davidaulloa/AmericanStories huggingface dataset:
Evening star., 1933-02-19
SOUND MONEY PLEA
IS MADE To VOTERS
Economic Digest Editor Urges
Protest Against Initiation
of Currency.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, February 1s-Gage P.
Wright, editor of The Business Eco
nonic Digest, urgently appeals to every
voter in the United States to write to
his or her Representative In Congress
vigorously protesting against. any at
tempt to cure the present business de-
preston by means which include any
interference with the present fiscal
system of the United States, or its
currency. Mr.. Wright. who weekly
computes a weighted average of the
opinions of more than 40 of the best
known economic and market observers,
announced that his advice was based
upon the concensus of such authorita-
tive opinions. He said:
"No more informative message was
ever delivered to the American people
than that which was expressed by Mr..
Bernard M. Baruch before the Senate
committee in Washington which is
studying economic conditions. In Ian
guage SO simple that even those among
us without elementary knowledge of
CSOllOIIhSo dllo 1AldA4NC SOuAl lCdully
understand, Mr.. Baruch stigmatized
imitation as a sure road to ruin,' and
termed existing conditions worse than
war
by reference to the record, Mr..
Baruch showed the futility of expect
ing a commodity price rise necessarily
to follow an imitation OF our currency.
He pointed to the fact that in May of
1928 the volume of currency outstand-
ing was approximately At billion dol
lars, and Dun's Commodity Index
stood 1892. In December of 1882, cur
rency outstanding had increased one
billion dollars to ST. billion dollars. But
Dun's Commodity Index had dropped
to 1889. Here was an increase in cur
rency outstanding of little more than
20 per cent, and it was accompanied
by fall in commodity prices of ap-
proximately SO per cent.
The truth is, that We are not suf-
fering from lack of currency, we are
suffering. as Mr.. Baruch pointed out,
from lack of confidence which If it
were present would encourage us to use
the currency and credit which we al
ready have at hand.
You cannot cure lame man by
providing him with another crutch, but
you may readily destroy his ability to
move about if You interfere with the
crutch which already serves him."
Evening star., 1933-02-19
BENNING LIVE STOCK
TRADING CONTINUES
Market Has Remained in Opera
tion, Despite Rumors That 1t
Would Shut Down.

Business at Union Stock Yard, Ben
ming. is continuing uninterruptedly,
Notwithstanding rumors of the probable
closing of the establishment. Cattle
raiserS in nearby States heard Of the
rumors circulated after the shutting
down Of the local plant of the Adolph
Gobel Packing Co. and, it is stated
some Of them arranged to ship or take
their cattle direct to Baltimore.
Many of them have learned that the
rumor was without foundation and con-
tinued to ship their stock here. Some
of the cattle is shipped by train. while
most of the pigs and sheep are brought
over the road in trucks.
1t was said at the plant yesterday
that there is no intention of shutting
down the plant. Representatives of the
firm are continuing to give daily mar
ket quotations. which appear in the
wholesale market news printed in The
Star handling of the stock from nearby
points making it convenient and less
expensive to raisers than if they had
to ship to more distant points.
Evening star., 1933-02-19
Car Loadings Gain
1923 During Week
Ending February IL
Sharp Advance Over Pre-.
vious Period Reported
by Railway Group.
BY the Associated Press.

BY the Associated Press.
The American Railway Association
announced yesterday that car loadings
of revenue freight for the week ending
February II were sol, ,320 cars. an in
crease Of 1928 above the preceding
week, but 60,215 below the correspond
ing week in 1882, and 219,369 under
1881.
Miscellaneous freight loaded during
the week of February II was 141, ,554
cars, decrease Of 10,752 below the
preceding week, and 43.443 below the
corresponding week in 1882; merchan-
disc less than car lot 154,052. decrease
1923 and 32,517; grain and grain
products 81 1461, decrease 1859 and
1852; forest products 12,243. decrease
2,041 and 1904; ore zoos. an increase
of TIA. but 758 below last year; coal
146,8S9, increase 40,672 and 35,973;
coke 1927. increase l,730 and 1921;
livestock 1929, decrease 298 and
3,025.
Evening star., 1933-02-19
CUBAN SUGAR MILLS
STILL REMAIN idle
Wage Difficulties Hamper Owners
in Grinding Crop-Machado
Help Is Sought.
BY the Associated Press.

BY the Associated Press
HAVANA, February 1S.-Because one
thing and another has kept many
Cuban sugar mills, due to start grind
ing February /, idle until now. Sugar
men have sought to induce President
Machado to extend the period in which
the mills may start operation.
Under the January decree allotting
the mills their share in the 2,0000 900
tons to which Cuba,s production this
season Is limited, mills must start grind
ing before February 20 or else lose their
quotas.
Quotas thus unground are to be dis
tributed among active mills, those in
the smaller classifications being most
favored in this redistribution.
Several mills in Santa Clara Province
have been visited by rowing bands of
men, variously described as revolution
aries and unemployed, who threatened
to destroy properties unless wages were
increased.
In one or two instances cane cutters
whose daily wage ranges from IL to 40
cents, were induced to stop work, para
lying operations at the mills.
Meanwhile, rumors are that Java has
approached Cuba in an effort to obtain
her participation in an international
pool which would restrict the move
ment Of sugar to markets even more
than does the Chacbolrne plans -
Evening star., 1933-02-19
CURB EXCHANGE EXPELS
MEMBER; SUSPENDS TWO

BY the Associated Press.
NEW YORK. February 18.-The New
York Curb Exchange today expelled one
of its members and suspended two
others for violations of rules against
paying of gratuities and rules dealing
with commissions.
The three members disciplined were
partners in the firm of Chatter & Edey,
a moderately active curb house, with
no out-of-town Offices. Stephen Nc
Donald was expelled. William H. Fay
and Herbert Carlton were suspended
for six months, under the curb regula-
ton making partners liable to penalties
for acts of their firm
Both the New York Stock and Curb
Exchanges have recently inaugurated a
campaign against payments of gratui-
ties to exchange employees, or employees
OF other firms. Such gratitude, 1t was
explained, have been paid for special
favors in getting business and in expe-
dltion of orders. The Stock Exchange
recently suspended six of its msmbers,
one OF its most severe disciplinary meas
ures in recent years.
Evening star., 1933-02-19
CREDIT DEFLAT|0N
CONTINUES in j. S
Loan Account of Federal Re-
serve Banks Is at New
Low Mark.
BY CHAS. p. SHAEFFER,


Credit liquidation continues, despite
efforts Of the Government to discover
an effective check.
This is set forth In weekly statements
Of condition Of reporting member banks
of the Federal Reserve System, and in
the quarterly statements Of all banks,
both issued by the Federal Reserve
Board.
These, and notices of acceptance of
subscriptions to spasmodic bill issues OF
the Treasury Department, tell that
bank credit is available at ridiculously
low rates in almost limitleSs amounts
for Federal borrowing: on the other
hand, pleas before the Reconstruction
Finance Corporation indicate that many
needy lines Of business cannot secure
bank credit on any terms. This de-
spite the Governments efforts, primar-
lily through the open market policy of
the Federal Reserve Board, to check
credit def1ation and to encourage ex-
pansion in borrowing.
The latest statement Of reporting
member banks. comprising about 450
institutions in 100 cities, shows that on
February the loan account had shrunk
to a new depression low level Of
S10,028, 100000, representing a reduc-
tion of $2,688. 100000 in the last IL
months
Covering the entire banking field, the
boards statement of all banks in the
United States. as of the quarter ended
September 80 last, showed total loans
and investments of S45, ,852, ,00O, 900, rep
resenting a decrease of IA per cent for
the year, and Of % per cent for the
two-year period. Loans of all institu-
tions on the latest date amounted to
$26,985, 900, which represented re-
spective decreases of 20 per cent and
80 per cent over the one and two-year
periods
Member banks of the Federal Reserve
System had at the beginning of the
last quarter of 1882 total loans and in
vestments of S28,042, 900, 900, a drop of
Is per cent in the year and of 80 per
cent during the two-year period The
decrease in leans of these institutions
amounted to % per cent during the
last year.
Evening star., 1933-02-19
BANK FAILURES DROP
so PER CENT IN WEEK
Journal Comments Upon Helpful
Action of State Authorities in
Meeting Unfavorable Situations.
BY the Associated Press.


NEW YORK, February 1s.-This
weeks bank failures dropped sharply
to total of % against IS last week.
due to the effectiveness of bank stabil-
ization acts in some States and emer-
gency moratorium measures in others,
the American Banker reported
suspensions were scattered as fol-
lows: Three each in California, WASH
1ngton and Missouri; two in Minnesota,
Mississippi, New Jersey and New York.
and one each in Illinois, Ohio Okla
honla. Pennsylvania, South Carolina
and Texas. Deposit liabilities affected
were approximately s10.260, 900. For
the year to date, there have been 800
closings, tying up $175,884,000 Of
deposits.
''Michigan's moratorium was effec-
tive there in obtaining time for the ra.
organization OF an extensive brancA
banking situetion." said the publica-
ton. Legislative acts have been passed
In Wisconsin, Nebraska and Iowa, CIV
ing the State the right TO freeze the
deposits of bank and thus permit
1t to continue business, instead Of fore
ing it to close its doors and Iiuuidate.
In other States, local or extensive bank
ing and business holidays, without
legislated basis, have been quickly de-
viSed and whole le-heartedly adopted. az
fording a bank in difficulty the oppor-
tunity to catch its breath and
strengthen its affairs
Evening star., 1933-02-19
NATURAL GAS DEAL
IS NEAR COMPLETION
Extension of Lines in Pennsylvania
Is Expected Soon, Says
Dow, Jones & Co.
By the Associated Press.

BY the Associated Press.
NEW YORK. February 18-Dow,
Jones g. Co. said today that negotia-
tions between Columbia Gas g. Elec-
trio Corporation and United Gas I'm
provement Co. for introduction Of
natural gas into areas in Pennsylvania
served by affiliates of the latter have
progressed to point where final agree
ment soon is likely"
With the principal objective Phila-
delphia, where the United Gas I'm
provement Co. operates the Phila-
delphia Gas Works under contract
with the city," said the agency, ''nego-
tiations for making natural gas avail
able have been under way for nearly
three years.
The present artificial product
would not be replaced but a natural
manufactured mixture would be intro
ouced"
The gas lines of the Columbia sys-
TEN are practically at the gates of
Philadelphia and draw their supply
from fields in the Virginias, Ohio and
Kentucky. The Columbia gas network
Is also connected in Indiana with a
pipe line from the. Texas Panhandle" +"
Final arrangements for the transac-
ton would require consent of the Penn
sylvania Public Service Commission.
Evening star., 1933-02-19
DOLLAR is STRONGER
IN EXCHANGE MARKET
Bankers Expect Some U. S. Gold
May Be Exported Following
Recent Price Decline.
BY the Associated Press.

BY the Associated Press.
NEW YORK, February 18.-The
dollar showed greater stability at the
opening Of the foreign exchange mar
kets today.
French francs. which on Thursday
and Friday had bounded up more than
a full point overnight, were up a small
fraction. The British pound sterling
declined a shade.
Bankers pointed out that some export
of gold to Europe might take place, but
they said it would not reach large pro-
portions. Foreign governments have
relatively small balances in New York
at the present time. French francs
have. now advanced to point where
theoretically it is profitable to ship
gold to Paris in settlement of COM
niitments, but leading dealers noted
that offerings of francs in sufficient
volume to build up large dollar bal
ances, which could in turn be con-
verted into gold, met with only limited
buying response. Consequently, they
said. It would be difficult to get much
gold for cut-shipment h that way
Evening star., 1933-02-19
INVESTMENT BOND
PRICES HOLDF|RM
DUR|NGPAST WEEK
Market Withstands Bursts of
Selling as Good Buying
Demand Appears.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, February 18-Consid-
ering the unsettlement that followed
the announcement of bank holiday
for the entire State of Michigan, the
investment market acquitted itself well
this week. Bursts of heavy selling
we're followed by recoveries and there
was fairly steady undertone.
As matter of fact. some of the
news of the week was constructive, es-
pecially the report of the National
Transportation Committee; but the
Michigan situation caused discussion
in some quarters of the possibility of
general moratorium, and selling of
securities of all kinds followed. Under
this pressure the best grade bonds
seemed to yield as readily as Junior is
sues-evidence that people were selling
those issues that had the readiest mar
ket in their hunt for cash.
Good Buying Develops.
An outstanding development during
the week was the report of the Ma
tional Transportation Commission. Car
rier securities made belated reaction
to the report. The senior and second
grade bonds of the well-managed and
suitably capitalized roads at first held
firm, but later in the week went down
with speculative junior issues that were
expected TO be involved in reorgani-
cations or receiverships.
At the same time there was good
buying of sound securities on the scale
down and there is every reason to be-
lieve that this buying will continue.
United States Government long term
bonds were heavy all week, still de-
pressed by the prospect of heavy
Spring financing which may take the
form of a long term bond issue. State
bonds have recently sprung into in
creased favor as investment media
owing to the unlikelihood of heavy
State financing during the next IL
months, their increased tax-eXemption
provisions and the high prices oi
Governments. Municipal bonds have
been less affected by the recent liqui-
dation than other groups.
Foreign Issues Lower.
German and japanese bonds were
heavily sold here and in London, but
some foreign bonds were stronger with
the reversal, to some extent, of the
flow of money into dollar securities
Those bullish on Canada pointed out
that If the situation remains serious
here the export of money to Canada
may result in the Canadian dollar re-
turning to parity with New York funds.
In that event Canada's obligations.
both internal and external, would sell
many points above their present levels.
In anticipation of this there was a
sharp rise in Canadian exchange and
securities and the Canadian bond mar
ket. long dormant, because of the
weakness of exchange, came back to
life.
(Copyright 1933)
Evening star., 1933-02-19
STOCK PRICES HIGHER
IN MONTH OF JANUARY
Special Dispatch to The Star.

opcCldA DlopdICH 70 Inc quar-
NEW YORK, February 18.-Average
price of 103 stocks, representing IL in
dustrial groups, increased .66 per cent
during January, according to the Index
of Security Prices published by the New
York Trust Co.
An increase of 5.35 points was shown
by five tobacco issues. and of 219
points by 25 railroad stocks. Five rail-
road equipment stocks increased lbs
points and five shipping issues 1.O2
points.
Average price Of 81 domestic bonds,
representing five major classifications,
increased Isl points during January
and was 500 points above the average
on December 81, 1881. Forty repre-
sentative foreign issues increased 232
points during the month and were II. SIS
points above the average at the first
Of last year.
Evening star., 1933-02-19
Indiana Bank Closed.

SOUTH BEND, Ind, February 18
R1.-The st. Joseph Loan & Trust Co.,
one OF the city's oldest banking institu-
tions, did not open today. A notice on
the doors stated a moratorium is being
considered, affecting only the st. JOS
eph Loan & Trust Co.
Officials are now working on reor-
ganization plans and are awaiting ar
rival of Luther F. Symons. State bank
ing commissioner, from Indianapolis.
Evening star., 1933-02-19
Share-the- e-Work Movement.

CHICAGO, February Is P.-C. W.
Bergquist. in charge of the share-the-
work movement in the seventh Federal
Reserve district, said nearly 100, 600
workers In Illinois. Indiana, Iowa,
Michigan and Wisconsin have been
kept on payrolls by the part-tine EN-.
ployment plan. approximately $4,000
new Jobs have been created he cefdl -
Evening star., 1933-02-19
Unfavorable Dividend Change.

NEW YORK. February 18 CP.-
There were 35 unfavorable dividend
changes during the past week, compared
with % in the previous period, Stand
ard Statistics Co. reports. Favorable
changes totaled- 8. compared with ID
Evening star., 1933-02-19
Raycn Sales Gain.

NEW YORK, February 18 (P).-De-
mand for celanese fabrics Is said to be
increasing. with taffetas commanding
special attention. Semi-f1at crepes
combining celanese and silk are in fair
demand from piece goods buyers.
Evening star., 1933-02-19
Copper Buying Picks Up.

NEW YORK. February 18 LP).-Cop-
per trade gossip attributes the recent
moderate lift in buying TO actual cen
sumptive needs rather than to specu-
latiye operations. The past weeks do
mestic takings are estimated at about
1000 tons, the largest for some time.
Evening star., 1933-02-19
Hardware Demand Improves.

NEW YORK, February 18 (P).-Man-
ufacturers of building hardware report
slight recovery from the year-end lull
chiefly IN equipment for repair jobs.
Evening star., 1933-02-19
SILVER QUOTATIONS.

NEW YORK, February 10 (F.-Hap
sfaVer Armf ~ higher at 361zs
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-08-18
Boy Scouts Enjoy
Camping Trip.

Twenty-eight members and guests or
Scout Troop No. TIA, Math Kapsch as
ScoutmaSter and Ed. Buckley as assist
ant, enjoyed a five day camping trip
at the Muhvich cabin on Big Stoney
river. The Troop returned Friday and
report a most excellent trip.
Canada Jack" Major guided the
party and took them over the old
Stoney trails and logging roads of the
numbering days in that section. Guests
of the troop on the trip were Arthur
and Buddy Marston of Fort Smelling,
and Frank Klabachek, Jr., of Virginia.
On Wednesday evening the parents
of the Scouts with a number of others
were guests at the camp and in their
honor special dinner and program was
prepared.
The members of the troop who par
ticipated in the camping trip were:
Fred, Leonard and Louis Tomsich, Joe
Mertel, Edward Majerle, Donald and
Paul Prola, Joe and Mark Popovich,
Tony and Bernard Shikonja, Anton
Steve and Albin Grahek, Bernard
Hutar, John Golobich, James Wolfe,
John Skule, John Erzar, Edward and
Richard Buckley, Frank Kalan, Joe
Kalsich, John zbasnik and Steve Paun.
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-08-18
FAIR DEAL
SMALL STORES
Recovery Officials Ask For
Square Deal for Many
Small Employers.

Reports that many small employers,
particularly owners of shops, are being
subjected to pressure because they have
not found it possible to comply over
night with the provisions of the
blanket code, despite their desire to
do so, have reached the National Re-
covery Administration. As result. the
administration has requested news
papers to aid in obtaining fair play for
this class of employers.
Explanation was made that read
juStment of working conditions so as
to comply with the unemployment pro-
gram is very difficult, in many cases,
particularly for the employer of only
two or three persons. Employers have
signed the agreement and complied, so
far as possible, with its provisions, but
they have not been able to adjust their
machinery to all of its provisions i'm
mediately. Pending complete compli-
ance with the terms of the reemploy-
ment plan, of course, these employers
do not have the Blue Eagle. Hence,
pressure has been brought against them
The hope of the administration is
that consumers will deal fairly with
the employer who is willing to adopt
the unemployment plan but who re-
quires time to make adjustments. The
fact that an employer has signed the
agreement and does not have the Blue
Eagle through no fault of his own,
should entitle him, it is felt, to the
same consideration as those who have
obtained the insignia.
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-08-18
1900, 900 People Off
Unemployed List.

1t is estimated that already the
NRA program has taken 100000
people off the unemployment lists
and put them in jobs. This means,
c0nservatively figured, that billion
dollars a year is already added to
the purchasing power of the Ameri-
can people, and the movement is
only beginning. This circumstance
alone ought to be sufficient assur-
ance to those timid people who have
been doubling the success of the
great experiment.
Ultimately, of course, all the
business of the United States will be
conducted under the codes, which
have for their chief purpose cor
rectiOn of the unemployment situ-
alton. Elements in this accomplish
ment are the elimination of child
labor, the shortening of hours Of
work, and higher wage scale. It
needs no statistician to demonstrate
that every decrease of unemploy-
ment brings us closer to the end of
economic depression, for every man
who is earning a living indirectly
contributes by what he buys to the
employment of others, and SO the
wheels of commerce will turn faster
until the great depression becomes
merely a memory. The rapidity
with which we reach this desired
goal depends on the promptness
with which industry generally comes
into the fold. Already most of the
larger industries are in. But the
smaller manufacturer or merchant
taken in the mass, is even more i'm
pOrtant than the big corporations.
Incidentally, the consumer must
play his part. Every purchase made
now is an investment, the dividends
of which will come out of future
prosperity. Moreover, the encour-
agement the consumer can give to
the businesses that comply with the
requirements of the NRA will not
only encourage him but will be a
warning to those who are holding
back that if they expect to share in
the general revival they had better
get aboard at once.
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-08-18
State TO HUNT
TAX D0DGER
Tax Commission Creates New
Job to Search for State
Tax Dodgers.

A drive against tax dodgers" was
launched by the Minnesota tax COM
mission, with the appointment of VIII
liam A. Anderson, former farmer-labor
mayor Of Minneapolis, as chief in
vestigator.
The post is new one, and the COM
mission announced it would try out
the plan for a period of three months,
Mr.. Anderson taking Office Tuesday OF
this week at a salary of $500 monthly.
The commission in creating the post,
said it was of the opinion that there
is reason to believe that a considerable
amount of property in various assess
ment districts of the state that is
escaping taxation either through in
adventure or inefhciency on the part
of assessors or through the successful
efforts OF certain property owners to
dodge their Just share of the burden"