davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-04-16
CURB LIST CLOSES
WITH SMALL LOSS
Declines in Week End Selling
Confined Mostly to
Fractions.
BY JOHN A. CRONE.

special Dispatch TO The Star.
NEW YORK, April 16.-Reversing the
upward trend at the opening of the
Curb Exchange, the list moved lower
today, but the decline failed to bring
out increased offerings.
Electric Bond & Share, around 1872,
was up a shade. but below its early
peak. Cities Service, at 424, was off IA.
Asking of a receiyership for corpora
ton securities and insult Utility In
veStments, Inc, today was in line with
expectations, following similar action
late Thursday for Middle West Utili-
ties. These receivership actions were
without immediate effect on the utility
list as whole. insult Utility Invest
ments marketwise long ago discounted
such action.
The opening was influenced by the
closing trends of the preceding session
and the character of weekly trade re-
views. Although retail trade remained
hesitant, further improvement was
noted in some of the basic industries.
Maintenance of pro-rationing and
avoidance of new food of oil bright
ened the prospect for petroleum per-
hapS as much as the crude and gaSo-
line price advances.
Motor companies reported a good
response to the Nationwide sales drive,
but the steel industry has not yet mir
rored the effects of automotive buying.
Copper sales quickened in the last few
days without pushing prices ahead
Glass and hardware sales bettered. but
electrical output further declined. Bank
suspensions decreased.
Agfa Ansco Corporation had dis
counted it's 1881 net loss of 81 ,085,873,
against net profit of s47,380 in 1890.
Ford Motor Of Canada A opened lower
in response to its 1881 net loss of
$1.384,757, which contrasted with net
profit of $3.157,877 in 1880. Lack of
action on the 25-cent quarterly COM
mon dividend of A. Stein g. Co. had
been forecast marketwise.
Evening star., 1932-04-16
BANKING SITUATION
is MUCH STRONGER
Association President Points to
Work of Finance Corporation
in Recent Weeks.
Special Dispatch to The Star.

BALTIMORE, April 16.-Restoration
OF confidence is the country's biggest
problem today, according to Col. Allan
M Pope, New York, president of the
investment Bankers Association of
america and executive vice president
OF the First National Old Colony Cor
poration.
Col. Pope was the principal speaker
at luncheon meeting of the South
eastern group of the Bankers Associa-
tion here yesterday.
The tide of bank failures has turned
he said, pointing to the work of the
Reconstruction Finance Corporation
and the fact that throughout the entire
country in one recent week only five
banks failed, while seven other banking
institutions reopened.
Six months ago." he said. I'VE were
overwhelmed with the problem of the
depression, while today the leaders of
thought in America are able to proceed
with the calm and careful treatment
ana cure OF this economic disease.
The Government" he said, lis going
to stick to the short term market The
market for our long-term Government
bonds need not react adversely, now or
In the future, for fear of new issues of
Iong-term bonds clogging the market"
Ihe speaker urged the investment
Bankers to make these facts known to
all holders and prospective holders of
Government securities. Every banker
could aid in the orderly marketing of
Federal financing, and the smaller
county banks, he explained, would find
II advantageous to buy Short-term Gov
ernment securities.
Evening star., 1932-04-16
SHORT SALE FIGHT
LASTS 800 YEARS
Historians Find the First Clash
With Bear Traders Occurred
in 1910.
BY FRANK H. MCCONNELL,
Associated Press Financial Writer.

NEW YORK. April 16.-The fight
over short selling, now much in the
news, has ragged for more than three
centuries.
Financial historians have dug UP a
record on snort selling extending back
to 1910, when the Dutch East India Co.
complained that bear raiders were claw
ing the value out of the company's
securities. A Dutch law was passed
forbidding any one to sell securities or
ownership certificates unless they ac-
tually owned them. Later it was re-
voked
In 1920 the South Sea bubble burst,
which led after an orgy of wild specu-
lation in London over "get-rich-quick"
investments in South Sea enterprises,
to temporary ban on short selling in
the London Exchange.
In 1912 the New York market came
in for its first treatment by legislation
designed to abolish short selling, but
the legislation was eventually found in
effective.
In 1896 Germany abolished all specu-
lation on the Berlin Bourse, short SELL
ing included.
In 1903 the Hughes investigation of
Stock Exchange activities was launched
here, but resulted in no important
changes.
The present Senate hearing is the
first American legislative inquiry di-
rected principally into the subject of
bear speculation.
The record further shows that in
the 1910, 1920, 1912 and 1896 episodes
short selling was placed under ban, but
in each case this ban was later lifted
The 1908 investigation in New York State
resulted in a clean bill of health for
short selling.
Evening star., 1932-04-16
BANK CLEARING LOSSES
RESUMED DURING WEEK
BY the Associated Press.


NEW YORK, April 16.-Bank clearings
so far in April continue to show quite as
heavy loss as they did in both of the
preceding months. The total this week
for all leading cities in the United
States, as reported to Dun's Review. of
$4 4,67l .572 600 was 4l.2 per cent below
that of last year. At New York City
clearings were $3,l3l, 900, reduc-
tion of 1875 per cent, while the total for
the cities outside of New York of
l,540, ,239, 900 was 35.7 per cent smaller.
For some time past the decline at
cities outside of New York has not been
as great as that shown in the total, and
this way serve as an encouraging fea-
ture. This is especially true at some Of
the Southern centers. Furthermore, at
this tine last year bank clearings we're
maintained at quite a uniform level,
and it was not until the second half of
1881 that the decline became more or
less precipitous with little indication of
any recovery since. 1t may be that
improvement will not appear until the
later months of this year. The reduc-
tion this week from the preceding week
is practically the same as it was at this
tin year ago.
The figures for leading cities, as COM
piled by f. G. Dun & Co., showing de-
cresSes as compared with the same
period year ago, follows:
Evening star., 1932-04-16
INCREASE IN RAIL
ORDERS IS NOTED
Steel Industry Finds EneoW-
agement Despite Drop
in Production.
By the Associated Press.

% EilO ASsuCldttu FTeSS.
NEW YORK, April 16.-A few bright
spots are apparent IN the steel trade.
Notwithstanding a further decline In
ngot production to 21 per cent OF ca
pacity from the % per cent rate of the
past two weeks, says Iron Age.
While still awaiting the release Of
important tonnage from automobile
manufacturers" the review continued,
the steel industry is able to observe
such scattered indications of improve
ment as slightly larger orders for railS
and track supplies for Spring mainte-
nance work by railroads, a gain in In
quiries for structural steel, which at
$3.50 tons are the heaviest for any
week this year; stepping up of auto
mobile production schedules and an in
quiry for 10000 tons of pipe for a for
elgn pipe line, the orders for which are
falrly certain to come to American
mills.
Belated Rise Seen,
These developments, together with
the stability of higher price level for
most steel products that became effec-
tive at the beginning of this quarter.
encourage the steel industry to believe
that belated seasonal rise in business
OF at least moderate proportions is rea-
sonably certain.
Ford Motor Co. has issued INQUIRIES
Tor sheets, strip. bars and wire but has
not yet placed the tonnage that will be
necessary to produce the 100000 cars
1T which it has orders. The new
eight -Pyr1iY7 fIaV
l,oOO pounds Of steel, which means that
with scrap allowance Ford Co. and its
parts makers will need upward OF
$4,000 tons Of steel to fill its present
commitments.
Last weeks schedule Of about 400
motors day is being stepped UP to $50
a Gay this week, with 900 a day as tha
goal by end of month.
Other automobile manufacturers are
increasing production The Fisher
Dooy plant at Cleveland has attained
an output Of 1,500 Chevrolet bodies !
Gay, and Chevrolet Co. has ordered suf-
hclent steel for 10000 to 10000 carr
that are to be built at its Detroit and
FIlnt plants. Plymouth output this
Of March.
Parts makers, including these SUD.
N' at sCtCnlB IelcdSeS anQ
are buying steel a little more freely.
though not in volume. Orders for alloy
Dars nave improved, and shipments Of
pig IRON from Lake Erie furnaces ia
auComotiVe parts makers have made a
further gain this week.
Operations Concentrated.
Concentration of manufacturing ou.
erations in the steel industry as an
economy measure is in process. A large
structural steel fabricating company /,
shutting down three CT its eastern
pants for at least six months. A few
steel mills have suspended Operations
ostenslbly for repairs. With approach
OF mild weather and continued pilina
up OF large losses, some steel companies
are adopting more stringent remedie,
for excessive costs"
Evening star., 1932-04-16
ADVANCES IN BOND
MARKET CONTINUE
Junior Rail List Features
Trading at Week End
Session.
BY F. H. RICHARDSON.

Special Dispatch to The Star.
NEW YORK, April 16.-The general
bond list continued its advance today
in active trading At the same time
United States Government bonds hesi-
tated for the first time in nearly fort
night, and most of the long-term
Treasures and liberties were narrowly
lower on the day.
The market opened with firm tone
and then pushed upward. The gains
in the junior list ranged from to 6
points, with particular attention paid
to the rails While the Street still in
clined to the view that the Federal Re-
serves heavy buying of Government
bonds was an excellent reason for buy
ing junior bonds, probably the best de-
mand today was occasioned by the in
timation that administrative relief
measures might include the actual sup
port of the junior bond market
There is always a siZeable short in
terest in the more active speculative is
sues, bonds which can easily be bor-
rowed for delivery, and undoubtedly
the sharp rally of the past two days
has trapped some of the shorts, hence
they were forced to pay heavily in order
to cover. Great Northern rs, for in
stance, were points higher This is a
seasoned railroad bond that has always
enjoyed a flrm market because of its
high intrinsic value
Other carrier obligations were also
81 arply higher Northern Pacific 6s
gained 3, as did Chesapeake Corpora
tion IS. Other semi-spsculative rail-
road issues had comparable advances
Even the conservative Atchison general
As added 2 points to the substantial
gain made Friday.
Evening star., 1932-04-16
SHARE REDUCTION
POLICY EXPLAINED
"SpIit-DoWns" Enhance the
Value of Corporations
Capital Stock.
BY VICTOR EUBANK,
Associated Press Financial Writer.

NEW YORK, April 16.-The why's
and wherefores of the "split-down"
movement in the capital structures of
various corporations, in contrast with
the stock "split-ups" popular in the
boom days of l928-2e, are now being
explained in Wall Street.
The principal reasons given for re-
ducing outstanding shares by exchang-
ing two or more old ones for one new
are economy and the establishment of
better collateral positions.
It is pointed out that, by reducing
outstanding shares, an easier corporate
structure is created in which there are
fewer shares to handle through trans
fers and the payment of transfer taxes.
The market situation is also consid-
cred. 1t is reasoned that stocks selling
for $40 or lower do not attract the in
terest of investors as do shares in the
$40 and $50 categories. 1t is figured
that investors do not see as much in
trinsic value in lower-priced issues as
they do in the so-called blue chips" ="
Consequently, the stock that has under
gone "split-ups" is now generally rele-
gated to the cheap" class.
Again, bank loans are part of the
business of most large companies and
banking institutions are usually aVerSe
to loaning funds on shares that are in
the small-price group. BY a split
down" of low-priced issues, shares at
tain the higher figures which are sup
posed to attract bankers when a loan Is
in question.
Various corporations recently have
not only cut down the number of out
standing shares. but have reduced the
par value as well.
Among the best known corporations
which have inaugurated "split-downs"
are American Commercial Alcohol.
which gave l new for Old shares ;
Electric Bond g. Share, for 3; Phillip
Morris Consolidated Inc, l for 2; Nj
agara Hudson Power, l for 3; Reynolds
Spring, for 5; American Equitable As
surance Co., 2 for s. and Automatic
Voting Machine Co., l for S.
Evening star., 1932-04-16
new RECElVERSHIPS
FOR UTILITIES ASKED
Three More insult COMPANIES
Named in Petition to U. S.
Court.
BY the Associated Press.


CHICAGO, April 16-Receivership OF
three more insult utility holding com,
panles was asked in United States Dis.
trict Court today.
Petitions were fled asking appoint.
ment of a receiver for the Insl1u
Utility Investments, Inc; Corporation
Securities Co. of Chicago and the Mis-.
SlsSlppl valley Utilities Investment Co
samuel Insults mammoth castle oi
utility holdings, the Middle West Util,
tues Co., went into friendly receiver.
ship yesterday.
The builder and two other Chicago
nnanc1ers were named by Federal Judo,
waiter Lindley as receivers.
The holdings of Middle West, stretch,
ing from Canada to the Gulf and from
New England to the far Southwest
were placed at between $500 600 OOi
and S3,000000,0 900.
The action formed the largest re,
celVerShip in financial history. Named
receivers with insult were:
Edward N. Hurley, manufacturer ana
wartime chairman of the Shippini
Boaro' VINO landed for Chicago botE
national party conventions.
Charles McCulloch, Chicago-New YorI
taXlcab official and chairman of tn,
With this triumvirate lay the tasl
OF recognizing and stabilizing a hold,
ing company whose subsidiaries, al
solvent, serve 100000 inhabitants o.
4,700 communities; that has 90.0O(
stockholders; that had gross earning
last year of $182, 100000 in its opera.
tons Of electric light and power, gas
water, heating, ice and transportation
companies.
The ramiflcations Of Middle Yves
were so deep that there were sub
salaries of second and third subSidi
aries.
The receivers furnished bonds q
100000 and the jurist reserved thi
right to increase them at any time.
The court said he was informed
that Hurley and McCulloch had nj
ties with the company" and added thai
IT expect an impartial administration
of the assets of this company"
Evening star., 1932-04-16
BALTIMORE TROLLEY DEFICIT.

BALTIMORE, April 16 (SpeciaD -
Citing the prevailing business depres-
sion and its attendant shrinkage in em-
ployment as a primary factor, and taxi
cab competition as a secondary element
in the IS per cent decrease in gross
revenues of the United Railways &
Electric Co. during 1881, President
Lucius S Storrs reported to the stock
holders at their annual meeting yester-
cay that the company had sustained
net deficit for the year Of S665 .648.77
as compared with a net profit in the
preceding year of S413,268.44.
Evening star., 1932-04-16
Baltimore Markets
Special Dispatch to The Star.

Special Dispatch to The Star.
BALTIMORE. Nd, April 16.-Whiti
potatoes, per 100 pounds, 75al.05; swee
potatoes. bushel, 35a60; yams, barrel
LOCALS; beans, bushel, 400a6.00
beets, crate, 2.50a2.75; cabbage, ham
per, 10Oa2Oo; carrots, crate. 2.75a3.50
caulifiower. crate, 2.25a2. SO; celery
crate, 150a3.25; kale, bushel, 15a25
eggplants, crate, 1.75a3.00; lettuce
crate, 2O0a350; mushrooms, basket
35a90; onions, per 100 punches, rs;
100: oyster plants, 100, 5.00a600; pep
pcrs, crate 2.00af0 90; radishes, ham
per, 50a1 90; spinach. bushel, 50a1.15
squash, bushel, 1.75a2.50; tomatoes
crate, 1.25a2.75; apples, bushel, 50i
LIS; grapefruit, box, 1.50a3.00; oranges
box, 2.75a450; strawberries, quart
30a45.
DAIRY MARKETS.
Chicken-Young, 23a27; Leghorns. q
a23: cid hens, 14a19; Leghorns old
15a16; roosteJS, 10al2; ducks, 12a22
pigeons. pair, 20a25.
Eggs-Receipts, 1,845 cases; curren
receipts, 12a12A; duck eggs, 10al4.
Butter-Good and fancy. creamery
20a22; ladies, 15a16; process, l8a19
store packed, 12a13.
Evening star., 1932-04-16
DOLLAR BUYING POWER
NOW 81 CENTS HIGHER

The wholesale purchasing power of
the dollar was today 81 cents hipher
than in 1926, when the prices on 7S4
commodities, weighted according to the
Importance of each article. were &C
credited with an index number of 100
the Labor Departments Bureau of Sta
tistlcS announced in its weekly sum-
mary of wholesale prices.
The statistics show wholesale prices
are now seeking a new low level after
remaining firm for more than one
month, slumping from 66.5 on March
II to the latest figure of 65.7 for the
all commodities group, according to the
bureaus table
Evening star., 1932-04-16
R. r. &P. POTOMAC YARDS
BUREAU TO BE CLOSED
Special Dispatch to The Star.

Special Dispatch to The Star
ALEXANDRIA, Va, April 16-The
Revision Bureau at Potomac Freight
Yards, a department of the Richmond,
Fredericksburg & Potomac Railway
established some years ago for checking
and revising rates of all freight traffic
handled through the yards, will be
closed May l, it was announced yes
terday CT the 43 men now employed
at the bureau, 35 will be thrown out of
work by its discontinuance.
approximately 100 men were en-
ployed at the bureau until the force
was cut down bout a year ago. The
remaining stayed at a decrease in
salary
James T. Luckett. chief of the bureau
and seven senior rate clerks are to BE-
transferred to another department of
the yards. Dispensing with the services
Of the IS men will mean a payroll loss
10 them of $500 a month.
Evening star., 1932-04-16
Crown Cork & Seal.

BALTIMORE, April Is (SpeciaD -
The Crown Cork &, Seal Co. in the year
ended December 81 last earned net
profit Of s698.707 after interest, depre-
citation, Federal taxes and other charges,
or 80 cents share on 384,122 shares
of no-par common after allow2 mes for
dividends on the s2.70 preferred, ac-
cording to figures just made public.
Evening star., 1932-04-16
New York Cotton

Special Dispatch to The Star.
NEW YORK, April 16-After fairly
steady market in the first hour, cotton
prices reacted further again today and
a decline of 81 a bale occurred from
high levels of yesterday
An easier tone in the stock market
toward the close brought cotton under
pressure and the list closed with a loss
Of to points on the day. Spots
were reduced 10 points to $40.
Cotton range
Evening star., 1932-04-16
Markets at a Glance

NEW YORK, April 16 OP.-Stockl
heavy; Auburn auto at record low
Bonds strong; utilities continue to leat
advance. Curb steady: changes narrow
Foreign exchanges firm; French franz
higher. Cotton lower; easier stock mar,
ket; Southern selling. Sugar higher
steady spot market. Coffee quiet; tradi
buying.
Evening star., 1932-04-16
WaShihqton Stock EXCHANGE.

SALES.
washington Rwy. g. Elec. 4s-S1 900 at
8ol9.
Potomac Electric 20 pfd.-5 at ITO.
AFTER CALL.
Peoples Drug Stores pfd-5 at IS.
Evening star., 1932-04-16
BONDS.
Bid and Asked Prices.
PUBLIC UTILITY

PUBLIC UTILITY.
A.. Bid Asked
amer. Tel Tel, 412s '3S...... l001z
Am. LeI. @; IeI. ctI. n. 1s..... yo42 ...,
Anac)Sta g. Pot. r. K. 5s.. o2 %
Ana. & Pot. Guar. 5s........... 84H -
G. P. Tel. Oh Va. 5s....... SO 49,
Capital Traction r r. 5s..... 55 %
City Suburban 5s............ 4834 SO
GEORGETOWN Gas lSt 5s........ 9s34 1O0A
Potomac Elec. Cons. Sc ...... lU0l4 .....
Potomac Elec. IS 1858. l05i4 49,.
Wash. Alex. g. Mt. Vernon ctf. 2 .....
Washington Gas 4i2s. ....... 81 81
Washington Gas 5s......... 100 1901 :
Wash Gas IS, series A....... 90 100
Wash. Gas IS, series B........ 101iz 102 2
Wasa. Rwy. & Elec. 4s........ 81 6l :
MISCELLANEOUS.
Barber & Ross, Inc, 6l2s.... so .....
Chevy Chase Club 5lzs......... SO l00l2
Columbia Country L.uD 5lzs.. lUJ lU3
w. NJ. Colo Storage os....... "a .....
Evening star., 1932-04-16

Dividend rates IN dollars based on last
quarterly or semi-annual payment sEx
dividend tPartly extra. tPlus 40 in stock.
a Payable in cash or stock Payable in
STOCK. Adjustment dividend. fPlus SO
In stock. Plus So in stock b Plus lg,
IN stock | Plus 2eo in stock Plus 10Ss
IN stock. m Plus go in stock n Plus 81 in
Evening star., 1932-04-16
Trade Reports at a Glance.


15Tabloid review of wholesale
with conditions the
Evening star., 1932-04-16

New Zealands youngest girl pilot.
MISS T. Hunter aged Is, of Wanganui,
has just received her flying license.
Evening star., 1932-04-16
CHICAGO STOCK MARKET

CHICAGO, April 16 HD Following Is
the complete offlcial list OF transactions
on the Chicago Stock Exchange to-day
Evening star., 1932-04-16
STOCKS.
PUBLIC UTILITY.
NATIONAL BANK.
TRUST COMPANY.

Amer. Sec. & TT. Co. fl5). ..... 299 3l0
Natl. Sav. TT Q2D. ......... 375 500
Prince GEORGES Bk. TT. o.. % 40
Union Trust t3sb 49,. ..-...-.. lSI 2oU
Wash. Loan & Trust G4)...... 900 4s0
The Washington times., 1932-11-04
HOOVER RAPED
ON 'PEONAGE'

The oover administration and
its relationship to alleged peonage
in the Mississippi flood districts
and the recently appointed COM
mission to investigate conditions
were denounced in negro political
circles here yesterday.
Thomas E. Carroll, through the
National Progressive League, who
for the last two years has been en-
gagged in trade union work in the
South, declared that conditions
almost amounting to slavery exist
in many of the camps along the
Mississippi and that the Hoover
administration had been repeat
edly told of the situation but moth.
ing has been done to relieve mat.
ters. Wages are said to be as low
as $1.25 a day for some workers
and the hours as long as IA a day.
Daniel Aston, secretary of the
Democratic Progressive League,
said the appointment of the COM
mission was just another move of
the Hoover Administration to win
the favor of the negro before elec-
ton day.
The Washington times., 1932-11-04
Id SMITH WILL SPEAK AT GREAT RALLY TONIGHT

plOyed men are too insistent
to Justify . Governmental
policy that pins its faith ON
such . mere remote possibility.
Tc Include All Groups
The governor declared that his
program, If elected, will be ma
tional in scope and will include
all groups and all economic in
terests. He said:
"Such q program permits Of
no yielding to sectional or
immediate selfish special in
terests such as those repre-
sented by the clients and
hackers Of Mr.. Grundy. 1t rep
reSents a recognition Of the
fact that q neglected group, a
submerged group, be 1t agri-
culture, labor, finance, or in
dustry, will prevent the re-
cOvery Of the entire Nation"
Roosevelt said his plan for re-
storing prosperity includes a re-
Storation of agriculture, rehabili-
tation Of railroads, more drastic
Federal regulation of public utili-
ties, a tariff policy aimed to re-
store international trade and
commerce with all nations" that
the National Government shall
not permit any citizen to starve;
Stricter regulation of investments,
and an honest national budget
system"
Young Joins Attack
Speaking from the same plat
form with Governor Roosevelt,
Owen D. Young condemned PreSi-
dent Hoover and the Republican
party for the Campaign of
threats" and declared that the
election of the Democratic ma
tional ticket will put the nation
back On the road to prosperity.
He said:
"It is no time for threats, but
the President and his support
erS have not heSitated to pre-
dict what would happen to
securities and business If he
were not elected. Let no one be
afraid-let no one be cOerced
directly by threats or indirectly