davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
BANKING CREDIT
POLICY DEFENDED
Extension of Loans Declared
Contingent Upon Sound
Business Prospects.
BY CHAS. p. SHAEFFER,

ASSCCldleO freSS BUSINESS writer.
The American Banking fraternity Is
resentful over the oft repeated charges
that banks, as a whole. by their over
cautiousress in extending credit are
retarding business revival
While admitting the fundamentals
of general trade and industry have not
shown the regenerative strength hoped
for. bankers argue that any wholesale
indictment of the profession is unfair
to the banks and groundless
This subject recently came up for
discussion before the Economic Policy
Commission Of the American Bankers
Association, which declared that policies
of prudence on the part of the banks,
instead of hampering business recovery
are the highest form Of public service
under existing conditions and the best
contribution to preventing bank failures
Bankers generally declare that con-
f1dent financial commitments have been
made impractical by uncertainties
created at Washington as to the future
of business and banking. The lndefi-
mite status of taxes, with its attendant
effect on business and finance and
legislative proposals aimed definitely at
banking are cited as conditions which
make caution imperative.
Wnlle DanklNg mas Deen put, teCh-
nically. in position to extend an in
creased volume of credit cooperation
by passage of the Reconstruction
Finance Corporation and Glass-Steagall
banking measures. these acts did not
create good borrowers, bankers declare.
The failure of public buying to create
sufficient volume of sound commercial
and industrial activity to warrant an
expansion of bank loans has been the
determining factor in keeping business
on dead center. rather than any re-
luctance of bankers to carry their share
of the burden, they declare For bank
ers to engage in an expansion of bank
loans or to embark upon a policy of
easier credits in the hope that sound
business would follow would merely be
to add to present difficulties, bankers
say.
Furthermore, banking interests say,
sound commercial and industrial propo-
sitions have had and are having no
difficulty in obtaining loans for busi-
ness in usual course, but an increase
in such propositions must first come to
the banks before increased credit can
60 out to business.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
ARUNDEL CORPORATION
IS COVERING DIVIDEND
Special Dispatch to The star.

Special Dispatch to The Star.
BALTIMORE. May 2s.-The Arundel
Corporation in the first four months of
this year completely covered its divi-
dend requirements for the period, ac-
cording to statement Of earnings issued
by Chairman Frank A. Furst.
In the four months the company
earned $493.2s3. or at the rate OF
slightly better than 81 share on the
49,, 556 shares of common stock out
standing. On the basis of the current
So per annum dividend the require
ment per share for four months Is 81
a share.
The company In the past month has
not only added to its backlog Of work
the $3,500,000 Government contract at
Detroit, but also q number of smaller
contracts, which assure steady activity
for the remainder Of the year.
Should the Pennsylvania Railroad
Co. resume its $22 ZOO, 900 identification
plans Arundel would be one of the
outstanding local benefciaries Of the
resumption.
At the end of April the corporations
current assets totaled $3,407 ,867, as
compared with $292, 1896 Of current la
bilities. These assets do not include
approximately 100000 owed to the
company by the State Of Florida.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29

CATION on time and in full. The last
line of defense in the fight Is impreg-
nable.
The Outlook Abroad.
Other matters, such as the outflow
Of gold and the prospects for the ap-
preaching Preparations Conference at
Lausanne, while they have their i'm
portance, have not been factors in the
market. It is true that at intervals
the foreign exchanges have moved
against the dollar" but we could still
lose gold at the present rate for q long
time without any serious results, ex-
cept in the minds Of the excited for
eigners who are talking about the
mythical flight from the dollar"
Not much Is expected from the Lau-
same meeting. It Is a foregone con-
clusion that Germany will insist that
she has reached the end Of her ability
to pay reparations. There may be some
sort Of moratorium on German private
as well as public debts. Weakness in
German dollar bonds forecasts such an
outcome As in stocks, foreign bonds
have discounted most Of the worst that
could happen. Incidentally, it Is
striking comment on the changes that
have taken place in the seven months
since Great Britain went off the gold
standard that her dollar bonds, listed
on the New York Stock Exchange
should be advancing to q record high
this week. while al other securities
were declining.
(Copyrisht, 1881
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
BY DIR. MAX WINKLER.

Special Dispatch to The Star.
NEW YORK, May 28.-The financial
plight CT Greece may be relieved BY
Basil Zaharoff. who, it Is reported
stands ready to help his native coun-
try. The report is reminiscent Of a
similar gesture, made seven years ago,
by Alfred LoWenstein, who announced
his willingness to lend money to Bel
GUM on certain conditions. Nothing
came Of Lowenstein's plan. His coun-
try rejected it. Does similar fate
await Zaharoff's alleged offer? AS might
have been suspected, he denies even
having made 1t.
But who is Zaharoff?
It is long way from an obscure vii
lege in the Balkans and tiny hovel
in one of Anatolia's insignificant places
which cannot be located on the map.
however hard one may try, and from the
position OF guide and hotel clerk on the
Bosporus to magnificent Monte Carlo,
to extensive palaces on the Mediter-
ranean and to one Of the worlds rich
est men. Does it matter that this trans
formation has been made possible by
the slaughter of millions Of men on
the field of honor, and all the dire con-
sequences Of war and destruction?
Money Kings Have Passed.
Gone are nearly all those who sud-
denly grew rich as result of their
ability to turn to advantage the de-
struction which was going on during
the four years of carnage. One by one
they fell. Their collapse was as spec
tacular as their rise to fame and for
tune. Gone is Castiglione and SHINES,
Bosel and Barmat, krausz and Lowen-
stein. Ivar Kreuger, Swedish match
king, was the latest to succumb to the
memorable fate which befalls an enter
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
GREECE MAY GET FINANCIAL
AID FROM MUNITION SELLER
Zaharoff's Rise to Wealth RecaIled-Last
of Money Kings Enriched by War
Has Retained Fortune.
prise grown unwieldy and unmanage-

able.
The most notable exception is Basil
Zaharof. Europe's man Of mystery, so
called because little is known of him
that Is authentic. He made great for
tune. So did others. But he has kept
his fortune and few others have. More
than that, he is likely to keep it, hav-
ing withstood temptation for so long.
Zaharof halls from Anatolia, where
he was born 80 years ago. At an early
age he was taken to Constantinople,
now Estanbul, where a compatriot paid
for his education at an English school
at the Turkish capital. When still in
his teens. we find him earning a living
as guide and commissionaire attached
to hotels. His ability impresses his
uncle. one named Sebastopoulos, a
draper AS a result, young Basil is
taken into the business as a partner.
Even though the turnover and profits
increase, the uncle refuses to pay Basil
his share. Zaharoff. having access to
the firms funds, pays himself the
amount due, and, to avoid unpleasant
complications. leaves for London. Sc
bastopoulos has him arrested and &C
cused of robbery.
Basil IS imprisoned and, there being
no one to bail him out, he is to wait in
jail until the arrival of his uncle. A
curious thing happens. Basil has put
the partnership papers into the pocket
OF an old coat and had completely for
gotten about them. He had been lcok-
ing for them everywhere. The day when
he had to 60 to court was cold and he
donned the coat. There lay the papers,
duly vesting him with all the rights
and privileges of a partner.
This dramatic discovery saves young
Basil Zarahoff. He returns to Greece
and settles in Athens He gains the
Continued On Fifth Page)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
TEXTILE CORPORATION
| WILL INCREASE OUTPUT
Special Dispatch to The Star.

Epecial Dispatch to The Star.
LYNCHBURG, Va, May 28.-The
Virginia Textile Corporation is planning
to increase materially its output and
number of operatives during the near
future. While the gain Is not expected
to take place Immediately. the manage
ment has let it be known that 1t will
steadily add to its force until 1t will
have reached 200 or more persons on
full-time work.
The corporation, which formerly made
only gloria silk for umbrellas. is now
weaving gloria and silk crepe dress
material.
1t is generally understood that the
company is moving a part of its opera
ton here from Passaic, N. j.. The plant
is a subsidiary of the Dundee Textile
Corporation Of New Jersey. Approx
mately 140 looms have been shipped to
the plant recently. The plant was
started about five years ago as an ex-
pertinent to determine whether labor
and distributing conditions were salts
factory in Lynchburg. The plant uses
pure silk in its operations.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
slO,0OO,OOO in Gold
Shipped From U. S.
Within 10 Days
Movement f MetalLargest
Since Last Autumn; Pres.
sure Exerted on Dollar.
By the Associated Press.

By the Associated Press.
NEW YORK, May 2s-The United
States has lost, roughly, 100000, 900 in
monetary gold in the past 10 days-the
largest outflow since last Autumn, when
the British lapse from the gold standard
sent other European central banks
scampering for metal.
Bankers express the view We should
reconcile ourselves to considerable
further outflow during the next few
weeks. Foreign central bank balances
here are estimated at around $400, 000,-
900, and these banks appear determined
to take their funds home
While there has been bearish rumor-
mongering against the dollar among
some foreign exchange spectators
abroad. international bankers say there
has been no important movement by
the public to transfer funds abroad As
balances here, some bankers say the
sooner the better
1t is felt in several quarters that the
legislative snarl over balancing the
budget, together with agitation in some
quarters for currency imitation. may
have been factor in the pressure
against the dollar in the foreign ex-
change markets. which has made the
outflow Of gold profitable
But since the passage Of the Glass
Steagall act the supply of free gold"
IN this country. or gold in excess Of the
amount required as currency backing.
has been greatly increased. and is cur
rently estimated at around $1,000, 000.-
600. so some hundreds of millions can
be readily spared.
RQnkarS &c do,,ttf,,y atLor O
more rapid withdrawal of metal than
that experienced over the past 10 days
could be accomplished under current
transport conditions. Actual shipping
OF the metal is done almost wholly on
the fastest liners, because Of loss of in
terest while 1t Is in transit. Costs, in
Guiding insurance, have been increased
somewhat since last Autumn, and in
Surance companies are loath to insure
more than SIS, 000, 900 on a single ship.
The calling home Of balances by for
eign central banks Is regarded as largely
due to q desire to abandon what IS
known as the gold exchange standard"
This standard differs from a fiat gold
standard, in that 1t permits central
banks to count balances of foreign gold
currencies as gold reserves. This in
effect permits the double use of the
metal But the banks that had large
balances in London, as many did, suf-
fered in the decline Of sterling exchange
coincident to the British lapse from gold
last September. and since then the gold
exchange standard has been distinctly
less popular.
Total monetary gold stocks in this
country. as shown in the latest weekly
statement, were $4,207 ,000, 900, consid-
erably under the peak of roughly S.
600, 900 900 reached last year, but at
approximately the average level Of 1929.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
Machine T6oi Trade Gains.

BALTIMORE, May % Especially -
One of the recent encouraging develop
ments has been signs of improvement in
the machine-tool business.
This trade is regarded by seasoned
observers as one Of the best indlca.1Is
of trends in industry generally.
s. Duncan Black, president Of the
Black & Decker Manufacturing Co.,
says that in the past two weeks business
has shown a sligth improvement. 1t is
hoped that this may be sign of turn
for the better.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
TARIFF ON COPPER
BELIEVED CERTAIN
Trade Circles Expect Final
Approval of 4 Cents a
Pound Duty.
BY BRADLEY w. TRENT.

Special Dispatch to The Star.
NEW YORK, May 23-Although the
proposed tariff Of cents a pound ON
foreign copper has yet to be approved
by the House of Representatives, fol-
lowing its adoption by the Senate,
final ratification and incorporation of
the duty in the pending revenue act Is
taken for granted in the copper trade
and ways and means Of readjusting the
industry to a new order of things are
being considered.
The principal problem to be solved
is thai of disposing Of foreign produc-
ton now coming into this country. The
largest importers are Anaconda Cop
per, Kennecott Copper and the Inter
national Nickel Co. of Canada. The
nickel company IS foreign corpora
ton as well as foreign producer. but
Anaconda and Kennecott are domestic
corporations which have large Amer
lean production as well as foreign cop
per.
Anaconda has a capacity Of produc-
ing 700 00O, 900 pounds of copper a year
from its domestic mines, or almost
enough to satisfy the present consump-
ton Of the entire country. 1t would
experience no difficulty In supplying
the needs Of its copper fabricating
plants with its own domestic produc-
ton, even II there were no huge sur
plus stocks Of refined copper on hand
Kennecott IS In similar position.
Since the domestic trade will be re-
stricted to domestic copper it is evil
dent that all foreign production must
be marketed abroad. Neither of the
two great American copper companies
has refineries or fabricating plants
abroad. Yet Anaconda has q potential
capacity Of soc, 900 900 pounds of pro-
duction from its mines in Chile, while
kennecott has q comparably large ca
pacity. Europe has no copper REIN
cries to speak Of. The Katanga copper
mine Of Africa ships its ores to this
country to be refined.
It has been suggested that Ana
conda and Kennecott may find it neces-
sary to build reflneries and fabricating
plants abroad to dispose of their for
elgn production. It can be stated def
nitely that no such plan Is under con-
sideration, for the reason that it is
not necessary. 1t will be possible for
both companies to bring all of their
foreign production into the United
States under bond refine and fabricate
it and then ship it out of the country
without paying cent Of tariff. The
copper, Of course, would not be mar
keted here.
In view Of the fact that they have
large low-cost foreign production with
which to compete with the foreign
trade, while at the same time they
have ample domestic production to sup
ply their home needs, neither Anaconda
nor Kennecott is doing any worrying
about the proposed tariff.
So sharply has production been cut
that 1t is predicted surplus stocks of
copper will gradually be uquidated If
a tariff act is passed.
1t cannot be said that the trade Is
unanimous in the view that q tariff
Will stabilize the price Of copper. Some
who take the opposite view point to the
fact that a protective tariff has not
prevented the markets for lead and
zinc going to the lowest prices ever
recorded. They are virtually at the
bottom today.
Copyright. 1880
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
TOBACCO CONSUMPTION
ABROAD SHOWS DECLINE
BY the Associated Press.


The Department Of Agriculture re-
ncrts consumption of tobacco products
in Is European countries was 9.5 per
cent less in 1881 than in the previous
year.
Preliminary reports available indicate
that the consumption during the first
part OF 1882 will be below that of 1881,
but that the rate of decline will be
somewhat less than that of last year.
In Germany, consumption during the
first quarter was well above that of last
year, but this is not to be taken as an
index for other countries since prices
OF most tobacco products in Germany
are below that of year ago.
Consumption in countries without
price changes, for which reports are
available, Is less than last year, but the
decline, in most cases, in 1882, is not as
large as that of last year as compared
with 1880.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
Heads West Virginia Bankers.

MARTINSBURG, w. Va, May %
Especially Il. F. HaIler of Wheeling was
named president Of West Virginia Bank
ers' Association yesterday at the annual
meeting in Fairmont He succeeds Will
liam F. McAneny, this city.
Other officers chosen: j. A. Syden-
stricken, Marlinton, vice president; Ma
son Orchard, Charleston, treasurer;
The next meeting place will be deter
mined by the Executive Committee
later. A joint meeting with the Vir-
ginia bankers in 1882 has been sug-
gested.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
Annual Reports.

NEW YORK. May % R.-Continu-
ing its campaign for fuller publicity
from corporations whose securities are
listed, the New York Stock Exchange
is seeking to obtain earlier publication
of annual reports by getting definite
agreements, when applications are made
for listing additional securities, that
reports will be published not later than
specified dates.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
COTTON SHIPMENTS
TO ORIENT ARE HEAVY
Commerce Department Reports
Continuation of Large Exports
to China and India.
BY the Associated Press.

The Commerce Department reports
cotton shipments to the Far East con-
tinue heavy. with April's export to
China and India being larger than dur
ing the same month last year, although
showing decline over March of this
year.
Exports to China during April
amounted to $4,000 bales, compared with
$1,000 bales in March and with $4,000
bales in April last year, while exports
to India amounted to 81 900 bales dur
ing April, compared with $4,000 bales in
March and $4,000 bales in April last
year.
Shipments to India for the nine
months Of the cotton year amounted to
225, 900 bales, or almost three times the
volume of exports for last season. Ship
ments to China totaled 965 900 bales, or
more than three times the exports for
the same months last year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
Can Output Increased.

NEW YORK, May % R.-The
American Can Co. is reported to have
increased production at its New Castle,
Pa, plant to meet heavier demands for
milk containers during the late May
and June. Western Pennsylvania tin
mills Of the American Sheet & Tin
Plate Co. are expected to benefit
through the greater requirements for
tin plate.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
POTATO MARK0T.

CHICAGO, May % Up Omitted States
Department of Agriculture) Potatoes
Receipts, IS cars; on track, 157 old.
Sc new; total United States shipments,
755; firm on Wisconsin, dull on other
stock: supplies liberal, demand slow.
Sacked, per hundredweight-W Wisconsin
round whites, United States No. /, 80a
80, some 95; Idaho Russets. l.10a1.15,
few higher: new stock slightly weaker.
supplies liberal, demand slow: Louisiana,
Texas, Alabama Bliss Triumphs, United
States No. l. 250a2.60; heated and
dirty, 2.00a2.25.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
$295, 900, 900 INVOLVED
IN CLOSING OF BANKS
BY the Associated Press.

0y 1kSeOCIHtcU FItSS.
NEW YORK. May 2s.-Twenty-one
banks with deposit liabilities estimated
at $6,750,000 discontinued business in
the past week, the American Banker
reports. One bank which had closed in
1891 reopened. Closings in the week
before totaled IL.
For the year to date the figure is 683.
affecting deposit liabilities OF about
$295, 100000. BY months the closings
this year have beer: January 361; Feo-
May, through the twenty fifth, 81.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
Pennsy Stockholders Gain.

BY the Associated Press.
The Pennsylvania Railroad reports
its stockholders continue to increase, a
total Of 249.228 were registered on the
company's books as of May l.
This number represents an increase
of 904 over the preceding month, re-
flecting further distribution of the COM
panys shares. The average holding
per stockholder reached a new low
record on the same date, with 52.81
shares per holder.
The total number Of shares outstand-
Ing On May ! was l3.l62.775,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29
Heard in Financial District.

All the banks and brokerage houses
an Washington will be closed tomorrow,
Memorial day.
The first reservation for the bankers
convention this year was sent in by
Claude H. Woodward, president of the
Mount Vernon Savings Bank, who is
also general convention chairman.
Last year the first application was
made by Frank H. High. manager of
the Willard Hotel. He has attended
many of these conventions, not as a
hotel man, but as director in the
Federal American National Bank g.
Trust Co.
Bradstreet's weekly index of whole
sale prices continues to decline, drop
ping to $1.63 during the week ended
May Is. The decrease was slightly
greater than is normally expected and
Bradstreet's adjusted index of food
prices 192830 1000 fell off to SPA, the
ninth successive low. This compares
with SGT last week, 533 two weeks ago
and 70.5 for the same week year ago.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29

Continued en- Fifth Page.)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-29

cation on time and in full. The last
line of defense in the fight Is impreg-
nable
Evening star., 1932-08-14

Courtesy of the Metropolitan Museum of Ark
that we first saw our sharks. Harpooned
by a scout" the whale would be drawn
alongside the mother ship and treated.
The Skinning of the blubber was per-
formed with the giant carcass still in
the water, tied against the hull. Was
performed, that is, if the sharks could
be fought off.
1t is impossible to convey how raven
GUS the attacks were and how vast the
swarms From leagues around, it seemed.
they had Smelled out the dead whale.
Like wolves of the sea they came Swoop-
ing down, so that for hundreds of yards
around the water was spotted with
dorsal fins as with the plague. 1t was
a ferociouS thing to see those sharks,
monsters all of them, leaping bodily out
of the water to rip an extra pound Of
flesh from the wretched whale; fighting
each other for dainty morSel of blub-
ber-fighting with such fury that shark
wounded shark, and wounded shark was
ravenously devoured by fit shark. 1t
was grueSome holiday.
Harris was itching to try conclusions
with the shark himself. So, less uncon-
trollably, was T. So we fiShed for sharks.
Or, rather, Harris, in charge of the har-
pooning bos'n I spoke of-a doughty
young Australian whose inadequate name
was JoneS-fShed for sharks We
fished from pier-heads, we fshed from
wharveS, we fished from small row boats.
We hooked sharks, we netted sharks, we
shot sharks. Not the babies you see in
aquariums in America, which are small
fry. But white sharks, tiger sharks,
shovel-noses, hammer-heads. Eight feet
long? We used those for bait! We
didn't trouble to use the measure till we
were convinced at first sight that our
catch was Il feet in length. And never
day passed that we did not land
that is to say, Harris and Jones did not
land-at least eight each. When we
Continued on Tenth Page 7