davidaulloa/AmericanStories huggingface dataset:
Evening star., 1933-12-10
RESERVES MOUNT
FOR BUILDING AND
LOAN ASSOCIATIONS
Offset to Real Estate Losses
and Increasing Home
Sales Reported.
BY F. A. RESCH.
Associated Press stan Writer.

CHICAGO. December 9.-Latest re-
ports on the financial condition of
building and loan associations through
out the Nation were termed decidedly
reassuring" today by Philip Lieber,
president of the United States Build
ing and Loan League.
December l reports from "repre-
sentative States indicate increasing
strength behind investments in real
estate, league officials said.
Mounting reserves against real estate
losses, plus pickup IN sales Of resi-
Dental properties on associations
books, were the two most noticeable
trends in statements thus far received.
Increase in residence sales, Lieber said,
should tend toward firming of home
prices.
Seven Billions Invested.
Reserves ranging from 46 to nearly
IA per cent of total resources were
found in statements from associations
considered representative" in the in
dustry, whose 10000, 900 shareholders
have savings Invested in approximately
$1,000, ,000,0 of mortgages on homes.
The average ratio OF reserves to re-
sources in this group, as OF December
l, was about Z per cent, the figures
h4SAaSAAA6 NSAAseAA6(Afs AC0SA ySo- CAAA oAA-
divided profits accounts. In compari-
son. such reserves averaged 4.27 per
cent in all building and loan associa-
tions as Of January l, 1888.
Declines in real estate holdings Of
reporting associations, Lieber said,
were from l to per cent during No
vember. indicating that buyers are be-
ing found for homes in good condition.
Conservatism Stressed.
Financing must be available to
maintain or to recreate any significant
market for home properties" he de-
clared. in turn. we cannot hope to
have people put their money into
financing institutions for investment
unless conservative, sound management
is demonstrated. The procedure we
called Conservative few years ago
scarcely comes under that classification
today.
"The new high levels in associations
reserves have been reached in spite of
the writing of Of losses which came
as a natural concomitant of any insti-
tution's operations in the real estate
loaning field during the last few years.
by maintaining adequate reserves
today, building and loan associations
start toward recovery without asking
new shareholders to assume depression
liabilities"
Evening star., 1933-12-10
Orders Piled Up
At Exposition Of
Chemical Firms
Special Dispatch to The star.

SpeoiAi Dlspdtcn 70 Inc star.
NEW YORK, December 9.-Hundreds
Of industries utilizing chemicals bought
literally at the Fourteenth Chemical
Exposition, closing here today. accord
ing to survey Of some ESQ exhibitors.
These bookings which explain the
recent rise OF chemical securities, were
either for replenishment Of supplies
depleted by the trade upturn or in
preparation for business now being
written for Spring.
Attendance at the show approx
mated 10000 people, large gain over
1881, as were the orders booked. Visi-
tors came from virtually every country
in the world. according to Charles F.
Roth, manager of the exposition.
Three hundred chemical products
introduced commercially in the last two
years, as arranged by William Haynes,
who writes and talks chemistry for
the layman, attracted thousands.
These products reach into thousands
OF industries and professions, from ag-
riculture and shipping to dentistry and
Jewelry making. The rubber and
plastic trades, for instance, have been
supplied with 40-odd new products,
many Of them colors.
(Copyright, 1882
Evening star., 1933-12-10
VIRGINIA SCRAP IRON
CONSIGNED FOR JAPAN
BY the Associated Press.

6y the ASSoc1ated Press.
NEWPORT NEWS, Va, December
Six ships, the latest Of them the
curaca, have loaded scrap iron at this
port for armament building activities
In Japan.
Seven thousand tons Of the metal,
purchased throughout Virginia, were
placed aboard the Curaca and the ship
itself win be scrapped when It reaches
Japan. Although other shiploads CT
scrap iron have left this port for Japan,
the Curaca was the first Of the vessels
slated for the scrap yard when she
reaches her destination.
Japan Is also good customer for
nitrate manufactured at the Hopewell
plant, shipments going regularly from
Virginia to the Orient.
Shipments from Hopewell al5o have
gone out Of Hampton Roads recently.
bound for italy and other European
ports.
Evening star., 1933-12-10
INDUSTRY HOLDS
TO STEADY PACE
Volume of Production Shows
Only Minor Changes
During Week.
By the Associated Press.

BY the Associated Press.
Recent statistical data assembled by
the Commerce Department in its week
ly summary of domestic business con-
ditions showed only minor changes in
the volume of production during the
week ended December 2.
Operations in the steel industry were
slightly under 81 per cent Of capacity,
a rate which varied but little from
that prevailing in the two preceding
week, Scheduled operations at the
beginning of the week of December 8.
were advanced to about 2S per cent of
capacity.
Automobile output did not maintain
the advance recorded in the preceding
week and the total was the smallest
for any week this year. This decline
reflected the influence of the holiday
and further delays in the production of
new models.
Power Output Down.
Electric power output was reduced by
the holiday, but the relative increase
over 1882 for the two weeks ended De-
cember 2, was SO per cent, compared
with 5.6 per cent In the week of No.
vember 18. Although the lumber pro-
duction index, based on identical mill
comparisons, declined from the week
before it remained above the level of
the first half Of November.
Fishers index Of wholesale commod-
1ty prices declined, but for the entire
month Of November averaged OIL of a
point higher than In October. The
drop last week was the result of the
decline of about per cent in sgricul-
tural products, as the non-agriculturaI
index was unchanged. The composite
iron and steel price advanced to the
highest point since the first week of
October. 1880. Wheat prices declined,
the cash price of No. red Winter
wheat at Kansas City dropping to so
cents bushel. This quotation, how
ever. was higher than that prevailing
In the same week of the three preced-
ing years. The quotation on middling
cotton has held above 10 cents q pound
for the past four weeks.
Stocks Are Reversed.
Movements on the security markets
were the reverse of recent tendencies,
as bond prices advanced while stock
quotations were -irregularly lower. Out
standing loans Of the reporting MEM
Der banks increased $60, 200, 600. About
two-thirds of the increase was in call
other" loans, and this gain was nearly
sufhcient to Offset the declines In the
preceding two weeks. The loan total
last week was as per cent below the
comparable 1882 figure. Reserve bank
credit outstanding Is Of November 40
increased $4,000 900. Government Sc
curity holdings Of the banks increased
81 ,000, 900.
The decline Of IL per cent In COM
mercial failures was reflection Of the
holiday. Failures have shown q sea-
sonai increase during the past month,
although for the i've weeks ended De-
cember 2, they were 40 per cent less
than In the corresponding weeks Of
1882.
Evening star., 1933-12-10


justing financial statements to reflect
such valuations. Some firms have re-
valued their plants in order to adjust
their capital structure and to reduce
depreciation charges included in costs
of doing business. Mr.. Staub in his ad-
dress will discuss development in these
directions.
Mr.. Staub has been engaged in the
accounting profession since 1901. He
holds certificates from the State of New
York, the District Of Columbia, and
several other States. President of the
New York State Society of Certified
Public Accountants, he holds member
ship in other accounting organizations.
He has published q number of books
and articles in the field of accounting
and income tax procedure. His wide
experience has lead to invitations to
lecture at Columbia University and
New York University.
The meeting Of Washington Chapter
will begin at $50.
Evening star., 1933-12-10
GOODS NOW IN STOCK
HELD NOT EXCESSIVE

Special Dispatch to The Star.
BOSTON, December 9.-Despite the
tremendous upturn in productive &C.
tivity in the middle Of 1888, supplies
in many industries have not reached
burdensome levels, say the United Busi-
ness Service. Government figures show
that inventories Of chemicals, leather,
metals, and paper are under the level
Of q year ago. Stocks Of total manu-
factured goods are only 6 per cent
higher than last year.
The present level Of inventories Is
only per cent greater than the 1925
1925 average, and Is IS per cent under
the postwar peak registered In 1929
and duplicated In 1890. Larger inven-
tories viii probably be carried Just as
fldent Of the future.
Evening star., 1933-12-10
RECEIVERS ARE NAMED
FOR GROSSMAN SHOE co.
3y the Associated Press.

BY the Associated Press.
CHICAGO. December 9.-Federal
Judge John p. Barnes appointed Frank
l. Grossman and Fred Hummel receivers
yesterday for the Grossman Shoe Co.,
operators Of eight stores In Chicago and
one In Hammond, Ind. Grossman is
president Of the company.
Counsel for New York merchandise
creditors had asked receivership, filing
claims totaling 81, 900 and alleging that
the company appeared unable to meet
immediate obligations, although assets
total $500, 900 and liabilities $175, 900.
The petitioning creditors are Goldberg
Bros. Handbag Co., Goldberg q Seltzer
and Robbins q Weitz.
Evening star., 1933-12-10
MAYHEM TO REPRESENT
new YORK FIRM HERE

Louis A. Mayhem. who has been
active in the financial district Of WASH
mgton for the past eight years, has
resigned his position with Wasgaman q
Brawner, Inc, to become the Southern
representative Of Leach Brothers. Inc.
OF 60 Wall street, dealers In general
securities. Mr.. Mayhem Is q native Of
this city and first entered the financial
district as manager Of the local once
Of Harris, Mooney b Co. Of Baltimore.
He has located In the shoreham
Building.
Evening star., 1933-12-10
R. F. C. TO BUY STOCK
AND NOTES IN 112 BANKS

The Reconstruction Finance Corpo-
ration agreed to buy $22.900.000 III
preferred stock and capital notes In 1l2
banks Of the Northwest Bank Corpora
ton Group.
. The banks are located In Wisconsin,
Minnesota, Iowa, North and South Da-
ington.
In addition, the n. 7. G. win also
purchase 5000, 600 Of stock In the
Union investment Co.. subsidiary cf
the Northwest Bank Corporation.
Evening star., 1933-12-10
LIBERAL DIVIDEND
POLICIES WATCHED
BY STOCKHOLDERS
Larger Share of Corporate
Earnings May Become
Permanent.
BY the Associated Press.

by tle ASSOCl0Leo fIeSS.
NEW YORK, December 9.-Some
high Wall Street banking circles see in
the more liberal dividend disbursements
Of recent weeks the beginning of a new
policy of passing on to stockholders q
larger portion Of corporate earnings.
This is explained as In keeping with
the theory which has been advanced In
Washington that the storing away Of
part of the profits Of production in the
form of corporation surplus accounts
has tended to aggravate the twin prob
lens of overproduction and undercon-
sumption. The suggestion has been
made that corporate surpluses should
be subject to special Federal taxes
which would tend to drive them out
into consumptive channels.
Helps Ease Strain.
The building up of large corporate
surpluses in boom years has been de-
Tended on the grounds, however, that
it has bolstered leading corporations to
Withstand the strain of the depression
years and IN some cases maintain divi-
dends. For instance, the paying Of
dividends out Of surplus by the United
States Steel Corporation reduced its
cash and equivalent from approximately
$l95 100000 at the end of 1929 to sll2,-
100000 at the end Of 1882.
In general, nevertheless, leading cor.
porations have maintained large cash
balances during the lean years. A tab
ulation by Standard Statistics Co. shows
that total cash and equivalent for 43a
industrial corporations for which COM
parable data are available aggregated
$3,658. 100000 at the end Of 1929. and
at the end Of 1882 it had been reduced
only to s3,361 100000.
Not only the practice of building up
huge cash accounts developed during
the depression years, but many corpo-
rations used large proportion of their
earnings to expand plant and equip
ment. Proponents of the liberal divi-
dend theory assert that paying out OF
larger proportion of corporate profits
would have tended to stem the build
ing up of excess productive capacity,
and would have tended to expand con-
sumption, thus narrowing the disparity
which developed between what the pro-
ducer could produce and what the con-
sumner could buy.
Theory Is Opposed.
Those who oppose the theory, how
ever, assert tnat the problem Is not so
simple as 1t seems. They say that these
cash surpluses are not necessarily idle.
If they are in the form of bank de-
posits, 1t may be assumed that the
banks are lending the money for con-
structive purposes that spur employ
ment and consumption, or If they are
in the form of United States Govern
ment bonds, they are financing neces-
sary operations of the Government.
The turning of earnings back into plant
and equipment, they say, provides en-
ployment for the workers who make
the materials.
Evening star., 1933-12-10
ANACONDA ASKS DELAY
OF COPPER CODE HEARINGS
Wants to Determine How Far 1t Can Go
in Agreeing to Buy Metal at Times
of Low Demand.

but adjournment was taken immedi-
ateiy afterward In order that the dis
putting factors might study the report
individually.
Anaconda officials said today they
hoped to be able to sanction resump-
ton of the hearings by the middle Of
next week
meetings declared 1t was still highly
problematical whether any code In
volving minimum price clause would
ever be agreed upon, there were others
who expressed the belief that consid-
erable progress had been made and
thought 1t possible a code could be
adopted before the end of the year.
Evening star., 1933-12-10
BY the Associated Press.

BY the Associated Press.
NEW YORK, December 9.-The Ana
conda Copper Mining Co. today re-
quested postponement of further hear
ings on the copper code In order to
determine how far the company and
other independent fabricators can go
in agreeing to buy copper from others
when consumption is below production
Of mines and custom smelters.
Two meetings held this week brought
little change from the position the in
dustry has occupied for several months
in the matter of framing code. A
committee appointed at the last meet
ing held in Washington to study various
angles of the code reported its findings
Evening star., 1933-12-10
WESTERN UNION NET
CLIMBS TO $186,O83
Telegraph Company's October Total
Contrasts With $173,245
Loss Year Ago.
By the Associated Press.

By the Associated Press.
NEW YORK, December 9.-Western
Union Telegraph Co. today reported
October net income of $1s6,os3 after
taxes and charges contrasted with def
cit OF $173.245 year ago. Gross was
$6.885,672 against 6.496, $50.
For the first 10 months of 1888 net
income amounted to $4,374 ,907 against
deficit Of $848,344 In the correspondents
period Of 1882. Gross was $68 ,399 $40,
compared with $7o,219,2s6.
Evening star., 1933-12-10
BULGARIA PLANS PAYMENT.

NEW Y--sk. December . R.-
Speyer q Co., American flscal agents,
have been notified by the Bulgarian
government that IS per cent OF the
amount required to pay the interest
coupon On January of the Kingdom Of
Bulgaria I per cent bonds has been
made available in sterling and dollars.
Evening star., 1933-12-10
Theory Is Opposed.
M00DY'S INDEX BARES
MIXED TRADE TRENDS
3y the Associated Press

By the Associated Press
NEW YORK. December 9.-Statistics
appearing during the last week indi-
Gated mixed business tendency, ac-
cording to Moody's index figures for
freight-car loadings, electric power pro-
duction and steel ingot output.
These index figures are adjusted for
seasonal variation-that is, If the
change from the previous week should
coincide with the normal seasonal
change, the index figure would be un-
changed,
Evening star., 1933-12-10
PRINT CLOTH FUTURES
MARKET AGAIN TALKED
BY the Associated Press.

NEW YORK, December GA COM
mittee has been appointed from the
New York Cotton Exchange to con-
slider plans for forming futures mar
ket dealing in print cloth. No definite
conclusion as to the advisability Of es-
tablishing such market is expected
for several weeks, o member Of the COM
mittee said, because Of the vast amount
81 work entailed. A similar project was
considered several years ago. but was
abandoned as impracticahle.
Evening star., 1933-12-10
TRADING TO BE RESUMED
IN POTATO FUTURES
BY the Associated Press.

by tne AESoCluteo Ffeb3.
CHICAGO, Dec. 9.-Trading in po-
tato futures will be resumed on the Chi
cago Mercantile Exchange December
IS, beginning with transactions In
March delivery of Idaho russets.
Although the exchange started potato
future trading in 1891, and more than
5000 cars were sold that year, the po-
tato market last year was static, and
no effort was made to .push the futures.
Evening star., 1933-12-10

WIN ltS monthly
meeting at the
Mayhower H o t e l.
Walter A. Staub,
partner, Lybrand,
Ross Bros. & Mont
gomery. public &C.
countants of New
York, will deliver
the principal ad-
dress. His subject
will be: Adjust
ment Of Balance
Sheets to Present
Business Require
ments.
Changes in prop
erty values during
recent years has
centered attention
Evening star., 1933-12-10
HAMMOND DISTlLLERiES
WILL OPEN BIG PLANT
By the Associated Press.

HAMMOND, Ind, December 9.-The
Hammond Distilleries, Inc, with an
authorized capitalization Of 81 400, 900,
yesterday. announced 1t would open q
new distillery here May l, 1884, with q
projected annual production Of 6.000, 900
gallons.
The oficers are: Maxwell Nowak Of
the Nowak Milling Co., president; Bruce
Vernon Of Lever Bros. vice president.
and Arthur J. Weiss, broker, secretary
and treasurer.
Evening star., 1933-12-10
$l.5s GLIDDEN NET SEEN.

NEW YORK, December R.-
Adrian Joyce, president Of the 0lidden
Co, stated today that preliminary figures
for the current year indicate . net
profit equal to 41.56 Q share On the
ccn3mon stock.
Evening star., 1933-12-10
D. c. ACCOUNTANTS
NOTE anniversary
W. A. Staub, Accounting and
. Tax Expert, Will Address
~ g.-sf
Chapter.

The Washington Chapter. National
Association of Cost Accountants, will
celebrate its first anniversary next
Thursday, December IA, in connection
Evening star., 1933-12-10

(192S weekly average equals 100)
(Coyprirht, 1888. by Moody's)
Evening star., 1933-05-25
WILLIAM W. BRIDE and WALfER L
FOWLER, Attorneys.

IN THE SUPREME COURT OF THE DIS
trict Of Columbia. holding District Court
In re: Condemnation OF land Tor the ex-
tens ns s 4s syets h a se ssfes o
Coiumbia.-District Court No. 2160.-Notice
and order Of publication to property owners
assessed for benefts--Notice is hereby given
that the jury in the aboye-entitled cause
day Of april 1888 and sy ssd verdict ss:
or parcels Of lands, in the following
smosntS Parcel $4I9ss sl5e4iso sso o5 sausze
sSSs; 1861 i9ts e. s se?!sss sssys ssa ss:
:. si5;5$ g. Si5;SS j. s15as s,Sasl :; $i5is: b:
$aSf5i & i + sl5Ss II; s
s7SI s7sis' 81 5s sS5i Si S. s. s7s So Square 1852
lets slsssfsi sfias 1s sISssS sI53s e. sosY 81 $95$s $s
Sfb.23; IS. s2s.57. Square 1886. lots j,
$3046; 2. SOL: 3: S7.61; 4. $76l; 5.
$7,el: g. s7e1: Z S7s1 TherefH5ss sy issa it oI Is
verdict of property owners assessed ior nene.
fits (no part of whose land was condemned
in this proceeding) be filed In said cause on
or before the sth day OF June, Ig33s O. otner d
confirmed upon the application therefor by
the petitioners in said cause. Provided, how
ever that a copy of this notice and order
be published once in each the ne Washinst9hn Mas ms h
in the District OF Columbia, at least ten
days before the said Sth day OF June, 1888.
BY the court: F. D. LET'S. Justice A true
HAM Clerk BY HARRY M. HULL. Asst.
Clerk
Evening star., 1933-05-25
PERU ACCEPTS PEACE
PLAN OF LEAGUE
Agrees to Evacuation Of Leticia,
Already Approved by
Colombia.

By the Associated Press.
GENEVA, May 25.-Peru yesterday
definitely accepted the League Of Ma
tions plan to settle the dispute with
Colombia over the Leticia border ter
ritory.
The plan entails evacuation Of seized
land and placing the disputed area un-
der the jurisdiction Of a League COM
mission. Colombia accepted the pro-
gram two weeks ago.
Armando Mencia, Cuban member Of
the legal section OF the League. was
appointed secretary Of the commission,
which will proceed to Leticia. A citizen
of the United States, Brazilian rep
resentative and a delegate from some
European country will be included on
the commission.
The commissioners must be at Leticia
80 days after signature of the accord.
which is expected to take place tomor-
row.
News Of the agreement caused general
rejoicing here and League spokesmen
said it would be helpful in counteract-
ing the effect Of the Leagues difficulties
in coping with the conflict between ia
pan anu china.
Evening star., 1933-05-25
my24 4-d&ds.exSu&
THOS. ]. OWEN & SON, AUCTIONEERS,
143l EYE ST. NV
TRUSTEES SALE OF VALUABLE TWO
STORY BRICK DWELLING, CONTAIN
ING ROOMS AND 8 BATHS. WITH
BU1LT-IN GARAGE, BEING PREMISES

TRUSTEES SALE OF VALUABLE TWO
STORY BRICK DWELLING, CONTAIN
ING ROOMS AND 3 BATHS WITH
BUnT-IN GARAGE, BEING PREMISES
NO. 1419 WHITTIER ST. NV.
By virtue of a certain deed of trust. duly
recorded in Liber No. e294, folio 81 ct. SEQ :,
Of the land records of the District of Co.
cured thereby, the undersigned trustees will
premises. on THURSDAY, THE FIRST DAY
OF JUNE. AID. 1898. AT FIVE O'CLOCK
PM, the following described land and
premises, situate in the District of Columbia
and designated as and being lot so in square
1882 in. C.. B. Hamiltons subdivision
of part Of tract of land known as Girls
Portion" as per plat recorded in the ONCE
in Liber so, at folio "a. subject to the build
ing restriction line as shown on said plat.
Terms of sale: One-flfth of the purchase
money to be paid in cash, balance in four
equal installments, payable in one. two
three and four years, with interest at e
per centum per annum, payable semi
annually. from day of sale. secured by first
deed of trust upon the property sold. or all
cash. at the option of the purchaser. A
Of sale. AL conveyancing, recording. etc. .
at cost of purchaser. Terms of sale to be
complied with within thirty days from day
of sale, otherwise the trustees reserve the
right to resell the property at the risk and
cost Of defaulting purchaser after five days
advertisement of such resale in some news
paper published in Washington, D. c.
HARRY l.. RUST,
GEO CALVERT BOWIE.
JAMES. J. BECKER,
sn~on AEde exe,khc1