davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-02-07
One Cause of Losses.

some of their own fears and moderate
their liquidity policy.
Another way in which relief might
be accomplished would be through par
ticipation of the public in the purchase
of the Reconstruction Corporation de-
bentureS. These are Internationally
guaranteed as to principal and interest
by the United States Treasury and are
tax exempt. If offered between a AZ
per cent and per cent yield basis they
should attract from hiding consider
able portion Of boarded money. The
public in its postal savings deposits the
past wear has given ample proof that
it is seeking the protection Of the Gov
erpment for its funds. 1t has been
willing to accept a nominal rate OF in
terest on such funds. BY just so much
as the banks are compelled to subscribe
to additional amounts of Treasury
offerings will they be restricted in their
commercial loans. 1t is time that the
public became participant in Govern
ment financing and the advantages to
it. both from the standpoint of safety
of capital and income return, were
made clear through a campaign of pub
licity similar to those in the Liberty
loan drives.
Considering the scope OF the war
activities in the Far East and the politi
cal reactions from it, it is surprising
that there has been so little disturbance
in the security markets and such indif-
ference shown by commodities. 1t is
another evidence that stocks and bonds
have been quite thoroughly liquidated
and that there is no serious thought
here that the war will be prolonged,
Nothing has developed during the week
to indicate the policy of the European
powers toward reparations. There have
been other incidents, however, such as
the tariff proposed by Great Britain
and the steady withdrawal of gold from
this country by France, that suggest
the lengths to which all nations are now
going in the matter of economic and
financial independence.
(Copyright, 1922
Evening star., 1932-02-07
Bonds or Stocks,

NEW YORK, February (SpeciaD.- -
Quite a number of Stock Exchange
houses are recommending the purchase
of low-priced bonds to clients who wish
to enter the market but are chary OF
speculative stocks. 1t is pointed out
that there are many railroad bonds, for
instance, that in 1881 earned from
quarters to one and e-quarter
times their fixed charges and on which
the current yield ranges from over 6
per cent to nearly 912 per cent. With
the aid that would be available to cor
porations through Government f1nanc-
ing and the expected reduction in
operating expenses, these same roads in
1882 should be able to meet their ma
turtles and remain solvent. Many OF
their securities are even now selling at
prices that discount receivership. For
a mixed investment, the suggestion is
made that the interest on, say, block
bonds of this type would carry loo
shares of a non -dividend-paying stock
selling in the lower-priced brackets.
Evening star., 1932-02-07
SEVEN REASONS SEEN
FOR BOND ADVANCE

Seven reasons are given by the United
Business Service for coming rise in
bond prices. These are: l. Ruling 10
permit banks to carry bonds at book
value. 2. National Credit Corporation.
3. Reconstruction Finance Corporation.
4, Railroad Credit Corporation. S. Fed
eral Reserve easy money policy. s: Aid
to Federal Land Banks. 7. Modiflca-
ton of New York State legal require
ments. g4.t
Evening star., 1932-02-07
S6,OO0,W0 OUTLAY
SET FOR ADVERTISING

Combined expenditures Of approx
mately S6,000,000 for newspaper and
national magazine advertising and sales
promotion will be made during 1882
by the General Electric refrigeration
this department of the National Elec-
trical Supply Co., distributors for Gen
eral Electric refrigerators, as final
plans were being made for the COM
pany's fourth annual Spring conven-
tion, which opens here next Saturday
at the Mayfiower Hotel and which will
be known as the IS plan convention
More than 100 dealers, utility keymen,
salesme4 and executives will atte 4.
Evening star., 1932-02-07
Large Contracts Reported

NEW YORK, February (P).-The
George A Fuller Co., construction sub
sidiary of the United States Realty g.
improvement Co., started 1882 with un-
finished contracts totaling S38,2l8743,
one of the largest backlogs in its his
tory, President L. r. Crandall said to-
Gay. At the end of 1880 the company
had untitled contracts Of s33,oe5,0S0.
Evening star., 1932-02-07
BY DR.. MAX WINKLER.
special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, February 6.-The for
eign loan investigation is over. 1t has
proved exactly nothing. The noun
tains were in labor, but only a mouse
was born. The sensational revelations
which had been anticipated nave not
been brought out.
The prominent international banking
houses, which have been identified with
the origination and distribution OF for
eign loans, have, on the whole, given
an excellent account of themselves.
They appeared in a much more favor
able light after the testimony than they
did before the hearings.
The indiscretions, which are under
stood to have been committed, and the
irregularities which may have occurred,
pertain very largely to relatively small
amount of foreign loans originated and
sold to the American public by the
smaller firms, which saw immense pos
sibilities in a field which. in the true
sense of the word, was foreign to the
American investor.
One Cause of Losses.
It is this type of international bankers
against whom Senator Johnson of Cali
fornia might have directed his inveSti-
cation. He perhaps might nave un-
earthed certain things which would
have been of value. Moreover, he might
have succeeded in ridding the interna-
tional banking field he breads so much
of many who do not belong there, and
who have resumed a role for which they
are not qualified. either by experience
or background These have not been
summoned by the we'll meaning Senator
from California.
The greater part Of the losses in
Cured by the American investing public
as result of their investments in for
eign bonds is due, to a certain extent,
to the activities of bankers of the above
category, but also to a number of un-
predictable circumstances. However, the
activities of these bankers, due to past
Evening star., 1932-02-07
RE0PENING OF BANKS
SHOWS GAIN IN WEEK
Special Dispatch to The Star.

NEW YORK, February 6.-In the
week just passed II bank failures were
reported to the American Banker as
compared with so suspensions reported
the previous week Reopenings, how
ever, were at a high point, Is becoming
effective the week just passed.
States in which closings were most
numerous last week were Indiana with
IA, five of which reopened again the
same week; Pennsylvania, with 6; Illi-
nois. Oklahoma and Washington with
5 and California. Georgia and Kansas
Evening star., 1932-02-07
Increase in Steel Pay Roll.

NEW YORK, February (P).-Re-
ports from Youngstown state that the
Mahoning Valley Steel Co. is recalling
several hundred men to its Niles, Ohio.
sheet plant, which. will resume oper-
ations after a weeks shutdown. Ac-
cumulations of orders in the last few
days will allow a production on a basis
Of rs per cent of capacity, it is under
stood
Evening star., 1932-02-07
Chain Store Sales.

NEW YORK, February 6 (P).-Jan-
uaxy sales of the first 10 chain stores
to report show a decrease of 4.S per
cent compared with year ago. Their
aggregate sales last month were $685.
732,125 against $4l,76o,37l in January,
1881 Mail order and restaurant chains
are not included in the compilation.
Evening star., 1932-02-07
SEES OIL PRODUCTIAN
UNDER GOOD CONTROL
Special Dispatch to The Star.

NEW YORK, February 6.-The prob
lem Of overproduction of petroleum has
been efficiently controlled, in the opinion
OF T. S. Hose, consultant of the Pc
troleum Exchange, who declares pro-
duction today is down in line with de-
mand and that operators have shown
their willingness to cooperate with
State departments In holding it there.
The fact Is" says Mr.. Hose, the
oil operator in this country has gone
further and sacrificed more money: to
put his house in order than the repre-
sentatives of any other industry and
has received the least cooperation.
Evening star., 1932-02-07
BANKERS TO HOLD
CONVENTION HERE
Morris Plan Leaders Expect
400 at ConcIave Set for
Next October.

Bertram Chesterman, president Of the
Morris Plan Bank of Washington, an
nounces that Washington has been Sc
lected by the Executive Committee OF
the Morris Plan Bankers Association
as the place for the next national con-
vention of that association, on Oc-
tober 6, T. 8.
Mr. Chesterman has been selected as
the chairman Of the General COMMITTEE
charged with arrangement of the de-
tails of the convention, which is being
held in Washington for the first time
400 delegates and guests being expected
Program Already Under Way.
Robert O. Bonnell, president Of tho
Baltimore Morris Plan Bank has been
appointed vice chairman of the Gen.
eral Convention Committee, and Wallace
D. Mclean, executive vice president OF
the Morris Plan Co. of New York. is
chairman of the Program Committee
which will be responsible for arrang-
iyg sessions Of the convention.
J. Rodney Ball of Lawrence, Mass.
is president of the association and
George M. Clark, with Offices in Boston
executive secretary. Both of these gen.
tlemen will take large part in ar
rangements and make addresses at one
or more sessions. There will be speeches
by persons of national prominence
aside from the Morris Plan Bank man.
ayers themselves. Many of the ses-
sions will be devoted to matters of par
ticular interest to executives Of Morris
Plan banks.
System Esta blished in 1910.
The Morris Plan system of industria
banking was founded by Arthur J
Morris in 1910 when he organized the
Morris Plan Bank of Norfolk. Va. Mr.
Morris originated the idea when stu
dent at the University of Virginia
Since that time there have been organ
lied Morris Plan banks in more thar
l08 cities, many of which banks have
branches either in the same city or in
various cities of the same State-the
Morris Plan Bank of Virginia. of which
Thomas C. Boushall is president and
Phillip Woollcott senior vice president
having branches in number of cities
in Virginia: the bank at Providence
R. l., having branches all over that
State and the New York company
having 10 branches in the City of New
York
Walter W. Head, who is president OF
the Morris Plan Corporation of New
York and president of the National
Council of the Boy Scouts of America
will also be a guest of honor at one
or more sessions of this convention.
Evening star., 1932-02-07

Exports from the United States to
England of tobacco products which are
not affected by the new 10 per cent
duties had a value in 1880 of S57,083,-
923. Gasoline, which is in the same
category, was exported to England in
1880 to the amount of see, ,950,2 ,223. Cot
ton, also exempted by the new duties,
was shipped to England in 1880 to the
amount of S93,03l,270.
Evening star., 1932-01-03
GARNER L|KENED
TO CHAMP CLARK
Speaker of House Urged as
Democratic Presidential
Candidate by Hearst.
By the Associated Press.

By the Associated Press.
LOS ANGELES, January 2.-speaker
John N. Garner Of the House was
lauded as another Champ Clark" to-
night by william Randolph Hearst in
an address In which the publisher
asked, who will be the next Presi-
dent?"
Terming Clarks defeat for the Demo-
cratic presidential nomination by Wood
row Wilson In 1912 Americas greatest
misfortune, Mr.. Hearst called on the
Nation 70 think carefully and act
firmly regarding the political situations
of this eventful year"
The publishers address, delivered by
radio, also advanced an explanation of
President Hoover's unprecedented un-
popularity in the assertion that 'he
has always been Wilsonite."
He said Champ Clark was the natural
candidate of the Democratic party In
1912, and continued:
Great influences, which were In no
sense Democratic, and which had no
place in Democratic councils, because
they had no interest in Democratic
success, stepped into the situation. The
object of these influences was to pre-
vent a genuine Democrat from being
nominated.
"The Democratic candidates-Mr
Roosevelt, Mr.. Baker, Mr. Ritchie. Mr..
Smith and Mr.. Young are all good men
in their way, but all internationalists-
all like Mr.. Hoover, disciples of Wood
row Wilson, inheriting and fatuously
following his visionary policies of in
termeddling in European conflicts and
complications.
John N Garner, Speaker of the
House of Representatives, position
universally pronounced next in impor-
tance to the presidency is loyal
American citizen, plain man Of the
plain people, sound and sincere
Democrat; in fact, another Champ
Clark"
Evening star., 1932-01-03
ALEXANDRIAN LEADS
MARINES IN BATTLE
Detachment in Latest Engagement
in Nicaragua Healed by
Lieut.. E. J. Trumble.

Lieut. Edward j. Trumble of Alex
andria, Va, was the Marine Corps OFF,
Ger in command during the third en-
gagement within a week in which 5
Nicaraguan insurgents were killed and
IS wounded by native National Guards
men.
According to reports received at the
Navy Department yesterday, Lieut.
Trumble and his command patrol Of
cadets and auxiliaries, brushed with a
group of insurgents near Coyolito, north
west of Zapatos, on December 80. A
sharp fight ensued, in which the in
surgents were routed. There were no
Guardia casualties.
The total dead in the three skirnishes
was TO- with no losses by the Guardia.
Marine officers who have returned
here from Nicaraguan duty estimate
contacts with insurgents last year as
averaging one every two and half days
with an average Of one insurgent killed
every day.
Evening star., 1932-01-03
HOOVER CANDIDACY
MOVE IS FORECAST
independent Group to Attend
to Filing of Name in
Primaries Likely.

Friends of President Hoover indicated
yesterday that pre-cenvention organi-
cation, independent of the Republican
National Committee, probably will be
established to attend to the filing OF his
name in the presidential primary States
and assume other responsibilities in the
election of delegates for his renomina-
! ton.
Mr.. Hoover's denomination without
organized opposition is regarded as as
sured. With the filing Of the name OF
Joseph ]. France, former Senator from
Maryland, for the North Dakota pri-
mary in March, it is recognized, how
ever, that this and perhaps some other
states might 60 to others by default ur-
less the Presidents name also was
entered.
The number of States which might
thus be lost for the President by default
Is regarded as not nearly enough TO en-
danger his denomination. The Presl-
dent. however, is believed to be unWill-
ing on principle to ignore States nav
ing presidential preference primaries.
Close Advisors Quoted.
Ohio, South Dakota, New Hampshire,
Oregon and Nebraska are other States
with clear-cut presidential preference
primaries. Although no one appears to
have been authorized to speak for the
President, some of his closest advisors
said yesterday that Mr.. Hoover "un-
doubtedly" would enter the primaries OF
all those States. The most important
numerically LIS Ohio with its So dele
gates.
1t Is considered necessary to have some
group look after the Presidents inter
ests In these and other States, and
party leaders who we're here last month
for the Republican National Committee
meeting seemed agreed that the best
results would be obtained by delsgattng
some group independent of the Ma
tional Committee.
Yesterdays information that certain
close friends of the President have been
considering informally the formation OF
such group or organization was re-
garded as significant of a concurrence
with this view in administration quar-
ters. though not necessarily on the part
Of the President himself. 1t would be a
rather informal group, 1t is suggested,
probably with Walter F. Brown, the
Postmaster General, as the leader.
Final Decision Due Soon.
The final decision as to the proposed
pre-convention organization must be
made in the next few weeks, it was
pointed out by a high administration
Official, for the North Dakota primary
will be held in March and the period
for filing closes in a little more than
q month.
Precedent for the formation of an
organization outside the National Com
mittee was established by former Presi-
dent Coolidge, on whose behalf State
charmen were appointed to look after
his nomination campaign, under the gen.
eral supervision of William M Butler
Although Senator Johnson, Gov.
Clifford Pinchot Of Pennsylvania and
Senator William E. Borah Of Idaho are
in the ofing as possible eontenders
against President Hoover in some of the
Evening star., 1932-01-03
SMITH WAITS RIGHT.
MOMENT TO TALK.
Ex-Governor Still Maintains
Silence on All Booms, In
Guiding His Own.
BY the Associated Press.

BY the Associated Press.
NEW YORK, January a.-The indi-
cations are Alfred e. Smith will wait
several months before announcing
whether he will seek the Democratic
presidential nomination, or whom ht
favors il he Is not an aspirant.
The 1928 standard bearer himself per-
sistently refuses to discuss for publics
ton his own political future, although
1t is known repeated efforts are being
made to have him become a candidate,
or at least TO say he is willing to accept
the honor.
From a source close to him, however
it was learned tonight that he intends
to pursue this policy of silence until
just before his partys national eonven-
ton.
In the meantime, he has established
just as ton-clad rule about discuss
ing the political boonns under way for
other Democratic leaders, as about say
ing whether he will be a candidate him
self.
Sees Party Triumph.
He is said TO have many reasons for
maintaining this silence, among them:
!. He is convinced the Democrats
will win in 1882 if party harmony pre-
Vslls, ana his concern at present is to
help maintain such harmony. He wants
the party to present its full and undi-
vided strength in the campaign and
election.
2. Possessing long experience in poll
tics, he knows that much can happen
in the political arena between now and
the June convention.
3. He wishes to take a definite stand
at the opportune time and then abide
by 1t, but feels 1t is yet too early to
tie himself up"
His supporters regard him as the
strongest man available for the norni-
that In 1928 he polled 15,016,443 votes,
the greatest number ever accorded a
Democrat.
They say Smith feels he owes q
courageous leadership to these millions,
and, if not candidate himself, he con-
siders 1t a duty to point in positive
fashion, before the convention, TO his
choice.
This sense of responsibility is given
as another reason why he wishes TO
remain -commitsl until the tlne
when an announcement from him will
have the most influence and value to
the party.
Opposed TO Straddling.
In the meantime, Smith Is deeply in
terested in the proposed party platform,
which already Is being widely discussed.
He Is said to be determined that 1t con-
tain positive declarstions-tha it not
straddle any issues and that 1t be thor
oughlv constructive.
Smith has been working In close har-
nony with John j. Raskob, head of the
National Committee, who will deliver q
report to the committee members when
they assemble in Washington next week
for their big political pow-wow.
The former New York Governor as
titular head of the party, will share the
spotlight at the Capital gathering with
Raskob. Although there has been spec
ulation about whether Smith will COM
NIT himself on his own future at that
time, it now seems definite that he will
not.
With Raskeb and others, the former
New York Governor has bsen working
for party harmony and for platform
suggestions that will meet with as nearly
unanimous approval as possible. He
has taken no public notice of the booms
for such Democratic leaders as Gov.
Roosevelt.
Evening star., 1932-01-03
MURRAY EXPLAINS
PRIMARY STAND
No Geographical Difference
in Country's Needs, He
Tells New Hampshire.
By the Associated Press.

BY the Associated Press.
CONCORD. N H, January Gov.
William H. Alfalfa Bill" Murray of
Oklahoma, q potential Democratic pres
Idential nominee, today told the Con-
cord Monitor Patriot that there Is no
geographical difference in the needs
confronting the country"
"It is the doctrine of control of bank
ing credits, mergers and monopolies
against the interests of the little busi-
ness man, the laborer, farmer and pro-
fessional man." telegraphed the color
full Southwestern executive regarding
the economic situation.
The Monitor Patriot asked Murray
why he would, as he has indicated he
might, enter the New Hampshire Dem
ocratic primaries March 8 as presi-
Dental candidate. The New Hampshire
presidential preference primary is the
first held in the Nation under statutory
requirement.
States Needs Similar.
Should I announce myself for the
nomination" Gov Murray wired the
Concord paper, II shall file in New
Hampshire for the reason that the
same economic errors now destroying
the cabins and homes of the farmer in
the Mississippi Valley are destroying
the little home owner and business and
professional man in the State of New
Hampshire. There Is no geographical
difference in the needs confronting the
country"
Gov. Murray was asked by the Mon
itor- Patriot to give his views on prohi-
bition, national defense, war debts,
tariff, agriculture and public utilities
regulations, to which he replied: Some
of the questions mentioned in your tel
egram are not issues of great impor
tance for the reason that many of them
will revolve around the control of bank
ing and banking credits. AS yet I have
not announced my candidacy, but
public addresses my position on the is
sues named before the people OF New
Hampshire.
Errors Held Universal.
please permit me to observe your re-
marks show that you are surprised that
a Western man should think of securing
, the support of an Eastern man. That
surprises me and causes me to fear that
you fail to understand that economic
errors now bankrupting the country are
universal and require universal rene
dies to ameliorate the conditions OF all
sections.
please do not overlook the fact that
the little business man in New Hamp-
shire suffers from the same causes as
the little man In Oklahoma, the farmer
of New Hampshire equally with that
of the farmer Of Oklahoma"
Evening star., 1932-01-03

reau of Construction and Repair, Navy
Department
Each has served almost 30 years.
With the exception of Admiral Rock,
all commanded Navy vessels in the
World War. Admiral Rock fitted out
captured German merchant ships for
transport duty during that period. The
Navy Department decorated each for
his outstanding performance. AS lieu
tenants, Bristol, Cole, McVay and Mac
Dougall saw active service in the
Spanish American War.
Admiral Bristol will retire May !,
Admiral Cole. September l, Admiral
McVay october /, Admiral MacDougal
July !, and Admiral Rock December l.
Evening star., 1932-01-03
WILL HONOR COACH

Clemson Alumni to Give Dinner for
Jess Nesly.
A dinner in honor Of Jess Nicely, head
foot ball coach at Clemson College, will
be held tomorrow evening at $50
o'clock in the Cosmos Club by the Glenn
son Alumni Association of Washington
Robert J. Cheatham, president of the
local association, is to preside. Among
the specially invited guests are j. c.
Littlejohn, business manager of the COL
lege; Jake woodward, assistant to the
president of the college; former Gov
Robert A. Cooper Of South Carolina, and
william M. williams.