davidaulloa/AmericanStories huggingface dataset:
Evening star., 1933-09-25
CREDIT EXPANSION
LAGS BEHIND GOAL
Reserve Policy Fails to Bring
Expected Results in
Bank Loans.
BY the Associated Press.

By the Associated Press.
The aggressive policy of the Federal
Reserve banks in open market opera
tions has failed so far to produce the
expanded credit expected of such Sc
curity purchases.
During the last four weeks the Fed
eral reserve banks have bought Gov
ernment bonds at the rate of $50, ,000,-
900 q week. During the week of Au-
gust %, and the following week, the
purchases amounted to $35 ,000, 900 each
period, being stepped up to $37, ,000, 900
during the two weeks following.
The Reserve Board says that such a
system of credit expansion hinges en-
tirely on the reception given it by the
member banks themselves. And in this
particular case the member banks have
seen fit to employ the additional funds
in more or less profitless directions
rather than utilizing them in the grant,
ing of new loans.
Federal Reserve bank statements,
which are issued weekly, reveal that
total Reserve bank credit has increased
during the last four weeks by $99, ,0OO,-
600. Bills discounted during the period
have fallen of SIT 7,000, 900, but money in
circulation has increased $4,000, 600,
while member bank Reserve balances
have increased $110, 100000. Thus it is
seen that at least the latter item was
put to no immediate use as Reserve
balances are now excessive in the
amount of more than $700, ,000, 900, and
bear no interest.
The attitude of the banks themselves
was indicated in a statement by the
Federal Advisory Council here this week
when it declared in effect the first duty
of q bank was to the depositors; that
they should not make loans which
either cannot be collected within q
reasonable time or are not eligible for
rediscount at Federal Reserve banks.
At that time the council also took pub
lie exception to the unfair" and wide
criticism" being given to banks on the
presumption they are refusing to make
loans.
Member banks now are virtually out
of debt to their regional members. The
combined loans amounting to only $22,-
900, 900 as compared with $48S, 900 900
when the banking crisis reached its
peak early last March.
Evening star., 1933-09-25
STOCKS SELL OFF
AS DOLLAR GAINS
Rails and Utilities Show
Smaller Losses Than
InduStriaIs.
BY GEORGE T. HUGHES.

special D1Spatch 10 The Star.
NEW YORK, September 25.-Stocks
reacted today in the normal fashion
after the first recovery from a break.
The market was weak in the morn
ing, rallied in the afternoon and closed
lower, but not Importantly so. Volume
was low all day.
On the late recovery the oils took the
lead, with Standard Oil of Kansas and
Seaboard Oil making new highs. An
other new high scored this afternoon was
that in Air Reduction. Everything con-
sidered, the market gave good account
OF itself and sentiment in the Street
was more cheerful.
The commodity markets moved more
or less with stocks. Wheat was of
cents a bushel early in the day, but
closed off Il to up 4 cent a bushel
Cotton, which also had been depressed
during the morning, regained all the
ground lost
H0mestake Sells Of.
The dollar was slightly stronger in
terms Of foreign currencies.
A weak spot in the stock market at
the end was Homestake Mining, of
some 20 points.
The market opened lower and ex-
tended the losses in light trading
throughout CNe morning. DecuneS In
the active stocks averaged points or
more. The losses in some of the more
volatile issues ran to and 5 points.
Apparently the market was thin on the
downside but it would probably have
been just as thin on the upside if
there had been any test made.
The repeal issues were especially
weak National Distillers was off al
most points at one time during the
morning and American Commercial AL
cohol down over 3 points. In the metal
list American Smelling touching 81 was
down more than 7 points, but that Is a
stock that moves over large range
normally. The other metals, while
lower, gave a better account of them
selves. Gold stocks were down on light
offerings.
Turnover Is Light.
The rails ard utilities went off with
the induStrialS, but not so sharply
New York Central was weak and so
was Baltimore &, Ohio, but the turn
over was light. The utility list was
down fractionally to a point or more
without being weak. This group is
nearly sold out.
Early losses in grains and in cotton
had an unsettllng effect on stocks. It
is significant, however, that despite the
weakness in the agricultural staples all
the commodity price indexes show ad-
vances on the week.
Copyright. 1933)
Evening star., 1933-09-25
Brokers' Comment
By the Associated Press.

By the Associated Press.
NEW YORK, September 25.-Some
brokers today favored accumulation Of
stocks for the long pull.
Shields & Co.-On the theory that it
is sure something will be done that will
mean either definite betterment or a
temporary infiationary boom. a policy
Of buying. on reactions remains war
ranted
Jackson Bros, Boesel & Cove an
ticipated a return of conditions which
will invite increased buying for the
long pull.
Hornblower g. Weeks-We would not
be surprised to witness a series of al
ternate rallies and declines before a
strong enough foundation has been
laid for a renewal of the advance on
broad scale.
J. S. Bache g. Co.-Technical con-
siderations suggest that the possibility
Of a secondary setback should not be
overlooked in shaping nearby trading
policies.
Evening star., 1933-09-25
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS.

NEW YORK. September 25.-The
following is today's summary of cor
poration news prepared by Standard
Statistics Co. Inc, New York, for the
Associated Press.
Borg Warner Corporation Third
quarter net income estimated around
$780, 900, compared with s717,153 in
second quarter.
Chicago. Milwaukee, st. Paul & Pa
cific Railroad. said company
would show fixed charges about covered
for August.
Erie Railroad August net operating
income s1,471,455 VS.. $576,929.
Reading Co. August net operating
income s1,47s,6Ss VS.. s1,06s,71s in Au-
gust, 1882
Southern Pacific Co. August net oper-
ating income 81 ,289,s74 VS.. s5o4,549.
Union Pacific Railroad common share
earnings, seven months ended July 81,
were $2.62 VS.. $1.96.
Oppenheim, Collins & Go. deficit,
year ended July 81, was $515,535 VS..
QeQclC SllU,b9S.
American Rolling Mill Co-Deposit
Of three years Az per cent notes of
company under plan to exchange this
issue for a new issue of S per cent
notes is expected to be declared shortly.
Textile AdamS-Millis Corporation
Dollar sales of company thus far in
current year substantially ahead Of
same period of 1882, although unit
volume showing some decline because
of drop in plant operations from a
three shift to two-shift basis, as re-
quired by hosiery code.
Century Ribbon Mills Inc.-Prof1t in
July and August equaled that of en-
tire first half, when $4,000 net was
realized
Consolidated Gas Co. of New York
Cost of New York City tax on gross
income of company estimated at ST.
253,431 for six months from Septem-
ber l, 1888, to February %. 1884.
Fisk Rubber Corporation common
share earnings from May 20 to June 30,
1888, were SO cents.
Pullman, Inc.-Subsidiary Pullman
Car g. Manufacturing Corporation, an
nounced streamlined automotive rail-
way coach capable of 80 miles an hour.
United Stores Corporation preferred
share earnings before Federal taxes,
six months ended June 80. were s2.45
VS.. $1.65.
Evening star., 1933-09-25
U. s. TREASURY POSITION

Dy the Associated Press.
The position Of the Treasury, September
Receipts. S7.O95. $685. expenditures,
Ss3Q3,73122; balance. S1,1S4 1853. .240 .6S.
Customs receipts for the month, 1885,
Receipts for the fiscal year to date tsince
July u were S627 100, 1875; expenditures.
Tor emergency relied; excess of expenditures,
1902, ,176.90347.
parable date last year,. S4. .699. .06795; ex-
penditures S7,376.347.10: net balance.
month S17.920 031 80, "
Receipts for fiscal year: $494.450:406.0l;;
Expenditures over receipts S3SS.701 96S. 81,
exclusive of S279.967 .S16.S8 expended for
thu Reconstruction Finance Corporation.
Evening star., 1933-09-25
INSURANCE GAIN
HELD ENCOURAGING
lis Per Cent Increase in Volume
of Church Corporation Cited
as Sign of Confidence.
By the Associated Press.

By the Associated Press.
NEW YORK, September 25-An in
crease of lis per cent in new insurance
written by the Church Life Insurance
Corp. during August as compared with
a year ago is IAN important proof Of the
return of confidence in professional
classes" Bradford B. Locke, executive
vice president of the company said.
The corporation operates as a sub
sidiary of the Church Pension Fund c
the Protestant Episcopal Church, wit
William Fellowes Morgan as presiden
and j. Pierpont Morgan as treasurer.
Only clergymen. their immediate
families and lay officers of the church
are eligible for policies. The increase
in premium income in August over u
year ago was 13 per cent, while an
Evening star., 1933-09-25
CANADA GETS LARGER
EMPIRE TRADE SHARE

Special Dispatch to The Star.
MONTREAL, September 25.-Can-
ada's continuous proportionate enlarge
ment of Empire trade under the terms
of the British commonwealth compacts
of 1882 is pointed out by the Bank of
Montreal In its monthly business sum-
mary.
In the II months ended with July,
it reports, Canada's proportion of ex-
port trade with the United Kingdom
rose from 31.4 to 41.3 per cent, and
to the British Empire from 1913 to 49.4
per cent, while to foreign countries
the decline in exports was from 60.7
to sos per cent.
Evening star., 1933-09-25
BOSTON WOOL MARKET.

BOSTON. September % A).-En-
couraging developments in the goods market
are stimulating a satisfactory volume Of
business in raw woods in the Boston market.
Fine territory combing clean is quoted at
S0aS2, French combing, 7SaS0; halfblood.
79aS1; three -eighths blood, -78a77; quarter
blood. 69a7O. Fine Ohio fleeces and half
blood blood are % quoted at 33a34: three-eishths s
grease basis. y
Evening star., 1933-09-25
MOODY'S INDEX SHOWS
STEADIER TRADE TREND
By the Associated Press.

By the Associated Press.
NEW YORK, September 25.-Statis-
tics appearing last week indicated
q stabilizing business tendency, ac-
cording to Moody's index figures
for freight car loadings, electric power
production, and steel ingot output.
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., 1933-09-25
SILVER QUOTATIONS.

NEW YORK, September 25 (R.-
Bar silver easy, Is lower at 395s.
Evening star., 1933-09-25
NEW YORK BANK STOCKS

NEW YORK, September 25 R.-
Over the counter market:
Quotations as of 2 o'clock
Evening star., 1933-09-25
Hungarian Farmers Hit.

.(Io2S weekly average-1O0D
Copyright. 1898, By Moody's.
Evening star., 1933-09-25
TODAY'S GOLD PRICE.

By the Associated Press.
Today's newly mined gold price was
announced by the Treasury as $31 80, a
drop of 56 cents an ounce, as compared
with Saturdays quotation.
Evening star., 1933-09-25

REAL ESTATE NOTES YIELDING 81
INTEREST TYLER AND RUTHERFORQ
INC First trust notes well secured on
detached modern residences for sale at
par and accrued interest.
1890 K St NV. Ma. O476.
Evening star., 1933-09-25
Mexico Ships Beans.

Mexico shipped nearly loo. 900 pounds
of vanilla beans to the United States
last season.
Evening star., 1933-09-25

Rising industrial prices in Hungary
are causing further troubles for Hun
larian farmers.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-31
BEER VS., LIQUOR

Before legalzation of beer the big argument
of the vets was that open sale of the brew would
20 far toward solving the prohibition problem that
if people were given alcoholic beverages of that
type the demand for So-called "hard liquors"
would practically disappear.
Like many other claims of the vets, that is be-
ing found to be false. r. Q. Merrick, prohibition
administrator for the Southeast who is in position
to know says he has failed to observe any sign of
legal beer reducing the demand for whisky. He
saws: eve seized more automobiles and manV
stills last month as in any recent month. 1t
seems to me the demand for whisky is just as
great as it has been and Pm afraid this will con-
tinue to be the case"
Now those who urged legalization of beer are
launched on the campaign of obtaining repeal OF
the 18th amendment, again making extravaganza
promises which will be borne out no better than
in the case of beer. Repeal the 18th amendment,
they say, and bootlegging will go; the saloon will
never, never come back crime will decrease, and
many go as far as to claim that temperance will
be advanced.
One of the reasons given by Mr.. Merrick for
no lessening in present whisky traffic is that beer
costs too much. If the foamy beverage, carrying
moderate taxes costs too much, then what may
be expected if wide open" situation in regard
to alcoholic drinks is brought about? Under plans
for taxing whisky the tax alone would amount to
more than is paid for beer now and the illicit
manufacturer of whisky could hardly be expected
to go out of business then. AS for the saloon, if
liquor returns the saloon will with it, in one
form another. Wherever people may gather
and drink is in effect saloon and the evils of
the saloon may be expected a.s
The big test of prohibition is just ahead for the
people of South Carolina and what they do may
decide what the country will do. If the 18th
amendment is repealed the battle for prohibition
will be started all over again and it will be many
years before the ground now held will be regained
Anderson Is. c. Mail. s
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-31
NEWSPAPERS OPINIONS
RELIEF PROBLEMS

agT. . g. . a b. g =
The advice from the state relief organization to
heads of the city and county governments to the
effect that, if this community is to share in fed
eral relief funds for another year. it will be neees
sary for them to include tax for the poor ana
destitute in their budgets is no surprise, and 49,
as matter of fact, in keeping with the proprietes
of the case.
No community in North Carolina can justify its
position in shunting onto the federal govern
ment acting through the state, the whole burden
of looking after the local needy, and the extreme
cases of restitution in their midst 1t is their duty
to carry as much of their own burden as possible
either governmentally through local charity.
1t is no secret that here and elsewhere through
out North Carolina, local springs have gradually
dried up and that, except for the relief money
that has been coming rather generously from Ra-
leigh. Charlotte and Mecklenburg county would
have been swamped with this problem.
Under the new arrangement, all of the relief
funds of the former national administration hav-
ing been parceled out, the federal government IS
now proposing an ALLEGATION for relief of destltu-
ton to cities and counties basis of three
dollars to one, Uncle Sam putting up the three
And on the basis upon which aid has been adj
minstered up to this time in this community, If
that arrangement is to be binding and the local
need continues with anything like the severity
which featured the past winter months, then the
local governmental agencies may as we'll make up
their minds that they must provide not small
but generous financial ration in their, budgets
for charity purposes, or shove the whole burden
back upon private philanthropy.
If this latter is attempted, the end aimed at will
not be reached for it is impossible for the citizens
out of their own pockets, to produce the one-do-
lar to match the federal governments three which
will be necessary in order to secure a federal
bounty
This is a problem which must be faced courage
ously and intelligently The wise course would
seem to be for the governmental authorities to do
what they can in the way of laying small tax
upon the people for this purpose, Raleigh ad-
vises in order to alleviate the crushing burden
which will fall upon the shoulders of the relatively
few who must bear the brunt of supplementing
federal funds should the governmental agencies
decline-C Charlotte Observer.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-31
Highway Group
May Help Keep
Up School Buses.
The Times-News Bureau
G.. NNr-lL ILL

Dir waiter I1OleI
RALEIGH, May 31.-The State
Highway Commission is already
assembling information concern
ing its garage and repair shop fac
ilities as a result of the new
school machinery law, which auth
orizes the Highway Commission to
cooperate with the state school
commission in maintaining school
trucks. The School Commission
has not asked for any of this in
formation yet, but it is being as
sembled so that it can be supplied
whenever the school commission
wants it.
At the present time there are
80 full time truck repair shops and
garages maintained by the state
highway commission, including the
big central equipment repair plant
here in Raleigh, where more than
100 men are employed all the time
rebuilding motor equipment. OF
these 80 shops, five are large diVi-
SlUll SllODo, Will viz III NSiNii vi WV
five administrative divisions, while
the other % are smaller shops in
the various maintenance districts.
More than 200 mechanics are en-
ployed all the time in these re-
pair shops, working on highway
trucks and other motor equip
ment.
If these shops undertake to do
the major part Of The repair work
on the thousands Of school busses
over the state, it will be necessary
to increase the number Of mechan-
les in all these shops. since the
present number of employees have
all they can do keeping up the
highway equipment, it was point
ed out. But all these shops and
garages are capable Of doing all
kinds Of motor and body repair
work and could easily, with some
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-31
(READ THE STORY, THEN COLOR THE PICTUREj

"W7HERE is the eagle?' Scouty
w cried. Perhaps, if We all run
and hide, the bird will come down
here. And yet, would that do any
good?
1T couldn't say q single word
cause, after all. it's just a bird
Oh, please advise us, little elf.
Well do whate'er we should.
THE main thing that we want
TO find is where the girls are. We
don't mind what trouble we are
put TO. Can't you think W. some
fine plan?'
The elf sat down and scratched
his head. The TIMES waited till he
said, 81 told you | would help you,
and I'll do the best l can.
I!NOW, all you lads run out of
= ' sight. I'll whistle, then. with
all my might. If Badly, the old
eagle, hears me, he will come this
way.
I'm sure he won't land on the
ground. if everyone is hanging
round. However, if / ana alone,
hell drop right down to play"
Don't fret. You can depend on
u.s." said Copy. I'VE won't start a
fuss. Wan hide behind some trees
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-31

until you tell us to come out.
IF good old Badly comes, all
right, grab hold of him and hans
on tight. Perhaps. then, you car
tell him just what this is all
about"
THE elf replied, you bet l can"
L Then out OF sight the Tiniea
ran. They peeked and watched the
funny elf, whose hands went to
his face.
Hes whistling, now" Said
QUINCY. Gee, he whistles loud as
loud can be. III bet there will soon
be some excitement round this
place
Just then they heard a whirring
sound and Scouty, as he looked
around, said, Look! The eagles
coming! Our wee elf friend sure
was right"
The eagle swoopcd down through
the trees and landed on the ground
with ease.
Gee, he's a big ONE Copy
whispered. What a pretty sight"
Copyright, 1888, NEA Service. lnc.)
(Baldy takes Quincy up in the
air i'm the next stSry.l
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-31

three years.
"The rise in general business has now been INT
ed to a level sufficiently high to reveal its staDli-
ity, which appears to be fortified adequately TO
withstand the usual seasonal recessons of the sum-
mer months. SEQ g.
Reports of the steadily increasing employment
continue to be received from centers devoted to
the production of steel and all allied products au-
tomobiles, textiles rubber goods shoes and leath-
er, and lumber.
"The course of the leading induces is Indicative
of the quicker tempo of industrial activity, which
has now become too accentuated to be attributed
merely to a seasonal rise.
Preparations for cartelization to align activi-
ties with the provisions of the national industrial
recovery act has spread from the textile, hosiery,
shoe and leather food products, electrical lumber
metals, petroleum, dry eolors and paperboard IN
dustries to a wide group of smaller trades
''The effects of the new legislation are expected
to become concretely evident within three months
after passage of the bill.
'With the large department stores and speciality
shops the May turnover gives assurance of sur
passing the volume of the comparable preceding
years period for the first time in two years"
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-31
COMMUNISM
IS GAINING IN
CHINESE LIFE
" Districts in Eight
Provinces Have Estab-
lished SoViets
By HERBERT r. EKINS
United Press Staff Correspondent
Copyright, 1888, by U. P.

PEIPING, May 31.-(UP)-
Communism is gaining a foothold
in several provinces in China, a
survey showed today.
SovietS have been established
in at least eight provinces, most
of them in South-Central China,
it was revealed, and there may
be others in unreported outlying
districts.
The Soviet system of govern
ment, which appeals to, the peas
ants long beaten down under the
harsh heel of militarism, in the
eight provinces has been set up
in 1877 districts and counties
where the Communists influence
is absolute.
The provinces and the number
of Communistically controlled dis
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-31
ACTUAL IMPROVEMENT IN BUSINESS
is NOTED

Business is recovering. 1t is speeding
up, in industry and in wholesale and retail
trade. The commercial agency of Dun &
Bradstreet reports last week as showing
more consistent improvement in business
than was evident in any previous week in
the past three years. That is something to
cause the country to take notice. Here is
the summary of business conditions made
public by the commercial agency:
"Trade and business have shown more consis-
tent Improvement than In any week in the last