davidaulloa/AmericanStories huggingface dataset:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
HOPE FOR NEW
STEEL GAINS

Rejecting underlying strength
in the demand for iron and steel
the operating rate for the nations
steel mills advanced one-half point
to % per cent of capacity last
week, according to Steers weekly
review.
It is now hoped that the indus
try may reverse its usual trend
and make gains during December
the review says, adding:
"Gains in steel operations last
week which lifted the national
average half a point to % per
cent-in contrast with II per
cent a year ago-were achieved
without heavy purchasing by
the railroads and automobile in
duStry.
They can be traced to the
general desire of consumers to
take in the bulk of material due
them on fourth quarter con-
tracts"
Steel's iron and steel composite
for the week remains $31.59; the
finished steel composite, 1920;
while that for scrap is down Is
cents to 1888.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
Economist Discusses
Recovery Problems

Wages are the reward for labor.
They must be earned by produc-
tive labor-labor which results il
valuable products. Otherwise,
wage payments are doles.
1t follows that before wages can
be paid out of earnings, labOrers
must be employed, and must be
working at the production of
things which can be sold. The
greater the value of the products,
the higher the wages can be.
So production logically comes
first. This is why we have found
is so difficult to do things by put
ting wages first.
Income Depends On Trade
4. Finally, which comes first,
prices or income?
Prices are the measure of values,
in terms of money. If we try to
put prices up by putting the value
of money down, we find that the
more prices rise, the more money
we need.
The higher prices are, the more
money we must have. in order to
buy things. The more dollars we
have the less they are worth.
This means that we do not in.
crease the real income Of the
nation by cheapening our money
In order to increase income, we
must increase production and the
volume of business. It may be
that more things can be sold and
more people be employed when
prices are low.
Clearly we should consider real
income, or the quantity of neces
sarieS and comforts which we can
enjoy, as coming before prices.
Like Old COnundrum
All this is like the old conun
drum-which comes first, the
hen or the egg? The answer is
not so difficult. AT ANY GIVEN
TIME we must have hens to have
eggs. We are not concerned at
present with the origin Of life
or the remote future. The hens
of today must lay the eggs OF
tomorrow.
Just so, you and I want com
moditieS, business, production and
income. If we have these things
the money, credit, wages and
prices will result.
1t is this sort of Fundamental,
reasoning which shows how futile
.NRA is as a means of relieving
our immediate wants and of pull
ing us out Of the depression.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
FIRM CARRIERS
BEST IN DULL
BOND LIST

NEW YORK, Nov. 81 GN.S0.
Firmness in rail obligations was
the outstanding feature in dull
and sluggish bond market today.
Southern Pacific AIS of '68 led
the carriers with a gain of over a
point, and advances up to a point
were recorded in the Allegheny SIS
OF 40, Baltimore and Ohio 4las,
st. Paul adjustment SIS, Illinois
Central 4As, Erie SIS Of rs, New
York Central SIS and Missouri Pa
cific SIS A.
United States Governments
marked time at levels little
changed from previous closings.
Investment issues were irregu-
lar. with minor gains in American
Telephone IS of '65 and Union
Pacific first As offset by unimpor-
tant losses in Atchison general As
and American Telephone 514s.
Finland 61as showed strength in
q quiet foreign list, and German
51as edged up as United Kingdom
6las dipped.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
NEW YORK CURB LIST
International Paper
Sales and Net Soar

International Paper and Power
Company reports that consoli-
dated gross sales in the third
quarter of this year were $780,
985 compared with $50, 249,6l0 in
the third quarter of last year;
net revenue including other in.
come, before charges, was Sill
844,5 against $8,249. sos; and a
net profit of $431, 259 after all
charges including depreciation,
compared with a net loss Of 3d..
DOL ,567 in the third quarter Of
1882.
In the first nine months Of
this year consolidated gross sales
we're $99,014558 against $685.
379 in the corresponding period
of last year; net revenue includ.
ing other income, before charges,
was $31.112,439 compared with
500, 1886; and a net loss Of 3d.
343,231 after all charges includ-
ing depreciation, against a net
loss Of $5,257,371 in the first nine
months a year ago.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
METAL SHARES
SOLD HEAVILY
ON CURB

NEW YORK, Nov. 81 GN.S).
Curb stocks fluctuated irregularly
in nervous trading today, with
heavy selling of metal shares in
fluencing an irregular downward
revision in prices along the line.
Pressure on the mining group
was occasioned by indications that
the Administration was again
turning to a more conservative
position on the money question.
Newmont Mining sagged 2 points
to 81.
Utilities Give Way
Utilities gave way to profit.tak-
ing after a temporary period Of
advance in the first hour.
Oils were moderately depressed,
with Humble off a point at 931a,
but Standard of Indiana was we'll
supported around its previous
close.
Alcohols were generally lower.
Canadian Industrial Alcohol A,
however, ruled 20 higher at 14la.
A select handful of speciality
issues showed moderate strength,
led by Montgomery Ward A,
which advanced "a points to p,
Great Atlantic and Paeific Stores
up 2 at 1872.
Swift Resumes Dividends
Swift was up "a at 147s, aided
by the resumption of dividend
payments.
Atlas was fractionally depressed
in the investment trust list.
The Cities Service issues We
in supply, although the comm
again met support at its low OF
Curb bonds were quiet and
regular.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
Virginid-Cdr
Election DeferrG !

RICHMOND, Nov. 81. - lec-
ton of a board of directors for
Virginia Carolina Chemical Corp.
will be deferred, pending action
on the appeal expected to be
taken from the recent decision of
Judge Moncure, upsetting the
choice of prior preference stock
holders, it was decided at meet
ing of the old board.
George A. Holderness, president
of the corporation, recommended
that no special meeting of stock
holders be called and that board
leave election OF officers also in
allegiance.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
Demand for Spots
At LiUerDOOL Fair

LIVERPOOL, Nov. ~ G.N.SD.
There was a fair demand for spot
cotton at the opening today with
prices easier. Receipts totaled
1000 bales. none American.
At midday middling fair was
quoted at $500; strict good mid
ding 5.76d; good middling 5.46d:
strict midling 5.26d; middling
slid; strict low middling 4.96d;
low middling Aid; strict good
ordinary 4.51d; and good ordinary
4.21d.
Futures opened steady with Jan
uary at 4.94d; March 4.95d; May
4.98d; and July 4.99d.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
International Pegs
Net Cost for Paper

NEW YORK, Nov. 27.-Interna-
tional Paper Company today an
nounced that it has sent notices
to its newsprint contract GUS
toners under which there will be
no change in the net cost of their
paper up to April /, 1884.
It is further stated that any
change in the net cost of paper
after that date will be made only
after careful consideration of con-
ditions prevailing in the paper
and publishing industries. The
present net cost is stated as $40
a ton for New York and Chicago.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
CHICAGO GRAINS
GIVE UNDER
PRESSURE

CHICAGO, Nov. 81 dN.S).-
Grains continued under pressure
today with wheat down to a new
low on the movement.
May wheat fell about &c to
843sc, but recovered half the loss
and corn and oats dropped a cent
before rebounding.
Near mid-session wheat was q
to Zee lower, corn unchanged to
1sc lower, oats 70 to Ac lower and
rye "a to 1c lower.
Easiness in securities and un-
settlement over monetary develop.
ments were reported as selling fac.
tors in grains.
Opening prices follow
Wheat-December, 81A@8112;
May, S5A@86; July, s5@851s.
Corn-December, 43H@43%
May, 501a; July, 52h@52S.
Oats-Dec ember. 31A@311a;
May, 35s@35h; July, 3424@35.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
WESTERN DAIRY PRICES

CHICAGO. Nov. 81 UN.s).-Butter:
1929 tubs; steady; old cars, Z; new.
e. Creamery extras, 22hc standards.
axe; extra firsts, 2O% a 21c; firsts,
17h @2Oc; seconds. 1871 Ollie; seconds.
221a 623Ac.
Eggs-639 cases; steady: old cars. 1;
new, /. Ordinary current receipts,
17@19c; fresh graded extra firsts, 24c;
fresh graded firsts, 22c; dirties, II q
13C: checks. 1O611c.
Cheese-Twins, 11%0 12c; daisies,
12M @12hc longhorns, 12h 612%c.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
FarmerBuying
POwer Rises

The prices and purchasing
power Of farm products in
creased in the second week Of
November, the Bureau Of
Agricultural Economics states
in its weekly report.
The preliminary estimate
Of farm prices on November
Is averaged IL per cent Of
pre-war, compared with 10
per cent for the previous
week, 40 per cent in February
and "a per cent q year ago, 1t
is stated in the report.
Reports of prices farmers
paid as Of November Is aver
aged III per cent Of pre-war
prices as compared with 1O1
per cent in February and 1O4
per cent a year ago.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
CHICAGO LIVESTOCK

CHICAGO. Nov. Of GN.sD.-HosS-
10000; steady. Top, $500; bulk, $3.7O@
5.S5; heavy, 1855 a $50; medium, s3.75
@S,90; light. $SSO@3S5; light lights,
$3.5O@3.SO; packing sows $3@3.4O;
pigs, $3.50 q $50. Holdovers 1000.
Cattle-15,O00; steady. Calves-2,OO /;
steady. Beef steers-Good and choice
$5.50@6.25; common and medium, So So
$3.50; yearlings $40625. Butcher
cattle-Heifers. $3.5O@6: cows, $2@3.75:
bulls, $2.5O@3.75: calves, S3.5O@5.5O;
feeder steers. $3.50 $50; stocker steers
3.75.
sheep-17, 900; steady: medium and
choice lambs. $6.25@7.25: culls and
common, $4@5; yearlings. $4.50@5.50;
common and choice ewes, $1.5o93;
feeder lambs, $5.5O@6.25.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
NEW YORK PRODUCE

NEW YORK. Nov. 81 QNSD-But-
ter-Unsettled and weak sailed and un-
sailed creamery higher scoring zS1a %
firsts 17Q221a. ladies unquoted.
Cheese-Steady and quiet; State:
Whole milk flats 17@17hc, average
young Americans, fresh. i'm @13lac.
Eggs-Steady; nearby white specials,
34@35c; standards, posse; mediums,
25@26c; nearby brown specials, 81 CSC ;
SAC; standards. 25@29c; firsts, FAC;
medium, 171ac; Pacific Coast white fancy
packs. 34035c; standards, S2@33hc;
mediums 26027c.
The wholesale price is $2.2S per 100
pounds No. l fliul milk within the
2O1-210 mile zone.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
IngOt Output Nearly
TrebLed in Canada

Canadian output of steel ingots
and direct steel castings in Octo-
Der totaled 48,496 tons, against
1902 in October, 1882, according
to the Dominion Bureau Of Sta
tistics. Output in the first 10
months of 1888 was 315,325 tons,
against 274,945 tons in the like
1882 period.
Pig iron production in october
was q, 0O2 tons, against 6,731 tons
in October last year. Production
in 10 months this year totaled
16O,872 tons, against 102,950 tons
in the corresponding 1882 period.
This years tonnage included 140'-
OBS tons of basis iron, compared
with 68,O67 tons of this grade
made during the first 10 months
of last year.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
Good Business
NewS Notes

Dividend resumed by Borg
Warner Company. October
meat sales SIS per cent above
September and best in two
years. Passenger car sales
this month estimated three
times those Of year ago. =.
Rail wages in September S16,-
100000 above year ago, with
$4,000 more employees, Inter-
state Commerce Commission
reports. Youngstown starts
week with steel operations up
5 per cent =. Lumber orders
in November Is week heavi-
est in three years. .NOvem-
Der exports showing another
increase .EcOnOstat general
business index shows first
rise in five weeks.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
Railway Pay Rises
And Jobs Increase

Interstate Commerce Commits
sion reports that 154 Class one
steam railways in September paid
$123,866,950 as compensation to
1,030.215 employees.
This compares with $126,967,-
80 to employees numbering 1,014.-
1853 in the previous month and
$117326,542 and 994,630, respeo'
lively, in September, 1882.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
Flour and MiILfeed
Din at MINNEAPOLIS

MINNEAPOLIS, Nov. 27-Four
prices declined IS to Is cents a
barrel at the weekend with trad
ing light and little volume to
shipping instructions. Fancy
family patent was quoted at $7.10
to $7.2O: family patent 81 to $7.10;
standard patent $685. to $6.95
and second patent $6.75 to $685..
Millfeed prices dropped so cents
with demand quiet.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
COTTON PRICES
SAC IN HEAVY
SELL|N 6

NEW YORK, Nov. 81 GN.SO.
Heavy offerings Of cotton futures
today brought sharp losses. The
market opened off 6 to 8 points
and continued to sag in the later
dealings.
Scale Down Buying
Spot houses sold May in con-
siderable volume, while Southern
and New Orleans offerings added
to the supply of contracts.
The trade, Liverpool and the
Continent bought on the scale
down. Wall Street houses were on
both sides of the market.
Southern reports stressed the
fact that cotton had generally
been picked clean. Farmers con-
tinue to withhold cotton from mar
ket pending an advance in the
price.
Failing in this, they are ex-
pected in most cases to turn it in
to the Government for loans at 10
cents a pound basis low middling
interior.
Weather Mostly Fair
The weather map showed gen.
erlly fair and cool weather over
the eastern and central cotton
belts, except cloudy along the At,
lantic Coast, and no. rainfall aside
from a very few light and widely
scattered showers.
Midday prices were off IS to 20
points, with December off is at
9.74, January off 10 at 9.76, March
off is at 9.94, May off 10 at 1905
ond Octnher off On at. 1n2S
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
CUBAN LEAF EXPORTS

Exports Of leaf tobacco and its
by-products from Cuba in October
amounted to $1,02S,557, compared
with $1,962,430 in September and
$1,339,657 in October, 1882. Prin-
cipal exports were $657,446 to the
United States and $162,331 to
Great Britain, according to Ma
tional Commission for the De-
tense Of the Cuban Tobacco In
duStrY.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
CLOTH TONE STEADY

NEW YORK, Nov. 81 GN.S.) 1.-THE
coarse yarn cloths market presented a
steady tone otday in dull and feature
less trading.
Sales of print cloth yarn fabrics dur
ing the previous week were sufficient
to give the price situation some strength
in view of the fact that, on leading
constructions unsold production for the
remainder of the year is much smaller
than had generally been realized.
A number of commission houses, in
Guiding some Of those with very large
production closed the week with viz
tuallY no unsold output for the re-
mainder of the year on the standard
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27

N0 VSN"J
If we would
look the m
frankly in the
face, we could
h a r ly help
but see the
answers. Then
we could think
clearly about
what to do.
l. The first
q ue S tion is:
Which comes
first, money or
commodities?
The answer
is clear. Money
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
Drop In Furniture
Orders RepOrted

CHICAGO, Nov. 27.-Orders
booked by seventh district furni-
ture manufacturers during Octo-
Der, declined % per cent as COM
pared with September. but were 8
per cent above the October volume
a year ago, according to reports
received by the Chicago Federal
Reserve Bank.
Shipment declined II per cent
from September, although they
were % per cent above like 1882
month,
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
CLEVELAND LIVESTOCK

CLEVE AND, Nov. 27 U.N.SD
Hogs-Receipts, 1900 market slow,
mostly lower; good hogs largely $500
to strong, good bandVwei i9 th q cents
higher.
Calves-Receipts. 800; market active
and strong on good calves; medium and
out grades, steady.
sheep-Receipts, 5000; market active,
25 cents higher; most of the strength
on the better grade lambs.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
RAILWAY SIGNAL LOSS

General Railway Signal Com
pany reports net loss of $780,
551 in the quarter ended Sep
TENDER 80, compared with a net
profit of $243,461 in the like
1882 quarter. Nine months net
profit was $97.725. against $780,
336 IN the SalAa period last year
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
SCOTT PAPER EXTRA

Scott Paper Company has de-
clared an extra dividend Of IS
cents and the regular quarterly
dividend Of 3712 cents on the com.
mon stock, both payable Decem-
Der 81 to stock of record Deem
Der 16.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
687 Listed Stocks
HiOker Last Week

Index of 687 stocks listed on
the Stock Exchange, compiled by
Hamershlag, Borg & Co.. showed
an average price of $22.04 as OF
the close last Saturday compared
with an average price of $22.0S
the preceding Saturday.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-11-27
BY LEWIS HANEY
Professor Of Economics, New York
University

Four closely related questions
have confronted us all through
This depression. They confront
Evening star., 1933-02-12
BUDGET PUTS UNJUST
HARDSHIP ON CITIZENS,
CITY HEADS CONTEND
Minority Report
Filed by Simmons
on DC. Supply Bill

The minority report Of Representa-
tive Simmons on the District appropria-
tion bill follows:
81 have had no part In the prepara-
tion Of this report. I regret that 1 can
not Join In IL. / am not in accord with
. number Of its proposals. mention
only two.
"The report shows q probable sur
plus Of several millions of dollars, un-
obligated in the District treasury. As
suming that the bill makes adequate
provision for the fiscal needs of the
District Of Columbia, it then becomes
apparent that the District property
holder is being taxed in excess Of the
amount needed to operate the city gov
ernment. If that Is true, the COM
mittee should recommend q reduction
Of tangible personal and real estate
Of several millions Of dollars, the COM
tangible property taxes of 20 per cent.
cannot justify increased taxes with an
unobligated surplus in the treasury.
The increased taxes are to pay the
cost Of Unemployment relief. The COM
mittee, however, recommends the elm
ination Of approximately $1,000,0OO of
construction work ON highways, sewers
and other classes Of work where hand
labor is material part Of the cost. I
cannot justify the elimination of items
that will, II left In the bill, create en-
ployment, and at the same time, levy
increased taxes to provide unemploy-
ment relief,
For these and other reasons. I ac-
cordingIy wish the record to show that
do not join in the Recommendation
NJ the rn11auaiffaA
Evening star., 1933-02-12
FARM BILL LIMITED
TO WHEAT, COTTON
Senate Agriculture Group
Acts Over Farm Bureau
Federation Protest.
BY the Associated Press.


Over the protest Of the American
Farm Bureau Federation, the SEN
ate Agriculture Committee yesterday
stripped from the domestic allotment
bill all products but wheat and cotton.
Also against the objections of Pres
ident Edward A. O,Neal of the Farm
Bureau, q banking subcommittee favor
ably reported the Hull bill for q two
year moratorium on farm mortgage
foreclosures, extending 1t to take in
city homes Of $4,000 value or less.
Plans were made for reporting this
bill to the full committee early next
week and pushing 1t through the pres
ent session as an emergency measure
In time. to apply to Spring mortgage
payments.
Other Commodities Stricken Out.
BY vote Of IL to 2, the Agriculture
Committee struck from the domestic
allotment bill all provision for apply
ing its benefits to hogs, tobacco, rice,
peanuts or dairy products.
Shortly before 1t unanimously report
ed the smith cotton bill, designed to
cut 1888 production by enabling pro-
ducers to participate in Government
cotton pool in return for cutting their
output 80 per cent.
The elimination Of five Of the seven
commodities included in the allotment
bill by the House was proposed by
Chairman McNary, Republican, OF
Oregon.
The roll call was not made public,
but Senator Norbeck, Republican, of
South Dakota, told newspaper men he
had voted against the elimination of
hogs. /
: McNary's proposal that the acreage
CONTINUED on Page 4 Column S.
Evening star., 1933-02-12

about 1t, though brave men have sailed
and trudged and flown along its edges
and have penetrated, two parties by land
and one by air, to the South Pole in its
icy heart. Perhaps ninetenths of that
vast frozen waste remains unexplored.
In planning trans -Antarctica flight
from Ross Sea across the entire land mass
OF the continent to Weddell Sea and back,
the flight to be made in the Antarctic
Summer, about Christmas time of this
year, am moved by hope of dispelHnr
some Of the mysteries of the least known
part OF our planet and Of adding meas
urably to mans knowledge am also
not unmindful that this fight of 1.45O
miles and return, 900 miles alI-told-is
the only great pioneer flight left to be
made.
II we would know the great truths, says
Van Dyke, we must seek them at the
source. Where else than in Antarctica
should we expect to find more undiscoy-
cred facts OF vital interest to mankind?
The region Is known to be the source of
urbanceS that concern the welfare of the
Evening star., 1933-02-12
CONTINUED on Page II, Column q,
JAILED IN $1Oo,O[O
THEFT FROM STATE
Former Tennessee Insurance
Head Is Arrested Here as
Fugitive.

Joseph l., Reece. former Tennessee
State commissioner Of insurance and
banking and brother of Representa-
tive-elect B. Carroll Reece, Republican,
OF Tennessee, was arrested here yes
terday as fugitive from Tennessee,
Where ne Is charged with larceny of
100000 in bonds from the Blue Sky
DIVISION OF the State Insurance De-
partment.
Reece, 49-year -old former dean of
Carson-Newman College. jefferson City,
downtown hotel shortly after pm.
by Detective Sergts. Walter s. Beck
and Michael Mahaney.
The arrest was made at the request
OF the Tennessee attorney general
ONCE, representatives of which swore
out two warrants against Reece earlier
in the day.
Larceny and Fraud Charged.
One Of the warrants, according to
Associated Press dispatches from Nash
vile, charged Reece with larceny of
the bonds and fraudulent breach of
trust. while the other charged him and
his brother, Lem Reece. an Elizabeth
eoil, 4clll., dttoIuey, WlCQ cOnSplrlng
to commit an indictable ofense.
Questioned briefly by Capt. Bernard
w. Thompson, assistant chief Of detec.
tives, the former insurance and bank
ing commissioner denied having done
anything criminal"
On his person, Capt. Thompson re-
ported, four safe deposit box keys and
receipts for bank deposits ranging from
SIS to $4,000 were found. The deposits.
Capt. Thompson said, were made In
banks In various sections Of the country.
After being booked at police head
quarters. Reece was taken to the fifth
precinct, where he was held incom-
municado pending action Of Tennessee
CONTINUED on Page 2, Column S.