davidaulloa/AmericanStories huggingface dataset:
Evening star., 1933-02-18
HOLIDAY AFFECTS BANK
CLEARINGS FOR WEEK
~ the Associated Press

By the Associated Press.
NEW YORK, February 18.-The
change In bank clearings in a single
week has been quite severe. 1t must
be taken into consideration, however,
that the majority of these cities, in
Guiding New York City, reported clear
ings for five days only, owing to the
holiday Oincoln's birthday. This fact
partly accounts for the loss as COM
pared to last weeks figures. For nearly
every city heavy decline was recorded
from the totals for the corresponding
week in 1882. The total this week for
all leading cities in the United States,
as reported to R. G. Dun & Co., was
only $3,517,620,000, or ISL per cent
below the clearings for the same week
of last year. At New York City the
amount was $2,468 ,932,o 900, a decrease
OF 2l.8 per cent, while the total for the
cities outside of New York of $1,048,-
688, 1000 was 31.9 per cent smaller.
When compared with the clearings
of the week preceding, the losses were
mainly at the central Western points,
due to the holiday In the South,
where Lincoln's day was not observed,
the declines were not so pronounced,
although somewhat in excess of those
of recent weeks At New Orleans there
was an increase. February clearings
to date, with Detroit omitted. except
for the first week of the month have
declined substantially from the January
figures
The figures for all leading points for
which reports are showing an increase
and decreases made this week. as COM
pared with same period year ago,
follow:
Evening star., 1933-02-18
BOND PRICES MOVE
IN NARROW RANGE
j. S. Government Group
Slightly LoWer-Trading
Volume Very Light.
BY CHARLES r. SPEARE.

Special Dispatch to The Star.
NEW YORK, February 18.-Because
OF their weakness yesterday the chief
interest in today's bond market at
tached to United States Government
issues. Quotations as they appeared
on the tape were irregular, with slight
preponderance of declines, but volume
was so light that not much significance
could be given to the trading.
The fact is that large blocks CT
Treasury bonds are in the market for
sale but holders are unwilling to force
liquidation, hoping for better prices
later on.
Reasons for the softness in Govern
mentS were the same as yesterday. In
the first place there was the desire to
raise cash and in the second place
the uncertainty about currency legis-
latlon at Washington, to say nothing
about the refnancing the Treasury will
nave TO do sooner or later.
The same condition existed in the
market for high-grade rails and utili-
ties, with practically no business over
the counter and sellers were not press
ing offerings. Such business as was
transacted was at fractionally lower
figures japanese bonds declined. but
not Importantly, on the action of the
League of Nations in the Manchurian
dispute.
The market for third-grade specu-
lative issues was fairly steady during
the first hour, but it weakened before
the close. Railroad issues were not
helped by the increase in car loadings
but here, also, there was no large
volume of selling.
Evening star., 1933-02-18
RAILROAD REPORT STRESSES
NECESSITY FOR ECONOMIES
Revision of Present Debt Structure, With
Writing OFF of Losses, Suggested as
Immediate Remedy

dent interest payments, there I, .
WaSteIul delta of out-flowing streams
OF interest on unsupportable canitaI
STRUCTURES. There is need to reform
tnese topheavy structures to make them
aVanaDie Tor emergency aid before it
-, one OF the constructive recommenda-
tlcnS OF the committee is that of Quick
eIIng regional consolidation of rail-
reads. looking eventually to a single
national system with regional divisions
and the elimination of all excess and
oDSolete lines and equipment. This
would probably involve the appointment
OF a director general of railroads or
perhaps member Of the cabinet with
tne portfolio of transportation. n is
Wnat Canada Is aiming at and what is
IN erect In some measure in Great
Brltaln. If 1t is successful it will avoid
government ownership; If not, own
ersnlp OF the railroads by the Govern
ment Is inevitable. Even now MANY
ssuoentS OF railroad economics feel that
thls Will come within five years The
committee has accepted an estimate
Inat a saving of several hundred mil
mn ooHars year could be effected by
tne creation Of single efficient rail-
toau system, or an amount sufficient
10 pay interest on a large part of ont
standing railroad bonds. -
Mileage Scrapping Urged.
=, 1t is obvious, however, that a condi-
uon precedent to consolidation on such
a scale must be a correction of the
present deformed capital structure. and
With 1t, the scrapping of probably 40 OOo
70 $4,000 miles of railroad which have
no place IN the present scheme of
modern transportation. "
(Copyright 1q32N
Evening star., 1933-02-18
WORKER EFFICIENCY"
is. IL PCT. HIGHER
Economic Study Reveals Increase
in Results Since Recession in
Business Began in 1929. %
By the Associated Press.

By the Associated Press. go----4s
NEW YORK, February lathe
American worker has increased his efi-
cheney IL per cent since 1929, says q
study by Dr. Frederick c. Mills Of Co.
lumbia University. made public lat the
National Bureau of Economic Research.
The economic recession is largelx re-
sponsible, DR.. Mills found. He pointed
to what he called ''the laying OF. of
less efficient men, the retirement or less
efhcient equipment, the closing of lesr
efficient plants and the concentration
of efficient men-working short hours
on the best equipment (including, c.
course. improved equipment instalfe,
since 1929)" ,say-I
If rapid economic recovery 10c-
CURED part of this added efncieric
probably would be lost, DR.. Mills isaiG.
because machines and men less EFF
cient than those now in service would
be called upon and average producttT-
ity would decline. But with a slow re-
covery much of the present efficiency
would be maintained" D..a.1.
Even with the efficiency degcleped
during the depression, however, .tho
average actual production per work.
has declined, DR.. Mills found. -lThis1iS
because so MANY workers are on .shart
time and therefore cannot exercise to
the fullest their efficiency re4s
Evening star., 1933-02-18
CURB SHARES FIRM
IN SMALL MARKET
Leaders Hold in Fractional
Range-Tobacco Is
sues Lower.
BY JOHN A. CRONE.

Special Dispatch to The Star.
NEW YORK, February f8-The Curb
Exchange remained quiet and firm in
today's short session.
The market leaders, Electric Bond
& Share, Cities Service, Standard on
Of Indiana and Niagara Hudson Power,
moved within fractional price range
Overnight trade news generally was
Of a constructive character, but spe-
cific corporation items, like dividend
actions and earning statements, were
mixed. The betterment of retail and
wholesale trade and the firming Of
steel scrap prices, along with q freer
copper movement in Europe, were
among the bright spots.
The trifing initial loss in Tobacco
& Allied Stocks, Inc, set the tone for
the tobaccos, which were not much
aided by a retail price reduction in
cigarettes. formerly sold at 10 cents,
by a leading chain store distributor
Imperial Tobacco Of Canada reported
1882 net income of $5,471,175, against
$5,914,079 in 1881.
United Gas Corporation, despite the
~~'S 49, Aeo PACAOAlCo oJOCh ldIc TIlUdy,
declared a quarterly dividend of only
Is cents on the 81 preferred against
8712 cents paid three months ago.
Steadiness of Irving Air Chute recently
forecast declaration of the usual 10
cent quarterly payment
commonwealth Edison dipped a point
to new low for the year, as the 1882
income statement showed earnings of
1924 share against $10.57 a share in
the preceding year. The 1882 report of
Emerson's Bromo Seltzer Inc, showed
net of $1,554,115 contrasted with
$2,069,875 in 1881, development fore
cast some sessions ago.
Organized operations again lifted
Brillo Manufacturing to new peak for
the year. In sharp contrast with move
ments on the big board, metal stocks
on the curb remained quiet until the
second hour, when they pointed upward
under the leadership of coppers. Pet
Milk per cent preferred rallied slightly
after its decline of more than IL points
yesterday.
The two Swift issues hardened. Aside
from the report of National Candy Co.,
revealing a net of S102,852 in 1882,
against $154,606 in the previous year,
there was not much news emanating
from the food trade. Though Parker
Rustproof receded to a new minimum.
motor accessories generally were firm.
Evening star., 1933-02-18
BUSINESS ACTIVITY
SPURRED BY WEATHER
Bradstreet's Weekly Finds In
creases in Many Winter Lines.
Price Advances Noted.
By the Associated Press.

By the Associated Press.
NEW YORK, February 18.-Brad-
streets Weekly says:
"The past week finds general busi-
ness resisting adverse news reports with
fair success. These efforts were great
ly aided by the cold weather which
whipped across the country and which
was responsible for individual price ad-
vances.
Positive business developments are ::
The decline in business failures from a
week ago, the holding of the wholesale
food price index at S151 and the in
creased retail sales of such cold weather
Mems as warm clothing, shoes, over
shoes and fuels.
"A strongly negative development in
the weeks news is the Michigan eight
Cay bank holiday which inevitably
slowed up business despite the efforts
of the telegraph companies, postal say
ingS, the Federal Reserve and New
York and Chicago banks to help Mich
igan business out. Although Detroit
automobile production is going forward
es Planned, reaction in general bust
ness mu-t follow the tying up of
Sl,500, 100000 deposits Of 100000 people.
Trade reports from the key cities of
the country, according to Bradstreet's
Weekly. show increased business in
many Winter lines, largely as result
OF the recent zero weather"
Evening star., 1933-02-18
STRENGTH IN COTTON
FOLLOWS DECLINE
Trade Buying and Covering Put
Market Near Its Recent High
Levels.
BY the Associated Press.

BY the Associated Press.
NEW YORK, February 18.-The ad-
vances Of the previous week were fol-
lowed by rather sharp reactions in.cot-
ton here when business was resumed
after the local holiday. No doubt the
technical position had eased somewhat,
and realizing or liquidation was stimu-
lated by the unsettling influence OF the
banking news from Michigan. In
creased support appeared as prices eased
of to about the recent point OF resist
ance, however. and, after selling down
to 500 for July, the market rallied on
trade buying and covering.
The demand probably included some
commission house or investment buy
ing, and toward the end OF the week
houses with foreign connections were
reported moderate buyers, with the rally
extending to 6.34 for July contracts or
within points of the recent high level
Reports from Washington that the
Senate Agricultural Committee had re-
ported faVorably the amended domestic
allotment bill and that this as well as
the Smith cotton relief bill were pend
ing in the Senate, no doubt contributed
to the confusion of sentiment noted
early in the week Except for evening"
up of accounts, general business was
probably restricted to some extent by
uncertainty as to their future progress.
while there was more or less nervous
ness resulting from recent banking de-
velopments and the attempt on the life
of the President-elect.
Business picked up somewhat again
toward the end of the week when some
Wall Street and local or Western buy
ing may have been Influenced by bull
lish Interpretation of the passage of the
prohibition repeal amendment by the
Senate and renewed talk of possible in
flationary measures which some coupled
with the advance in exchange.
Evening star., 1933-02-18
SHOE PRODUCTION HOLDS
STEADY AS ORDERS GAIN
BY the Associated Press

Dy the Associated Press
NEW YORK, February ls.-The shoe
manufacturing companies, whose oulnut
iast year ran only l per cent less than
IN 1881, probably somewhat better than
an average year, are still busy turning
out footwear for Spring use, this weeks
trade reports show.
The reduced size of the family pocket-
pook has resulted in diverting a large
snare OF business, formerly centered in
hlgher priced shoes, to the lower priced
products of footwear manufacturers As
a result profit margins of the manu-
1acturers have been somewhat reduced
But there has been a COMPENSATION
from the standpoint of greater unit
production, which, in turn, means rela-
lively greater employment, that has
been helpful. Cheap shoes wear out
more quickly than costly ones. Conse-
quently, replacement orders come more
often
Production of shoes turned I'D quite
sharply in the closing months of 1892
bringing final figures for the year close
to the satisfactory 1881 levels. The
impetus of this gain has carried on
through to the present time, and Spring
orders are still being received in volume
Evening star., 1933-02-18
RESTRICTION IN OIL
FLOW HELD VITAL
Trade Executive Makes Plea
for Control of Crude
Production.
BY the Associated Press.

by tne Associated PreSs.
NEW YORK, February 18.-Should
the oil industry fail in cooperative ef-
forts to allow all existing fields an op-
portunity to supply an equitable por-
ton Of the market requirements, 'the
consequences would be dissipation OF all
the worlds larger reserves Of crude oil
and other assets Of the industry at tre-
mendous cost to every one concerned" !"
r. c. Holmes, president of the Texas
Co., said.
Mr.. Holmes, a member of the Ameri-
ican Petroleum Institute Executive
Committee, approved the recently
adopted principles" Of the institute
upon which it hopes to base cooper
ative effort to administer market
demand" statutes in oil producing
States.
would mean that the lowest cost pro-
fornia. East and South Texas, Northern
South America, Persia and two or three
other sections could alone for a time,
by opening up the valves, supply nearly
all the world, making 1t virtually i'm
possible for pumping fields or any
of the older fields to produce at all
"The consequences" he continued,
would be the dissipation of all the
worlds larger reserves of crude oil and
the other assets of the industry at a
tremendous cost to every one con-
cerned. Are we, through failure of the
authorities to issue legal and fair or
ders and apply same equally to all, 60
ing to permit this to result?
"Our trouble today is not that al
lowable production in the United States
is in excess of the market demands,
but that in the United States there has
been and is production in excess Of the
allowables and in excess of the amounts
reported to the Bureau of Mines and to
the American Petroleum Institute, and
that foreign production has not been
sufficiently restricted
1T is estimated that at least 95 per
cent of the producers in the United
States are doing all in the way of re-
striction that is necessary to bring pro-
duction within consumption require
ments. And it remains for the small
outstanding minority to be Influenced
or required to do its part"
Evening star., 1933-02-18
GOLD COLLATERM
FOR MONEY GAINS
Reserve Note Circulation Is
Now Backed by 81 Per
Cent Metal Security.
BY the Associated Press.


Gold has been called upon to display
more than usual activity in the mon
etary functions of the United States
since the first Of the year. 40 =
This fact is revealed by a per7lsal OF
the weekly statements of condition, of
the Federal Reserve banks, issued, by
the Federal Reserve Board. which
showed the yellow metal was being de-
pended upon more and more a. as a
collateral back Of reserve note ,circu-
lation ,tr..T,
So great has been this demand that
reserve note circulation was secgred-by
81 per cent gold, as of the eIesa, of
business on February 8, as against a
minimum requirement of 40 per cent
under the Federal Reserve act. Ion
the above date the $3,021, $4,000 Of
reserve note circulation had back of it
S2,469, $780, 900 in gold, $235, ,255,o00 in
eligible paper and S316,200,000 in Gov
ernment bonds. ..sat
Under the Federal Reserve act as
amended by the Glass-Steagan act, the
collateral other than gold must be
eligible paper or bonds of the Govern
ment. Formerly. only gold and eligible
paper were eligible as security, the
amendment being intended to release
gold which was hypothecated ,,in,athe
absence of eligible paper, thus making
it possible to keep a high gold reserve
in the face Of foreign Withdrawals
Federal Reserve banks have steadily
cut down the amount of Government
securities used as note collateral during
the last month, the reports show and
gold has been used as substitute at a
time when circulation is increasing and
gold stocks are being subjected 10 for
eign Withdrawals in small degree
Since January 4, the amount of notes
issued to the reserve banks has in
creased S59,000.00O and during this
same period the total of Government
securities used as note collateral has
been reduced $68,000,000. During the
same time gold being used as note COL
lateral has increased s124, 500 O00s9-f
Monetary gold stocks of the country
amounted to $4,535, ,000, 900 on February
8, an amount which the Treasury oon-
siders more than adequate to meet any
possible demand. sr-.s
Evening star., 1933-02-18
Baltimore Markets

Special Dispatch to The Star.
BALTIMORE, Md, february 10
White potatoe.. per 100 p-unds, 85a
100; barrel, 1.25al.50; sweet potatoes,
bushel 40a85; barrel, 100a1.50: beans,
bushel, 1.0oa1.75; beets, per half crate,
1.25; cabbage, hamper, LILO; carrots,
bushel, 30a50; caulifiower, crate, 1,D0a
1.50; ce.ery, crate, l.75a275; cucum-
bers, bushel, 3.o0a4.50: eggplants, crate,
1.50a3.50; lettuce, crata. 2.75a300;
onions, per 100 pounds, 75a1.00; lima
beans, bushel, 300a3.50; peas, bushel,
2.50a3.00; peppers, bushel. 50a1 IS;
spinach, buShel, GOAL 40 tomatoes, lug,
l.25a2.25; squash, bu hel scars; turnips,
basket, 25a40; apples, bushel, 35al. so;
cranberries, b-x, 1.50a2.75; Strawberries,
pint, l0al2 grapefruit, box, l.75a2.75;
oranges box. 1.75a350; tangerines, half
bcx, 1.00a125.
Dairy Markets.
Live poult-y-Turkeys hens, pound,
20a21; gobblers, l6; old hens. l8a19;
old toms, 13a15; capons, 15a20; young
chickens, 14a16; all kinds, poor and
thin, 10a12; broilers, 16a20; old hens,
l0al4; LeghornS 10al2; old roosters,
7a9; ducks, 12a14: geese, 10a15; guinea
fowls, each, 25a50 pigeons, pair, 15a20.
Eggs-Receipts, 946 cases; current
receipts, 13.
Butter-Good to fancy, creamery,
pound, 19a21; ladies, 14a15; store
packed, 10all; process butter, 16al7.
Evening star., 1933-02-18
New Life Insurance.

NEW YORK, February Is (P1.-New
life insurance written in January by A
companies having in force 81 per cent
of the total outstanding in all Amei-
can legal reserve companies totaled
$6l4,43l 900, against s944.848,0 900 in
January 1882, decrease Of 35 per cent.
Ordinary insurance amounted to $423,-
tri5l insurance was off 22.6 per cent to
S166,3l2000, and group insurance to-
tsled s22,54e,ooo. or 1913 per cent less
thc n year ago.
Evening star., 1933-02-18
FEDERAL RESERVE RATIO.

BY the Associated Press.
The ratio of total reserves of the IL
Federal banks to deposit and Federal
Reserve note liabilities combined showed
decline of l point during the week
ended February Is. In the table that
follows the ratio is given for comparable
periods, as announced by the Federal
Reserve Board:
Week ended February i5.. 643 per cent
Previous week. ........... 65.3 per cent
Same week last year. 800. STA per cent
Evening star., 1933-02-18
ASSETS
GAIN DURING YEAR
John Hancock Life Reports an Ad-
vance of $639, ,455, ,691 at An
nual Meeting.
Special Dispatch to The Star.

Special Dispatch TO The Star.
BOSTON, February 18.-Assets OF the
John Hancock Mutual Life Insurance
Co. Of Boston were increased to $685.
ASS, SOL during 1882, gain of $18177,-
$50 over the preceding year, according
to the report submitted by President
Walton L. Crocker at the SEVENTEEN an
nual policyholders' meeting.
The company paid out more than
S1O5, 100000, exclusive of loans on
policies, to policyholders and their
beneficiaries during the year. Its spe-
cial contingency reserve for adjustments
was increased to $13,500,000 and its
general surplus fund was raised to S44,-
O70,,619, making a total emergency
fund of $57,570, ,6l9.91.
New insurance paid for during the
year exceeded $560,0OO, 600. The pres
ent amount of insurance in force is
s3,456,578,l56 on 4,25o,o00 policy
holders
Evening star., 1933-02-18
CHICAGO STOCK MARKET

CHICAGO, February lS P).-Follow-
ing IS the complete Official list of trans
actions in stocks on the Chicago Stock
Fxchappp tOGav'
Evening star., 1933-02-18

-. -f-ff
First Mortgage Loans, -
gC!oss
Tfg5
Lowest Rates Of Interest and Commission
~
Thomas J. Fisher & Company fnc.
Evening star., 1933-02-18
S4si4i,
INVESTIGATE 7ten
BEFORE INVESTING

Tax free; non -attachable; safe; Dun
and Bradstreet rating. Established
Washington Corporation. Continuous
and steady rise in values over Is years.
Get details and refer to your bank er
advisory bureau before investing any
money. Attractive to both large and
small investors. Over 1900 clients.
Learn facts as to the merit Of this in
vestment outright or on a monthly saw,
ings plan. Statement. literature sent
without obligation. Call Col 1872 for
appointment or for our portfolio. Ad-
dress Box 4O2-C, Star Office.
Evening star., 1933-02-18

Dividend rates in dollars based nm la.
quarterly or semi-annual payment. .Er
dividend. tPartly extra tPlus A., in stock
a Payabie in cash or stock. Payable in
STOCK. Adjustment dividend. Plus So
IN IN stock. Plus SO in stock. h plus IL
IN IN STOCK. Plus go in stock. K Plus 1oG
an IN STOCK m Plus 80 in stock, n Plus az
- oeoeA. pFalo last year-no regular rate
Evening star., 1933-02-18

Yokohama, Japan, plans TO open its
new industrial section by March, 1884.
Evening star., 1933-02-18

(Copyright. 1933.)
Evening star., 1933-05-24
'STOCKSPUSHEDUP
|. TONEW HIGH MARK
Market Surges Forward on
Wave of Buying-RailS
Buoyant.
BY GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, May 24-The stock
market today definitely broke through
the resistance points of last Autuun's
recovery and established itself In new
high ground since the lows of July,
1882. From the viewpoint of the chart
reader major bull market was indi-
Gated.
Prices for both rails and industrials
went through their old top early in the
day. There was a slight reaction In
the last hour, but very slight. Realiz-
ing was absorbed with only unimpor-
tant effects on prices.
Wheat closed II to 1 Il cents higher,
Cotton reacted after early strength.
The foreign exchanges, which were
moving in favor of the dollar early in
the day, reversed themselves in the
afternoon. but the fluctuations we're
narrow
The market started in higher under
an accumulation of overnight buying
orders and for two hours presented q
picture Of rapidly advancing prices. For
the display there were no fresh develop
ments in the news, merely an excess of
confidence on the part of the specula-
tive community in the initiation pro-
gram.
What impressed traders more than
anything else was the buoyancy in the
railway share list. When a stock like
Union Pacific could Jump S points, as
1t did during the morning, and new
highs could be reached by such typical
issues as Atchison. Delaware & Hudson
and Illinois Central, it was taken as
forecasting the break through of the re-
sistance points established last Sep
tember for the carrier stocks. and SO
confirming the bull market indications
already given by the industrials.
United States Steel common and pre-
ferred, Allied Chemical, American Can,
du Pont and j. I. Case among others
were bid up to new highs early in the
day. Industrial Rayon crossed go for
the first time. National Distillers' Produ-
ucts celebrated the victory for repeal in
New York State by adding 6 points to
it's more than 7-point advance of Tues
day IngerSoll- Rand, not ordinarily an
active issue, scored APPOINT gain. :
Evening star., 1933-05-24

are the annual cash
f-yearly declarations
tPartly extra. 1Pius
rate. b PAYABLE in
In stock. Plus 81
b Paid this year.
Evening star., 1933-05-24
POTATO MARKET.

CHICAGO, May "a Up Omitted States
Department of Agricultural Potatoes
Receipts. SO cars; on track. 230; total
United States shipments, 1913; old stock.
firm, trading moderate, supplies mod
crate; Wisconsin round whites. 72ha
80: Minnesota round whites, 7212a75;
Idaho russets, 1.60a1.70, few higher;
new stock, firm, trading rather slow,
supplies moderate; Louisiana Triumphs.
1.60a1.75; decayed, 1.35a1 so; Texas,
1.60a1 10; decayed, 1.40a1 so.