davidaulloa/AmericanStories huggingface dataset:
The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1932-08-11

wANTED-A place to work for
board while attending high
school in Sank Centre. Lorena
Marks, Sank Centre, MINI. Route
two. 1Ipd.
Evening star., 1932-09-05
AGRICULTURAL PRICE
INDICES ARE HIGHER
Farmers Financial Position Has
Been Materially Improved
in Recent Weeks.
BY the Associated Press.

BY the Associated Press.
The fortune of the farmer seems to
be taking definite turn for the bet
ter.
Despite smaller prospective yields In
all principal crops, as announced by
the Department of Agriculture in its
latest production estimates, the rise in
prices is expected to more than Offset
this decrease as measured in cash re-
turns to the agricultural fraternity.
The Agriculture Department estimates
that crop yields per acre this year will
average 6.5 per cent below production
last year, and 4.6 per cent under the
average for the 10-year period ended
with 1923. However, the general level
of farm prices have risen more than
10 per cent during the last few months,
which provides q comfortable margin
over the depleted yields.
Cotton has led the upturn. 1t is now
selling at about .0869 as compared with
10 as compared with a low of Sta;
corn sells at approximately 463s as COM
pared with low of .423s; rye now sells
at about .51s as compared with low
of .43, while oats has shown the least
change, now selling around 29l2 as COM
pared with a low. of 27X.
Prices Of many other products Of the
farm not included in the list given
above have also shown good gains This
is true Of poultry and dairy products,
while live stock has tended to taper off
slightly in recent weeks, although still
retaining substantial gains registered a
few months ago.
Evening star., 1932-09-05
RAPID GAIN IN BOND PRICES
WIPES OUT HALF OF 3-YEAR LOSS
Approximately $2O,OOO,OOO,OOO Added to
Quoted Values of Investment Securities
In Less Than Two Months.

mating in the empire was considered
likely to divert some American trade.
but the international effect of Britains S
example upon the forthcoming world
economic conference so far outweighed
this that Wall Street was inclined to
view the Ottawa conference bullishly
rather than otherwise. Canadian and
Australian bonds had a general upturn
and the frmness of the general market
was extended to British and European
bonds.
Even German dollar descriptions dis
played remarkable steadiness in the
face Of news of an open break between
the Won Papen government and Adolf
Hitler and his Nazi forces. South
American bonds were steady. too. testi-
flying to the complacent manner III
which the financial world viewed the
revolution in Brazil.
New Bond Issues.
August was not a particularly active
month in the new capital market. New
issues aggregated about S150,000, 900,
compared to $153, 100000 in July and
114,257 900 in August. 1881. New bond
issues for the first eight months of 1882
have aggregated $l,191 ,522 900, against
SO, 166 669, 900 in the 1891 period. Some
new utility bonds sold during the month
went to sizeable premiums Immediately
after offering, notably an issue of Com
monwealth Edison and another of Peo-
piles Gas. At this time the bond market
was advancing with great speed and
there was a tendency on the part of
other prospective issuers of new bonds
to await still better conditions before
coming into the market.
Evening star., 1932-09-05
Market Prospects.

NEW YORK. September (SpeciaD
Much is anticipated both in markets
for securities and in business after
Labor day, and this means for the next
80 days. 1t is assumed that great
many people who ordinarily would be
interested in stocks have been on their
vacations and therefore have been only
passive observers of what has been
going on in Wall Street. In the business
world August Is always a period of
partial shutdown and traditionally the
new business year dates from around
Labor day.
In 1929 the stock market began to
show the first strong indication of a
slump in September. In 1880 it was
heavy and toward the end of that
month decidedly weak. A year ago in
September came the suspension of gold
payments by the Bank of England and
another panicky condition in securities.
September this year is likely to give a
strong contrast with that of the three
periods
Evening star., 1932-09-05
CANADIANS FAVOR
EMPIRE PRODUCTS
Nearly Thirty Per Cent o1
July Imports Were From
British Dominions.
BY CHARLES LYNCH.
Special Dispatch to The Star.

Special Dispatch to The Star.
OTTAWA, September 5.-Canada is
becoming more empire conscious in its
purchases, what with nearly 80 per
cent of its imports in July coming
from empire countries. as compared
with 26.3 per cent in July, 1881.
Foreign imports into Canada dropped
81 per cent, or in money terms, Sl0,-
621 BAG, while empire imports de-
creased by $2,000,000. Although Great
Britain still provides Canada with 70
per cent of its empire purchases, the
United States is losing out to other
1Sreign countries on Canada's pur-
chaSes.
Agricultural products, mainly alco-
holic beverages, fruits and vegetables
showed the largest decrease in this
period, of approximately $3,000,000
IRON products, mainly machinery
showed a drop Of nearly $3,O00,OOO, and
textiles, mainly cotton, drop of
s2,500,000. Crude petroleum for use in
Canadian refinerieS was one of the few
items to show substantial increase, i'm
ports rising from $1,718.O00 in July
1881, to $3,557,0OO last month.
Increased activities in the wholesale
trade, in coal and metallic ore mining
and in communication services bright
ened the employment situation on Au-
gust l, which, as whole. showed a
falling off due to midsummer holiday
reduction in industrial activities.
Automobile manufacture for foreign
markets increased in July and the pro-
duction of steel ingots and castings reg
istered a gain for the first month In
four
During the week ended August 18
three shiploads of Canadian cattle left
fol- the British market bringing the
total for the year to 1854 head, COM
pared with 14,485 during the corre-
spending period last year.
Copyright, 1922
Evening star., 1932-09-05
Merger Rails.

NEW YORK, September (SpeciaD
The Eastern merger rails will be a
convenient medium for market opera
tions for some time to come. The plan
agreed to by the Interstate Commerce
Commission made ALLEGATIONS that in
order to be carried out satisfactorily
must compel certain amount of buy
ing of additional shares by roads that
do not now possess a majority of the
stock of properties assigned to them.
A case in point is that of New
York Central and Delaware, Lacka-
wanna & Western. Central's percent
age of ownership of the Lackawanna
Is considerably smaller than that held
by the Baltimore & Ohio in the Read
ing or by the Chesapeake & Ohio in
the lines given to it in the plan. Un-
fortunately, none of these roads is in
a cash position where it could make
further investments in properties at
low prices. This does not prevent spec
ulators from accommodating stocks with
the idea of selling them later to roads
that need them. One rumor in regard
to the rise in Lackawanna is that its
stock would be exchanged for New York
Central on the basis of one share fol-
one and one-half shares, which is ap-
proximately the present market ratio.
Evening star., 1932-09-05
LEATHER MARKET
SHOWS ACTIVITY
Boosted by Sudden Increase
in Manufacturing
of Shoes.
BY the Associated Press.

BY the Associated Press
NEW YORK. September 5.-The
business of leather making, which had
its start in prehistoric times and even
ante-dates agriculture as an industry,
is now showing signs of betterment due
to a sudden increase in the manufac-
turing of shoes.
Latest figures Of the Department Of
Commerce show that in July shoe pro-
duction declined to 20,437 900 pairs. a
figure that is below the total of any
previous month in 10 years. 1t was 20
per cent below the same month a year
ago. 1t was decline of more than
1861 900 from the June total.
The decline in retail orders is the ex-
planation furnished fer this sharp
shrinkage. but today it appears that
these orders were merely deferred. They
now are increasing and some shoe fac
tories which were cautiously cutting
down production one month ago have
stepped up to the full-time operation.
But despite this new increase, it is
estimated in the trade that shoe pro-
duction for 1882 may fall below the
300 ,0O0 ,000-pai mark for the first time
since 1921. For the first seven months
of the year, however. the total was only
9.4 unGer the 1881 level, which is taken
to indicate that the % per cent decline
in July was substantially bigger than
the decline in consumer demand really
warranted. 1t is possible, some manu-
facturers now believe, that considerable
slack may be made up between now and
the end of the year.
The recent advance in hide prices Is
attributed to the sudden stepping I'D oil
shoe production.
Evening star., 1932-09-05
u. S. ELECTRICAL GOODS
ARE IN DEMAND ABROAD
By the Associated Press.

BY the Associated Press.
Prestige OF American electrical goods
is reflected in reports 10 the Commerce
Department, which show gains in ex-
ports Of this equipment to seven for
eign markets during the first half of
1882. Total shipments, however, were
substantially under the same period last
year.
These increases were held especially
gratifying to the department because
in most cases they were accounted for
by radio sets and electrical refrigera-
tors, indicating, the department be-
lieved, that such merchandising items
are helping to take up the slack re-
sulting from the loss Of heavy equip
ment lines. such as generators, tur-
bines, etc.
Analysis of the gains specified shows
the course of progress in the various
countries. For instance the gain in
shipments to Spain was accounted for
by power equipment; TO China by radio
sets, refrigerators and fashlight bat
terieS; to Greece by electric fans and
lighting fixtures; to Hong Kong by
household refrigerators, generators and
steam turbine generator sets; to Kwan-
tung by radio sets and telephone in
struments; to Morocco by radio sets
and refrigerators, and to Netherland
East Indies by radio sets and refrigera-
tors.
Evening star., 1932-09-05
FURL OUGHED EMPLOYEES
! BACK IN CUMBERLAND
Celanese Corporation Of America
Adds 900 Workers in Past
Several Months.
Dispatch to The Star.

Special DlSpatcn 10 Inc Stal.
CUMBERLAND, Md. September S.
The Celanese Corporation of America
has recalled its furloughed employees,
having added about 900 in the past few
months. The management announced
that the company has more orders than
at any time since the plant was put in
operation. The peak period was July,
1929, when 3,120 persons were employed.
In July this year, when business hit
the lowest mark, 2,091 were employed.
Over 5000 are working today, an off,
cial stated.
The pickup at the plant is part Of
the generally improved condition Of the
textile industry in the United States,
but officials of the plant state they be-
1ieve the upturn here is slightly bet
ter than the average for the country.
They do not think the textile strike in
England has anything to do with the
improvement here, which, they aver, is
built around real demand The force
will work full time, six days week, and
worked today, Labor day.
The Berry silk plant. which had been
closed down for about eight months, re-
sumed operations with about so en-
ployes called to work.
Evening star., 1932-09-05
j. 5. BANK CREDIT
SHARPLY REDUCED
Loans and Investments Of
Federal Reserve Members
Are Much Lower.
BY CHAS. p. SCHAEFER,
Associated Press Business Writer.

Contraction of bank credit is fac
tor that cannot be overlooked when
summing up the domestic business sit
uation in this country.
This contraction has continued for
many months and has brought extern
sipe efforts on the part of business lead
ers to bring about quite the reverse sit
uation
Loans and investments of those men,
Der banks of the Federal Reserve Sys-
TEN, which report their condition week.
ly have shown decrease of $2,033, ,000,-
600 since December 80 to August "a.
Loans. in themselves, have dropped ST.
276,000,000, occasioned by a drop of
81 l,229000,000 On securities and by ST.
047 100000 in commercial transactions,
while the banks investment portfolio
has been swelled by 100000 during
the same time, gain Of $431 900 900 in
vested in Government securities off,
setting a loss of $188,00000O in in
veStmentS in other securities since the
first of the year.
Hence, it is shown that the banks, for
one reason or another, have not only
curtailed their loaning capacity, but
have withdrawn Sl88, ,000.0 900 from aid
AAOALiullf Al4S1lCO tL1LOuSll puICIldS6 VI
securities.
The banks themselves have a stout
defense of their procedure in restrict
ing loans, chief of which is that the
principles of sound banking practice
cannot be abandoned. They insist that
welcome opportunity for safe employ
ment of their funds, but aver at the
same time that they must consider
their obligation to the depositors whose
money they employ. They say they
cannot disregard the possibility of a
run at any time during an era in which
confidence is lacking, while they are
necessarily cautious of purchasing COM
mercial securities for which the mar
ket is narrow, on the theory that they
may be forced quickly to convert such
been the advance in investments of
Government securities. which are read
lily liquid at par or thereaboutS.
Reserves with Federal Reserve banks
and cash in vault have decreased ex-
actly S200,0000 900 since the first of the
year, brought about mainly, it is be-
1ieved, by demands for additional cur
rency.
In the same period deposits of all
descriptions in the member banks have
dropped off 81 1895, 900, 900, due to vari-
Gus reasons, chief of which appear to
be the lowered returns of industry,
some boarding and an incalculable
amount employed in cash buying in the
security markets.
During the period under review the
member banks practically obliterated
their Indebtedness to the Federal Re-
serve banks. reducing total borrowings
of $685., 100000 at the beginning of the
year to mere $3.50 000, 900 on August
"a. Much of this reduction was made
possible by the open-market policy of
the Federal Reserve Board. to which
use funds accruing from Government
purchases of bonds was put.
Evening star., 1932-09-05
RUBBER INDUSTRY
IN BETTER TREND
Recent Price Gains Have Put
Trade on Stronger
Basis.
BY BRADLEY w. TRENT.
Special Dispatch to The Sta,

Special Dispatch to The Star.
NEW YORK, September 5.-The re-
cent rise of $50 per cent in crude rub
Der and the advance of tire shares,
ranging from 600 to 900 per cent, direct
attention to the changing position of
the rubber industry.
The automotive trade expects an ad-
vance in tire prices, resulting from the
combined advances of crude rubber and
cotton tire fabrics, and the mechanical
goods trade already notes firming quo
tationS. These trade and stock mar
ket changes follow a rather dark period,
during which heavy inventory losses,
severe competition and increased taxes
combined to make series of dismal
earning statements for many concerns
and reorganiZations or receiverships for
not few
In the most active trading in two
years on the local rubber exchange.
prices Tuesday touched AZ cents a
pound. This contrasts with the record
low of 2.56 cents a pound last June "a
and with 26 cents pound just before
the stock market crash of 1929.
From their record peak of 644,200
pounds last May, stocks of rubber were
reduced by $4,000 tons to 592, 900 as of
August l. Meanwhile production in
the Dutch East Indies has shown a
steady drop. Output in the first six
months of 1882 was A per cent less
than in the same 1881 period Nor is
the rise to Az cents a pound likely to
stimulate production, because costs in
the Malayan States average from to
10 cents pound.
Although the Federal tax went into
effect more than two months ago, few
tire makers have yet added it to their
quotations. However, it will be put
on some Of the products now coming
out of factories. The rise In both cot
ton and crude rubber necessitated some
advances in prices of tire makers that
supply mail-order houses, with the re-
suit that some Summer catalogues are
being revised this week.
Copyright, 1922
Evening star., 1932-09-05
.DA|RY|NG INDUSTRY
PLANS ECONOMIES
Reduction in Unit Costs Is
Necessary, Says Asso-
citation Head.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September 5.-Higher
prices for butter, cheese and milk are
partly the result of the general advance
in commodities and partly the result
OF farmer strikes. but it will take more
than mere Strikes" to Put the dairying
industry on profitable basis, accord
ing to H. H. Miller. president of the
Dairy and Ice Cream Machinery and
Supplies Association, who is here in
connection with details for the Inter-
national Dairy Industries Exposition
to be held in Detroit October II TO ~.
Butter prices in July averaged about
cents pound less than a year ago,
which, as Mr.. Miller pointed out, is
severe oecllne Tor one year. He said
reductlon In unit costs was necessary.
The various branches of the dair,
foods industries give direct employment
to more than 250,000 persons in this
country. Through wage and salary ad-
1ustments, elimination of sliperfiuous
items OF operating expense and other
readJustmentS, these employees and ex-
ecutlVes, like those in other industries,
nave reduced unit costs. All Of these saw
ings have been translated into lower
prices to consumers.
Some OF the directions in which ad-
vances have been made by devel1rers
OF equipment and supplies for the .:siry
products filed within recent montok shd
IN which further important experiment
tai work is under way, are: Control OF
foam in large scale factory pasteurizing:
the complete removal from creamery
butter mix of unpleasant odors result
ing from herbage and from other fac
tors; more minute and unvarying milk
plant sanitation control; and the more
effective extending of quality holding
storage and dispensing apparatus for
all types OF dairy products to the retail
points of sale.
Figures of the United States Bureau
OF Agricultural Economics, Mr.. Miller
said. indicate decline of 3.4 per cent
In milk equivalent for the first six
months of 1882 as compared with the
same period in 193l-this being the
comparative basis used in recording pro-
duction of all milk products in addition
TO the consumption of fluid milk.
While production of farm butter for
that period declined 18 per cent, the
| output of creamery butter increased 0.2
per cent. The latter statistics are in
terpreted as especially significant be-
cause OF the great quantity of this
American milk product, triple that Of
farm butter. Creamery butter in stor-
age decreased by more than 5000 600
pounds in July compared with the same
month Of 1881.
Copyright, 1927
Evening star., 1932-09-05
Bad Luck Piles Up
Until Family Quits
Motoring for Train
Death, Near.Drowning,
Theft and Loss of Dog
Mark ''Vacation."
BY the Associated Press.

BY the Associated Press.
LONDON. Ontario, September S.
Jan Oberholtz, Mrs. Oberholtz and their
two children Of Duluth, Mimi, are
going to spend their future Summers
at home Canada is too exciting.
This is the record to date Of the
Oberholtz motor trip through from
Quebec city as told by Mrs. Obeyholtz
Just outside Montreal, motor cyclist
crashed into the back of the Oberholtz
car and was killed.
At Kingston, Mr.. Oberholtz's overcoat,
driving gloves and some tools were
stolen from the car.
At Bridgenorth on Lake Chemong,
eight miles from Peterborough, Mr..
Oberholtz was almost drowned.
At Toronto, the family's fox terrier
was killed when he ran out on the
street.
Today the Oberholtz family started
for Detroit, and few miles west of the
city, the bearings burned out.
They are taking the next train home.
Evening star., 1932-09-05
ADVANCE IN COTTON
BRINGS OUT SELLING
Market Gives Evidence That Trade
Requirements Have Been
Met Temporarily.
By the Associated Press.


NEW YORK, September 5.-After
advancing sharply at the beginning of
last week on continuation of the re-
cent buying movement, reactionary i'm
pulses asserted themselves in the cotton
market. December contracts at the
nigh point of Monday sold at 9.66, rep
resentlng an advance of very nearly SO
per bale from the low record established
for that position on the decline of
early last June, and OF over 3 cents per
pound from the price prevailing before
the publication of the August / crop in
dication.
The more urgent demand seemed to
have been supplied on this advance and
the market reacted during the middle
of the week under rather heavy realiz-
ing or liquidation combined with a lit
tile. more Southern selling. There may
also have been some selling for a re-
action, but there was sufficient trade
buying or covering to absorb offerings
on reaction of about 125 to 1870 points
and good part of this loss was re-
covered late in the week on continued
unfavorable crop reports from the
South, renewed firmness in the stock
market and a reduction in private crop
figures.
The selling during the middle of the
week reflected the easier technical posi-
tion combined with an inclination to
even up commitments in advance of the
Labor day adjustment while there also
appeared to be more or less uncertainty
as to whether the Government crop re-
port, scheduled for publication Septem-
ber 8. would meet bullish expectations.
Uncertainty of this sort may have
been increased somewhat by the show
ing of some of the earlier private end
August reports pointing to crop indi-
cation of around 100000 bales, but
late reports were more in line with
bullish ideas. One of them placed the
indicated yield at only 10.775,000 bales
and the average of the six reports is
sued up to the close of business this
week was II ,424 900, against 12,178,000,
the average of the same reports at this
time month ago.
Evening star., 1932-09-05
FRANCE Is PLANNING .
FOR LOAN CONVERSION
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September 5.-The
successful conversion of the British
government loans at considerable saw
ing to the nations treasury has
prompted France to resort to a SINH
lar method of reducing governmental
expenditures. Inasmucn as French
bonds are held largely by domestic
joint stock companies, banks and m
surance companies, no difficulties are
anticipated.
Individual investors in France, how
ever, are not likely to respond quite
so readily as their neighbors across
the channel. The saving expected to
result from the conversion project is
placed at 1,200,000,00] francs, some
what more than $47,000,O0O, relieving
the budget by that much. With the
total deficit estimated at 100000 900
to 8,000,o00,000 francs, or about $780,
100000, it is apparent that further
steps will have to be taken to restore
French finances to healthy condi-
ton.