davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-04-23
j. 8. BUILDINGS
BIDS .SPEEDED
BY TREASURY
Corps of Engineers to View
Sites; Architect Institute
Hits Bureaucratic Control

In the drive to get the maxi
mum volume of public building
underway, the Treasury today
completed the opening of bids
for sites on post offices and other
Federal structures so far autho-
rized by Congress.
During the last week, several
hundred projects have been
placed in the preliminary stages
through receipt of bids on sites.
Within the next 80 days a corps
Of site engineers will make in
SpectionS in many cities and
towns throughout the country.
Red Tape Involved
It was expected that within so
days bids on some Of the projects
may be advertised. There is
much red tape involved in selec-
ton of sites and the acquisition
of title to the property by the
Department of Justice.
In connection with the Govern
ment'S enormous building pro-
gram the American Institute of
Architects has launched move
ment against the bureaucratic"
control of public buildings. The
institute urged the Federal build
ing program as we'll as the pro-
grams of cities and States be
carried out by private architects.
Treasury officials said that vir-
tually all of the important build
ing projects have been or will be
designed by private architects.
Say Art Will Suffer
The institute charged that in
ferior architecture, unfair to the
people, will result from the Gov
ernment's present policy of "car.
rying into effect the greatest ma
tional building program the
world has ever known"
The Government departments
directing this program have de-
parted from the policies laid
down by President Hoover, for
mer President Coolidge and Sec
retary Mellon "by confining archi-
tectural effort chiefly to the Of
flee Of the supervising architect
Of the Treasury" according to
the Octagon, the organ Of the
institute here. The statement
added:
"The country, as a result Of
this course, is being deprived of
the best architectural ability,
while a really unexampled Op-
pOrtunity to cOntribut eA to
higher civilization is being
lost"
The Washington times., 1931-04-23
Aides Sue to Share
YGncey Tour Profits

NEW YORK, April 90 G.N.S0. i.
Capt. Louis A. Yancey'S two com
panionS on his four-month air
tour of Central and South Amer
lea last year yesterday filed suit
against him in Supreme Court
for an accounting and a share of
the money he made from the
flight.
Captain Yancey was navigator
on the flight, Zeah Boucke was
radio engineer and Emile H. Bur
gin was pilot.
The Washington times., 1931-04-23
General Tire Pays
Dividend on Common

Directors Of the General Tire
and Rubber Company have just
declared a dividend of rs cents
a share on its common stock, pay
able on May / to stockholders Of
record as of April "a.
This was the sixty-first consecu-
tive dividend on General Tire
common stock, the company never
having failed to pay regular divi-
dends on both classes of it's stock.
w. O'Neil, president, said:
cat the end of the first three
months, indications are that
1881 will be fair year In the
rubber industry"
The Washington times., 1931-04-23
MasOns TO Present
"Y" Benefit Drama

A play entitled, Dancers Of
Yesteryear," will be given tonight
at the colored Masonic Temple
for the benefit of the Phyllis
Wheatley Y. w. c. A.
The play is to be given under
the auspices Of the residence COM
mittee of the association. Groups
participating are under direction
of Miss Adrienne Marshall, Miss
Alice Childs and Mrs. Edith
Chandler Evans.
The Washington times., 1931-04-23
TELEPHONE MERGER

The Bell Telephone Company
of Pennsylvania, today was au-
thorized by the Interstate Com.
merce Commission to acquire the
properties Of the Dorseyville Tele-
phone Company, in Allegheny
county, Pa. The purchase price
will be $4,000. No change in
rates is in immediate contempla-
ton.
The Washington times., 1931-04-23
ChipnlGn Reelected
Van Camp Director

George Bowie Chapman, resi-
dent partner of Hartman & Co.,
members of the New York Stock
Exchange, has just been reelected
a director of the Van Camp Pack
ing Co., Inc.
Mr.. Chapman is in Europe, but
Is expected back within o short
time.
The Washington times., 1931-04-23
TICKER CLUB Dimes

Chester Flather, co-manager of
the Washington offices of G. MP
Murphy & Co., and president of
the Ticker Club Of Washington,
entertained about 20 members of
the club and guests at dinner at
the Chevy Chase Club last night.
The Washington times., 1931-04-23

CHEVROLET TOURING. 1s3O-Perfect
condition; low mileage; will sacrifice
for immediate sale. Call Gle. +S51-J.
The Washington times., 1931-04-23

ST. n. =. 40. n.y. Capitol-Clean, airy,
single d double rooms, kitchen privi.
leges, board optional; children cared for
during emp. mothers absenceI nr.
schools Reasonable.
Evening star., 1931-12-21
Grain Market

BY the Associated Press
CHICAGO, December q. Wheat
prices tended upward early today helped
by unexpected firmneSs of quotations at
Liverpool. The Liverpool market re-
ported a noticeable lack of selling pres
sure and a decrease in Liverpool sup
plies, together with smallness of world
shipments.
Opening at a shade off to - up. Chi
cago wheat futures sagged somewhat
and then advanced all around Corn
started unchanged to J 4 lower and sub
Sequently rallied
Proposals to donate to charity 40
100000 bushels of Farm Board wheat
were construed in some quarters as
bullish factor. Another strengthen
ing influence was word that the Ar
gentine harvest was now approaching
the frost zone, where yields were like
ly to prove less favorable In addi-
ton, the amount of wheat on ocean
passage, although larger than a week
ago. was nearly 5000 600 bushels under
TIE total at this time last wear
Wheat pit conditions showed all the
traits OF holiday market, with prices
much of the time chiefly sensitive to
constructive news. This was attributed
to assertions that the seasons bearish
developments had become sufficiently
well known. Some of the leaning to
the bull side was based on assump-
tionS in advance that the United States
wheat visible supply today would show
decided curtailment. Corn and oats
largely followed the action of wheat.
Provisions were responsive to an up
ward trend Of hog values.
Evening star., 1931-12-21
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS.

NEW YORK, December 21.-The
following is a summary of important
corporation news prepared by the
Standard Statistics Co.. Inc, New York,
for the Associated Press.
Weekly News Review.
The decline in security prices, almost
uninterrupted since Novcmbcr 9, halted
suddenly last Friday. The most ap-
parent 1eason for this turn bout was
the testimony of Thomas w. Lamont OF
j. P. Morgan g. Co. before a Senate
Committee, in which he stated that the
reports that several New York banks
were overloaded with short-term Ger
man securities were fantastic" adding
that these credits cannot constitute in
their volume a danger to the American
banking system">' These reassuring
statements instigated hurried cover
ing Of an oVer-eXtended short interest
causing a sharp upturn in prices. The
actual movemsnt of the stock market
as indicated by our price index for 80
stocks, showed an increase of 13 points,
rising from 65.l on December II to 664
on December 18, with all three groups
moving to higher levels
Bond prices declined further during
the first four days CT the week, influ-
enced by heavier offerings and a con-
tinued lack OF bids. The recent selling
seems to be coming from banks to meet
Withdrawals or improve their condition,
investors who are establishing losses for
Evening star., 1931-12-21

posed the request made by several large
German companies to purchase their
b9ndS IN the New York market The
Relchsbank bases this decision upon its
present reserve position which makes
a reduction IN long-term loans mop
perfume.
Within the last few weeks no less
than II official unemployment Offices
nave been opened in France. This
would seem to show that the unCmDlov-
ment situation there is much more
serious than official statistics indicate.
according to which 1858 were out of
work at the end OF last month.
Textile Workers Hit.
Inquiries maze at the Office Of the
General Federation Of Labor reveal that
the number of unemployed and partially
employed amounts to about 1000 600
OF whom 100000 are entirely without
work and 100000 working three to
hye DAYS per week. The region rost
affected is the North, especially Lille,
Roubaix and Tourco:ng, which consti-
tute the center of the French textile
industry.
These facts. together with the failure
OF EIectro-Cable and its four subsidi-
arles ana the collapse of several pro-
vlnclaI banks. including the Compton
flnancler ct Commercial du Sut-Est
the Banque Agricole and tie BanCup
Ramel ct Tsrdif, should afford sufi-
Gent proof that no countrv, however
strongly intrenched, IS immune from tho
e:lectS OF worldwide economic depres-
SiCn.
lCopyFight. 1881, by the North American
Ne"sp2per Alliance. IECJ
Evening star., 1931-12-21
BY ]. r. BRACKET,
Associated Press Business Writer

PHILADELPHIA, December 21.-No
important railroad Dr. Edward S.
Mead, professor of corporation finance
at the University of Pennsylvania, said
Saturday night is in danger of receiver
ship or interest default If the rail credit
pool functions properly.
He based his prediction on a COM
prehensive computation of his own.
MY computation" DR.. Mead said,
Indicates that, on the basis of a gen.
erous estimate, only ST. 100000 will be
needed to meet the fixed charges Of the
weaker roads. The fund, of course,
would provide for no other contin-
gencies.
1.-The pool was authorized by the
Interstate Commerce Commission to
raise between $100,000,000 and $l25,-
100000 by freight rate increases, and
the railroad presidents have announced
the pool will begin lending money to
the needy roads at interest within a
short time.
Recent Liquidation.
Taking sl0O,OO0,OOO as the sum that
will be raised up to March 81, 1888.
the pool not only can save even the
weakest roads but it will have a surplus
OF $l9,000,000 after the situation is met,
Thus what would have been a ma
tional calamity because of the forced
bankruptcy of many lines has become
an occasion for regarding as a strange
product of the times the prices at which
many bonds are selling despite the fact
that the roads will meet their fixed
charges and pay interest. 1t appears
that much of the liquidation recently
seen was unWarranted
My computations do not take into
consideration possible adjustment down
ward Of wages and the prospect of some
sort of Government financing, nor will
the pool provide funds for deferred
maintenance or new funds for other
purposes, but the immediate desire of
preserving the credit apparently will be
obtained.
"On the basis of 10 months 1881
earnings, and on the basis of 1890
charges and outside income, the only
data available at this time, the COM
bined deficits Of all class l roads. which
include the important systems, that may
be applicants for relief is about s5l
100000. This leaves S49000,O00 as a
surplus in the fund.
From this figure must be deducted
as an addition to the combined deficits
Evening star., 1931-12-21
RAILROAD CREDIT POOL SEEN
AS BLOCK TO RECEIVERSHIpS
Corporation Finance Expert Explains Ad-
vantage to Carriers in Proper
Handling of Loan Proposal.

the interest on bank loans, whose exact
amount will not be known until after
the first of the year; the reductions in
other income due to cuts in dividend
payments or on securities owned by the
weak roads and the deficits in the shors
line roads.
These deductions apparently will not
exceed S20,000,000, leaving $4,000 900
as a. margin of safety above the
amount necessary to support the bonds
OF the weak roads on the basis of 1881
returns"
Gives Statistics.
The following table. prepared by DR..
Mead, shows the critical situation
which the strong railroads are now pre-
pared to meet. Not one of these roads,
DR.. Mead said, despite the low quota
tions, need fail to pay it's interest if
the credit pool functions completely.
The table names the bond, gives its
bid price as of December II and the
current yield as of that price, allow
ing for possible appreciation.
Evening star., 1931-12-21
RATE CUT
HELD IMPERATIVE
Charges Must Come Down
as Wages Are Reduced,
Special Survey Says.
Special Dispatch to The Star

NEW YORK, December 21.-High
wages have failed to prevent slump
in the total income of railroad wage
earners as a group, says the Alexander
Hamilton Institute. Pay rolls have
dropped more than 81 per cent since
1929, from $247 100000 to $l7O, ,643, 900.
This reduction has been brought about
by unemployment and part-time work.
Almost 100000 workers have lost their
jobs, while part-time work has cut
average earnings of those still en-
ployed by AZ per cent.
The maintenance of railroad wage
scales was thus factor contributing
to the depression" says the institute.
Wages, which take nearly As per cent
of the railroads gross revenue, pre-
vented a reduction in freight rates.
The maintenance Of freight rates helped
commensurate with the drop in the
prices of raw materials. The conse-
quent curtailment of the purchasing
power of raw material producers caused
drop in factory output, accompanied
by decrease in the transportation of
raw materials to the factories and of
manufactured goods from the factories
The curtallment of manufacturing
activity and of railroad traffic resulted
in unemploy ment and part-tine work
which further reduced the purchasing
power OF the Nation and made for
still turthcr curtailment of activity. A
vicious circle was thus created, which
is still continuing to function, and
which, unless halted, is destined to re-
suit IN complete stagnation of trade and
industrial activity.
The permission granted to the rail-
roads by the Interstate Commerce Com
mission to raise freight rates from 3 to
per cent will tend to aggraVate the
present dlfflcultles, because higher rates
VIII make for smaller volume of traffic
ana accentuate the vicious circle. Un-
less freight rates are reduced, a cut in
wage rates, which railroad executives
are now endeavoring to put into effect,
VIII merely tend to make matters worse
by reducing the purchasing power of
employed railroad workers.
wage cutting does not represent the
goal! but the means to the goal, which
IS reduction in freight rates. Wage
cutting without price cutting results in
fecuced purchasing pCWer and business
contraction Wages must be cut, but
thlS acton must be accompanied by
lower freight rates This will be the
eventual outcome, but the action taken
so tar suggests that this outcome will be
resisted until the imminence of a gen.
eral collapse forces the necessary read
JuStment.'
Evening star., 1931-12-21
CURB SHARES GAIN
AFTER EARLY DROP
Market Reverses Trend as
Leading Issues Resist
Selling Pressure.
BY JOHN A. CRONE.

Special Dispatch to The Star.
NEW YORK, December 2l-After
opening hesitatingly today, stocks on
the curb exchange slipped steadily lower
until shortly before midday, when they
reversed the trend.
Electric Bond e. Share was virtually
unchanged during the first two hours of
the session, during which volume fell
off from that in recent sessions. Cities
Service ranged only fractionally, firlnng
up at midday. Standard Oil of In
diana around 1884 was off Ia during
the forenoon
American Light & Traction whose
directors today. due to lack of a quorum,
adjourned until January 5. when they
will act on the common quarterly
dividend, opened up a point and con-
tmued to move higher
Cord Corporation featured the motors.
as 1t was announced that it was this
company that had offered to carry
Government airmail, daylight flying, for
30 cents a pound Stinson Aircraft
Corporation, a Cord subsidiary, has let
contracts for materials totaling more
than S2,500,000 in the last few days
and expects to add 300 Workmen on
January l.
SpeCialtiCS sagged during the first
some selling from Cleveland which caused
decline of more than 6 points on light
offerings. Safety Car Heating e. Light
ing lost about 3 points, but bounced
back later.
Pratt & Lambert staged a rally and
Parker Rust Proof moved ahead.
Meanwhile Aluminium Co. of America
yielded 5 points. Great Atlantic &
Pacific Tea opened down points.
Deere e. Co. was off slightly. A. o,
Smith opened unchanged, then rallied.
Public Service of Northern Illinois
opened off 8 points, but quickly re-
on the next few trades. Common
wealth Edison appeared fractionally
higher, following a fractional recovery
in Middle West Utilities.
Opening prices were irregular on the
Curb Exchange and the heSitant char
acter of trading was in marked con-
trast to the activity which featured the
initial dealings last Friday and Satur-
, day,
Electric Bond & Share at 1las was
down Is, but Cities Service at SIP was
unchanged and Standard Oil of In
diana at l6l, was up i. Consolidated
Gas of Baltimore at 6l34 rose l34 and
American Gas & Electric at 5934 gained
"a Middle West Utilities at 6as ad-
vanced s.
Pittsburgh & Lake Erie at 80 was up
! point, but Pennroad Corporation at
21,, Cord Corporation at IA, American
Investors B at 2, Creole Petroleum at
21s and General Aviation at were all
unchanged. Gulf Oil opened up "a at
2934, as did Standard Oil of Kentucky
at l434, Standard Oil of Ohio, how
ever lest point at 27 and fractional
declines were registered by Ford Motor
Of Canada A at 9ls and American
Cyanamid B at 3l4
Evening star., 1931-12-21
Business Notes

NEW YORK. December 21-Im-
proyement in sales of secondhand ma
cnlnery this month reflect the action
OF many industrial and manufacturing
concerns IN rebuilding equipment rather
than purchasing new machinery. Some
good-S4zed orders have come from pro-
ducerS OF cosmetics. pharmaceutical
goods and food products. Buvjng Of
textile equipment for the silk and
hosiery trades also has been in i'm
proved volume.
The glass trade is expecting moro
activity IN January. according to the
Amsrlcan Glass ReTieW. If the auto
mobile trade shows the anticipated gain
IN production and orders plate glass
on basis IN line with the usual Janu-
ary requirements the up.urn is likely
to be pronounced
1t is believed in merchandising cir
cles that Spring buying of leading retail
merchants will be held back generally
until the usual January and February
sales are out OF the way The season
will be shortened for the manufac-
turing trades, particularly the apparel
divisions, due to the early advent of
Easter in 1882.
The action of American manufac-
turers IN rushing large quantities of
merchandise to England in anticipa-
ton of a tariff is believed by some
exporters to have forced the imposi-
tlon OF duties on certain goods which
might otherwise have escaped In sup
port OF this opinion it is pointed out
that the normally large October and
November shipments or some lines were
cited by English officials as reasons for
imposing the heavy duties.
Colder weather has had a stimulating
effect on the coal market, bringing sales
closer to the normal volume for this
season. Smokeless, egg and lump coal
were advanced SO cents TO the Decem-
ber circular price and the slack range
advanced 40 to 10 cents, to new levels
OF IS cents to ST. A sharp decrease in
tldeWater vessel loadingS was offset by
Improvement in the line of interior
trade.
The recent reduction of 10 per cent
In the price of rag content writing pa
per has been a factor toward further
unsettlement of the price structure in
paper Tendencies to weakness, how
ever, have been partially Offset by
flrmer tone to the prices of tissues,
glassines and wrapping papers as re-
suit OF holiday demand Book and
ledger papers also are moving in fair
volume.
Petroleum products markets showed
an irregular trend last week, with kero-
sene rather prominent because of its
strength. Bulk gasoline sales were re-
ported y cent lower in spite of indica-
tions Of si2able curtailments in produc-
tion in consequence of the one-day sus-
pension program of Southwestern pro-
ducers. Fuel oils were fairly firm in
the face of somewhat larger stocks
along the seaboard.
Evening star., 1931-12-21

tax purposes and from liquidation of
foreign holdings of American securities
However, on Friday the bond market
also about-faced and sharp rally de-
veloped.
AS result of favorable negotiations
OF the producers. the price of domestic
copper rose to ia cents a pound II
is reported that complete accord has
been reached on production schedules
and marketing plans, which will 90 a
long way toward clearing up the recent
unsettlement in the industry
Revenue freight carloadings in tho
week ended December were natl1raIiv
greater than in the previous week, when
thanksgiving was celebrated, but the
increase en- an average daily basis was
larger than the normal seasonal in
crease. Lcadings totaled 636,366 cars
an increase of 77,559 cars over the pre-,
ceding week and a decrease of $50 7o6
cars under the corresponding week of
last year. u
Although electric power production in
the week ended December II was great
er than in the previous week, the in
crease was less than the normal sea-
sonal amount. AS compared with the
corresponding 1880 week, output was
on "A per cent, which is slightly larger
than in the previous week, when OUTPUT
declined 4.3 per cent.
The Companies.
American Radiator & Standard San
itary operated al profit in first II
months.
American States Public Service defers
action on class A Dividend; paid 30
cents October L.; consolidated ret earn
1ngs available for class A dividend in
year ended October 81 equaled $2.14 a
class A share.
Cleveland Tractor deficit, year ended
September 30, $634,557 VS.. net income
$670,371, equal to S305 common share.
Hall (W. F.) Printing subsidiary, art
Evening star., 1931-12-21
Automobile Registration.

DETROIT, December 81 (P).-R. L..
Polk G. Co., which complies official auto
mobile registration figures throughout
the United States, reports today that
complete reports from "a States indi-
cate total new-car registration in No
vember of 10000 to $4,000.
Total new-car sales in October of this
year were 102,659, In November a year
ago the registration totaled 93,066. The
five-year average for November is 1885,
841.
November registration of commercial
cars is estimated at $4,000 to 10000
comparing with 22,012 in November,
1880; 24,713 in october of this year and
a five-year average for November of
25,127.
Evening star., 1931-12-21
Support for Market.

NEW YORK, December 81 (SpeciaD .
The actual amount of support given
to the market for bonds and for stocks
was not large, but it was accorded the
securities in which a rally would have
the greatest effect on the market sur
roundings.. Moderate buying orders in
such issues not only checked the selling,
but led to immediate and sharp recov-
cries owing to an absence of offerings.
Various groups supported their own se-
curities. Probably the fact that the
market had had decline in average
prices amounting to nearly 40 per cent
since November had more to do with
its recovery than any other factor.
Evening star., 1931-12-21
Federal Reserve Ratio.
BY the Associated Press.

BY the Associated Press.
The ratio of total reserves of the
II central banks to deposit and Fed
eral Reserve note liabilities combined
declined slightly during the week ended
December 16 as compared with the
previous week. The following table
gives the combined reserve for COM
parable periods, as reported by the Re-
serve Board:
Week ended December 16, $50 per
cent.
Previous week, 66.1 per cent.
Same week last year, 1858 per cent.
Evening star., 1931-12-21
Price Revcrsals.

NEW YORK, December 81 (SpeciaD
"A Stock Exchange house points out
that IN September, 1929, about 80 per
cent of all of the stocks listed were
selling above 100 a share and only
about 3 per cent under SIS a share.
The position now is that but 2.6 per
cent of all listed stocks are above $l00
share and 30 per cent under S. a
share More than half of all of the
stocks listed on the big board are
selling under $40 a share. Similar
changes have also occurred in the New
York Curb Market and in prac coically
every interior exchange in the country.