davidaulloa/AmericanStories huggingface dataset:
Evening star., 1933-03-05
Trade Trends

BY the Associated Press.
Retail trade-While hampered by
local banking difficulties merchants Of
satisfactory credit standing are expert
encing no difficulty in obtaining ade-
quate merchandise shipments from here
and other shipping centers. according
to credit men.
DyestufYs- Is holding up
fairly well as q result ,of seasonal ex-
pansion in some divisions Of the tex
tile trade dealers report.
Naval stores-Trade takings Of rosin
and turpentine are substantially be-
low the normal Of previous years, but
are described as fair in the face OF
general conditions. Prices are arm.
Canned foods-Sone items recently
weak show a flrmer undertone, accord
ing to dealers. California peaches and
other fruits have been benefited by
removal Of distress goods.
Hosiery-some manufacturers report
that full-fashioned hosiery made from
rayon is drawing more inquiries from
the trade than at any previous time.
Steel-Trade interests feel some en-
couragement over the initial steps taken
to bolster the price structure. The ad-
vance in steel prices announced this
week is believed to reflect a willingness
to cooperate among the leading pro-
ducers. Scrap steel at Pittsburgh is
reported slightly flrmer In a range of
So to 50 ton.
Linseed oil-Reports from dealers
suggest irregular market conditions,
though a fair number say that deliveries
against contracts are running in little
heavier volume.
ad-Zinc-Producers have opened
their books for April lead shipments,
but 1t is said that very little demand
for that position has materialized so
far Sales for February shipment are
estimated at 13,200 tons, a decline of
1000 from January Good supplies of
prime Western slab zinc are reported
available at the established price of
2.65 cents East st. Louis.
Gasoline-Despite continued unsettle-
ment in markets tank car prices re-
main unchanged at AZ cents a gallon
for below IS octane and a. cents for
above IS octane at refineries.
Rice-Active sales promotion by
chain stores has brought some routine
activity to markets. Retail stocks are
said to be light. Export business Is in
relatively small volume.
Evening star., 1933-03-05
FEDERAL RESERVE
CREDIT ITEM GAINS
Increase of $317,0 100000 Is Re-
ported for the Week End
ing March /.
BY the Associated Press.

BY the Associated Press.
The daily average volume of Federal
Reserve Bank credit outstanding during
the week ending March / was reported
by the Federal Reserve Banks as 81
585 900, 900. an increase of s317 900 900
compared with the preceding week and
Of 1857 000 900 compared with the cor
responding week in 1882.
On March total Reserve Bank credit
amounted to s2.936.0O0, 600. an increase
OF S585,000 900 for the week. This rise
Is largely accounted for by an increase
OF s732 ,000, ,0o0 in money circulation and
decrease of $116,0O0.000 in monetary
gold stock. offset in part by a decrease
OF $233,000,000 in the member bank re-
serve balances and an increase of $751;
100000 in Treasury currency, adjusted.
Holdings of discounted bills increased
SIT 100000 at the Federal Reserve
Bank Of New York. s7l 600 900 at Phila-
delphia, s34000,000 at Cleveland and
$685. ,O00,0 at all Federal Reserve
Banks. The systems holding of bills
bought in the open market increased
s204,000. 900, while holdings of United
States Treasury notes increased s5,-
100000 and those of Treasury certifi-
Gates and bills declined $4,000, 900.
Evening star., 1933-03-05
INVESTMENT BOND
PRICES IN DECLINE
Market Subjected to Heavy
Selling Pressure During
the Week.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, March I'm a week of
successive bank holidays" and with
drawal restrictions in State after State,
city after city. the investment market
was under continuous pressure.
Trading in bonds were heavy and.
though heavy offerings were on hand
at all times, the market did not lack for
support. At the start of the week this
support took the form of bids much be-
low the market, and 1t was not until
the conference between William H.
Woodin. Secretary of the Treasury, and
President Roosevelt that the support
became aggressive.
Hoarding has shown sharp upturn
in recent weeks, but the markets are
convinced that there Is less individual
boarding than there was last year. This
results not only from the widespread
education as to the evils Of boarding
that was carried on last year, but also
from the fact that the individual has
less to hoard The increase in money
in circulation can be directly traced to
the demand from cities all over the
country for cash with which to carry on
trade
This withdrawal Of cash from the
markets and from the New York banks
reached such point in midweek that
time money. for which there has been
nothing but nominal demand for
months. rose suddenly to 3a4 per cent
with none offered Call money also
jumped, though there were still sup
plies in the outside market
Further evidence that the banks were
feeling the pinch for cash was to be
found in heavy purchases of Treasury
IS, 31ss and 3$ss-the Treasury bonds
made legal for currency collateral last
year. It was estimated that of the
$970000,0 900 that could have been issued
against these bonds, only $4,000, 900
had been put out and that they con-
stituted the means of raising $780,
100000 additional currency.
Other United States Government
bonds naturally were heavy most of the
time, as banks sought to raise cash.
Large offerings came in from out of
town. The state of this market was
shown by the transfer of some $40, ,OOO,-
600 OF Treasury issue over the counter
at a price more than a point below
what the same bonds were selling at on
the floor Of the New York Stock Ex-
change. It was possible to sell blocks
Of 10 or 20 bonds quite readily, but
large blocks had to wait for bids.
(Copyrioht 1O32)
Evening star., 1933-03-05
CHICAGO LIVE STOCK MARKET

CHICAGO, March (P Omitted
States Department Agr.culture) Cat
tie, 200; compared week ago better
grade yearlings and light steers also
heifer and mixed yearllngs 25-40
higher: medium weight and weighty
bulocks sealing 1900 TO l 400 pounds
Steady On lower grades; strong to 20
higher On Others; no reliable outlet
for lons-fed steers scaling over 1900
ters weak to IS lower; bulls easy and
vealers 50-1.00 lower; general market
closed slow; weeks eXtrlme tCp 7.3o
on long yearlings; best weighty steers.
615; bulk all steers, 4.00a6.50; yearling
heifers, 600.
Sheep, 5000; today's market NOM
inal; for week ending Friday 96 doubles
from feeding stations. 12.30O direct:
fat lambs mostly steady; regaining
slight decline late; slaughter ewes
strong 1O-15 higher in instances: bet
ter grade lambs. 5.00a5.50: few, 560a
SOS to outsiders; 98-pound weights
selling upward to 525; weeks tcp fed
Westerns, $40; wooled yearling wethers,
400a4.60; native thrcwcut lambs, 350a
4.50; fat ewes. 2.70a2.75.
Hogs, $500. including 1900 direct;
strong to 10 higher than Friday; pack
400; top, 400; 250-29O pounds, 365a
$50: packing sow. 3.00a525; COM
pared week ago 1886 higher; shippers
took TOO; holdovers. 1000; light light.
good and choice. 140-160 pounds, 365a
800: light weight, 10000 pounds,
380a4 90; medium weight, 200-250
pounds, 370a400; heavy weight, $50
$50 pounds, 3.55a3s0: packing sows.
medium and good, 275-550 pounds,
285a3.35; pigs good and choice, 100
100 pounds, 3.25a3.65. .,..
Evening star., 1933-03-05
Brokers' Comment

NEW YORK, March 4.-Todays
brokerage house comment on the stock
market was mostly written before it was
known that Gov. Lehman had declared
two-day bank holiday for New York
State. Some of the expressions of
opinion follow:
Redmond & Co.-1f the new admin
istration Is able to adopt policy which
will revive public confidence. a sharp
rise in securities prices during the next
fortnight is likely
Clark, Childs & Keech.-The near
term course Of stocks from here will,
of course, depend upon developments
taken to restore confidence of the public
in bank deposits.
Frazier, Jelke & Co.-The atmosphere
Of apprehension seems to be in the
process of being replaced by an attitude
Of confident anticipation.
Shields e. Co.-The possibility of
something bullish from the inaugural
address and measures to cure the bank
ing mess over the week end warrants
trading purchases on sstbacks, but
quick profits should be accepted
Hornblower & Weeks-It seems rea-
sonable to expect that the news events
the past several weeks which have ad-
versely affected market sentiment are
nearing climax, in that critical sit
uation invariably forces remedial action.
Evening star., 1933-03-05
Commodity Price
Trends of Week
RY II. N. McGILL,

Editor McGill Commodity Service. Inc.
AUBURNDALE, Mass, March ALL
commodities recorded moderate down.
ward trend during the past week. Six
out Of IA groups were slightly lower,
seven remained unchanged, and only
one group successfully advanced. Al
though there were numerous price
changes downward, the magnitude OF
the concession was extremely small ana
as q result the total decline was not
radical, particularly in view Of gen.
eral conditions. The state Of industry
failed to improve, while financial con-
ditions were badly demoralized as 81
States took definite action to meet the
banking crisis. The moratorium and
holiday movement spread from the
Central States to the Pacific Coast.
More emergency laws have been passed
and drastic measures are contemplated.
Ordinarily such a condition would force
fully affect commodity prices, but be-
cause deflation Is so complete, the ac-
tual decline in the price level was only
fractional-about the degree that would
ordinarily be expected even though no
critical financial crisis existed.
Industrial Prices.
Industrial prices held steady showing
practically no change. The normal sea-
sonal decline in industrial activity Is
subject to some extension because OF
the banking situation. In no instance
has there been any sign OF panic
and 1t is generally agreed that the
financial system is sound and will with
out any difficulty bridge this crisis
without causing anv serious menace
forcing industrial activity to materially
lower levels or causing any unusual
break in commodity prices
Agricultural products showed more
weakness than any other group al
though the decline was not as sharp as
was the case after the turn of the year.
Agitation for farm relief has not les
sened, but the clamoring for artificial
ways and means has lost power. The
decline in the agricultural price index
during the past week was due to the
following items: Wheat, corn, oats,
WOOL f1axseed and butter.
Live stock prices represented another
group that declined quite sharply dur
ing the past week rejecting a reaction
In hog prices. following sharp ad-
vance, and lower quotations for cattle.
Non-ferrous metals represent the only
group to advance, due principally to
two commodities-tin and zinc. The
six commodity groups that we're lower
during the past week were industrial
and agricultural products, live stock,
fuels, hides and leather and fine tex
tiles The index figure for building
materials, chemicals, ferrous metals
table oils, paper and pulp remains un-
changed.
Important Price Changes.
Most important price changes in the
McGill weekly price indices l926-100.
Evening star., 1933-03-05

will be declared within the next few
days
Sears, Roebuck & Co. sales. -four
weeks ended February 26, of 1874 per
cent.
Thompson (John r. Co. 1882 COM
mon share earnings 96 cents vs.. 1901
Sugar.
Potrero Sugar Co. deficit, year ended
October 81, $133,549 VS.. deficit $A24, ,367
Utilities.
Northern Indiana Public Service Co.
1882 net income 81 ,849, 800 VS.. $3,726,-
421.
Public Service Corporation Of New
Jersey 1882 common share earnings
S3.46 VI. 1882.
Evening star., 1933-03-05
Receivers Appointed.

WILMINGTON. Del, March 4 (P).-
Harry c. Mahaffy, jr., of Wilmington,
and Ralph j. Ritchie of Abury Park,
N. j., yesterday were appointed receivers
for United American Utilities Co., a
holding company for public utilities in
the West
The appointment was made by Chan
cellor Josiah o. Wolcott on grounds Of
insolvency Henry Elsner of New York
City. stockholder. is plaintiff in the
action. The defendant company in its
answer admitted insolvency and agreed
to the appointment of receivers.
Evening star., 1933-03-05

Important Pr1ce Changes.
Most important price changes in the
McGill weekly price indices l926-10O.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-02
MAY SPEED Up
REVENUE BILL
Is Expected to Pass Third
Reading in the Upper
House Today

RALEIGH. Nav 2.-(UP).-
The senate today passed on third
and final reading the $83,000,00O
biennial revenue act by vote Of
rs to 10 and sent it to the house
for concurrence in senate amend
ments.
By vote of al to 3 the senate
killed the amendment of Senator
Hinsdale, of Wake, to change the
franchise tax on power companies.
Possibility of the school ma
chinery bill prolonging the gen
eral assembly even if the house
agrees to senate amendments 20
the revenue act. were seen today
when the senate education COM
mittee failed to make progress in
its public hearing of the school
measure.
The house today again passed
the resolution requesting State
Banking Commissioner Quincy 2.
Hood to render a statement OF
fees paid attorneys and auditors
for bank liquidation work during
the past two years.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-02
| ADMINISTRATION WOULD
/ SHELVE SHORT WEEK

WASHINGTON, May 2. (DP).
Chairman Connery Of the house
labor committee said today that
the statement by Senate Majority
Leader Robinson that the 30-houf
week bill had been shelved by the
administration will have no effect
on the houses program for fur
Their consideration of this meas
ure.
Announcement of plans. to
shelve The measure which has al
ready passed the senate and which
has met stiff opposition from or
ganized industry came after n
conference between the President
and Robinson and the action was
taken while every effort is being
made to dispose of pending bills,
in order that congress can 90
home the first week in June.
Connery yesterday said that
Secretary of Labor Perkins told
him that President Roosevelt was
opposed to that clause Of the
measure that would provide an
embargo on foreign goods not
produced under a 30-hour sched-
ule. He declared that he was
prepared to fight for the retention
of such clause. He indicated
also that he was ready to ask that
the hours of labor in newspaper
plants come within the scope Of
the measure.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-02
REPLACEMENT OF CROPS MAY
FIGURE IN u. S. FARM RELIEF

At the same time, the govern
ment's race with spring crops be-
came an increasingly significant
contest. Daily. as the farm bill
fingered in congress and as it now
approaches President Roosevelts
pen, farmers sow the hungry soil.
Continued SURPRISES threaten.
Officials were frankly puzzled
concerning methods to forestall
overproduction. 1t appeared yes
terday, however, that Secretary
Wallace might use the powers in
vested in him by the farm bill to
carry on a crop replacement pro-
gram. This would involve elimi-
mating part of the already plant
ed crops and Resolving the land
with grass seed or other non-conl-
petitive crops.
Officials emphasized that this
proposal did not anticipate a de-
struction program such as the
"plow under every third row.
plan formerly popular in parts OF
the South. They pointed out that
grass would prevent soil washing
and that the "disking' under OF
young wheat, for instance, would
leave land in properly fertlllzed
condition.
Secretary Wallace yesterday
proposed that the governor. the
commissioner or secretary of ag-
riculture. the director of extern
sion, the chief justice Of the SUI
preme court, and a farmer COM
pose the state advisory commits
sions be recommended.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-02
AUXILIARY OF
LEGION HEARS
UNIT LEADERS
State Officers Also Attend
Area Meeting Here; In
spect Club House

A visit to the American Lee
gion's new clubhouse, the former
Rhctt property on North Main
street, this afternoon concluded
the Fifth area meeting of the Le-
eion Auxiliary which had been in
session during the forenoon at the
Skyland hotel.
While attendance at the meet
ing, which was open TO auxiliary
units in Western North Carolina,
was not up to expectations, talks
and discussions were enthusiastic
and visitors expressed apprecia-
ton of the hospitality shown
them. Thirty-thrcc attended the
luncheon served at 1 o'clock at
the Skyland.
The forenoon session was open
ed with invocation by Mrs. Ed
Anders, local unit chaplain, fol
lowed by the pledge to the flag
and singing of the Star Spangled
Banner. Addresses of welcome
were given by Mayor A. V. Ed
wards and Mrs. A.. A. Mccall,
secretary of the Hendersonville
unit, and the response was by
MRS. Frank Hendricks. president
of the Asheyille unit. Roll call
was followed by vocal solos by A.
C. Hewitt, Jr., with Miss Mary
Brooks at the piano. Mrs. Harry
Bomburger of Oteen and Mrs. G.
B. Edwards of Cliffside gave re-
ports to districts 10 and 10, and
unit presidents then gave short
talks. Mrs. Joseph Claverie, state
service worker; Miss Louise Rine-
hart of Black Mountain, child
welfare chairman; Miss Arelia
Adams Of Statesville. state secre-
tary, and Mrs. Frank Johnson Of
Statesville. state president, then
gave talks on the work of the
Legion in the state. districts and
areas. Mrs. w. J. Reese of Hen
Jacksonville, department vice-pres-
ident, presided at the meeting.
Plans for attending the state
Legion convention at Wrightsvil'e
Beach in August were discussed
at the gathering. Units represent
ed at the meeting included Black
Mountain, Asheville, Oteen, Can
ton, Rutherfordton, Forest City,
Hendersonville, and other places.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-02
By THOMAS L. STOKES
United Press Staff Correspondent

WASHINGTON, May 2. (UP).
House Democratic leaders ignor-
ed Republican cries Of "gag rule"
yesterday and ordered passage Of
the far-reaching Thomas Cur
rency initiation amendment to
the farm bill in exactly the same
form in which it was approved By
the senate.
The vote will come either to-
night or Wednesday under the
procedure adopted by the rules
committee which provides for six
hours debate and bans all amend
ments.
Majority Leader Joseph w.
Byrns said last night he. would at
tempt to hold the house in ses-
sion for vote tonight. though a
postponement until Wednesday is
possible. Passage is assured.
The house was prevented from
taking up the farm bill yesterday
when Republicans objected to
various proposals as too restrict
i've. Byrns then merely turned
the matter over to the rules COM
mittee which arranged the rigid
schedule for its consideration, be-
genning today. ...
The house, at the same time,
will pass on the currency expan-
sion amendment and send the
comprehensive farm bill Of which
it is part to conference with
the senate for adjustment of diff
Continued on page 81
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-02
SUPT. WATERS
.ISRE-ELECTED
School Board Gives Unani-
nous Approval to
Administration

+. NJ. Waters, superintendent
principal of the Hcndcrsonvillc
school system, was reelected to
the position at q meeting Of the
school board yesterday afternoon.
Superintendent Waters was re
elected prior to the election Of
teachers for next year in order
that he may have time to form
ulate recommendations to the
board with reference to the per-
sonnet Of the faculty, finances,
possible changes in administra-
tive policies and the like. These
recommendations will be submit
ted to the board at a special
meeting to be held within the
next 10 days.
Superintendent Waters came to
Hendersonville a year ago and
his reelection constituted unani-
nous endorsement of his admin
iStration of the schools. Follow
ing the meeting, X. 2. Freeze,
chairman, said the board felt that
Superintendent Waters had been
signally successful in the face OF
severe handicaps and that while
even greater difficulties are in
prospect for next year. due large
ly to added financial limitations,
the board feels confident that he,
in cooperation with a loyal fac
ulty, will render the hest posi-
bic educational service to the
community. Superintendent Wat
erS' handling of school finances
this year was particularly note
worthy. MIR. Freeze said. School
property IS in the best condition
in wears, he added.
Plans for final exercises of the
school year were outlined at the
meeting yesterday, the baccalau-
reate sermon to be preached Sun
day night, May %, by DR.. ". A.
Lambeth, pastor of Central
Methodist church. Asheville, and
the commencement address to be
delivered Friday night, June 2,
by DR.. Edward w. Gwathmey,
president Of Converse college,
About So seniors
.will be graduated, 3 t'aN--}i --''
= .t,TE4 r fnoda.g Is7 ar. roo
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-02
Court Declares
Settlement by
Reynolds Valid
Cabarrus Bank, Seeking to
Set Arrangement Aside,
to Appeal Ruling

CONCORD, May 2.-(UP).-
Superior Judge Wilson Warlick,
in an unexpected decision last
night. ruled valid the pre-divOrce
settlement between the late u.
Smith Reynolds, tobacco heir, and
his first wife and daughter.
The Cabarrus Bank and Trust
Co., of Concord, cO-guardian of
Anne Cannon Reynolds. 2nd,
which attempted to invalidate the
agreement and collect half of the
estimated $25, 100000 estate for
the daughter and first wife, gave
notice of appeal.
Under terms of the agreement,
Zachary Smith Reynolds, End,
posthumous son, born of Smith
REYNOLDS marriage to Libby HOl-
man, Broadway blues singer,
would receive a similar amount.
Mrs. Libby Holman Reynolds
will receive 100000, according
to her attorney. Benet Polikotf,
by agreement with the Reynolds
family.
The remainder of the estate
would be distributed among char
liable institutions.
The bank. seeking to- collect
fees on payment of half of the
estate to baby Anne, contended
that no one could sign away the
rights of the child. 1t was upon
this contention that the bank ask
ed the court to set aside the
agreement, sas i-s7so- A.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-02
City Votes TO-
Retain WaterI
Board, Belief
Surprisingly Large Vote Is
Cast Today in View Of
Lack of Opposition to
Commissioner .Candi-
dates Polls Close at
Shutdown

Indications at noon today in
Hendersonville's biennial city
election were that voters favored
retention of the city water COM
mission by a large majority.
This was the only question or
contest up for decision, Mayor A.
V. Edwards and three members
of the board of city commission
ers being unopposed for re-elec-
ton. A fourth city board candi-
date, w. NJ. Sherard, former may
or, also was unopposed.
Almost 300 qualified voters had
cast their ballots at noon, with
the prospect that the number
would be more than doubled by
the time the polls close at sun.
down tonight. In view of an APP
parent lack of interest before
election day, this was regarded as
good showing, there being per-
kaps 1900 qualified voters inside
the city limits. All voting was be-
ing done at the city hall.
Each voter was given two bal.
lots, one bearing the names of
candidates on the Democratic city
ticket and the other asking the
voter whether he favored or OPP
posed abolishing the city water
commission. The question was
passed to voters by legislative
act enacted two years ago after
efforts had been made in the leg
islature to abolish the commission
and charge the city commission
with the administration of the
water system.
While there was said to be con-
siderable underground" senti-
ment in favor of the change, prin-
cipally in the interest of economy,
observers said it failed to crystal
lie and that the water commits
sion would be retained by a ma
jority of perhaps four or five to
one. Present members of the wa
ter board are J. w. Bailey, DR..
w. R. Kirk and z. c. Byers, with
J. H. Lampley as manager.