davidaulloa/AmericanStories huggingface dataset:
Evening star., 1934-04-22
INVESTORS ABROAD
BUYING U. S. ISSUES
Investors in England and France
Especially Active, Broker
Survey Reveals.

Both English and French investors
have been substantial buyers of Amer
lean securities during the first quarter
of 1884, according to a survey just
completed by Fenner & Beane, New
York Stock Exchange firm which
maintains an Office in Washington of
which r. P. Davis is the manager.
The study shows that while the
operations of French investors and
traders are on a more active scale
than those of the British, the latter,
with the exception Of brief selling
spell during and shortly after the
bank holiday of March, 1888. have
been steady purchasers on balance of
American securities since the begin
ming of last year, with purchases
being exceptionally heavy during the
first quarter of 1884.
The detailed figures show that dur
ing the full year 1888. purchases of
American securities by British in
vestors exceeded sales by 426 per cent.
Buying by the British during the first
quarter of 1884, was stepped up con.
slderably, for in this period purchases
exceeded sales by 1861 per cent.
French investors during 1888 sold 81
per cent more American securities
than they purchased, but in the first
quarter of 1884 their purchases ex-
ceeded sales by 1926 per cent.
Evening star., 1934-04-22
Franc Continues
Climb and Passes
ColdExportPoint

BY the Associated Press.
The French franc continued its
upward course in foreign exchange
markets yesterday and passed its
gold export point, in relation to dol
lars, of approximately $50 cents by a
scant margin.
Other gold currencies remained firm
in terms of both the dollar and ster-
ling. but the British unit shaded its
recent gains in terms of the dollar.
Strength of the franc, which gained
.0234 of cent in New York at 6.69l2
cents. or = of a point above its ex-
port gold point. was partly attributed
by brokers to a return of capital to
Paris that had sought refuge during
recent internal troubles.
In Paris the dollar closed 9 CEN
times lower at an equivalent of 6.67
cents under persistent pressure Of
short sales, as against last nights
close of 663 cents.
In London the dollar declined
cent to close at SIT to the pound.
and in New York the British unit
yielded "a of cent in later trading
at S5.17.
Bar gold advanced 5i2 pence in the
London market to 135 shillings 8
pence (S35.10) a fine ounce. at which
price approximately s1,427, 800 was
bought.
Evening star., 1934-04-22
MARKED ADVANCE
IN TRADE SHOWN
BY POWER TOTALS
$500 Large Plants Report
81 Per Cent Increase
From Year Ago.
Special Dispatch to The Star.

|
NEW YORK, April 21.-Industrial
plants of virtually every kind are pro-
ducing more goods and are using
much more energy than at this time
year ago. Electrical World SAYS in
Its issue today Reports received by
that paper from approximately $500
large manufacturing plants in various
industries and scattered throughout
the country show an increase of "a
per cent in March cf this year over
! 1888.
This statement is based on returns
| accounting for more than a billion
and quarter kilowatt- hours, euuiva-
lent to half the total energy sold by
public utilities to wholesale consumers.
Inc years increase is considerably
| greater than in other recent months.
contrasting with 90 per cent in De-
cemper, l9 in January and 29 in
February. The increase over March
1882, was IS per cent.
The gains over the month in 1888
run through all branches of manufac-
turing, except food products, and that
industry maintained relatively high
level throughout the depression. I'M
provementS are indicated in capital
goods Industries by higher figures in
IRON, Woodworking and stone, not
only lar above last years March, but
also over January of this year. Note
| worthy advances over the shorter. as
well as the longer. interval in auto
MOBILES. rubber and leather products
and textiles, are evidence of continued
| expansion in consumer goods.
Complicated by Codes.
The attempt to analyze changes
from February is hampered by our
eXaSperat1ng calendar, which contains
consecutive months differing by IL
! per cent in total number of days and
| by II per cent when Sundays and
generally observed holidays are omit
TED. II adjustments are made on the
latter basis operations in March were
apparently IL per cent behind those
IN FEBRUARY, but 4 per cent higher
than In January. If difference in the
length OF the month are ignored.
Marcn shows gain over both pre-
cedlng monthS-5.6 per cent over Feb
ruary and z per cent over January.
The problem is further complicated
by code requirements, whereby the
permissible number of working davs
Is in many instances made to differ
| from the corresponding number in
other years
Hit most severly year ago. the
North Central region shows the high
est rate of gain, 48 per cent, and a
loss, after adjustment, of only per
cent from February, while the un-
adjusted total shows a gain of per
cent over February. Automobiles and
rubber gained even more in this region
than nationally, compared with 1888;
iron and steel increased "a per cent
and metal working almost 80 per cent
Among consumer goods leather ad-
vanced 80 and textiles 40 per cent.
Foods were virtually at last years
| levels.
New England as whole advanced
40 per cent over last year and As per
cent over February, which corresponds
to decrease of IL per cent when both
figures are adjusted for an average
working month. Textiles, important
in this region, were 48 per cent higher
than year ago, and metal working,
second in Importance, 68 per cent.
Chemical products remained at the
1888 level. All other groups advanced"
Evening star., 1934-04-22
RAIL LORDERSSPUR
EQUIPMENT TRADE
Years Volume Is Expected
to Top Total for All Last
Three Years.
BY JOHN A. CRONE.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 21.-Railroad
equipment orders this year will ex-
ceed the total volume of all such busi-
ness booked in the. last three years,
leaders in that industry predict after
reviewing freight traffic, Inquiries, the
demand for equipment trust certifi-
Gates, and remarks of various locomo-
tive and car builders.
These predictions look conservative
when one views equipment orders
placed during the first three months
Of this year and contrasts such totals
with aggregate bookings over several
years. Locomotives ordered in the
first quarter numbered IS, against six
in the same period of a year ago.
Total engine purchases in 1898 were
AZ; in 1882 and 1881 they were IL
and 235. respectively. A year ago
no locomotive inquiries were in the
market, against 100 at present.
Freight cars purchased the first
quarter of this year amounted to 90
399, against nine in the same 1888
period. Such orders in 1888 were
1892, as against 1868 and 10000 in
1882 and 1881, respectively. Passenger
cars bought in the first quarter aggre-
gated 235, against four in that period
last year.
Two of the three leading locomotive
builders in this country have reported
their first quarter business. Bookings
of Baldwin Locomotive works in the
quarter Just passed were $5,997, 900
against $1,507,000 for the same 1888
period, or a rise of 800 per cent
Shipments were S3,022,0O0, against
S1,791 900. or a gain of 70 per cent
Untitled orders as of April l were ST.
285,000, against S2,342 900 the same
day a year ago.
American Locomotive Co. had un-
filled orders of $7,248,000. against
$1,3l3,000 last year. Its 1888 ship
ments were $7,401 900, so present un-
filled orders are almost as large as all
Of last years business.
Copyright, 1934D
Evening star., 1934-04-22
Cattle Quotations Pushed Upward Sharply,
Some Hit Highest Levels Since Late 1882

more brisk demand enabled prices to
continue upward.
Depending on grade and weight,
cattle prices now are from to IS per
cent higher than at this time last
year.
Lamb prices have experienced little
change in the last 80 days, although
dressed lamb has been selling substan-
TALLY higher than a year ago, and
prices in the Eastern market have
been higher than at any time since
July, 1882. This price advance for
dressed lamb, however, has not been
shared by the Midwest market.
Due to a slump in the demand for
pork products since April l, pork prices
now range about 10 per cent lower
than their level of a month ago, al
though still about per cent above
the price Of year ago. Prices OF
Evening star., 1934-04-22

fresh pork products have declined
from 8 to 13 per cent in the last 80
days.
Export trade in meats, say officials
of the institute, was more than 40 per
cent greater during the first quarter
of 1884 than for the corresponding
period last year. 1t has consisted al
most entirely of pork Tonnage of lard
exports for the first quarter was about
10 per cent under last years figure.
During 1884. according to the in
stitute. the packing industry will pay
processing taxes on hogs in excess of
S2,O00.000, 900. The tax now paid by
the packer on hogs amounts to $2.25
per hundredweight.
Employment in the industry was
22.6 per cent greater in March than
for the same month of 1888, and pay
rolls were 3s.5 per cent higher.
Evening star., 1934-04-22
MAJOR AUTO FIRMS SEEK
WIDER RANGE OF PRICES
Models Appealing to Different Classes
of Buyers Designed to Strengthen
Both Companies and Dealers.

as well as standard models. Chew
rolet, with standard and master lines,
is bringing out new model at even
a lower price. Ford offers both stand
ard and de luxe lines.
Getting back into the higher range
again, Buick. it is reported. is ready
to invade new field. around $1,000
or even less. Packard, a name al
ways associated with expensive cars,
will be found on the market shortly
with a model to sell at $1,000, or
thereaboutS. Pierce ARROW, likewise,
has found it profitable to seek new
price territories.
Chrysler, On the other hand, say
Detroit reports, has been eager to
gather into his fold some company
that will give him a car to compete
with Lincoln, under the Ford wing.
and with La Sale and Cadillac, in
the General Motors group.
Copyright, 1884,
Evening star., 1934-04-22
INVESTMENT CODE
TO Be STRESSED
Importance Will Be Discus
Sed Tomorrow When 1t
Becomes Effective.

The Importance of the fair practice
code for investment bankers, which
becomes effective tomorrow, is ex-
pected to attract a large number of
investors, investment bankers. bank
ers and others to public meeting be-
ing held at the United States Cham
Der of Commerce Monday afternoon at
o'clock. The meeting is sponsored
by the Better Business Bureau.
Rollin A. Wilbur, newly selected
chairman of the Investment Bankers
Code Committee, who is establishing
headquarters in Washington to en-
force the national code, will be the
speaker and will discuss the social
and economic aspects Of the code.
Other experts will discuss features Of
the code in detail and will answer
questions as to application. F.. G. Ad-
olson. jr.. president of the Security
Savings and Commercial Bank and
chairman Of the board of the bureau,
will preside.
Bankers Are Invited.
In addition to inviting members of
the investing public, special invita-
tions were sent to members of the
District of Columbia Bankers ASSo-
citation and to members of the Bond
Club of Washington.
The purpose of the meeting" said
Louis Rothschild, director of the bu-
reau, who is in charge of arrange
ments, lis to give the facts on the
code which affect the entire public
and the purpose of which Gen. Hugh
S. johnson described as to establish
principles and practices which will
justify public confidence, greatly as
sist in restoring the markets for both
public and private investment funds,
and result in an increased flow of
investment capital into sound pro-
ductive enterprises, which will un-
questionably increase employment and
distribute added wealth among our
people,.
Interested in Data.
The Better Business Bureau is par
ticularly interested in those highly
important features of the code which
REQUIRE detailed information for in
vestors as long as a financial issue is
outstanding and feel that this and
other provisions will greatly assist in
the before you invest-investigate"
program carried on by the bureau for
the protection of the public and legitl-
mate business.
Evening star., 1934-04-22
ADVOCATES URGE
EARLY ACTION ON
BANKRUPTCY BILL
Mounting Receivership Cost
Stressed in Pleas for
Senate Approval.

Bankers, investment dealers, mer-
chants and other business men are
awaiting with intense interest action
by the Senate on the so-called private
corporation bankruptcy bill, which has
been passed by the House and is now
on the Senate calendar following a
favorable committee report.
During the last few days many
urgent requests have been forwarded
to Senators asking early consideration
and enactment of the bill. Those
most interested in the measure urge
its immediate passage for the follow
ing reasons:
Each day millions of dollars are
being diverted from innocent credi-
tors and security holders to pay ex-
cesSive costs of receiverships and re-
organizations.
Numbers of enterprises throughout
the country. due to no fault of the
management, must still be reorganized
because the business depression has
made it impossible for them to fulfill
their obligations.
"Reorganizations and foreclosures
under the present receivership laws
often result in the appointment Of in
efficient receivers who know little or
nothing about the particular business
at hand and who are continued in
office for lengthy periods of time and,
in many cases, doing little or nothing
to deserve the huge fees paid to them.
as well as often putting the corpora
tions further into the red"
Owing to lack of opposition to the
measure, advocates of the bill look
for its prompt passage just as soon as
it reached on the Senate calendar
Delay in consideration has been due to
other pressing legislation. Efforts
now being made are aimed at getting
the bill ahead of other legislation.
Evening star., 1934-04-22
REGISTERED MARK DROPS.
Reich Financial Situation Declared
Growing Still Worse.
BY Radio to The Star.

By Radio to The Star
BERLIN, Germany, April 2l.-Ger-
many's shaky financial situation, which
has been more noticeable each day as
the conference with its long and me-
dium term creditors, mostly American,
approaches, cnotinued slipping today
The conference is set for next Friday.
The registered mark, the currency
allowed to tourists and for certain i'm
port transactions, was at 371a per cent
discount from the Reichsmark. Marks
for use in Germany can be purchased
for PATS cents, a new low and only
slightly higher than when the Ameri-
can dollar was at par.
A further reduction to 35 per cent OF
the amount of foreign currency al
lowed to German importers was also
announced by the Reichsbank yester-
day. For a year this was so per cent
until it was reduced to As per cent in
March. The importer must cover the
rest of his purchases abroad through
exports.
At the same time the newly created
import monopoly added leather hides
to the raw material for which no fur
ther orders can be placed abroad. De-
liveries of orders already placed have
been accepted. The prohibited lists
now include WOOL cotton, hemp, GER
tain grains, all metals except iron and
precious metals.
(Copyripht 1924
Evening star., 1934-04-22
Tobacco Incomes Estimated 1
More Than Double Year AgO
BY the Associated Press.

BY the Associated Press.
TINE Farm Administration esti-
mated yesterday that the in
come of American tobacco
L farmers would reach approx
imately $214,000,0O0 during the
1933-34 marketing year, an increase
of more than 100 per cent over the
previous year.
Included in the estimate were bene-
fit payments totaling $28,O00,OO0 made
to producers operating under acreage
reduction contracts. Market receipts
for the season were expected to total
s186, 100000, compared with $105, 5,000,-
900 for the 1928 season.
Prices for all types of tobacco aver
aged about 25 per cent higher this
season than last, despite the fact that
this years crop was about 100000, 900
pounds-16 per cent-above, world
consumption.s while the crop in the
Evening star., 1934-04-22
BY F. A. RESCH,
Associated Press Staff Writer.

- HICAGO, April 21.-A sharp
increase in the demand for
I dressed beef since early April
~ has carried cattle prices in
some instances to the highest
levels of the last 18 months.
Not since late 1882, say officials of
the Institution of American Meat
Packers, have top prices on certain
grades of cattle hit recent figures.
Wholesale prices of dressed beef
this week have been about 6 per cent
higher than a month ago, and from
9 to Is per cent above figures of a
year ago.
Supplies of cattle at principal mar
kets for the first two weeks of April
showed a gain Of nearly 10 per cent
over the same period Of 1888, yet a
Evening star., 1934-04-22

1923 season was approximately 20o.-
100000 pounds below
Growers of f1ue-cured tobacco re-
ceived the largest increase in income.
The 1888 crop brought them SIP, 2,000,-
900. In addition they received So
100000 in rental, benefit and price
equalizing payments.
Burley tobacco growers received
about $40,000,000 from their tobacco
sold and approximately $15,000,00O
will be paid them during the next
few weeks for contracts to reduce
acreage. Market receipts from fire.
cured and dark air-cured types were
estimated at $14,000,000. Growers of
these two types will receive approx
lmately 81, 100000 in benefit payments
Maryland tobacco growers received
about s4,600,000 from tobacco sales
and will get about $4,000 benefit
payments
Evening star., 1934-04-22
March Trade and Provisions
of New Budget Prove
Stimulating.
PARIS REVERSES POLICY
TO LAUNCH DEFLATION
Move to Cut Salaries and Living
Costs Regarded as Last Stand
for Gold Basis.
pc cial Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 21.-Cables and
radio dispatches to Business Week
give the following survey of business
abroad for the week ending today:
LONDON. -" With the successful
issue of the $50 ,OOO,O 900 pounds of the
funding loan, the government can
now look forward to a year or two
without any major financial opera
ton. The fact that the loan is Of
25-year term at slightly over per
cent g per cent at 98) has been
widely interpreted in London as a
sign that official support may now
be withdrawn from the gilt-edged
market.
"A few weeks ago J. M. Keynes
argumentatively convinced most mar
ket observers that the nation is in
for at last a year of low interest
rates and looked forward to a 2l2
per cent level by 1885. The govern
ment loan has shaken that belief,
for it is now felt that the govern
ment would not have borrowed so
large an amount had there been a
practical possibility of borrowing at
lower rates later.
The tone of business in Britain
is good this week. The new budget.
with its income tax reduction and
removal of pension and salary cuts,
and the good March trade figures
are stimulating factors. Trades which
are tagging behind the general level
include cotton textiles. paper manu-
facturers and shipbuilding. Those
which show the best record of re-
covery are woolens, iron and steel,
cutlery and leather, and the electri-
cal industries.
There was a distinct shift of in
terest on the stock market this week
from mining shares gold mine shares
have recently experienced another
boom) to rubber. because of the
general belief that a restriction
scheme is about to be adopted by
the major world producers. Oil
shares also are lively. with indus
trials firm on continuing good re-
ports from leading companies"
France Tries Economies.
PARIS. This week marks an
epoch in French postwar history.
Until now, the trend in France has
been steadily toward either increasing
prices or maintaining them at fixed
levels. Now Doumergues government,
definitely faced with the alternative
of slashing expenses or borrowing
from the Bank of France (Which is
the worlds closest money lender)
has finally resolved to attempt to
undo all of its predecessors policies
by resorting to defiation First move
is to cut salaries and reduce living
costs.
If the economies which are being
carved out of the salaries of civil
servants and out Of pensions are ex-
tended to the railroads (also a gov
ernment industry, more than one
sixth of the population of the coun-
try will be affected by the deflation
policy
This program has required cour-
age, but it had become a question
of courage or disaster, and, as at Ver-
dun, French morale is splendid under
stress despite general discomfort.
This experiment is last effort to
keep rance on the gold standard" 1"
Evening star., 1934-04-22
BY EDWARD w. MORRISON.
Special Dispatch to The Star.

~ ETROIT, April 21.-Aside from
the widespread demand for
new cars, no phenomenon
- during the first four months
of 1884 has attracted more
attention in the motor capital of
America than the efforts put forth
by major companies to reach buyers
in several class ranges. The purpose
has been not only to strengthen
company positions, but to strengthen
also the hands of the dealers.
Oldsmobile present now both a six
and an eight cylinder line. Nash
brought forth the Lafayette in class
not previously touched. The La Sale
was placed in a new range to make
the sales possibilities more attractive
In the low-priced field, Plymouth
was put on the market in de luxe
Evening star., 1934-04-22
SHOE SALES REPORTED
BEST IN FOUR YEARS
Nv the Associated Press,

BY the Associated Press.
NEW YORK, April 21.-Dun &
Bradstreet, in a review of the shoe
trade. says retailers throughout the
country report "the largest Spring
business in four years, with gains OF
IS to 40 per cent frequent, although
the movement of merchandise in the
Middle Western and Eastern States
has been slower since the beginning
of April because of unfavorable
weather conditions"
Evening star., 1934-04-22
BUYERS ARE HESITANT.

NEW YORK, April 81 (P.-A drop
in the demand for kitchen wares was
reported this week by selling agents.
Despite rumors of price increases,
stores are becoming hesitant about
advance buying.
Evening star., 1934-04-22
ELECTRICAL GOODS LAG.

NEW YORK, April 81 (P).-Manu-
facturers are unable to account for
a drop in the normal volume of pur-
chasing of small electrical goods.
Heavier appliances such as washing
machines, vacuum cleaners and me-
chanical refrigerators, continue to sell
freely
Evening star., 1934-04-22
COTTON BILL HELD
MENACE TO SOUTH
D. S. Wheatley of Shippers Group
Declares Bankhead Measure Is
Entering Wedge.
BY the Associated Press.

BY the Associated Press.
MEMPHIS, Tenn, April 21.-D. S.
Wheatley Of Greenwood. Miss, presi-
dent of the Southern Cotton Ship
pers' Association, criticized the Bank
head cotton bill in his address at the
convention today.
"The Bankhead BILL" he said. will
be very detrimental to the South. 1t
is an entering wedge for compulsory
control of agriculture.
1T places confiscatory tax upon
the money crop of the South"
Evening star., 1934-04-22
AUBURN LOSS AT S857 .395.

CHICAGO. April 81 R.-Auburn
Automobile Co. reported a consoli-
dated net loss of $857,39 for Decem-
ber, January and February, first three
months Of the fiscal year.
Evening star., 1934-04-22
GENERAL BAKING co.

NEW YORK, April 81 @.-Gen-
eral Baking Co.. reports net profit of
S426,665 for the 13 weeks ended
March 81, compared with $424,643 in
the corresponding period of 1888.
Evening star., 1934-04-22
GOLD STATEMENT.

NEW YORK, April 81 R).-Today's
gold statement of the New York Fed
eral Reserve Bank showed receipts OF
$4l2,300 from India and S278,800
from England. There were no other
changes.
Evening star., 1934-04-22
BOND OFFERINGS LAG.

NEW YORK, April 81 CP.-New
bond offerings locally offered during
the week amounted to S9.8l6,OOO.
against S22 2,677,O last week and
$26,550, 900 a year ago.