davidaulloa/AmericanStories huggingface dataset:
Evening star., 1931-05-23
BANKS CONSIDER
INDUSTRIAL BONDS
Committee Would Extend
List of Legal Investments
for Mutual Firms.
By CYRIL B. UPHAM.

Mutual savings banks would be per-
nitted to invest in not only the bonds
Of industrial, concerns, but in common
stocks as well, II the suggestion Of the
Investment Committee Of the National
Association OF Mutual Savings Banks
in convention here this week, IS
adopted by the States in which those
institutions operate A savings bank.
they say, Is an investment trust, and
should be able to buy equities.
This would enable the banks, It Is
contended. to "play considerable part
in stabihzing the economic process" by
buying stock and selling bonds at a
time like the present and. conversely,
selling stock and buying bonds when
stocks are over-valued as they were in
1920.
Use Of Industrial Bonds.
The Committee on Investments in its
report to the convention fails ito see
any reason why industrial bonds are
not well worthy OF consideration for
inclusion In savings bank lists" along
with railroad and utility issues. Rail-
road bonds. which have been eligible
for such investment for 80 or 40 years,
have been found reasonably satisfac-
tory" Public utility bonds. only re-
Gently recognized as desirable savings
bank investments, are fully entitled to
such status" Industrial bonds have not
yet reached the position of legal savings
bank investments, but 1t is recon-
mended that under some method Of
exact definition those of undoubted
soundnesS be included.
Another recommendation Of the COM
mittee was for less legislative regula-
ton of investments for savings banks.
In Maryland and Delaware, where there
is no attempt at regulation whatever,
the safety of savings has in no way
been jeopardized. Broad, general prin-
ciples for the wise and prudent invest
ment Of trust funds are sufacient, the
COMMITTEES believes. It even suggested
annual publication Of investment hold
ings as a possible substitute for legal
regulation.
The FIRST complete analysis Of mutual
savings bank assets ever made was dis
tTibuted to the delegates. It showed
that the assets of the 601 banks of this
type operating in the United States
Evening star., 1931-05-23
TURNING POINT is SEEN
FOR FURNITURE INDUSTRY
BY the Associated Press.

BY the Associated Press,
TORONTO, ontario. May 23.-The
furniture manufacturing industry Is
nearer TO q turning point than IN
dustry In general. Frank E. Seidman Of
Seidman & Seidman, accountants serv-
ing the furniture industry, told the
National Association of Furniture
Manufacturers yesterday.
Mr.. Seidman pointed out that where
as general industrial production forged
ahead during the years 1927 to 1929.
furniture production during those
years declined substantially. :.
"As a result" he said. 'the furni-
ture industry Is now in a more thor
oughly hquidated condition than in-
dllstry in general, and should normally
be approaching q turning point"
Evening star., 1931-05-23
CIGARETTE COMPANY
FOR GERMANY FORMED
h II. Associated Pres.

~ the Associated Press.
Z NEW YORK, May 23.-Formation of
q new corporation, the German-A Anaeri-
can Tobacco Co. for the manufacture
tn Germany Of the popular American
type Of blended cigarette was an
t1ounced yesterday.
The company was organized by Fry
Kenaya, president Of the Standard
Commercial Tobacco Co., and asso-
eiates and plans TO begin soon opera
ions on q large scale. Mr.. Kehaya
aaad IL Is expected the new company
viii take over the Werkhof cigarette
factory at Bremen, which Is owned by
the Standard Commercial Tobacco Co,
- the nrst step in its operations. and
wiil market cigarettes In Germany on
An extensive scale. through the adop-
kion Of American methods of adYertis-
fng and exploitation.
He said that at present Germany
consumes cigarettes made Of Oriental
tobacco almost exclusively and that the
eearefts industry there Is stin Ia ia
lX|.'.||0'|
Evening star., 1931-05-23
Southeast

3rd and Pa. ave.-O'Don-
nell's Drug Store. 1t
9Th and Eye sts.-F. r.
Weller's Pharmacy.
11th and Pa. ave.-Eea-
ly's Pharmacy.
1907 Nichols ave-, Anac0s-
tia-Healy's Drug Store.
18th and East Cap. sts.--
Lincoln Park Pharnnacy.
1904 Minnesota ave
Twining City Drug
Store.
No fees In connection
with this service cnIy
regular rates are charged.
Evening star., 1931-05-23

11th and Park rd.--Arm-
strOng's Pharmacy.
18th and r sts.-Day's
Pharmacy.
1135 14th st. ~ Marty'S
Cigar & Magazine Store.
18th and Que sts.-Ken-
ner'S Pharmacy.
18th and U sts.-G. o.
Brock.
29O1 Georgia ave.-Har-
ward Drug Store.
2S12 14th st.-CollifIower
Art e. Gift Co.
3401 14th St.-Br0naugh's
Pharmacy.
14th and Buchanan sts.--
Hohberger's Pharmacy.
14th st. and Colorado ave.
-O'DOnnelI's Pharmacy.
1909 Mount Pleasant ST.
Mount Pleasant Cigar
and News Shop.
1773 Columbia rd.-The
Billy Shop.
2162 California st.-CO.
IOdny Brothers.
Wardman Park PhaFmaacy.
N. Y, N. j. aves. and NJ st.
Sanitary Pharmacy.
1St and X StS.-Duncan's
Pharmacy.
7th and X sts.-GOlden-
berg's (time clerks
desk.
7th and % sts.-LincoIn
Drug Store.
7th st. and r. I. ave-.
French Simpson.
11th and NJ StS.-L. Fl.
ForSter's Pharmacy.
9th and u sts.--M. Fl.
HuntOn's Pharmacy.
Ga. ave. md UpShur St.
Petwcrth Pharmacy.
221 Upshur st.-MOnck's
Pharmacy.
5916 Ga. ave. - Bright
wood Pharmacy.
Ga. ave. and Kennedy st.
-Lampkin's Pharmacy.
29O1 Sherman ave.-Sher-
man Ave. Pharmacy.
6224 3rd st. - Stewards
Pharmacy.
1908 Mass. ave.-DupOnt
Pharmacy.
18th and Fla. ave.--Bern.
STEMS Drug Store.
Fla. ave. and 1st st.--N.
Reiskin.
North Capitol st. and r. I.
ave. - Parker'S Phar-
nlacv.
1742 Pa. ave. II. Louis
Krick.
21st and G sts.-Quigley's
Pharmacy.
25th st. and Pa. ave-.
Herbst's Pharmacy.
1915 Conn. ave. - J0ll's
Newsstand.
$500 Conn. ave.-CircIe
Confectionery Store.
Wisconsin ave. and Ma
comb st-Harry C. Taft.
1921 Wisconsin aRe.-Mor-
gan Bros Pharmacy.
Takonfa Park, 259 Cedar
et. - Ma. t.t5::..-Iy E-As.
Pharmacy. ~
Evening star., 1931-05-23
Northeast

EOS Mass. ave. Capitol
Towers Pharmacy.
9TH and II sts. ~ Home
Drug Store.
S07 III st.-GaPren's Music
Store.
18th and Md. ave.-Luck.
ett's Pharmacy.
7th and Md. ave.-LOuis
F. Bradley.
North Capitol and Eye
Kenealy's Pharmacy.
Goth and r.. I. ave.-COI-
Inns Pharmacy, Wood
ridge.
$500 18th st.-Bro0kIand
Pharmacy, Brookland.
4th and X. I. ave.-John
G. Biggs' Pharmacy.
Chesapeake Junction-Dr.
r. L. Wight, jr.
Evening star., 1931-05-23
SoGsthu,esf

10th st. and Va. ave..
Herhert's Pharmacy.
S16 AZ st.-Harris' Drug
Store.
~ and L sts.--COlumbia
Pharmacy.
Evening star., 1931-05-23

ROesivea by Private wire Direct The Star once

Note-An stock are sold In one hundred share IsAs
excepting those dedgnated BY the letter tS0sl (2SO,
which shows those stocks weRe sold In odd lots.
Evening star., 1931-05-23

DAYTON, Ohio. May % tF1.-Capt.
Ugo v. D'Annunxio president Of Isotta-
Fraschini Motors, Inc, and son of the
italian poet. has been elected president
Of Dayton Airplane Engine Co.
Evening star., 1931-05-23

First Mortgage Loans
Lowest Rates Of Interest and Commission
Thomas j. Fisher q Company, Inc.
Evening star., 1931-05-23
First Trust Money

Available at PFevalllns Rates
Prompt Confederation 81 Your Application
A. c. Houghton & Co., Realtors
1918 n Sc. NV. District TS8s.TSsT
Evening star., 1931-05-23
Money to Loan

Secured By nPst deed Of trust on real estats,
Prevailing interest ana eomnaission. -
Joseph |. Weller Sc s,w w.sA; "a 1 ( 2 Trys. =
Evening star., 1931-05-23

F. w. Woolwurth Co. sales have been
steadily increasing since the close of
April, and increased business Is looked
for In the second half Of the year,
stockholders were told at the annual
meeting.
Directors Of the Mexican Seaboard
Oil Co. announced that it has been de-
cided to change the company's name
to Seaboard on and Gas Co.
The Washington times., 1931-07-25
COTTON PRICES
ARE EASIER

NEW YORK. July IS G.NsJ.
Trading in cotton futures on the
New York cotton exchange dur
ing the first hour today gave in
dications that the break under
way at the previous close when
the market sold off $50 a bale
was halted temporarily at least.
The market sold slightly off at
the first call under Southern and
European selling but then firmed
up on weekend short covering.
Liverpool was weak in the early
trading, but closing bids were in
line with due prices. Trading was
scattered and mixed. There was
a good demand in the way
of price fixing orders and also
buying by professionals and Wall
Street. Locals and commission
houses sold. Observers around the
ring reported buying orders under
the market.
AL GLle SIdLC VI CIl0 1lIld1 uOuI,
October sold at 9.06, off 2; De-
cember at 9.27, off 2; January at
9.43, up Q; March at 9.57, off 5;
and May at OFT, unchanged.
The Southern Cotton Company
foecast the Texas crop as of July
20 at 4,680,000 bales against A.
039. 900 produced last year.
The Mississippi forecast was
put at 100000 bales against L.
464, 900 bales produced last year.
The Washington times., 1931-07-25
Mcclellan Stores
Double Net Profit

Mcclellan Stores Co. reports for
IL months ended June 80. 1881,
profit of $538,019 after all charges
except Federal taxes. For year
ended December 81, 1890, profit
on same basis was $257,512.
Income account for IL months
ended June 80. 1881. follows: Net
sales $23 3,929,54 costs, expenses,
interest, etc. Qess other income) +,
$23,013,429; balance $916,115; de-
probation and amortization $378,-
096; profit before Federal taxes
$538,019
The Washington times., 1931-07-25
Moratorium Is Considered
For South Americas

not known. Through various
economies the governments were
er.ab,od to improve their budget
ar positio" so that, with few ex-
ceptions, they have the necessary
amounts of local currency to meet
their external debt service.
In order, however, to convert
these local currencies into foreign
exchang-, it is necessary to
have balances abroad. In the
past, these balances Lave been
accumulated eithe' through the
existence of an excess of exports
over imports, through borrowing
abroad, or through direct invest
ments by foreigners, notably
Americans, in the natural re-
sources of the countries.
In recent years, however, due
to the stagnation Of industry and
trade and primarily to the rapid
decrease in the prices of the prin-
cipal commodities produced in
South America, the excess Of ex-
ports over imports has fallen be-
low that of 1928 or 1929.
Foreign Loans Few
Foreign loans have practically
disappeared and the movement
of foreign capital to South Am
erica for investment purposes has
been greatly reduced, so that
today the various South American
countries depend primarily on the
excess of exports over imports
for the necessary foreign ex-
change.
Since this amount is not suf-
ficient to meet the external debt
service of the various countries,
they are forced to export gold
which, in turn, results in a re-
duction of credit and currency.
Those who advocate a mora
toriun1 for South America have
in mind the adverse balance of
payment position Of the various
countries. They feel that if South
America we're temporarily relieved
of meeting its external debt SER
vice, either entirely or in part,
the countries would be able to
make a faster recovery.
The Washington times., 1931-07-25
CHICAGO LIVESTOCK

CHICAGO, July 25 GN.sJ.
Hogs-Receipts, 1000; market. Is
@25c higher. Top, 1925; bulk,
$6@8; heavy, $5.75@7.40; me-
dium, $7.25@8.25; light. $1,000
8.25; light lights, $7.40@8; pack
ing sows. $4.50@5.85; pigs, $6.75
@7.50. Holdovers. 5000.
Cattle-Receipts, 700; market
steady. Calves, receipts. 100; mar
ket steady. Beef steers, good and
choice, $7@8.25; common and
medium, $566.50; yearlings, 500
8.75. Butcher cattle, heifers, $3.50
@8.75: COWS, $3.25@5.50; bulls,
$3.50@6: calves, $6.50@8.5O;
feeder steers, $4.50@7; stocker
steers, $406.75; stocker COWS and
heifers, $3@5.50. =,
Sheep-Receipts, 1000; market
steady. Lambs. $7.50@8; com
mon, $4.5O@6.5O; feeders, $50
SIS; yearlings, $5@6.5O; ewes
$l,5O@3.50.
The Washington times., 1931-07-25
TRANSACTIONS
TOTAL ONLY
100000
Losses Mostly Fractional
For Speculative Leaders,
With Few 2-3 Point Drops

NEW YORK, July rs dNs0.
Stocks drifted to slightly lower
price levels today in the usual
dull and featurelesS weekend
market.
General conditions on the big
board we're unchanged from the
last three days. with Just enough
dribbling of selling orders to pre-
vent any of the attempted rallies
from gaining a footing. Losses in
the speculative leaders we're
mostly fractional, with an occa-
sional two and three-point drop in
q high-priced speciality.
Only 100000 Shares Sold
Transactions on the big board
totalled 100000, equaling last
Saturdays low record.
United States Steel, around
which the dwindling speculative
interest was centered. revolved
within a price range of 3s Of a
point. The stock opened and
closed at 9014, down 3s; broke to
89H and rallied to 9012.
At the low of the day it had
surrendered all of the IS points
acquired on the moratorium boom,
the stock having travelled from
897s to 10424 in the 10 days Of
their rally. Similar records were
made by a dozen or more of the
favorites, though Big Steel has
had to contend with poor earnings
and dividend-reduction talk.
Averages Off Half Point
American Can also closed frac-
tionally lower at 973s. General
Motors was unchanged at 367s;
Auburn Auto down 4 at 1854:
North American unchanged at
6T12: Bethlehem Steel down about
a point at 413s; American Tele-
phone and Telegraph down a
point at 174; General Electric un-
changed at 401s; Allied Chemical
down a point at 113; Standard
Oil of New Jersey down "a at
S6h; National Biscuit down 13s
at 567s.
The Dow-Jones averages showed
o loss of about half a point on
80 representative industrials, 20
rails and 20 utilities.
The Washington times., 1931-07-25

The granting OF a moratorium
to European countries on inter
governmental war debts, including
reparations, has caused a great
deal of discussion in South Amer.
lea, where it is felt that this
movement may also lead to a
similar step for the various South
American countries, notes the
Business Conditions Weekly of
Alexander Hamilton Institute.
The South American countries
have, without exception, been seri'
ously affected by the worldwide
economic depression.
The prices of the principal
commodities produced in Latin
America, such as coffee, oil, cot
ton, sugar and wool, have all de-
creased sharply, resulting in re-
duction in the exports OF the
various countries.
Trade Balance Reversed
This decrease in exports ad.
versely affected the balance of
payments of the various countries
which, in turn, resulted in loss
of gold and foreign exchange by
their respective central banks and,
in some cases, in a depreciation
of the currency.
In order to counteract this
movement, the several govern
r1ents raised their import duties
and endeavored to curtail imports
as much as possible. While the
reduction in imports led to an i'm
proven 2nt in the balance of
trade, it also resulted in sharp
decrease in the revenues of the
government derived from customs
duties.
The result of this situation was
that the declining revenues
forced the governments to reduce
their expenditures in order to
maintain the equilibrium Of the
budget.
Position Difficult
That the South American coun-
tries are in a difficult position is
generally known, but that most
of these countries are confronted
with serious transfer probleI is
The Washington times., 1931-07-25
SAC To NEW
Low ON CURB

NEW YORK, July IS QNS.).
Curb stocks continued to present
soggy appearance at the week.
end today, although sufficient
short covering was in evidence
to prevent any further material
decline in prices.
Utilities were slightly easier all
along the line. An illustration
of the severity of the decline is
evidenced by the fact that the
largest loss was chalked up
against Associated Gas and Elec-
trio A, which was % lower at
1918. Electric Bond and Share,
American and Foreign Power war
rants, Electric Power and Light
warrants, and Niagara Hudson
Power were off but nominally.
Standard Oil of Indiana sagged
to a new low on the current
reaction, dropping to 241s for a
loss of 2s. Vacuum was sympa-
thetically reactionary showing a
loss of almost a point at 427s.
Specialties were moderately re-
dictionary, with Western Air Ex-
press dipping "a to a new low
for the year at 11A. and usually
active favorites such as Wool
worth, Ltd. Aluminium and Deere
ruling fractionally lower.
Investment trusts backed and
filled at generally unchanged
levels.
Curb bonds showed fairly
firm undertone, with price changes
being generally in the direction
of higher levels.
The Washington times., 1931-07-25
ALMOST
QU|NTR|PLES
IN DECADE
$21 500 in General Electric
Common and Added Rights
Worth 500, 900 on July q
BY THE SPECTATOR

NEW YORK. July Is GN.SJ.
An example of the profits &C
cruing to long term investors in
the electrical equipment industry
is disclosed in a comparison Of
the price appreciation evidenced
in General Electric and Westing.
house Electric during the past
decade.
Purchased at the average price
in 1921, 100 shares of General
Electric common would have re.
quired an investment of about
$12,750.
Nearly Quintripled
Assuming that all stock div.
dends, ETC., had been retained,
and all rights exercised, an in.
vestor at this time would be hold.
ing 1897 shares of General Elec.
trio common, 63.5 shares of Gen.
eral Electric special, and $50
shares of Electric Bond and Share
common.
Exercise Of stock rights issued in
connection with the latter would
have necessitated an additional in.
vestment of $500. Securities
held as a result of the total outlay
of S21, 500 would have been worth,
when valued at July Fl, 1881.
prices, $4,000, thus showing
capital gain of over 450 per cent.
Westinghouse Electric fails to
show the same measure of appre-
citation as General Electric. Bought
at the average 1921 price, 100
shares of Westinghouse stock
would have necessitated an invest
ment of $4,570.
Gain Only IS Per Cent
AS a result OF a 10 per cent
stock dividend paid on May 21,
1924. and the exercise of rights
offered to stockholders in 1923,
1924, and 1929, holdings would
have been increased by the
present time to 178 shares and
the total investment to about
$4,000.
Based on the market price of
Westinghouse stock as of July 81,
1881, tbe total value of this in
vestment would have been around
$12,100, thereby showing a capi-
tai gain over the 10 year period
of approximately 35 per cent.
The Washington times., 1931-07-25
MONEY MARKET DULL

NEW YORK, July IS GNSo.
Call money was held over at
11a per cent. Today and 2 per
cent on the curb.
Bankers acceptance asking
rates were unchanged with 30 to
90 days at 7s per cent, 100 days
at l per cent, and $50 and 10O
days at Ia per cent.
Commercial paper was out;
with prime names quoted at IA
per cent.
The time money market was
dull and unchanged with 60 and
80 days at IA to IL per cent,
120 days at 11a per cent, $50
days at IA per cent, and l8o
days at IA to 2 per cent.
The Washington times., 1931-07-25
CLOTH PRICES LOWER

NEW YORK. July IS G.NSl.
Coarse yarn gray goods markets
were weaker today. The recent
drop in cotton resulted in more
interest in gray goods, but st
lower prices than have been heard
in the market since June. MANY
mills were we'll sold for the time
and were indiSposed to change
their prices for the moment, and
most of the market held a. the
levels prevailing the previous day.
Some lower prices came ouo IN
sheetings 7s. but trading was
The Washington times., 1931-07-25
Pennsylvania Hits
Stakeholder Peak

Pennsylvania railroad stock
holders reached new peak on
June l, 1881, at 241,454. On July
1, 1881, the total was 240.734, a
decrease of 720 from the June
peak.
Shares outstanding reached a
new high on July l at 13,160,257
shares as compared with 1908
I'll on Janury /, 1881.
The Washington times., 1931-07-25
Mid-COntineIt Oil
Prices Are Tilted

CHICAGO, July 25-Stanolind
Crude Oil Purchasing Co., Subsidi-
ary of Standard Oil Co. of Indi.
ana. yesterday posted a new mid
continent crude oil price for oil
Of 20 gravity and below at 80
cents, with a one-cent differential
UP to AZ cents for 40 degree and
above. Carter Oil Co.. subsidiary
of the Standard Oil Co. of New
Jersey and the Vickers Petroleum
Co, Kansas independent also
boosted prices.
The Washington times., 1931-07-25
Chevrolet Retail
Sale UD rs Per Cent

DETROIT, July 25.- Retail
sales of Chevrolet cars during the
second 10 days Of July showed
an increase of 16 per cent over
the like 1880 priod.
TIL first 20 days of July showed
a gain of IL per cent.
The Washington times., 1931-07-25
METAL BUYING QUIET

NEW YORK, July "a GN.SD.
Copper buying continued quiet
today both here and abroad. Pro
ducers we're holding at 8 cents a
pound delivered. while custom
smelters were offering limited
amount of the metal at 7A
cents. Electrolytic for foreign
shipment was unchanged at S.25
cents a pound c. i. +. Hamburg,
Havre and London.
Zinc buying was small with the
price unchanged at $50 to 4
cents a pound East st. Louis for
prime western zinc.
Lead buying was quiet with the
price unchanged at 4.40 cents a
pound New York, and 4,25 cents
a pound st. Louis.
The Washington times., 1931-07-25
FUTURES
CLOSE MIXED

CHICAGO, July Is G.NsJ
Closing grain prices we're mixed
on the Chicago Board of Trade
today. with wheat off fraction
ally and corn about steady.
The Washington times., 1931-07-25
TODAY'S MOST
ACTIVE STOCKS

NEW YORK. July IS U.N.s).-The
following are the high. low and closing
prices of the 10 most active stocks on
daV. g
The Washington times., 1931-07-25

Rooms, and many of them with
boarding convenIences, are listed for
Room Hunters convenience in the
Rental Columns of today's Classified
The Washington times., 1931-07-25
STOCK AVERAGES

Copyright. 1881, Standard
Statistics Company
1928 Average Equals 100
The Washington times., 1931-07-25
BOND AVERAGES

1881, Standard Statistics Coz
NEW YORK. July IS CNS.l.
The Washington times., 1931-07-25

10 10 10 80
The Washington times., 1931-09-07
BUTLER To SEEK
SEAT. REPORT

Political circles here today were
interested in apparently well
authenticated reports that Mai.
Gen. Smedley D. Butler, stormy
petrol of the Marine Corps, would
be a candidate for Congress from
Pennsylvania.
The general, according to the
reports, is ambitious to fill the
seat once occupied by his father,
the late Representative Thomas
Butler, who for many years was
chairman of the House Naval
Affairs Committee.
Some time ago, it was reported
that General Butler would run
for the Senate next year against
Senator James j. Davis, with the
backing of the Republican faction
headed by Governor Pinchot and
former Senator Grundy. The
Marine officer retires from the
service next month.
1t is now held likely that in.
stead. he win make the race for
the House, and if successful, will
use his seat there as a stepping
stone to the Senate.
The Washington times., 1931-09-07
LET CHURCH MD
JOBLESS, PLAN

Placing of the responsibility for
relieving unemployment and suf-
sering in the hands Of a united
council of churches of all faiths
Is suggested by Samuel Harden
Church, President of the Carnegie
Institute of Pittsburgh in a letter
to Walter S. Clifford, head OF
President Hoover's unemployment
committee. In his letter, Mr..
Church said:
II know Of but one effective
plan to relieve distress in these
hard times, and that is the
plan of charity in its nObleSt
sense. All others tend to per-
manent pauperizatiOn of the
dole.
'Tet all churches in the land
unite themselves in joint par
fishes, and take a census of
the people therein. Let each
church in so far as it is able
minister to the necessities Of
the people Of its faith In the
mapped parishes.
''Let us abandon everything
I'm the church budget that can
be dispensed with, including
political contributions to church
Hobbies, every church to be wide
open every day this winter, and
on Sundays let us fOregO the
sermon, so futile to the man
outside, and devote this hour
to a report and discussion on
what has been done and what
remains to be done. until
prosperity comes again."
The letter suggests that the
Government aid by consecrating
) its undistributed millions of
bushels of grain to the necessities
of the people, to be ground into
corn and flour products and re-
distributed by non-sectarian and
non-political committees in each
community.