davidaulloa/AmericanStories huggingface dataset:
Evening star., 1931-12-19
More Resistance Shown.

NEW YORK. December 10 tSpeciaD,
In spite Of the fact that both stock
and bond averages touched new low
levels in the first half of this week.
there are encouraging signs in both
markets along the line of resistance
from quarters that have not been ac-
i've heretofore. The total volume Of
cash buying has been small compared
with that which took place in the May
June break and in the September-Oc
tober decline. This is quite natural in
view of the losses which buyers at the
two previous levels experienced.
The market. however, is not without
ltS friends. These have been in evi-
dence even in the railroad department
IN spite OF the general prejudice
against railroad shares. In the last
day or two substantial orders have
oeen placed in the market for under
lying railroad bonds. Brokers who de-
pend primarily en- tire day-to-day
course OF the market to determine their
tradlng policies still persist in the be-
net That there must be one or two ses-
slons OF large volume and heavy de-
cline before the market reaches a stage
where investment buying can safely
be made. Unless this develops before
the end of this week. it is not expected
10 put in an appearance during the
remainder of the month. Therefore
many incline to the belief that the low
averages for the year are now being
made.
Evening star., 1931-12-19
Business Notes

NEW YORK, December 1e-Ho,idav
puylng OF merchandise is expected to
oe sWelled BY the last-minute decision
OF many to give Christmas gifts despite
lhe unfavorable economic conditions
Retailers look for the high tide of
christmas shopping to be registered in
ber %.
The Institute of Carpet Manufacture
erS OF America, Inc, will consider en-
iafging Its organization to include
lopperS and retailers. Admission of the
]oobers and retailers is favored bv a
NUMBER OF the manufacturers, althouph
tnere Is SAID to be a considerable senfi-
ment IN the organization against the
Many American manufacturers have
als2ontlnued their selling operations in
England as a result of Britain's move
loi a protective tariff, according to re-
plleS 10 a questionnaire sent to manu-
!acturers by the American Manufac-
turerS Export Association. The action
OF the manufacturers is due to their
bellef that England will prove a closed
tnaiheC 10 American producers not
ldahitalalng branch factories in that
country; Lines In which tariff sched-
ules VIII work to the particular disad-
vantage OF American producers include:
Leather goods, radios, electrical sup
pneS, cosmetics, hard surface floor ccv
ernsS' hosiery, razors, metal furniture
and rubber goods.
Evening star., 1931-12-19
BOND PRICE GAINS
EXTENDED FURTHER
Volume of Trading Expands
as Leading Issues Score
Advances.
BY F. H. RICHARDSON,

Special Dispatch to The Star.
NEW YORK, December 19.-Bonds
advanced strongly again today Trad
ing was in large volume.
The market opened sharply higher,
with the railroads and the foreign list
attracting most attention. In the rails
the prospect of a successful termina-
tion of the negotiations between the
railroads and their employees on wage
reductions was cogent reason for bid
ding up prices. 1t was estimated that
the carriers would have saving Of
5000, 100000 from this item alone in
1882, with $l00,000,000 additional to
be derived from rate increases.
The advances were most emphatic in
the second and third grade list Erie
5s, Erie general liens and Erie B 5s
were all more than points higher Al
leghany Corporation 5s advanced about
, points. Sharp gains occurred in Bal
timore 81 Ohio AIS, Canadian Pacific
Fps, Chicago Great WeSter As Chicago
Central a.. Missouri Pacific general As,
and 5I2s, Northern Pacific Is and Frisco
descriptions. Boston & Maine SIS
Jumped 10 points Pere Marquette 5s
gained points. High-grade rail issues
advanced more cOnServatively.
Industrials were quick to respond to
buying. Paramount Famous -Lasky Is
Jumped 7 points on purchases of few
bonds. LoeWs Is were 5 points higher.
Phillips Petroleum 5I4s were up 3
points. Others that advanced were
Dodge Bros. 6s, United States Rubber
5S, Texas Corporation 5S and YoungS-
town Sheet & Tube SIS. Utilities like
American Telephone SIS, Consolidated
Gas sips and Utah Power & Light
were l TO 2 points higher.
United States Government issues
were still subjected to heavy offerings.
but bids were firmer than on Friday
and most of the active long-term de-
scriptionS gained 80 to 10 80. NUM-
cipals were also marked up.
In the foreign department the fea-
ture was the strength in German dol
lar bonds. The testimony of bankers
before the United States Senate Finance
Committee on European debts was in
terpreted as favorable to Germany.
German Young plan 5 S were more
than 2 u points higher. Dawes repara-
tons Is gained 3 points and all other
German descriptions tirmed with them.
British 5l2s were steady. japanese
issues gained a point or so. Belgian Is
advanced over points. French gov
eminent Is and 7l2s were higher So
We're 1talys Is, Austrian Is and other
Europeans.
In the South American list there was
less tendency to follow the advance.
Brazilian government 6 2s and Uruguay
6s were fractionally better. Argentine
6s improved.
Evening star., 1931-12-19
END TO CAUSES OF DEPRESSION
IS SEEN BY NOTED ECONOMIST
COL Leonard P. Ayres Says American DOL
lar, Federal Reserve System and Bank
ing World Have Weathered Storm.

Of industry, which in turn made It's
various types Of securities less val
liable. and increased the relative bur-
den of all debts
This in turn caused the contraction
of credit. Banks began to tighten their
security investments and to force many
borrowers also to sell securities which
had been collateral for bank loans.
Re-lending virtually stopped and in
dustry was left financially "cramped."
1T was good banking in each sep
arate case" Colonial Ayres said, "for
it protected the bank and its deposi-
tors, but its general results tended to
defer business recovery
Wage Reductions.
The next reaction of the lowered
profits was reduction In many wages
and salaries, which additionally low
cred the country's consuming power.
III the opinion of Colonel Ayres, the
end of the credit crisis was reached
in october.
The chief business policy recon-
mended by Colonel Ayres for 1882
called for balanced budgets Income
should be coaXed up and outgo should
be pared down." he said.
1t involves calling a halt to piling
up deotS and making progress in pay
ing them down. This policy is the
valid objective for the National Gov
ernment, the State. the municipality,
the corporation, the church, the
club and the family"
The speakers concluding thought
was that present low-price levels are
not bar to prosperity. Business
can operate successfully at the new
and lower price levels when once 1t
has adjusted its operations to them.
The volume of employment will in
crease in proportion as individual
business units so recorder their af-
fairs as to enable them to operate at
a profit"
Prosperity will return when mil
lions of individual men and women
resolutely grapple with existing condi-
tions and Use them as a foundation
from he ..,u which to build for the future"
Evening star., 1931-12-19
FAVORS CHANGE IN LAWS.
Louisa Delegate Also Plans Bill In
Aid Bankers.

LOUISA. Va, December 10 tPl.-Dele-
gate John G. Rhodes plans to intro
ouce bill for the betterment OF
oahklng conditions" in Virginia in the
General Assembly to be convened n3xt
month NV
Mr.. Rhodes said he was particularly
interested in making change in the
States banking laws.
l have especially in mind the in
crease in the amount of stock which
a director should own in a State bank,
beilevlng that it should be at least
81 900, the Louisa County Delegate
said. Il am also of the opinion that
a bank should not loan money on its
own stock and that the amount which
a State bank can loan TO any single
flrm. corporation or individual should
be reduced"
Evening star., 1931-12-19
Washington Produce
Butter-One-pound prints, 36; tub, 35.
Eroc- Lnnnnru O0a22. current re-

pound prints, So; tub, IS.
Eggs-Hennery, 28a33; current re-
ceipts, 24a27.
Poultry, allve-Turkeys, young toms
and hens, 20a25; old toms, 18a20; old
hens, 1922; chickens, 3 pounds and
over, 18a2O; to 2l2 pounds. 20a22;
Spring broilers. %; hens, 14al6; Leg
horn hens. 13a15; roosters, 10a12; keats.
young. 4Oa45; old, 25a35.
Poultry, dressed-Turkeys, young
hens and toms, 23a23; old toms, 24a26;
old hens. 30a32; chickens, pounds and
over, 22a24; ? to 2i2 pounds, 23a25;
Spring broilers, 80; hens, 1922; Leg
horn hens l6a18: roosterS, 13al5; Long
Island ducks, l9a20.
Meats-Beef, prime. 16: choice, IS;
good. 10 aa13; COW. 9t2alO; lamb top.
Is; fair to good 13a14; common 10a
II; veal top, IA; medium, u 2a13; pork,
loins, 8 TO 10 pounds, l0al0l2; 10 to
II pounds, 9; fresh hams, to 10
pounds, l3: l8 to % pounds, TO- smoked
hams, 1920; strip bacon, 19a20; Land.
80-pound tins, 9, package, 10; COM
pounds, 7a7E
Live stock-Hogs. heavy, 400; light,
425; medium, 425; pigs, 400; roughs,
2.50a300; calves, 300a7,50; lambs,
3.0Oa600
FrulCS-StraWDerrleS pint, 70, grapes,
Belgium, hothouse, per pound, so;
Empcrors, 200a225; Tokays, 225; pine
apples. $50 casabas, $50; apples,
bushel baskets, 40a2O0 fancy box
stock 225a2.5O; pears, 275a3.00; alli-
gator pears. 2.75a300 bananas, 75a2 SO;
oranges, Florida, 275a325; California,
300a400; lemons, 350a6O0; grapefruit.
225a2.75; kumquats, quart. 12l2a15;
tangerires, 200a2,25; persimmons, bas-
ketS, 200.
Vegetables - Potatoes. Maine, 100
pound sacks, 125; New York, l5O-pound
sacks, Its; Idaho bakers, lOO-pound
sacks, 2.25: sweets, Eastern Shore, 50a
rs; red. 752o0; lettuce, Iceberg, 375a
450; Florida. 200; broccoli, $50;
cauliflower 1.75a2OO; carrots, California,
crates, 400; nearby, bushel, 75a1 90;
string beans, 1.50a2 90; limas, 2.50a3 so !;
peas, 800a900; beets, 100 punches, 300a
400; carrots, per 100 punches, 600a
700; satisfy, per dozen punches, l.00a
1.20; peppers, 300a3.50 kale 50a75;
spinach, 75al00; mushrooms, 80a1 90;
turnips, 50a60; artichokes, 400a5,00;
okra. Cuba, per pan, 90alO0: Florida,
per bushel. 325a3, so; cabbage new, 40
pound basket. 2.25a25O old, 100-pound
sack, l.25; celery, 3.50 tomatoes, hot
house, 8-pound baskets, 200; Florida,
Span crates 800; yellow squash,
bushel baskets, $50; eggplant crates,
$50; cucumbers, pans of -, 100.
Evening star., 1931-12-19
BY the Associated Press.

BY the Associated Press.
CLEVELAND, December 19.-In the
opinion of Col. Leonard P. Ayres, vice
president of the Cleveland Trust Co.,
and nationally recognized business
analyst, the two main forces which
caused the country's depression, have
reached the end of their ropes.
Making his annual address before the
Cleveland Chamber of Commerce, Col.
Ayres said these two great forces were
the collapse of wholesale prices and
the contraction of credit under pressure
of the banks.
After two years of economic strain,
Col. Ayres found that the American
dollar the Federal Reserve and the
American banking system have
weathered the storm triumphantly."
Credit contraction may now be ex-
pected to exercise a waning influence,
the economist said. He added that "it
is not to be expected that credit ex-
pansicn will develop promptly, merely
because the climax of fears has passed"
However, he pointed out, under the new
situation, credit expansion again is pos
sible instead of impossible.
Commodity Prices.
AS to the present prices Of COM
modities, Col Ayres said that if their
present levels remain for considerable
time, I'VE shall have to accept much
of the shrinkage in land values as be-
ing relatively permanent" In addi-
ton, he said. lower levels would have
to be accepted for rentals, wages, taxes
and for public, corporation and private
expenditures.
For 1882, the economist predicted
smaller gold exports, less money in
circulation, fewer bank failures but
more commercial failures, smaller divi-
dends, lower cost of living and lower
earnings for industrial and railroad
employees
According to Colonel Ayres' theory,
the depression started with the COL
lapse of wholesale prices inflated dur
ing the World War. Falling prices
promptly reduced profits in most forms
Evening star., 1931-12-19
GERMAN OIL INTERESTS
EXPLOIT NEW FIELDS
BY the Associated Press.

BY the Associated Press
German petroleum leaders are ex-
plotting recently discovered beds of
oils discovered below Volkenroda not
ash mines
A dispatch to the Commerce De-
partment says this source of crude is
becoming an important factor in total
production, official figures Showing
that 100000 barrels were taken from
the wells in the first eight months OF
this year Total German production
during the same time was 100, ,46l bar
rels.
The crude from the new source Is
SAID TO contain a high percentage of
gasoline, the average being from 20 to
"a per cent, w
Evening star., 1931-12-19
CHANGE IN VIRGINIA
BANK LAWS URGED
Legislators Announce Inten-
tions to Introduce Bills in
Next Legislature.
BY the Associated Press.


STANLEY, Va, December ia
separate State banking department
was advocated yesterday by Delegate c.
c. Lauderback, representing Page and
Warren Counties in the General AS
sembly.
Discussing matters before the assem-
bly,, to be convened in the capital next
month, Mr.. Lauderback said that
some very practical laws relating to
banking were presented in the 1870
session. He added, however, that but
few passed that materially improved
some of the weak features existing In
our Statu banking laws"
AS important as the banking busi-
ness is to the life of the State and Ma
tlon, 1 think 1t very necessary that we
nave a separate banking department, to
be composed Of we'll rounded organ
lzatlon OF men experienced in banking,
clothed with broader supervisory DOW
ers than now exist" Delegate LAUDER
back said.
Banking Proposals.
Some OF the banking measures pro-
posed by him in this connection were:
Reduction of the loan limit to that
obtaining in national banks, for one
person, firm. etc
"A required minimum of s5O.OO0
capital in all new banks organized.
with provision that present banks be
allowed certain period Of time, SUI
nclent to increase theirs to a minimum
Of S25.000 at least.
requirement OF all directors to hold
at least $500 par value of stock in
order that they may qualify as such,
and allow period Of time for present
banks to make adjustments in their
boards.
Requirement of all banks being or
ganlzed TO have stockholders made
hable for what is known as double
liability. allowing present institutions
reasonable time TO conform.
EXTENSION of authority to the State
banking Department to declare a mora
forum to any solvent and sound bank
facing crisis. through hvsteria or
oCherWlse' as to Withdrawal of de-
posts"
Mr.. Louderback was of the oninion
that the assembly must practice rigid
economy, asserting that tax increases
only add to the burden the neonle arc
already bearing"
opposes Tax Raise.
A vigorous opposition to any increase
IN The gasoline tax was expressed hv the
Page and Warren delegate. who voiced
the opinion that wholesale and boot
leg conditions arise from a tax too
heavy WV
Regarding motor bus and truck rec1-
iatlonS and county government. Mr.
Louderback said he was willing to base
ms convictions on the reports of the
respective advisory commissions study
ing these two problems.
Beng a father. as we'll as a legislator,
anG having been an educator, MI
Louoeroack said he was extremely in
tereSted IN educational matters, but he
SAD: I do not think this is a time for
increasing our taxes even for this pur-
pose. l believe We have too many frills
IN our present day schools, too many
easy cuts for getting a child through
hlgn school without fitting him with
me proper fundamentals for later vort
me large number of failures IN COL
lege IS strong testimony for this
Evening star., 1931-12-19
Sales Record Established,

NEW YORK, December 19 P.-A
sales record for November for the New
York organization of Frigidaire was
established with customer billings 6l
per cent above those for the same
month last year December business TO
date indicates record for this month
according to the company.
Evening star., 1931-12-19
Bank of France Statement.

PARIS, December 19 Up. - The
weekly statement of the Bank OF
France shows the following changes In
francs: Gold increased 10000, 600
sight balances abroad decreased 38l,-
100000 bills discounted at home de-
increased 697.000.000, advances de-
increased 697000,00O advances de-
creased 100000 circulation decreased
373,000,000, current accounts increased
620,000,00O.
Rate of discount 212 per cent.
Evening star., 1931-12-19
Canned Food Prices.

NEW YORK, December le (PLL
Canned food prices hold at sIeaay
levels despite general inactivity Llgls
inventories are expected 10 be sno"n
at the year end by distributors a Iact
which the trade believes may lmpdlt
greater firmress to prices IN January.
Evening star., 1931-12-19
FREIGHT DECREASE
IN EAST FORECAST
Drop of Al Per Cent Esti-
mated for First Three
Months of 1882.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, December l9.-Esti-
mated carloadings of freight to be
moved in tie Atlantic States territory
during the first three months Of 1882
will be Al per cent below the actual
shipments made during the correspond
ing period of 1881. according to COM
modify figures presented to the rail-
roads by members of the Atlantic
States Shippers Advisory Board in ses-
sion here.
The reports of all commodities listed
disclosed that it will require Gil, ,259
cars to handle the business that is to
be offered by the basic industries in the
East during January. February and
March next. and while there are a few
lines that will move in heavier volume
than during the same three months OF
this year, the vast majority indicate a
shrinkage in business. Actual carload
ing for the first quarter of 1881 aggre-
gated 637494
500 at Meeting.
This was the eighth annual meeting
of the Atlantic States Shippers AdViS-
ory Boald. and it brought together ap-
proXimately 600 of the most prominent
INDUSTRIAL ana ram Odu ttdlllI OlllI ldlN
of the country, and while there were
a number who took an optimistic view
of underlying business conditions. there
was little to be found in the reading of
the various commodity reports to sup
port them IN this respect. The trunk
lire carriers as a whole reported them
selves in position to handle all the
business offered there now being a
greater surplus Of available motive
power. as well as freight cars, than
ever before.
The question of broadening the gen.
eral activities of the Atlantic States
board came in for discussion, as also
did the question of railroad pickup
and delivery service in New York, while
a report from the newly formed Freight
Claim Prevention Committee on meas
llreS that are to be lnaugurated to re-
dUce the number of claims against the
railroads was Of great interest. In the
course of the meeting A j. Bross"au
president of Mack Trucks, Inc, ad-
dressed the members on How Motor
Trucks and Railroads. Through Co-or-
dinatOn Of Effort Can Best Serve the
Transportation Needs OF the Country.
H. z. Strlnger, vice president or the
Hydraulic Press Brick Co. of Washington,
retiring general chairman of the board,
pr 2~ided.
General transportation conditions
throughout the country were touched on
by W. c. Kcncall CT the American Rail
way Association, washington, as we'll
as by others. while A. P. Stevens. dis
trict manager of the Car Service Divi
sion A A. at New York, discussed
the tranSp rtation situation within the
Atlantic States boards own territory.
The railroad picture was presented b.
J. w. Roberts. assistant vice president
Of the Penunsylvania Railroad. chair
nan of the Railroad Contact Com
mIttee.
Commodity Forecast.
Evening star., 1931-12-19
Washington Stock EXCHANGE

Washington Gas IS "A"-s1,ooO at
100 8, $1,000 at 100, 81 1000 at lG0,
$1,000 at 100, $1,000 at 100, $4,000 at
100 81 900 at 100, 81. 900 at 100.
Washington Gas IS $500 at 1887. i.
Washington Gas IS "A'-Sl00 at 100,
5000 at 100.
Evening star., 1931-12-19

More than 100000 pure-bred dogs
have been registered at the Kennel
Club, in London, and new entries are
made Vat the rate of $50 day.
Evening star., 1931-12-19

Plants using Soviet Russian timber
are the only ones in the Lithuanian
woodworking industry operating at
Evening star., 1931-12-19
RIGHIS-EXPIRE.

a.. y Poop G L & C. Jan is so ia i. Il, = l..
Dividend rates given in the annu. cash
HExodvG%t9d @ % s!eSs than than 100 exa .Pius
Payabe N stock Payable in cash stock
Paid this regular rate Plus 81 in
tock At'uS y" III
Evening star., 1931-12-19
Commodjty Forecast.

The con modify forecast of estimated
lOadings for the months of January,
February and March next, compared
with the actual shipments during the
same months of 1881, follows:
Evening star., 1931-12-19
Unlisted Department.

(These securities not listed under Exchange
RUee.)
BONDS. Minimum
Evening star., 1931-12-19
STOCKS.
PUBLIC UTILITY
NATIONAL BANK.
TRUST COMPANY.

Amer. Sec. & Tr. Co Us, ...... 2e9 3l5
Continental Trust t6) ~ U5
Natl Saw e. Tr. tl2D D...... 375 400
Prince Georses Blk. & TT. 90. % 40
Wash Loan & Tr %. 400 40
The Waterbury Democrat., 1931-05-14

Ithe French postal authorities made to the extraordinary demand for news transmission of the Franco
 German football match. Usually lunequipped for such sudden de-
 mands, the telephone and .tele- graph system performed a state of war stunt and transmitted about 230,00O words in single afternoon,
 being the efforts of about 150 Ger
 man correspondents who came with the German team. Twenty-two spe- cial telephonic lines were tenn porarily hooked up with the field, and more than 400 calls were trans mitted to Berlin, or relayed through to Belgium, Switzerland and other
 European countries.
 While this news was being flashed to the world, the transport system of the city managed to con- lvey 50.0O0 spectators with a mini
 mum of confusion, many thousands of the crowd being German and not speaking the French language. Those visitors, who may have had their false teeth shaken out, or their nerves jolted by bumpy riding, were only passing over temporarily rough streets where 8 modern and inter-
The Waterbury Democrat., 1931-05-14
OUR DAILY NEWS LETTER
By sAMUEL DAsHIELL

Limited Press Stan COEreSpOn0cntD
 Paris.-Aside from much modern architecture, automatic telephones, neighborhood betting booths, Ger man beer, automat restaurants, and regulated traffic, Paris is rapidly undermining in equally important, if less spectacular ways.
 This spring has seen many odd changes. The students along the Boulevard St Michel have adopted Ia more uniform, if less picturesque dusty berets, boards and baggy trousers, they are getting their hair |cut, wearing plus fours, no hats, and shining their shoes. The only |adjective which describes these latter days Rodolphos is that they lare looking sporty. Although col llege sport still is not on the cur riculum of French universities, this tendency toward swanky ap- lparel Is considered as a herald of worse things to come. One Parisian editor bemoans the fact that France to-day has only to see the advent of the Sorbonne Eleven, or the lBeaux Arts Varsity whereupon the lfount of knowledge will dry up.
 | War. Only Game
 There are many Frenchmen who
 still cling to the idea that the
 young man gets sufficient physical
 exercise in the French army, and lthat the only game wherein French
 men might enter with something
 of the Varsity spirit is the game
 Another change noted recently Twas the prompt response which