davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-04-10
NOTES. RETURN
To GUT RHEEN
FIRM LOSSES
Bulk of Sum Affected Con-
sists of 100000 Involved
In Alleged Substitution

Losses of customers of the
bankrupt Swartzell, Rheem and
Hensey Company will be reduced
100000 when secured notes to-
falling this amount are returned
to the trustees of the defunct
concern by the Washington Loan
and Trust Company in accord
ance with an order signed by
Fred j. Eden, referee in bank
ruptcy.
The bulk of the sum, $16O,OO0,
consists of unreIeaSed mortgage
notes which Edmund ID. Rheem
Is alleged to have substituted at
the bank for the same amount of
released notes as security for the
estate of the late Clarence B:
Rheem.
Trustees Ask Return
Approximately $4,000 in notes
which are missing from the
Swartzell, Rheem and Hensey
vaults, also believed to be in the
keeping of the Washington Loan
and Trust Company, are expected
to be given to the trustees for
return to owner. Most of these
are said to be notes on the Shore
ham Hotel property.
Return of the notes was re-
quested by the trustees, Major
Julius I. PeySer, Henry P. Blair
and Judge Michael M. Doyle. The
action was approved by officials
of the Washington Loan and
Trust, who advised Mr.. Rheem and
other heirs of the estate to this
effect. Formal authorization was
expressed in a letter and the
referee in bankruptcy so notified.
Procedure Established
The notes will be handled in the
same manner as those now being
taken from the vaults and re-
turned to owners under authorize
ton granted recently by Justice
Jesse G. Adkins of the District Su-
preme Court.
Mr.. Rheem will be examined by
creditors at a hearing before
Referee Eden at 10 a. M. tomor-
row at the District Supreme Court.
The Washington times., 1931-04-10
Bethesda Firen1en's
Minstrel April 24

BETHESDA, Md, April 10.
The Bethesda Volunteer Fire De
partment will stage a minstrel
show at the BetheSda-Che Chase
High School building, April "a, at
800 p. m.
The show is being staged under
the direction of John Baldwin,
of Bradley Boulevard. The min
strel chorus will be composed of
"a members of the fire company.
The Washington times., 1931-04-10
Couple Celebrate
3Oth Wedding Year

ROCKVILLE, Md, April 10
The Rev. Bertram M. Osgood
Baptist minister, and his wife
were given a surprise party by
the members of his congregation
on their thirtieth wedding ami
verSary.
Nearly so people attended the
celebration. DR.. and Mrs. Osgood
we're presented with a cake with
80 candles.
The Washington times., 1931-04-10
APARTMENT ROBBED

Jewelry valued at $1OO yester-
day was reported stolen from
the apartment of Mrs. Matte E.
Beach, 1000 block Eleventh St.
N. E.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-28

fore profit-sharing expense and Fed
eral taxes, S1.391,67l.
Mullins Manufacturing net income,
nine months to September 80, $l01 .58S,
equal 70 S353 a preferred share, against
deficit, S3l .240.
Norfolk Southern Railroad-Septem-
Der net operating income on az per
cent; nine months of 3l.S per cent
North American Co. common share
earnings based on average number OF
shares outstanding, IL months to Sep
TENDER 80, 1884 against $4.sl.
Pennsylvania Coal g. Coke deficit,
nine months to September so, $225,32S
against deficit $58,718.
Railroad Shares nquidating value
June 30, s7.06 a common share, against
$50 December 81, 1890.
United Railways & Electric OF Balti-
more-September net loss $lSS,449 VS..
net income Sl0,050.
United States Steel-Declared 81
quarterly common dividend preferred
share earnings (including special IN
come. nine months to September 80.
Sz6l vs.. S25.56
Virginisn neutrality-suspicious. net OPP
Grating income of o.3 per cent; nine
months, l2l per cent.
Western MaryIsnd Railways frst
preTtered share earnings. nine montaS
70 September so, $4.o7 vs.. 1888.
Young IL. Al Spring s. Wire-Com-
mon share earnings. nine months 70
September 80, 81 so VS.. S3.O5.
AlliS Chalmers ManuEaeturlng--Com
mon share earnings, nine months 70
September 80. 80 cents vs.. SAL.
American Yvette Co.-Common share
earnings, nine months 70 May 81 ~
cents.
Atlantic Coast Line RAILROADS.&C.
TENDER net operating deficit $506.S51 W
net operating income $lTo.S55; nine
months net operating income s4,561,226
vs. S5,7l4,3e5.
Chicago, St. Paul. Minneapolis q
Omaha Railway-SepteInber net operat-
Ing income $4,000 VS.. $S56,l4l n1ne
months. S252. 1855 vs. Sl.S6S.62O.
Commonwealth & Southern declared
dividend Of Is cents on common SOock
for six months. TO Marcn !, 1883 y
two preceding quarters diVloenoS OF "
cents were maid on common shares.
Corn Products Refining cuts wages
and salaries 10 per cent.
Delaware A Hudson Co.-Septembel
net operating income Ct Delaware q
Hudson Railroad Corporation on Az
per cent: nine months on 81 per cent
IIlinois Central Railroad passed CON-
mon dividend: paid 81 September /.
Ing Island NEUTRALITY-SUSPICIOUS. net
ope~sfinV income. Of 34t4 per cent
nine months, of l2.9 per cent.
National Tile common share earnings
nine months. 20 September 50, 10 cents
against % cents.
PennsylvantA railroad - Sepsemoe
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-28

net operating income, of S7s per cent;
nine months, of AIT per cent.
Pittsburgh Terminal Coal deficit,
nine months, to September %, $546, 099,
against deficit $539, 634.
September net operating income, 500
026, against $1l9,526; nine months,
$475, 1868. against $1,277,191.
Chicago g. Eastern Railway-Septem-
Der net operating deficit, $114,927,
against net operating income, sal, 203;
nine months net operating deficit, ST.
2I0. 296, against deficit 1851 ,375.
Chicago Great Western Railroad
Preferred share earnings, nine months,
to September so, $1.57, against $1.76.
Dominion Steel & Coal-Wages and
salaries reduced 10 to 20 per cent.
Inland Steel-Common share earn
ings nine months to September 80, 81 IS
VS.. $50.
Intertype Corpora tion-Common share
earnings nine months to September 80,
s. cents w. lisa; not to declare any
further dividends on common stock this
year; paid IS cents August Is: to con-
slider 1882 dividend policy In January.
New York Central Railroad-Septem-
Der net operating income on 612 per
cent; nine months OF All per cent.
ENG6t1A1Q IO&Q - september net
operating income on 4e.6 per cent; nine
months on SIS per cent.
Savage Arms-PasSed common divi-
dend: paid IS cents September / and
so cents quarterly prior thereto.
Sears. Roebuck & Co.-Common share
earnings, before Federal taxes, 40 weeks
to October 8. $1.s7 VS.. S2l2.
Atchison, Topeka & Santa Fe Rail-
way-September net operating income
on AL per cent; nine months OF ass
per cent.
Canadian National Neutrality-suspicious.
Der net operating income on CAS- per
cent; Q months on 81 per cent.
Colonial Beacon Oil-Defcit nine
months to September 30, 81 1871 .029 vs..
deficit Sl,5T6,36O.
Commonwealth g. Southern common
share earnings. IL months, to Septem-
Der so. IS cents, VS.. 81 cents.
Indian Motor Cycle deficit, months
to September 80, $7S.lsS, VS.. deficit
$492, see.
Jones A Laughlin Steel deficit {
months, to September 80, s732,511, W
net income es.s0e. 535. equal to $s.94 9
common share.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-28
DECREASE IN TOBACCO
EXPORTS rs REPORTED

BY the Associated Press
Exports Of leaf tob, AGO during the
$50 .204, 356 pounds. ina, Department
of Commerce calculates ia is TO be de-
crease in volume of abolNs per cent
as compared with the sanAs period last
year. but an increase OF q o per cent
over 1929.
Values. however, have re a eded to .
considerable extent, the tA partment
says, the average per 100 poul Y Is during
being Sl9.65. against Sass, AMI $2442
during the periods Of 1890 anal 1922
respectively.
The total return fer all leaf "a bacco
exported during the 1891 period Ander
review was SO. 790, 1888, falling sh pi t OF
the 1880 and 1929 periods by about
sis, o00, 900.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-28
RISING MONEY RATES CREATE
PROBLEM IN u. S. FINANCING
Treasury May Have to Offer Per Cent
Interest if Long-Term Bonds Are
Sold In Near Future.

atoms to the maturities demanding at
tention the middle of December. The
question now IL whether the Govern
ment will be willing to meet the mar
ket" and pay these of with long-term
loan at q coupon rate much higher
than those on the expiring certificates
or resort to the short-term policy which
has been In vogue for o number Of
years.
It Is doubtful II q long-term Govern
ment loan would today be O popular
success II it carried . coupon rate
lower than 4 per cent. There are spe-
cialiStS In the Government bond mar
ket who believe that considerable re-
siStence might be shown even to a 4
per cent long-term loan In the present
state Of mind Of the investing public
and considering the fact that the banks,
which normally are the largest sub
scribers to Treasury issues, already hold
such large volume of Government Sc
curities In the portfolios of member
banks in the Federal reserve system
the amount Of such loans on October
81 was $4,159 900 900, representing an
increase in the past IL months Of about
81, 100, 900 900.
Until lately there has been Q sub
stantial net appreciation in these loans
over their original cost to the banks
1atCeI1y u OeQTeClaIlOn mas OCCURRED,
a very substantial one in the last two
long-term loans Consequently, the at
titude of the banks toward increasing
their holdings Of Government paper has
changed materially In the past three
weeks.
War Debts.
The recourse of the Treasury, there
fore, seems to be first, that of limiting
its program to one in which 1t refunds
expiring short-term issues with more
issues of the same type, but at ar
additional cost in carrying charges tC
the Government, and, second, the aban-
donment Of its original plan to taht
down the first and fourth Az per cent
Liberty bonds and effect change ir
the Government debt schedule through
a replacement of these issues by Other
long maturities at saving of at least
"a Of per cent in the coupon rate. The
latter seemed reasonable expectation
before Great Britain went on the gold
basis and France started to withdraw a
considerable portion of her American
credits.
Associated with financing by the
Government after it has disposed of its
December maturities Is the broad policy
Of what the American Government may
finally agree to in connection with
reparations payments and inter-allied
debts.
(Copyright, 1917
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-28
BIG GERMAN COMPANY
MAY REDUCE CAPITAL
BY EDGAR ANsEL MowRER.
'ecIal Cable Dispatch to The Star.

Special Ceple Dispatch to The Star.
BERLIN, Germany, October "a
What may prove to be the first step in
9 general process Of commercial and
financial purifcation, which this coun-
try so urgently needs, was outlined to-
day when the unsatisfactory situation
OF the great Aeg, or Allgemeine Elek-
trlzltaets Gesellschaft, creation of the
Ratnenau family, in which the Ameri-
can General Electric Co. Is interested.
become public knowledge
FOR weeks there have been rumors
concerning the difficulties of this organ-
ization. The Aeg Is the fourth largest
industrial company In Germany, with q
nominal capital of SIS, 900 900 and for
eign debts of more than $50, 1000, 600, Of
which the larger part are held In the
United States.
Yet some weeks ago this concern was
able to pay its employees salaries only
with help from the government-owned
ReichSkredit Gesellschaft, when the
company's own banker refused to adj
vance money.
Today Berlin financial circles are
virtually convinced that the capital of
the Aeg VIII be reduced, and runors say
this viii be by ratio Of to I or
even to /. 1t Is likely that the debts
in this case are larger than their adj
mitted value.
The Aeg has been initiating many
German companies. refusing to take
account of the present diminished val-
ueS. Since its last balance was pub
lished many of its subsidiary factories
have had to close. The company's
losses on stock holdings have been I'M
mense.
This condition is true of any number
Of other German companies. Students
Of the present situation have long stated
that capital reduction was necessary
throughout German industry and hope
that IL the Aeg decides TO do this, It
will be followed by any number Of other
companies, thus clearing the atmosphere
and increasing German credit.
(Copyright, 1919
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-28

REPORTS
TRENDS AND PROSPECTS or
LEADING ORGANIZATIONS.

NEW YORK, October 2s-The fol-
lowing Is q summary of important COR
poration news prepared by the Standard
Statistics Co. Inc. New York. for the
Associated Press:
News Trend.
The daily average crude oil produc-
ton for the week ended October "a
was 2.3S1.25o barrels. against 2,4S7 900
barrels in the previous week, accord
Ing to the American Petroleum Insti-
tute The 55,75o-barrel decline was
principally due TO curtailment in Okla
homa and East Texas output. Case
line stocks at reflneries increased SS2,-
600 barrels to total Of Sl,2ls.ooo bar
rels.
Revenue freight car loadings for the
week ended october II were slightly
below the preceding week. Actual load
ingS, according to the American Rail-
way Association. totaled 76l. 7l9 cars
which compares with 763.S64 cars n
the previous week and 93l los in the
corresponding week Of last year In
creases were reported in all commodi-
ties with the exception of miscellaneous
freight, ore and merchandise IN less
than car lots
The Companies.
Atlantic Coast Line co. common
share earnings year ended June 80
Seo7 versus Sl0.4S.
Crosley Radio deTcit. six months 70
September so, s60.SS2 against deficit
$S2S.4Te.
Electric Autolite common share earn
ings. nine months 10 September So
1895 against $5.e6 before non-recar-
ring charges and Federal taxes.
Hancock oil Of California class A and
b share earnings, quarter ended Sep
tember 50, 81 cents.
Inland Steel declared so cents quar-
terly common dividend: formerly paid
62is cents
international Business Machine COM
mon share earnings, nine months 70
September 80. $40 against sass.
Kelly Springfield Tire deficit. nine
months 70 September 80. s66.774, had
! net income Of S2l4,662. equal 10 cents
3 common share In quarter ended Sep
tenher So 1891.
Midland Steel Products net income
before prokit-sharing expense. but after
Federal taxes. nine months 20 Septem-
Der %, &sll ass. against net income be-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-28
BY CHARLES F. SPEARE.

special Dixpatch to The Star.
NEW YORK, October 28.-The prob
lem Of early Government financing
presses on Treasury officials with great
e. intensity as the trend OF money
rates Is toward q higher level There
Is now In prospect, as an incident in
the international banking and credit
situation, q third advance IN the Fed
eral Reserve rediscount rate, which
may raise this to per cent level
this week or in the first part of Mo-
vember
On December is, $685., 900 900 of Ia
per cent Treasury certificates, another
issue at the same coupon rate amount
ing to $275, 000, 900 and $451 900 900 of
3Lz per cent Treasury notes mature
and must be paid off. AS recently as
six weeks ago. 1t had been anticipated
that these Government obligations
could be refunded into q long-term
bond issue, for, in spite OF the I'M
satisfactory response in public sub
scriptions to the 8 per cent loan of
September Is and the immediate dis
count quoted on it, it was believed
that by raising the rate to as, or SIM
liar to the successful June offering,
or perhaps to az per cent, the short
term issues could be refunded on a
long term basis.
Raising Of Rate.
That reckoning has now gone by
the board. The rediscount rate in
New York has subsequently been
\ shed up from 11a to 3l2 per cent
and Is slated to go higher The June
and September loans have meanwhile
dropped to discounts of 10 points or
more. After a rally at the end of last
week they are again rejecting pros
poets of higher interest rates.
The problem is not alone with these
December is maturitieS. 1t applies to
the first liberty Ans, amounting to
$3.50 600, 900, and the fourth Ans, which
are outstanding in the amount of So
266, 600, 600, representing together con-
siderable percentage of the total ma
tional debt. The first Ans have an OPP
tional retirement date, effective in 1892,
and the fourth 4As one that becomes
operative in 1885, Inasmuch as they
represent such large sums, ways and
means to refund them at lower cou-
pom rate began to be considered months
ago
It Is now obvious that, with interest
rates rising and well away from the
record low levels at the end of Sum-
mer, the Treasury Department must
revise its plans covering proposed long
term financing and confine its oper-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-28

first nine months of this year, amount
ing. after taxes, charges and preferred
dividends, to $1,000 share on the COM
mon stock. To be sure, profits are SUBJ
stantially below those reported for the
corresponding period in 1880, the
shrinkage amounting to almost SO per
cent.
with Pennsylvania owning a consid-
cradle block of Norfolk & Western, the
by Pennsylvania Is confidently looked
for. No change is therefore expected
at today's dividend meeting. For the
IL months ending August 81, the road
reported $2.46 a share. Moreover In
recent years earnings have been suffi-
GENTLY satisfactory to justify the con-
tinuance of the current rate
Oil companies IN California should be
able to make money as soon as price
cutting by independents is eliminated,
according to Kenneth r. Kingsbury,
president of the Standard Oil Co. of
California.
California Oil Sound.
Mr.. Kingsbury further calls attention
to the fact that the California oil situ-
alton is fundamentally sound; that his
company has not taken any stand on
limiting imports Of crude oil and its
products, and that, If he could be con-
WINGED that 1t would be permanently
beneficial, he might favor a tariff on
petroleum and its products, as his COM
pany is domestic producer of crude oil.
There are signs that the business ba-
rometer has ceased to fall and that the
time when 1t shall begin to rise is not
far distant. according to Charles N.
Fits, president of the American Insti-
tute of Steel Construction.
Mr.. Fits adds that during the past
two years the steel construction indus
try has been greatly helped by organ
lied cooperation, which also has been
large factor in enabling the industry
to tide itself over q most dificult period.
Brazil Bond Decline Traced.
Recession in the bonds Of the Prov
ince of Buenos Aires may be attributed
to the refusal Of the Gaia de CONVEX
sion to accommodate the province in
the matter Of releasing gold in connec-
ton with its charges on external obi
cations. This does not necessarily i'm
ply that payments would be withheld,
although due to the low value Of the
Argentine peso the province will lose
about SOC, 900 pesos IN acquiring dollars
TO take care Of its contractual obIiga-
tions
Interest due In November and Decem-
Der on German bonds sold abroad, as
well as other foreign debt service claims,
will be paid punctua1ly and fully, ac-
cording to an announcement by the
Reichsbank and the German ministry
of finance. DR.. Hans Luther, head of
the former. reiterated that stability of
the mark is the guiding principle Of the
Reichbank's policy.
(Copyrtght. 1881 by the North American
Newspaper Alliance, Inc.)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-28
Everybody's
Business
u. S. Steel Maintains So
Dividend on Common
Stock in Face of Re-
duced Earnings.
BY DIR. MAX WINKLER.

Although earnings during the third
quarter have shrunk further, rejecting
the low level to which business has
fallen in that period, the United States
Steel Corporation has decided to main
tain the present 81 dividend rate on the
common. Even after account is taken
of so-called special income, the showing
for the three months ended September
30 covered only about SO per cent OF the
preferred dividend requirements for that
period.
1t would seem that corporations which
have large undistributed profits owe 1t
TO their shareholders to disburse divi-
dends in periods when earnings are at
low ebb, provided the surplus position
permits Of such action, and proVid1ng
they view the future with Sufnc1ent OPP
timiSm. The United States Steel man
agement belongs to this category, and
the declaration of 81 was not unex-
pected, especially If one recalls the out
spoken optimism of the corporations
executives and other steel men at the
recent meeting of the American Iron
and Steel Institute.
Irrespective of criticism launched
against the Hoover-Lavel meeting. a
careful examination Of the statement
issued jointly by the two executives in
dicates that considerable progress has
been registered While no Affirmative
progress has resulted to deal with
world diff1culties-this hardly could be
expected in view of the position In
which both NJ, >Layel and President
Hoover found themselves-it cannot be
denied that q basis has been estaphSneo
for future cooperation between the two
nations, which today may be said to
hold in their hands the economic des-
TIMES Of the world.
Achievements Hailed.
The linking of interallied debts and
separations and the tactt admission by
France that changes In reparationS
payments are necessary are achieve
ments the significance Of which should
not be underestimate. 1t Is within
reason to assert that these develop
ments, together with events which are
likely to follow, viii have an important
bearing on securities.
Illinois Central, once q prime invest
ment stock, has Joined the speculative
non-dividend paying railroad shares.
With but two exceptions in the early
history, the road has paid dividends
ltninterruptedly since organization IN
IN 1915 the rate was increased to 81.
having varied between "a and So in
preceding years. In june Of this year
the quarterly payment was cut TO 81
and at yesterdays meeting the dividend
Awas passed altogether.
Unsatisfactory earnings, relatively
b eavy fixed charges and the desire to
r e nserve cash resources are largely re-
: ,nsible for the action by the dfrec-
to. . tie.
Rail Dividend Warranted
pa claration Of the usual extra divi-
dente by Norfolk g. Western appears
hIIly Marxan4e6 hR The earnings Ion the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-28
CURB ISSUES MOVE
IN NARROW RANGE
Domestic Shares Decline, but
Foreign Group Shows Com
parative Strength.
BY JOHN a. cRoNE.


Special Dispsteh TO The star.
NEW YORK. October 2s-The Curb
Exchange was relatively weak or COM
paratively firm today, depending upon
whether the observer was commenting
on domestic CT foreign issues
The market leader. Electric Bond &
Share. at 1914 around midday, was on
more than A point. Cities Service at
IA was of i Standard Oil of Indiana
and Standard on OF Kentucky were q
shade lower Some OF the specialties
broke widely in the forenoon.
The Conservative victory in the Brit
tah general elections was mirrored here
IN the rise OF British issues. which
afterward carried along with them Ca
madam and other foreign securities.
Woolworth. Ltd common vas the
early feature in the upswinR of English
shares II was followed BY Ford Motor
Ltd. which company, II Is felt. should
benefit from the sitlstaion resulting
from the suspension of the gold stand
ard The Ford stock, however. met
offerings which quickly erased most OF
its early strength.
The Conservative victory in the
British general elections strengthened
virtually all British shares at the
opening
Ford Motor. Ltd: woolworth, Ltd,
common: General Electric. Ltd, and
similar shares were active and slightly
higher Brazilian Traction opened
unchanged
Electric Bond g. Share at 209s was
of "a. Cities Service az 73a was down
4. Standard oil OF Indiana az 20i2
lost r. ~ did American a. Foreign
Power warrants 1T e3a. A. o. Smith
Corporation at 66 opened down So
points Aluminium Co Of America at
7pM was 2l2 points lower. Deere &
90. at l43s rose -.
Following the advance of British
shares the Canadian issues listed here
turned upward. This group included
Imperial GIL, Ltd, and international
Petroleum.