davidaulloa/AmericanStories huggingface dataset:
Evening star., 1934-06-17
IS ISSUED
BY MORGAN & CO.
Deposits Total S271,823,-
364-CapitaI Funds Listed
at $57,607,114.
BY the Associated Press.

by the hSSOCldteQ FIcSb.
NEW YORK, June l6.-J. P. Nor
gan & Co., in a statement of condi-
tion as of June /, issued for publi-
cation today, shows capital funds
Of $57,607,l14, deposits Of s27l l,823,-
1854 and total resources of s344.-
ISL ,6Z6
The statement was the first ever
issued by the company, except those
published in connection with the
congressional banking inquiry last
year. The figures were given out CO.
incident with the legal changes made
by the banking house, to conform
with the banking act Of 1888, as Of
June Is, under which the firm is be-
coming a private deposit bank and
discontinuing its securities business.
Large Gains Shown.
The statement of condition in
cludes the figures of Drexel & Co.
of Philadelphia, but excludes the
company's interest in Morgan, Gren-
fell & Co., London, and the firm of
Morgan & Gle. Paris. Morgan, Gren-
fell & Co. has now become limited
partnership, and j. P. Morgan g. Co.'S
interest is represented by shares, Of
which 100000 pounds sterling are S
per cent ordinary shares one-third
paid. Morgan & Gle of Paris re-
mains an unlimited partnership.
Compared with the last figures
given out at the banking hearings
in Washington, as of March 81, 1888,
the present statement shows substan-
tial increases. The net worth at that
time was 4,862,9 ,920. This had in
creased by s8,56l $50 by April 80,
1888, while the present capital funds
are about $4,O00,000 larger than at
the later date.
Surplus Included.
The permanent capital of the COM
pany amounts to s25 100000, and the
remaining $32,607,ll4 consists of sur
plus and partners balances.
Total deposits on June l compare
with S238, 739 982 on March 81, 1888.
June cash on hand and on deposit
with banks of $59,957,872, compares
with $40,214,832 at that time. United
Mates Government securities of $780,
509, 1863 at par value, compare with
S146,071 ,407 at market value in the
March 81, 1888 statement.
Evening star., 1934-06-17

ners and shoe manufacturers, who,
noting the halt in the steady recess
sion of hides, brought the largest
volume of hides and leather this week
that has moved in many weeks. The
Only change in cotton goods was the
u cent yard mark-up in 38l2-inch
64x60 print cloths. Raw cotton
trended upward most of the time,
as wool eaSed.
Wholesale markets, for the first
time in two months, attracted more
buyers than they did last week.
Reservations at hotels and registra-
tions through residential buying OFF,
ces indicate that the rush of buyers
into the nations primary markets will
come the week Of July 4. Early Fall
coats and dresses, required by the
Southern and Pacific Coast trade, will
be shown June IS. Most accessories,
however, will not be ready until
week or two later and the usual home
ware and speciality shows are set for
early July.
(Copyrisht. 1e34) ...s.-
Evening star., 1934-06-17
DOLLAR IS STEADY
IN SLOW TRADING
Advances ! 3 of a Cent at London,
but Pound Records Gain
Later at New York.

BY the Associated Press.
The dollar was steady In terms OF
principal currencies in foreign ex-
change markets yesterday. Trading
was slow and confined to routine
transactions.
In London the dollar gained one
eichth of cent to close at 5.04B to
the pound sterling. and in New York
the British unit ended one-eighth Of
a cent higher several hours later at
$5y05A.
In Paris the dollar declined minor
fraction to end at an equivalent of
6.601a cents to the franc, while the
French currency held unchanged in
New York and closed at 6.60h cents.
Based on the franc at its final New
York rate, the dollar was at a prem
ium of .43 of cent over par, the
same as on Friday, and compared with
SO of a cent premium month ago.
Bar gold advanced " penny in the
London market to 1877 shillings 9
pence ($34.78) a fine ounce. at which
price approximately $2,525,ooo was
purchased.
Evening star., 1934-06-17
Sharp Climb in Lard Exports
Reduces Supplies on Markets

the amount shipped during corre-
spending weeks Of last year.
Mays gain. moreover, was achieved
despite smaller purchases than usual
by the Netherlands and Germany.
The latter country, according to off,
cials of the institute, formerly was
one of this Nations best lard Gus
toners, but now has a tariff more
than twice as great as the value of
each pound before shipment.
A Summer reduction in rail-ocean
freight rates. cutting transportation
costs about 80 per cent, is believed
by officials of the institute to have
enabled American lard exporters to
compete more aggressively in foreign
markets. They list the credit against
the processing tax. which is allowed
for exports. as a contributing aid.
Exports Of pork, say institute off,
cials, also showed a gain during May,
rising about 100000 pounds above
the 100000 figure for May of last
year. This volume, however, is far
below the flve-year average.
Evening star., 1934-06-17
COPPER QUIETER
AFTER PRICE RISE
More Than 10000 Tons Reported
Sold Before Advance to
9-Cent Basis.
BY the Associated Press.

By the Associated Press.
NEW YORK, June 16-There was
active buying of copper prior to the
half cent per pound advance early
in the week to the basis of 9 cents
for Blue Eagle metal
The metal purchased was estimated
to have supplied heavier consuming
requirements for several months. in
volving slightly more than 40, 1000
tons.
Subsequently, trading tapered off,
except for business by producers with
fabricating subsidiaries. Foreign de-
mand was attracted by the squirt of
domestic buying, but export prices
sagged later in connection with Ger
man developments.
Despite firmness of copper, tin and
zinc were easier. Tin lost about l u
cents per pound for the week, owing
to declines at London and restricted
consumer buying interest on this
side. Pressure from some smelters
to sell small lots of zinc in a dull
market accounted for declines of 81
per ton, although many sellers held
unchanged.
Lead ruled steady and unchanged.
Day to day carload buying was said
to be absorbing smelter ore intake
and accounting for a balanced posi-
ton. Anthony was a shade lower
in sympathy with reports of declines
in Chinese quotations.
Evening star., 1934-06-17
Japan INCREASES
COTTON BUYING
Held Significant in View of
Vigorous Battle for
Markets.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, June 16.-The cotton
crop now growing in the United
States is being purchased by japanese
textile mill representatives here at a
rate 10 per cent in excess of that a
year ago.
These new crop cotton purchases
are considered significant, as most
of them were placed after Japan put
into effect its trade control law, after
England announced her intention of
curbing Japanese cotton textile i'm
ports into her colonies. and after
the United States, effective June /,
increased its tariff on Japanese cot
ton rug imports.
The British japanese textile trade
war and increasing imports of Nip
ponese cotton products into this coun-
try-imports that are bringing daily
protests to the Tariff Commission
from American cotton mills-can be
best understood by glance at Japan'S
world trade, its American trade and
its international business policies the
last few years.
Japan must find an outlet abroad
for so per cent of its total produc-
ton. Americas foreign trade ap-
proximates 10 per cent of its total
output. Japan's foreign trade growth
in recent years has raised a clamor
among many nations against Japa-
nese imports. In 1888 Japan's ex-
port trade was 346 per cent greater
than in 1882. In this period the in
crease in exports of the United States
was As per cent and that of Great
Britain or per cent.
Japan has modern textile ma
chinery-better machines than the
average today in the United States
and far superior to more than 80
per cent now in use in Great Britain
Japan has the best automatic looms
in the world. international patent
rulings that apply in the United
States and Great Britain do not hold
any more in Japan than they do in
Soviet Russia.
Japan also has cheap, unorganiZed
and fairly efficient labor. 1t is the
combination of these advantages, plus
the fact that the world generally to-
day is compelled to consider a price
standard, that has enabled Japan to
become such a force in world trade.
tCopyright, 1934)
Evening star., 1934-06-17
FORD GAINS LAID
To STAND AGAINST.
ADvANC|NGP PRICES
Other Manufacturers Are
Forced to CapituIate With
Sales on Decline.
BY EDWARD w. MORRISON.

81 EDWARD w. MOhn1SON.
Special Dispa tch to The Star.
DETROIT, June 16-To the Ford
Motor Co. goes credit for the out
standing coup of the year in the
automobile industry.
BY the simple expedient of main
tanning old prices Ford succeeded in
upsetting the plans of competitors
during the Spring months. Ford sales
gained, the sales of competitors SUBJ
sided. In the end other manufac-
turers were compelled to capitulate.
Although the widespread reductions
in automobile prices that have come
in the last two weeks reflect the
stubbornness of the buying public in
refusing to accept the price schedules
put into effect earlier in the year, the
reductions are largely result of the
ability of Ford to stand aloof from
the rest of the industry in the matter
of list prices. Other manufacturers,
to some extent, played into Ford's
hands by boosting prices just when
the Spring buying season was get
ting under way.
Plays Underselling Game.
Had Ford gone along in the move
ment for higher prices, no doubt the
whole industry would have been sue
cessful in putting across the revised
schedules. But Ford played his an
cient game of underselling the other
fellow.
rI,. aeo,+ ,,,oe =, ,siI,, ,,ie;l,1o Eord
outsold his nearest competitor in
Wayne County (Detroit five to one
during May. Sales of Ford units
in the county we're 4,950 units out
of a total of 1892 sales, or more
than SIS per cent of all passenger cars
and trucks. Ford registrations else
where showed remarkable strength.
In promptly meeting the price cuts
of other manufacturers by reductions
of his own this week end, Ford drove
home, with a second blow, his deter
mination to continue to be the pace
maker.
The epidemic of price cuts has
spread, of course, from the low-priced
field into the higher brackets.
Some difference of opinion is evi-
dent over the reductions.
Lower prices" said one dealer,
won't stimulate buying whole lot
because every one is doing the same
thing. Buyers will simply get more
for their money. They may buy a
better car. The public has not been
waiting for reductions altogether"
Another reaction is to be found in
the statement of an optimistic Chev-
rolet dealer:
Expect June Advance.
"At the present rate of sales, we
expect June to exceed May by a COM
Portable margin. For the first ten
days sales were larger than for the
first three weeks of May. There is
no doubt that price cuts have spurred
buying.
A distributor for a car in the middle
brackets said:
There has been a marked renewal
of interest in motor car purchases.
and, undoubtedly, the selling season
will be prolonged and intensified by
the readjustments that have been
n de in prices
4 New York dealer found that at
least a dozen sales were closed on
the strength of announcement of
price reductions.
Evening star., 1934-06-17
Special Dispatch to The Star.

Special Dispatch to The Star.
N YEW YORK, June 16.-Further
m gains in national retail trade,
slowing of wholesale buying
/ for early Fall, and a slacken-
ing of industrial activities
this week took place simultaneously
with a rise in failures and an ex-
pansion of bank clearings.
While debtor nations were telling
us they could not pay and Germany
was declaring a moratorium. our rep
resentatives at Washington passed
the silver bill, which is inflationary,
speeded housing legislation, which
was spotlighted by the May squirt in
building permits and discussed labor
troubles as steel workers considered
striking
Living costs continued upward,
with foodstuffs 16 per cent above this
week year ago. There was broader
demand for numerous staples, and
this was duly reflected on commodity
exchanges. In part. food advances
reflected the drought, which has not
been broken by the heavy rains that
Evening star., 1934-06-17
DIVIDENDS ACTIONS DUE.

NEW YORK, June 16 CP).-Among
the important dividend meetings
scheduled for next week are Corn
Products, American Home Products,
Cudahy Packing, Pullman Co. and
U. S. Smelling Action is also due
on several senior shares, including
Gotham Hosiery and Public Service
Corporation of New Jersey per cent
preferred.
Evening star., 1934-06-17
Interest Aroused
By Large Utility
Refinancing Plan
Special Dispatch to The Star.

special DlSpdtCn 10 Inc Star.
NEW YORK, June 16.-Score
one for the amendments to the
securities act. One of the larg-
est and most important public
utilities has filed new issue for
registration under the law.
The Edison Electric illuminate
ing Co. of Boston will offer
$35 100000 in new notes, the
purpose of which is to pay off
$25, 100000 in maturing obliga-
tions and $7,000,000 in bank
loans, with the balance for gen.
eral corporate purposes.
Two other companies, men,
toned in the gossip of the day
as likely to enter the market
with new financing, are Schenley
Distillers and Sears-Roebuck.
One is said to be contem-
plating the issue of a convertible
bond and the other the offering
of additional stock. although
there has been no official an
nouncement in either case.
Copyright. 1894. by the North
American Newspaper Alliance, 1nc.)
Evening star., 1934-06-17
Aetna Life Votes
Dividend of 10
Gents Per Share
BY the Associated Press.

BY the Associated Press.
NEW YORK, June 16.-Directors of
the Aetna Life Insurance Co. today
declared a dividend of 10 cents a
share, payable July 2 to stock of rec
ord June l6. This is the first pay
ment since April, 1882, when 30 cents
q share was paid.
Directors OF the Westinghouse Air
Brake Co. declared a dividend of 1212
cents a share, payable July 81 to stock
of record June 80. The company pre-
viously paid 25 cents a share
Evening star., 1934-06-17
BY the Associated Press.

oy JDc ASSOGldCcQ FTcSS
~ HICAGO, June 16.-Lard from
4 many thousands Of hogs has
been removed from compete
~ ton in the Nations domestic
market by one of the sharpest
advances In its export In recent years.
Exports for May, it Is estimated by
the Institute of American Meat Pack
ers. totaled at least 100000 pounds
compared with only 100000 for
May of 1888 and a 81 900 ,000- pound
average for that month during the
last five years.
A decided improvement in English
and Mexican demands for American
lard was held partly responsible for
the rise.
A noticeable gain in outward move
ment of lard began in early April,
after exports for the first three
months of the year had fallen ap-
preciably below the volume for the
first quarter of 1888.
Weekly export totals suddenly rose
in May as exports to Great Britain
doubled and in one. week quadrupled
Evening star., 1934-06-17
MANY BUYERS ATTEND.

NEW YORK, June 16 (R.-Regis-
tration of buyers attending the sea-
sonal showing of Fall styles at the
New York Furniture Exchange, is
said to compare favorably with last
years attendance. Purchases have
centered on medium and low price
goods, manufacturers said.
Evening star., 1934-06-17
Pay Taxes, Anyway.

Although nearly 10000 persons went
to prison for debts in England in the
last year, very few of them were in
come tax defaulters,
Evening star., 1934-06-17
BANK OPENINGS TOTAL 27.

NEW YORK. June Is (P.-The
weeks bank openings totaled 27,
bringing to 897 the number of in
stitutions opened for 100 per cent
operation for 1884 to date, according
to the American Banker.
Evening star., 1934-06-17

CONTINUED on Fourth Page.)
The Coolidge examiner., 1934-04-27
Claw Guards on Toms to
Save Injury TO the Hens

With few cents worth Of rubber
tubing for each tom. turkey grow
ers can solve one ~ their most sert.
Gus problems. that OF having hens
severely lacerated and sometimes
even killed during the breeding sen
son by the sharp claws % the male
birds. Doctor W. A. Billings, vet
erinnry specialist st the Minnesota
University farm. suggests putting a
short length Of rubber tubing over
each toenaii of breeding toms.
Tubing one-fourth inch in diam
eier with one sixteenth inch hole. II
the variety recommended. A half
inch piece of tubing ls slipped on
over the toe-nall and left profrudlng
little beyond the sharp end X is
suggested that the claw be Emeared
with rubber tire cement or glue he
fore the rubber il put on. The
guards do not interfere with the
gait OF the toms and do not seem
TO annoy them In any way. The use
Of these guards not only VIII pro
tecf the hens. but viii make IL un-
necessary TO use saddles or canvas
coverings for them.
The Coolidge examiner., 1934-04-27
Lack of Iron in Rations
Cause of Anemia in Pigs

Auemla In suckllng pigs Is caused
by lack ~ Iron IN The ration of the
pig. says the department of animal
hushandry At Cornell university. II
Is pointed out that at the present
time II Is impossible 10 Increase the
iron content OF the milk by feeding
iron 10 the SOW and other means
must be used 10 preven, attacks Of
anemia.
When sows and lltters are con.
fined indoors on concrete and wood
en- floors. members Of the depart
ment say. the pigs may become so
anefnlc that they die before wean.
Ing time. and recommend the use Of
a saturated solution OF ferrous sui
phate 20 prevent anemla The iron
solution may De prepared by dis
solving one pound of dried ferrous
sulphate. or an ordinary grade OF
eopperas. In one quart of hot wa
ter.
Treatments with this solution as
outlined by the department are :
swabblng the udder OF the sow once
daily until the pigs are six weeks
old: or drenchlng the pigs once n
week until the pigs are four or
preferably six weeks of age when
pigs cannot feed in a creep or self
feeder. probably they should be
drenched once week until they
are six weeks old.
The Coolidge examiner., 1934-04-27
Buds on Tree Differ

Botany teaches us that buds and
fruits are but the extensions OF the
twlg growth. just as our hair and
finger nails are outgrowths OF the
skin. The old-fashioned theory that
all the buds from a tree OF certain
variety are Identical Is dIsproved
by literally thousands OF instances.
Buds partake OF the same cell char
acterlstics as the branch on which
they grow. A branch whose genetic
factor produces solid red apples
will produce solid red apples con
slstently. while a branch whose
cell factors are mixed viii produce
mixed colored apples consistently.
--Greenlng Nursery.
The Coolidge examiner., 1934-04-27
DOultr..NN
.s,.4I
DEVELOP PULLETS'
BODY FOR LAYING
Use Care in Early Feeding
TO Bring Maturity
nr Hey O. pearsfrns. pouitry pruart-
tnsnt Serth Careilna state Ccf3sEa.
ENU service

ny Rsy q psars'yHs. psaltry Depart
ENU service
The proper feeding OF chickens
during the period OF early develop
mcnt is OF vital importance In de
iermlninE their future laying ca.
paciues. so tests at branch station
farms during the past eve years
have proved.
one Of the most critical periods
ID birds lie Is that between the
time Il goes or the starting mash
and the time Il is placed on q lny
lng mash diet. The feeding should
be such as TO bring the birds 10
bodily maturity az approximately
The same time they start laying. and
not before. After the birds start
laying most ot their food goes into
egg production and very little. n
any. goes to skeleton growth. Hence.
a bird that starts laying before Il
has reached full growth is liable 10
'@A++Nst%f @s4"Nf ffs1tHN4 A&s1 VIII AFsANll
have the stamina needed by heavy
producing henR
Too great an amount os protein
In the food before the laying period
is az; 10 start the pulleis laying too
soon. An excess of carbohydrates
or feed OF cereal crops alone also
are conducive 10 tooearly laying. A
good feed should have the protelns
and carbohydrates well balanced.
A mash containing I5.I per cent
protein. OF which per cent was
animal protein. fed along with the
regular scratch feed was found 10
give the best results In the expert.
mentS conducted with Rhode Island
Reds and white LeghoruK Fed on
this diet. the birds reached sexual
and physical maturity az approx
maiely the same time.
The Coolidge examiner., 1934-04-27
Improper Pruning
Cuts Fruit Yield
Better to Leave Tree Alone
Than Follow Program
Of Butchery.
py " e. Mash. horticultural Specialists.
ColieNs of AHr.caiturs. CnivsrnitY
as ullaaia a-wSu ssTvies.

py " a MArsA. horticultural Specialists.
Coliews of AHriraiturs. InivsrnitY
os ullaaia -wSu Services.
In spite OF the fact that pruning
his been practiced for more than
$500 years. there are still many
misconceptions Of this horticultural
operation affecting the fruit income
on farms. In the ten years OF 1923
1892 Inclusive the state Of M.
nois' apple and peach crops alone
averaged ss.g2i.l0o annually.
Pruning should aid the tree IN It's
natural habit Of growth and In It's
battle against the enemies OF dis.
ease. insects and adverse weather
conditions However. Il Is better
20 allow the tree 10 20 unpruned
than 20 practice some of the pop
ulnr methods OF butchery
The principal accomplishment IN
pruning is the modification of the
tree form and size. although the
practice will affect the color. sire
and quality OF the fruit. The form
OF the tree should not be changed
radically. and l,s sire must not be
reduced too much. II maximum
yields are 60 be obtained. On the
younger apple. pear and cherry
trees. the more wood that Is re-
moved by pruning. the smaller the
crop produced and the longer II
takes the non-bearlng trees 10 come
into production.
on older trees the removal OF
non-Tigorous wood thlns ont the
branches 80 that resulting fruit IS
Of improved color and sire. This
thinning does not reduce the yield
on some varieties. II done carefully.
and does permit a more thorough
Job OF spraying for the control OF
Insects and diseases.
when fruit trees are hrst plant
ed. important training can be ac-
comprshed by pruning and dIsbud.
ding. During the FIRST two seasons
of growth. proper training viii pro
duce strong trees that win live q
long time. Such trees viii require
less pruning later on.
The Coolidge examiner., 1934-04-27
POULTRY HINTS

CannibalIsm in chicks may be due
TO lack OF protein IN the mash.
A hens egg contains co per cent
water. 10 per cent fat. 13 per cent
protein and IL per cent minerals.
The cause OF dead chicks In shell
may often be traced 20 the use OF
thIn-shelled Matching eggs
Bloody eggs are due TO a rupture
OF small blood vessel In the ovary
or ovlduct. usually In the ovary.
Experiments az Cornell university
show that vitamln @ In rations OF
young chicks win promote growth
and reduce losses by death.
The leading states In poultry pro
duction are Iowa, Missouri. Call.
fornia. and Texas. in that order. Cali
fornla. Iowa. Missouri. Pennsylvania.
and Ohio lead In the value Of eggs
sold.
Paper clips can be used 10 pre-.
vent bleeding from scratches on the
combs OF laying hens and pullets
which have low clotting ability Of
the blood during the first weeks Of
egg production.
Grit Is an aid to the gizzard In
crushing and grinding feed and
should be before the birds at all
Zines. Not over three-fourths OF
pound OF hard grit will be needed
by a hen In years time.
In 1S49 the first American poul
try show was held In Boston. An
nual poultry shows throughout the
country increased rapidly, and this
tended TO create further interest in
improved breeding methods.
The Coolidge examiner., 1934-04-27
Sudan Grass Popular

Sudan grass attained a high de-
gree OF popularity as a summer pas
ture for cattle last season. and II
is TO be expected that more farm
ers viii look TO Il as an emergency
pasture crop this next summer. ac-
cordlng 10 the Ohio Farmer. Dairy
farmers have found IL particularly
useful because II makes its best
growth In August when bluegrass
and other pastures are drying up.
II is generally sown In June after
the soil has warmed up. and In
about six weeks It is ready to pas
ture.
The Coolidge examiner., 1934-04-27
Small Eggs Hatch Poorly

Matching eggs. weighing less than
20 ounces per dozen. showed. In re
cent experiments In the state OF
Michigan. very poor haichahlllty
and produced small chicks which de-
veloped slowly. Eggs weighing q
20 p ounces per dozen had a fair
hntchablllty. but those weighing q
ounces or more per dozen showed
good hatchablllty and chicks OF
good weight.