davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-02-14
GOLD BASE ABANDONMENT
BY u. s. EXPECTED ABROAD
Europe Continues Skeptical as to Value
of Dollar-Effect of Balance
Withdrawals Analysed.

count is taken Of deposit liabilities.
Thus, one obtains a ratio OF about 9O
per cent, which is more than ade-
quate protection for the Nations
money.
However, the above metallic cover
does not take into consideration foreign
balances, which are conServatlvely estl-
mated at Sl,250,000,00 Of which
France still accounts for about S66O,-
100000 In addition, foreign invest
ments in the United States are estl-
mated at $4,000, ,OOO,O 900, of which prob
ably not more than $4,000 900 900 repre-
sents securities which are more or less
readily marketable. The remainder
comprises direct inveStmentS-that Is
the placement of funds by foreigners in
various plants and properties located
in the United States.
Withdrawal of Balances Unlikely.
In other words, Americas stock OF
gold, amounting to about 81, 500 ,000,0
is faced with the possibility of being
called upon to give up about $780,
900 900, provided all balances are with
drawn and every dollars worth OF
American securities held by foreigners
disposed of.
Such step, however, on the part OF
Europe. is well-nigh unthinkable.
Should it, however. develop, or merely
threaten to develop, the United States
could throw upon the market big blocks
of European securities which are still
regarded as fundamentally sound invest
ments. These, if offered at bargain
prices, would doubtless find ready
takers. Among them may be mentioned
French, Swiss Belgian, Dutch, and
British securities and, to lesser extent,
Scandinavian issues. But would the
American investor owning such obliga-
tions agree to sell at unjustif1ably low
prices? Hardly.
Viewing the situation from all posi-
BILE angles. the European financiers in
sist their apprehensions are not en-
tirely fantastic. 1t is hoped and ex-
pected. however, that they will not be
realized.
(Copyright. 1892. by the North American
Newspaper Alliance. Inc
Evening star., 1932-02-14
WHOLESALE PRICES
BECOMING STEADIER
Index Line Has Now Flattened
Out, According to Commerce
Department.

The worlds wholesale commodity
price curve line has fiattened out, the
Commerce Department announced yes
terday upon completing survey in le
countries. OF those under review, Z
saw wholesale commodity prices ad-
vance, 10 countries registered declines
and reported conditions unchanged.
The flattening out of the jaggered
line started in November, the report
said.
Japan led the advancing countries
with a rise of per cent in the whole
sale price index as compared with the
previous period. Finland was next with
jump of per cent, followed by Nor
way, 25 per cent; Denmark, IT per
cent, and British India, l per cent.
Netherlands led the declining coun-
tries with a drop of As per cent. fol-
lowed BY Belgium. 19 per cent; Egypt
and France, IL per cent; Germany, 2.1
per cent, and Latvia. 1.3 per cent.
Only fractional changes were noted
in the indexes of Canada, Chile,
Czechoslovakia, Italy, Sweden and the
United Kingdom.
In 1881 wholesale commodity prices
averaged II per cent lower than in
1880, according to the report, in Brit
ish India and the Netherlands and 1852
per cent and 1913 per cent lower in
Canada and Italy. respectively. Ap-
proximate declines in eight other coun-
tries were as follows: Peru. II per
cent: Finland, 81 per cent; Sweden,
per cent; Czechoslovakia. 8.9 per cent
France, 9.8 per cent; Germany and
Norway, IL per cent, and the United
Kingdom. 1873 per cent.
According to the figures of the Labor
Departments Bureau of Statistics
wholesale prices in the United States
dropped approximately 16 per cent dur
ing the past year.
Evening star., 1932-02-14
BY DIR. MAX WINKLER.
Special DisSs.a- to The Star.

Special Dis.s.a- to The Star.
NEW YORK, February 13.-Europe
is still skeptical in regard to the United
States dollar The Old World seriously
doubts Americas contention that the
status of her currency is lmpregnable
and that regardless Of the severity OF
attacks it will continue to hold its own.
A representative of one Of the most
influential banking houses on the Euro
pean continent. with ramiflcatlons all
over the world, informed the writer
that his head Office as well as the vari-
Gus branches constantly inquire as to
the position of the United States dollar.
He maintains that the inquiries are dl-
rected not 50 much as to whether the
United States will or will not abandon
the gold standard. The abandonment
of the gold standard most of Europe
seems to take for granted. What the
inquirers wish to know is, how soon
it will be given up.
Position Of Dollar.
The representative in question con-
stantly advises his European Affiliations
that no such steps are contemplated by
the United States To all his protests,
Europe comes back with rather potent
arguments.
What is the true picture as it pertains
to the United States dollar? What are
the factors. within the United States
and without, which can exert sufficient
influence upon the currency to induce
the Government to resort to a method.
adopted, directly or implicitly. by about
80 per cent o fthe nations of the world?
Americas stock Of gold approximates
S4500,000 900.
This gold serves as a cover or pro-
lection for the Nations money in cir
culation, composed about as follows:
Federal Reserve notes, $4,000 900, 900;
gold certificates, $l,750O00,000; Ma
ton bank notes. S710,000000: United
States notes, $346, 100000 and subsid-
iary silver. S3O8000,000. Including
various other kind of money We obtain
a total of about $4,000, 600, 900. No &C
Evening star., 1932-02-14
Retail Sales Hold
In Steady Trend
During Past Week
By the Associated Press

BY the Associated treSS.
NEW YORK, February 13.-Retail
sales about held their own during the
past week as compared with the pre-
vious week, according to the weekly
survey by the Fairchild publications.
Aggregate sales for February to date
are sharply below the corresponding
period in 1881. The decrease in Feb
ruary to date is hardly as great as the
decrease in January as compared with
January. 1881.
Retail sales in Metropolitan New
York were again retarded by unfavor-
able weather, although sales showed a
fractional improvement as compared
with the previous week Apparel sales
showed slight gain during the week.
Prices continued sharply lower Feb
ruary index of retail prices shows a
decrease of 2.5 per cent under January
and 1872 per cent as compared with
January 2, 1891.
Evening star., 1932-02-14
NEW YORK BANK STOCKS

NEW YORK, February IS Especially .
Bank and trust shares rose swiftly IN
a boiling market today.
Bankers Trust, at 621a. was Up e1s;
Brooklyn Trust, 235. up 20: Central
Hanover. 143, up A. Chase National, 49,
up 212; Chatham-Phenix. 81 y. up l Y;
Chemical, sss4. up ~; National City
5312. up 3s4 Commercial. l55. up l3;
Continental, l6, up IL; Corn Ex-
change IS. up 2; Empire, 25, up IL;
First National. 1910, up 100; Guaranty,
3O3. up Is; Irving, 20la, up 4; Man
haitian. SO, I'D Ia; Manufacturers, 80.
up /: New York Trust, SO, up 5h:
Public, as, up an, and Title Guarantee
y Trust, sla ~ ~ 80.
Evening star., 1932-02-14
DIVIDENDS DECLARED

NEW YORK, February 13 R.-
Reduced.
Electric Controller & Manufacturing
IS cents quarterly. April /. March 10.
United States Envelope, 50 semi
annually, March /, February is.
Regular Dividends.
Erie & Pittsburgh Railway, s711 cents
quarterly. March 10, March !.
Hiram Walker, Gooderham q Worts,
64 cents, March IS, February 22,
Evening star., 1932-02-14
Rail Steel Order Placed.

CLEVELAND, Ohio, February 13 (P).
The Erie Railroad announced today
awarding of contracts for new rail-
road steel for 1882 totaling 33,230 gross
tons. The awards follow: Carnegie
Steel, 1885 gross tons; Illinois Steel,
eJ47; Bethlehem, 5,555. and Inland.
2t73.
Evening star., 1932-02-14
i|BIG BANKS AND CORPORATIONS
,lDECLARED UNWILLING HOARDERS
Economist Points to Mounting Cash Bal
ances as Important Factor in Increase
of National Credit Strain.

! tions. While corporations paying in
notes rather than cash would pay
higher interest on the notes than they
receive on the money they would leave
in the banks. several industrialists who
have considered the plan have regarded
this difference as minor"
Copyright 1927
Evening star., 1932-02-14

For the first time in the hi5tory OF
Oxford, Engla nd, a woman, Miss M
Tawney, presided at q recent meeting
Of the City Council.
Evening star., 1932-02-14
Bankers' Position.

Bankers are only too anxious to get
prime commercial paper Of this char
acter. The strongest corporations have
not been Issuing 1t because they could
pay in cash and the bankers have not
wanted the noteS Of weaker corpora
Evening star., 1932-02-14

z CONTINUED o. Second Pa6e.)
Evening star., 1932-08-07
CURB PRICES GAIN
F.. IN ACTIVE MARKET
! to q Point Advances Made
by Many Issues in Busy
Short Session.
BY CLAUDE A. JAEGER,
Associated Press Financial Editor.

NEW YORK, August 6.-The curb
market was the scene of greater buy
ing enthusiasm today than 1t has fur
nished for any previous Saturday trad
ing period this year, many stocks ad-
yancing to 4 points.
Transactions reached a total Of
240,000 shares, the largest volume for
any Saturday since last February ID
and comparing with 100000 shares last
Saturday and with 100000 shares in
yesterdays full five-hour session.
Deere & Co. advanced to a high of
1884. where it was about a point from
its 1882 maximum, although in the
late dealings it lost most of its eX
treme gain, closing at p for a frac-
tional gain.
Other industrials which registered
gains were Aluminium Co., up 77s; Glen
Alden Coal. up SIS; Safety Car Heat
ing, up 6; Standard Oil of Ohio, up 2;
Gulf Oil, up Is. and Humble Oil, up q
The public utilities retained their
traditional role of market leaders, heavy
turnover appearing in Electric Bond q
Share, Cities Service and American Gas
tE Electric Electric Bond & Share
common was up "a to 1915 while the
per cent preferred raced up 3as and
the per cent issue was up points.
Gains of l to around 3 or 4 were made
by Cities Service preferred, Columbia
Gas & Electric preferred, Common
wealth Edison, Duke Power, Empire
Power, Penn Power & Light preferred
and Utility Power & Light preferred.
New Jersey Zinc featured the metal
group, moving up 2 points in fairly
active turnover. Newmont was frac-
tionally higher
American Airways advanced to
O new high for the year at l8, up over
2 points.
Evening star., 1932-08-07
ST PER BALE GAIN
MADE BY COTTON
Advance Reflects Optimistic View
Of General Commodity
Markets.
BY the Associated Press.

BY the Associated Press.
NEW YORK, August 6-Cotton rose
approximately 81 per bale today. re-
flecting strength of the stock market
and an optimistic view of commodity
price prospects generally. December
contracts sold up to $50. or "a points
net higher and more than SIS per bale
above the early June low, and closed
at 6.34. The general market closed
steady at net advances of 18 to 19
points.
An opening advance of to points
met increased demand, and although
there was considerable week end COW
ering and further evening up in prepara-
tion for Mondays Government crop
figures, houses with Western and Wall
Street connections bought.
Offerings were light, recent selling
through brokers with cooperative con-
nections being little in evidence, and
the advance extended to 6.22 for Oc-
tober and 6.58 for March late in the
morning, or about 20 to 25 points net
higher. Realizing then became more
active.
Buying derived encouragement from
reports of a more active demand for
cotton goods, further showers or rains
in the Eastern belt and some additional
crop complaints arising from Dry, not
weather in the Southwest. More direct
influences, however, were the increased
buoyancy of stocks, the further advance
in wheat and the talk of a banking
pool to aid in the marketing and i'm
provement in commodity prices.
Another private crop report pointed
to a yield of 12,500,000 bales, but the
figures attracted little or no comment,
and any uncertainty that might have
been felt over Mondays Government
report was overshadowed by the i'm
proved sentiment in Wall Street.
Liverpool cables said Bombay straddle
buying had absorbed offerings in that
market, and reported an improved de-
mand for cotton cloth from India and
China. The amount of cotton en- ship
board awaiting clearance at the end of
the week was estimated at 81, 700 bales,
against Al 900 last year.
Evening star., 1932-08-07
DEMAND FOR STEEL
CONTINUES Dull.
Copper, Tin and Lead Ad-
vanCa as Zinc Firms With
General Trend.
BY the Associated Press.

By the Associated Press.
NEW YORK, August 6-Demand for
steel and ingot production continued
to reflect seasonal -oullneSs this week
but the trade maintained a cheerful
attitude on expectations that improve
ment would develop in September
Production eased a point to about IS
per cent capacity. owing partly to small
Ter automobile demand and reduced tin
plate buying. Moderate structural
awards were made, but the trade hoped
federal projects worlld lead 10 expah-
sion. Improved buying by railrOacs
was also anticipated. Prices held
steady with the possible exception OF
scrap. A slight gain in pig iron sales
was reported in some districts but the
market was generally quiet and steady.
July production declined 11.8 per cent
from June.
Copper advanced Il cent in the do
mestic market to 53s cents for cleo
trolytic delivered in the Connecticut
Valley, with some producers holding
for 5l2 cents and small tonnage sold
at that figure Better demand was
stimulated by hrmness abroad. improved
export buying rejecting expanding
consumption there. In the American
market, consumers we're bidding for
1888 deliveries, but producers were un-
willing to accept forward orders at
current levels.
Tin advanced as buying by domes-
tic consumers for immediate and for
ward positions expanded, following a
period in which stocks at consuming
plants we're said to have declined
FirmnesS abroad with active demand
reported at London was a contribut-
ing factor.
Lead continued to rise as producers
maintained O. firm attitude. Most
branches Of the consuming trade were
represented in the buying with the de-
mand extending into September needs.
Zinc was flrn1er in sympathy with
other metals as some sellers withdrew
and refused to take further orders at
current levels.
Demand was moderately active early
in the week but tapered of somewhat
! later
| Antimony was steadier as quotations
/ in Japan and the continent advanced.
Business was restricted to small lots.
Evening star., 1932-08-07
EGYPT BUYS U. S. TOBACCO.

While Egypt's tobacco import total
declined appreciably in 1881, that coun-
try bought 10000 pounds more Ameri-
can tobacco than in the year preceding
The increase was attributed by the
Commerce Department to the develop
ment of the local cigar and cigarette
industry under tariff protection.
American tobacco is used with Turk
ish and ether foreign tobaccos as a
blend N the manufacture Of Egyptian
cigarettes Under government decree,
the growing of tobacco in Egypt is pro-
hibited.
Evening star., 1932-08-07
EASTERN ROLLING MILLS
CUTS QUARTERLY LOSS
snecial nispatch to The Star.

Special Dispatch to The Star.
BALTIMORE. August 6.-The East
ern Rolling Mill Co. had net loss for
the quarter ended June 80 of $132, 1887,
as compared with loss of $15l, 1918
in the corresponding period last year
and loss in the first quarter of 1882
amounting to $169,751.15. In his letter
to stockholders President A. j. Hazlett
says that on account OF the low vol
ume of business and extremely low
selling prices prevailing, it is impossible
to operate without unjustifable loss,
and, accordingly, directors decided to
discontinue production temporarily. This
action was effective July /.
The financial condition Of the COM
pany is good, Mr.. HazletU points out.
Current assets stood at S1,183, ,651. ST and
current liabilities at S26,082.30 as of
June 80 Cash on hand amounts to
1927, 7,80282 and the market value of
securities owned by the company is
$342,875.
Evening star., 1932-08-07
Trade Trends

BY the Associated Press.
Cocoa.-General strength in securities
and commodities helped to lift cocoa
values from to 20 points on the New
York Cocoa Exchange last week. Buy
ing was reported largely speculative,
with manufacturing interests showing
comparatively little interest in the
market.
Hides.-Continuing their advance of
the past two months raw hide futures
on the New York Hide Exchange rose
last week from Il to y cent a pound
to levels approximately so per cent
above the lows of mid-June.
Electrical Equipment.-There is rea-
son for believing that the purchasing
of heavy electrical machinery will lag
to some extent on the recovery, says
the Fitch Survey, due to the fact that
the principal buyers, railroads, public
utilities and general manufacturing
industries. have an excess of produc-
ton facilities as a result of the deep
ened recession in business.
Raidroad Equipment.-This business
continues exceedingly dull In all
branches, though manufacturers see
possibilities for an upturn II present
negotiations for Reconstruction Finance
Corporation aid toward freight equip
ment repairs and requirements mate
rialiZe in an agreement satisfactory to
the carriers and Government.
Steel-Producers, while maintaining
their more cheerful sentiment, are
reconciled to another month of ex-
treme dullneSs in the industry, it is said
in the trade There are hopes that
September will bring signs of revival
and those who regard the action of steel
scrap markets as a trade barometer
are encouraged by their firmer tone in
recent weeks.
Evening star., 1932-08-07
BANK CLEARINGS.

NEW YORK, August 6 LP)-Bank
clearings usually swell to a considerable
degree at the end of a month. The last
week in July proved no exception. A
total of $4,940,319,0 900 was reported to
R. G. Dun & Co. by % leading cities
in the United States. When this figure
is compared with last weeks aggregate,
an increase of Sl,400,732 appears.
Clearings at cities outside of New York
totaled $1,491 ,959 900, and were "a per
cent below those of year ago. At
New York City an aggregate of $3,448.-
0,00o is shown, which is % per cent
below last years figure of 81. .662 ,990 900.
Clearings at leading cities as com
piled by R. G. Dun & Co., showing de-
creases as compared with same period a
year ago. follow:
Evening star., 1932-08-07
TELEPHONE CONTRACT NEAR.

NEW YORK. August LP.-Comple-
ton of International Telephone g.
Telegraph Co.'S contract for an interest
in the Ericsson Telephone Co. of Swe-
den is expected shortly according to
advices from abroad International'S
claim to the controlling stock of Erics-
son has been in allegiance temporarily
owing to complications arising out Of
the difficulties of the Kreuger & Toll
Co., which formerly controlled Ericsson.
The latter is an important manufactur-
ing and operating unit in the foreign
telephone field.
Evening star., 1932-08-07
NEW YORK CLEARING HOUSE

NEW YORK, August 6 (P)-The
weekly statement of the New York
Clearing House shows:
Total surplus and undivided profits,
1929, 10000 (unchanged).
Total net demand deposits (average), y,
$37973,000 Gncrease).
Time deposits (average), $11, $780,
900 Gncrease).
Clearings, week ending today, So
460, sol ,077
Clearings, week ending July 30, ST.
452 ,540,038
Evening star., 1932-08-07
SALES OFF 10 PER CENT.

NEW YORK, August [P).-J. C.
Penney Co. reports july sales totaling
S11,454,7S4, a loss Of 1913 per cent from
year ago. Sales for the year to date
show almost the same percentage de-
cline.
McCrory Stores Corporation reports
sales for July of S2,68O,803 compared
with s3,c04, ,260 in July, 1881, a decrease
of 1877 per cent.
Evening star., 1932-08-07
Ingot Production at Lowest.

NEW YORK, August Py.-Steel
ingot production in July fell to 1872, ,533
tons, the lowest for any month for
which there is a comparable record,
says the American Iron g. Steel In
Stitute. The output was 104,742 tons
below June, and l 1,O95, DAT tons under
July, 1881. Steel operations for all
companies averaged 1866 per cent Of
capacity compared with 1896 per cent
in June and BAIT per cent in July last
year, according to the institute.
Evening star., 1932-08-07
SHARE VALUES GAIN $3.50.

NEW YORK, August (P).-The July
advance on the Stock Exchange added
about $3.50 to the average share values
of all listings, the exchanges monthly
compilation discloses. The average mar
ket value of all listed shares on August
l was $15.58, against $1l.89 on July l..
AS of August l, there were 1882 stock
issues aggregating 1915, 1874, ,428 shares
listed on the exchange, compared with
1858 issues, aggregating l,3l5,172,584
shares on July l.
Evening star., 1932-08-07
RESERVES INCREASE.

The Federal Reserve Systems ratio
CT total reserves to deposits and Federal
Reserve note liabilities combined showed
an increase for the week ending August
8, as compared with the week before.
The figures follow:
Week ending August 3, 572 per cent.
Previous week. 56.5 per cent.
Same week laGc year, 83.9 per cent.
Evening star., 1932-08-07
BEARS CAUGHT SHORT.

PARIS, August 6 P).-Amplification
of the bullish movement in Wall Street
caught French bears by surprise to-
day. Frantic at the spectacular rise,
they made hasty efforts to cover their
positions. 1t was reported that there
is a good-sized bear position in Paris
and that many were caught short and
wiped out overnight.
Evening star., 1932-08-07
TRUST COMPANIES
What Things Cost

Compiled by Standard Statistics Coz
NEW YORK, August 6 (P).-Of the
26 important commodities in the follow
ing table. ID are higher in price than
last week, 5 are lower and remain
unchanged. Three are at their high for
1882, while one is at its low.
Evening star., 1932-08-07
CORPORATION Renamed.

BALTIMORE, August (SpeciaD -
The Bethesda Amusement Corporation
of Bethesda, Md. has changed its cor
porate name to Park and Country Club
District, Inc, and has changed the to-
tai authorized capital stock from 5000
shares. par value SO, to 5000 shares,
no par value
Evening star., 1932-08-07
NEW FINANCING.

NEW YORK, August 6 (P).-Munlci-
pal and State financing scheduled for
next week totals SO, 800, lot, compared
with $10,893,272 the past week, the
Daily Bond Buyer reports.
Evening star., 1932-08-07
Many Stocks Double
In Price Since June
Quotations Disclose
By the Associated Press.


NEW YORK, August 6.-Many
stocks had more than doubled in
price since June at the close of
trading in the New York Stock
Exchange today.
The following table shows the
closing prices of a number of
izaders. their net gains 3Jr .!le
day. as compared to their bear
market lows:
Evening star., 1932-08-07
BONDS.
WASHINGTON STOCK EXCHANGE
YEAR 1892

CReported b B ibis & &C, Bu D.
5.
Evening star., 1932-08-07
NEW YORK BANK STOCKS
BANKS.

NEW YORK. August CP.-Over-
the-counter market:
Evening star., 1932-08-07

BONDS.