davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-10-30
TRUCK REGULATION
SUGGESTIONS MADE
Railroad Official Advances Four
Plans for Adoption as Rules
in Use of Highways.
By the Associated Press.

By the Associated Press.
Elisha Lee, vice president of the
Pennsylvania Railroad. believes that
any fair and reasonable regulation of
trucks in the United States would have
to embody four general main purposes.
In the first place he would provide
for the establishment of a system OF
payment for highway use, producing
adequate charges. which would be ap-
portioned in accordance with the actual
use of the highways made by vehicles
of varying sizes. weights and kinds.
Such q scheme he said. would probably
involve some recognition of the factors
of both weight and mileage. In adoi-
ton to paying adequately for highway
use. they should contribute, in taxes,
to the general expense of government
as the railroads are required to do.
He would pace reasonable limits on
the width, height length and weight
of trucks. in the interest Of safety and
to check the destruction of highways
and bridges and reduce the cost of
building new ones.
Also, he would bar freight 'trains"
of truck from Cur highways. including
the excessive use of unwieldy trailers.
Lastly, he would limit the reciprocity
now allowed trucks by many States.
automobiles Is a proper provision for
public welfare and convenience. he
said. but trucks operated for profit
should pay every State in which they
run for the privilege of using its high
ways to carry on private business.
Mr.. Lee said that while the program
he advocated was one of State control.
it should be supplemented by Federal
regulation of interstate trucks.
Evening star., 1932-10-30
COMMODITY PRICE
SITUATION F|RMER
Survey Shows Resistance to
Heavy Selling in Some
Lines.
BY the Associated Press.

BY the Associated Press.
NEW YORK. october 29-Follovers
of the commodity markets, contem-
plating the past months downward
trend OF prices. find some encouraging
significance in the fact that many
speculative items Withstood rather
heavy liquidation without correspond
ingly sharp reactions.
While no sustained recovery is
promised before next Spring, particu
larly in commodities under pressure Of
seasonal influences. hopes are ex.
pressed that a closer alignment of
an upturn some time early in the new
year.
Recent weeks witnessed a break to
record low levels of wheat and corn:
dairy products were unable to acquire
full seasonal strength because of we'll
sustained production: cocoa was under
pressure because of hedge selling; cof-
fee was uncertain and lower because
Of the Brazilian outlook: metal prices
eased under the slackening Of demand:
hides reacted seasonally: naval stores
showed steady tone; linseed oil was
firm in prospect of reduced supplies
and rubber and sugar prices were
relatively we'll maintained.
III reviewing llle COIlllllOOlly SlludllOIl.
Standard Statistics Co. points out that
except during the period of a major
economic convulsion such as has been
witnessed during the past three years.
it is a trllism that the price of any
commodity is largely determined by
supply and demand"
Undoubtedly marked progress has
been made in reducing production
during the past three years" the
Statistics Co. ADDS. but on the other
hand, consumption of commodities,
from raw materials to finished goods.
has declined at an accelerated pace
and. in majority Of cases. at faster
rate than production. In addition.
production still is being artifcially
maintained in number of instances"
The conclusion is that 1T is not un-
likely that raw material values will
be dilatory in responding to the initial
stages of a broad industrial revival
which. on the basis of current evidence.
will be delayed until next Spring, at
least
Evening star., 1932-10-30
Business Activity
Has Shown Gains
In Recent Months
BY the Associated Press.

BY the Associated Press.
Business activity has shown better
than seasonal improvement during the
last few months up TO the middle of Oc-
tober.
Perhaps the most outstanding Of all
weekly figures used to measure the trend
is railway freight car loadings. which
during the week ended october IS,
reached the highest total for any week
Of the present year. Since Labor day
the trend Of this index has been contin-
uously upward.
Electric power production during the
early weeks of october continued to
move upward Steel operations ad-
vanced very slightly. while cotton ex-
ports each week during the period under
discussion showed a gain over the COR
responding weeks of last year.
Business failures during the last
three weeks have lessened They have
been very numerous all during the year
and have, in many instances. exceeded
the number Of failures during the same
period of last year. During the last four
weeks. however. the South and the Pa
cific Coast have reported a smaller num-
ber of mortalities than last year. while
the East showed a pronounced increase.
Along with the improvement in business
fatalities has come betterment in the
bank suspension record.
Evening star., 1932-10-30
PROTECTIVE COMMITTEE
ASKS BOND DEPOSITS

Special Dispatch to The Star.
NEW YORK, october 29-Frederick
J. Lisman, chairman of the Protective
Committee for three of the Norfolk
Southern Railroad underlying bond
issues, Of which committee J. Lawrence
ellison, vice president. Manufacturers
Trust Co. and Philip de Ronde. presi-
dent, Colonial Trust Co., are members,
announces that a deposit agreement
has been drawn and deposit of the
bonds with the Manufacturers Trust
Co. is requested. The bonds represented
by the committee are Norfolk & South
ern Railroad Co. first mortgage 5s. due
l941; the Raleigh G. Cape Fear Rail
way Co., first mortgage SIS. due 1943,
and the Raleigh g. Southport Railway
Co. first mortgage S. due 1865. Cook,
Nathan & Lehman are counsel.
Receivers have informed the COM
mittee of their intention to apply to the
court for permission to create and sell
an issue of receivers certificates with
lien upon the properties of the rail-
road company prior to the respective
liens of the mortgages securing the
various outstanding bond issues.
Evening star., 1932-10-30
INCREASE IN BANK
CAPITAL is URGED
Financial Service Also Advocates
Larger Surplus as Means
to Offset Failures.
Nv the Associated Press.

BY the Associated Press.
The Brookings Institute advocates
that banks Of deposit be required to
maintain more ample capital and
surplus in relation to deposits as an
aid in stemming failures.
In study just prepared by DR..
Charles o. Hardy of the research or
ganiZation. the assertion was made that
the recent flood of bank failures
throughout the United States was due
only in part" to depression causes.
Pointing out that in the decade 1922
to 1881 there were 8,784 bank insolven-
cies in this country, or 20 per cent OF
the total number of banks in operation
at the beginning of this period, the
treatise concluded that while the
United States lis not the only i'm
portant country in which banks be-
come insolvent, it is the only one in
which they are allowed to fail"
The study pointed out that inherent
instability. evidenced by the unpar-
alleled record of bank insolvencieS Is
found in the whole system Of pyra-
miding a vast array of obligations
which. technically or practically, are
payable on demand. on slender basis
of cash and an even slenderer base in
the form of stockholders equity, plac-
ing dependence for solvency on assets
which can be liquidated only by trans
fer or by wholesale destruction Of
monetary values.
Evening star., 1932-10-30
TWO D. c. BROKERS
FORM NEW DEAL
Gamble Joins Morse to Aid in
Managing Expanded Bar
ney Offices Here.

Edward w. Gamble. il. represent
ative in charge of the Washington Of
fees of Stein Bros. & Boyce since 1929.
has resigned that position and accepted
new brokerage afflliation with Frank
P. Morse in the management OF the
Washington Offices of Charles D. Barney
& Co. members of the New York and
Philadelphia Stock Exchanges. the New
York Cotton Exchange. the New York
Curb Market. the Chicago Beard OF
Trade and the Chicago Stock Exchange.
Simultaneous with this development
the announcement is made that Charles
D. Barney & Co. will materially in
crease activities in this city. Ground
floor Offices, fronting Fifteenth street,
have been leased in the Woodward
Building, at the corner of Fifteenth and
H streets. This space, formerly utilized
by the National City Co., permits the
construction Of spacious board room
with an extended frontage on the lobby
OF the building and with entrances
from both the lobby and the Fifteenth
street front Offices.
The new Offices will be ready for occu-
pancy about the middle of November. at
which time the personnel will be mate
rally increased. and all features Of
thoroughly modern brokerage office will
be made available to clients, including
direct wire connections with the more
important security and commodity mar
kets throughout the country.
The new affiliation brings together
once more two old friends and asSo-
ciates. Edward w. Gamble, jr.. entered
the employ of Redmond & Co. soon
after his graduation from the Univer
sity Of Virginia. He became their Vir-
ginia representative during the period
when Frank P Morse was their Wash
ingtcn representative. Later both men
transferred to J. &, w. Seligman & Co.,
Mr.. Morse as Washington representative
and Mr. Gamble as head of the firms
retail department in New York. Busi-
ness rivals for three years, they are
now back il teamwork as represent
atives for Charles D. Barney & Co.,
which firm was established in 1873.
Evening star., 1932-10-30
GOLD SHARES GAIN
DURING DEPRESSION
Investors and Spectators Turn to
Mining Stocks When Com
modify Prices Recede,
Special Dispatch to The Sta

Special Dispatch 10 Inc star.
NEW YORK. October 29-Every era
of depressed commodity prices is fol-
lowed by a period of greater or less
speculation in the shares of gold min
ing companies 1t was so in 1921 and
1922, when the world was emerging
from the postwar crisis, and there are
indications of something similar hap
pening now.
1t is not without significance that
the highest priced equity on the New
York Stock Exchange is today. and has
been for more than year. the stock of
gold mining company. The most in
terest in these specdlations, however, is
shown outside the borders of the United
States, particularly in Canada. where
so many of the prosperous gold pro-
ducers are now located.
OF course, the reasons for this favor
extended to gold mining in times like
the present are obvious. The gold pro-
Queer has no inventory problem, he has
no bad debts, he has no worry about a
market for his product. and he has no
concern about the price. He can al
always sell everything he has to sell
Immediately and at a figure he knows
in advance. No other industry is in SO
happy a position. In addition. he bene-
fits to some degree from the lower
prices of materials and from a lower
wage scale.
The hazards are those common to
mining enterprises generally accidents,
the exhaustion of vein. faults in the
geological structure, and so on. These
can be insured against by sufficient di-
versification of commitments, although
the Speculator seldom looks for such in
surance. The other handicap is the
certainty that the mine will eventually
be exhausted That contingency, how
ever, is always discounted in the mar
kat price CT the stocks. except in times
Of speculative extravaganza.
tCopyriGht. 1922
Evening star., 1932-10-30
TWO BILLIONS IN STEEL
ORDERS SEEN BY LAMONT

By the Associated Press.
NEW YORK, October 29-Robert P
Lamont. president Of the American Iron
& Steel Institute, today estimated that
the railroads which for two years have
been buying less than normal require
ments. will be obliged to place orders
for $4,000 100000 of steel. once they
have sufficient earning power again to
justify such buying
This figure was arrived at, by calcu-
lating the efficiency of steel buying by
railroad and railroad equipment COM
panies in recent years as compared with
average annual needs.
The railroads last year spent for
maintenance and normal buying of rails,
ties, rolling stock and other such items
S1,10o,O 100000 less than 10-year aver
age beginning with 1920" said Lamont.
Buying for the current year is, no
doubt, at an even lower rate, so that
there should be an accumulation Of de-
ferred maintenance and normal buying
something over $4,000, 100000"
Evening star., 1932-10-30
NORFOLK & WESTERN R. R.
PUTS NET ABOVE SO

The Norfolk & Western officials are
now convinced that the road will re-
port in excess of So share earned on
the common stock for the current year.
and that the 50 declared in cash divi-
dends will be almost if not fully earned,
SAYS the Wall Street Journal.
Coal movement to tidewater for 20
days of October is 8 per Cent better
than for like period in September
though 25 per cent below october last
yeay. The road is likely to benefit also
from the fact that the lake navigation
season has been extended beyond
October IS, the original closing date,
and movement in that direction is con-
tinuing.
Improvement in general freight and
In traffic received from connections also
is helping the current business.
Evening star., 1932-10-30
INVESTMENT BOND
PRICES HOLD FIRM
Bearish Sentiment Fails to
Depress Market for Prime
Securities During Week.
Special Dispatch to The Star.

NEW YORK. October 29-The most
notable feature of the investment mar
ket in the past week was its steadiness.
Its refusal to break in the face of the
bearish sentiment that prevailed carly
in the week was the cause Of the sharp
rally that occurred in the closing days
of the period A market that refuses
to decline must go up.
In view of the markets action it is
reasonable to suppose that no severe
break may be expected after election
day. no matter what the results. High
grade bonds have continued in brisk
demand. but not to the exclusion of
reasonably we'll secured junior obliga
vision received flip from the short
covering in stocks that started Friday.
Investors Confident
Such an exhibition of confidence by
investors. coming as it did in period
when sterling broke to new low levels.
when wheat slumped to the lowest level
of modern history and when the flnan-
cial district was enshrouded in a fog
of political uncertainty, is calculated to
cast a different light on industrial con-
ditions. Improved employment figures
are not the only index that has shown
an improvement.
Railroad earnings have shown a de-
cided upturn A few roads have so i'm
proved their position that their net
operating incomes for the first nine
months of 1882 are above those of 1881.
The Canadian National nearly doubled
its net operating income for the first
nine months Other outstanding eX-
amples Of Improvement were New York.
nyNtn o. f.
stock and the Illinois Central. And
there is every reason to believe that the
upturn shown in the September figures
has carried through into October.
Industrial bonds Of a fairly we'll se-
cured character were in demand MI
week. There was good demand for
issues Of companies still earning bond
interest by a substantial margin. such
as National Dairy Products 5i4. Texas
Co. IS. National Steel 5s and Hudson
& Manhattan refunding SIS.
L. S. Government List.
The normal investment demand for
high grade bonds-such as utility. in
dustrial and railroad issues of the triple
"a variety-continued slow, but prices
held firm all week.
United States Government bonds
were active, the long terms advancing
slightly and the short-term issues cas-
ing shade This is a significant move
ment, in that it argues that banks and
other investing institutions have de-
veloped sufficient confidence to turn
some of their highly liquid United
States Treasury notes and certificates
into long-term Treasures and Liberties
or even prime corporation issues. The
GovernmentS financing program for
the Winter and Spring. with either
party in power, is bound to be heavy
and there is a considerable body Of
opinion that inclines to a bearish long
term view on Government bonds. But
this is matter of little moment at
present. as the Federal Reserve Bank
has shown no sign of deserting its cheap
money policy.
Copyright. 1927
Evening star., 1932-10-30
Increase in Iron Trade.

NEW YORK, october 20 P-
Philadelphia iron circles report slight
increase in October business. though
largely at the expense of quotations.
A 25-cent decline in foundry iron in
the Eastern Pennsylvania district has
created a price range of s1275 to s13
ton, furnace. The reduction is at
tributed by dealers to strong competi-
ton from imported iron.
Evening star., 1932-10-30
INCREASE REPORTED
IN CORN REFINING
Special DISPATCH 70 The S.ar.

special D4SpatCh 10 me 50
NEW YORK. October 29.-An in
crease of over per cent in its grind
for August and September. as compared
with this period in 1881 is reported by
the corn refining industry, represented by
- leading refiners. Tao lit in volume
follows c--..all comparative drop in grind
ser July and is a reflection of increased
activities in various basic industries
which use corn sugars, starcheS, deX-
trines oils and other products of corn
in their manufacturing operations.
Evening star., 1932-10-30
MORE FARM CREDIT
FOR NEARBY TERRITORY

Establishment Of Regional Agricul-
tural Credit Corporation for the Second
Federal Land Bank district with head
quarters at Baltimore, is announced by
the Reconstruction Finance Corpora
tion.
The credit corporation will serve
farmers and cattlemen in Maryland,
Pennsylvania, Delaware, Virginia and
West Virginia.
Evening star., 1932-10-30
Leather Prices Steady.

NEW YORK, October 90 (P-
Leather prices are holding steady at
levels which have characterized the
market movement during the current
month, dealers report. New orders have
been moderate, but there has been some
increase in the sale Of patent leather
for export.
Evening star., 1932-10-30
Steel Screp Prices.

NEW YORK. October 20 P).-Steel
trace circles hear that steel scrap
prices in the youngstown district weak
ened further in the past week and that
shipments are almost at a standstill.
Heavy melting is quoted at SO to $3.50
a ton, off 25 cents, following similar
drop a month ago.
Evening star., 1932-10-30
Shipping Construction.
By the Associated Press.

BY
The Commerce Department reports
that shipping under way in the world S
shipbuilding countries on tie first of
october amounted to only 90l 900 gross
tons. the lowest figure in more than
so years, and some 100000 tons lower
than on. June 80 last.
All countries registered a decline,
With the exception of Japan, which
showed a slight increase.
The United States remained in third
place among the shipbuilding countries,
following Great Britain and Italy. it
was said.
Evening star., 1932-10-30
Publicity Drive Planned.

Authorities have informed your Lon
don correspondent that electricity in
tereStS will this Winter launch a new
publicity campaign against gas. on
which sum Of not less than S500O.0OO
will be spent. This will be the largest
publicity campaign ever launched in the
gas VS.. electricity war and will be
chiefly conducted by press and poster
advertising In England, the use Of
electric stoves, with new offerings Of
cheaper domestic electricity for cooking
in the home has never been common.
The British gas industry has for
some years been welded for salesman
ship and publicity into the British
Commercial Gas Association. Of which
Sir Francis Goodenough has been the
vigorous head. There is behind gas 6
strong vester shareholders interest and
a powerful municipal interest. The sue
cess of the gas industry in averaging
its sales and spreading its peak load
gives It an enormous advantage which
electricity can counter only by making
the domestic as well as the industrial
user electricity minded"
Berlin.-DeSpite the maintained basic
Improvement in German business. the
elections scheduled for November s.
increasingly are obstructing the recent
Won Papen recovery plan.
The government has reached an
agreement with Denmark and Finland
on import quotas on butter on the
basis Of one-half Of last years imports.
and abolition of the surtaX on imports
from countries with deprecated cur
rencies. making Denmark the chief
beneficiary. The outlook for agree
ment with other countries on this
thorny problem is most remote.
The tribulations of Germanys ex-
porters seem never to end This week
the decline OF sterling. giving British
industry a further edge over the Ger
man producer on export sales, was the
most important development.
New attempts to create employment
are being proposed constantly. Most
OF them embody plans for imitation
which Dr.. Luther is solidly withstand
ing.
There is a strong feeling in Berlin
that there will be some early consoli-
dation of Germany's foreign short term
debts. Certainly there can be no re-
turn of normal credit conditions until
this problem IS settled.
Most encouraging business news for
the week are the reports from the coal,
steel and chemical industries showing
distinctly better demand, increasing &C
tivity.
Paris-The weakness of the dollar,
which momentarily has dipped once
more periously near the gold export
point. is due largely to sales of British
stabilizatiOn funds in defense of ster-
ling. There is no evidence of any i'm
portant European speculation in dollars
since futures stand at onehaf and
one. the lowest in months.
France is eagerly watching the raid
on sterling, hoping that sheer lack of
dollars and inability Of the British to
obtain them, except at enormous sacri-
flee. for payment on the war debt due
December l. will persuade England of
the advisability of cooperating with
France for a concerted European front
against further transfers either of in
terest or capital pertaining to war
debts.
Evening star., 1932-10-30
FEDERAL RESERVE RATIO.
BY the Associated Press.

BY the Associated Press.
The ratio of total reserves of the
II regional banks to deposit and Fed
eral reserve note liabilities combined
showed a fractional rise during the
week ended october 26. In the table
that follows the ratio is given for COM
parable weeks, as reported by the Re-
serve Board:
Week ended October 26.. .e1s per cent
Previous week. per cent
Same week last year. .5s.s per cent
Evening star., 1932-10-30
Railroad Gets Loan.

The Gainesville Midland Railway in
Georgia has been authorized by Inter-
state Commerce Commission to borrow
s25,O0O from the Reconstruction FL
nance Corporation to be used in pay
ment of principal and interest on notes.
Evening star., 1932-10-30
CHICAGO DAIRY MARKET.

CHICAGO, October 90 (P).-Butter.
1856 tubs. steady; price unchanged
Eggs, 2,277 cases, steady: extra firsts.
car lots. 24l2; fresh graded firsts, car
lots, 23l2; current receipts. 19a22k; re-
frigerator flrsts, 20; refrigerator ex-
tras, 81.
Evening star., 1932-10-30
Decline Is Attributed to With
draWaI of Balances and
Macdonald Speech.
POLITICAL INFLUENCES
SWAY GERMAN BUSINESS
Berlin Now Hopes for Early Action
to Consolidate All Short
Term Debts.

NEW YORK, October 29-Cables
and wireless dispatches to the Business
Week give the following survey of busi-
ness abroad for the week ending today:
London.-There is palpable conflict
in the British people between an under
lying conviction that the worst is over
and a recognition that for such a con-
viction there is little. if any. real evil
dence. The business tone remains good.
but there is strong and growing
undertone of uncertainty
Though not greatly alarmed, British
business let the precipitouS fall Of
sterling occupy major interest this week
Most leaders attribute the decline to
the withdrawal Of foreign balances in
anticipation of seasonal pressure. 10 the
bear!sh speech Of Premier Macdonald.
and TO foreign apprehension that the
American war debt payment in Decem-
Der will deplete the exchange eQualiza-
tion fund. Prices for gilt-eGged Sc
curitieS have fallen with sterling. but
this has caused no anxiety. New issues
on the market continue to command
wide public support.
Evening star., 1932-10-30

SILVER QUOTATIONS.
NEW YORK, October 30 RJ.-Bst
silver firm, !. higher at q.
Evening star., 1932-08-15
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