davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-01-12
BY CHARLES F. SPEARE.
Special Dispatch to The Star.

NEW YORK, January 12.-The crit
ical position in which many municipal
tiles now find themselves with respect
to their maturing obligations has tenn
porarily shifted interest from govern
mental to city, county and State finance
problems.
This has been accentuated by the
controversy that has just arisen be-
tween the New York City administra-
ton and the group of bankers who
have been called upon to find a way
out of the dilemma in which the larg-
est municipality in the country has
become involved through biting off
more than it can chew"
A period of extravaganza in munic-
ipal, county and State financing covers
the past decade, though the greater
part of the total postwar borrowings
have taken place in the past eight
years. This also comedies with the
era of overproduction of domestic cor
poration bonds and foreign obligations,
which were made easy to sell while in
tereSt rates we're low and the annual
increase in national wealth produced
a large margin available for the alb
Sorption of all kinds of securities.
Between 1919 and 1924 borrowings
the United States amounted to S4,746,-
100000 In the following eight years
they were 81 100000 000,. or 10 per cent
of all such emissions after the war.
The high point was reached in 1927,
with issues amounting to $1,509 900, 900
and only slightly smaller in 1928 1929
and in 1880 In 1880 they showed a
drop to approximately $1,275 900, 900.
This check IN the output of municipal
securities was due mainly to the in
ability of the borrowers to obtain bids
for their offers, and not through any
great effort to economic.
In most of the period between 1924
and 1881 municipalities were increas-
ing their debt, while the debt of the
United States Government was being
steadily and literally reduced. One
factor in the stimulation of municipal
debt was the tax-exempt character OF
the evidences of this debt which be-
came increasingly popular as indi-
viduals with large incomes shifted
their holdings in corporation issues
that we're taxable into those which
gave them decided advantages when
making up their annual income tax
statements.
Taking an average of per cent as
the borrowing rate on the new mu-
Evening star., 1932-01-12
RATE OF COINAGE DROPS
DURING YEAR OF 1881

By the Associated Press
Robert J. Grant, director of the
Mint states that domestic coinage was
the smallest in value and number of
pieces for many years in 1881.
The total number of domestic pieces
of money executed by the mints was
sS,236,50 valued at s6,6l5,llO, as
compared with 399, ,467,20O pieces,
valued at s16,27s,l80, during the pre-
vious year.
Gold coins valued at $4570,o0 sub
stdiary coinage valued at $795,30
scent pieces valued at S408,000 and
s4,lsl,0oo bronze l-cent pieces. were
coined.
Gold acquired by the Government at
mints was valued at $2l0,7 ,18l, while
2,l93,3l3 ounces of silver, at an av-
cage cost Of 32.6l cents per ounce, were
purchased.
Electric melting of gold and silver
deposits has been established at the
Philadelphia Mint and New York
assay Office through improvement in
design and modernization Of equipment.
Evening star., 1932-01-12
DEBTS INCREASED
HEAVILY IN LAST EIGHT YEARS
Many Cities Are Now Faced With Matur-
ing Obligations-Refunding Operations
Have Been Deferred as Taxes Decline.

nicipal loans contracted since 1919, it
is found that this has placed or the
borrowers an increase in annual debt
service charges of $550,000,000, or
about $3.50 per capita.
The situation in many communities
today is that they have reached their
debt limits and are carrying short
term loans in their local banks, which
these institutions are refusing to re-
new and at the same time putting the
lid down tightly on any additional bor-
rowing AS a result the New York
banks and those in other large CEN
ters are being appealed to for accom-
modationS at a time when there is
almost no market for the highest
grade municipal credits. 1t is under
stood that last week no bids were
available for some of the paper of
strong municipalities coming due be-
fore the end of January.
Many of these smaller communities
could have refunded their bank borrow
ings at reasonable rates of interest six
or IL months ago, but put off this oper-
alton in the expectation that it might
be accomplished at lower rates of inter-
est later on. One of the difficulties in
dealing with municipal loans has been
the lack of understanding among the
representatives of local governments of
the basic elements in financing and
their unwillingneSs to consider reason
able demands for economy in their ad-
ministrations.
The situation Is complicated by a
general reduction in the amount of tax
collections coinciding with the maturity
dates of local obligations. The decline
in values of real estate and the falling
off in rents are phases collateral to the
general municipal dilemma.
The financial community does not
believe that any consideration will be
given by the farmers and promoters of
the Reconstruction Finance Corporation
to the appeal of Mayor Walker of New
York to embody specifically in this
measure a section that will permit mu-
inequalities to draw on its resources In
order to help them out of their predica-
ment. There is Nationwide demand
for economy in local government which
includes reduction in the salaries of
city, county and State employees and the
elimination of large body of political
appointees who do little to justify their
retention on padded pay roll lists. The
quickest way for local governments to
obtain restoration of their credit is by
balancing their budgets Until they do
so, there will be definite discrimina-
tion in the market for municipal Sc
curities against their issues.
Copyright, 1922
Evening star., 1932-01-12
OIL OUTPUT GROWS
DURING PAST WEEK
Trade Journal Reports Gain Of
1S,347 Barrels in Daily Av-
erage Production.
BY the Associated Press.

BY the Associated Press.
TULSA, Okla January 12.-Despite
an increase of 38,642 barrels from East
Texas wells, the oil production of the
United States was held last week to an
increase of 18,347 barrels in the daily
average, the Oil and Gas Journal re-
ports.
This increase, making the total pro-
duction 2,219,458 barrels daily instead OF
the 2,201, Ill barrels registered the week
Of January 2, followed more than five
weeks of consistent decline.
East Texas produced 329,527 barrels a
day, as compared with a previous pro-
duction of 290.885 barrels. The entire
State produced 840,778 barrels, as COM
pared with 804,618 barrels in the pre-
ceding week
Oklahoma production was down from
492, 1886 barrels to 481 ,115 barrels, largely
due to effectiveness of a new proration
order.
California production increased from
$4,000 barrels to an even 100000. Kan
sas produced 100,935 barrels daily, a re-
ductiop from 102, $40 barrels.
Eastern production was down 1000 at
$4,000 barrels.
Rocky Mountain pools flowed 84,804
barrels, reduction from 89,358 barrels
daily the previous week.
Evening star., 1932-01-12
Investment Plans
BY GEORGE T. HUGHES.

There are two investment plans for
operations in a bear market such as
that which has prevailed in the past
two years. One is to buy for income
and the other is to buy for capital ap-
probation. Both involve risk in vary
ing degree and both offer possibilities
of profit. The one selected is apt to
depend on the temperament of the in
vestor.
To buy for income involves selecting
securities, bonds or stocks which sell on
a high yield basis. The market is be-
sprinkled with what look like attractive
opportunities along this line. 1t is
probably true that not in many years
has it been possible to obtain so great
a return from properly diversified list
as it is at present. The danger is that
the high yield foreshadoWds reduc-
ton or an omission of the dividend If 1T
is a STOCK or the inability to meet fixed
charges if it is a bond.
1t is very hard to distinguish between
securities which are depressed in mar
ket price sympathetically with other
securities and those in which the de-
cline is a legitimate reflection of the
VI lIlC o1IuoGlO1ls 1lIFNolOio D
who choose this course will look to the
preferred stocks, many of which are
selling at record lows and perhaps they
will even look to foreign bonds. Ger
tainly they will make commitments in
domestic bonds.
The other course, to buy for capital
appreciation, means the accumulation
of common stocks regardless of dividend
rates. 1t involves proportion OF nom
dividend paying shares. The intent
here is to choose stocks representative
of essential industries and leaders in
their respective fields. The theory is
that eventually these stocks must re-
cover and that then the account will
show a large profit. Meanwhile it is a
matter of relative Indifference to the
buyer whether he receives a return on
his money or not.
If successful the second plan is pretty
sure to be the more profitable. The
difficulty is in making the selections.
Copyright 1922
Evening star., 1932-01-12
Baltimore Markets
Special Dispatch to The Star.

Special Dispatch to The Star
BALTIMORE. Md, January "a
White potatoes, 100 pounds, 75a90;
sweet potatoes, bushel, 40a80; yams,
barrel, 100a175; beans, bushel, LISA
ESQ; beets, per 100, 2.5oa3.5o; Brussels
sprouts, per quart, 10a20; cabbage,
bushel, 40a50 carrots, per 100, 250a
$50; caulif1ower, crate, 4,6Da5 rs; onions,
per 100 pounds, 3.0Oa400; peppers,
crate, 1.50a2.75; spinach, bushel, 35a
100; squash, bushel, 1.50a2 90; tomatoes,
crate, 1.00a3.25; eggpiants, crate, 1.50a
$50; turnips, hamper, 15a27; apples,
bushel, 35a1.25 grapefruit, box, LISA
2.75; oranges, box, 225a4.00; strawber-
ries, quart, 15a25; kale, bushel, 25a45.
Dairy Market.
Chickens, young, 18a20; Leghorns,
15a17 old hens, 15a21; Leghorns, old,
15a16; roosters, 10a12; ducks, 12a23;
geese, 15a20; Guinea fowls, pair, 25a50:
turkeys, 16a26; pigeons, pair, 20a25.
Eggs-Receipts, $40 cases; current re-
ceipts 15a19; hennery whites, 24a25;
nearby firsts, 20.
Butter, good and fancy creamery, a
a28 ladies, 18a20; process, 22a23; store
packed, IA.
Hay and Grain Prices.
Wheat-No. 2 red Winter, export, no
quotations; No. red Winter, garlicky.
spot, domestic, 60A; January, 6oA;
February, 81 a.
Corn-No. 2 yellow, domestic, spot,
Haas cob corn, new, 2.00a2.10.
Oats-No. 2 white. domestic, spot,
351aa36 No. 3, 241aa35.
Rye-Nearby, 40a45.
Hay-Receipts, none. New hay Ii
starting to arrive in increasing guam
titles, but so far no official grading has
been attempted, selling being strictly on
merit. Demand for old hay slow and
market is dull and quiet, with prices
in buyers favor at range OF 1300a
1850 per ton.
Straw-No. 1 wheat, s50as00 per
ton; No. oat, 9.0oa10.00 per ton.
Live Stock Market.
Cattle-Receipts, SO head; Light sup
ply; market slow.
Steers-Choice of prime, none; good
to choice, 7,00a7,75; medium to good.
550a6.75; fair to medium, 4.25a5.25:
plain to fair, 350a4.00; common to
plain, 3.00a350.
Bulls-Choice to prime. none; good
to choice, none; medium to good, 4.00a
450; fair to medium, 3.50a4.00; plain
to fair, 3.25a3.50; common to plain,
300a3.25.
Cows-Choice to prime, none; good
to choice, none; medium to good, 3.75a
400; fair to medium, 325a3.75; plain to
fair, 250a3.25; common to plain, 1.50a
$50
Heifers-Choice to prime, nones good
to choice, 5.0Oa600; medium to good,
4.50a500; fair to medium, 4.o0a4.50;
plain to fair, 300a4.0o; common TO
plain, 2.50a300.
Fresh cows and springers, 3o.o0a
600O
Sheep and lambs-Receipts, 100 head;
light supply; market steady; sheep, Loo
a3 co. lambs, 400a7.35.
ogs-Receipts, 1000 head; fair sup
ply; market steady lights, 4.soa5.l5;
heavies, 4.50a485; medium, 4.90a5.15:
roughs, 3.25a400; light pigs, 4.5oa4.so:
pigs, 4.75a5.15.
Calves-Receipts, so head; light sup
ply; market steady. Calves 4.00a9.50.
Evening star., 1932-01-12
US. CARRIERS REPORT
TWO PER CENT RETURN
Income of $500, ,502,96 Shown for
II Months of 1881 by
Glass ! Roads.

With net railway operating income
Of S5C9 ,502,961 for the first IL months
of 1881, the class l roads of the country
showed return of 200 per cent on
property investment, according to re-
ports from the carriers made public by
the Bureau of Railway Economics to-
day.
In 1880 the net railway operating
income was 1886, ,852,137, or 3.38 per
cent.
In the 11-month period 80 class /
roads operated at loss. OF these IS
were in the Eastern district, seven in
the Southern and 10 in the Western.
The aggregate report was based on
returns from I'll lines.
This showed gross operating revenue
of $3,948, ,639,835 for II months and
operating expenses of $3,024,5 4,526027. In
1880 the gross operating revenue for IL
months was s4,966, ,68O1e8 and the
operating expenses $3,679, ,352,538.
Evening star., 1932-01-12
Brokers' Comment

NEW YORK, January 12-Stock Ex-
change commission houses were inclined
TO express considerable encouragement
today over the action of the market, but
several continued rather cautious in
their advices. Extracts from market let
ters follow
Hornblower g. Weeks-We would be
prepared to repurchaSe trading lines to-
day, believing that any further irregu-
larity and selling during early trading
will be followed by resumption of the
advance, which should carry we'll into
Thursdays session before meeting any
formidable resistance.
z. F. Hutton g. Cove think that
bonds will continue to reflect improved
confidence, while the rail shares should
continue to discount the improved out
look for the carrier division. Volatile,
active issues appear to be attractive
trading commitments on any irregu-
larity.
Paine, Webber g. Goa further up
ward movement in rails, which is an
tlclpated today and tomorrow, would so
greatly improve the technical market
position of these stocks as to bring
about substantial upswing in that
group and most likely spread to the in
dustrialS.
Charles D. Barney & Co.-While the
market in the present situation contin-
ues in general to act exceedingly well
and may succeed in advancing further
without pauslng to consolidate the first
sharp rebound, the technical probabil-
tiles, based on past experience, are
Il In oo,-lyn ~ rri,y
one the distinct impression of being i'm
patient to extend the recovery immedi-
ately.
! Thomson & McKinnon-While Frances
protest against the Breuning debt dec
| laratlon and the Bank of Frances
hesitation in extending its share of
short-term credit to Germany somewhat
clouds the foreign credit situation, in
ternatlonal financial authorities con-
! tnue confident that Germany will re-
| celVe relief from her reparation~ obi
gatlonS. The markets action yesterday
renected such confidence and seems to
1oreshadoW further irregular recovery in
| security prices.
Redmond & Cove continue to re-
gard the rally, as an interlude in the
bear market, with a testing out process
likely next month, when the important
| annual reports begin to make their ap-
| pearance and better line can be OBJ
| tained on the trend OF Spring trade.
| One thing to bear in mind in connec-
ton with 1882 reports of sales and ton
| mage volume is that many of the large
corporations have substantially reduced
operating costs through wage reduc-
tions, lower prices for raw materials and
| other economies, so that it will be pos
sible for most Of them to show larger
profits in 1882 even though the volume
OF business shows little change from
| 1881.
Shields & Co.-While Washington evi-
| IDENTIFY is learning that the big lesson of
deflation and depression is economy
some municipal administrations evil
IDENTIFY have not learned lesson from
the loss Of prestige suffered by those
who have put politics before necessary
Evening star., 1932-01-12
OUTLOOK IN WHEAT
| HAS BRIGHT SPOTS
More Cheerful Feeling Re-
suits From Recent Ad-
vances in Market.
BY FRANK I. WELLER,
Associatd Press Farm Editor.

A definite section of the wheat trade
would like to be bullish. but hesitates
to make important commitments.
During the last week May wheat
reached So cents at Chicago, the best
figure since December 49, Feeling in
business and financial circles, especially
abroad, is more cheerful Many be-
lieve that whatever Congress does
about reconstruction will be helpful to
commodity markets and the develop
ment of a brisk foreign demand was
taken as confirming recent reports
that Europe and the Orient would
come into the market after the turn
of the year.
Await Foreign Orders.
Still, traders are not inclined to
follow advances until they are better
advised as to whether foreign import
ers will continue to take enough North
American grain to reduce supplies and
induce speculative buying. Some are
quite bearish, but are not backing their
opinions with heavy sales of futures.
Some disappointment was manifested
over the failure of wheat to respond
more generously to the continued
strength in securities, but when the
limited trade is taken into considera-
ton the situation Is not surprising.
Despite recent upturns, the stock mar
ket'S general generalization is said to
have much to do with the watchful
waiting policy in the wheat trade. News
which normally would have price,
making effect is largely ignored.
The market has encouragement in
spots, such as aggressive buying by
large Eastern commission house which
At,tI 80. oil 4,
| fact that where milling quality is OBJ
vious the moderate marketings of do
| meStic wheat are readily absorbed.
1t would seem that the market re-
quires only the continuance of renewed
export interest to advance. Conditions
| for the movement of new wheat from
| the Argentine, however, are generally
| favorable now and it Is yet to be seen
how far the Southern Hemisphere can
go in supplying the European demand.
There are reports that stocks of Rus
| sian wheat in Great Britain are rapidly
diminishing and that Soviet shipments
are greatly reduced, indicating better
demand for North American wheat 1t
| was said that Belgium and Holland are
showing more interest in hard wheat
right at time domestic seaboard hold
| ings are believed to be rapidly dinlin-
ishing.
Port Stocks.
Continental European port stocks ad-
| mittedly are below those of a year ago,
| but those in the United Kingdom are
still larger.
The corn market has been fairly
steady despite the rather weak futures.
| Primary receipts for the season are only
| about half as large as year ago.
Many look for corn prices to be gov
erned largely by the extent of the daily
arrivals The few offerings have been
| mostly at prices little above the mar
ket. Rough weather over the corn belt
has been viewed as a constructive fac
| tor, it being the belief that feeding on
farms would be increased, while at the
same time such movement as Is now
under way would be curtailed
There are some among the corn
traders who blieve that any further ad-
vance in price will materially increase
country offerings.
Evening star., 1932-01-12
A. T. & T. Dividend.

NEW YORK, January IL (F-No re-
duction in the SO dividend on American
Telephone & Telegraph is contemplated
by the management, Dow, Jones g. Co.
said. Earnings for the last quarter are
said to have shown a somewhat sleeper
decline in operating income and net
than in the preceding quarters, but re-
suits for the year are expected to show
the So dividend earned by small mar
gin.
Evening star., 1932-01-12
Strawn to Speak.

BALTIMORE, January II (SpeciaD
-Silas H. Strawn of Chicago, chairman
of the board of directors of Montgomery
Ward & Co., and president of the
United States Chamber of Commerce
will be the speaker at the monthly
meeting of the Baltimore Bond Club to-
morrow, at the Southern Hotel. Gov
Albert C. Ritchie and Mayor Howard
w. Jackson will be guests.
Evening star., 1932-01-12
81 BANK OF BETHESDA
DIRECTORS REELECTED
j. Harry Welsh Is Chosen to Fill
M. w. Offutt Place on
Board.
BY a staff Correspondent of The Star.

by stan Correspondent Of The Star.
BETHESDA, Nd, January 12-
Thirty-four directors of the Bank of
Bethesda were elected at the annual
meeting OF the stockholders of the bank
held here yesterday afternoon. All but
one position was filled by reelection,
while the one vacany, caused by the
death OF M. Wilson Ofutt, was filled
by electlng j, Harry Welsh to the board.
The other directors are Walter Bach
Tach, L. W. Beall, Edgar N. Brown Col.
wallace M. Craigie, E. Taylor Chewing,
Inomas Hampton, Ezra Gould, George
E. Hamilton, John It1irie, G. Wady
1mirle, Walter P. Johnson, Frank E.
McMlllin, Lewis Keiser, Robert D. Hag-
ner, DR.. Benjamin c. Perry, walter e.
Perry, DR.. Wash B. Waters Ralph S.
morrison, George P. Sacks, Brainard
W Parker, Francis C. Wallace, Luke I.
Wilson, Frank Wilson, Turner Wilson,
Ford E, Young, Senator Robert G. Hill
ton, FIoyd E. Davis, Frank S. Ward,
paul Sleman, Charles S. Robb, William
H. Broadhurst, Merle Thorpe and
Donal L. Chamberlin,
Evening star., 1932-01-12

adjustments. The local mess is becom-
ing more serious and If emphasized may
become a market factor. However, it is
believed that there are sufficient clear
thinking officials in cities needing
money to prevent undue disturbance.
Evening star., 1932-01-12

Frances broad policy of government
support through the establishing of
quota restricting foodstuffs imports Is
said to be helping French agriculture,
Evening star., 1932-01-12

Government railways of Czechosova-
kia have ordered l,550,00o ties, to be
used In 1882.
Evening star., 1932-01-12
New York Cotton

Special Dispatch to The Star.
NEW YORK, January 12.--Opening
cotton prices today were to points
higher in active trading. There was .
brisk demand from trade buyers, and
professionals were not slow to take size-
able commitments as well.
Opening prices were: January, s.43,
up 4; March, SIS, up S; May, S,71, up
5; July $50, up 6; October, tbs up 6,
and December, 7,27, up q.
Evening star., 1932-01-12
INSURANCE STOCKS
NEW YORK, January II (P,-Over-
the-counter market:

Jugoslavia is having difficulty In
financing its plan to peg wheat prices.
Evening star., 1932-01-12

Atnietic sports are becoming popular
In practically every city of China.
Evening star., 1932-01-12

Dividend rates in dollars based last quarterly Of ss.i-an
Payable stock Payable stock. adjustment
dividend plus So stock Plus 6% Plus 1ss in
stock Plus Plus n m Plus
n . al year-no rate.
Evening star., 1932-01-12

Athens, Greece, has announced that
1t viii issue no more bus licenses.
Evening star., 1932-01-12

u Com Edison Feb L.. II rs 14s Ia Il
-. Pub Sva II Feb 10 2A 2A 2
Evening star., 1932-01-12

Shields & Co.-While Washington evi-
IDENTIFY Is learning that the big lesson of
dehation and depression is economy,
some municipal administrations evi-
IDENTIFY have not learned a lesson from
the loss Of prestige suffered by those
who have put politics before necessary
Evening star., 1932-06-02

Because sizes are broken. you can
get splendid summer foundation
at this price. Lightweight fabric;
fastening; with or without in
ner belts.
Palais Royal-Downstairs Store
Evening star., 1932-06-02

Ruffled Priscilla curtains
and trim tailored styles!
Sheer, dainty marquisette
in white, ivory and ecru.
Palais Royal-Second Floor
Evening star., 1932-06-02
Friday Only

Few-of-a-kind and broken sizes
remaining f r o m higher-priced
lines. Actually a good number of
Dorothy Dodd white sandals in
cluded!
Palais Royal-Downstairs Store
Evening star., 1932-06-02

Who wouldn't be-to get a
smart, becoming-and brand
new summer hat for less than
a dollar! Large, f1oppy wide
brim hats and toyos. White
pastel-sand-navy all the
good colors. Large and small
head sizes.
Downstairs Store.
Evening star., 1932-02-13
TUE pONCC DE LEON.

Southwest Corner of Conn. Ave. ana
Appleton ST. NV,
Handsomely furnished lobby, tele-
phone switchboard. elevator service;
refrieeration, bath rooms OF colored
tile, Excellent garage facilities
4 rooms and bath to 6 rooms and
baths. Reasonable rentals.
Resident Manager.
Evening star., 1932-02-13
GOTHAM.

19lS CALVERT ST, NV.
Large, bright rooms; elevator serv.
manager
rooms, kitchen. reception hall
Evening star., 1932-02-13
THE McREYNQLDS.

CORNER 18th AND G SITS. NV.
Most Conveniently Located Downtown
Apartment Hotel
Modern appointments, electric refrig-
Grafton, complete 24-hour elevator serv-
building
! room, kit and bath. .s32.5 so to S45. 90
Furnished suites Of and Q rooms
with complete housekeeping facilities
available for long or short periods.
Resident MANAGER,
Evening star., 1932-02-13
1000 MASS. AVE. NV.
WENDELL MANSIONS,

Very exclusive apartment in this
fashionable residential section.
II rooms and 4 baths.