davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1932-12-31

which they can expel one million
members from the Communist
party; for the second, the widow
of Lenin is pleading for the admis-
sion into Russia of "Alice in Won
derland" and fairy tales. AS moth
ing in "Alice in Wonderland" is so
topsy-turvy as the notion of throw
ing people out of a governing
party, the combination of the two
items is perfect; on the other hand,
to many millions of Russians the
Soviet system is gayer and happier
than any fairy tale they heard
under the regime of the Cars.
do not think that the extremely
wise and clever men who have
managed to give Russia a stable
government for fifteen years are
The Washington times., 1932-12-31
J. F. RGiney's Auto
Burns. DriDer Unhurt

The automobile of j. F. Rainey,
700 block Varnum st. N. W.,
was destroyed by fire today on
the East-West Highway, which
connects Chevy Chase and Silver
Spring. Rainey, who is a bus
operator for the Washington
Rapid Transit Company, escaped
without injury.
The Washington times., 1932-12-31
True to Type
CHILDREN'S TALES
MAY RETURN
TO RUSSIA
BY GILBERT SELDES-

TWO news items from Russia come together to give
= pleasure; is political, the other by the way of
contrast rather human For the first the heads of the
Soviet system thinkrs of political by
The Washington times., 1932-12-31
LEAGUE TO MEET

The Community League of
BarneSville, Md. is to meet in the
Community Hall on January 10.
The Washington times., 1932-12-31
TO ELECT OFFICERS

Election of officers will feature
the meeting CT st. Johns Guild
in the Bethesda Episcopal Parish
Hall, Wednesday.
The Washington times., 1932-12-31
U. S. UNION TO MEET

Local No. II, Federal Employees
Union, will hold its monthly meet
ing next Friday, President Scott
has announced.
Evening star., 1932-02-13
EVERYMAN'S
INVESTMENTS
BY GEORGE T. HUGHES.

Failing commodity prices work toward
increasing the value of negotiable evi-
dences of debt, such bonds and notes,
the rise in value being proportionate to
the extent of the commodity price de-
cline. Such increase in value other
things being equal. is reflected in the
market price of the negotiable evil
dence of the debt in proportion to the
length Of time the debt has to run to
maturity
An understanding of these two primo
iples is an essential preliminary to dis
cussion of what happened to the bond
market of the past year. when. despite
constantly declining prices for COM
modities, bonds suffered the most pre-
cipitous break in the history of the
market. In other words, as far as
commodities were concerned, bonds
moved in exactly the opposition direc-
ton to which theory declares they
should have moved. The inquiry is
important, not simply to justify the
theory or to discredit it, but for the
making of an intelligent forecast as
to what may be expected in the future.
First, then, let us see just what the
relation is between commodity prices
and bond values. The coupon rate on
a bond remains the same, from lSSu-
ance to maturity. A S per cent bond
pays the holder per cent annually
without change up to the time the
principal becomes due. If you own a
$1,000 per cent bond, you are entitled
to receive S25 interest Semi-annually, or
$50 year. But this year $50 will buy
more goods than it would last year,
so that the value of your investment is
enhanced to that extent and. inaSmuch
as the terms of the loan are fixed, the
only way in which that enhancement
can be reflected is in the market price.
If for example. the bond sold at 80 a
year ago it ought to sell above 80 now
by as much as the increase in the pur-
chasing power of the semi annual $25
coupon warrants.
There seems to be no flaw in that
reasoning and yet the record of all
1881 points to a fallacy somewhere.
What is the explanation? The flaw
lies in overlooking two assumptions in
the theory, one that the bondholder is
as a matter of fact certain to receive
his S25 interest regularly twice a year
and that he is convinced of that Ger
tainty and the other, that there is
always some one equally convinced,
ready and willing to take over his in
vestment when for any reason he de-
sires to reinquish it. Neither of these
assumptions held during 1881, as will
be more detailedly discussed in our
next article.
Copyright. 1922
Evening star., 1932-02-13
CANAL TOLL RATES
TO BE STABILIZED
Intercoastal Steamship Operators
Agree on New Schedules
Effective March l..

By the Associated Press.
NEW YORK, February 13.-Inter-
coastal steamship operators have agreed
after months Of controversy to stabilize
freight rates and restore order in the
Panama Canal trade.
A new scale Of freight rates, effective
March l, was approved here yesterday
and will be sent to the United States
Shipping Boards bureau of Regulation.
If approved there the agreement viii 20
into effect.
Details Of the agreement were not
announced, but 1t Is understood . rate
differential based ON speed and fire.
quency Of service between New York
and California points will be estab-
lished. In normal times the intercoastal
trade supports about $50 passenger and
cargo ships. ....--'.
Announcing the agreement, R. A.
Nichol, president Of the Dawnick
Steamship Co. and chairman of q
Special Committee of Operators who
have been trying to iron out difficulties,
said:
1.-The intercoastal lines have reached
moment, will be forwarded to the
United States Shipping Boards Bureau
Of Regulation for approval and when
approved it will be effective. In the
meantime it can be said that the agree
ment contemplates new rates both east
bound and westbound, being effective
March l.
These new rates will be announced
as speedily as possible It, however, can
be said that generally they will be as
near as possible to those that were In
effect prior to February l, 1881"
Evening star., 1932-02-13
EXTENSION OF LOAN
TO CITY REPORTED
Detroit Officials Accommodated, ,
Says Newspaper, When Budget
Deficit Is Averted.
BY the Associated Press.

BY the Associated Press
NEW YORK, February 13.-The New
York Times says city officials Of Detroit
have arranged with q local banking
group for extension to June l Of ST.
500, 900 loan coming due next Tuesday
and for an additional credit Of $780,
900 to enable the city to meet current
expenses.
The arrangement followed upon as
surances by the Detroit officials, the
newspaper says, that they have put
their financial house In order and
averted a threatened $1,000 900 deficit
in the city budget.
The banking group is headed by the
Bankers Trust Co., the National City
Bank, the Chase National Bank and the
Guaranty Trust Co. and the Conti-
mental Illinois Bank & Trust Co.
The new credit will be extended also
to June /. The paper describes the
entire transaction as strictly banking
arrangement, not involving the public
sale of securities.
Both the new credit and the renewal
were arranged at the annual rate OF
per cent, the maximum permitted by law
and the rate now usual for most COM
munities borrowing in New York on
short-term obligations. g
The agreement, the newspaper says,
was pursuant to an arrangement last
August whereby q total Of $4,000, 900
was to be extended to the city. The
new credit of SIS, 900, 900 leaves q final
balance of $2,700,000 to be extended
next month, under the terms OF the
August agreement.
Evening star., 1932-02-13
Washington Produce

Butter-One-pound prints, 26; tub.
Eggs-Hennery, Halls; current re-
ceipts. 13a14
Poultry, alive-Turkeys, old toms, 15a
l8; young toms and hens, 20a22:
chickens, pounds and over, 16a18; 2
to 212 pounds, 20: broilers. Il. to
2 pounds. 20a22: hens. large. 17a1S;
small. 15a17; Leghorn hens, IA: roost-
ers. 10; keats, young. 45a50, old, 25a35.
Poultry. dressed-Turkeys old toms,
l8a2l; young toms and hens, 23a25;
chickens. pounds and over. 1sa2l;
z pounds, 23a25; hens. large. 22a23;
small, l5a17; Leghorn hens, II; roost-
ers, l3; keats. young. 55a60; old. So
Meats-Beef. prime. II; medium, II:
lamb, top. IA: medium. 13; veal, top.
16; medium, Is, pork loins, IL; fresh
hams, 49, smoked hams, 16al7;
strip bacon, l6al7; lard 50-pound
tins. 6l2 package. 7; compounds. 6la.
Live stock-Hogs. light, AIS; me-
dium. 4,30; heavy, 350a3.90 pigs, 3.50a
$780, roughs. 20Oa300; calves, 400a
900: lambs. 4O0a7.O0.
Fruits-Strawberries, pints, 10al5;
quarts, l5a3O: apples. bushel baskets,
lOOal25: box stock. 20Oa225; oranges.
300a3. so; grapefruit, 1.75a2 so; lemons,
400a4.5c: honeydews. 200a2 So plums.
Chile, 200; grapes 3.00a350; kegs,
500; bananas l50a2 co. alligator pears,
25Oa3O0; rhubarb, hothouse, pounds,
50a65: pineapples, 400a4.50.
egetables-PotatoeS. Maine, 100
pound sacks l25; New York, LIS;
Idaho bakers, 240; sweets, 60a85; string
beans. l75a2 co. limas. 500: peas. 7.25a
500: lettuce. Iceberg. 3.0Oa350; peppers,
325a3.5 SO; cucumbers, 4.50a5.00; celery,
25Oa300; tomatoes, repacks, 225a2.50;
kale So spinach homegrown, 50a75;
hothouse, 100; Texas, 85a90; squash,
$50: eggplant. 300; beets, 2.5Oa300;
carrots 350a4 90: cabbage, crates. 200
a250; broccoli. 2.50a3.00 satisfy, dozen.
50a60; parsnips l.25a1.50; artichokes,
4.50a5 90: Watercress. rs: okra, 800; as
paragus, South Carolina, punches. so.
Evening star., 1932-02-13
Minimum Prices Upheld.

MONTREAL, Quebec, February 13
R.-By secret ballot general meeting
of members of the Montreal Stock Ex-
change yesterday upheld the Governing
Committee in maintaining ''pegged' or
minimum prices below which certain
stocks may not be sold.
The exchange imposed minimum
prices UP a large number of stocks on
the week end of September 81 when
Great Britain departed from the gold
standard. With certain exceptions
these prices have remained in effect
although some have been reduced.
Evening star., 1932-02-13
FARM LOAN GROUPS;
SHOW ASSET LOSS
Three Agencies Of Bvfeau
Report Drop Of S31 ,52e,-
600 in Resources,
BY CHAS. p. SHAEFFER,
Associated Press Business Writer

Associated PreSS BUSINESS writer.
A decrease Of about s31 ,52s, 600 IN
total assets of the three groups Of in.
stitutions under the management Of the
Federal Farm Loan Bureau during 1891
was shown IN its Just issued annual re-
port.
These institutions are the IL Federal .
land banks, whose total assets dropped
from 81 ,298, ,348, ,548 on December ST.
1880, to 81 ,282, $50 ,449 at the end Of last
year; 49 joint stock land bank assets
dropped from $6l1, ,559,812 to $606, 1922 -
O67, and the IL Federal intermediate
credit institutions, whose assets dropped
from $168,553,138 to $157 860819.
Increase in Credit Item.
An increase of IL per cent in the
| credit extended by the joint institutions
is shown in the report, all loans
amounting to $307 ,423,O92 during the
year, an increase of 1924 ,801.
Unsecured delinquent installments due
| the Federal land banks amounted to
| $8,016,348 at the end of the year. De-
linquencies actually totaled S18,580,7 ,753,
but against this amount were partial :
payments of $l,726,l3O and a reserve
of $8,838.275.
OAocSuNd OCiil1uCAG VI Tic
joint stock land banks amounted to
$3,624,90 after deducting partial pay
mentS Of $846, 776 and a reserve of
1885 697 Real estate owned by the
Federal land banks at the end of the
year amounted to S24, BAT ,68l, an in
crease Of about S12,000,000 during the
II months, while Joint stock land banks
holdings of real estate gained about
S9,000,000 to total of s25,832.515.
The combined capital stock of all
Federal land banks at the close of the
year was s65,676,131. On the same date
the banks had special reserves against
real estate. delinquent installments, ETC.,
aggregating S1953 .496. legal and other
| reserves of S13.240,808 and undivided
profits of S2627944 The total amount
| of bonds outstanding was s1.17O,83 $50,
including 1862 900 held by the issuing
| banks, but not including any bonds ma
tured or called.
Bonds Outstanding.
The total amount of joint stock land
bank bonds outstanding on December
81 was S542 983, $40. including s3004,-
$40 held by the issuing banks. These
| figures do not include any bonds ma
tured or called nor the bonds issued
or assumed BY the three Joint stock land
banks in receivership. Capital stock of
these institutions amounted to s43,503.-
| 060, with surplus of about $4,000 600
/ and reserves of approximately the same.
The authorized capital of each Fed
eral intermediate credit bank is S5,000,-
| 000 all of which is subscribed by the
United States. OF the subscribed cap
ital, S3000O000 has been paid in On
| December 81 the earned surplus and
reserves for contingencies of these banks
/ aggregated s3946, ,936 net.
Evening star., 1932-02-13
UTILITIES IMPROVEMENT
BILL NEAR $5OO,OOO, 900
By the Associated Press.

BY the Associated Press
CHICAGO, February 13.-V. D.
Simons, Inc, industrial engineers. esti-
mated that financing for new utility
construction in 1882 will aggregate
nearly half a billion dollars
From present indications. the state
ment says, utility financing for new
construction and maintenance this year
will total approximately S450,000000
as against almost S633 100000 in 1881
and more than S960,000,000 in 1880. 1t
is added that companies entering the
market for new funds or refunding op-
srsrlons during the latter part of the
year will face far more optimistic
picture and that the recently proposed
''joint power plan" for industry and
utilities will have a special appeal at
this time.
Evening star., 1932-02-13
|bOND PRICES GAIN
| IN ACTIVE MARKET
Advance in Stocks Results in
Increased Buying of
Debentures.
BY F. H. RICHARDSON,

special Dispatch to The Star.
NEW YORK. February 13.-The bond
market was buoyant today with prices
rising an average Of to S points in the
speculative groups and fractionally in
United States Government and other
high-grade securities. 1t was one of
the most active sessions in many weeks.
The investment market took its cue
from the advancing stock market. The
stimulus for the buying was the new
credit bill announced at Washington
Thursday. In addition there was the
fact that Henry Ford had announced
his new models and called 10000 en-
ployes back to work. Wall Street Is
fond OF recalling that in the 1920-l921
depression 1t was Ford who picked the
turn IN the market and capitalized
heavily on the recovery. Again in 1924
1928 1t was the introduction of his new
model that heralded the beginning
Of a boom.
Many bonds made sharp gains. In
terborough Is ran up S points to new
top on the recovery. Gains of l to
points or more were common, notably
In International Paper SIS, Texas Cor
poration SIS. Vanadium SIS. National
Steel SIS, Goodrich IS, Dodge Brothers
IS. Lorillard SIS and many others.
Railroad bonds were by far the most
active group and had the most uniform
advance, gains ranging from to 4
points IN virtually all descriptions
Nickel Plate IS were up about points
Rock Island refunding As improved
nearly as much. Erie refunding SIS ran
up above their former high of the year
Similar upturnS occurred in Allegheny
Corporation SIS. Baltimore & Ohio AZ
Chicago & Northwestern 43.s, Great
Northern rs, Missouri-Pacific SIS anc
5i2s, Frisco Alas and Western Mary.
land 4s
Substantial gains were recorded by
seasoned carrier bonds, such as Atchi.
son general As, Norfolk g. Western As
Union Pacific first As and Canadian
National Railways obligations, guaran.
teed by the Canadian government
giving indications of buying power a.
irresistible as was the liquidation of last
December.
Fractional advances appeared ir
American Telephone SIS, CONSOLIDATED
Gas 81 IS and other prime utilities
United States Government long tern
issues gained about half a point.
The recovery extended to the foreign
list. although this was without doubt
purely a sympathetic movement. Ger.
man Government SIPS and Dave.
Reparations Is were both more thar
points higher. German Central Banl
obligations. municipals and corporate
descriptions ran up too. Similar rise.
marked the balance of the European
list. Japanese issues improved frac.
tionally. South Americans were firm.
Evening star., 1932-02-13
RIVER CHANGE FOUGHT
Nebraska Irrigators Would Prevent
Diversion by Colorado.

SCOTS BLUFFS. Nebr.. February
l3 (Py.-PlanS to resist Colorados re-
ported attempt to divert waters of the
North Platte River through tunnels un-
der the Medicine Bow Range and into
the Poudre River Valley were made
here yesterday at meeting of 200 Ne
braSka irrigators.
Attorney General C. A. Sorensen
pledged help in protecting Nebraska
reclamation projects.
The question of water rights Of
Nebraska, Colorado and Wyoming ir-
rigators may be carried into the United
Statef Supreme Court. The Nebraskans
conte-d the Colorado tunnels would
drain off much of the subsurface re-
turn flow now watering Nebraska
acreage
Evening star., 1932-02-13
FEDERAL RESERVE RATIO.

BY the Associated Press.
The ratio of total reserves of the IL
central banks to deposit and Federal
Reserve note liabilities combined, rose
half a point during the week ended
February 10. The ratio for comparable
weeks follow, as announced by the
board:
Week ended February 10, 67.6 per
cent; previous week, 67l per cent i;
same week last year, $50 per cent.
Evening star., 1932-02-13

Homes Of policemen in Huntingdon
shire, England. are to have telephone
extensions to bedsides. and the allow
ance of SIS a year paid to poIcemen's
wives for answering the phone IN the
absence of their husbands Is to be
discontinued.
Evening star., 1932-02-13
Markets at a Glance

NEW YORK, February 13 R.-
Stocks buoyant; bears turn panicky.
Bonds firm; low-priced rails strong.
Curb strong; leaders show wide gains.
Foreign exchanges firm; sterling and
French franc strong. Cotton firm;
strong cables; active Liverpool and con-
tinental buying. Sugar. closed. Coffee.
closed.
Evening star., 1932-02-13
BALTIMORE STOCKS.
BALTIMORE, February 13.-
New Curb Exchange Head.

NEW YORK. February Is R.--
Howard c. Sykes has been elected
president of the New York Curb Ex-
change, succeeding william 3. Muller.
Evening star., 1932-02-13
Exchange Seat Price Drops.

NEW YORK, February 13 (R.-Ar-
rangements were made for the sale of .
New York Stock Exchange membership
at s134 1000. a decrease of $1,000 from
the previous sale.
Evening star., 1932-02-13

When nearly $50 was found on Will
liam Lynes, arrested ut Southampton,
England, for begging. he said the money
had been received under . viii q his
aunt.
Evening star., 1932-02-13
CHICAGO STOCK MARKET

CHICAGO February 13 (P,.-Follow-
ing is the complete official list of trans
actions in stocks on the Chicago Stock
Exchange today:
Evening star., 1932-02-13
Psychological Influences.

DepTeSSlOIlS, UdIlheIS polllI OuI, CNCh-
tually reach a stage where psychological
influences assume a dictatorship over
economic laws and if fears OF serious
monetary disturbances can be dlSpelled
by the new plan to make more gold
available for currency and credit uses
it is felt that a victory of major i'm
portance will have been achieved.
Bankers were quick to comment on
the timelineSS Of the move which SO
closely dovetailS with the drive against
boarding and the functioning of the
Reconstruction Finance Corporation.
Although in some quarters the question
of initiation was raised, the bulk OF
Wall Street opinion appeared to ap-
prove of the measure.
Other news of the week, although
overshadoWed by Washington develop
ments, served mostly to emphasize the
unfavorable position Of industry and
the absence of expected seasonal gains.
Statistics on steel production, move
ment of goods, electric power output
and several commodity situations all
looked beariSh to the stock market,
which expressed its sentiments in de-
cline that continued through Wednes-
day, edging the Standard Statistics
Associated Press composite to new lows.
THURSDAYS rally, however, retraced
most of the ground lost this month.
Railroad earning statements for jan
uary, it is generally admitted, are bound
to be disappointing and fears have been
expressed lest the roads, through a
further reduction in traffic, lose the
benefits of the wage reduction and the
higher freight rates. Some carriers
have already applied for assistance from
the Federal credit agencies and others
doubtless will do so, but it is unpleas-
ant to know that such aid is necessary
and to realize that improvement in car
rier earnings normally trails business
recovery. Roads have pared their oper-
ating expenses to the bone and there Is
little to be done now but wait.
New Ford Model
Announcement of the Ford new
model program is expected to bring
some stimulation to automobile activity
and therefore to the steel industry, the
latter being dependent on the former
for a large tonnage. Expectations Of
better demand for steel materials were
more freely expressed toward the end
of the week than at its beginning.
Evening star., 1932-02-13
BONDS.

500 900 insult Util IS 1910. 2s q 27st
5000 Chi Ry Cts S. 1927 ~ a. *
1000 Chi c Ry Gifts SIS 27 42la aga 4zh
Stock sales today. 81 900 shares.
Bond sales today. $106,000.
Evening star., 1932-02-13
MARKETS BU0YED.
BY CREDIT AID PLAN
Anti-DefIation Move of Gov.
ernment Proves Tonic to
Dropping Securities.
BY JOHN L. COOLEY,
Associated Press Financial Writer.

NEW YORK, February 13.-Financial
markets were braced this week by a
powerful dose of anti-deflation medi-
cine. The tonic was administered at a
most opportune time, for stocks, bonds
and numerous commodities had dribbled
toward or through the previous lows of
the bear cycle.
News that the administration and
Congress were uniting in non-par-
tisan effort to push legislation to liber-
aliZe the rediScount privileges OF the
central banking system, thus loosening
the bonds that hold vast stores of credit,
took Wall Street by surprise. The i'm
mediate effect was most energetic re-
treat by Stock Exchange short inter-
est which had expanded slowly during
the last decline, but of infinitely more
importance was the hope that source
of real confidence and reconstruction
was about to be tapped.
Evening star., 1932-02-13

Dividend in the above table annual
'Exdividend Unit trading less than 100
! Paid
y in b \
stock Plus 81 preferred
2l2fe stock,
Evening star., 1932-02-13
NEW YORK STOCK EXCHANGE
Received by . Once
Stock and
ntvihaDd nat
Prey. 1882

Ire Direct TO The Star Ohsce.