davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-02-26
MARKET FIRM WINS
FEDERAL TAX SUIT
Board of Appeals Bars Further
Levies From Old Center
Company.

Efforts by the Bureau of Internal
Revenue to collect further taxes from
the Washington Market Co. for 1924
have failed, the Board of Tax Appeals
holding that no more taxes are due
the Government from the company,
which operated old Center Market be-
fore it was purchased by the Govern
nent through condemnation.
The proceeding was brought to re-
determine an asserted tax deficiency
pr 1924 in the sum of $35, ,379.97.
In decision involving several issues,
he board held that necessary expenses,
Itch as engineering costs, costs of sur
Ieys and fees to lawyers and expert
illnesses, incurred in connection with
otecting the taxpayers interests in a
inflammation suit should be deducted
determining the amount of the net
;rard which is used N computing
pfit If any arises thererrom.
Evening star., 1932-02-26
SUPPLY BILL PASSED
$124, ,215, ,9ee Appropriations Voted
by House.

The House yesterday passed the State.
Justice, Commerce ana Labor Depart
ments supply bill, making appropria-
tions of S124, ,s99 for the next fs-
cal year.
Evening star., 1932-02-26

ment disputes in New York, Illinois,
Minnesota and Missouri.
In each State there is a question
whether joint action by the Governor
and the Legislature is necessary to make
reapportionment legal or whether the
Legislature can act alone.
With general elections to be held in
November and with State primaries to
be held this Spring, all parties to the
controversy from MinneSota-where a
reapportionment act vetoed by Gov
Olson was held valid by the State Su-
preme Court-have poined in urging
the court to fix a date for hearing the
case in March.
This would enable q decision before
Evening star., 1932-02-26

of production were abandoned yesterday
by Senator Nye Republican. of North
Dakota. in the wake of criticism from
some of his colleagues.
Nye made this announcement as
hearings were resumed on his proposals
for aiding the independent business
man.
He said he would consent to elm
ination of the provision ito the end
that there might be less jeopardy to
the other features of the bills"
Provisions against price discrin1ina-
ton in general, however, were left
in the measures. They also would
make trade practice rules drawn up
by an industry legally binding and es-
Evening star., 1932-02-26

Tarzan disappeared quickly as he had cone. He
searched the outskirts of the city until nearly dawn
but discovered no trace of the perfdous Mo-sar
or the stolen woman. Often during the night he
encountered stray bands of fighters still continuing
their battle to thwart the high priests plan to seize
the palace. Several times he joined scattered
force of Ja-don's until they had won. As the sun
rose confident that his beloved not in the
temple palace, Tarzan turned toward Mo-sars
stronghold, Ta-lur. the Dark City.
Evening star., 1932-02-26
NYE DROPS FIGHT
FOR SELLING PLAN
Decides Not to Push Legislation
Prohibiting Sale of Goods
for Less Than Cost.

By the Associated Press.
Plans for pushing legislation to pro-
hlblt selling goods for less than cost
Evening star., 1932-02-26
N. Y. C. Recalls 125 Workers.

BUCYRUS, Ohio, February 26 R.-
One hundred and twenty-five employees
of the New York central Railroad shops
here were recaQd& to work yesterday.
effective March I, bringing operations
to full capacity. A similar number OF
men went to work two weeks ago.
Evening star., 1932-02-26

tablish Federal Trade Court, with
jurisdiction over antitrust cases.
The section eliminated had been crit
lclzed by some Senators on the ground
a huge force within the Federal Trade
Commission would be needed to en-
force it.
Evening star., 1932-02-26
Written for Smokers who wa1t Hard-pan Facts

X7OU'VE seen it in Movies -. on billboards in
i newspapers and you've heard it over the radio.
The famous slogan, "They Satisfy"
1t means Chesterfelds click. give smokers what
they want. Now let tell you the reason why!
Smoke-satisfaction in Chesterfield comes from just
pne thing. rigid rule of making every Chester
field cigarette the Dery best that money and science
can produce.
That's why Chesterfield tobaccos are the mildest
that grow. That's why the paper that's wrapped
around Chesterfield is the whtest and purest ciga-
Evening star., 1932-02-26

Casting aside the encumbering headdress Of the
dead priest, the ape-man leaped across the inter-
vening space and, grasping the brute from behind
struck him single terrible blow. AS the creature
fell forward dead the two women recognized Tar
zan simultaneously. Tell me-" he CRIED Where is
the white woman Ja-don brought here from the
temple?" "Mo-sar. the father of this thing, re-
piled O-lo-a, carried her away but few moments
ago" Which way?" cried TarZan. Pan-at-lee
replied "He must have gone toward his own city
ON the Dark IakeI"
Evening star., 1932-02-26

the end of the present term, which, II
is expected. would be broad enough to
cover questions raised in all reappoI-
tionment disputes.
Evening star., 1932-02-26

The garden was deserted; yet he knew that she
he sought must be here somewhere. light fickered
from the sleeping apartment of the princess O-lo-a
To his surprise the place was also unguarded AS he
stole through several apartments he heard voices
raised in anger and excitement Making his way
and looked within. Two women were battling with
a Ho.don warrior At the moment the ape-man
saw them the warrior had seized one by the hair
and bent over her with raised knife
Evening star., 1932-05-21
STOCKS FLUCTUATE
IN NARROW RANGE
Turnover Remains Light,
With Declines Held to
Small Proportions.
BY GEORGE t. HUGHES.

Special Dispatch to The Star.
NEW YORK, May 21.-Stocks drifted
fractionally in dull week end trading
today Volume was too small to give
any significance to the movement.
The most important overnight news
was the entirely unexpected cut in gaso-
line prices in the metropolitan district.
Although purely local affair, it brought
some selling into the oil stocks, with a
decline Of nearly point in Standard
of New jersey Other disturbing factors
in the oil list were opposition in the
Senate to the consolidation of Standard
Oil of New Jersey and Standard of Cali
fornia and the confused situation in
Oklahoma. Oil stocks, however, were
not off more than the general list.
The selling in Loew's carried the pre-
ferred and common stocks of that COM
pany down into new low ground. For
this there was no reason offered except
the effect of the general depression on
the amusement business. ChrySler was
another stock under sufficient pressure
to produce a new low. The tobacco
stocks were sold again on the cut in
cigarette production and Liggett &
Myers and American Tobacco made new
lows Nearly all these losses were only
fractional and would have attracted no
attention in a normally active market.
Standard utilities and industrialS
sagged without bringing out any in
creased offerings. The stock market
was waiting on the bond market. The
latter gave no sign of important buying.
The most encouraging feature about
stocks is the drying up of liquidation on
the reaction
Rails were dull and slightly lower.
The largest loss was in Norfolk g. West
ern, which at 76. was down 4 points,
but that is the highest priced active
rail and has thin market either way.
Atlantic Coast Line weakened on this
weeks dividend omission, although 1t
had been generally expected. The local
fractions were in supply, particularly
Brooklyn Manhattan Transit. Preferred
stocks moved with the general list, an
exception being Virginia Carolina chem
ical 7 per cent on which no dividends
are now being paid. This fertilizer
issue had the distinction of making a
new 1882 high.
Evening star., 1932-05-21
CHICAGO LIVE STOCK MARKET

CHICAGO, May 81 up UNITED States
Department of Agricultural Cattle,
1000; compared week ago, fed steers
and long yearlings, 25a50 higher; light
heifer and mixed yearlings barely
steady; stockers and feeders scarce,
steady; all she stock strong to uneyenly
higher, but edge off beef COW market al
close; bulls fully 25 lower. and vealers
mostly so down; largely steer and lignt
yearling run, latter class being in fairly
liberal supply; extreme top fed steers,
7.85; next highest price, IT'S; best light
steers. 750; bulk fat steers, 525a6 rs;
several loads Texas grassers, 490 down
to ASS, light heifers topped at 6.20;
bulk better grade, 3.50a6.00; demand
low for all light young COWS and butcher
heifers of value to sell at 4.00a5.25.
Sheep-ReceiptS, 5000 head; today's
market nominal; for week ending Fri
day, 76 doubles from feeding stations,
$4,000 direct; fat lambs largely 10Oa
l 25 lower for second consecutive week;
sheep 15a25 down; spots off more; clos
ing bulks follow: Well finished old-crop
Wooled lambs, 450a4.75; weeks top,
6.25; no choice clippers offered late;
native Spring lambs, 5.50a600; Cali
forniaS SIS, with Is per cent sort;
shorn ewes, 100a1.75.
Hogs, 1000; including 5000 direct;
quality plain, steady to weak; good, TO-
210 pounds, 335a3 As; actual top 345;
choice grades quotable higher; 240-290
pounds, 320a3.35; few packing 6ows.
2 250a2.80; compared week ago, lOal5
lower; shippers took 1000 estimated
holdovers, 2,000 light lights, good and
choice, -140l60 pounds, 325a350; nom
inal, light weights, 10000 pounds,
8 335a3.60, nominal; medium weights,
200-250 pounds. 3.25a360 nominal;
heavy weights, 250-350 pounds. 3.05a
3 IS; packing sows, medium and good,
275-500 pounds, 2.40a285; pigs, good
and choice, 100-130 pounds, 3.00a325.
Evening star., 1932-05-21
BY CHARLES r. SPEARE.
oecial Dispatch TO The Star.

Special Dispatch TO The Star
NEW YORK, May 21-It may be
worth while at this time to compare
the manner in which the British budget
crisis was met by the government and
the people of England. and the expe-
dltlous way in which the problem was
solved. with the delays and conflicting
measures that have characterized the
procedure Of Congress under similar
circumstances. In Wall Streets opinion,
the procedure of Congress has been
chiefly responsible for depreciation Of
about 40 per cent in the price of stocks
and OF 10 per cent in the market value
OF bonds since the early part of last
March.
About the middle of last August the
British cabinet. studying detailed re-
port CT the government financial situ-
alton, decided that the budget must be
balanced. After party conferences,
which agreed that there must be general
Sacrltlces, an economy measure to save
f97000,000 was requested. This in
cluded 10 per cent cut in the dole,
20 per cent reduction in civil salaries
above $4,000 year and 10 per cent
IN those below that figure, cut of 5
shllllngs week in the pay of the police.
OF Is per cent III that of teachers and
a readjustment in the basic rates of pay
in the army and navy. 1t also effected
reduction of f68,5O0,0OO in the
amortization of the national debt. King
George requested that the government
reduce his income by f50,000 and the
Prince of Wales petitioned for a cut of
10000 in his receipts from the state
On September II Chancellor Snow
den presented new budget which in
corporated an economy measure de-
signed to balance the budget. 1t
increased nori al income taxes from the
existing 22i2 per cent to 25 per cent
and imposed higher taxes on beer,
tobacco gasoline and other commodi-
Evening star., 1932-05-21
TREASURY DEFICIT
ESTIMATES VARIED
Years Figure Placed at ST.
700,000,000 on Basis of
Ten Months Operations.
BY CHAS. p. SHAEFFER,

Current calculations On the proper
ticns of the Treasury deficit for the
present fiscal year present a wide di-
vergence.
On the basis Of estimates covering
the 10 months of the year that have
elapsed, the deficit would be S2,700,-
100000. Expenditures during this period,
amounting to $4,O2O,OOO, 900. have in
creased 16 per cent as compared with
the corresponding period last year. Re-
ceipts, amounting to Sl,686, 900 900, were
off "a per cent This suggests that ex-
penditures for the entire year will ap-
proXimate $4,000 0000 900 and that re-
ceipts will De about S2,2C0,000,C00.
Income Tax Receipts.
Such a comparison, however, is rem
dered uncertain by the fact that receipts
during the first half of the present
fiscal year included income taxes on
1880 incomes, while during the latter
half, or from January !, 1882, to June
30, 1882, receipts will include taxes on
1881 incomes, a period admittedly worse
than 1890
Calculations on the Treasury's state
mentS covering the month of April
indicate the deficit will be in the neigh
borhood of $3,000,000020, while the
same method of calculation for the
current month up to May IA indicate
Aprils estimate is conservative and that
the deficit will be in the neighborhood
of $3,250,000. 900.
Last year the deficit amounted to
5000, 100000 and was the first since
1919, which incidentally was a period
when expenditures were more than
ordinarily heavy due to war accounts.
Last years deficit, and the one i'm
pending, furthermore, have nullified to
a considerable extent the reductions
that have been made in the public
debt since 1920.
The gross debt, which at the end of
the fiscal year 1920 amounted to S24,-
299 900. 900, had reached a low point
Of $16185 100000 at the end of the
fiscal year 1880, but had grown to $18,-
SGT 600 900 at the end of April 30, last.
1t is expected to approximate $4,000
100000 at the end of the present fiscal
year.
Trend Is Given.
In the table that follows the trend
Of Federal receipts. expenditures, the
surplus and the debt at the end of
each fiscal year since 1920 is given, in
millions of dollars 100000 omitted;
Evening star., 1932-05-21
DETECTION OF STREET
RUMOR MONGERS URGED
By the Associated Press.

BY the Associated Press.
NEW YORK, May 20.-A new breed
of hound, with ability to track rumor
to its lair, might perform a real service
in stabilizing financial markets, in the
opinion of conservative bankers and
brokers'
In stocks it has sometimes been said
that rumors make the market. This
applies, of course. primarily to its short,
sudden swings, but it scarcely mitigates
the evil of the false rumor.
Charges of rumor mongering to ma
nipulate the market have frequently
been made, but rarely proven, so OBJ
of these half facts or, all too often,
utter falsehoods.
The generally practiced and widely
accepted theory that financial deals
must be negotiated secretly probably
greatly magnifles the power of the
rumor.
Bull market rumors feed upon greed.
But undoubtedly the bear market ru-
mors are the most vicious of all, for
they thrive on fear. They often start
with a modicum of truth, but fear para
lyzes reason and they become monstros-
titles
The fact that a few extremely dis
tGrbing rumors of the past two years
have turned out to be true has un-
6oubtedly increased public credibility
and helped the scare manufacturer
Virtually the only suggested cure for
rumor- r-mongering has been the negoti-
ating of financial affairs more openly.
Financiers generally insist that il is i'm
possible to get results other than pri-
vately. explaining that as soon as nego-
tiation becomes public almost every i'm
portant stockholder wants to make
himself party to it and an agreement
becomes all but impossible
Evening star., 1932-05-21
BRITISH BUDGET WAS BALANCED
BY PROMPT ACTION OF CABINET
Speedy Solution of Problem In England
Compared to Difficulty Experienced in
Dealing With y. S. Fiscal Affairs.

ties. Ten days later England went of
the gold standard. In another 10 davs
the economy bill had been passed and
the credit of the government re-estab-
lished. The active part of the campaign
to correct the conditions that had led
to q deficit had been carried through
in about a months time. 1t had re-
quireo only six weeks to conclude legis-
lation that dated from the conference
on August ID.
Subsequent to the passing Of the
economy bill, members of the British
cabinet accepted substantial salary cuts
while a remarkable demonstration of
patriotism was exhibited in the dona-
tions by private citizens of money and
OF articles with a high gold content
which helped the treasury to build up
its gold reserves
The Washington tax bill. framed to
take care of the deficiencies in the ma
tional revenue and to balance the
budget for the fiscal year 1888. was
introduced in the House of Representa-
tiveS on March 7. For several weeks
prior to this time securities had been
showing a better tone following the ac-
tivitieS of the Reconstruction Finance
Corporation in behalf of the banks and
the passage Of the -Steagill bill.
A triple bottom" in prices had been
established early in February. This was
believed by analysts of stock market
movements to indicate the end of the
bear movement.
From the beginning of the tax legis-
lation and carrying through the inter
vening period Of about two and a half
months markets for securities have
been deeply disturbed and the deprecia-
ton in both stocks and bonds has run
into many billions of dollars. 1t is not
fair to charge all of this to the events
in Washington. for the Kreuger scandal
and the Middle West Utilities receiver
ship played an important part in un-
settling the confidence of investors.
(Copyright, 1927
Evening star., 1932-05-21
Commercial Paper.

NEW YORK, May 81 (SpeciaD The
supply of commercial paper is at present
much below the demand for it. Banks
in former years were accustomed to buy
prime paper in large amounts. but lit
tie paper has been made in recent years
and there is at present deGrth of it.
Banks that have bought heavily of
Government securities or of short
term municipals or corporation bonds
are anxious to diversity their portfolios
with good paper. for which they would
accept a rate of between 234 and 3
per cent. The makers of such paper
are not disposed to increase their la
bilities in a period that shows a high
risk and uncertain profits in any policy
of business expansion.
Evening star., 1932-05-21
WALL STREET DUBIOUS
ON DIVIDEND POLICIES
Dispatch to The Star.

Special DlSpdLCH u ut DbdI
NEW YORK, May 21-It has been
noticed in Wall Street for some time
that stocks of a non-diyidend char
acter have had steadier markets than
those that are paying dividends. The
argument of the trader is that all of
the bad news ma. not be out in the
case OF the latter and that there may
be further declines in them if dividends
are cut or omitted. There is the same
kind of suspicion prevalent toward
stocks that pay their regular rates.
No sooner are declarations announced
than professional Wall Street begins
to talk about what may be expecte.
in the next quarterly period, and it
most generally prophesies unfavorable
action. Cases in point this week have
been Chesapeake g. Ohio and Ameri-
can Telephone & Telegraph.
Conspicuous examples of preferred
stocks that have not been benefited in
a market sense by declarations of regu-
lar dividends are those of the Electric
Power & Light and Electric Bond &
Share Cos. both of which declined to
or near new low prices after regular
dividends were announced.
Evening star., 1932-05-21
Union Pacifc's Investments.

NEW YORK, May 81 (SpeciaD An
analysis of the stock and bond invest
mentS of the Union Pacific Railroad
today shows that its holdings Of rail-
road shares. which were mainly pur-
chased during the Hartman regime
and which have all gone off dividend
basis are now valued at about Sl2,-
100000 They we're carried in the
company's balance sheet at the end OF
1881 at approximately 100000. A
list of railroad senior securities with
principal amount of around S35,000,000
now has market appraisal slightly
over Sl5.00O.O
Evening star., 1932-05-21

Of May 6, the average advanced over
81 points, but in the second half of
last week the total net loss was
points There has been a decline in
the market of nearly As per cent in
the past two and one-han months, max
ing it one of the longest and, with one
the Autumn of 1929.
From these facts it is apparent that
the selling taking place is Of type that
Evening star., 1932-05-21

represents either fear on the part of
the holders of securities over the do
mestic fiscal situation or is forced on
those who hold margin stocks by their
brokers or their banks. The suggestion
was heard in the Street today that
there should be more cooperation by
the banks in protecting loans of Gus
toners holding high-grade stocks and
that these stocks should be carried
rather than dumped into the market.
Evening star., 1932-05-21
Nav Market.

NEW YORK. May 81 (SpeciaD The
second half of May began with the
averages of all stocks at new lows and
further imperative liquidation in evi-
dence. In the II market sessions so
far this month, have closed with
substantial net declines and 8 with
net gains. In one Of the latter, that
Evening star., 1932-05-21
STATE POWER TAX
UPHELD BY COURT
COmmOnWealths Have Right
to Levy on Interstate
Current.
BY GEORGE E. DOYING.

The right of State to levy a tax
upon the production Of electricity, even
though the power may be transmitted
in interstate commerce. has been sus-
tanned by the Supreme Court of the
United States. Thus another method
is opened up to the States for capital
izing their own natural resources.
1t has long b5en the rule that the
production of natural gas to be sent
across State lines may be subjected Il
a State levy. but whether that rul-
could be applied to electric power wa
an open question until the court dc
cision this week in a case involving an
Idaho statute.
State Right Affirmed.
In sustaining the constitutionality of
the Idaho tax on power production, tha
Supreme Court declared that the proc
eSs OF generation is as essentially local
as though electricity were a physical
thing. and that the right of a State
to control Its manufacture is not to be
questioned
The court heretofore has sustained a
West Virginia law levving a tax on the
production of natural gas, and an Ohio
law assessing public utilities in that
State upon their sales of natural gas.
much of which comes from the West
Virginia fields
The Idaho law, enacted by the 1921
Legislature, imposes a tax of J.. mill on
each kilowatt hour Of electricity gen.
Grated within the State for barter. sale
or exchange. 1t was attacked by the
Utah Power & Light Co. on the ground,
among other things, that a large part
of that company's hydro-electric power
is generated in Idaho and transmitted
to adjoining States for consumption.
The Supreme Court. however, held
that this is no bar to a State tax The
company. it was declared. is engaged in
two distinct occupations: One is the
generation of electric power, and this
is purely an intrastate operation and
therefore subject to taxation by the
State. The other is transmission of
the power, and this NAV be interstate
and consequently beyond the power of
the State to tax.
Law in South.
A South Carolina law. also enacted
in 1881. likewise levies half-mill tax
on electricity but in this case the tax
is upon the sale as well as the produc-
ton of the power. This law has been
upheld by three Judge Federal Court,
but the Supreme Court recently dis
missed an appeal on procedural grounds.
The case undoubtedly will again reach
the Supreme Court, which then will be
called upon to determine whether a
State may levy a tax upon the sale of
electricity which has been transmitted
to that State in interstate commerce.
If the South Carolina law is sus-
tanned, it will mean that the same
electric power-as already holds true
for natural gas-may be taxed by one
State when it is produced and by an
other State when it is sold.
(Copyright. 1922
Evening star., 1932-05-21
Dividend Action Postponed.

NEW YORK, May 81 (PJ-Directors
of the Budd Wheel Co. have postponed
action on the quarterly dividend of
$l.75 on the first preferred stock due at
this time until the next meeting of the
board in June, it was announced.
Evening star., 1932-05-21
500 to Resume Work.

DES MONIES, Iowa, May 20 (P).-
G. F. Nelson, manager of the Des
Moines assembly plant of the Ford Mo-
tor Co., announced that 500 men will
be called back to work May 81 Later
the force will be increased to nearly 800
Evening star., 1932-05-21
U. S. TREASURY BALANCE.
Py the Associated p

BY the Associated Press.
Treasury receipts for May 10 we're
$5, ,672, ,348 As; expenditures, $14,517,-
295 AZ; balance, $481 ,256, ,806.99. Gus
toms duties for 10 days of May were
S1I, ,198,11071.