davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-03-31
Mystery Man of English
Finance Visits D. G..

Montagu Norman, mystery man
of British finance, got part OF
his early banking training in
this country as manager Of a
branch office of an English con-
Germ.
Now he is governor of the
Bank of England and due shortly
in Washington on some secret"
mission. He arrived in New York
last week on the Berengaria and
has been comforting with Federal
Reserve Bank officials there, but
would give no hint of his buSi-
ness other than to admit it
would bring him to the Capital
some time before he returns home.
Concerning statements in Eng
lish newspapers that he wants
to secure American cooperation
in establishing an international
bank to finance trade in new
markets, he would say nothing.
He is accompanied by DR.. o. M.
w. Sprague, of Harvard, statisti-
cal adviser to the Bank of Eng
land.
Mr.. Norman is but little bet
ter known, popularity, in Eng
land than in this country. De-
spite his reputed great wealth he
lives very simply and mixes
rarely in society.
M. Norman will be the guest
The Washington times., 1931-03-31
j. U.S.|NCREAS|NG
PUBL|CDEBT

Transactions in the American
public debt during the 1881, 1882,
and 1888 fiscal years will amount
to around 100000, 900, 900, provided
the First and Fourth Liberty
loans are refunded on the call
dates, it was learned at the
Treasury today.
For the current year, it was
expected the turnover will amount
to more than $4,000, 100000, as
the public debt increases to ap-
proximately $16,8OO, 100000, as
compared with $16,185, 100000 at
the end of the 1880 fiscal year.
New issues of Government obli-
cations between July /, 1880, and
June 80 probably will total around
SIS, 300, 100000, with retirements of
possibly $5,100,0O0. 900, both de-
pending upon the need for funds
above ordinary receipts between
now and the end of the year.
1t will mark the first increase
in the public debt since the war.
The Washington times., 1931-03-31
FREIGHT GAINS
SEEN AHEAD

Approximately 755,1O3 carloads
of freight will be moved in the
second quarter of this year in
the territory covered by the At
lantic States Shippers Advisory
Board, according to reports sub
mitted at the regular quarterly
meeting of the board held in
New York today.
Compared with the same quar-
ter of last year, when 801, ,131 cars
we're handled by the trunk line
carriers, the estimates represent
a falling off of approximately 81
per cent, but nevertheless these
figures are slightly higher than
the ones presentd to cover the
months of January, February and
March.
With the exception of grain,
hay, straw and alfalfa, fresh
fruits and vegetables, excluding
potatoes, poultry and dairy
products, canned goods, petroleum
and petroleum products, paper
and paper products, and prepared
roofing, all of which will move
in slightly heavier volume, ship
ments of virtually all other COM
modities during the next three
months will be below the business
handled for the same quarter of
last year.
The Washington times., 1931-03-31
RONER OPENING
NEW SERVICE

Frank Romer, widely-known
consultant of national advertis-
ers, has organized a new adver,
tising agency with offices in the
Woodward Building. The Romer
Advertising Service starts busi-
ness tomorrow with a number of
local accounts which Mr.. Romer
counseled during the nine years
he headed his own business here
prior to becoming a partner in
the Thomsen-Ellis Company of
Baltimore, a year and a half ago.
Mr.. Romer plans to devote him
self to the advertising problems
of Washington businesses. He
says:
"The expenditure for adver-
tising by any business, small
or large, has become one of it's
most vital factors to survival
today and, in the retail field,
as in the realm of the manu-
facturer, science and technique
are now indispensable to adver-
tiSing results.
"The problems of the local
advertiser demand the best abil-
ties in the profession. 1t is my
purpose to build for the smaller
scale advertiser, with the aid of
my associates, the same calibre
of service now offered only to
the national advertiser.
The Washington times., 1931-03-31
CLOTH MARKET

NEW YORK, March 81 GN.SO.
Coarse yarn gray goods markets
were very quiet today. Inquiry
was light in practically all classi-
fications of goods. Prices showed
a softening condition, even on
some print cloth constructions
that recently were large selling
items. Second hands offered
goods at a concession, making
some sales, but having further
lots on offer that the market was
unable for the moment to ap-
sorb. There was some light trad
ing in carded broadcloths, spots
of low counts bringing firm
prices, while some high count
grades were available at Easter
price levels. The sheetings were
quiet during the day, with no
change in the list and very little
trading. Drills, twills and other
goods were quiet and unchanged.
Cotton was 10.70c, 10c off.
The Washington times., 1931-03-31
S 7 5 0,000,000.
DUE SOON FOR
INVESTORS
Quarterly Payments Start
Tomorrow of Interest and
Dividends by U. S. Industry

American investors today are
awaiting distribution of an esti.
mated $7500OO,0oo payment Of
dividends and interest by corpor-
ations and governmental sources
due in the month Of April, be-
ginning tomorrow.
Dividends will be disbursed on
more than 1000 separate stock
issues by almost as many COM
panies. These are estimated to
require total cash of $500,000,00
An additional $3.50 100000 is, ex-
pected to be paid out as bond
interest.
Treasury Bills
Apart from these operations,
the Treasury Department will
take up subscriptions 10 a new
issue of $1OO,0OO,0OO non.interest
bearing bills already offered. Pay.
ment is due on one.half the issue
April 2 and the balance April. 3.
Largest dividend payments are
those of the Allied Chemical Cor
poration, American Car and Four'
dry, American Water Works, Ben"
dix, Brooklyn Union Gas, Coca
Cola, Youngstown Sheet and Tube,
Goodyear Tire and Rubber, Hud-
son Motor Car, Phelps Dodge,
Kennecott Copper, Texas Corpo"
ration, Eastman Kodak, North
American and Philadelphia Com
pany. -,
In the railroad list dividends
become payable by such principal
systems as the Union Pacific,
Southern Pacific, New Haven, Le'
high Valley, Nickel Plate, Boston
and Maine, Canadian Pacific, and
Chesapeake and Ohio. ~
Phone Payments -
Later in the month the Amer1'
can Telephone and Telegraph
Company will disburse the largest
sum of cash by any American cor
poration. This will amount, to
$2.25 a share on 17,956,512 shares
of stock, requiring total Of $4o'
402, 900.
On April 25, General Electac
will distribute a dividend Of $11'
$4,000. 49,.
Besides calling for payment OF
subscriptions on the last issue Of
discount bills, the Treasury De-
partment will pay interest of more
than $150,00O,000. April Is, on its
outstanding securities, of WHICH
$133, 100000 goes to holders OF
the fourth Liberty loan bonds.
The Washington times., 1931-03-31
so Chicago Stocks
ShOU Average Drop

CHICAGO, March 31.-Flfty
representative stocks traded on
the Chicago Stock Exchange dur
ing the week ended March %
had a market value of $2,467 $780,
244 at the close of business Sat
urday as compared with $2,484,-
1883 at the close of the pre-
vious week, according to a com
pilation by Paul H. Davis & Co.
This represents a decrease of
$17,114,609, or .68 per cent.
Paul H. Davis & Co.'S analysis
shows that the market value of
$2,467, ,599,244 for these so stocks
on Saturday compares with $3,-
300, ,977, ,636 for the same stocks
on March 90, 1880. This is a
decrease during the yC&r of ST.
1886, 6,378,392, or 1913 per cent.
The Washington times., 1931-03-31
N. Y. WATER SERVICE

New York Water Service Cor
poration. a subsidiary of Federal
Water Service Corporation. re
ports gross revenues of $2,824,813
for the year ended January 81,
1881, as compared with $2,667 BAT
for the preceding II months.
Operating expenses, maintenance
and taxes, other than Federal H.
come tax, totaled $1,170,100, as
against $1,118091. Gross income
was $1,654,713, which compares
with $1,549,756 for the year endeo
January 81, 1890.
The Washington times., 1931-03-31
Stabilized Grain
Output Is Planned

WINNIPEG, March 31.-Llti-
mate sterilization of Canada's
grain trade is said by leaders of
the industry on the exchange here
to be the significance behind the
governments requiring the ser
vices Of Sir Josiah Stamp as head
of the Royal Grain Commission.
Intense interest has been aroused
in western Canada over the de-
velopments surrounding the in
tentlon to go into every detail of
production, transportation and
marketing of wheat.
The Washington times., 1931-03-31
OIL MEN AGREE
To CURTAIL
IMPORT
Secretary Of Interior Wilbur
Announces Completion Of
Voluntary Pact for 80 Days

American oil importers have
reached a final agreement on a
voluntary arrangement to curtail
their imports over a period of 90
days in an attempt to harnonize
them with domestic production.
Secretary of the Interior Wilbur
announced today.
AS chairman of the Federal
Oil Conservation Board, Wilbur
was advised that the Standard
Oil Co., of Indiana, the only
company that had not joined the
agreement, acquiesced. The ar
rangement is effective immedi-
ately.
Lauded BY Wilbur
1t is understood the Royal
Dutch Shell will curtail its i'm
ports something like so per cent,
the Gulf Oil Co. about 25 per
cent, and Standard of New Jer-
Sey about $4,000 barrels daily.
"A4Dul Sd1u UIllo NOAu1INdIS
agreement entered into by the
importing companies was a good
start toward meeting the oil proc
lem. When the oil states ad-
visory committee meets here on
April 9 with the Federal Oil
Conservation Board, it will have
this agreement as concrete ad-
vantage in going forward with
the whole question.
Protest Trade Order
Representatives of the petro-
leum industry appeared before
the Federal Trade Commission
today and asked reconsideration
of its recent order resembling the
majority of trade rules adopted
by the industry in January. 1929.
The commission order voided 13
out of 81 rules which it at first
approved.
The oil men declared the rules
adopted by the industry made for
fair, orderly conduct of business
and eliminated unfair practices
and competition.
The Washington times., 1931-03-31
NEWS
In Today's
CLASSIFIED ADS

LOsT-German police dog, last FRI
day. near Georgia Avenue and Res
crvOir; dark gray; answers TO
name big Boy; tag number
HOME FOR SALE-MOdern four
room bungalow; double glassed-in
sun porch; large lots; price,
$3.50. You can buy this cUEy
home. $3.50 cash. $50 month.
BARBER SHOP FOR SALE-TwO
chairs; modern; doing good business
in Fairfax, Va.
AUTOMOBILE FOR sALE-Chrys-
Ter Sport Roadster. 1929; Model 15i
S675; terms or trade.
FURNISHED ROOM FOR RENT
G st. \. E., near Union Station;
clean, airy single and double rooms;
kitchen privileges; board optional;
children cared for during employed
mothers absence; near schOOlsj
reasonable.
FURNISHED OR UNFURSlSHED
HOUSE FOR REST-Eye st. \. f.;
six rooms, bath, garage; reasOuablei
all modern Improvements.
These are "sideli0hts" on some o. mani
Interesting Advertisements y9u tCiU lind II
odGVs Times and Herald ClASs'fied Ads"
The Washington times., 1931-03-31
Commodity Prices
Decline in Britain

Crump's. index number of Brit
ish commodity prices, as cabled
for the past week and also based
on 100 as the average for 1926, is
67.1, which compares with 66.8 the
week before, 66.8 two weeks be-
fore, 66.9 three weeks before, and
ST four weeks before.
The average Of January 10, at
69.2, was the highest of the year
to date; the average of one and
two weeks ago was the lowest.
The highest average of 1880 was,
87.5, on January 2; the 69.4 Of
December 27 was the lowest.
The Washington times., 1931-03-31
OUTLOOK
CALLED DARK
BY HANEY
Economist Warns Investors
of Lower Prices Ahead and
Cautions Against Buying
By LEWIS HANEY
Director New York University Bureau
of Business Research and
Former Economist of Fed


Director New York University Bureau
of Business Research and
Former Economist of Fed
eraI Trade Commission
A broad wave of general liqui-
dation swept the market last
week. It struck all groups Of
stocks, and the great majority
declined.
All recent resistance levels were
decisively broken through on the
down side. This move probably
represents the collapse of pool
activity.
As I have been pointing out,
the technical position had become
weakened by persistent attempts
to bid up the pool favorites.
Finally, bullish sentiment snap
ped.
Dividend cuts by important
companies showed a lack of hope
fulness on the part of business
leaders. Mr.. Sloan's statement
that good business may be ex-
pected in 1892 provoked thought.
The renewed weakness in com,
modify prices, and especially the
collapse of the i'll advised steel
mark-up, was disturbing.
Although there will, of course,
be the usual technical rally within
few days, the market now
looks lower. Investment pur-
chases should be postponed, or
made only after a careful ap-
praisal of individual issues to de-
termine a conservative value.
Good News Lacking
But I would definitely decide
to get out of all stocks which I
would not be willing to carry as
investments. would avoid
utilities, steels. all pool favorites,
and all the old high priced in
Vestment trust faVorites of 1929
The cold fact is that there is
absolutely nothing in sight to
cause any sustained rise in the
market. Probably it is going to
settle down at last to a recogni-
tiOn of fundamental conditions.
With a summer let-down in
business ahead and hopes of
really good business postponed till
1882, what should one expect Of
stocks now?
The Washington times., 1931-03-31
LIFE INSURANCE.
SAVINGS PLAN
IS LAUDED
Writer Lists Advantages as
Compared With Other Safe
Forms for Small Investor
BY FRANK F. LOOMS

The, modern life insurance pol
icy provides protection against all
of life's uncertainties.
The man who saves money and
puts it into a life insurance pol
icy is storing cash money in a
safe place. He knows it will
always be there in case he needs
it for an emergency. The amount
of money paid by life insurance
companiei to living policyholders
far exceeds that paid to bene
ficiarieS.
Many Live on Loans
Tremendous loans have been
made on insurance policies dur
ing the last year and quarter.
and while those made during the
first days of the stock market
decline we're in many instances
used to cover margins, the more
recent loans indicate that too
many people are living on their
life insurance savings.
While this fact is proof of the
great value of life insurance to
living policyholders in time of
trouble, it would also be warn
ing that such Withdrawals from
reserve funds should be repaid at
the earliest possible moment in
order that the shock absorber so
valuable in the present emergency
may again be available in any
future need. If such loan cannot
be repaid, at least new insurance
should be taken so the value of
the protection may stand at par.
. In a time when many sup
posedly strong financial institu-
tions have shown signs of distress,
the impregnable safety of old line
life insurance companies is
thrown into strong relief. The
uncertainty of the stock market
has enhanced the appeal of en-
dowments and annuities as in
VeStmentS.
Compared With Savings
Many people believe that the
savings account can replace life
insurance, and that so long as a
man is adding to his savings &C
count regularly he is making
ample provision for his family.
This is not true. The savings &C
count, while commendable, can
not take the place of life inSur-
ance. The process is too slow, as
can be illustrated by using any
form of policy, especially the ordi-
nary life.
For example, for man aged 35
the average cost of a $1,000 policy
during 30 years would be less than
$40 year. A man would be re-
quired to deposit $40 annually for
approximately 80 years before he
would have as much to his credit
in bank as his beneficialy would
receive in the event of his death
after he has made but one deposit
with a life insurance company.
The Washington times., 1931-03-31
228 Plants Added
Workers Last Year

Although there was a decrease
of 22.2 per cent in total employ
ment in 1,240 plants in six major
manufacturing industries for the
year ended October 81, 1880, an
actual increase in employment
occurred in 228 plants and there
was no change in the numbers
employed in AZ plants, according
to an analysis of employment
made by the Department of
Labor.
The Washington times., 1931-03-31
National City Bank
DEPARTMENTS MOUe

NEW YORK, March 31.-The
advertising and publicity depart
ments of the National City Bank
of New York, the National City
Company and City Bank-Farmers'
Trust Company have moved into
their new offices on the fifteenth
floor of the City Bank Farmers
Trust Company Building at %
William St.
The Washington times., 1931-03-31
Railroads Buying
FeU Cars This Year

Glass l railroads of the United
States in the first two months of
1881 placed 1881 new freight cars
in service, the American Railway
Association announced today. In
the same period last year 1927
new freight cars were placed in
service.
The railroads on March 1 this
year had 1863 new freight cars
on orGer, compared with 31,239
on the same day last year.
The Washington times., 1931-03-31
Texas Oil PrOrdtiOn
Session Adjourned

AUSTIN, March 31.-Without
intimating what it's final action
will be in the matter of issuing an
order prorating oil production of
East Texas to conform to a daily
allowable of $4,000 barrels for
April, with an increase of 5000
barrels daily at end of each 80
days until maximum of 10000
barrels daily is reached, the rail
road commission has adjourned
hearing, taking matter under ad-
ViSenpnt
The Washington times., 1931-03-31
PERU TO DEFAULT

Fiscal agents for Peru have
been notified by M. A. Vinelli, min
lister of finance. that owing to the
disturbances through which that
country has been passing, causing
heavy depletions of treasury funds,
interest and sinking fund pay
ments due tomorrow on the Ma
tional Loan IS, due 1861, will not
be made
The Washington times., 1931-03-31
Sales ShOlU Drop
For Sears, ROebUck

Sears, Roebuck & Co. report
sales for the four weeks ended
March 26 totaling $23,452,767,
compared with S25,174,441, in
similar 1880 period, a decease of
6 and $40 per cent.
Twelve weeks ended March 26,
sales $70,031,267, against $685.
584 in like 1880 period, a de-
crease of IL per cent.
The Washington times., 1931-03-31
AUTO PARTS OUTPUT

Production of automobile parts
and accessories in February con-
tinued the upturn that has de-
veloped in the industry since the
first of the year and indications
are that March will show still
further improvement, according
to the Motor and Equipment AS.
Sociation.
The Washington times., 1931-03-31
FIOrsheim Reduces
Shoe Prices 81 Pair

CHICAGO, March 31-The
Florsheim Shoe Co. has notified
dealers it is reducing prices of
all mems shoes 81 a pair, bring
ing the $40 line to SO and the
$11 to $12 line to $40 a pair at
retail
The Washington times., 1931-03-31
N. Y. GOLD MOVEMENT

The gold movement at New York
from March 19 to 25, inclusive,
consisted of imports of $1,O99, 900
from Mexico and 1921, 900 chiefly
from Latin-American countries,
for total of $1,380,000.
The Washington times., 1931-03-31
Coffee Change Seat
Is Sold for $4,000

The second membership on the
New York Coffee and Sugar Ex-
change of H. D. Stevenson has
been sold to F. Shelton Farr for
&10 600
The Washington times., 1931-03-31

in Washington of Secretary of
the Treasury Mellon, who is as
reticent as the Briton regarding
the visit, except to admit that it
must come before April IA, upon
which date Mr.. Norman is
scheduled to sail for England.
The Washington times., 1931-03-31
BANK STATEMENT
REPORT OF CONDITION
OF The

Washington Mechanics Savings
Bank
Of Washington. in the District Of Coz
lumbia at the close of business
on March 2S, 1881. 80
The Washington times., 1931-03-31
RESOURCES

RESOURCES
T. Loans and discounts. .S2, l34 '96S e$
3 menf nn15eo securities S91tHs owned. s5s,a2o74
osHHf securities eS"oS owned Cd ....... ss,s4s4s
s. Banking house, SITS
tSres sSr 50 s7o,sis 15s1Hs 52.. anu -' 24s,74S4s
I. Real estate owned other
than banking house. 1O'34b ~
banks ..'............s.. ~ Os.1sO ~
10. Outside checks and other
cash items ............ LILY US
IA. Other assets ........... 2,IOl 81
Total ............ 8,2246271s
LIABILITIES Z.
IS Capital stock paid in...$ 100000 00
IL SurnIus ,, 100, 900 90
II. Undivided profits-net. 74,475 81
81. Due to banks, including ~
s:s'sa $ssss: ssss.4,
q TINE Tine dapSsits Si5it;.. ... s'Oss'St3sss
Total .......... 8,224S271s
District of Columbia. City of Washing"
I. 'G2' e. F. F. BURTON, cashier. of the
above named bank, do solemnly swear
that the above statement is true to
the best of my knowledge and BELIEF
C. F. BURTON, =
Cashier.
Subscribed and sworn to before me
this 2Sth day of March. 1881, -.
(SeaD DAVID D. GROSS,
Notary Public.I
Correct-Attest:
EZRA GOULD
EDWARD F. PICKFoRD
GEORGE HAYES -F
Directors
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-14
'DR. SNYDER TALKS
ON STEWARDSHIP
Will Deliver Second Sermon
in Business Series at
Evening Service.

Christian stewardship will be the
theme at ST. Paul's Lutheran Church
tomorrow morning, when DR.. Henry w.
Snyder will preach on the subject, Our
Time for Christ" In the evening the
second in the series of business slogans
applied te spiritual things will be de-
l;vered under the heading, when Bet
ter Lives Are Built" A feature Of the
evening service is the answering by the
pastor of questions placed in question
box by members of the congregation.
Christian Endeavor and Light BIZ
gade will meet at 7 O'Clock. Miss
Eleanor McRae will conduct the Luther
League meeting. At the close OF their
monthly business meeting last Monday,
in December were heard and q cast Sc
lected.
The Aid Society will hold their an
nual Christmas bazaar and turkey din
ner Wednesday and Thursday from
to 2 o'clock. Mrs. Kenneth McRae Is
in charge Of the bazaar and Mrs
Ferdinand Waldman Is chairman OF
the Dinner Committee.
Continuing his lectures on Symbols
Of the Church." DR.. Snyder will talk
Thursday night at 8 o'clock on "Our
Altar Colors-Why and When"
A large class Of catechumens has
been organized by the pastor and they
will meet each Thursday evening.
At the close of the classes at the
Lutheran Training School Monday
night DR.. Snyder will deliver an ad-
dress which he calls picks and
Pickles"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-14
FREEMAN ADDRESSES
BROTHERHOOD GROUP
Bishop Urges Laymen to Cooperate
in Plans for Communion ON
Next February 20.

4 Fifty laymen representing various
local parishes attended the Brotherhood
Of st. Andrew luncheon at the Hotel
Arlington last Thursday at which
Bishop James =. Freeman was the
guest Of honor. Col Edward A. Harri-
man acted as chairman.
In d brief informal address Bishop
Freeman gave some observations on the
recent general convention of the Epis-
copal Church held IN Denver. He paid
special tribute to Or. ZeBarney T.
Phillips, rector OF Epiphany Church
and chairman of the House of Deputies
ut the convention. commenting upon
the knowledge of parliamentary pro-
cedure and tolerant spirit which he dis
played Is presiding officer.
Bishop Freeman urged the members
of the Brotherhood of st, Andrew and
other layinen's organizations in the
diocese Of Washington to cooperate in
plans for the annual corporate COM
munion and the breakfast to be held
February 20 in honor of George Wash
1ngton,s birthday.
The Brotherhood of st. Andrew is
khe organization of men and boys in
THE Episcopal Church which places spe-
jcial emphasis on daily prayer and per-
sonal service. H. Lawrence Choate. of
this city. formerly national president
of the brotherhood, was guest at the
Suneheon.