davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
BREAKS OFTEN END
EARLY IN THE YEAR
Nine DepreSSions in Past so
Years Have Turned in
February or March.
Dispatch to The Star.

Special Dispatch to The star
CHICAGO. February 2l-Nine Of the
IL notable depressions in the past so
years have ended definitely in either
February or March. or have shown q
decided upward trend in that period,
says a survey by the Standard American
Corporation, which points to the special
significance that may be attached to
any signs of business revival coming at
this time.
With only one exception. continues
the survey, every major depression since
1880 has shown reaSSuring signs in
either or both of the months. The
upturn which ended the severe depres-
sion of 1884 is typical of this fact.
while the long depression of the
ninetleS turned abruptly into a period
OF prosperity in February, 1898.
The World War depression reached
its extreme low point in January, 1915,
and climbed back towards normalcy
with surprising speed in the two months
following" the survey relates. Along
somewhat similar lines. the postwar
depression seemed 10 enjoy its most
rapid recovery with the first signs Of
Spring in 1921.
In the case of the present depres-
sion, the only real improvement of con-
dltions in 1880 occurred in February
and March. The impetus at that time.
however, did not seem as strong as at
present and the effect was not lasting
enough to end the depression
Probably the most significant fact
about this apparent weak spot in de-
preston movements is that it seems to
be caused by a decided and natural in
crease in optimism over the prospects
Of Spring-plus the usual seasonal
trend.
That this same optimism may now
be at work in commerce, industry and
finance is shown by the recent spurts
of the stock market under conditions
which at the time hardly seemed to
warrant such active price changes. This
general uplift in tone. however, is quick
to result in increased buying on the part
of the public and a general improve
ment in the whole business structure.
Furthermore. after periods of limited
buying on the part of the public, the
general need for new clothes. new fur
nishings, new automobiles, and other
products of everyday use is particularly
keen at this time of the year.
An of these facts contribute TO the
belief that the coming weeks may wit
ness substantial rise in activity in
business and finance" the survey con-
cludes.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
RAILROAD EQUIPMENT
PURCHASE is PLANNED
By the Associated Press.

By the Associated Press.
NEW YORK, February 21.-Henry A.
Scandrett, president of the Chicago,
Milwaukee, st. Paul & Pacific Railroad,
said that the road will buy $4,000 tons
Of rail this year and, although it has
made no provision in the budget for
such a purchase, it is considering buy
ing additional locomotives.
Excluding the probability of the pur-
chase of locomotives. the roads budget
for additions and betterments this year
will amount to approximately $l5,000,-
900, he said.
Pointing out that the budget for 1890
was much larger, he said that last
year as we'll as in the two preceding
years. 1t was necessary to purchase sub
stantial amounts of equipment. Our
rolling stock is in such good condition
that we will not buy additional equip
ment in 1881, even if conditions were
normal" Mr.. Scandrett said. I'VE have
a firm hold on expenses
Mr.. Scandrett said the impression
he received from an inspection trip
through the West, Far West Middle
West and East was that pessimism was
becoming somewhat less"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
PRINCE { WHITLEY
ASSETS S11,69B,S32
Irving Trust Puts Liabilities
at $16,462,253 in Letter
Sent to Customers.
Special Dispatch to The star.

Special Dispatch to The Star.
NEW YORK, February 2I.-The Irv-
ing Trust Co., receiver for the firm Of
Prince g. Whitley, which failed on Oc-
tober 8, 1880, is sending statements to
the customers of the firm, except those
Of the Chicago Office, which declares in
part:
/. Statement of customers accounts
with Prince g. Whitley showing transac-
i tons, If any, from September 80. 1880
(the last date as of which regular
sent out by Prince G. Whitley to and
including October 9, 1890. the date of
the filing of the involuntary petition in
bankruptcy In New York; and (2) state
| ment showing the liquidation value Of
the account as of October 9, 1880, which
Is the amount, if any. for which the
customers appear as creditor or debtor
OF the firm. This statement is referred
TO below as the "Hquidating statement. -
IN connection with these statements.
the. customers attention is called to the
following: % Any securities long in the
account which were registered in the
customers name and unindorsed or
which were registered in ether names
and assigned to customer or nominee.
nave been shown separately on the
llquidatlng statement and have not beer
included in determining the liquidation
value of the account. (2) all other Sc
| curities long in this account, if any,
nave been valued on the basis Of mar
ket prices prevailing at the elise of
| business on October g. 1890 as deter
mined by the receivers accountants. il
no value is stated no quotations Tor
such securities were obtainable; 90 the
values OF securities short in each &C
count. if any, have been debited in the
customers liquidating statement on the
| oasis or market prices prevailing at the
close of business on October 9, 1880. as
determined by the receivers account
| ants; (4) securities which were set aside
by Prince & Whitley in separate vault
| Tor specific accounts have been desip-
| mated in the liquidating statements by
| the legend SIX; go only such divi-
| GendS, if any, the record date for which
| was on or before October 9. 1880. have
been credited to each account, and t6)
| deliveries from and other adjustments
! in each account, if any. subsequent TO
October 9. 1880 and prior to January
70, 1881, are shown on your lquidating
| statement
| Irving Trust states in the letter that
1t does not feel justified in attempting
| to estimate how many cents on the
| dollar may be ultimately realized by
general creditors on their claims, since
it is impossible to foretell how manJ
securities now in the receivers posses
sion will be reclaimed by customers. OF
TO estimate the amount thst will be
realized from securities to be sold. etc
| Total assets and equities are placed
by the receiver at Sl1 .698.8 1892 and liza
ollltles at Sl6,462.253, making a deffci-
420.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
PUBLIC is INCREASING
MARKET COMMITMENTS

Special Dispatch to The Star.
NEW YORK, February 21.-The in
crease in brokers loans in the past two
weeks of s56,0OO,O0O is one of the evil
dences of growing public interest in
the stock market 1t suggests that
stocks are being bought on margin
again, though not in sufficient degree
to affect what has been the strongest
technical market feature, namely, its
liquidated position.
Commission houses have found many
of their customers anxious to follow
the upward trend after having been
quiet for months. They are not en-
couraging them, however, to ride along
with the market in a promiscuous way,
but to be very selective in their pur-
chaseS and to take profits from time
to time. There is still a strong under
current Of suspicious of the rise and
fear that too great an advance might
have the sequel of another sharp de-
cline. This is something Wall Street.
more than anything else, wishes to
avoid.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
Financial District Notes.
GENERAL MOTORS STOCK
is WIDELY DISTRIBUTED
Ry the AssocIated PC

BY the Associated Press
NEW YORK. February 2l.-Thc
amount Of General Motors common
stock available for trading purposes, as
represented by shares held in brokers
names, decreased nearly so per cent IN
the year ended January 81.
During the same period the approx
mate number OF common stockholders
increased 1872 per cent.
AS of January 81. the number Of
shares in brokers names totaled 2,655,-
800. or 81 per cent OF the total out
standing, compared with 5,123,200, or
1I.S per cent of the total outstanding
FEBRUARY Is, 1880. The actual decrease
was 48.2 per cent.
The number OF shares held by in
yestors as of January 81 was 40 844 200,
or e3. g per cent of the total outeFanding,
an increase Of 2467, 400 shares or ga
r1er cent over total Of 80 ,376 800 shares
February Is, 1880.
Common stockholders as of January
81 Appropriated 26e, an increase OF
50,759.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
DROP IN EARNINGS

NEW YORK, February 81 R.-Ag-
gregate returns of SGT large CORPORA :
tions which have reported 1880 earnings
to date show a level of income equal
to 66 per cent of the high total re-
ported for 1929, compilation by stand
ard Statistics Co. shows. For 423 of
these companies. the survey says, COM
parable figures are available for the past
-FOUR years, and, combining these units,
OF 1928 levels and 88 per cent of the
total for 1927
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
NEW YORK STOCK EXCHANGE


Note-An stocks sold IN hundred-share lots
excepting designated by the letter 80) (250s),
which shows those stocks were sold in odd lots.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
STOCK LIST RISES
TO NEW HIGH MARK
All Groups Participate in Ad-
vance During Active Short
Session.
BY CHARLES F. SPEARE.

Special Dispatch to The Star.
NEW YORK, February 21-Addi-
tons to the list of new high prices
for the year were made today in each
one of the important groups of stocks
The average Of industrials and public
utilities was further advanced and now
exceed by several points that level
toward which they had been working for
some time and finally passed on Thurs
day.
Many issues that have been hanging
back throughout the recent broadening
of the market were taken up today and
pushed into new high ground. In
spite of the fact that the Stock Ex
change will be closed on Monday, there
was only moderate amount of profit
taking, which gives good promise for
favorable developments with the re-
opening of business next Tuesday.
Gain Has Been Steady.
The strength of today's market was
due chiefly to its past action. It's best
asset at the present time Is its steady
gain rom day to day and its ability
to al jrb the supply of stocks offered
by II syitutions, pools and to a consider
able extent by the short interest. The
public has undoubtedly been impressed
by the sustained strength of leading
nipulati of some of these shares was
abandoned few days ago. Transac-
tons today were the largest for half
day session in some time.
Prominent among the public utilities
for activity and strength were Interna-
tional Telephone. United Gas Improve
ment. United Corporation. American g.
Foreign Power, American Power & Light
and Consolidated Gas, all of which sold
at best prices of the year. The copper
stocks were helped by higher quotations
abroad Anaconda broke through 40
and Kennecott through 30. United
States Steel went fractionally above its
previous high price. So did General
Electric.
Radio Is Feature.
There was heavy trading in Radio
Corpora icn stock at level 10 points
above the low of last December. Gen
eral Motors was dealt in close to its re-
cent high price after having during the
week shown considerable Sluggishress
and reaction of 2i2 points, which has
now been recovered. About half a
dozen Of the low-priced automobile
stocks Joined the list of those reaching
the best figures of the year.
Rails were quiet in anticipation of The
January statements. which will be fled
next week, but Baltimore e. Ohio and
New York Central practically exceeded
their former high prices. A new group
to follow the general trend was that
composed Of the rubber and tire COM
panv stocks Although the leading oils
were backward, there were two members
of this group Houston and Mexican
Seaboard, which reached 1881 highs.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
COTTON SPINNING.
BY the Associated Press.

BY the Associated Press.
The cotton-spinning industry was re-
ported by the Census Bureau today to
have been operated during January at
S0.8 per cent capacity on a single-shift
basis, compared with ISL per cent in
December and 1908 per cent in Janu-
ary last wear.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
Interest Payment Passed.

BALTIMORE, February 81 (SpeciaD
Seni-annual interest, due March /,
on the Washington, Baltimore & An
nauolis Electric Railway Co.'S first SIS
will not be paid, it was officially an
founcsd at the Office Of the railway
yesterday.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
U. S. TREASURY BALANCE.

The United States Treasury balance,
announced today as of close of bust
ness February 10, was $160, 374275.02.
Customs receipts for the month to date
were $17,693. 43752. Total ordinary ex-
penditures. s6,592, 31226.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
Auto Installment Sales.

BY the Associated Press
Automobiles sold on installment last
year were estimated by the Commerce
Department to have numbered 2, 995. 622.
and to have entailed a credit extension
during the year of 81 229 965. 600
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
First Mortgage Loans

Lowest Rates of Interest and Commission
Thomas J. Fisher & Company, Inc.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-06

Sheep and lambs-Receipts, 1000
mead; moderate supply, market steady;
sheep. 1.40a4.00; lambs, 4.50a1O.25.
Hogs-Receipts, 1000 head; moderate
supply market higher: lights, 8.85a9 10:
heavies, 7.75a8.45; medium, 8.s5a9 10;
roughs. 5.25a7.00; light pigs, 825as so;
pigs, 8.50a5.S0.
Calves-Receipts, 500 head; light sup
ply, market higher; calves, 5.00al0 90
Hay and Grain.
Wheat-No. 2, red Winter, export,
631s; No. 2, red Winter, garlicky, spot,
e3b; April, 831s; May, 845s.
Corn-No. 2, domestic, yellow, old,
75a76; cob corn, new, 4.00a425.
Oats-White, No. 2, new, 401aa41;
No. 3, 39l2a40.
Rye-Nearby, 55a6O.
Hay-ReceiptS, none. General hay
market Is quiet. Receipts ample, but
no surplus offered of heavy clover
mixed. Such types bring a premium
of 1.00a3.00 per ton, depending on the
amount of clover. Fair to good timothy
ranges from 24.00a26.00 per ton.
Straw-Wheat straw, No. /, per ton.
10.00al1.00; oat straw, No. /, per ton,
1100a12.00.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-06
BUSINESS RECOVERY
IS DECLARED NEAR
Trade Experts See Critical Period
in Emergence From
Depression.
Special Dispatch to The Star.

NEW YORK, April 6.-The beginning
Of the second quarter brings no break
in the monotonous movement of busi-
ness along the bottom on which it has
been humping for five months, says the
Business Week In its report covering the
week ended April 4. The Sping Stimu-
lus has been scarcely more than season.
al, and the index, after allowance for
this factor, so far shows no certain sign
CT rise from level about 20 per cent
below normal for the week ended March
%. This compares with Oil per cent
in the week preceding and $50 per cent
in the same week last year.
Steel has lost a little of its momen-
tum. as it usually does after March, and
automobile output is increasingly eau
tious. But electric powerproduction re-
fleets a slow growth in general indus
trial activity. construction is encour-
agingly active and carloadings suggest
an increasing movement of merchandise
for Spring trade. Best of all, the
drought Is routed and crops are promis-
ing. But declining stock and commod-
1ty prices, weakening bond markets and
chronic credit contraction show con-
tinued lack of business and banking
confidence here and abroad.
Although critical period for early
business recovery is approaching, there
is still no hint of any major move to
hasten it. With all Europe embarked
upon an international race for starva-
ton" through wage cutting, and our
financial interests still seeking salvation
overseas rather than in domestic devel-
opment, American standards hang in
the balance and need bracing with bit
of business backbone.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-06
FOREIGN BOND LIST
IS UNDER PRESSURE
South American Issues Par
ticuIarIy Weak as Offer
ings Increase.
BY F. H. RICHARDSON.

Special Dispatch to The Star.
NEW YORK. April 6.-The feature
of bond trading today was renewed
weakness in the South American group
Of dollar bonds, especially those of
Brazil, its states and cities.
Some of the selling was traceable to
London, where interest payment on a
City Of Rio de Janeiro issue was re-
Gently deferred. It Is pointed out that
heavy interest payments on the bonds
of the Brazilian government, of the
City of Rio de Janeiro, the City of
Sac Paulo and the state of Sac Paulo
and Rio Grande Do Sui are due in this
market during the next so days Some
doubts as to the ability of these gov
ernments to pay all the interest we're
reflected in todays price declines.
Brazil 61as were of over a point.
Brazil IS declined points. Rio de
Janeiro 8s dropped point. Sac Paulo
6s were of several points, and there
were comparable declines in all Rio
Grande Do Sui and Sac Paulo state
bonds. Elsewhere heavy LIQUIDATION
depressed Pernambuco rs, Minas Ge-
raes 61as, Colombia IS. Chile Mortgage
Bank 634s, Cundin 'Marca SIPS and
Antioquia Is.
I1CdNHlcSS WAS nOUeQ III the balance
of the foreign list, but declines were
held to small proportions. German
government S l2s, Preparations Is, Ger
man municipals and Austrian bonds
were the most active losers Premier
Lang of New South Wales injected
fresh pessimism into the outlook for
New South Wales bonds in particular
and Australian bonds in general with
his new proposal for Soviet govern
ment.
The domestic bond list was quiet, with
Few price changes Of significance. The
prime group was generally firm, includ-
ing American Smelling e. Refining SIS,
American Telephone SIS and SIPS, At
Gibson General As, Brooklyn nhattan
Transit 6s, Canadian Pacific As, Column
bia Gas SC Electric SIS, Great Northern
rs, National Dairy 514s, New York Gen.
trail AVS, North American Co. SIS.
Pennsylvania 4Hs, Philadelphia Co. S.
Southern Pacific Avs, Standard Oil of
New Jersey IS, Standard Oil of New
YORK AIS, Utah Power a. Light SIS.
wheeling Steel 412s and Youngstown
Sheet & Tube SIS.
Early strength in stocks was reflected
in bonds with convertible or stock
option features. The same influence
was responsible for advances in Junior
issues such as Erie SIS of both 1867 and
1875; international Paper SIS, Phillips
Petroleum 5Hs, Southern Railway Cen
eral As, Goodrich 61ks, International
Match Debenture SIS and Dodge Bros. IS
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-06

1928; guinea fowl, each, 5oa75; pigeons.
pair. 30a35.
Eggs-Receipts nearby firsts, dozen,
2lh; current receipts, 20k.
Butter-Good to fancy creamery,
pound, 26a3l; ladies, 22a23; rolls, 18a20;
process, IS; store packed, 16a17.
Live Stock Market.
Cattle-Receipts, 500 head; moderate
supply; market dull.
Steers-Choice to prime, none; good
to choice, 8.50a9.00; medium to good,
7.25a8.25; fair to medium, 6,5Oa7 90:
plain to fair. 6.00a6.50; common to
plain, 5.00a6.00.
Bulls-Choice to prime, none; good
to choice, none; medium to good, 5.0Oa
$50; fair to medium, 4.50a5. 90; plain
to fair, 4.00a4.50; common to plain,
350a4.00.
CowS-Choice to prime, none; good
to choice, none; medium to coed, 4.5Oa
$50; fair to medium, 4.00a450; plain to
fair, 3.00a4.00; common to plain 2.O0a
800.
Heifers-Cho to prime, none; good
to choice, none; medium to good, 7.00a
$50; fair TO medium, 6.00a7 90; plain to
fair, 5.50a6.00; common to plain, 4.50a
5.25., -
Fresh COWS and sprinsers, a.ooa7.0O.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-06
BY CHARLES F. sPEARE.

Special Dispatch to The Star.
NEW YORK, April 6.-Wth the pub
LEGATION of the report Of the General
Motors Corporations for 1880, the three
largest concerns in their respective fields
of industry-power and light and steam
ransportation-have revealed their
earnings to shareholders during the
most depressed business period in q
generation. In each case they have
been able to show surplus over the
dividends paid on their stock.
These companies, in addition to Cen
eral Motors, are the American Tele-
phone g. Telegraph and the Pennsyl-
vania Railroad. While two of them, Gen.
eral Motors and the Pennsylvania Rail-
road had a sharp reduction in their gross
revenues. the American Telephone &
Telegraph Co. was able to indicate
per cent gain in operating revenues over
1929. but showed a falling off in net
earnings from $12.67 to 1904 per share
PennsyIvania's Earnings.
The Pennsylvania Railroad earned
the equivalent Of 1855 per cent on It's
outstanding capital stock in 1890, COM
pared with 1884 per cent in 1929. Gen
eral Motors experienced a reduction OF
nearly IS per cent in its net sales, earn
ing the equivalent of 1925 on It's a.
500 600 shares of common stock, against
IS 49 q share in 1929.
The significant fact is that in a year
in which. according to the April Ma
tional City Bank circular, 1900 cor
porations showed a reduction of over
Al per cent. or $2,445, 100000 in net
profits, compared with the 1929 level
these three leaders were able TO cover
their current dividend payments on
their Sfnnks and NIT aside q fairly eYh-
stantial balance for their surplus &C
counts.
OF course, the situation in the March
quarter of this year with all of these
companies has not been so satisfactory
It Is we'll known that the dividends on
General Motors common and Pennsyl-
vania capital stock were not earned
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-06
Lorillard Proxies Asked.

NEW YORK, April 6 LR.-Benjanin
L. Belt, president of p. Lorillard Co,
has addressed letter to stockholders
asking for their proxies, to be voted in
ratification of the election of directors
and officers at the recent regular meet
ing.
Recently suit was filed in Supreme
Court. Trenton, N. j., by minority in
terestS and Supreme Court Justice
Campbell issued an order directing Mr..
Belt and other officers to show cause
on May why the election should not
be set aside and new one held.
There was no vote on the company's
bonus plan at the Meeting March 10,
as the Court of Chancery in Jersey
City. N. j., previously had issued q.
temporary injunction restraining hold
ers from passing upon the plan.
Scott g. Stringfellow of Richmond,
Va, who oppose the plan, have written
stockholders asking for their proxies.
They represent II stockholders In Rich
mond.