davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-10-16
CORN PRICE ADVANCE
IS MARKET FEATURE
Speculative Purchases of Grain Are
Based Upon Reports of Bet
ter Export Demand.
BY the Associated Press.


CHICAGO, October 15.-A strong
undercurrent toward speculative buying
of corn is attracting interest among
grain traders just now, reinforced by
constant talk of export business.
Back of the export talk is the fact
that there is not the tremendous amount
of corn available for shipment from
Argentina as there was last year, when
between october l and March 81 around
165,000,000 bushels of Argentine corn
cleared to countries overseas. The
Argentine stock at present is estimated
at about 100,00O,000 bushels less than
last season.
Influenced largely by the export out
look, corn this morning compared with
week ago ranged from shade lower
to 1s-A cent higher. with wheat A-7s
down, oats unchanged to IA off, and
provisions varying from 10 cents set
back to 10 cents advance.
Leading trade authorities point out
that Argentine corn prices are increas-
ing their premium over Chicago. Mean
while, firm livestock markets are
further improving the hog and corn
ratio. Besides. the movement to burn
corn for fuel is asserted to be extend
ing, as bids for new corn net the pro-
ducer but little more than cost OF
harvesting and marketing.
On the other hand, the United States
corn visible supply is about the largest
known at this season of the year since
1898.
Evening star., 1932-10-16
GROWTH IN STEEL
DEMAND CONTINUES
Steady Purchases by Smaller
Consuming Interests Are
Noted.
3y the Associated Press.


NEW YORK, October 15.-Improve-
ment in steel demand continued of
moderate proportions this week, still
rejecting steady buying by smaller
consuming interests. Ingot production
was estimated at 10 per cent of ca
pacity for the country, accounted for
by expanding demand for tin plate,
tubular products. sheets and bars.
Further loans for structural projects
and for railroad repairs have been an
nounced by the Reconstruction. Finance
Corporation, but they have not materi-
allied into orders. Demand from the
automobile industry is held up pending
new models. Prices held unchanged.
Demand for pig iron improved further
in some districts. at steady quotations.
Demand for copper remained dull, as
European quotations continued soft,
causing consumers here to withhold
purchases Producers hold nominal
quotations unchanged at SIC for elec-
trolytic, while concessions said to be
available in secondhand quarters at
tract no buying interest. An important
fabricator is quoted to the effect that
there has been a distinct improvement
in the copper and brass industry. Con-
sumers, however, are said to have their
immediate metal requirements supplied.
Evening star., 1932-10-16
UNITED CIGAR STORE
BANKRUPTCY OPPOSED
Realty Firm Contends Company Is
STRENGTHENING Is Set
for Tuesday.
BY the Associated Press.

BY the Associated Press
NEW YORK, October 15.-The Court
& Montague Realty Corporation of
Brooklyn has obtained a Federal Court
order. returnable Tuesday. requiring the
trustee of the United Cigar Stores Co.
OF America to show cause why the
bankruptcy should not be set aside.
The petition for the order, which
was consented to by State Superin-
tendent Of Banks Joseph A. Broderick
as liquidator of the Bank of United
States, charged the bankruptcy had
been sought for the sole purpose of
voiding valid leases and that the COM
pany is and always has been solvent.
Broderick's consent was necessary be-
cause the Bank of United States holds
a mortgage on a piece of Brooklyn
property owned by the petitioning
realty company.
A restraining order appended to the
show cause order will, unless it should
be modified, prevent scheduled hear
ings before the referee Tuesday on mo-
tions by the trustee to disafirm go
leases in st. Paul, Mimi; Chicago and
Joliet, ILL.,; Cleveland and Clinton,
Ohio: Minneapolis, MINI; New Orleans.
La: Atlanta and Athens, Ca; Wichita
Falls and Fort Worth, Tex; Mobile,
Ala; Waterloo and Des Moines, Iowa !;
Kansas City, Kans.; Bay City, Mich;
Lexington, KY; Orlando, Fla; Denver.
Colo; Seattle, Wash; Steubenville,
Ohio; Hutchinson and Topeka, Kans..
and San Francisco, Fresno and Pasa-
dena, Calf.
Evening star., 1932-10-16
SPECULATIVE BOND
LOSSES RECOVERED
IN WEEKS TRADING
Decline in Interest Rates
Proves Helpful to High.
Grade Issues.
Special Dispatch to The Star.

NEW YORK. October l5.-The specu-
lative bond list in the closing days of
the past week recovered all the ground
it had lost in the early days of the
week. At the same time high-grade
bonds advanced to new tops for the
movement and foreign dollar loans con-
tinued strong all week
In analyZing the current situation in
the markets, the development most
likely to attract is the new upturn in
very high-grade securities, especially
those Of short term description, and
the dropping of money rates to un-
precedentedly low levels. In the past
week 90-day time money went below
i per cent for the first time. call money
renewed at l per cent for the first time
In l8 months, and counter money was
quoted as low as one-half of per cent.
Other developments recently have in
cluded Treasury borrowing on 90-day
bills at less than one-flfth of l per cent
per annum, and an 1900 per cent sub
scription for S45O,OOO, GOO of Treasury
four and one-half year IS.
The conclusion is inescapable that as
the crucial period of the year ap-
prcaches. ever higher premiums have
been placed on the safety factor in in
vestments, not only by individuals but
by banks and investing corporations.
The high liquidity revealed in some
recent bank statements is proof enough
Of this. And undoubtedly those seek
ing such havens for their surplus funds
have in mind the liquidation that
greeted the year-end of 1881.
If there were accompanying liquida-
ton in stocks or Junior bonds-as in
deed there was at this time in 1881
there might be cause for considerable
trepidation no. on'y as concerns junior
bonds but high-grade obligations as
well. But one factor which existed in
1881 no longer is important. and that
is a rapid increase in bank closings and
the tremendous load of forced hquida-
tion this put on the market at the
same time that it had to absorb tax
selling.
Owing to the provisions of the acts
setting up the Reconstruction Finance
Corporation. the Railroad Credit Cor
poration, the Home Loan organization,
and the currency extension provision
OF the banking bill, bank closings have
been cut down to normal proportions
And the substantial recovery in both
stocks and bonds has removed most of
the necessity for tax selling.
(Copyrisht, 1922
Evening star., 1932-10-16
CREDIT MEN GAIN
BANKRUPTCY PLEA
Obtain Committee Hearing
and Urge Five Moves to
Remedy Conditions.

Retailers of the country interested
in bankruptcy reform are assured of
a public hearing on their amendments
through the action of the American
Bar Association at its session here.
On behalf of the National Retail
Credit Association and OF its allied re-
tail organizations, r. Preston Shealey,
Washington counsel for that organiZa-
ton. when the Bar Associations Bank
ruptcy Committee report was presented
to the convention. offered an amend
ment directing the Bankruptcy Com
mittee to hold at least one public hear
ing on bankruptcy between now and
the convening of Congress in December
After a debate, which at times ap-
preached the heated stage, Mr.. Shealeys
amendment was accepted by the COM
mittee and the retailers were thus as
sured of a public hearing.
Shealey Explains Many Changes.
In his remarks Mr.. Shealey explained
that when the present bankruptcy act
was placed upon the statute books in
1893. retailers sales were almost entirely
for cash, whereas today the retailer is
selling approximately S25 100000, 900
annually upon consumer credit. or ap-
proxin ately 47 per cent of his aggre-
gate sales.
1t was further explained by the
speaker, that even prior to the depres-
sion individual or consumer bankrupt
cies were increasing nearly three times
as fast as merchant or trader bank
ruptcies and that this was in large
part due to lax discharge provisions
of the present act, coupled with the
large percentage of sales of today upon
credit rather than upon cash.
Five Remedies Being Urged.
To remedy these conditions the Ma
tional Retail Credit Association and the
National Retailers Bankruptcy Confer
ence are advocating a fve-point pro-
gram of bankruptcy amendments, viz.
barring the necesSarieS Of life from
discharge but permitting discharge
for necessaries under certain conditions
where individuals endeavor to settle
their indebtedness through amortization
of debts; providing by amortization a
method by which individuals without
resorting to the stigma of bankruptcy
can pay their debts or through failure
after an honest attempt so to do receive
a discharge from Indebtedness; suspen-
sion of discharges where the bankruptcy
has been brought about by extravaganza,
speculation or culpable neglect OF bust
ness to the end that after-acquired
property may be distributed for the
benefit of creditors: limiting voluntary
bankruptcy to those owing not less than
$500 in unsecured indebtedness, and
enabling creditors to bring on for hear
ing applications for discharges where
debtors themselves have filed repeated
voluntary petitions but do not ask for
discharges.
Evening star., 1932-10-16
Fertilizer Sales Increase.

BALTIMORE, october IL tSpeciaD -
An increase of Z per centnin fertilizer
sales was reported for September, COM
pared with the corresponding month
last year. Despite this change for bet
ter, the September figures are not re-
garded in the trade here as Significant
as that month usually accounts for only
about per cent of the annual volume
Sales for the first nine months were
down SO per cent, .totaYfns ,492 1898
tons, against 4,063, 900 tons for the cor
responding period last year. f.
Evening star., 1932-10-16
PLANT IMPROVEMENTS
URGED AS BUSINESS AID
Special Dispatch to The Star.

Special Dispatch to The Star.
BALTIMORE, october 15-One quick
and practical way to speed the upward
climb OF American business, which
they claimed had already started. was
pointed out by A. w. Robertson, chair
man Of the board of the Westinghouse
Electric & Manufacturing Co.. and
Malcolm Muir. president of the Nc
Graw-Hill Publishing Co., speakers at
luncheon here this week.
The luncheon was held under the
auspices of the Committee on Indus
trial Rehabilitation in cooperation with
the Baltimore Association of Commerce.
This way was for business men and
manufacturers to modernize their plants
and equipment now. with costs of mate
rial and labor at their lowest. These
expenditures, it was asserted, would be
sufficient to complete the restoration of
public confidence, to reduce unemploy-
ment sufficiently and to provide a stim-
ulating element to business statistics.
Evening star., 1932-10-16
Backing and Filling"

NEW YORK, October Is (SpeciaD -
The expression which was most COM
monty used today in describing the
probable course of the market was that
it was lin backing and filling stage"
in other words, it has no definite tend
ency, is in the hands of the trading ele-
ment and is likely to fuctuate in one
direction and in another as certain
stocks become overbought or oversold.
This is phase of the market that usu-
ally develops when long movement in
one direction Is followed by change
in the trend which covers about half
of the previous rise or fall and when
speculative interests are inclined to let
the market settle down to natural
basis. That appeaxs to be what it Is
doing now.
Evening star., 1932-10-16
FURNITURE TRADE
MAKES PROGRESS
Survey Reveals Moderate
Pickup in Demand in
Past Few Weeks.

After a prolonged period of restricted
production and reduced sales, the furni-
ture industry now is showing moder-
ate signs of recuperation. Gains have
not been pronounced. but upward move
ments, if only of small proportions,
have strengthened confidence. AL
though most manufacturers continue
operations on short-time schedules, with
reduced forces some of the producers of
case goods are working full time and
have added night shifts. Others are
working 10 hours daily, but with
smaller crew, according to the survey
of the furniture industry which has
just been completed by r. G. Dun &
Co
Some Changes in Designs.
Changes in designs have not been
unusual" the survey continues, with
the exception of certain specially arti-
cles. the most popular styles includ-
ing the Georgian, early American, early
English, French provincial, French En-
pire, Federal American, contemporary
Biedermeier, Queen Anne and Direc-
tcire. The demand for antiques and
modernistic pieces still persists, but only
small part of the entire volume is
represented by this division. While it
is true that purchases have been. con-
fined largely to the cheaper grades of
merchandise, more attention now is
being given to quality goods. Discrimi
ration in buying never was so marked
and as purchases must be confined to
one or two articles at time, insistence
on quality and longwearing properties
are making retailers alter their mer-
chandising policies in consonance with
a radically new selling condition.
Buying Movement Expands.
''In wholesale furniture markets" ;"
the survey points out. 1.-The buying
movement which started some six weeks
ago continues unchecked, with retailers
ordering goods for immediate delivery;
the greatest stress is being placed on
medium priced merchandise. Producers
estimate that case goods constitute 40
per cent of the current orders, with the
upholstered pieces accounting for the
remainder. Although furnitures fac
tories are adhering to early price levels
in handling orders, wholesale prices of
raw materials have increased 10 to Is
per cent in recent weeks which has
occasioned an upward trend in the
finished product Substantial advances
are in prospect for Spring lines
"Old accounts that have been carried
for some time have not been liquidated
to any great extent, but collection fig
ureS for the current year, in COMPARE
son to sales, have indicated a fairly
satisfactory condition. InstallmeEt
collections are improving in some dis
tricts, as a result of increased employ
ment."
Evening star., 1932-10-16
Increase of 3,56l
Cars Reported in
Freight Loadings

American railroads in the week ended
October handled 625636 carloads of
revenue freight. or 1861 cars more
than in the preceding week, but 1884,.
1872 less than in the same week OF 1881.
according to reports filed here yester-
day with the American Railway Asso-
citation.
Evening star., 1932-10-16
BUILDING COSTS RETARD
CONSTRUCTION ADVANCES

Special Dispatch to The Star.
NEW YORK, October 15.-Building
costs continue to be an obstacle to a
pronounced recovery in building activ-
ity. The prospect is that a substantial
revival will depend upon a drop in
building costs to point below that
indicated by the general level of COM
modify prices. Building costs are still
considerably above the commodity
price level and commodity prices, on
the average, have probably not reached
the low for the depression, the Alex
ander Hamilton Institute declares.
Evening star., 1932-10-16

in one Playing with him at the time
were Corcoran Thorn, jr.: James Nolan
and Walter F. Chappell, all active in
the financial district.
1t is believed in financial circles that
the Brightwood Bank will be taken
over by some large downtown mstitu-
ton after the present recsivership has
been completed 1t will be two months
more before all claims will have been
filed and given full consideration by
Claude H. Woodward. the receiver. The
location is considered desirable for a
branch bank. as the Brightwood section
Is growing steadily.
Evening star., 1932-10-16
GOLD STOCKS GAIN.

NEW YORK, October Is (P.-The
New York Federal Reserve Bank today
reported a net gain of $299, 800 in gold
through release of that amount from
foreign earmark. The bank also an
rlounced that San Francisco had re-
ceived s3.352 900 in gold from Japan
and $3.50 froms China.
Evening star., 1932-10-16
Chemical Sales.

NEW YORK, october Is (P.-
Chemical manufacturers are still lean
ing heavily on the textile industries
for the bulk of current business. A
considerable part Of the current move-
ment in heavy chemicals Is going into
textile consumption, it Is said.
Evening star., 1932-10-16
A. & P. Sales.

NEW YORK, October Is UP.-Great
Atlantic & Pacific Tea Co. estimates
sales for the four weeks ended October
l at S63, 3,625,199 a decrease of 14.1 per
cent from 1891. Tonnage sales were
IA per cent under the same period last
wear -.-
Evening star., 1932-10-16
Canadian Eewsprint Output.

NEW YORK. October Is tP).-News-
print production in Canada lastsmonth
tctaled 150,69l tons, against 1898 in
August Output. of American mills
amounted to 70,621 tons, compared with
1889 for August.
Evening star., 1932-08-30
INTERVENTION ASKED.
Moves Made to Have Government Settle
Strike Differences.

LONDON, August 80 (P.-The call
for government Intervention in the
Lancashire cotton strike grew more in
sistent today, with Sir Kenneth Stew
art, former chairman Of the Lancashire
Cotton Corporation, declaring that the
step must be taken sooner or later.
And the sooner the better" he added.
"It isn't a case" said Sir Henry,
speaking unofficially, "of one side being
right and the other wrong. Neither side
Is stupid or unreasonable. 1t is a mat
ter for compromise, and the government
alone Is qualified to arrange it,"
From another quarter there was a
similar suggestion. Joseph Compton,
former Laborite member Of Parliament,
acting as an individual, wired the King
that AL classes of Lancashire people
look to the ministers to attempt set
tement Of this ruinous upheaval."
Despite the demands for intervention,
some of which were Endorsed by both
sides, Sir Henry Betterton, minister of
labor, maintained official silence in the
absence OF united action on the part of
the employers and employees.
Estimates differed as to the extent Of
the strike, which began yesterday over
a 10 per cent wage cut and working
conditions with call to 10000 weav-
erS to stop work, but it was clear that
a great majority of the weaverS were
idle.
1t was estimated today at least $780,
900 currently about $1,245 5000 was
being lost weekly in wages. Trading
losses were placed moderately at 81 ,000,-
600 currently about $3,460, ,000) a week
Evening star., 1932-08-30
RAIL ISSUE PLACED
BEFORE ROOSEVELT
Labor and Executives Tell
Governor What Lines
Need for Recovery.
By the Associated Press.

By the Associated Press.
ALBANY, N. Y, August 3O-Gov
Roosevelt had before him TODAY a pic
ture of the railroad situation from the
standpoints of both the railroad execu-
tives and the railroad workmen.
At the latest of series of confer
enceS which hitherto had been with
executives of leading roads, Mr.. Roose-
velt yesterday sought the viewpoint of
the men who represent the large rail
brotherhoods. The subject of the con-
terence at the executive mansion was
Railroad Economics"
The rail leaders, among them A. r.
| whitney OF the Brotherhood of Rail-
road Trainmen and D. B. Robertson OF
the Brotherhood Of Locomotive Firemen
and Engineers. had three suggestions
for improving the condition of the rail-
road companies.
They advocated supplementary bus
and truck service to help build up rail
tratflc and protection of the railroads
from unfair competition" by subsi-
died water transportation and motor
transportation.
-, The third point was Limitation of
the financial obligations of railroad COR
poratlons, particularly fixed charges"
Other leaders who conferred with the
Governor included w. D. Johnston of
the Order of Railway Conductors. T. G.
Cashen OF the Switchmen's Union of
North America, E. j. Manion of the
| order OF Railroad Telegraphers, L. C.
Cone OF the Brotherhood of Railway
Slgnalmen Of America and Donald r.
Klcnoerg, attorney for the organi-
Evening star., 1932-08-30
VOTING RECORD DUE
lin SOUTH CAROLINA
Senator Smith Against Field
of Three Is Feature Race
of Primary.
BY the Associated Press.

BY the Associated Press.
COLUMBIA. S. c., August 30-A
record smashing enrolment 1smo-
Gratis voted today for candidates for
United States Senator, six congressional
seats and for numerous lesser Offices.
Prohibition figured sharply In the
senatorial race, in which Senator z.
D. ("Cotton Ed'D Smith is seeking
his fifth term against three opponents.
The colorful Cole l.. Blease, former
Senator and twice Governor, is one of
them.
1t figured also in practically every
congressional race. No State Offices
were at stake, but 121 members of the
State House, 81 State Senators and
scores Of county officers were up for
nomination.
Republicans, dormant in this State
since 1875, have come to life this year
and have a full congressional ticket
to pit against the Democratic nomi-
nees in the November election.
Registration of 417,599 persons for
today's primary outstrips by more than
10000 the best previous mark of
306, 765, reached In the 1890 guberna-
torial election.
Senator Smith, although personally
dry" stands on the prohibition plank
OF his party's national program.
Ashton H. williams OF Florence, who
campaigned for Governor two years
ago on wet" platform, has a similar
position. He favors repeal of the
eighteenth amendment.
Blease is willing to abide by the re-
Evening star., 1932-08-30
BOLIVIAN CABINET RESIGNS.
Receives Note From Neutral Commits
sion in Washington.

LA PAZ, Bolivia, August 80 (P).-The
Bolivian cabinet has resigned, presum-
ably over formulation of a foreign
policy as well as internal affairs, and a
non-partisan government was expected
to be formed today.
Just before the resignation was an
nounced a note was received from the
Washington Neutral Chaco Commission
asking Bolivia to sign a 60-day truce
with Paraguay. The plan would go
into effect September /, and was in
tended to permit arbitration.
Before a reply could be formulated
the cabinet crisis developed.
Members of the cabinet were holding
protracted session with the thought of
reaching an accord on the terms of
their designations. The government
was formed last March and has had a
difficult struggle with internal problems
and an acceptable foreign policy.
The note from the commission Of
neutrals in Washington said:
In view Of the extreme gravity Of
the Chaco situation the neutral coun-
lean peace request that Paraguay and
Bolivia Immediately authorize their
delegates in Washington to sign on
September 60-day suspension of all
hostilities."
Before Minister of Foreign Affairs
Juan zalles could reply. the ministers
presented their designations. It was
understood that any change in govern
ment would not alter the Bolivian for
eign policy.
The Neutral Commission, representing
the United States, Colombia, Cuba,
Mexico. Uruguay, Argentina, Chile. Peru
and Brazil has been conferring in Wash
ington for many weeks in an effort to
restore peace in the Gran Chaco will
derneSs.
Evening star., 1932-08-30
HOOVER SAW DANGER
IN 1929 SPECULATION
Secretary Adams Recalls Presi-
dents Plea to Mellon to
Curb Stock Market.

By the Associated Press.
BOSTON, Mass, August 30.-Secre-
tary Of the Navy Charles Francis
Adams said yesterday in replying to
the recent Columbus, Ohio, address by
Gov. Franklin D. Roosevelt, Demo-
cratic presidential nominee, that Presi-
dent Hoover did not encourage specu-
lation in 1929
IT want to testify" said Secretary
Adams, at luncheon of the Women's
Republican Club of Massachusetts,
that heard him (Hoover), in 1929,
agree with Mr. Mellon that speculation
had gone mad and beg Mr.. Mellon to
use all the powers of the Federal Re-
serve Board to check that speculation
That was the only power the President
or the Federal Government had over
Wall Street and the temporary
madness"
Discussing the qualities needed in
the next President, Secretary Adams
referred to Gov. Roosevelt's Columbus
remarks about stock market abuses.
The next executive" he said,
should be great constructive
thinker. In part our troubles are still
right ahead. What do you think of
the greatness of a man who wants to
stop and fuss about the promotion and
sale of new securities when no new
securities are likely to be promoted and
when men are hungry in the streets
and want something to start the wheels
OF industry now to give them work"