davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-01-07
Prices and Values
BY GEORGE T. HUGHES.

1t goes without saying that security
prices at the bottom of bear market
have little relation to values. Never
theless, the sight of steadily declining
quotations diScourageS the holders to
the point where they Sacrltlce their IN
veStmentS not because OF any known
change in the merit of the stock or
bond, but because there seems no stop
ping Of the downward movement.
If one inventories his investments
periodically at the market prices and IS
influenced by the decrease in net worth
shown, he is apt to feel that he should
liquidate while there is still something
left. Yet there are offSettlng Consldera-
tionS. In the present bond market it
is to be remembered that there is prac-
tically no short interest and that bonds
offered for account of institutions or
individuals have to be sold at the price
fixed by the buyer. 1t is little better
in stocks because of the technical posi-
tion of the share market.
Predictions that this or that corpora
ticn will show a deficit from operations
at the year end are also to be inter-
preted unfaVorably only If all the con-
ditionS are known. For instance, the
writing down of inventories may change
net profit INTO net loss WlInouC al
fecting the cash position and certainly
without impairing the ability of the
company concerned to meet its fixed
charges. Some day the commodity
markets will turn and then instead of
inventory losses there will be inventory
gains to be written up, but this will in
Volve no increase of financial strength
until the inventories are turned into
finished goods and sold to the con-
sumner.
One more disturbing influence in
year-end markets which is Of no sig
nificance with regard to the status Of
the corporation is the recording of
losses for income tax purposes. Under
the present law an investor is allowed
to write off on his income tax return
losses in securities provided an actual
sale is made and provided that there is
no repurchase OF the same security in
30 days. In bear market this operates
to depress prices, just as in a bull mar
ket the Withholding Of securities be-
cause the investor does not wish to
record a profit operates to maintain
prices After the first of January this
factor disappears.
(Copyright, 1922
Evening star., 1932-01-07
Brokers' Comment

| NEW YORK, January ,7.-Brokerage
house market commentators were mostly
Of the opinion today that the rally
would carry further, on momentum if
nothing else, since the short interest
has been very large.
| HornbloWer & Weeks-Although it is
not TO be expected that the recovery
movement should continue at the rapid
| pace set yesterday, we would not eX
pect too much in the nature of trad
! ing reaction at this time, believing that
! substantial buying orders just under the
market probably followed up the ad-
vance Yesterday, which factor, together
: with the likely existence of a short in
! terest of substantial proportions, should
prove a sustaining influence during nor
NAL trading reactions occaSioned by
/ proft-taking.
/ Thomson g. McKinnon-The broad
scope and vigor Of yesterdays recovery
was indeed encouraging. Judging by
! the strong tone on the close and late
/ strength in the bank shares, it is not
likely that this vigor has been entirely
! exhausted.
Redmond IL Co.-Although WedneS-
days rally appeared rather fast, in the
absence of any concrete news develop
ment, it pa.--ltly has gained sutfi-
/ cient momentum to carry somewhat
further. We would be inclined to re-
gard the current rally as only tempo
rary turn in the market and would not
BE- surprised to see a further testing out
/ OF the recent lows.
Shields & Co.-Further rally is to
be expected, but it will be unWise to
! become too hopeful of the concrete ef-
fectS Of the measures planned to halt
J defatiOn. There is a possibility of an
| inf1atiOn0ry period, but there is no eVi-
! denCe Of real leadership thereto at the
| moment. Until there is, only temporary
! interruptions of the downward price
! trend are to be expected.
! f. F. Hutton & Goa slow, steadily
rising market for stocks that would not
dislodge the short interest is much to be
desired at this time. 1t is much too
/ early to hazard guess as 70 the dura-
tiCn CT yesterdays rally. There seems
to be a much sounder basis for eX-
pccting an upward movement at this
time than has been the case for months.
Paine. Weber & Goa further price
advance about the size of yesterdays
would, in our Judgment, make rally
top and be followed by a setback, at
least Of corrective proportions.
Stein, Alstrin g. Co.-The rails have
mace double bottoms, and as We ex-
Evening star., 1932-01-07
BY CHARLES F. SPEARE.

Special Dispatch to The Star.
NEW YORK, January There is
not so much uncertainty today over the
response of the members of the four
railroad brotherhoods to a request from
their employers for voluntary reduc-
tion of 10 per cent in their wages as
concerns the character of the conces-
sions in the way of additional employ
ment that the brotherhood representa-
tives may place before the railroad ex-
ecutiVes at their meeting in Chicago on
January IA.
1t is generally expected that the men
will agree to the wage reduction, and
that they will, by large majority vote,
give their representatives at the Joint
conference the authority to reach a
conclusion with the nine railroad preSi-
dents who will debate the case with
them,
Voluntary Wage Reductions.
The voluntary reductions made since
the Chicago meeting in December by
various railroad organizations, especial
| ly shopmen, has increased the Senti-
ment in favor of accepting cut in pay.
A deeper realization of the crisis
through which the carriers are going
also has arisen from such incidents as
defaults in interest on railroad bonds,
the passing of dividends by numerous
roads and the reduction Tuesday in the
dividend on Atchison common stock,
which has long been regarded as the
one least vulnerable to any unfavorable
changes in the transportation situation.
1t was indicated at the last meeting
between the railroad employees and a
representative Of the carriers that,
should the brotherhoods accept the 10
per cent reduction in wages, considera-
tion would have to be given to the en-
ployment of additional railroad workers,
and that at least portion of the $780,
000,0 saved by the roads would have
to be spent in reducing the lists of the
unemployed.
There has been strong dissent to
this proposition on the part of different
railroad managements. The most vigor-
Gus objection to it has come from the
roads west of the Mississippi Those in
the East have been more conciliatory
and agreeable to some sort of a COM
promise. 1t is significant, however, that
some of the Western lines that were not
Evening star., 1932-01-07
Grain Market

BY the Associated Press.
CHICAGO, January Fresh up
turns iI grain values early today ac-
companied Liverpool reports of good
general demand for wheat, and were
simultaneous also with New York Stock
Market advances. There were author
itative predictions, too, that it would
be long time before any empire
wheat quota proposals were adopted in
Great Britain.
Opening Il to 5s higher, wheat aft
erward held near the initial limits.
Corn started unchanged to Is higher
and continued firm
Supplies of Russian wheat in Great
Britain were reported today as rapidly
diminishing, and Black Sea shipments
were smaller, indicating that wintry
conditions were curtailing the move
ment of grain. Forecasts of Argentine
wheat exports were also devoid of in
dications of any important increase
Furthermore, domestic receipts Of
wheat at primary centers continued to
shrink, totaling but 275,0o0 bushels,
against 467000 year ago, and Omaha
reported that out of 58 cars arriving
there today 40 were from other ter
minalS.
In various quarters, significance was
placed on assertions that the United
States Farm Board had booked at least
little vessel room to Antwerp, pre-
sumably for the export of wheat from
this country. moderate amount of
overnight export business in North
American wheat from the Pacific Coast
was noted. Meanwhile, Winnipeg ad-
vised that Canadian rural holders Of
wheat were selling little or nothing.
Corn and oats displayed relative firm
ness owing largely to wheat price up
turns.
Provisions were steadied by rise in
hog values.
Evening star., 1932-01-07
CURRENCY CHANGE
FA|LSAS TRADE AID
England Has Apparently Not
Benefited by Suspending
Gold Standard.
BY CHAS. p. SHAEFFER,
Associated Press Business Writer.

Trade reports reaching the Govern
ment from United States observers
abroad indicate abandonment of the
gold standard in many important COM
mercial nations has failed to bring
about an upturn in business.
A recent dispatch to the Commerce
Department from London told that
British exports have failed to improve
while imports were showing Shght
gain-quite the reverse of the result
expected in British trade circles. Many
similar statements are on record.
Suspension of the gold standard be-
gan earnestly with England as neceS-
sary economic measure. 1t quickly
spread to other foreign countries which
were forced to adopt similar measures
because of adverse trade effects.
japan aptly illustrates this point.
With the pound sterling selling at 80
per cent below par, Great Britain was
at once in a position to undersel her
competitors. This was particularly true
in the case of Japan, which saw her
lucrative trade in cotton with China,
India and the Dutch East Indies Serl-
Ously threatened. AS a result, Japan,
too, went off the gold standard. APP
proXimately 20 nations have abandoned
the standard since England started the
movement.
The gold standard, suCcintly, means
that nations currency is convertible
into gold at a fixed rate Of exchange.
When it is abandoned, 1t means simply
that gold becomes commodity WIN
price fluctuations based on the volume
Of gold circulation and the country S
internal supply of the metal.
When England inaugurated the move
ment, mainly as an economic remedy to
her rapidly vanishing gold supply, she
hoped that the lowered depreciation
would make the country an attractive
one in which to purchase. The reduc-
ton in internal purchasing would tend
to discourage imports, she felt, while
the decrease in costs would act as
stimulus to exports. But trade dis
patches deny that this is true In any
single case
Economic factors which are said to
have forced England to forego the gold
standard included a demand for gold
of such dimensions as to make it lmpoS-
sible to maintain convertibility. This
demand came from without the country
rather than from within, and boarding
of the metal was considered too inflni-
tesimal to cause other than negligible
effect.
The impression that is more or less
widely held that a country reverts to a
standard of silver when gold is aban-
doned is entirely erroneous. Silver is
not the complement of gold, nor does
the standard depart from one to the
other. The Federal Reserve Board
points out in this connection that no
country previously on a gold standard
has gone to silver When gold is aban-
doned it means simply that the country
has assumed an irredeemable paper
standard, the board points out.
Evening star., 1932-01-07
New Live Stock Unit.

BALTIMORE, January 7 (SpeciaD -
A Maryland unit of the Eastern Live
Stock Cooperative Marketing Associa-
ton will be sponsored by the Maryland
Farm Bureau Federation directors of
the latter organization decided yester-
day. The home office of the cooperative
group will be established at the Union
stockyards here.
The decision was reached after con-
siderable discussion, with one faction
of the federation supporting a plan to
organize cooperative marketing
group that would have no affiliation
with the interstate organization. The
federation began it's sixteenth annual
three-day meeting here yesterday.
Evening star., 1932-01-07
SUCCESSFUL OUTCOME IN RAIL
WAGE PARLEY IS PREDICTED
Both Carrier Officials and Employees. Rep
resentatives Show More Conciiatory
Attitude Toward Pay Read djustment.

at first inclined to go along with the
majority and move in regular way
toward the objective of a general 10 per
cent cut have been less active lately in
promoting their policy of giving notice
of an early Is per cent reduction in
wages.
Employees Contention.
The contention of the railroad en-
ployes involved in the present wage con-
troversy is that, if there is to be a
10 per cent cut, some compensation for
this should be allowed in the way of
giving more work to men who are either
on short hours or have had little en-
ployment for months. The difficulty
from the railroad standpoint in agree
ing to this is that the outlook for rail-
road business is uncertain and promise
of additional employment might have to
be violated if traffic fails to pick up in
the first half of the year.
There is little doubt that if the rail-
roads are successful in obtaining the
wage cut most of them will use some
portion of the savings in more. active
maintenance program. There is conSid-
cradle deferred maintenance, both on
track and on equipment, that the car
rierS would be pleased to correct. The
president of one Western railroad has
just announced that his company in
tends to spend such money as is saved
from reduced wages in improving the
physical condition of his road and that
the benefits of the cuts would not be
restricted to individual labor groups but
would be spread out to include men
from the different railroad departments.
1t is also quite likely that the bene-
fits of reduction will be felt by the
railroad supply and materials COM
panies, which have had relatively few
orders from their largest customers in
the past year.
One of the anticipated incentives for
more activity in the iron and steel trade
is the improved credit of the railroads,
which is expected to follow the wage re-
duction. Although the railroads have
large amount of idle equipment at the
present time, they would have been in
the market for additional locomotives
and cars Of modern types had their bor-
rowing power not been at such a low
state and their securities on such
deprecated basis, due to the heavy
monthly losses indicated in net operat-
ing income
(Copyright, 1927
Evening star., 1932-01-07
CURB SHARES RISE
IN ACTIVE BUYING
Advances of Fractions to
Five Points Scored in
Strong Market.
BY JOHN A. CRONE.
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, January 7.-Opening
strong today, Curb Exchange stocks
turned active on the rise and netted
gains ranging from fractions to 5
points.
Electric Bond & Share was up only
a fraction. which also was true of Cities
Service, Standard Oil Of Indiana and
Gulf Oil of Pennsylvania. United Gas
convertible preferred, however, ran up
almost points on a few trades.
Following the advance here Wednes-
day, foreign markets, especially Lon
don, Paris Montreal and Toronto
opened higher and this trend was mir
rored locally at the start Of trading to-
day. The sudden rise in Toronto Of
Ford Motor of Canada A, on indications
of the proximity of a new 8-cylinder
Ford model was beIatedly felt here in
the last five minutes of trading Wednes-
day, so the stock resumed the advance
today
Ford Motor, Ltd, likewise firmed.
The strength of General Electric, Ltd,
in London was not felt here i'll the
forenoon, nor was the gain in Brazilian
Traction, which, however, did better
elsewhere
The opening on the curb was higher
The strength of foreign markets mir
rored Wednesdays session here and
brought renewed buying in some Of
these issues today.
Ford Motor Of Canada A pointed up
ward as a result Of new models soon to
be shown. Ford Motor Ltd at 5A
likewise was firmer. Electric Bond g.
Share in a 3,000-shSre block at ll7s,
was unchanged but Cities Service, at
So, was a shade lower. Standard Oil
of Indiana at 15lk, Niagara Hudson
Power at 612, and United Light g. Power
A at 90, all gained slightly. National
Transit, at 71s, was firmer, as was
United Gas at 2Is. Aluminium Co. Of
America quickly rose a point to So.
American Gas & Electric also was up a
point in a few trades.
Evening star., 1932-01-07
BALTIMORE TRUST co.
OFFICIAL WILL RETIRE
Special Dispatch to The Star.

Special Dispatch to The Star
BALTIMORE, January Waldo
Newcomer will retire as chairman of
the Executive Committee of the Balti-
more Trust Co. next Tuesday, the occa-
sion of the annual meeting of the
stockholders, but will continue a mem
Der Of the Executive Committee and
board of directors
Announcement that the resignation
had been received with deep regret was
made by Howard Bruce, chairman of
the board and chief executive officer of
the company.
Mr.. Bruce said Mr. Newcomer wished
to retire from active duties after a
banking career Of 26 years Mr.. New
conner is one of the best known bankers
in Baltimore having started his bank
ing career in 1905, when he became
president of the National Exchange
Bank, nucleus of the Baltimore Trust
Co
Evening star., 1932-01-07
INDEX OF WHOLESALE
PRICES HOLDS STEADY
BY the Associated Press.

BY the Associated Press.
Fluctuations in wholesale commodity
prices were arrested during the week
ended January 2, on the basis of meas
urements of the National Fertilizer AS
sociation.
The associations index, which in
cludes 476 individual quotations, re-
mained unchanged at 65.1, representing
1926-28 averages as 100. The aSsocia-
ton points out that wholesale trade
during the latest period was very mac
tive, due to the holiday season.
Seven of the fourteen main groups
constituting the index were active, with
three groups advancing and four de-
clining. The advances included textiles,
foods and grains, feeds and live stock,
with all gains being less than l per
cent. The declining groups were fats
and oils, metals, building materials and
fertilizer materials. Fats and oils lost
almost full points, due to lower prices
for lard, butter and talloW.
Advances were made in the prices for
IA commodities, while declines were
shown in IT. Higher prices were noted
for cotton, corn, lightweight hogs,
apples, sugar, flour, turpentine and rub
ber. Losses were shown for lard, but
ter, corn oil, tallow, eggs, heavyweight
hogs, finished steel, copper, tin, silver,
silk and cottonseed meal.
Evening star., 1932-01-07
Bank of France Statement

PARIS, January (P).-The weekly
statement of the Bank of France shows
the following changes in francs: Gold
increased $4,000, ,O00 sight balances
abroad decreased 10000 900: bills dis
counted at home increased 320, 600, 600; /;
bills bought abroad increased 297 900, :.
900; advances increased $4,000 900: cir
culation increased 2,17S,000, 900; current
accounts decreased 1,43l, ,0o0, 900.
Rate OF discount, 21z per cent.
Evening star., 1932-01-07
CHICAGO DAIRY MARKFl

CHICAGO, January 7 (PN-Butter-
Receipts. 6,8O9 tubs; casv. Creamery
Special C93 score), 26a26la; extras (92
score), 25l2; extra firsts (9O-91 score) ,
2334a24; firsts $3.50 score) 23a2312;
seconds (86-87 score), 21a22i2; stand
ards go score, centralized carlots), 241a
Eggs-ReceiptS 1854 boxes; about
steady; extra firsts, 23a2312: fresh
graded first, 22a2212; current receipts,
20; refrigerator firsts, 16; refrigerator
extras, II.
Evening star., 1932-01-07
GUARANTY TRUST co.
REPORTS RESOURCES
snecIal Dispatch to The star.

NEW YORK, January 7.-Guaranty
Trust Co., in its condensed statement
as of December 81 last, shows total re-
sources of 81 ,494, 040,051, compared with
$2,022, ,425,l1 year earlier. Surplus
and undivided profits amounted to
$194, $685. 038, compared with s207, ,442,-
797 a year ago, or a decrease of sl2,-
483,759, which was caused by amounts
taken out OF undivided profits account
and added to the company's reserves.
Evening star., 1932-01-07
New York Cotton
Special Dispatch to The Star

Special Dispatch to The Star.
NEW YORK, January Cotton
prices were about so cents bale
higher at the opening Of the market
today. There was brisk demand from
shorts. This, coupled with good bid
ding from the trade and foreign houses
served to absorb all offerings and
create briskly rising price trend that
caught stop loss covering orders.
Opening prices we're: January 6.38,
up 8; March, $40, up 10; May, 6.65.
up g. July, 6.85, up 10; October, TOT,
up 10, and December, 720, up 8.
Evening star., 1932-01-07
SEABOARO AIR LINE
PROSPECTS ARE BETTER
BY the Associated Press

by lhe Associated Press.
", 1AMPA, aA, Fla, January 7.-Ethelbert
~. A. SHlth co-receiVer of the Seaboard
nH NJ Line Railway, says the outlook for
i,5d iielHLsS,nclng it is better despite increas-
ing difficulties for railroads generally.
he was m Tampa today on an inspec-
tlon tour, He will return TO his head
quarters in Norfolk. Va, Sunday.
az. Inc real j-b OF receivers" he said,
1s making enough money to get the
property in shape for some kind of re-
organization. We are making progress +"
Evening star., 1932-01-07

4 A. j. Mason, aged 54, recently played
in foot ball game at Ashburton, New
Zealand, and says he expects TO be an
active player when he Is 90.
Evening star., 1932-01-07

pect railroad news to be more favorable
IN tne next few weeks, we believe these
oottonlS may be maintained, which
shouio help the industrial group.
Evening star., 1932-01-07
RIGHTS-ExPIRF
re Direct to The Star Office.

41s u Com Edison. 28 IA Ia II. Ia
IA Pub Svc N II Feb l 2la PA pa 21a|
Dividend rates in dollars
nual payment 'Ex dividend tPartly tPlus 4T
Payable in cash or stock playable adjustment
dividend plus 80 IN stock Plus So
stock Plus 2% in stock Plus loG Plus in
Evening star., 1932-01-07

Stein, Alstrin g. Co-The rails have
made double bottoms, and as We ex-
Evening star., 1932-01-07
BONDS.
30
InduStrialS.

(conyrisht. 1854, Standard Statistics Coz
Evening star., 1932-01-07

ww-With warrants.
1w-Without warrants.
n-Hew.
Wi-When issued.
Evening star., 1932-06-23
SPEAKS ON PROHIBITION
Rev. Henry Snider Max es Address
Before North Capitol Union.

be1ore NOrtn CapltoI Union.
Rev. Henry Snider was the guest
speaker as the North Capitol Union
held its final meeting of the season
Monday in the home of Rev. and Mrs.
Charles H. Butler, 1927 Montague
street.
The speaker told Of various phases
of the prohibition question today.
Evening star., 1932-06-23
famous "TIPSTER'
| FOR RPOL|CE IS DEAD
MYSTERIOUS Figure of Gotham
Underworld Guarded
Like President.
By the Associated Press.

By the Associated Press.
NEW YORK, June 23.--"Chile'
Acuna, the stool pigeon who was
guarded almost as carefully as a Presi-
dent, is dead.
His passing was not unexpected, but
the manner of it was a surprise. In
stead Of the violent demise 10 blue
ribbon" policemen were assigned to pre-
vent, he expired peacefully last night
In Brooklyn Eye and Ear Hospital. He
had been In a coma after an operation
for a brain tumor.
A swarthy young man OF unabashec
demeanor, Acuna burst into notoriety In
1880 by telling how detectives hired
him to "get the goods" on defenseless
and sometimes innocent women. The
scandal he broke abolished the old vice
squad and sent some of its members to
Sing Sing Prison. -.
Under a ruling by police heads, the
shadowy figure of the unknown man.
was eliminated from such cases.
Acuna appeared apparently out OF
nowhere to testify in the appellate
courts inquiry conducted by Isidore j
Kresel and by Samuel Seabury, who
later went on to inquire into the whole
city government.
The young man. who had been a
waiter at $50 a month before he moved
into the big money class, was given six
picked lieutenants as police guard
Later the guard was increased, until he
was forced to move because neighbors
complained the constant shift Of pro-
tecting policemen bothered them.