davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-06-15

ALL DRESSES and ladies coats cleaned
81 mems suits and overcoats, 75c.
HOWARD'S ODORLESS CLEANERS.
Stores all over town. Kash Harry.
SHOPPING SERVICE.
From the smallest purchase to the re-
modelling of your home. by expert; refs
Mrs. J. H. Wright, phone MET. 4912.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03
CURB SHARES GAIN
N LIGHT TRADING
Firm Opening Followed by
Steady Advance in PN-
otal Issues,
BY JOHN A. CRoNE.

Special Dispatch to The Star.
NEW YORK, August 3.-Prices were
slightly higher in quiet trading on the
Curb Exchange today. The inactivity
conformed to the dullness gripping all
security markets and the price trend
was reflection Of that on the Stock
Exchange.
The opening was Arm and the only
group to show any particular activity
was the utilities. Electric Bond &
Shares rose to net gain Of y, reached
and advanced again. Cities Service was
virtually unchanged. Standard Oh OF
Indiana was a small fraction lower.
International issues were relatively
inactive today due to the closing OF the
London market for the seasonal bank
holiday. In the absence OF overseas
offerings, however, Ford Motor Ltd. ana
Woolworth Ltd. common flrmed.
Utilities Power & Light B" shares
broke to a new low level for the year
with an initial decline Of SIS points.
The advance in Pennsylvania crude
oil prices was reflected In the opening
quotation of South Penn Oil. Mean
while, the trade read with interest OF
the decrease In California crude output
and watched details Of operations In
the Oklahoma field, awaiting some ac-
ton from Gov. Murray. Ohio OH pre-
ferred opened up point.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03
special Dispatch to The star.

Special D1epatch 70 IDe Dtar.
NEW YORK, August 3.-Increased
gold production for the next few years,
q gain In gold reserves and a recovery
in commodity prices can be assured &C
cording to John s. Burke, president Of
the Midas-Lode Corporation of New
York, and a well known economist and
engineer, II producers in this country,
Central and South America are made
thoroughly aware Of the inducements
In prevailing higher gold values and
consequent lower production costs and
more especially If a slight premium in
an open gold market is provided by
American capital. A gold market in
New York City and San Francisco Is
suggested by this authority in an inter-
view with Randolph Economic Service.
He said:
"The gold committee Of the League of
dition of absolute pessimism relative to
any chance or probability Of even hold
ing current gold production, produc-
ton that is obviously inadequate to
meet prevailing credit demands as Is
evidenced raSher convincingly in the
position of Germany with its gold re-
serves that are $275 ,000, 900 less than
they were at this time last year.
Increase Is Possible.
There is ample evidence at this time
that Canada will be able to increase its
more than 1000. 900 ounces of last year,
that this country. can or should be able
to show gagin over its 2,232, 900 ounces
Of 1880, and that production in Cen
trail America, the West Indies and South
America should also reach higher levels.
We might reasonably anticipate q COM
bined gain for the Western hemisphere
Of 1,9l0, 29e ounces.
1T is likewise fair to assume that
Australia will report increased output
for this year." says this authority, land
that output for 1882 will be larger still.
Inducements in Africa are exceptional
at this time, and a continuance of nor
NAL output rather than q sharp de-
crease may be safely anticipated, In
addition, new fields are under explora-
ton and may contribute to these to-
tails within the next IL months.
I'm memorandum to the League Of
Nations last year, Loard Bradbourne,
chairman Of The South African Con-
decrease in world output Of from about
s420, 000, 900 to S275, 000, 900 by 1910 and
to $50, 100000 by 1945. These esti-
mates. however, were based chiefly upon
the evidence OF approaching exhaustion
Of the South African mines. As q re-
suit of this dark picture it was rather
natural for the League Of Nations Gold
Committee 70 attempt to outline plans
and methods for the purpose Of econo-
MIXING the use Of this precious metal
Is q credit and monetary reserve.
Gustav Cassel, the DISTINGUISHED
financial economist Of Sweden Is in
spired TO adrnonish the world that If
we have to face In the future gradual
exhaustion Of the South African gold
mines, and II no new gold discoveries
make up for this loss we may
easily come down to gold production
amounting to less than cne-half Of
what is necessary for the stability Of
the commodity price leEel. Under such
circumstances we have to expect q COM
tinuous and unlimited fall in general
level Of prices. Economic prog
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03

British production which implies the
larger part Of Canadian output despite
greater profit. This has been proven
in the past and will undoubtedly con-
tinue to be true of the future.
"A domestic market for gold at q
slight premium should also encourage
what may be called earmarked gold
credits and might be expected to relieve
some of the prevailing congestion In
the London market and the tendency
or encouragement toward GENERALIZATION,
particularly in France.
II have not touched upon the indi-
cations Of opening up virgin gold terri
tory, but at a subsequent session of the
League Of Nations Committee memo
randums-all Of them much more
cheerful than that Of Lord Bradbourne
were presented by three American
authorities.
New Gold Areas.
"Mr. Brownwell, chairman Of the
Board Of the American Smelling & Re-
filming Co.; Mr.. Russell, an eminent
that corporation, and George Otis
Smith, formerly chief Of the United
States Geological Survey and now
identified with the Federal Power
Board, were these authorities.
"Mr. Brownwell was Of the opinion
that new gold production would be Sc
cured In Labrador and far Northern
Canada, but was not quite so optinis-
tic relative to supposed or alleged rich
and comparatively large deposits In ST.
IBERIA and other parts of Russia.
"Mr. Russell directed attention to the
possibilities Of the desert areas of Aus
NaVtPol ACfo the
Sudan and tropical areas Of the head
waters Of the Amazon and Orinoco
'Mr. Smith confined his remarks to
the explored and partly explored areas
Of this country, stating that there is a
fair chance that some appreciate gold
deposits may be found, particularly in
western Montana and South Central
Nevada, and says the outlook in Alaska
d also encouraging.
"The incentive to increased gold pro-
duction Is naturally stimulating pro-
duction In those districts of this coun-
try where former output was either dis
continued or decreased due to the
cheaper price Of gold and higher pro-
duction costs. In the various California
districts more than Is mines have been
rcopened In the past IL months. Con-
siderable activity is also reported from
Arizona, Nevada and Montana. The San
Diego County district of California. ac-
cording to the most recent reports,
should be able to rake an exception
ally good record from now on.
"Gold production, where obtained as
by-product, chiefly by the copper,
lead and zinc companies, will be lower
this year, and any sharp gains next
year will depend, to considerable ex-
tent, of course, upon return to higher
prices for theSe metals.
"In conclusion, would be inclined to
insist that total world production can
be increased by 100000 fine ounces
next year, showing a combined total of
about 22,500,002 ounces and value of
more than $465, 075, 900, good for CEN
sentative credit basis of 20 times that
amount"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03
Brokers' Comment

NEW YORK. August 3.-Brokerage
house commentators today wondered
whether the selective liquidation wit
messed last week would become more
general. Any further decipe, which is
rather expected in some quarters, is
likely to be slow and orderly, in the
opinion of observers.
Frazier Jelke g. Co.-The key to the
present market situation is the extent
of investor liquidation, not the amount
of necissitous selling to be accom-
plished. For this reason the current
decline is likely to be more gradual
and less spectacular than the selling
movements of last June, last December
or last october, and the liquidation is
more likely to snolder than to come to
spectacular climax, as the selling did
in early June.
Hornblower & Weeks.-We feel the
Saturday morning foreign news is i'm
port3nt enough to shape the direction
of the early trading this week.
Although some students expressed con-
Germ over the fact that the Bank of
England found it advisable to contract
foreign loans, despite the strenuous eff
forts which she had already made to
put her own house in order by raising
the rediscount rate 2 per cent in two
weeks, We, nevertheless, feel that this
situation was inevitable and the actual
granting of these foreign credits by
Paris and New York to London may
at least mark the first step toward
international cooperation.
Shields & Co.-The adjustment Of
labor costs naturally will cause some
momentary unrest. This should COM
prise an influence to fastening the
market to an attractive investment
level where accumulation such as wit
messed two months ago should lay the
foundation for an advance in security
values that will be warranted by actual
business happenings.
Redmond & Co-The downward re-
adjustment of values may not be fully
completed. In the absence of any new
complications in the European situa-
ton. there is ground for the belief that
1t may be accomplished without any
wide-open break in prices, although still
no definite assurance that the June
lows in the recognized averages will not
be broken. Much depends on what
happens in Europe during the next few
weeks and whether the Fall recovery in
business comes up to expectations.
Charles D. Barney & Co.--The imme-
0AdOC PAO0ACAl PACoCAbCo Wy b4tC ud1hC6
is whether the special liquidation of the
past few days will become contagious
and spread to the list in general. We
are inclined to doubt that it will. If
there were at the present time impor-
tant general liquidation hanging over
the market, we believe 1t would have
been touched on by the developments
Of the past week. The fact that such
general liquidation failed to materialize
suggests that hope for some seasonal
Improvement in business Is tempering
Encouragement regarding second quar-
ter and current earnings.
Smith, Graham & RocKwell-Without
the impetus of some special favorable
development it Is unlikely recoveries
will 60 far. Nothing has occurred as
yet to change the belief that the mar
ket Is In q slow downswing.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03
EARNINGS REPORTED

NEW YORK, August (P).--The Nc
June quarter net income of sos, $50,
equal TO SO cents share, against $643,-
467, or $a.12 share in the like period
last year.
Continental Oil Co. Of Delaware and
subsidiaries for the FIRST half reported
consolidated net loss Of $6,528.841 COM
pared with profit before Federal taxes
Of $2,643,820 in the first half Of 1880,
Southwest Gas Utilities Corporation
for the six months ended June 80 had
consolidated profit of $11a,267 before
Federal taxes, compared with $263, 007
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03


Is, which would nullify the desired
1t may perhaps be added that the
nent on the part Of the Bank of France
and the Federal Reserve Bank to pur-
chase from the Bank Of England prime
acceptances.
German Measures.
Additional measures taken by Ger
many to prevent complete economic
chaos and which include. among others,
q fresh rise in the rediscount rate 70
Is per cent, are not likely to afford
more than temporary relief. Germany's
fiscal difficulties are fundamental In
character, and remedies, in order to be
effective, win also have to be funda-
mental.
Perhaps the forthcoming conference
called at the instance of the Bank for
international Settlements will bring us
nearer to q solution. Prior to his sail
ing on Saturday, Albert H. Wiggin. the
American member of the committee.
pointed out that the principal duties Of
the COMMITTEES are to inquire into the
Immediate further credit needs of Ger
many and to study the possibilities of
converting a part of the existing short
term credits into long-term obligations
Before any long-term financing can
be undertaken existing German bonds
will have to advance appreciably. Thus
far there Is no evidence of this taking
place.
Drop in Loans.
On the basis of existing conditions
the decline in the price of Austrian
loans in the New York market carA1ot
easily be explained. One may therefore
conclude that the weakness was largely
sympathetic in character.
obtained financial accommodations in
the United States: Lower Austria
Upper Austria, and Syria. Their
dollar debt approximates $4,000 600
$13 500, 900 and $3.50, 900, respectively
| Reduced to a per capita basis, the
| Upper Austrians owe American in
vestors $1567; the Lower Austrians
less than 800, and the Stryians, some.
what under $500. The per capita ex-
penditure for debt service during 1881
amounts to SLIT for Upper Austria
So cents for Syria, and only IL cents
for Lower Austria.
One cannot, therefore, say that these
Austrian provinces are faced with q
serious debt problem, and that the
American investor in their securities
need have cause for apprehension.
Incidentally, the above figures, per.
tanning to debt charges, apply to the
total indebtedness, both internal and
external.
| (Copyright. 1881, by the North American
Newspaper Alliance. Inc)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03

Steel Earnings.
Some people have been wondering
why the earnings of the United States
Steel Corporation for the, June quarter
made relatively poorer showing than
those of Bethlehem Exclusive Of special
income, the United States Steel Corpora
ton for the second quarter reported
about cents q share for the preferred,
while Bethlehem showed about $1.47 on
its preferred.
The probable reasons for this stu
alton lie in the fact that United States
Steel has refrained from resorting to
as drastic q program OF economiztng
as did many other corporations, includ-
ing Bethlehem. The latter proceeded
to cut expenditures and adjust its pay
roll more quickly than Steel.
In addition, United States Steel Is
interested in a variety of enterprises
which have not had especially smooth
sailing. Few probably realize that Steel
Is today one Of the country's largest
has been especially depressed Nor has
the acquisition last year Of the OIL Well
Supply Co. of Pittsburgh proved espe-
cially profitable as yet. In passing, it
may be pointed out that the National
Supply Co., the biggest enterprise in
the field, was obliged to pass the divi-
dend for the first time in its history.
Another reason is probably the fact
that United States Steel depends to an
appreciable extent on rail business,
which has not been particularly salts
factory. At the present time, however,
United States Steel Is operating at a
somewhat more satisfactory figure than
Bethlehem, which would seem to fore
shadow a better showing for the Steel
Corporation during the current quarter,
as compared with Bethlehem.
Credit to England.
Restoration Of confidence in Great
Britains finances is probably the main
purpose of the credit announced Satur-
day by the Federal Reserve Bank on
behalf Of England, to the amount OF
$125, 900 900. The Bank Of France has
granted similar credit.
Inasmuch as the rate which England
will pay is appreciably below her OWL
bank rate. this credit may be looked
upon as a distinctly satisfactory ar
rangement as far as Great Britain is
concerned. It is, however, doubtful
whether the country will make any use
Of 1t, as was the case with regard to
$300, 900 900 credit arranged in the
United States in 1925 in connection
with the sterilization Of the pound
sterling, and of which the Reserve Bank
is understood to have taken $780,
900 900.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03
CHICAGO DAIRY MARKET.

CHICAGO, August (R.-Butter-
Receipts, 1850 tubs; steady: creamery.
specials (93 score), 25a2512; extras,
coz score), 241s; extra firsts, (eO-9l
score), 23a23h; f1rsts $3.50 score) !,
21a22; seconds (66-S7 scorel, lsa2O;
standards 900 score, centralized car
lots), 24%.
es-Receipts, 11,253 cases; unset
tIed;s extra 1irsts, 19a20: 3resh-graded
firsts, ID; current receipts, 15a1S =.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03
Grain Market

BY the Associated Press.
CHICAGO, August 3.-September
corn and wheat receded in late dealings
today. September corn was sold by a
leading Spectator, while September
wheat declined in sympathy with corn
and on account of enlarged receipts
owing to decreased grain freight rates.
The domestic Winter wheat crop was
unofficially estimated as the second
largest en- record, and the Unite states
wheat visible supply increased 6,363, 900
to 212,574,000 bushels.
Corn closed unsettled. L4al3s lower,
wheat, 36a?1 eff; oats, I.n11s down, and
nrouisinns unchanged to cents decline
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03
New York Cotton

Special Dispatch to The Star.
NEW YORK, August 3.-After steady
ing a dollar a bale under professional
covering. the cotton market today came
under pressure again, and prices not
only lost>all the early improvement, but
broke a quarter of cent, making new
low records for the year. Southern in
tereStS sold steadily following the up
turn, and October broke below 814
cents, leaving the list 4 points lower to
point higher than Saturday. Spots
were reduced S points to $40.
Cotton range.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03


modities affected
1t Is intimated that loans covering
such purchases will run for two years and
will bear Az per cent interest. In order
to be really effective, loans should run for
a considerably longer period OF time and
the rate should be more in line with ex-
isting money rates In the United States.
One Of the first transactions contem-
plated Is the sale to Germany of about
175,000, 900 bushels Of wheat held by the
cotton. Plans to sell copper are also being
considered.
In this way, Germany,s. balance Of
trade would greatly improve through the
removal Of the necessity for the immediate
payment Of commodities which the coun-
try "a obliged to buy In any case Last
year Germany'S imports from the United
States Of wheat, cotton and copper totaled
72l ,889 900 marks, equivalent to about
$172 900 600. In 1928 Ithe corresponding
AeRr4VA
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03
CHICAGO STOCK MARKET

BY the Associated Press.
CHICAGO, August 3.-Following Is
the complete official list of transactions
in stocks on the Chicago Stock Ex-
change today:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03
Everybody's Business
Ssle of Els. Products to Foreign Nations On Bong
Term Credit Should Go a Long Way Toward
Imbroy;ng Commodity Prices.

YORK. August 3raneements the United States
products Of which there oversupp will be sold credit to
ing worlds should above ALL result
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03
NEW YORK CURB MARKET s BE-: !. Z, :; st.: OK x:
oSWt8 anu
Dividend Rate.

Note-An stocks are sold In one hundred-snA?e lols
exceptne those dessnated By che letter (sos) tssOs.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03

Ops, in Roman mythology. Is q god
dess OF plenty.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03
NEW YORK BANK STOCKS

NEW YORK, August R.-Over-
the-counter market:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03

1855 1888 my, ~ s !: f. ~ +.
Bond sales today--$32,00O.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03

There could be made
between the United States debtor
including nations
Of this kind taken that commodities sold nation
oRocka
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03

y wsstvaco. Sept 10 n Y
Dividend quarterly
nus payment :Sz dividend PERTH extra .Pu' - stocs
dividend Ply: 81 in ssock plu, g" IN stock Plus e IN
n PluS % In stock Paid last
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03

NEW YORK, August 3.-Brokerage
house commentators today wondered
whether the selective liquidation wit
messed last week would become more
general. Any further decline, which is
rather expected in some quarters, is
likely to be slow and orderly, in the
opinion of observers.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03

Smith, Graham & RocKwell-Without
the impetus of some special favorable
development it Is unlikely recoveries
will go far. Nothing has occurred as
yet to change the belief that the mar
ket Is In q slow downswing.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-03

ress would doubtless be severely handi
capped
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-09-14
CITY SUPPORTS
HOOVER PLEA
Schools Board CQ-0perateS
in Maintenance Move.

Maintenance of adequate school
facilities to accommodate pupils
and students who may remain in
school due to the lack of jobs, was
urged today by President Hoover's
emergency committee for employ
ment.
The proposal for school facilities
supports the stand of the Indian
apoliS school board which has re-
fused 20 slice the 1882 budget and
hamper operations. This last re-
duction measure was proposed by
the Chamber of Commerce. The
state tax board will consider the
school boards budget and tax levy
Tuesday.
The employment committee also
urged steps be taken to have under
graduates and 1881 graduates re-
main in school so they may prepare
for future positions.
Continuation of schooling by all
boys and girls under 16 also is set
out in the plan as method of
aiding depression conditions.
In keeping youths in school, pos
sibility of older persons with de-
pendentS facing difficulties in OBJ
tanning employment would be re-
duced, the committee stated.
The labor group has the support
of national labor and education or
CARNATIONS in its plan.