davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
NEW SP.R. R. PRESIDENT
IS WELL KNOWN IN WASHINGTON
Norman Call Has Record OF
80 Years in TranSpOr-
tation Field.
Holds Directorships in Sew
eraI Financial and Business
Enterprises of Richmond.

. Norman Call, who has been elected
president of the Richmond, Fredericks-
burg & Potomac Railroad succeeding
the late Eppa Hunton, jr., has served
the road over 80 years, starting in 1901
as secretary to the president and being
elected vice president in 1920. He is
known to many Washington railroad
men, although the main office of the
company is in Richmond.
In addition to his railroad duties, Mr..
Call has found time to take an active
part in the civic affairs of Richmond,
and has been a prominent figure in the
city's social and business life for many
years.
He is a director of the First and Mer-
chants National Bank, in the Virginia
capital; director of the Richmond CIVIC
Music Association, vice president OF the
Chamber of Commerce, director OF the
Greyhound Lines. past president OF the
Richmond Rotary Club, director OF the
Fruit Growers Express Co, Richmond
Terminal Co. and the Richmond Fred
ericksburg g. Potomac Transportation
On
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
Bears Find Ideal
Chance to Spread
Alarm i'm Street
Sharp Recovery in Prices
Suggested by Gloomy
Opinion of Professionals.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, March 19.-Traders
whose operations in the stock market
are of the in-and-out variety are today
bearish almost unanimously. Their
opinion on the near-term outlook is SO
uniform as to suggest to any expert
enced observer that sharp recovery is
impending
1t has been said that when rs per
cent of Wall Street was pessimistic on
the market, stocks were safe buy.
The percentage of bears, judging by
the talk one hears in brokers offices,
is much larger than that at the last
week end.
Doubtless there has been important
liquidation, some of it forced, in this
weeks market, but it is almost as GER
tain that there has been heavy short
selling. The background for bearish
propaganda has been ideal. Discourage
ing steel trade reports and delay in
motor car production, together with a
continued fall in car loadings on sea-
sonal basis, have been offset only by
one or two railway reports which showed
increases in net over the same month
year ago, due largely to the wage cut
which went into effect February /. The
market rallies have conceded with the
publication of these railway income re-
ports, but they have not been sustained.
(Copyright, 1922
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
STEEL PRODUCTION
HOLDS AT LOW MARK
Demand Remains at Levels of Last
Few Weeks, With Orders
Very Slow.
Special Dispatch to The Star.


PITTSBURGH, March 19.-The sum
total Of steel demand has run about
the same as earlier in the month, ap-
proXimating the February average.
Production is at about 40 per cent of
the average rate in the very active
sevenyear period through 1929, and is
about 26 per cent of present capacity,
which is useful only as measuring
stick. No one expects present capacity
ever to be utilized in full. Some will
have been abandoned before require
ments grow up so much
Failure of the automobile industry
10 get really going is mentioned by
many observers as the reason, or ex-
cuse for steel not improving in total
tonnage. 1t is reiterated that Ford de-
lays getting into heavy production and
some other makers are waiting for Ford
10 start. Steel producers do not regard
Ford as a finality, but as a channel
OF expression of popular demand for
automobiles; /. E., that Ford has de-
layed on account of the market, not
from mechanical considerations. The
divergence of opinion is as to whether
tnere was any good reason to expect
much demand for automobiles this sea-
son.
Of course, steel producers would like
oroerS from any source, but they would
rather have them from almost any other
consuming line, for entirely ADEQUATE
reasons. No other steel consuming line
increases or decreases its requirements
so suddenly. The automobile industry
Is very much seasonal affair. so that
any increased demand now experienced
would not last long, and the automo-
bile industry exerts pressure on prices
an way that other industries do not.
Not all automobile makers are such
close buyers, but if a concession is once
made 1t would naturally be extended to
others
While the steel trade cannot avoid
some feeling of disappointment that
there is no increase in total steel de-
mand this month over last, when
precedent for February to March in
crease is particularly strong. there is a
feeling of satisfaction that demand has
held up so steadily, being in its total
nearly, II not quite, equal to that of last
October.
tCopyright, 1892
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
REAL ESTATE BOARDS
BACK HOME BANK BILL

The real estate interests offered
amendments to the pending home loan
bank bill and agreed to many of the
changes asked by bankers through Ma
than MacChesney, Chicago lawyer and
life insurance counsel, appearing be-
fore the House committee hearing on
the measure.
He is general counsel for the National
Association of Real Estate Boards, that
is strongly in favor of the bill, which
would establish IL new banks for the
sole purpose of discounting first mort
cages on homes to home financing in
situations He declared that such
amendments and concessions would not
change the principle of the bill or the
new systems chances for success.
The bill is opposed by the National
Mortgage Bankers Association.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
FARMERS STILL HOLD
HUGE WHEAT SUPPLY
Price Too Low for Profit, but Sale
Will Furnish Much Work
ing Capital.
Special Dispatch to The Star.

Special Dispatch to The Star.
KANSAS CITY, Mo-. March 19-One
resource, much larger than usual, exists
for the Spring income of the interior.
The report issued this week of the
grain in farmers hands shows a greater
total than last year by 20 per cent. and
approximates 100000 bushels of
wheat in the four States of this area.
While the price remains around SO
cents a bushel, and there is no posi-
bility of any profit for the producer,
after paying storage since last harvest
and taking whatever depreciation has
occurred, 1t does mean that between
now and harvest most of this will go
to market and add somewhat to the
working capital of the farmer.
Whether because of the anti-hoard-
ing publicity or because the lessening
of bank suspensions brings greater con-
fidence, the shrinkage of deposits has
slowed down materially in the past two
weeks. The banks, which have been
so carefully treasuring their liquid re-
sources, have extended credit with
somewhat greater nberality and have
done much to relieve the strain IN the
larger business centers.
Another encouraging factor has been
the recent upturn In live stock prices.
Copyyisht. iss2
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
NEW YORK BANK STOCKS

NEW YORK, March 10 (SpeciaD -
Bank and trust shares were quiet and.
with few exceptions, not much changed
today. Chase National at 387s was
of Is, Chemical, 1924, off Il; National
City, AZ, off /; Commercial National.
$50. of 2; Continental, 1875, off x !;
Corn Exchange, 5912, off y: Empire,
25l4, off "a; First National. 1910. off
so; Guaranty, 297, off g. Irving, l95s,
of Is; Manhattan, 81, off Il: Manu-
facturers Trust, 3l3s, off Is; New York
Trust, BIZ, of Y; Public, 27Z4, off "a.
The following were unchanged Bank
ers Trust, 6OE4; Brooklyn Trust. $50;
Central Hanover, las, and Title Guar
antee & Trust, 55k.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
BRITISH MONEY EASIER.
Business Outlook Frightened by Drop
in Interest Rates.
by LEONARD ], REID.

Associate Editor of the London Economist.
Special Cable to The Star.
LONDON, March 19.-The week
opened with grave apprehensions over
possible Kreuger & Toll repercussions,
but closed with general relief over the
limited adverse effects of this incident,
both on Sweden and in other centers,
illustrating the fact that public psy-
chology is now gratifying resistant to
shock.
The uninterrupted movement toward
cheaper money, leaving the London
open market discount rate around 2
per cent, encourages expectations of a
revival in the market for new capital
issues. The authorities recognize the
desirability of offsetting repatriations of
British funds by sound overseas long
term lending, which, however, under
existing circumstances is severely re-
stricted, although further British Colo
NAL issues are likely.
Development on wide scale OF the
new capital market depends upon
real economic revival, which today is
confined to small improvement in the
textile trades alone. Deterioration in
the coal and heavy industries continues.
The export markets outlook is condi-
toned by the possible results of the
Ottawa and Lausanne Conference.
(Copyright, 1922
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
COTTON SPINNING TRADE
ON CPS PER CENT BASIS
BY the Associated Press.

BY the Associated Press.
The cotton spinning industry was re-
ported yesterday by the Census Bu-
reau to have operated during Feoru-
airy at e2.5 per cent capacity, on sim
gle shift basis, compared with 84.5
per cent during January this year and
1872 per cent during February last
year.
Spinning spindles in place February
29 totaled 32.232.3lO of which Is, l89,-
TAB were active at some time during
the month, with the average, on a SIN
gle shift basis, being 29,812,083, COM
pared with 1929 300: 25,013,75o and
27,289,811 for January this year and
1925, 144, 25,763, 4O8 and 28,975, 252 for
February last year.
Active spindle hours for February
totaled $500, 805, 913, or an average of
204 hours per spindle in place, COM
pared with 6,2l4, 299, $40 and 1872 Tor
January this year and 6,1l0,olI, 371 and
1S4 for February last year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
Special Dispatch to The Star.

opeCIhl DlSpdlCH W Inc cthr.
NEW YORK. March ia small
but significant increase in bank depos-
its throughout the country has taken
place in the past few weeks The low
point of all deposits was reached about
the middle of February. This comedies
with the date when bank failures were
checked and when the influence of the
Reconstruction Finance Corporation
and the effect on sentiment Of the
Glass-Steagall bill began to appear in
a more confident public attitude and
the quieting of the fears of bank de-
positors.
Extent of Shrinkage.
Between the end of September, or
approximately at the time of the third
quarter bank call, and the close of last
month occurred one of the most rapid
run-offs in bank deposits in the his
tory of the country. On September 26
the total demand and time deposits of
the 81 New York Clearing House As
ISOLATION institutions amounted to ST.
$4,000, 900 On February % these
same banks reported aggregate depos-
its of $5,901 900, 900. Their net loss of
81 ,453 100000 represented 20 per cent
shrinkage. This was approximately the
rate of decrease that occurred through
out the country not only III LIe central
Reserve cities, but among the so-called
country banks About 40 per cent of
the total deposit loss occurred in Janu-
airy and February. 1t is of interest to
note that while the reduction in de-
mand deposits of this group during the
five months was IT per cent, that in
time deposits amounted to 20 per cent.
The three largest institutions in the
New York Clearing House Association
had an aggregate decrease in deposits
between the end of September and the
closing week of February of $736,000,-
600, or 20 per cent. One saw its de-
posts shrink exactly Is per cent.
The fact that deposits of New York
banks, which normally are slower to
regain lost ground than those in the in
terror, have begun to build up is one
of the most satisfying features of
corrected banking situation. At a time
when there is again a disposition in
Wall Street to be gloomy and impa-
tient and discouraged over the slow
pickup in trade, this development is
entitled to much consideration. Re-
ports that come to banks in the finan-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
HALF Of LAND BANK
FUND DISTRIBUTED
About S125,OOO,OOO Has
Been Turned Over to Va
riouS Institutions.
BY CHAS. p. SHAEFFER,
Associated Press Business Writer.

Approximately half of the additional
S125, 100000 voted the Federal Land
Banks by Congress has been allocated
to the IL banks of the system.
The basis of distribution was not
made public, as it was said further
ALLEGATIONS would be made in the near
future.
The recent act appropriating this
new capital specifically designated that
5,OOO,0 900 of the total should be used
for extension of amortization payments
by worthy borrowers with good records.
In addition to strengthening the
capital structure of the banks, passage
OF the measure has had a Salutary
effect on the market for Federal Land
Bank bonds, which, because of the
low price of farm commodities and the
dlfnculty farmers were having in pay
ing their inStallments and the gener-
ally upset bond market, had declined
IN price. Since passage of the meas
ure the low level of the entire group
has advanced points or $40 per bond.
That section of the measure which
gives to banks the privilege which
commercial banks have of granting ex-
tension of loans to meritorious Dor
rowers is expected to be of incalcula-
pie benefit to the agricultural indus
try. In this connection the Federal
Farm Loan Board points out that the
great majority of borrowers even now
are paying promptly on the day the
interest on their loans is due. but with
the present low return offered to farm
ers, dellnquencies have increased. To
meet this situation, the board, wherever
possible, has permitted a delinquent
lnstallment on the theory that the
loan would be paid upon advent of
more prosperous operations. When
borrowers could not offer such assur-
ance, the land bank officials have been
forced to forecloSe.
The bonds of Federal Land Banks
are secured by farmers mortgages
guaranteed by National Farm Loan As
SoclatlonS. The Cooperative Federal
Farm Loan System comprises 1850 of
these associations, there being one or
more to virtually every agricultural
county in the United States. More
than 100000 farmers have borrowed
money through the associations of
which they are members.
More than $1,625 ,000,O 600 of Federal
Land Bank bonds have been distrib-
uted in the last Is years. Some have
been retired and borrowers have re-
duced their Indebtedness. Since all
loans are amortized or paid of over a
period Of 20 to 30-odd years, and since
some of them have been paid off in
their entirety the banks have out
standing now approximately Site, 00O,-
600 In first farm mortgage loans, and
they also have bonds outstanding IN
about the same amount.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
INCREASE IN BANK DEPOSITS
SHOWS RETURN OF CONFIDENCE
Small Gain During Past Few Weeks Fol-
lowed Sudden Halt in Closings,
Due to Federal Aid.

cial district day by day from hundreds
Of interior correspondents supplement
the evidence afforded here that funds
are returning to normal repositories
slowly, but to an extent proving the
existence of q new attitude on the part
of bank clients since the middle of
February.
This has been reflected in moderate
purchases by interior banks of high
grade corporation securities after COM
plete withdrawal from the investment
market by such buyers for many
months. The success of recent offer
ings of public utility bonds has been
due in some measure to participation
in them by interior institutions.
Within two weeks the regular March
end call for the condition of national
and State banks will go out from the
Office of the controller Of the currency
and State superintendent of banks.
There is quite a different situation to-
day, with respect to the market values
of securities, than there was Just prior
to the December call. The bond mar
ket at that time was close to its lowest
point for the depression period. Bank
officials were deeply concerned over the
effect of publishing statements of their
condition should they be compelled by
the banking authorities to set up their
securities ''at market" or even on the
basis of partial write downs" that
had been permitted to that time.
Leniency Expected.
The emergency situation brought
word to them that they would be per-
mitted to establish the prices for their
portfolios "at cost; that the depart
mentS were more concerned over what
securities were intrinsically worth than
over their fluctuating values
1t is understood that the same leni-
ency will be granted to banks in max
ing up their statements for the first
quarter of this year in spite of the fact
that the average of the bond market
is 8 to 9 points higher than in Deem
Der. There is apparently no DISPOSE
ton to change the practice inaugurated
three months ago. 1t is quite probable
that the spirit of the December rulings
will obtain throughout at least the first
half of 1882, and possibly during the
entire year, although any rapid en-
hancement in market values of bonds
might bring an earlier readjustment.
CoDyriRht, 1892
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
SHARP GAIN NOTED
IN AUTO OUTPUT
March Will Show Production In
crease for First Time Since
Last Summer.
Special Dispatch to The Star.

Special Dispatch to The Star.
DETROIT, March 19.-Final produc-
ton figures in the automobile industry
for the month of March will show a
substantial increase for the first time
since last Summer
Early estimates point to production
of more than 10000 units, jump of
10000 over an unimpreSsive February
total. Any marked acceleration of &C
tivity at the Ford plants may send the
March figures still higher.
The Ford assembly lines are moving
at a pace much slower than any one
expected. Nevertheless, the Ford con-
tribution promises to be larger than at
any time in recent months.
Other members of the industry are
busily preparing for the opening of the
Spring buying season and the release
of orders for low-priced cars of every
kind expected to accompany the un-
yelling of the Ford models. Some in
terruption in sales was experienced as
result of the recent cold wave that
swept the country, but dealers every
where are prepared for the normal up
turn that comes with the arrival Of
Spring weather.
(Copyrisht, 1897
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
Bank Suspensions
Decrease Further
During Past Week
BY the Associated Press

BY the Associated Press.
NEW YORK, March 19.-Only 10
bank failures occurred in the past week,
continuing the low rate of suspensions
marking the last few weeks, the Amer
lean Banker said today. This is re-
duction of one as compared with the
previous week
Failures in March to date number "a,
with 524 recorded since the beginning
Of the year. Five banks reopened dur
ing the week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
CHICAGO DAIRY MARKET.

CHICAGO, March 10 R.-Butter,
9,745 tubs; easy: creamery specials (93
score), 2234a23A:. extras (s2), 22A;
extra firsts (90-9D, 2134a22; firsts (88-
80, 81 Z; seconds (86-8D, 2O15; stand
ards 600 centralized CARROTS, 22A.
Eggs-16,775 cases; steady; prices
unchanged
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
GAS HOLDERS INCREASE.

There are 1856 security holders of
the Associated Gas & Electric Co., the
principal unit of the Associated Gas &
Electric System, according to figures
which will appear in the next issue of
the Associated Magazine. This gives
the Associated company the greatest
number of security holders of any gas
and electric utility company IN the
United States.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
FILM CONTRACT SIGNED.

Paramount Publix Corporation and
Charles r. Rodgers. independent pro-
ducer, have signed a contract for his
production of eight "all-star" feature
pictures to be released on the 1929
Paramount program. Agreement de-
gcribed as $4,000, 900 transaction.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20
B. & O. FIGURES LOAN

The Baltimore g. Ohio Railroad will
want around S15,0O0,O00" from the
Reconstruction Finance Corporation to
provide for its financial requirements
about July ]. o spokesman indicated
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20

Mr.. Call was born in Richmond on
March 90, $780, and received his
training in local schools there, gradual
ing from the John Marshall High
School and taking special course in the
Virginia Mechanics Institute He went
to work in the purchasing department
of the Richmond Locomotive Works.
He was placed in charge of the pur-
chasing department from 1900 to 1901,
when he entered the employ of the
Railroad Co
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20

Brazil's first motion picture conven-
ton was held recently In Rio de
Janearo.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-03-20

CONTINUED on Second Page)
Evening star., 1932-08-31

Washington policemen are to receive
some lessons in diplomacy as result
of police report sent yesterday to the
effect that papers an Identification card
and an automobile permit, stolen from
the car of Herman Feis, economic ad-
wiser of the State Department, might
prove embarrassing to the United
States Government" If not recovered.
Mr. Feis and other officials at the
department quickly denied that any
State Department documents had been
included in the loot taken from the
automobile. The only things missing
Mr.. Feis explained. were his registra-
ton card, his driving license, an insur-
ance paper. some maps and special
parking permit.
Meanwhile, officers involved in send
ing the original police report are to be
called on for an accounting and proper
disciplinary action will be taken" ac-
cording to a statement issued by Acting
Superintendent of Police Ernest w.
Brown.
The statement issued by Inspector
Brown says:
The original report of the theft
made by Mr.. Herbert Feis, economic
adviser, State Department, contained
Evening star., 1932-08-31
DIPL LOMACY TO BE TAUGHT POLICE
AS RESULT OF MISTAKEN REPORT
Officer Says He 'Felt" State Department Identification
Gard Might Cause Embarrassment.

no reference to State Department papers,
only personal papers of Mr.. Feis. such
as D. c. operators permit, registration
card official parking card. State Dc
partment Identification card and other
papers.
mo request was made by the State
Department that this loss be broadcast,
but this part of the report was added by
a clerk at No station, he assuming
that the State Department identification
card might be used by some unauthor-
lied person.
error was made. and proper disciplinary
action will be taken"
In a statement given today to Asst.
Supt. of Police L. I. H. Edwards, Police
man Frank E. Stroman, seventh pre-
Evening star., 1932-08-31

cinct, who went TO investigate the theft
explained that Mr.. Feis did not say
State Department papers were taken.
Stroman said he told Mr.. Feis he would
ask, however. that police of other towns
be notified so the articles taken could
be recovered.
In another statement to Edwards
Policeman r. M. Alexander of No. 2
said in part.
After reading the report, I felt that
If the State Department identification
card fell into the hands of unauthorized
persons if might cause embarrassment
to the Government. I, therefore, added
what I considered a confidential note
to the Central Bureau to that effect"
Assistant Supt Edwards said the po-
lice message as received at the Central