CRUZ, Cal, May 18.
BY his victory over a 140-mile
route. Ernie Basquez, San Jose,
today became a leading con-
tender to represent the United
States in the Olympic games in
the long distance bicycle races.
He pedalled the distance in Z
hours and Is minutes.