davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-02-12
AMERICAN Stores
NET HOLDING UP
Income for 1891 Lower, but
Outstanding Stock Was
Reduced During Year.

Although net income for American
Stores for 1891 likely will show some
decrease from the 1880 figure, it is
probable that share-net will approxi-
mate the S401 reported for 1880, as
the number Of shares outstanding has
been reduced during the past year. Be-
tween the end of 1880. and June 30,
1881, American reduced the outstand-
ing shares 24,547 to 1,45424 and 1t is
possible that further reduction in out
standing shares was made during the
second half of last year.
American Stores reported earnings
saws the Wall Street Journal, for the
first half of 1881 equal to $l.87 a share,
compared with SITS for the first half
of 1890 Earnings for 1880 were equal
to S4.ol share on 1,478,791 shares out
standing.
During 1881, American Stores in
creased the number of stores in its
chain to approximately $500, against
2,728 at the end of 1890. New stores
added were practically all In Syracuse
N. Y, territory, where the company has
been extending its activities recently,
having completed new warehouse in
that city to take care of $50 stores.
Adding to Baltimore Warehouse.
1t is constructing an addition to its
Baltimore warehouse to increase its
capacity and enable it to take care of
100 new stores. Present capacity of the
warehouse is 25G stores Facilities of
the warehouse, including the bakery,
are now taxed to the limit by the COM
pany's stores In Maryland, lower Della
ware and part of Virginia While
American has already entered Virginia,
it plans to establish new stores in this
territory when addition to the ware
house is completed.
Despite a decline Of So per cent in
the dollar value of sales, business of
the chain held up well throughout the
year. Decline in sales is due largely
to the drop in retail selling prices, so
that tonnage sold probably increased.
1t Is almost assured, the Wall Street
Journal adds. that American Stores will
declare the regular quarterly dividend
OF so cents at the dividend meeting
scheduled for about the middle Of Feb
ruary. The company has always pur-
sued a conservative dividend policy,
the $3.50 share dividend disburse-
mentS in 1929 and 1880 amounting to
only about 60 per cent of earnings.
Although results for 1891 likely will be
lower than for 1890, American probably
will show an ample margin over divi-
dend disbursements.
Evening star., 1932-02-12
ly as a result of contraction in bank
loans and investments.
Security Loan LiauidatiOn.

That the banks continue to encou-
rage liquidation Of loans on securities
is shown by the weekly report on Fed
eral Reserve brokers loans. which in
the last week declined for the twenty
third consecutive week. The decrease
of Sl9,000,000 contrasted with a reduc-
tion of S8,000,000 week previous. 1t
brought the total of brokers loans to
$486, ,000,0 900, the lowest figure since
January 25. 1918, when they stood at
S473, ,438, 900.
Total Federal Reserve credit out
standing for the week ended February
10 decreased $3l,000,000. This con-
trasted with gain of Sl2 ,0000 900 in the
preceding week. This item is now $780,
100000 above the figure of February IL,
1881. The expansion in total Federal
Reserve credit in the last year largely
has been influenced by movements of
currency in circulation, reserve balances
Of member banks and the stock of
monetary gold in the United States.
The gold money stock of this country
declined S300o.000 during the last week.
(Copyright, 1922
Evening star., 1932-02-12
EXPORT OF FOODSTUFFS
DROP TO PRE-WAR MARK

By the Associated Press.
The depression in world markets, re-
sulting in lower prices and less de-
mand, was reflected in United States
exports of foodstuffs during 1881.
Reports of the Commerce Depart
ment show the export value of this
commodity group was 1914 100000 dur
ing the year, as compared with S54l,-
00C 900 in 1880, the latest year being on
practically a par with the expert level
before the World War.
The trade in cereals and cereal prod
ucts, meats and fats and oils show the
greatest low, while shipments of fresh,
canned and dried fruits; fresh, salted,
smoked and cured fish increased con-
siderably.
Evening star., 1932-02-12
FIGHT ON BOARDING
REVEALS RESULTS.
Decrease of S5,000,O00
Noted in Money in Circula-
tion-BankS Reopened.
BY JOHN A. CRONE.
Special Dispatch to The Star

Special Dispatch to The Star.
NEW YORK, February 12.-The first
tangible effect OF President Hoover
drive against hoarding-a decrease Of
s5, 10000 in money in circulation-is
reflected today in the weekly report of
the Federal Reserve System, represent
ing about one-third of this country's S
banks, with two-thirds of the banking
resources.
While this circulation decline was in
progress the Reconstruction Finance
Corporation reopened numerous banks
and national legislators worked on a
new banking bill of anti -defiationary
character.
These events almost obscured the
disclosure that last Tuesday was the
first business day in Is months on
which there we're no bank failures in
the United States On Wednesday tnerc
were but two bank closings.
The decline IN circulation to $685.
900 for the week ended February 10
follows an increase OF $42.000000 in
gains of Sl8000,C00 and $l7,000,n 200 in
the corresponding weeks of 1881 and
| 1890 During the last two weeks OF
January circulation decreased S24 ,000,-
600 and S6,O00,OOO respectively, but
these declines were less than seasonal
because currency issued for the Christ
mas holiday trade usually flows back to
the Federal Reserve Banks rapidly dur
ing January.
Change Is Encouraging.
This change in circulation direction
| though small, is encouraging because
money outstanding since the first OF
, the year has increased S51 900 900, as
against reductions of S187.000000 and
! S226,00O, 900, respectively in the same
periods of the two previous years. Fed
eral Reserve notes outstanding last
| week decreased S2,143 900, which COM
pares with S4264000 and 81 ,037 900 in
| the same weeks of 1881 and 1890, re-
spectively The New York Federal Re-
serve Bank shows a gain in circulation
of $4,000 for the week ended Febru-
ary 10. The amount of money out
standing, however, is still too large for
actual business needs and represents
a gain-for the entire reserve system
of ST ,032 900 900 over February II, 1881
The huge gain in circulation within
the last year took place despite lessened
business activities and consequent
smaller monetary needs. Currency in
active use probably is not as large
as year ago. Currency, however. now
is used in "bankleSs'' communities,
where checks normally would be en-
plOyed in personal and business trans
actions. Most of the gain in circula-
tion therefore represents inactive
holdings by individuals" or, in plain
words, boarding.
Member bank reserve balances, how
ever, showed decrease of S32 5000
this last week, against a reduction of
only 100000 the preceding week. This
item is important because it is an ac-
curate index of the active money in
supply, since such balances are related
directly to deposits in member banks
through which the great bulk of busi-
ness transactions in this country are
settled. Reserve balances in their de-
scent reflect corresponding shrinkage
in bank deposits, partially caused by
the withdrawal of funds by domestic
and foreign depositors, but more large
Evening star., 1932-02-12
SHRINKAGE IN BROKER LOANS
PUTS MARKET NEAR CASH BASIS
Exchange Member Recalls Days Of 2 Years
Ago When Huge Sums Were Borrowed.
Present Total About $5O0,OO0,000.

lar items on his ledger in 1929 is deal
ing in fifties today. On a relative
basis, he is now chalking up 500 on
his loan account against every $l.70o
he listed in 1929.
The latest New York Stock Exchange
report as Of February /, last. placed
the total of all brokers' loans at S5l2.-
100000. This was less than one-thlrd
of the total one year ago when the
figure stood at 100000. 1t was
about one-seventeenth of the total re-
ported at the 1929 peak, on october
|. when these loans reached $8,549,-
100000.
This shrinkage in brokers' loans.
ranging from their all-time high OF
over S8500, 100000 TO their present level
of around S500,O00, 900, has been accom-
panied with steady selling. Those in
veStors who have continued to hold
their stocks practically own them out
right.
Market Values
On September I, 1929, all listed
stocks on the New York Stock Ex-
change had an aggregate market value
Of $50 9,668, ,276,854 On February l,
1881. their value was cut down to S52,-
061 1885, ,709. On February l OF this
year their value was reduced nearly
one-half as much again, or to $26,377,-
647,814.
On October /. 1929, brokers' loans
amounted to 9.82 per cent of the total
value of all listed stocks. This figure
shrunk to $50 per cent on February /,
1881, and on last February it fell to
an all-time low Of 1874 per cent.
On this basis, the Stock Exchange
firms were called on last February
to advance only $194 credit for every
Sl00 of stock held. as against $500
the year previous and 1892 at the peak
Of 1929.
While these figures tell an extraord-
mary story Of security def1ation and
steady contracting Of loans" said a
broker, they also show that stocks
were never held in stronger hands than
today. Nearly all investors today are
buying stocks on a strictly cash basis" :"
Evening star., 1932-02-12
TREASURY BILL ISSUE
FAR OVERSUBSCRIBED

The Treasury announced today that
tenders for SIS, ,Ooo, 900 of 93-day Treas
ury bills dated February IS, 1882. and
maturing May l8, 1882, were opened
at the Federal Reserve Banks on
February II.
The total amount applied for was
s211,872,000. The highest bid made
was 99,400, equivalent to an interest
rate Of about 2.32 per cent on an annual
basis. The lowest bid accepted was
99267, equivalent to an interest rate
of about 2S4 per cent on an annual
basis.
The total amount of bids accepted
was $75,689,000. The average price of
Treasury bills to be issued is 99.287
The average rate on a bank discount
basis is about 2.76 per cent.
Evening star., 1932-02-12
BY FRANK II. MCCONNELL,
Associated Press Financial Writer.

NEW YORK, February 12.-The mil
lionaire broker of Wall street has a
kindlier and more sympathetic feeling
today toward the high cash clothes"
man than he did three years ago.
We're beginning to think maybe
we're brothers under the skin" ex-
planned one of the stockinged
gentry of the street today. The high
cash clothes man does no business on
credit. 1t is cash he gets. And it be-
gins to look as if our business is going
to become cash-through no fault or
desire of our own
The broker tilted back his chair and
mused reflectively on the boom days Of
1929
"At the close of a particularly good
brokers going home We all had the
same report to make-buSiness is great,
stocks going up and our loans are in
creasing.
Huge Borrowings Recalled.
"Five houses, alone, each had to bor-
row from $20O,000,000 to $250,000, 900
to finance the purchases of their GUS
ton erS when the market was at its top.
Today these houses are regularly bor-
rowing a scant $10,000000 to $40, ,000,-
900 to take care of their customers re-
quirementS.
The total of all brokers' loans today
is barely over S500,000,000. In 1929
there were two houses which together
had almost as large loan account as
the total Of all houses today.
I'm fact, our business today is prac-
tically on cash ;.asis. We have little
demand for loans"
Wall streets margin clerks, whose
letters are dreaded by spectators play
ing the market on a thin margin Of
cash, have relatively little to do today.
In 1929 forces of them worked day and
night on frequent occasions. Today
they would welcome an excuse to work
half an hour overtime
The clerk who juggled thousand dol
Evening star., 1932-02-12
BROKER LOAN TOTAL
CONTINUES DECLINE
Weekly Federal Reserve Statement
Reveals Drop of $19,o00,000
for Week.
Special Dispatch to The Star.

GpeIidl OINpdtC4l " he otdI
NEW YORK, February l2.-The
weekly statement of the Federal Reserve
on brokers loans showed decrease Of
S19,000,O00 during the week ended Feb
rusry 10 to s486. .Ooo,o 600, the lowest on
record except for January 25, 1918,
when the figure stood at st73,438,oco
This compares with the previous 1882
low of S505 900, 000 last week and with
81, 100000 on February IL. 1881.
Loans for own account were S40l ,000.-
600 compared with $432 00O,0 600 q week
ago. Loans for out-of-town banks to-
tailed $78000,000 against $66,000,000,
and loans for account of others re-
manned unchanged at $7,000,000. De-
mand loans constituted 1863, 100000 of
the total against S383.000, 900 week
ago, and time loans were sll7,o00,000
against S122 100000
The New York Federal Reserve district
rediscount rate remains unchanged at
312 per cent.
Evening star., 1932-02-12
LONDON MARKET FIRMER
ON u. S. CREDIT AID PLAN

BY the Associated Press.
LONDON, February 12.-The Amer
ican plan to broaden the rediscount
basis of the Federal Reserve Bank, to-
gether with the firmness Of the New
York Stock Exchange yesterday, created
better atmosphere on the exchange
here today.
Business was not greatly increased.
but the gilt-edged issues were generally
up Il to z. japanese bonds, oil shares
and transatlantic issues also improved.
In the exchange market sterling ad-
vanced to S3445s.
Evening star., 1932-02-12
POTATO MARKET.

CHICAGO. February II P),-CU. S.
Department of Agricultare)-Pote
81 carloads; on track, 16l; total United
States shipments, 800; dull, trading
slow; sacked per hundredweight. Wis
eonsin round whites, 80as5 unclassif1ed,
70a72h; Nebraska Triumphs. best,
1.15al 20; Michigan Russet Rurals, 80a
g; Idaho Russets No. l, 1.35al.45; few
6oheA
Evening star., 1932-02-12
Turkey Imports.
By the Associated Press

BY the Associated Press.
Imports of turkeys in 1881 amounted
to more than 81 900 900.
Figures prepared by the Commerce
Department indicated there were in
coming shipments of 134,888 pounds of
live Turkeys, valued at $25,734 during
the year, and 5,298,994 pounds Of dead
turkeys, valued at $1,051 ,408.
Evening star., 1932-02-12
Outstanding Shares Reduced.

For years American Stores has been
reducing the number of shares out
standing. At the end of 1924 outstand-
ing shares were l640,03l, and since
then the number has been reduced al
nest every year. This has helped to
sustain earnings on the outstanding
shares even though net income has de-
clined
The following table shows net income,
number of shares outstanding and
share net for the years 1924 to 1880,
and the first half of 1881:
Evening star., 1932-02-12
Markets Closed
In New York for
Lincoln Birthday
By the Associated Press.

By the Associated Press.
NEW YORK. February 12-In OBJ
Servance of Lincoln'S birthday ami
versary, a legal holiday in New York
State, all security and commodity ex-
changes and banks were closed today
The New York Stock and Curb EX-
changes and most OF the commodity
markets will be open on Saturday.
Evening star., 1932-02-12
Plant Addition Planned.

LAFAYETTE, Ga, February IL (P.-
The Peerless Woolen Mills at Rossville
have announced plans for a 100000
addition to the plant, which is one of
the largest manufacturers of wooden
goods In the South.
About 600 people are employed at
present.
Evening star., 1932-02-12
PARIS BOURSE PRICES.

PARIS, February IL L4).-Three per
cent rentes, 78 francs 80 centimes. Five
per cent loan, 101 francs so centimes.
Exchange on London, 81 francs "a
centimes. The dollar was quoted at Is
francs 35A centimes.
Evening star., 1932-02-12

CLEARING HOUSE FIGURES.
Washington Clearing House figures
for today: S3578 602.5
Evening star., 1932-02-12
SILVER QUOTATIONS.

LONDON. February II LR-Bar
silver firmer at 3-16th higher at l912d
per ounce.
Evening star., 1932-02-12

First six months 1881.
The Waterbury Democrat., 1932-11-23

. hnd
 "f'm afraid so. Tn fact. I should. Binks. It's all we can do"
 How long"
 "They're waiting for me now, honey. Kathleen will come right up-shc won't leave you alone"
 .It isn't <1at. didn't mean-in fact. I'd rather oh, Tom, I'm afraid Marv.l and the rest will go while you're away!"
 "Linda-why do you worry about those men? They ought to go as quickly as they can but as l told you, dear, there's no possible train until 12." His voice had the pa tient tone used with an argumenta- tive child.
 "I know. I'm sorry, Tom. sup pose there will still be time enough but hurry back"
 "Of course will, darling. You know that. Shall tell Kathleen to come up now" She looked out over the quiet lawn to the water, still, glassy, not broken by ripple that might mean a hint of breeze. It had looked that way as she stood at Cousin Amos balcony door-and then Again she shivered. "Yes, perhaps. But warn her I don't feel like talking. Perhaps I'll try toto sleep little." She saw that that suggestion relieved him and shivered again inwardly, Sleep, indeed! Could she ever sleep again?
 (To Be Continued)
The Waterbury Democrat., 1932-11-23
Meal Planning Not a Hit-Or- Miss
 Proposition
BY SISTER MARY NEA Service Writer


 T Meal planning is less difficult Ii
 you remember that there are cer- tain well established rules which govern the selection of the food you feed your family. Five defi- mite rules have been worked out to guide you and each. meal should be planned with thoughtful regard for them.
 The first rule in meal planning tells us that a balanced diet must be maintained. This means that, unless one is dieting under a phy-
 sician's supervision, protein, ear,
 bohydrate and fat must be supplied in definite proportions.
 It has been estimated that the minimum calorie requirement Tor a day for adults is twelve calories to each pound of body weight. Children require more food in pro- portion to their weight than adults.
 Physically active persons need
 more fuel Or calories than those of sedentary habits. However, the proportionate distribution of calor- les remains about the same-l0 to
 IS per cent should be protein, 20 per cent fat and the remaining 60 to 65 per cent carbohydrates. Minerals Are Essential The second rule concerns min- eral constituents. Calcium, phos- phorous, iron. iodine, copper and other minerals are important fac- tors in every meal.
 Third, the protective" foods which are known to be rich sources of vitamins are imperative. Fourth, a quart of milk a day for each child aEd pint for each adult should be used either in cooking or as a beverage.
 Fifth. each meal should contain
 something crisp which requires thorough mastication for the sake
The Waterbury Democrat., 1932-11-23

It was a dreary afternoon and had just settled myself before the lire with q pile of work when ir came Sally, blithe and gay despite chill winds and threatening skies and seated herself costly beside ,nie' "What do you hear from your young sister, Sally?" inquired. "Does she like her school this year and is she all excited about the wedding?"
 Sally looked at me with amaze ment. "I always suspected you of being a mind reader. Now I know you are," she stated. Listen to this: Dear Sally: (the letter read) My skin is a sight and I must do something about it right away or I never will be able to. wear the lovely bridesmaid frock you are planning for me. It was pretty good as long as used the special wash and pasteurized cream your Madame advised for me. But you know how it is at school. have grown careless about 1t and have eaten too many sweets suppose. I have lots of blackheads and quite few pimples at times. Every now and then someone tries to comfort me by telling me it's just nature taking it's course and I'll outgrow it. All I can say is, if this is na- ture's method I don't think much of it. Please ask Madame if can improve my skin in the short time remaining before the holidays.
 Desperately,
 BABS.
 "Poor child" I said. Extreme youth takes it's troubles so hard. And in this case it's a good thing. lis wrong to lead young girls to
The Waterbury Democrat., 1932-11-23
4SJ,R47 42aJgRg4 ZE1

By WILLIAM E. MCKINNEY Secretary, American Bridge League The commonest form of squeez, play is that in which a defensive player is confronted with an i'm possible discard at the tenth trick Occasionally the squeeze position arises earlier in the hand, but it il much more difficult to recognize. No doubt many a beautiful squeeze has been missed becaus, the declarer did not have the op ponents' hands counted down suf ficiently to realize that it ex isted..
 To-day's hand, which was played in the New Jersey state tourna ment, developed a squeeze at tn, seventh trick. The West playel had several optional defenses bu all would lose if the declarel played correctly.
 The Bidding
 South opened with one no trump Ca constructive bid). An origina no trump in the one over one sys tenn shows strong hand. Whilt this hand does contain five ant one-half quick tricks, 1t cannot bt opened with two no trump as il does not contain a five-card suit.
 West passed and North respond. ed with two clubs Ca sign-off bid showing. weakness), but South with his exceptionally strong hand was justified in jumping to three no trump Ca constructive bid).
 This jump to three no trump showed North the ace of clubs and, in addition, great strength in the side suits. North realized that there was a possible chance for g slam due to his long solid club suit, and while his first bid showed weakness, the jump response by South changed the entire picture of the hand.
 Therefore North showed this solid club suit. by a bid of five clubs Ga constructive bid). This gave South sufficient encourage ment to try for a slam.
 Some tables were satisfied to bid six clubs, which was easily made, but at one table the 150 aces were very alluring and South decided to try for the small slam at no trump. even though 1t might be a little more dangerous.
 Tine Play
 West opened the queen of hearts. The declarer won with the ace and ran off six club tricks. West dis carded two diamonds and heart, but on the seventh trick he was obliged to make still another dis card. He did not dare to blank the king of diamonds, and the dis card which appeared safest was his four of spades. In the meantime the declarer had discarded two diamonds and two hearts.
 He now led q small spade from dummy to the ace in his own hand and returned a spade, throwing the lead to West. That player was entirely helpless, for regardless of what he led the declarer had the ace of diamonds. the king of hearts, and the three good spades in dummy for tha remaining four tricks.
 West might make it Q little more difficult for the declarer by dis carding the ten of hearts at the seventh trick. In that case, the de- clarer would lead small heart from dummy to the king in his own hand, and follow with the ace Of spades, and a small spade.
 If West went up with the king of spades, he would be obliged to return another spade which would enable dummy to make the queen and six, on which South could dis card his losing queen of diamonds. on the other hand, if West re- fused to go up with the king of spades, dummy would win with