davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-02-11
WARBURG WILL FOLLOWS PLAN
OF DIVERSIFIED INVESTMENTS
Noted Financier, In His Last Testament.
Showed Approval of Principle of Sub
division in Employment Of Capital,

had q default Of principal or interest
within 10 years Of the making OF an
investment In them. It Is again pre-
scribed that not more than S per cent
of the estate shall be invested in this
manner except in the obligations of the
United States or the State Of New York
or the city Of New York.
Foreign Investments.
A significant feature Of the will, and
one that reflects the confidence Of its
maker In the future Of foreign gov
ernment credit, Is that which permits
purchases of the bonds and notes Of
foreign governments or cities of foreign
countries, provided that they do not
exceed per cent of the undistributed
estate. However. the aggregate of all
such foreign investments, may amount
to IS per cent of the estate. This
is about the ratio accepted by banks
throughout the country in building up
their security portfolios in recent years.
1t was considered conservative practice
FOR such institutions to have one-quar-
ter OF their security investments in
the better grade Of foreign dollar bonds
Mr.. Warburg also permitted his
executors to invest in the preferred
stocks of railroad companies In the
United States or Canada that had paid
continuous dividends for 10 years prior
to the purchase and for the same period
had paid uninterrupted dividends on
common stocks equal to at least 4 per
cent per annum. A further liberal fea-
ture Of the will permits the purchase Of
bonds or other obligations of corpora
tions that may not be classified as legal
for trustees. providing that they shall
not at any time in the aggregate exceed
20 per cent of the undistributed estate.
The document exhibits feature that
Is becoming popular among men who
have had wide acquaintance with
trust accounts and with securities
namely, that of giving considerable lati-
tude to executors or trustees in the way
OF changing and varying portfolios as
circumstances require and as benefits
to the estate are created through the
shifting Of securities. The inflexibility
of investment provisions in many wills
has led to a serious depreciation in the
composition of an estate. Trustees frc-
quently have been compelled to sit and
watch securities, arbitrarily selected, de-
cline in value when, with more lati-
tude. they might have avoided such
losses through getting their clients out
OF securities or real estate in changing
status before it was too late.
(Copyight, l932)
Evening star., 1932-02-11
BY CHARLES F. SPEARE.

NEW YORK, February 1.-THE pub
lie has always taken keen interest in
the wills Of wealthy men. When their
last testament has been probated a
|, close scrutiny Of the contents of the
estate has been made to determine how
those who have made money. or in
herited it, have invested it. There is
equal curiosity over the provisions Of
wills indicating the manner in which the
funds are to be employed To create an
income for beneficiaries.
One Of the most striking documents
Of this kind is that Of the late Paul M.
Warburg, banker Of international
reputation and careful student Of i4-
vestment values.
Believed in Diversification.
In setting up his will Mr. Warburg
carried out to an extreme degree the
principle Of diversification of invest
ments adopted quite generally in this
country in late years and the funda-
mental theory governing American and
British investment trusts This con-
sists in subdividing an investment fund
into many parts in order to secure the
greatest insurance against depreciation
both of capital and income. Going to
its extreme lengths it embodies not only
securities of a domestic nature, but
those of an international character.
In the will Of Mr. Warburg the ex-
ecutcrs and trustees are authorized to
keep invested all personal estate. as
we'll as proceeds of any property sold,
in any manner in which savings banks
or trustees may at the time lawfully in
vest any of their funds" This pro-
vision limits investments in those Sc
curities or real estate to obligations that
are legal for the savings banks in New
York State, including certain railroad
and public utility bonds Of companies
with domestic charters. It also covers
first mortgages on improved real estate
in the City Of New York. In most in
stances. the will compels the executors
to limit purchases in any one issue to
S per cent of the undistributed estate.
This is also the general practice OF the
management investment trusts.
Bond, notes and stocks of the United
| States or Of the several States Of the
United States, or the obligations of
American cities having a population
Of more than 5000 are also prefer
red investments indicated in the War
| burg will 1t Is specified. however, that
those cities whose obligations are con-
sidered for purchase must not have
Evening star., 1932-02-11
LAWYERS ORGANIZE
new ASSOCIATION
Trade and Commerce Practitioners
Form New York Unit of
National Body.
BY the Associated Press.

BY the Associated Press
NEW YORK, February 1l.-Incor-
poration of the Trade and Commerce
Bar Association a national organiza-
ton Of lawyers engaged in the field
of industrial and trade relations. was
completed yesterday with the filing OF
certificate in the county clerks office
The object Of the association is tC
supplement, net displace, the work oi
existing bar associations
Signers of the certificate were Will
liam M. ChadbOurne, Wilbur Cummings
Julius Henry Cohen, Richard E
Dwight, Raou z. Desvernine, Gabrie
L. Hess, BenEmin A. Javits, Benjamin
S. Kirsh, Nathan L. Miller, Harold Rie-
gelman, Charles H. Tuttle. Carl E
Whitney and Allen wardwell. all OF
New York
twenty-five directors were named
They included the incorporators and
the following additional men: Rush C.
Butler and bilas H. Strawn of Chicago,
Thomas w. Davis of Wilmington. N.
c.; Oscar H Hull of Detroit and Oscar
Sutro of SIN Francisco.
The directors will elect officers and
regional wee presidents in different
sections Of the country.
Evening star., 1932-02-11
|0|L W|[DCATT|NG
EXPECTED TO GAIN
Search for New Pools Is
Likely to Be Increased
This Year.
BY WILLIAM vOIGT, JR.,

TULSA, Okla, February 1.-THE
cry Of the wildcatter Is expected to in
crease in volume and ring through the
oil world in 1882.
Long subdued by overproduction and
lower prices, the wildcatter, whose
drill stem wends its exploratory way
through the vitals of mother earth
seeking gushers where none gushed be-
fore, probably will be one Of the most
active elements In the industry
through the year.
Hunt for New Pools.
While much of the exploration prob
ably will be by the small promoter, and
the driller with a grubstake and a
likely location-as has been the way
through the years-the principal Wild
eating seems certain to be that Of the
larger companies looking for new pools
to protect their sources Of raw mate
rial for refineries.
Already there is talk among oil men
that the extreme willingness of the big
producers to curtail their output In
the East Texas. Oklahoma City and
other flush pools has been for reasons
other than preventing a flooded mar
ket or running crude to overtaXed
storage.
Lack of opposition to the continued
and increased curtailment of flow from
East Texas, and the voluntary Sunday
shutdown there, are seen as shreWd
move on the part of the heavier in
vestors to try to make sure their in
vestments will be protected by pro-
longed production.
uidar
mean not only larger immediate pro-
duction, but also would increase the
danger Of dissipating the gas pressure
below, with consequent loss in ultimate
recovery.
While the immense possibilities OF
East Texas kept exploratory work at a
minimum last year, with some large
firms even giving up leased acreage in
outlying districts, this year Is different
story
There were a number of finds in 1881
that probably will be developed this
year, and there will be much new ex-
ploration.
Oklahoma last year developed no new
, pools OF consequence.
Gulf Coast Pools.
There were found eight new pools
along the Gulf Coast. and some impor-
tant finds were made in Kansas, par
ticularly the west-central part of the
State. These undoubtedly will be de-
veloped. Central and West Texas ac-
tivities were held back by East Texas
Principal Oklahoma exploration is ex-
pected in the west-central part of the
State, with Oklahoma City as hub
From Michigan to Mississippi the
prospecting will go on. and from line
between those two States westward oil
companies will watch developments
closely, hoping valuable strikes will be
made to bolster their present reserves
when flush production in today's big
areas becomes settled flow on the
pumps.
Evening star., 1932-02-11
Prominent GUESTS
TO ATTEND BANQUET
Institute Officials and Many Out.
of.Town Bankers Accept D. c.
Invitations.

Many prominent out-of-town people
will be guests at Washington Chapters
banquet February l3, including:
Henry J. Mergler. national president.
A. I. B.; Frank N. Hall, national vice
president; Richard w. Hill, national
secretary, New York: DR.. Harold
Stonier, national educational director,
New York; Frank M. Totten, past ma
tional president, New York; Paul b.
DetWiler hir past national president; Pni- MI
tional president, Richmond; Charles
E. Ellery, member, national executive
council, Newark; William M. Mooney
postmaster, Washington. and William
w. Hoxton, chairman, Federal Reserve
Bank Richmond.
In addition to these, there will be
many prominent out-of-town bankers
and a number of officials of the Treas
ury Department.
Evening star., 1932-02-11
MARYLAND BOND ISSUE.

Ar issne of 50 100 1o1 of STATE of
Maryland 4l4 per cent bonds was
awarded to banking group composed
Of Alexander Brown & Sons, Brown
Brothers. Hartman & Co. of New York
and the Baltimore -Giliet Co. on high
bid of 9627. which Is an approximately
ATS per cent basis.
The last Maryland bonds sold in Au-
gust, also 4Hs, were awarded the Union
Trust Co. Of Maryland on high bid Of
lO7.O65, or on an approximately 3.S7
per cent basis.
Six bids IN all were submitted At to-
day'S sale.
Evening star., 1932-02-11
Heads Hotel Board.

MARTINSBURG, w. Va, February
directors of Martinsburg Community
Hotel Corporation, operating both the
Shenandoah and Berkeley Hotels here,
at q meeting last night. Allen R. EN-
inert was named vice president, Bonn A.
Poland secretary and George H. Shaffer
treasurer. The board announced there
would be no change in management for
the year. W. H. Hunt is the present
manager.
Evening star., 1932-02-11
Bank of England Statement.

LONDON. February II P.-The
weekly statement of the Bank OF Eng
land shows the following changes In
pounds: Total reserve increased J.
$4,000. circulation decreased l,l4IOoo'
bullion decreased 10000, other securities
decreased 3,837,0o0, public deposits m
creased 1888 .OOO other deposits de-
creased 1O,446.00O, notes reserve in
creased 1.147,oOO, government securities
decreased 6.075,000.
The proportion of the banks reserve
to liability is 4284 per cent, compared
with 1892 last week.
Rate of discount, per cent.
Evening star., 1932-02-11
Copper at Historic Low.

NJW YORK, February II P).-Cop-
per metal yesterday fell back to its
histric low of cents a pound, first
established last Autumn.
Olstom smelters offered metal at
cents, of w. Large producers, however,
vee reported to sell the metal at that
prce.
Evening star., 1932-02-11
CONTINENTAL DEMANDS
FOR WHEAT INCREASING
BY the Associated Press.

BY the Associated Press.
OTTAWA, February IA larger
continental demand for Canadian
wheat Is even now making itself felt.
H. H. Stevens, minister Of trade and
commerce, said that the Argentine, If
the Buenos Aires market is not too
heavily regulated, will ship large guam
titles Of wheat in the next month
and that this will be followed by sub
stantial movement from North Amer
ics. particularly from Canada.
He pointed out that lack of buying
by continental Europe has been a mar
ket weakness so far this year.
Evening star., 1932-02-11
Utilities Inquiry.

BY the Associated Press.
The Federal Trade Commission will
continue examination of affairs Of the
National Public Service Corporation
group of utilities next Tuesday. Febru-
ary Is, when 1t will resume its hearings
in the investigation of power and gas
utilities The Tidewater Power Co.,
operating in North Carolina, will be
taken up at that time.
Tidewater is an operating company
in the Seaboard Public Service Co.
group. Seaboard, in turn, Is a sub
holding company under National Public
Service Corporation, which Is controlled
BY the insult interests
Evening star., 1932-02-11
Workers Get Compensation.

NEW YORK, February II P):-The
General Electric Co. is distributing
$55,739 to employees of its 10 plants as
compensation for suggestions rendered
by employees in 1881. A total Of 1885
suggestions were offered, OF which
$3.50 had SUFFICIENT merit to be adopted
by the company.
Evening star., 1932-02-11
New York Cotton
Special Dispatch to The Star

Special Dispatch to The Star.
NEW YORK, February 11.-Opening
COTTON prices today were l point lower
to l higher, with trading slow. The
active strength Of security markets.
however, brought speculative inquiry
INTO cotton after the opening.
opening prices were: March 644 of
May 6.63 unchanged, July 6.79 of /.
october 7.02 up /, December 7.ls up /.
and January 724 off l.
Evening star., 1932-02-11
AUTOMOTIVE EXPORTS
SHOW DECLINE FOR 1881
Nv the Associated Press.

By the Associated Press.
Export trade in automotive exports
during 1881 slumped As per cent to
$3.50, 750 1888, on the basis of calcula-
tions by the Commerce Department.
The years total was also considerably
below the yearly average OF the last
decade which amounted to 1912 $3.50, ,754
The following table shows the value
and percentage OF total shipments OF
automotive products, according to
major groupings, as reported by the
daro rtroont.
Evening star., 1932-02-11

Dividend dollars
n or stocS Paysble n stork m
dividend iPgs o IN STOCK Plus 50 IN stock Plus " IN
stock n Plus Paid last regular
Evening star., 1932-02-11

American internal combustion engines
are being used ON farms In Latv1a.
Evening star., 1932-02-11

tCopyriRht. 1882 }
The Washington times., 1932-11-26
When the Feature Is
+, Shown On the Screen

! COLUMBIA - George O'Brien
in ''The Golden west" at 11:15
q. M. 100. 2:45, 4:3O, 6:15, sos
and $3.50 p. m.
EARLE-Joe z. Brown in :'You
Said Mouthful;" at 1925 q. m,
1850, 3:15, 5:38, $40 and l0:35
p. mA. Stage shows at 11:40 a.
M, 2:O6, 4:3O, z, and 9:26 p. m.
FOX-Clara Bow in Call Her
Savage" at l0:45 a. m, 1885
4:25, T:1O and 10 p. m. Stage
shows at 1885, 3:15, 6 and $50
p. m.
PAE.ACE-Marie Dressler in
prosperity" at 1880 a. m, 1888,
B:S6, $3.50, 7:42 and GAS p. m.
METROPOLITAN -Ric ha d
BarthelmesS in Cabin in the
Cotton" at IL a. M, 12:40, 2::30,
A:20, sos, 7:5O and $40 p. m.
R-K-O KEITH'S-Richard Dix
In ''The ConquerorS," at IL a. M,
1:l5, $3.50. 5:45, 7:4O and S:2S
ps m. e
RTALTO-Pat o'Brien in "Air
Mail" at 1885 a. m, 1888, $40,
k;42 z;4s and asa p. n.
The Washington times., 1932-11-26

one.man jazz band inventions and
the antique nelodeon. There is
naive quality to their good
humors, a wholesome fragrance
as of the farm. and when they
wind up with an old-faShioned
square dance they brought the
house down, by hickey. The
WeaverS have a calicoed chorus Of
plain james and a group Of yokelS
to assist in their rural revue.
The Aber twins, two pretty girls
who can dance and play the violin
at the same time, serve as an
nouncerS vice Maxine Doyle, who
is on a brief vacation, so they say.
Well, the girls do very nicely,
although I should not fancy their
impromptu rhyming as q steady
diet. Stickney and Aylin have a
neat little dancing novelty, with
the male member a high-Stilted
hot stopper.
Donald Novis is the singing star
Of q short comedy. A Looney
Tune and the Paramount news
reel complete the entertainment.
The Washington times., 1932-11-26

Some eighteen months ago
Clara Bow walked out Of the
Paramount studio convinced she
was not suited for sound pictures.
At the time La Bow was getting
chubby. and was probably irked a
bit over being cast in a series Of
vapid stories so she voluntarily
gave up a juicp contract.
Early yesterday afternoon they
shut down the box office at the
Fox Theater for 40 minutes while
they figured out how to handle
the crowds which turned out for
the Clara Bow comeback. Thus
does the FlatbuSh firebrand deIl-
onstrate that her following is
loyal.
"Call Her Savage" presents a
thinner and better looking Clara
Bow, an actress who gained as
Surance afteI: her first early
scenes and offered as good a per
formance as you would care to
see in a picture that makes fine
entertainment .
NIaE6 Is CAPAUSAVC
Tiffany Thayer wrote the story
which teens with action, and
gives the star a termagant role,
sometimes a little incredible in its
violenceS, but always interesting
Clara plays Nasa CDynamite)
Springer, a TeYaS firecracker too
impulsive and belligerent for her
family to CONT 81. They send her
to q Chicago boarding school,
where her fiery temper gets her
in all kinds of trouble.
The family decides the best
way to tame NaSa is to pass the
problem on to a husband. But
Nasa rejects the man they pick
out for her and instead elopeS
with a young profligate. She
soon loses her husband, her baby
is Suffocated in q fire and she
is about reduced to abject poverty
when her grandfather dies and
leaves her a fortune. In the
end NaSa goes back to Texas to
learn that her obStreperous man
ner can be traced to Indian blood
and the fadeout has her making
moony eyes at Moonglow, a half
breed, long an admirer.
The Bow acting holds this hectic
tale together. Whenever she ha:
one of her angry spells, which
is often, the object Of her wratE
winds up on the floor or with {
black eye. A rich and becoming
The Washington times., 1932-11-26
.DressIer-Moran
Film Remains

Prosperity" Marie Dressler and
Polly Moran's latest film, is re-
naming a second week at the Pal
ace, where the pair may be seen
in a sometimes funny and some
times serious story of their ever
lasting quarrelS.
With Norman Foster and Anita
Page assisting, a tale of a small
town bank president marie Dress
ler) who would have weathered a
run on her bank but for the fact
that her son has been playing fast
and loose with her stocks, is pic
tured. Forced to live with her
sons mother-in-law (Polly Moran) :,
things go from bad to worse, until
the final tear-jerking climax.
Marie DreSsler, as always, can
be relied upon for a sterling per-
formance, and Polly Moran gives
q good account of herself in a
e-too-pleasant role. The others
of the cast perform their duties
creditably.
Of course, many parts of the
story are incredible, but these are
forgotten in the midst of so many
funny situations. Incidentally,
Miss Dressler has occasion to de.
liver few facts about this de-
preston that are full of good
sense.
A Pete Smith football short, a
Technicolor revue and the news
reel, complete the bill.
The Washington times., 1932-11-26

Andrew r. Kelley mouthed funny
man cannot swim a stroke and
actually has a dread of water.
Nevertheless he enters the Cata-
lima Island marathon swim and
with romance leading him on
contrives to elude octupi, sword
fish and other ocean hazards to
emerge from the sea an aquatic
champion.
"You Said a Mouthful is funny
when its star is manifesting his
fear Of drowning and only con-
Sents to brave the cold waters
when he has the protection of
an unsuitable bathing suit. AS
contestant he howls when fac
ing perils and has some highly
amusing under water scenes,
cleverly photographed. Occasion
ally he cups his chin in his hand
and ponders out loud, q Ia
Eugene ONeill, and these Sc
quenceS are genuinely amusing.
Ginger Rogers, improving as an
actress. is the Brown romantic in
Spiration. Preston Foster, Harry
Gribbon and the dusky Farina
have the other important roles.
I liked the Earle'S stage show
better than any I have seen in
months, chiefly because of the
Weaver brothers and ElViry, a
trio Of Arkansas rusticS who ex-
tract soothing music from such
contrivanceS as hand saws, rakeS,
The Washington times., 1932-11-26
Joe E. BROWN AS A SEA CHAMP = 4Tsas Tsss9'Tss Ts:
George O'Brien
Movie Star at
Columbia

It must be said that "The
Golden West" now at the Colum'
bia, is, as the management states,
more than just a Western picture.
For it possesses a good enough
cast, some AL photography, thrill
ing action scenes, and, above all,
a different type of story.
George O'Brien is the particu-
lar star of this film, which Is
from a novel by Zane Gray. The
West of 1845 and 1870. are pic
tured with authenticity in the
story of a refugee from a South
ern feud who goes beyond the
Rockies, marries and is victim
Of an Indian raid. His child,
stolen by the Indians, is found.
20 years later, as a white leader Of
tribe.
Into the scene enters the daugh-
ter of an old friend OF the boys
father. She is captured by the In
dians. only to be brought back by
the white chief. with a subsequent
happy ending.
The plot gives an opportunity
for some stirring shots Of Indian
raids and fights, all of which the
juvenile element, not to mention
numerous older folk, ate up.
George O,Brien, in the dual role
of father and son, displays both
acting and action ability, while
Janet Chandler, in two other
parts, is convincing. The other
members of the cast are more
than satisfactory.
In addition, the old Charlie
Chaplin comedy, ''The Cure" this
time with sound, demonstrates the
fact that Chaplin's humor is still
as effective and funny as when
the film was made. A Flip the
Frog cartoon and the news reel
complete the program, which is
advertised as Family Week" and
is just that.
The Washington times., 1932-11-26
Clara Bow Gets
900 Letters Daily

More than q million persons
all over the world have written
fan letters to Clara Bow.
She has been getting from
20, 900 to 10000 letters every
month since she made her first
starring success in 'It." This
number dwindled following the
advent of talking pictures, but
leaped ahead again as soon as
the announcement was made
that she had signed a Fox star
ring contract and would film
"Call Her Savage" Tiffany
Thayer's portrait Of a woman'S
SOUL:
Postal clerks handle Clara's
mail exactly as it would be han
died for a whole small town
Her 1000 letters q day arrive at
the studio in neat bundles with
printed labels carrying her name,
supplied by the Post Office De
partment.
The Washington times., 1932-11-26
Clara Bow Jams Lobbies at the
Fox in Comeback

wardrobe adorns the star and, re-
verting to the old days, there are
the expected lingerie shots. Es-
telle Taylor is Clara's mother and
miscaSt. Thelma Todd, Gilbert
Roland, Monroe OwSley, Anthony
Pewitt and willard Robertson
have the other important roles.
John Francis Dillon contributes
neat direction.
Laughter ON Stage
Laughter dominates on the Fox
stage program. The California
Collegians prefer to be come
dians rather than musicians,
and there is noncomplaint, for
their low comedy is hilarious
with the brightest spot the ia
miliar DAY at Circus" Bob
Murphy aided by couple OF tai
enter youngsters clowns through
an act that has good singing of
topical songs. Alex Morrison, ex-
pert golfer, has q novelty offer
ing of trick shots that would
go better if his act was organ
lied for q punch climax. Lewis
and Moore in singing and dancing
and the Wing-Wah troupe Of
acrobats complete the footliaht
menu.
The Movietone has the usual
interesting clips and q Phil Lamp
kin overture completes a grade
A program.
ANDREW r. KELLEY.
The Washington times., 1932-11-26
Joan BIondeII Film
Coming to Columbia


Joan Blondell and Eric Linden
will be co-Starred in big City
Blues" coming Friday to Loew's
Columbia Theater.
big City Blues" has Guy Kib'
bee, Inez Courtney, Evalyn Knapp,
Walter Catlett, Jobyna Rowland
Josephine Dunn, Lyle Talbot
Thomas Jackson and Grant
Mitchell in the cast.
The picture offers Miss Blondell
an important starring role, and
according to reviews, she acquits
herself in fine style. This also Is
one Of young Linden's most i'm
portant parts to date.