davidaulloa/AmericanStories huggingface dataset:
Evening star., 1931-12-11
FEDERAL RESERVE
CREDIT ITEM DROPS
Total Amount Outstanding for
Week Ending December 8 Re-
ported at $1,e32, 100000.
Ry the Associated Press-

EBy the Associated Press.
The daily average volume Of Fed
eral Reserve Bank credit outstanding
during the week ending December 8, as
reported by the Federal Reserve Banks,
was 1882 900, ,000
This was a decrease OF $4,000, 900
compared with the preceding week, and
an increase of $823, 900 compared
with the corresponding week in 1880.
On December 8 total Reserve bank
credit outstanding amounted to $780,
900, a decrease Of S25,000, 900 for
the week. This decline corresponds
with decreases of $4,000, 900 In money
in circulation and $4,000 900 In unex-
pended capital funds, non-member de-
posits, etc, and an increase of $40
100000 in monetary gold stock. 1t
was offset in part by an increase of
sl3,00o,000 in member bank reserve
balances and decrease Of $4,000, 900
in Treasury currency adjusted
Holdings Of discounted bills declined
100000 at the Federal Reserve Bank
Of San Francisco and $4,o00000 each
at Boston, Richmond and Atlanta.
They went up $l5,000,000 at New York,
100000 at Cleveland and $1,000, 600
at all Federal Reserve Banks
The systems holdings of bills bought
in open market declined $34000,000 and
Of Treasury certificates and bills. ST.
100000. Holdings of United States
bonds increased $2,000,000
Evening star., 1931-12-11
30 Per Cent Decline

NEW YORK, December II (SpeciaD
The decline IN industrial average
prices in the stock market from +he
high point Of a month ago amounts TO
80 per cent. In only two periods of the
bear market has there been a reaction
Of greater size before a rally set in,
The first was in the break which began
In october, 1929, and ended on No.
vember 13 and amounted to Is per
cent. This, however was from much
higher level than that of the present
time. The second was the reaction
which continued through last Septem-
Der. when so different stocks had an
average decline of about 81 points, and
eliminated on October in an indus
trial average loss about paralleling that
two years previous.
This Is the sixth episode of new
low average prices during the bear
market All records for continuous de-
ciines have been broken, not to men
ton the percentage of loss between
the high and the low levels of 1929
and 1881. The significance OF this is
variously interpreted Some believe
it will mean further liquidation; others
that, as in the past, it will bring about
a large amount of investment buying,
under which prices again will be sta
biliZed.
Evening star., 1931-12-11
PROBE OF FOREIGN SECURITIES
SALES IS HUGE UNDERTAKING
Five Hundred Separate Issues of Dollar
Loans Floated in y. S. Since Dawes
Plan Offering in 1924.

foreign securities during the period
when they were in great demand by
American investors. At the same time,
there were 10 or dozen private in
VeStment houses that figured actively
in this business. Frequently there were
six or more groups bidding abroad for
the same issue.
Free-for All Bidding.
In the early stages Of the foreign dol
lar bond boom, institutions or banking
nrmS that had long been identified with
the financing of different countries had
a preferred position. Toward the end
OF 1928 free-for-all bidding developed.
Intense rivalry for the issues of Ger
man municipalities and corporations
and for those of South and Central
American governments and provinces
was created out of the Unsuitable appe-
tite of American investors, and particu-
larly of the small country banks, for the
high coupon bonds of foreign bor-
roWers
In the early days of foreign govern
ment financing the commissions al
lowed originators Of new loans were sub
stantial. In the best credits they
ranged from 4 to 5 points and in the
lower credits considerably more The
oP1Ceid, IlO"eNeI, between Lne purchase
price and that at which dealers took
down bonds for sale to the ultimate
consumer gradually decreased under the
intense competition. In the end it
frequently was not sufficient to pay
for the high cost attached to the un-
derWrltlng routine. If the Senate
committee is thorough in its investiga-
ton, it will probably find that the sue
cess Of bidder sometimes depended
entirely on his familiarity with political
ethics abroad especially in the deal
ings with men in high places who
passed out of the political picture after
the various South American revolutions
OF the last two years.
Investors Position.
The present holder of foreign dollar
bonds Is not deeply interested in an
investigation to determine the identity
OF the banks or banking houses that
distributed foreign loans or to find out
what they made from these transac-
tions. He is deeply concerned, how
ever, IN any move that this Govern
ment may make to improve interna-
tlonal conditions and thereby lift pres
sure from the entire market in foreign
dollar bonds and possibly prevent fur
ther defaults of interest.
tCopyrighr, 1879
Evening star., 1931-12-11
Revenue From Patents.
BY the Associated Press.

by Lne Associated Press.
An average daily disposal of 20 600
printed copies of patents has been
maintained during the first II months
OF 1881, at sale price Of 10 cents
In making the announcement, Thorn
as E. Robertson, commissioner of nat
entS, said revenue accruing from this
source to the department amounted to
$4O3,562 in the fiscal year ended last
In addition to this, Mr.. Robertson
SAID that under an exchange agreement
authorized by Congress 1,296,454 COMES
were traded to foreign governments
LOT copies of foreign patents that 9TH
erwlse would have cost the Patent
Once in excess of 100000 during 'ttle the
Other sources of revenue allied IN
the sale OF copies of patents were the
sale OF photoprints, photostats, MANI MI
scripts certified printed copies and
recording articles of incorporation
which amounted to more than $500, 600
during the year. O'NO0
Evening star., 1931-12-11
CURB ISSUES SINK
= TO LOWER LEVELS
Volume of Trading Subsidies
as Leaders Continue
Decline.
BY JOHN A. CRONE.
special Dispatch to The sta.

Special Dispatch to The star
NEW YORK, December l1.-Opening
lower stocks on the Curb Exchange
continued that trend during today's ses-
sian, though offerings slsckened in the
second hour despite the fact that price
declines were wider than in the same
period Of the preceding session
-, Electric Bond g. Share had no trouble
In establishing new minimum mark.
MtdSle West Utilities, Niagara Hudson
Power, United States Electric with war
rants, American Cities Power g. Light
b and some other active utilities also
went to new lows. Cities Service moved
narrowly.
Selling in Electric Bond & Share was
due to two causes-etfoTts Of holders TO
establish income tax losses and the
declining revenues Of some CT the hold
ing company'S subsidiaries as a result
of the worldwide depression
Earnings for Electric Bond a. Share
for the IL months ended October 81
showed Sl45 on the common shares,
American a. Foreign Power, the COM
pany's chief foreign operating sub
sit6iary, has $50 900 900 of loans matur-
ing In october, 1882. so Electric Bond &
Share is keeping its assets liquid to
finance the needs Of its subsidiary if
necessary.
Although traders generally are estab-
lfshing income tax losses. fearful that
the proposed tax raise may become
retroactive. the selling in utilities re-
meets the disappointing market action
Of Electric Bond & Share. When that
cothpanys profits decline traders take
a less active interest in other utility
stocks
~ Chicago selling was responsible for
most Of the declines on the curb during
the, forenoon. In the list Of Chicago
shares that were offered freely from that
city were Middle West Utilities, insult
Utility Investments, Walgreen, Swift g.
Coy and Swift International.
Curb prices were lower at the
opening.
Electric Bond g. Share at 1914 was
of fractionally. United States Electric
was at a new low at IL and there
were losses in American Gas 81 Electric
and Middle West Utilities In the in
dttgtrial group, Swift international and
swift g. Co., Ltd, were both al new
lows for the bear market.
Singer Manufacturing was of 4
points at l49 at the start and on the
next sale at 1857 dropped to a 7ia-
shade at So and later sold lower
Humble Oil was active and fractionally
lower at 80. International Petroleum
and Standard Oil of Indiana both de-
clined. De Forest Radio was at new
low at l. Trading corporation stocks
were quiet and little changed. Mine
shares, such as Newmont and United
Verde, we're unchanged. Cord at was
frm. Ford Motor of Canada A was a
shade lower at 5K4 Aviation and pipe
line stocks were inactive In the gas
company list, United Gas dropped frac-
tionaQy to g.
Evening star., 1931-12-11
TRADE GAINS LAG
IN ATLANTA AREA
Reserve Board Says Upturn
Is Below Record Made in
Like 1880 Period.
Special Dispatch to The Star.

ATLANTA. December II. There
were further increases in October over
September in the volume of trade at
both retail and wholesale and in the
volume of bank deposits at reporting
cities Of the district says the Atlanta
Reserve Bank. but all of these meas
ures of business activity continue lower
than at this time last year. The in
crease in retail trade was somewhat
larger, but that in wholesale trade
smaller. than the gain usually recorded
from September to october. The No
yember estimate of the cotton crop in
creased for each of the States of this
district over that for October, but the
crop in this district is estimated to bS
3.9 per cent smaller than in 1880.
Outstanding Federal Reserve bank
credit at the Federal Reserve Bank of
Atlanta increased to the highest level
on october 81, for any report date in
three years, because of increases In dis
counts and in holdings of purchased
bills, and on November II was only
slightly lower than on October 2l
Member bank credit at weekly report
ing members banks declined slightly be-
tween october IA and November Ii and
continued less than a year ago. De-
postts, both demand and time, also de-
cltned and were considerably lower than
at the same time last year.
Building Permits Lower.
Building permits issued at reporting
cities in october declined 1876 per cent
from September and were At per cent
less than in october, 1880, and contract
awards declined 1913 per cent from
September to october and we're AZ per
cent smaller than year ago. Produc-
tion OF coal declined slightly in October
in Alabama, but increased In Tennessee
and continued less than for October
last year in both States. Production of
pig iron in Alabama during the first 10
months of 1881 has been 27.2 per cent
less than in that period of last year, as
against a decrease of 41.9 per cent for
the country as a whole.
Consumption of cotton in the three
States of the district for which Census
Bureau figures are available has been
Ill per cent greater in the three
months Of the new cotton season, Au-
gust through October. than at the same
period in 1880. Naval stores receipts
for the same season. April through Oc-
tober, have been smaller than in that
part of the two previous seasons. and
prices of, both turpentine and rosin
have recently shown some improve
ment.
Comparison of Deposits.
There was a further decline of 2.5
per cent in total savings deposits held
by 81 reporting banks located through
out the district at the end of october
compared with the month before. and
an average decrease of 80 per cent
compared with october a year ago.
Sales Of new, paid-for, ordinary life
insurance in the six States Of this dis
trict increased by 2 per cent in DC
tober over September and we're 2O.3 per
cent less than in October last year. For
the first 10 months of 1881 there has
been an average decrease of 208 per
cent, compared with that period of
1880.
Evening star., 1931-12-11
BY CHARLES F. SPEARE.
Special Dispatch to The Star.

Special Dlspatcn 70 The Star.
NEW YORK, December lin its
proposed investigation into the pur-
chase, fotation and distribution among
American banking institutions of for
eign government and corporation Sc
cur1ties, the Finance Committee OF the
United States Senate has undertaken a
job of larger proportions than perhaps
it realizes.
If it goes thoroughly into this inquiry
it will have to deal with about 500 sep
arate issues representing over 30 geo.
graphical groups. These constitute the
bulk of the dollar loans that came on
the American market when the move
mcnt Of American capital into foreign
bonds began on a large scale with the
Offering here of the German govern
ment Dawes loan in 1924.
Market Value.
Only a portion of the foreign issues
are traded on the New York Stock Ex-
change. In January the market value
of the foreign government issues listed
was approximately $4,000 900, ,00o This
included, however, the $4,000, 900 900
per cent loan of the United Kingdom
of Great Britain and Ireland, which is
not an active issue under ordinary
conditions, but since the suspension Of
gold payments by England has been
more prominent. This week it has sold
at 5212, compared with a high price Of
the year above 100 It's decline is re-
sponsible for considerable part of the
depreciation that is shown in the for
eign bond list in the December state
ment of the Stock Exchange published
today.
There are, in addition to the foreign
bonds listed on the New York Stock
Exchange, an extended group of un-
listed issues dealt in on the New York
Curb Market and some over the counter.
They are all included, however, in the
total Of about 500 that represent the
greater part of American investment
capital placed abroad between 1924 and
1929.
The Senate Finance Committee in
VeStigation seeks information as to the
banks, the banking institutions, corpo-
rations or individuals engaged In the
banking business that have been identi-
fed with the origination and distribu-
tion of foreign or corporation bonds.
There were less than half a dozen ma
tional banks or trust companies that
acted as principals in the fotation of
Evening star., 1931-12-11
BROKER LOAN TOTAL
DROPS s3O,OOO;OOO
Figure of $s9o,o00,ooo for Week
of December 8 Is New
Low Record.
Special Disnatch to The Star

opeeIaI DlSpatch 10 The Star.
NEW YORK, December 1.-THE
weekly statement of the Federal Re-
serve on brokers loans showed a de-
crease of $3o,OOo,O 900 to a total of $780,
100000 during the week ended Decem-
Der 9, to a new low record since Sep
tember T. 1921, when the figure stood
at $500, 900. This compares with
the previous 1881 low of S720 600 600
made last week. and with $4,000 900. 900
on December 10, 1880.
Loans for own account were S552.
100000, compared with S567 900 900 a
week ago. Loans for out-of-town banks
totaled $1l7o00,00o against $l32, ,O00,-
600, and loans for account of others
remained unchanged at S2I 900 900,
Demand loans constituted S515,000 900
OF the total, against $532 600 900 a week
ago, and time loans were $175,000, ,0oO
against Sl83000,00O.
The New York Federal Reserve dis
trlct redlscount rate remains unchanged
at 312 per cent
Evening star., 1931-12-11
POTATO MARKET

CHICAGO, December II L4o) UNITED
states Department of Agriculture1 ~
Potatoes-Receipts, IA cars; On track
Iso cars; total United States Shipments
552 cars; dull on Russets, steady on
other stock, trading just fair; sacked,
per cWt., Wisconsin round whites, No. /
8oa85; occasional car, 90; ungraded
mostly around rs; Nebraska Triumphs,
l.00a1.10; Idaho Russets mostly l.50a
los; few 1.60; fair quality, l.40al AS;
commercials, 1.05a1.lO.
Evening star., 1931-12-11
BUSINESS INDEX OFF.

The United Business Thermometer
records business at 34.3 below normal
for the week ending December S, prac-
tically the same as the previous week,
which was 34.2 per cent below normal.
Business seems to be marking time at
this low level, from which a moderate
upturn is expected shortly, says the
United Business Service of Boston.
Evening star., 1931-12-11
Machine Tool Inquiries,

NEW YORK, December 10 LP-
Some inquiries and some orders re-
lieVed the usual year-ead dullness Of
the country's machine tool markets
during the week, American MacIiniFt
reports. No general trend of the mar
ket or general type Of sales can he
registered, the publication adds. nor is
any change Of consequence anticipated
until after the first OF the year.
Evening star., 1931-12-11
Home Electrifcation,
BY the Associated Press

BY the Associated Press
Home electrification is making rapid
progress in Great Britain.
Reports to the Commerce Depart
ment say that during the last wear
there was an acceleration in the de-
mand for electric ranges, radiators and
other domestic appliances, due pri-
marily to a wider appreciation bv the
general public of the satisfactory eco
nomic service given, combined in some
cases with electricity tariff reductions,
Evening star., 1931-12-11
BEST SALES AREA.

The most favorably situated sales
territories at present, states the United
Business Service, are New England,
the Eastern industrial and the Md
west industrial sections. Seasonal in
creases in activity in these sections Will
occur after the turn of the year which
will increase pay rolls and retail sales,
Evening star., 1931-12-11
INFLUENCE ON FAMILY
BLAMED FOR SHOOTING
By the Associated Pres

ROSEMAN, Mont, December IL
Ihoma5 LyneSs, 48, an evangelist. was
shoV and wounded dangerously in an
encounter with EiWood r. Sumner,
last night
Otncers said Sumner, who is held, de-
CIareo had to shoot him" The bar
per SAID he had protested the influence
OF Lyness over his wife and, family. Ths
Evening star., 1931-12-11
New York Cotton
Special Dispatch to The Star.

Special Dispatch to The Star,
NEW YORK, December 11.-Openinz
cotton prices today were unchanged to
3 points higher. The best gains werr
IN near months, where trade buying was
IN satisfactory volume and offerings
were light. In distant months profess
sional covering absorbed most of the
commission-house liquidation. =
opening prices were: December. ). %
up 4; January, 500, up 5; March, 6,l7.
up z; May, 6.33, unchanged; July, $50.
up 2, and October, 6.78, up 3.
Evening star., 1931-12-11
Interest Rates Reducsd

DANzIG. Free State of Darz,r ~
cemoer II R1:-Interest rates on credit
balances in Danzig banks were red,,ced
n OF l per cent today to 2l5 Der cent
The rate on debit balances were rsducsd
from Z per cent to 6 per cent,
Evening star., 1931-12-11
MATCH DIVIDENDS,

Directors Of the International Match
Corporation have declared the regular
quarterly dividend of 81 per share on
the participating preference stock and
a dividend of 81 per share on the COM
mon stock, both payable January Is
to stockholders Of record December "a,
Evening star., 1931-12-11

proposed baptism of Summers e,dos.
daughter by the evangelist hronght as
fairs to cruX, he said d
LynesS is unmarried. A native of
Lurgan, Ireland, he applied for cit;vo,s %
ship here November 81 0' '''iAei-
Evening star., 1931-12-11
INTEREST RATES.
By the Associated Press.

~ 01HU 1A1sON4HNCN
Money averages were unchanged last
week as the rates were computed by
the Commerce Department In the
levels that follow the average is given
for comparable periods as measured by
the department. ~
Evening star., 1931-12-11

In three months Of this year s,342
r CONS OF corks were shipped from Seville,
Spain, to the United States.
Evening star., 1931-12-11

aqs P payment fPsrtl ~ n stock
sDfend sOef p plgs 81 in stock stock @ PGs II N
ONA' rus w in Paid reguar
Evening star., 1931-12-11
BONDS,
EU
IndustriaIs

Copyright. 1881, Standard Statistics Co..
Evening star., 1931-12-11
FOREIoN BONDS.

4 l-Nf",
Ti-When issued.
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1931-05-14
CHILDRENs RECITAL
ENJOYED BY ALL

A large number of parents and
friends attended the musical recital
given by the pupils of Mrs. Morgan
Doebbler, Sunday afternoon. The
Presbyterian church was beautifully
decorated for the occasion.
Mrs. Doebbler is to be commended
on the result of her teaching. Every
participant did exceptionally we'll,
from the tiniest tot to the oldest
member, and stage fright was con-
spicuous by its absence.
Lewis Schmidt added much to the
Program by his Grafton on the Origin
of the Constitution. All were glad
to hear this splendid speech which has
won him so much recognition.
Those taking part in the musical
were: Margery Lou Steen, Allen Met
zenberg, Shirley Jean Blekkink, Patty
Jane Doebbler, Wendell Matthews
Charles Kirnball, Katherine Berry
Miriam Takasuka, Mrs. Helen Nc
Elvain, Mrs. Henrietta Williams, Miss
Mildred Bell, Patricia Lavan, and
Nadine Everett.
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1931-05-14
woMENs CLUB HOLDS
ITS ANNUAL PICNIC

The inhabitants of Burton, who do
not belong TO the Women's Club were
amazed and Slightly alarmed last
Tuesday when they saw car loads of
gypsies, bandits, and Indians descend
ing upon them from the north, east
and west Their cause for alarm was
short lived, however, as the gayly
dressed horde dashed on through town
to the farthest point of the peninsula.
1t was the Women's Club going to
their annual picnic. The day was per-
feet, and the food was super-perfect
The groaning board was nothing to
the groans of the participants after
they had attempted to consume all the
good eats spread before them.
After short business meeting a
clever little dialogue, Uplifting the
Women's Club; or 1.-THE Trials of ar
Organizer" written by Nellie Parker
Jones was presented by DR.. Jones an6
Marjorie Stanley. They were very ably
assisted by impromptu responses from
the club members.
Several cameras were in evidence
and the predominance OF sunshine
promises good pictures A note Of
sympathy and greeting, signed by all
the members was sent to Mrs. Corbet
who was too i'll to attend.
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1931-05-14

is remodeling the house which will be
occupied June LIST by Mr.. and Mrs
Neil Flenner and family
Bill Quick, one of our local BARRIERS
left Monday for two weeks vacation
to parts unknown. His place is being
filled by another good barber.
Mrs. L. G. Beall, ST., was in Seattle
last Thursday and attended a meet
ing Of the Robert E. Lee Chapter OF
the Daughters of the Confederacy She
was particularly enthused over the
Illustrated lecture in colors of the
English gardens, showing Windsor
Castle, Hampton Court, and the Ken
sington Gardens.
Mr.. George Thompson, of Ellisport
who was visitor at Mrs. Pyle's one
day last week reports that he is
temporarily bachelor. Mrs. Thomp-
son is spending a few weeks with her
sister in Montana.
Mr.. Ganly and Mr.. Poultney. leases
of the vashon Theatre opened the
theatre last night with good picture
and a good attendance. We are glad
to have our movie with us again undel
new management.
The new dock at vashon Heights is
progressing rapidly. The position Of
this dock is great improvement ovel
the old one, as it eliminates the SHARP
turn at the foot of the hill. If one:
brakes fail him now, he can at least
get a good start for Seattle instead o.
humping his nose in the gravel on tht
beach.
Mr. Bentley of the Standard Oil il
spending his vacation working abou
his home. Apparently be believes il
"postman's holiday"