davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-07-16
STOCKS IRREGULAR
AT SHORT SESSION
Week End Realizing Results
in Slight Losses in Some
Issues.
BY GEORGE T. HUGHES.
Dispatch to The Star


NEW YORK, July 16-Stocks made
further moderate gains, all of which
were not held to the end, in today's
short session. Trading continued in
light volume and there was some week
end realizing but all in all the market
gave a good account of itself. AS yes
terday, the buying today favored the
oils and the rails-the oils because Of
their improved statistical position and
The rails for reasons not so clearly
apparent. Two oil issues went to new
1882 highs, Atlantic Refining and Shell
Union preferred In the rails Union
Pacific was up over point, Atchison
a point and Delaware & Hudson a
point, with large blocks Of the lower
nriced stocks turned over at fractional
advances.
Preferred issues did better today, In
dicating investment demand. General
Motors preferred, one senior issue whose
dividend has never been questioned.
touching 81 was up almost points
from its low and nearly 2 points on the
day. but still selling to give over per
cent return. Atchison preferred, IN not
so favorable an earning situation, but
I'm to this year at least always consid-
cred a high-grade investment, advanced
over 2 points International Harvester
was another preferred stock to move
ahead.
In the first hour standard industrials
and utilities were higher but in the sec
ond half Of the session they reacted, at
no time establishing any real trend.
American Telephone was heavy and Is
likely TO continue so until the next diVl-
dend meeting month hence.
Even should the rate be cut to ST
annually. the yield would be between
9 and 10 per cent and be covered by
earnings at the present rate. so that a
good deal of the unfavorable outlook
has been discounted marketwise.
Elsewhere in the list Armour OF
Delaware preferred and South Porto
Rico Sugar rallied, the latter making a
new high There was good demand for
General Motors common and for the
stocks OF some OF the independents.
Food shares were steady. On the other
hand the shorts in Auburn. in J. 1. Case
and in other stocks of that caliber dis
plaved no concern. In fact. a feature
of the trading was the concentration oy
demand on shares with better claim
to support than the existence OF large
short interest.
Evening star., 1932-07-16
Special Dispatch to The Star.

Special Dispatch to The star.
NEW YORK, July 16.-The offering
by the Standard Oil Co. OF New Jersey
to its employees Of an opportunity to
purchase stock of the company, while
simply carrying out a previously de-
termined program. also implies that
faith in this method Of interesting its
workers in the progress Of the company
has not been lost.
The price at which subscriptions MAJ
be made is not only below the par value
of the shares, but is the lowest ever
quoted for the present stock. II would
seem that, regardless OF the immediate
outlook, an investment bargain was
presented,
No Guarantee Of Dividend.
It is not to be inferred, however. that
the offering means that the present
dividend rate will be maintained. There
is no guarantee to the employe stock
holders of any dividend. any more than
there is to those outsiders who buy the
stock in the open market. On February
the United States Steel Corporation
offered employees common stock at $40
a share, the amount offered being 200
900 shares. all of which was taken. Or
April 26 the directors passed the dlvl-
dend on the common stock and since
that time it has sold almost so per
cent under the offering price.
AS far as the corporation employees
are concerned, it must be remembered
that practically all of these plans in
clude some special advantages, either
in the way of installment payments. a
bonus for retaining the stock for a
minimum period. an extra dividend. or
some other inuucement. Employees who
could not afford to buy even a single
share of stock have been able to acquire
an ownership interest in the business by
this method, and in normal times it has
proved a benefit to both buyer and
seller. The point is that too much
significance should not be attached to
Evening star., 1932-07-16
FEDERAL RESERVE
CREDIT ITEM GAINS
Daily Average Volume Outstanding
for Week Ended July 13 In
creases $40,000.00o.

By the Associated Press.
The daily average volume Of Federal
Reserve Bank credit outstanding during
the week ending July l3. as reported by
the Federal Reserve banks was S2.4l7-
100000. an increase of $40. 600 900. COM
pared with the preceding week. and of
sl,465, 100000 compared with the corre-
spending week in 1881.
On July l3 total Reserve bank credit
amounted to S2,4l7000,000 an increase
of S9.000000 for the week. This in
crease corresponds with increases of
$50 100000 in member bank reserve bal
ances and s2000,000 in unexpenoed
capital funds. non-member deposits.
etc, and a decrease of S26. 1000 900 in
Treasury currency. adjusted. offset in
part by a decrease of SCI 900. 900 in
money in circulation and an increase
OF sl0000,000 in monetary gold stock.
Holdings of bills discounted increased
s9,000,000 at the Federal Reserve Bank
OF San Francisco. S4,000.OOO at Atlanta,
S3.000,000 at Dallas and sl6,O00.OO at
all Federal Reserve banks. The sys-
TENS holdings of bills bought in open
market declined sl5,000,000 of United
States bonds Sl5.000,00 and of United
States Treasury notes. $4,000. 900, while
holdings of Treasury certificates and
bills increased s44, 900 600.
Evening star., 1932-07-16
CORPORATIONS CONTINUE SALE
OF STOCKS TO THEIR EMPLOYEES
Worker-Ownership Idea Approved by
Many DISADVANTAGES and Dis
advantages of Plan Are Discussed.

the terms Of any offering marketwise.
At the same time it will hardly be
denied that a corporation which en-
courages its employees to acquire stock
incurs a certain moral obligation. This
has been recognized in many cases
during the past year when market
conditions and business reverses COM
bined to make their agreement a dis
astrous one to the employe investor. In
such instances more than one CORPORA
tion has Cancelled the arrangement and
returned the money.
Increase In Stockholders
From the standpoint Of the employe
there is one other question to be raised.
Sound investment practice demands
adequate diversification. How far is ar
employe justified in placing all his
savings into the same business on which
he depends for his weekly wage? If
as has happened too often in the past
two or three years wages and salar- -es
are reduced because of imperative
necessity, because of conditions beyond
the control of the management, the
employe shareholder suffers two WAYS,
as an employe and as an owner. He
has all mis- resources locked up In one
box. all his eggs in one basket.
Probably both executives and employees
recognize this situation. Probably also
the latter will continue to take ad
vantage of the liberal terms these va
rious employe-ownership plans offer.
In that they will be only following the
example of the whole American invest
ing public, which has steadily been
increasing its holdings in the equities
of leading corporations all through the
depression. The number of shareholders
in the American Telephone & Telegraph
Co is today greater than ever in the
history of the corporation. The num-
Der Of shareholders in the U. S. Steel
Corporation has steadily grown all
through the period of declining earnings
and falling market prices.
iCopyrieht 1927
Evening star., 1932-07-16
VIRGINIA COUNTY ASKED
FOR INDUSTRIAL SURVEY
Special Dispatch to The STAR.

Special Dispatch to The STAR.
WINCHESTER, Va. July 16-The
Berryville Chamber of Commerce has
received letter from the industrial de-
partment of the Norfolk g. Western
Railway Co., at Roanoke. asking for an
industrial survey of that town and
Clarke County.
The letter stated alsothat many large
industries we're anxious to change from
large city locations to smaller communi-
ties, and that the industrial department
had received many inquiries in recent
months relative to prospective sites
along its line in Virginia and other
States.
The company wished to be in posi-
ton to supply such inquirers with all
possible information Capt Frank NJ.
Wray, president of the chamber. ap-
pointed R. NJ. Dorsey. r. E. Potts and
L. C. Kackley committee to make the
survey.
Evening star., 1932-07-16
COMMODITY FUTURE
SALES TAX OPPOSED
Reduction From 5 to 2 Cents on
Transfers Urged by Leading
Exchanges of Country.
BY the Associated Press.


CHICAGO. July 16-Warning that a
breakdown of commodity market ma
chinery might result during the heavy
crop perioda has been sent to President
Hoover and congressional leaders by the
principal American commodity ex-
changes
The message urged adoption of the
Purnell bill which would reduce the 400
per cent increase in taxes on commodity
future sales. This reduction would
make the tax 2 cents por S100 instead
OF cents, leaving an increase of 100
per cent.
"A grave situation has developed as a
result of the utterly prohibitive tax of
5 cents the message said in part.
The commodity exchanges wish to ad-
wise that unless the Purnell bill is en-
acted before Congress adjourns there is
real danger that during the heavy crop
movement period the weight of hedges
may prove too great for the markets"
The communication was signed by the
Grain Committee on National Affairs,
Thomas Y. Wickham, chairman, repre-
sentlng nine grain exchanges.
Evening star., 1932-07-16
BANKERS PREDICT
MARKET RECOVERY
Investment Interests See
Turn in Stocks, but Bears
Are Unc0nvinCed.
BY CHARLES w. STORM.


Special Dispatch to The Star
NEW YORK, July 16-The stock
market yesterday began discounting
adjournment of Congress The Street
believes adjournment will be followed
by an influx of buyers into both the
stock and bond markets in sufficient
NUMBER 10 cause sharp advance In
prices of securities.
The better undertone shown in the
stock market reflected buying of the
more ventureSome speculator who has
started to anticipate the upward move
ment.
Strength of the general share lis,
at time when wheat prices touched
a new low for the season. was consid-
cred significant. Professional bears mold
the present strength is only a rally. but
investment banking interests believe it
Is the beginning of recovery.
Most Hopeful Sign.
One of the most important develop
ments contributing to the better sb-
sorption of stocks is the surprisingly
quick sale the last three DAYS of ap-
proXimately s70,000.000 of public utility
bonds by investment bankers
The lead was taken by the National
City Co, and the quickness with which
that investment banking institution dis
posed of sl0000000 of BROOKLYN Union
Gas and $50 900. 900 of Consolidated Gas
bonds gave the lie to the repeated dec
laration that there was no money avail
able for investment
An issue of S25 900 900 of Edison
Electric Illuminating Co. of Boston
bonds also was disposed Of rapidly. The
buyers OF the new offerings embraced
all types and included insurance COM
panies, trust companies, banks and in
dividuals
Subscriptions came from all parts
OF the country for Brooklyn Union Gas
Orders for the Consolidated Gas bonds
were heaviest from the metropolitan
area. but also came in heavy volume
from New England. the Far West, Phil
adelphia and Chicago.
Utilities Stand Up.
One of the most pleasant surprises
OF the market yesterday was furnished
by the public utility group which stood
up well in the face of an unfavorable
statement of earnings by the American
Telephone g. Telegraph Co. for the first
six months of this year. showing less
than the dividend earned during that
period. and the issuance Of an order by
the Public Service Commission of Wis
consin restraining the public utilities
operating in that State from declaring
dividends.
tCopyright. 1882. bv North American News
paper Alliance. IncD
Evening star., 1932-07-16
Crown Cork & Seal.

BALTIMORE, July 16 tSpeciaD -
Indications are that foreign affiliates Of
the Crown Cork & Seal Co. are showing
an improvement in earnings. especially
the companies operating in England
and Canada. The Crown Cork Inter-
national Corporation, controlling the
foreign properties, does not publish
quarterly reports, but banking interests
here in close touch with the company
have received 4 preliminary statement
showing combined profits from opera
ton, less holding company expenseS, OF
somewhat over $4,000 for the first
quarter. This is equivalent to about
13 cents share on the Glass A stock.
In addition to the indicated operating
profit of 13 cents per share, there was
a net profit from foreign exchange ad-
Justments, less miscellaneous item of
approximately $4,000, equivalent to 20
cents share on the Glass stock.
Evening star., 1932-07-16
A. T. at. NET INCOME
DECLINES $14,1OO,OOO
Report for First Half of This Year
Reveals Deficit of
$s,s75,O2o.
BY the Associated Press.

NEW YORK. July 16.-The American
Telephone & Telegraph Co. has issued
its earnings statement for the first six
months of this year, showing net income
of S75,099,345 against S89,2l3.356 in
the corresponding period of 1881.
Total earnings were l3O846, 188.
against sl5O.379,l98 in the same 1881
period. After dividend payments, the
company had deficit for the half year
of S8.875 ,020. against balance one
year ago of SO ,331 .27O-
During the first six months of 1882
the number of Bell System telephones
disconnected exceeded those added by
about 785,000," said Walter S. Clifford,
president. Long-distance calls declined
Is per cent from last year.
While the company shows earnings
of S402 per share in the first half of
1882, dividends received from associated
companies amounting to S69,67l 1868
we're not fully earned by these compa-
MES during the six months by approxi-
mately $4,000 600"
The company has received no divi-
dends this year from the Western Elec-
trlc Co., as compared with S10,325.86
received in the first six months of last
year. Western Electric is now operat-
ing at about 20 per cent of capacity,
Mr.. Clifford said. with a net loss for
the first four months of this year Of
1881 900.
Evening star., 1932-07-16
HARDWARE ASSOCIATION
LISTS 35,473 OUTLETS
BY the Associated Press

BY the Associated Press
The National Retail Hardware Asso-
citation reports that approximately 35,-
473 retail hardware outlets were in
operation on May l. With the possible
exception of not more than 1000, these
were all regular hardware stores.
OF the group, 1874 had an annual
average sales volume exceeding $4,000.
OF this limited group 10 per cent, or a
possible 200, passed the $1,000 mark
per year. A total of 206 operated to
some extent whole departments also,
the association said and claimed their
retail sales exceeded 100000 per year.
while 5,538 did less than $4,000 worth
of business and 1855 ranked some
where between the $4,000 and $4,000
a year mark.
The association said there were rs
hardware chains and estimated that 1 g
per cent of the total number OF hard
ware stores were operated by chains
and that these conducted about 92 per
cent of the total volume of hardware
business.
1t was estimated that the normal an
nual retail sales of hardware in this
country is $500, 100000.
Evening star., 1932-07-16
Market Cross-Section.

NEW YORK, July Is tSpeciaD OF
the 1850 stocks on the New York Stock
Exchange about $50 are selling below
$40 a share. OF total transactions last
week Is stocks contributed half the
volume. and 20 of the group were selling
above $40 share The latter group
contributed 39.5 per cent of total weeks
sales The six selling below $40, in the
group mentioned, were in order of their
volume: General Electric, Interna-
tional Nickel, International Telephone,
United Corporation, General Motors and
Alaska Juneau.
Evening star., 1932-07-16
TOBACCO PRODUCTION
DECREASED IN GEORGIA
BY the Associated Press.

BY the Associated Press.
ATHENS, Ga, July 16.-A decrease
of u per cent in tobacco production in
Georgia this year due to March freeze
and damage from blue mold, is indi-
Gated in the July summary of the
Georgia Crop Reporting Service.
Acreage of tobacco has been cut
nearly two-thirds from last year" the
report said. Early season plans were
for substantial decrease and fewer
seed beds were sown. The early March
freeze, together with ravages of the blue
mold, were responsible for a plant
shortage, which resulted in acreage be-
ing lowered to about 36 per cent of 1881.
With an indicated yield Of $50 pounds,
production upon the 10000 acres should
approximate about 16.500.000 pounds.
as compared with 59.640.000 pounds
harvested last season, or a decrease OF
70 per cent"
Evening star., 1932-07-16
main in the same position until a per.

main in the same position until per-
manent cashier is elected.
The bank closed November /, and in
order to reopen, it was necessary for
those connected with the institution to
raise $4,000 in new stock and SIS, 900
in cash. 1t was necessary for depositors
to sign an agreement placing Is per
cent of the deposits in reserve fund
to be paid out to depositors as directed
by the State Banking Commission and
that rs per cent of deposits be re-
leased over a period of 3 years, which
agreement was signed by practically all
former stockholders.
Evening star., 1932-07-16
Bank of France Statement.

PARIS, July Is CP.-The weekly
statement of the Bank of France shows
the following changes. in francs: Gold
increased 155000,000; sight balances
abroad decreased 100000; bills dis
counted at home increased 274,000,000;
bills bought abroad decreased 100000;
advances decreased 25.000000. circula-
ton decreased 100000: current ac-
counts increased 7l9,000.000.
Rate Of discount, 2l2 per cent.
Evening star., 1932-07-16

Redmond & Co.-If any organized
attempt is going to be made to put the
market higher, we would imagine that
the beginning of such an operation
would be delayed until at least some
of the important second quarter earn
ings reports are out Of the way.
Evening star., 1932-07-16
.RE0PENED MARYLAND
BANK NAMES OFFICERS
Special Dispatch to The Star.

Special Dispatch to The Star.
EVANSVILLE, Md, July 16.-The
stockholders of the reopened First State
Bank of Grantsville elected the follow
ing directors: DR.. N. r. Davis, H. P.
Miller, Chauncey E. Ellithorpe, S. S.
Miller, e. R. Jones, j. A Beachy, F. w.
Bender, Stewart Rodamer, Otho S.
Fike, William Winterberg and G. w.
Diefenbach.
DR.. N. r. Davis was chosen president,
H. p Miller, vice president, and w. l..
Thomas, cashier. Mrs. Harley Spoer-
line, who has been acting assistant
cashier since the reopening, will re-
Evening star., 1932-07-16
U. S. TREASURY BALANCE

BY the Associated Press.
Treasury receipts for July IA were
s4.763, ,5O4.65; expenditures. s9.293,9 ,902,-
81; balance, 1884, ,524 ,96582 Customs
duties for IA days Of July were $7s24,-
a88.l8,
Evening star., 1932-07-16
4ss Zonite Products s(6Oc)

Dividend rates tables
cash payments based halyeay
rationS
unit of trading less than tPary
4e itock Paid this Payable
stock Payable IN cash stock Plus 50 in stock Plus
stock Plus 81 in preferred Plus 80 stock
Z EX-dv
Evening star., 1932-07-16
FEDERAL RESERVE RATIO.

By the Associated Press.
The decline in the ratio OF total re-
serve Of the II central banks to deposit
Evening star., 1932-07-16

and Federal Reserve note liabilities
combined that has been occurring
weekly for many months was checked
during the period ended July 13. In
the table that follows the ratio is given
for comparable weeks as announced by
the Federal Reserve Board:
Evening star., 1932-07-16
Trade Reports at a Glance.
BY the Associated Press.


16Tablod of wholesale and retail busi
conditions reported to Bradss
from following the with
in
Evening star., 1932-07-16
new YORK BANK STOCKS
BANKS,

NEW YORK. July 16 CP.-Over-the-
counter market:
The Waterbury Democrat., 1932-08-22
GOOD UNDERGRAD
 FOR GAMER -OLIN

New Haven, Aug 22.--A fine undercard has been arranged for the Al Gainer-Bob Olin bout to be presented at the White City Stadi- um Friday night. In addition to the feature attraction, a ten-rounder, there. will be a siX-round semi-fnal and four tive-round exhibitions.
 In the semi-final Buddy howard, who on the last card started a comeback, climb with a great knockout victory, will attempt to make it two in q row in a bout in which he will go against Dick Onken. hard punching German who halls from New York. This will mark the second meeting of this pair, with Onken holding the edge as result of the previous meeting. In the last meeting How ard and his New York rival were staging real slugfest when sud- denly the Metropolitan City idol let loose with damaging blow that put Howard to sleep.
 In one of the five rounders. Car men Knapp idol among tffe Hill boxing enthusiasts. will square off with Baby Bear, another of New Ravens fighting sons. This bout long awaiting by the fans here. should be productive of plenty of fireworks. The two were slated to meet on Mulligan's last show at the Rock enclosure, but Knapp was forced off the card when it was necessary for him to go with his National Guard unit to take part in the annual field maneuvers at Camp Cross, Mantle.
 Joe Vignali, Waterbury sensa- tion. will meet Aug;e Valenti of this city. in another of the sched- uled 1S-minute sessions. Valenti, who only u few weeks back made his bow here by scoring a victory, hopes to depeat the act at the ex- pense of the Waterburian.
 Another pair of local favorites have beV booked in Tommy Jar rett. who has big following among the Irish residents of the Hiil section, and Cocoa Kid, negro favorite. In the opening attraction. also q flve-round affair. Jimmy Paternostro. Newlngton junior Lightweight punching expert. will have it out with Able Levine of New York. -~
The Waterbury Democrat., 1932-08-22
GREAT FOREIGN
 ENTRY LIST TO
 CHALLENGE VINES
Forest Hills Tennis Play in September Expected to Be Best in Years

Z New York. Aug 22.-(UP)-The entry list for the United states mems national singles tennis championship closes tonight, but the tourney already has been as- sured of the most formidable for eign entry since 1927, when Rene Lacoste of Europe won the mems title.
 : When the tournament opens at Forest Hills, N. Y.. on September 3 half dozen nations will be rep resented by strong contenders for Ellsworth Vines title.
 France again Is represented by It's champion. little Henry Cochet, who won the American crown in 1928. He is ably supported by youthful Marcel Bernard. Eng land has sent over R. ". tBunny" Austin, Frank Perry, J. 8. Cliff and Edward Avory, that country's No. 1, 2, z and 10 players respectively.
 Small But Able
 Japan has. contributed two of its outstanding stars. Takeo Kuwa- bara, No. i, and ,Jiro Satoh, 1880 bara, title holder. Another new conner 10 AuleTlcdH CVurIS VIII ue Georgia De Stefani. the famous ambi- -dextrous Italian player. Man. uel Alonsoj, former Spanish Davis Cup star, who now resides in Amer lea. has entered.
 The United States will be repre- scented by Vines, John Van Ryn. Frank Shields and Winner Allison of the Davis Cup team; Berkley Bell, Keith Gladhill, Davey Jones and Frankie Parker.