davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-02-07
CREDIT ADJUSTMENT FOR WAR
DEBTS URGED IN DETROIT PLAN

impetus to Americas export business,
the seven -to-one credit ratio starts to
operate only when the dollar volume OF
American exports to Germany Is In eX-
cess Of the average annual dollar value.
Germany would, therefore. have to
work harder and buy more from the
! United States than usual In order TO
earn her IA per cent discount. Here
the time element would become FAC
| tor, as the seven-to-one credit ratlo
would not go into effect until the ex-
ports to Germany had equaled the
average annual dollar volume"
1t is stated that this Seven-to-one
credit adjustment does not penalze
American exporters in order to lqui-
date debts due the United States from
the allies, nor do American exporters
pay the bill by cutting the price" be
cause 1t Is not the exporter who al
lows the IA per cent credit. This
credit is given by the United States
Treasury to the allies and, by them, to
Germany.
provision Is also made for direct
credits on the war debts Of the allies
to the United States. Such credits are
to be prorated according to their i'm
ports from America.
Nations not involved in war debts
could also be given a similar form Of
credit at a ratio of 20 to l, instead OF
7 to !, which credit would be assignaoie
at quoted value. established in an
open and free market end used in the
purchase of commodities from nations
involved in war debts, which debtor
nations could in turn apply 1t on debts
due to the United States.
OrganiZati tion Suggested.
The machinery for the plan would
be q corporation under national
charter whose credit memorandum OF
, purchases under the plan would be the
basis OF settlement with the United
States Treasury Department by the va
riouS governments involved.
Upon proper certif1cation OF facts to
the Secretary of the Treasury there
would issue memorandum of credit
from the Treasury of the United States
to the debtor involved to the extent OF
his prorated credit.
"A duplicate memorandum would be
sent to the government Of Germany as
an indication Of release to the extent
of the credit. Any exporter would be
entitled to the use Of such credit
memorandum upon the payment of his
subscription equal to l per cent on all
exports. The expense Of operation
would be met by such subscriptions
The balance would be paid into the
Treasury of the United States"
tCopyright, 1892, by North American News
paper Alliance Inc.D
Evening star., 1932-02-07
WEAKENING IN TRADE
LEVELS is REPORTED
Business Men of Nation Are Now
Watching Results of Recon-
struction Program.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. February 6-On bal
ance, the level OF business activity
shows signs Of slight weakening as the
second month Of the year starts, says
the Business Week. In only a few
lines-steel, shoes, textiles, automobiles
have there been any indications of the
usual Spring stimulus so far, and these
have been mild. Steel production Of
late has slackened slightly: carloadings
and electric power production still
show no improvement; commodity
price averages have slowly sagged since
the outset OF the year. The sharp de-
cline in building contracts during
January particularly in public works
projects, is depressing.
It is difficult to see how drastic re-
ductions in purchasing power of con-
struCtion and railroad workers can be
expected to increase activity in these
two basic industries; and the indif-
Ierent response Of securities markets
shows that they also have their doubts
on this score. Although the amicable
outcome of railroad labor negotiations
should supply a more solid basis for
the bond market, the day when wage
cuts were considered a bull point for
stocks has probably passed
All eyes are now on the RecOnStruc-
ton Corporation as it commences its
attack on the crucial credit problem,
and as the President appeals to the
country to cooperate in checking de-
fiation by halting boarding. The re-
tarded rate of bank credit contraction
and bank suspensions in recent weeks
is an encouraging indication of favor
able effect of the administrations ef-
forts on confidence. Business revival
and stabilization in security and COM
modify markets now depend altogether
upon the success with which this
strategy stems and turns the tide Of
credit liquidation.
Evening star., 1932-02-07
snscial Dispatch TO The Star.

Special Dispatch to The Star.
NEW YORK, February 6.-The eco
nomic crisis has set many minds
pthinking. Many plans have been ad-
yanced to alleviate the present difd-
culties.
The latest, which Is attracting much
attention, Is known as the Detroit pan
It's author is Clarence r. Biting heac
of the organization bearing his name
with ofYces in New York and Detroit
The plan provides. among other things
for a permanent credit adjustment o1
international war debts through tbs
development of Americas exports t
Germany and the creation by the allie'
of special credits in behalf of European
nations, such credits TO be applied
toward the liquidation OF war debts due
the United States.
Object of Plan.
THE primary object OF the plan" II
is stated, lis to Mquidate the war debts
owing to the United States by the
allies, for the achievement Of which
Germany is assisted in liquidating hel
war debts due the allied powers"
To achieve this result, a special type
of export credit. somewhat in the ma
ture of discount, is suggested. There
are" 1t Is said, several applications OF
this credit. the first and most impor-
tant of which is the following:
For every 81 worth of goods and
merchandise purchased by Germany
from the United States 81 would be ap-
piled on the debts now due from the
allies This credit would in turn ba
applied by the allies toward liquidation
OF the war debt due those nations from
ton would be as follows:
"A German buys $4,000 worth OF
goods from a Arm in the United States
A ratio of seven to one established by
the plan is in the nature of an ap-
proximate "a per cent diScount-ol
81 400 on a $4,000 transaction This
81 400 credit goes toward the liquida-
ton of the debts of the allies TO the
United States. The allies in turn must
credit Germany with 400 on hel
debts to them. These credits given by
the United States to the allies and by
them to Germany would therefore de-
pend upon the annual money value OF
Americas exports to Germany.
Importer Gets Credit.
Under this nrst application of the
seven-to-one credit ratio, the German
importer gets the credit as soon as the
transaction is completed and can use ii
as a tax reserve against next years tax
levy. In case limitation Of this credit
is desired in order to give an added
Evening star., 1932-02-07
Business Notes

NEW YORK, February 6.-Sellins
agents report an increasing demand for
Spring sweaters, particularly in wom-
ems lace-trimmed styles in the sI.95,
to s2.s5 retail ranges. Up to now little
attention has been paid to opening Fall
lines and it is expected that these will
not be displayed until some time in
March.
1t Is reported that cotton goods con-
verters have decided to defer the con-
sidered advance in percale prices and
the current quotation Of II cents on 80
squares will stand for the time being.
Decision to postpone any advance was
said to be based on the recession in
print cotton prices during the week.
The American Glass Review says
that safety plate glass is in good de-
mand from automobile producers and
is the principal feature Of the market
for fiat-glaSS products. Production has
been increased to the capacity limits Of
several large manufacturers during
January, it is said. An improved de-
mand for mirror glass is looked for in
March
Evening star., 1932-02-07
FOREIGN EXCHANGE.

Quotations furnished by w B. Hibbs & Co.
Nominal gold Selling check
Evening star., 1932-02-07
COTTON is STEADY
ON COVERING MOVE
Trade Buying Also Contributes to
Better Tone at Week End
Session.
BY the Associated Press.

By the Associated Press.
NEW YORK, Fbruary 6.-Cotton
was a little more active today and
showed a generally steady tone with
the market tightening up in the late
trading on continued trade buying and
covering, which found offerings re-
latively light.
May advanced to 685 and closed at
6,S4 with the general market closing
very steady at net advances Of to
points.
The opening was steady at unchanged
to an advance of 2 points. There was
little Southern selling and week end
realizing but this was absorbed by COW
er!ng and trade buying which appeared
to be coming partly from Liverpool and
the continent and may possibly have
included little buying for Far East
ern accounts.
Last prises were within a point Of the
best. Switching from March to later
months was again in evidence, but the
trace buying Of near positions was suf-
flcient to absorb the offerings and there
vas little change in the differences be-
tween months.
The steadiness of the market vas
attributed largely to the continued trade
demand and some covering may have
been promoted by reports that Jananese
interests were moderate buyers in the
Southern spot markets Brokers, who
sometimes trade for Far Eastern &C
count were reported small buyers here
early, but the source Of the business
was not clearly defined and this de-
mand was not much in evidence later
In the morning.
Liverpool cables were relatively easy
with private adyices reporting hquida-
ton. hedging and poor offtake in that
market. Possibly the labor troubles in
the Burnley district where a strike said
to involve about 10000 workers began
at noon today, found some reflection in
the Liverpool market, but seemed to
attract very little attention locally, rs
Liverpool was reported buyer here
during the morning. The amount of
cotton on shipboard at U. S. ports
awaiting clearance at the end of the
week was estimated at 2l5.OOO bales
against II 900 last year. Reports from
Manchester indicated a fair cloth in
quiry from India, but said many offers
were unworkable
Evening star., 1932-02-07
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS.

NEW YORK, February 6-The fol-
lowing is today's summary of important
corporation news, prepared by Standard
Statistics Co.. Inc, New York, for the
Associated Press
News Trend.
Although steel ingot production in
creased slightly in January, output was
smaller than any January in more than
IS years. According to the American
Iron and Steel Institute, the operating
rate was at 1854 per cent of capacity,
which compares with 1858 per cent in
December and 42.86 per cent in Janu-
ary, 1881. Total output was calculated
at l461 290 tons, against l302,399 IN
December and 2,458,689 in January,
1881.
The Industries.
zinc.-Total slab zinc stocks at end
of January, 1896 tons, VS.. 129,025 in
December and 45,076 in January. 1881
January production. 22,5l6 tons, VS..
2l.965 in December and 32,522 in jan
uary, 1881.
The Companies.
AlIs-Chalmers Manufacturing 1881
common share earnings 96 cents, VS..
S266.
American Snuff Co. 1881 common
share earnings 1881. VS. $3.76.
Continental Steel 1881 deficit $406,584,
VS.. deficit S37,908.
National Steel-Current operations at
SO per cent of capacity.
Pacific Telephone g. Telegraph 1881
common share earnings $769, VS.. $7.O5.
Remington Rand, Inc, deficit, nine
months to December 81, $2,2l5,942, VS..
net income $1,450, ,566.
Chalmers Manufacturing - Un-
filled orders December 81, 1881, totaled
S7.s89,333, VS.. Sl30O2923 December 81,
1880.
Amalgamated Laundries-Equity re-
ceiver appointed for company by Fed
eral Court, New York; company is sol-
vent, but lacks liquid funds with which
to carry on business.
National BellaS Hess January gross
cash receipts off 1875 per cent.
NeWberry u. j. Co. January sales
up SO per cent.
New York. New Haven & Hartford
r. r., subsidiary Connecticut Co, cuts
wages 10 per cent.
Phoenix Hosiery passed quarterly
dividends on first and second preferred
stocks paid SITS on each class De-
cember /, 1881.
Van Raalte Co. declared sl.75 divi-.
dend on preferred stock on account OF
accumulations.
Western Maryland Ry.-No immedi-
ate wage cut planned.
Western Massachusetts, Co.'S 1881
Sommon share earnings $2.77, VS.. S2.9l.
United Fruit-Colombia banana eX-
port tax fixed at cents a bunch.
Walgreen Co. January sales of 81
per cent.
Western Auto Supply January sales
of 1912 per cent.
Maine Central R. R.-PaSSing OF
dividend on S per cent preferred stock
believed probable; 1881 deficit after
charges sos, 1856; saving from 10 per
cent wage redIction about $4,000.
National Manufacture 81 Store deficit
year ended May 81 $55l,46l, VS. net in
come $256942, equal to 80 cents a COM
mon share.
Otis Elevator gets contract for l3 cars
for new Supreme Court Building, wash
ington, D. c.
Merritt Chapman & Scott Corpo-
ration omits preferred dividend; previ-
ously paid $l52l2 quarterly.
Skinner Organ 10 cents common diyi-
dend: paid IS cents November /, 1881.
Bchack III c. sales four weeks
ended January 80 Of SIS per cent, II
months UP 6.3 per cent.
Evening star., 1932-02-07
Trade Trends
BY the Associated Press.

BY the Associated Press.
Cocoa a.-Advices TO the New York
Cocoa Exchange indicate that most Of
the West African crop has been har-
vested and as a result shipments have
been increasing. 1t is said to be the
general opinion in the cocoa trade that
most of the African crop and a good
part OF the Brazilian crop have been
hedged on the New York exchange.
Iron Ore.-Shipments at Lake Erie
ports in January totaled 64,323 tons,
compared with 140,824 in January,
1881, For the season to February l.,
ll252.476 tons were shipped. against
23.4l4028 in the same period Of the
preceding year.
Lumber. The National Lumber
Manufacturers Association reports that
orders for the week ended January 80
reached the best relationship to cut in
the recent history Of the industry, ex-
ceeding it by IS per cent production Of
hard and soft wood mills for the week
was 96,2o5 900 feet shipments also ex-
ceeded production by about so per cent.
Meats.-For the first time since the
year end holidays the foreign meat
traQe SHOWS some signs OF improve
ment in activity, Armour d Co. say.
Trade continues slow in the domestic
field and collections are only fair, ac-
cording to the packing firm.
Zinc.-Total stocks of slab zinc at
the end of January were 12s.886 tons,
compared with 12s,S25 in December
and 145,076 in January, 1881, accord
ing to the American Zinc Institute.
Production in January was 22,5l6 tons,
against 21.s65 in December and 32,522
in January, 1881. Shipments in Janu-
airy 22,455 tons contrasted with 23,005
in December and 3l,064 in January,
1881.
Evening star., 1932-02-07
CURB ISSUES EASY
IN LIGHT TRADING
Utilities and SpeCiaIties Show
ReCeSsionS on Small Of
ferings-0iIS Dull.
BY JOHN l.. COOLEY,
Associated Press Financial Editor.

NEW YORK, February 6.-The Curb
carried its easy tone through the week
end session today, Offerings Of utility
stocks and a few specialties reflected
the absence of nearby demand and
gave the market a rather soggy ap-
pearance.
Commonwealth Edison, recently heavy,
reacted to new low on trickle Of
odd-lot selling. The stock sold in th2
neighborhood of LOG, closing at 1928,
off more than points net. Electric
Bond g. Share approXimated 10 at the
bottom and finished at 1914, or a shade
lower. Consolidated Gas of Baltimore
Middle West and American Gas were
moderately heavy utilities.
In the specialties most Of the changes
came in higher issues. Singer Manu-
featuring dropped points to lis, vir-
tually duplicating its low. Great At
lantic & Pacific and Aluminium Of
America lost a point or so. Cord Cor
poration, Deere and a few others eased
slightly. Glen Alden made new
minimum at II, off l y net.
Oils were dull. Standard Of Indiana
sold under Is on a few transactions, but
finished virtually unchanged. Stand
ard Of Kentucky had a fractional rally
at the close.
Evening star., 1932-02-07
EARNINGS REPORTED.

NEW YORK, February (P).-Per
share earnings of corporations reporting
during the past week included:
(Year ended December 81
Evening star., 1932-02-07

nuai psSmnt Ex PARTY extra Plus in
a in cash Payable
n h lce n
2rc IN X m
n 81 in stock Paid last regular
Evening star., 1932-02-07
q. s. TREASURY CERTIFICATES
Retail Sales Gain
Shown by Survey
OF Weekly Trade
BY the Associated Press.

BY the Associated Press.
NEW YORK, February 6.-There was
a slight improvement in retail sales
during the past week as compared with
the previous week, according to the
weekly survey by the Fairchild Publ
cations. Total sales for February to
date are sharply below February. 1881,
February decline to date is compare
lively less than January decrease under
1881. The decline in January sales was
one of the greatest in the current de-
preston
The improvement in sales during the
week was largely due to more season.
able weather. Special clearance sales
continue to stimulate volume, although
aggregate total is sharply under year
ago.
Retail prices continue downward.
February prices to date show little halt
In the downward movement. Some
J flrmness iytindicated In cotton wash
goods prices,
Evening star., 1932-02-07

Rooms famous in Scottish history
were reproduced at recent exhibition
in Glasgow, Scotland.
Evening star., 1932-02-07
Commodity Price
Trends of Week
BY H. n. McGILL,
McGnl Commodity Service. Inc.

AUBURNDALE, Mass, February g.
For the fourth consecutive week COM
modify prices continued their downward
trend. Industrial and live stock prices
were lower. while agricultural prices
showed slight gain.
All commodities index showed a
somewhat greater decline than during
the past three weeks. The number Of
groups showing. an. upturn, although
greater than last week, still remained
low. Out Of "A individual groups 8
declines, 3 we're higher and 2 remained
the same. Prices during the past week
were sensitive to events concerning war
far in the Far East. In the early part
Of the week some commodities were
noticeably stronger in anticipation Of
possible purchases regarded as neces-
sary for war needs. The list showing
upturns included wheat, cotton. silver
tin and a few others, but during the
latter part Of the week most Of the
gains were lost due to the belief that
settlement OF the trouble between
China and Japan will soon be effected
In contrast to this upturn in some COM
modities, others, such as rubber and
sugar, made new lows.
Industrial Prices.
Industrial prices were again lower,
mainly influenced by hides and leather
and non-ferrous metals. Building ma
terials and coarse textiles we're the only
groups under the industrial heading to
show gains. Chemicals and paper re-
manned the same, while the remaining
groups were all lower. The hides and
leather group has been affected by the
controversy between packers and tam
nerS regarding the extra trimming
charge, resulting in the transaction of
very little business and lower quota
tionS.
The decline in the non-ferrous group
was Influenced mainly by the return
Of copper prices to the low level of
December 4 Although copper pro-
ducers are in better position to effect
a curtailment in production in accord
ance with the agreement Of world in
terests, yet the demand factor of this
metal has not shown any improvement
Even return to low prices has not
stimulated any purchasing, Industrial
activity, while improving somewhat
during January, has not equaled the
usual seasonal expansion. The general
trend of commodity prices with few
exceptions has reflected this state OF
affairs. While confidence has been
gained by the effort being made to cor
rect fundamental difficulties, yet a
passive policy has been adopted gen
orally awaiting definite improvement
in conditions.
Farm Products.
Agricultural prices under the leader
ship Of wheat, the price of which i'm
proved during the past week due some
what to the possibility of war needs,
showed slight upturn. Strength in
cotton, which was evident in the early
part of the week, did not hold due in
considerable measure to the decision Of
the Federal District Court that the &C
ton by the Texas Legislature in cur
failing acreage was unconstitutional
In spite of this fact, it appears probable
that acreage will be reduced voiun-
tarily by growers simply on the basis
of the low prices which are are now
receiving.
Most important price changes in the
McGill weekly commodity price indices,
1926-l00:
Evening star., 1932-02-07
BALTIMORE STOCKS.

Special Dispatch to The Star.
BALTIMORE, February g.
Evening star., 1932-02-09
IL i. S. Missionaries
Reported in Danger
From Chinese Band

BY the Associated Press.
PEIPING, February 9 R-
Eleven American Missionaries are
in danger at Kanchow, in South
ern Kiangsi Province, where a
Chinese Communist band has sur
rounded the city, the American le-
cation here declared in repreSen-
tationS to the Chinese govern
ment at Marking and Canton to-
day.
Evening star., 1932-02-09
BY the Associated Press.

BY the Associated Press
The five Chinese cities that Japan
proposes to demilitarize and neutralize
for purposes of international trade are
the chief manufacturing and shipping
centers in the country.
Shanghai. Hankow, Canton. Tentsin
and Tsingtao have a combined popula-
ton of 5000 900 people and correspond
roughly from the standpoint of impor-
tance to the American cities of New
York, Chicago, New Orleans, Baltimore
and Galveston. Tex.
Shanghai is the largest manufactur-
ing and commercial city in China with
population approaching 2000,0 600.
Situated near the confluence OF the
Yangtze and Whangpoo Rivers. it is the
gateway of the vast Yangtze Valley and
it's customs revenues are four times
that of any other Chinese port.
City of Smokestacks.
Shanghai is a city of smokestacks.
Its industries include cotton weaving,
shipbuilding. rice hulling. leather tan
ming, engineering, meat and fruit can
ming cigarette manufacturing and
handicraft. 1t is also a railroad center
with direct connections to Nanklng,
Peiping. Mangchow and Ninpo.
Hankow. located on the middle reaches
of the YangtZe, is the chief commercial
city in Central China and has 100000
people. 1t is the converging point for
shipping down the river to the ocean
and drains the products of the Hupeh
Basin. 1t is second only to Shanghai
Evening star., 1932-02-09
FATHER BURIES BABY
IN HEAP OF TRASH
Jobless Man Pleads in Court His
Lack of Funds to Provide
Funeral.

The story Of the burial Of a colored
child in a Georgetown refuse dump was
told in Police Court today, where the
father and another colored man were
tried and convicted of improper inter-
ment of body and burying it without
a permit from the D. c. health officer.
Judge Gus A. ScfMldt sentenced the
father, Albert Martin, jr.. "a, and
George F. Sutton, 20, both of 1918 Thir-
ty-seyenth street, to serve 80 days each
in Jail when they were unable to pay
$50 fines.
Pleading that he did not have suf-
ficient funds to provide regular burial,
Martin admitted that he and Sutton
took the body of his baby boy. who died
when a week old, to a dump in the rear
of Georgetown University about the
night OF October 49, He said they
placed it under large rock and piled
trash over it.
Police heard of the story from neigh
bers last Saturday and Immediately be-
gan an attempt to diSinter the body
Although efforts are still being made
there is little hope of success, as work
men at the dump said the body is now
at least 25 feet deep in the trash
which has been dumped since the
burial
Detective H. H. Britten arrested Mar
tin and Sutton. The father admitted
the act. but pleaded no guilty in court
He told Judge Schuldt he had been out
of work for months and would be un-
able to pay the fine The mother OF
the child. Mrs. Bertie E. Martin, and
other witnesses testified that the baby
had died from natural causes. Police
believe the Martins were unable to pro-
vide suitably for the infant.