davidaulloa/AmericanStories huggingface dataset:
Evening star., 1934-09-02
SECURITY FORMS
BEING SIMPLIFIED
New Commission Starts Task
After Transfer From Other
Federal Offices.

By the Associated Press.
Forms for the registration OF new
security issues are being specialized
and sinplifled by the Securities and
Exchange Commission experts.
This work came to the Securities
Commission only today, after being
administered by the Federal Trade
Commission for more than year. The
simplification job has been going on
for some time.
Few other changes in the rules for
registering new security issues are
contemplated now, although there
may be some alterations to avoid con-
flicts with the rules to be drawn for
registration of issues listed on stock
exchanges.
The transfer was but a formality
The Securities Commission will get
about $450,000 from the Trade Com
mission in funds the latter body has
not used for this work, and the en-
tire staff of 110 will be transferred
to the new commission.
Evening star., 1934-09-02
TRADING IN STOCKS.
AT 16-yEAR LOW
Price Changes Unimportant
and Ticker Pauses for
Long Periods.
WHAT STOCKS DID.
BY FREDERICK GARDNER,

Associated Press Financial Writer.
NEW YORK, September L. The
stock market was al but deserted to-
day and trading fell to the smallest
volume for Saturday in 16 years.
Prices changes were narrow and
mostly unimportant. Business was
largely in the nature Of tightening
both long and short accounts before
the holiday week end. Sales we're
only 113,060 shares, the smallest since
August 3, 1918, when only 6S,700
shares we're traded.
Many issues failed to trade, and the
ticker tape moved jerkily between long
pauses. The Standard Statistics Co.
price index of 80 representative shares
receded OIL OF one point to 725. Bonds
were quiet and fairly steady. Wheat
at Chicago closed unchanged to 5s of
a cent bushel higher, and corn "a
to 20 higher. The New York cotton
market was closed for the week end.
Among shares closing fractions to
q point lower were American Woolen,
Bethlehem Steel, Johns Manville,
Goodyear, National Steel, Liggett g.
Myers. Reynolds B, Union Pacific,
United states Gypsum and United
States Steel. Declines of points
appeared in United States Smelling
and International Salt. Simmons was
fairly active and lost about / u points
Hershey declined as much in a small
turnover.
American Telephone and Chrysler
gained small fractions, and General
Motors was barely steady. Continental
Can and American Brakeshoe gained
a point, and Pillsbury Ia in thin
markets.
In foreign exchange dealings the
pound sterling slipped of q of a
cent to its recent low of $4.9S12, but
there were reports that the British
equalization fund was again offering
support. Other currencies were
about unchanged.
Evening star., 1934-09-02
Brokers Discuss
Lightest Trading
Days on Record

Light trading on the New York
Stock Exchange yesterday started
a discussion in a brokerage Office
here as to some of the lightest
trading days on record. Yester-
days turnover was 10000 shares,
only $4,000 shares changing
hands in the first hour.
The statement was made that
the smallest full five-hour session
was on December 80. 1914, when
only $50 shares changed own
erShip. Another of the smallest
days was in 1924 which totaled
between $4,000 and go, 900 shares.
The smallest two-hour Satur-
day session was on December 26,
1914, when trading totaled 23,875
shares. Nobody could recall the
volume on the day the exchange
opened in 1892. One trader,
however. said his grandfather
told him one Speculator traded
a horse for 10 shares of Hudson
Bay Co. stock and other
perquisites.
Evening star., 1934-09-02
SHARP RISE REPORTED
In RESERVE BALANCES
BY the Associated Press.

by IIlt ASSOCIdVcu FTeSs.
Member bank reserve balances
, showed a sharp rise during the week
ended August 20, as the change was
measured by the Federal Reserve
Board. In the table that follows,
the total reserve balances are given
for comparable periods, as announced
by the board:
Week ended August 90. .S4.127. .oOO, 900
Preceding week. .,,,,,, 4,072 600 O0O
Same week last year...... 2,427,O0O,OO0
Evening star., 1934-09-02

30h 27 Hack w Of A (1&).
81 3h Hahn Dept Stores.
ga 31a Hall w r Printing
PAN 13 Harb walker (h50c)
6h III Hat Corp (A)......
62A 1914 Hat Corp pf.
1a VI Havana Elec Ry.
Ga Ia Hayes Body.
96A S1h Hazel Atlas Gl ts)-
lis 101 Helme &c w ff0.,
12h 5M Hercles Mot (h15c) ~
S1M SO Hercules Powder { ,
SO 4Sh Hershey Choc ta)..
101 80 Hershey Ch pf (t5).
10h ~ Holland Furnace. =.
13 5s4 Hollander Son t50c) ..
430M 80 Homestake NJ (t22)
23h IL Houd-Her( A. j1A d.
6M 2E HoudaIlle-Hersh b.
81 AZ House Fin pf(3h).
29% 12h Houston Oil. ......
5sS 2h Houston OIL tnew).
57h 35h Howe Sound t3)....
I'm AZ Hudson Mania ttan.
26h ga Hudson&Manhat pf
24Is 6h Hudson Motor Car /.
IA Ia Hupp Motors. .....
Evening star., 1934-09-02
TANNING SURVEY MADE.

NEW YORK, September ! R.-
A rapid survey of the tanning in
dustry to determine surplus capacity
and storage facilities has been started
under Federal auspices, with the view
of converting the millions of hides
from Government-slaughtered cattle
into shoes and leather wearing ap-
parel.
Evening star., 1934-09-02
PRICES ARE WITHDRAWN.

NEW YORK, September CP.-
A number of mills and houses ham
ding certain types of fine cotton
goods have withdrawn quotations on
these lines as the threatened cotton
textile strike approaches the date set
for the shutdown.
Evening star., 1934-09-02

(cqptinued on Pag4 o.
Evening star., 1934-09-02
Weekly Financial High Lights

BY the Associated Press.
Evening star., 1934-09-02
WASHINGTON STOCK EXCHANGE
YEAR 1884

Fsported by W. B Hbbs HHb Building
SALES OCCURRING
UP TO AND INCLUDING FRIDAY, AUGUST
Evening star., 1934-09-02
, UTILITIES. BONDS.

PUBLIC UTILITIES BONDS
S54 600 Ana e. Pot Riv r r. 1s 5s 1e49.
R guar OO
5s 80
&
&
$4,000
10000 Wash Gas LGht 1st S. 1890 1881
4s700
e
1000 Columbia
1000 Wash IS,
The Washington times., 1934-01-03
3-YEAR RECORD.
IN HARDWARE

NEW YORK, Jan. 3.-Christ-
mas trade throughout the country
has undoubtedly been the best
since 1880, and while the reports
of final volume from all areas are
not available, seldom do the esti-
mates Of increase range less than
Is per cent, Hardware Age will
say tomorrow in its market sum-
mary.
Some stores reported early SELL
ing as reaching 40 per cent in ex-
cess Of the corresponding 1882
period.
The last-minute shopping rush
caught many dealers unprepared,
as evidenced by the unusual num-
ber Of wire and telephone orders
and personal pickup calls which
kept wholesalers busy, and, in
turn, developed a number of
wholesale shortages on popular
holiday sellers.
Trade was best in agricultural
regions, ran well ahead in indus
trial districts and held about even
in city areas.
With hardly time to catch a
breath, following the pleasant
holiday rush, hardware retailers
have generally plunged into their
annual inventory season. Prices
continue to reflect a firmer trend.
The Washington times., 1934-01-03
]. s. LIENS FIRM
IN IRREGULAR
BOND LIST

NEW YORK. Jan. 3. uNs0.
The bond market was generally
irregular today, with U. s. Gov
ernments showing a distinctly i'm
proved tone.
Liberty 31as was a leader in
the Federal list, UP 3-32, while
liberty 4th 4As, Treasury 3As
and Treasury 4Hs, followed with
smaller gains.
German bonds extended their
recovery. with the International
07as. and the Agricultural Bank
% Of 'SS gaining fractionally.
As Rails were mixed, with South
ern Pacific a strong spot on a
gain Of point to IS, and i'm
proved levels chalked up in Balti-
more and Ohio AIS and st. Paul
adjustment IS.
fractional losses were sustained
The Washington times., 1934-01-03
STEEL OUTPUT.
DROP NOTED

NEW YORK, Jan. 3 G.N.S0.-
AS an aftermath Of the heavy an
ticipatory specifications rushed
through in December, steel pro-
duction has declined to 81 per
cent from 81 per cent a week ago,
the Iron Age Review estimates to-
day. Increases are reported from
only two producing centers, Cleve-
land and Detroit.
The recession in specifications
has been especially marked in tin
plate. Some tin mills are idle and
the operations Of others range
from Is per cent to a maximum Of
60 per cent. Although consumers
have doubtless built up their stock.
ultimate consumption is showing
further gains, since the mobiliza-
ton of unemployed at CWA camps
and CCC cantonments is creating
an unusually heavy demand for
canned goods.
Another favorable influence is
a further expansion of export in
quiries. The automobile outlook,
however, is still clouded by diff
culties in gearing UP production
for new models.
Scrap, although not so buoyant
as recently, has advanced at Chi
cago and Philadelphia, raising the
Iron Age composite from $11.08
to $11.33 a ton. The finished steel
and pig iron composites are un-
changed at 2.0Sc a lb. and $500
a ton.
The Washington times., 1934-01-03
DEPOSITS
RISE IN WEEK

The Federal Reserve Boards
condition statement Of weekly re-
porting member banks in 80
leading cities on December q
shows increases for the week OF
one hundred and eighty-six
millions Of dollars in net demand
deposits, twenty-nine million dol
lars in investments and seventeen
million dollars in reserve balances
with Federal Reserve banks.
There were decreases of fifteen
million dollars in time deposits
and sixty-two million dollars in
Government deposits.
Licensed member banks form
erly included in the condition
statement of member banks in 101
leading cities, but not now in
cluded in the weekly statement,
had total loans and investments
Of $955 ,000,0 and net demand,
time and government deposits Of
nine hundred and eighty million
dollars on December 81, compared
with nine hundred and fifty
seven million and ME hundred and
seventy million dollars, respec-
lively, on December 20.
The Washington times., 1934-01-03
Dividend Waue
Rolls High

The first business day Of 1884
brought more cheer to security
holders than has been their lot
for many days.
With the flood Of dividend
announcements for the first
week Of the new year raised by
the delay on the part Of many
corporations until the special
federal dividend tax Of s per
cent was removed, IL companies
whose directors met yesterday
declared either increased divi-
dends, announced extra dis.
bursements, or resumed pay
mentS after lapseS ranging up
to three years.
The dividend news covered .
wide industrial field, including
mining, shoes, textiles, drugs,
investment trusts, publishing,
dairy, oil and cleansing prepa-
ratiOns. In some cases the
extra diviend declarations were
repetitiOns Of similar action In
previous periods.
The Washington times., 1934-01-03


It seems highly probable that
1884 will begin with a rise in in
dustrial activity, initiated and
maintained by large expenditures
and loans Of Government funds
through the CWA, PWA, bonuses
to farmers and the RFC. Such
disbursements will be partly to
give relief and partly to prime
the pump"
The immediate question, there
fore, is how far will this expan-
sion go, and how long will 1t last?
The answer depends upon the con-
dition of Government credit, and
upon the possibility that business
can get up its own steam so as to
carry on.
Debt Still Bearable
Though the present public debt
Is at peacetime record, it is not
yet larger than can be borne.
But there are certain difficulties
in the situation which might
cause trouble.
Too large a proportion of the
debt is in the form of short-term
obligations carried by the banks.
Too large a proportion of the
bank assets" are in Government
securities. Too large q proportion
Of the Government debt has been
incurred for purposes wrich are
not likely to result in any income.
Finally, the existing large
amount Of Government debt has
been piled upon a. pre-existing
mass Of frozen private credits.
It is thus impossible to say how
long the Government spending
The Washington times., 1934-01-03
PITTSBURGH PRODUCE

PITTSBURGH, Jan. 8 (I.N.s.).-Poul-
try-Market steady; demand good; sup
up, i4c; medium, lie; Leghorns Hens.
Sk pounds and mp, Zoe: medium. Sc;
Hard Rock springers, ~ pounds up.
13c; Leghorn springers, SC; colored
springers, pounds up, lie; medium.
10c; turkeny hens, 1sc; roosters.. SOC:
ducks, 5h pounds up, 11c; under, &c;
geese, lie; ordinary. &c; young TOMS
i7c; old toms, 14c; No. toms, 12c.
supply good; 90 score. 1sc: 80 score
1Sc; ss score, 17hc; standard. 1shc.
Eggs-Market firm; demand good;
supply good; 'nearby current receipts
18m 2Oc; fresh extra firsts, 20@21c;
hennery white extras, 2S@25c; South
ern Ohio, West Virginia and Kentucky
current receipts, 10000: refrigerator
extras, 16% 16c; refrigerator extra firsts'
1914 617hc.
The Washington times., 1934-01-03
COMMON STOCK
VALUE JUMPS

The value of common stocks
listed on the stock exchange ad-
vanced approximately 81 per cent
in December, according to the
index of 100 representative issues
compiled by Frazier Jelke & Com
pany, which showed an apprecia-
tion of $433, ,461 900 for the month.
In the year the rise amounted to
S., los ,923,0 900, or 56.1 per cent.
Ten of the 13 separate clas-
sifications scored advances in the
final month of the year; the larg-
est appreciation on a percentage
basis, taking place in the railroad
equipments with a gain Of 11.9
per cent.
The motors advanced 1912 per
cent and the steels rose go per
cent. The food group lost 6.4 per
cent, while the oils and electrical
equipments each lost about /
per cent.
During the year only the utility
shares lost ground, the deprecia-
tion in this group amounting to
$629, $4,000 or about 35.7 per
cent.
The sharpest advance occurred
in the railroad equipment with a
gain of almost ITS per cent. The
mining and motor stocks rose by
about the same margin, each ap-
more than 100 per cent,
while the building shares scored
an advance Of more than 10
per cent. The steelS rose 95 per
cent and the chemicals 1872 per
cent, while the oil group appreci-
ated almost "a per cent.
The Washington times., 1934-01-03
Clue to Trade Course
Seen in u. S. Bonds

might be carried on. The wise
man will watch the price Of Gov
ernment bonds, and the banking
situation as affected by invest
ments therein, as furnishing q
clue to new developments.
Can business 90 ahead on it's
own steam after the "priming"
process? One cannot say that
this is impossible. But it re-
mains true that business gets
up steam for the sake Of prof
its, and that there is 50 much
uncertainty as to profits that
the outcome cannot be safely
taken for granted.
Taxes must be very high. Wages
per man-hour will certainly be
high. The present program calls
for particular efforts to raise the
price Of raw materials, while
finished goods prices are likely to
meet consumer resistance and
political charges Of profiteering.
Crisis to Be Met
It therefore seems reasonable to
conclude that:
~ Business may run on Gov
ernment steam as long as Gov
ernment credit holds up, and
that
(2) A critical period will come
whenever the shift is attempted
from Government stimulation to
the initiative of business itself.
We note that the stimulus Of
Government spending has chiefly
been applied to consumers goods,
and that relatively little gets back
to capital goods. This is true
largely because of uncertainty as
to the dollar, but also because
excess capacity still exists in
many industries.
Dangers Are Seen
The possibility of stimulating
activity in the important "heavy
industries" must depend largely on
confidence in the future for these
industries require long-term invest
mentS. Unless, therefore, Govern
ment spending is so limited and
directed that confidence in money
and credit is not destroyed, the
effort to stimulate the heavy in
dustries may defeat itself.
Much more than this it does
not seem possible to say. So much
depends upon policies that, unless
one knows which policies will be
adopted, one can make no fore
cast. It has become difficult to
forecast for the same reason that
it is difficult to make business
plans.
The Washington times., 1934-01-03
Rays of Sunny
Trade Neus

Demand deposits and invest
ments Of reserve banks rise in
week. International Telephone
cut bank loans six million dol
lars in year. Crude oil out
put daily average for week
cut 146,79O barrels. Net for
Armour Company In IL months
$S,849,661, more than five
times that of preceding fiscal
year. Melville shoe sales up
22.4 per cent in December and
2.5 per cent for year. World
cotton mill activity rises to
level of four years ago. Ma
tiOnal City Bank net income
for year near IL million dol
lars, more than double pre-
ferred dividend and retirement
needs,
The Washington times., 1934-01-03
Hog Market ActiUe
With Prices Steady

CHICAGO, Jan. 3 G.N.S0.
The hog market was active and
strong today with most good
hogs quoted at $3.4O to $3.55.
Some were held at $3.50. Re
ceipts were 10000.
Good lightweight steers were
reported steady to strong, but
the heavy sold slowly and weaker.
Cows and heifers showed no
change. Calves sold 81 lower
than a week ago.
The sheep market was active
and strong, with statesmen asking
up to 1925 for the best lambs.
The Washington times., 1934-01-03
SPECTATORS
STAY ON CURB
S|DEL|NES

NEW YORK, Jan. 3 uN.s).
The curb market turned in o dun
and irregular performance today,
with speculations maintaining .
sideline position until opportunity
had been afforded to digest the
contents of the Presidents mes
sage to Congress.
Firm At Start
The list ruled firm for Q time
after the start, but without fol-.
low-up buying to sustain the
market, stocks dipped from their
early highs, several sagging below
previous closings. Alcohols con.
tinued firm, although unable TO
maintain early gains.
Utilities were sluggish, with
American Gas and Electric off.
Commonwealth Edison and Elec-
trio Bond and Share down
slightly. Continued demand de-
veloped for the low.priced shares,
with Niagara Hudson Power,
United Light and Power A. and
American superpower showing Q
steady tone.
Oils Churn Round
Oils churned around irregularly.
Singer Manufacturing stood out
in the specialtieS with q gain Of Q
point to 160.
Metals fluctuated idly, while In
vestment trusts marked time.
The Cities Service issues held
unchanged.
Utility bonds were improved.
The Washington times., 1934-01-03
Coffee Futures Up
As BLISu Week Ends

Coffee futures ended an active
week, with Santos futures 8 to 20
points higher and Rio contracts 6
to 20 points above the previous
Fridays close. The feature of the
week was buying from all sources,
Brazilian, investment. and trade
interests all doing their share.
Selling was principally profit-tak.
ing on the advance and holiday
selling.
The spot market has been quite
firm and higher. Santos Is now
quoted at 91ac against 9Ac last
week. Reports that interior prices
in Brazil are higher, coupled with
the improved statistical position
of coffee, has attracted ardent
supporters.
The Washington times., 1934-01-03
Melville Sales Up
For Month and Year

NEW YORK, Jan. 3 UN.SO.
A 22.4 per cent gain in sales was
shown today by the Melville Shoe
Company in its report for the four
weeks ended December %. Sales
in the period amounted to $2,307,-
1872, compared with $1,885, ,029 in
the like 1882 period.
Cumulative sales for the 50
weeks ended December % last,
aggregated $21,072,901, against
$20,072,901 in the corresponding
period last year, an increase Of
rs per cent.
The Washington times., 1934-01-03
Engineers Service
Income ShOLUs DrOp

NEW YORK, Jan. 3 G.N.SO.-
Engineers Public Service Com
pany, reported for the IL months
ended November 80, net operating
revenue of $18,767, ,861, compared
with $20,731,799 in the previous
12-month period. Consolidated
gross earnings were $1,743, ,931,
equal to $4.05 on the $5, $3.50 and
$6 cumulative preferred stocks.
This compares with 81 433, ,145,
equal after preferred dividends to
$1.10 per common share.
The Washington times., 1934-01-03
Baltimore Light Co.
Profit Off SLi0htLu

BALTIMORE, Jan. 3 G.N.SJ.-
Consolidated Gas, Electric Light
and Power Company, of Baltimore,
for the II months ended Novem-
ber 80, reported net income Of
$5,178,569 against $5,511,947, for
the same period last year.
Gross operating revenues de-
clined slightly to $24,925,130, as
compared with $25,032,628. Bal
ance after dividend payments
was $265 1877, against $609.737.
The Washington times., 1934-01-03
Business In Spots
Good At Liverpool

LIVERPOOL, j, :. 3 QNSO.-
Good business was done in open
ing spots in the Liverpool cot ,on
market t2day, with prices ste, -.
Receipts totaled $4,000 bales, in
cludin. 7,40O american.
At mid E2ay, middling f.r was
6.56d; strictly good middling
Gid: good middling 5.81d;
strictly r1iddling 5.61d; middling
5.46d: strict low middling
5.31d; low middl.ng 5.06d;
strictly good ordinary 4.86d, and
good ordinary 4.56d.
Futures were also steady at
the opening. January was 5.24d;
Mar 5.25d; May 5.26d; July
5.28d, and October Bid.
The Washington times., 1934-01-03
COTTON PRICES
BEST SINCE
LAST JULY

NEW YORK, Jan. 3 Q.N.S0.-
Cotton futures today moved to
new top prices for the current
move and to the best price level
since last july 10, as speculative
sentiment was aroused by the
opening Of the Seventy-third
Congress and the firm tone dis
played at Liverpool.
Gains Are Small
Although gains were small, the
list showed firm undertone.
Scattered profit taking, attracted
by yesterdays 81 a bale ad-
vance, was well absorbed
throughout the morning.
Buying by Wall Street houses
was combined with purchases for
the trade and for Liverpool and
the continent in distant months.
Professional and outside specula-
tive support increased toward the
close Of the first hour.
Local traders and the South
did most Of the selling, while
wire houses were said to be TAX
ing profits made on the previous
days rise.
Other Bull Factors
Added factors in the tone Of
the market were the announce
ments Of openings Of bids on
substantial amounts Of cotton
textiles for relief purposes and
better sentiment generally in do
mestic mill channels.
Noon quotations were up 8 to
4 points, with January up 4 at
1892, March up 3 at 10.45, May
up 4 at 1881, and July UP at
1919,
The Washington times., 1934-01-03
NEW YORK PRODUCE

NEW YORK, Jan. 8. (I.N.s.).-Butter
Easy; salted and unsalted, creamery
higher scoring, 1S@2O%c; creamery ex-
tras, 1s% @19%c; creamery firsts, 16A o
19hc: ladies, fresh, extras, lac:
1888, 15@17c: average run, lie; Wiscon-
sin whole milk, fancy young Americans
Eggs-Unsettled and irregular. nearby
white specials. 22h 025c; standards,
brown specials, 26@27c: standards, ESQ
csc: mixed specials. 25@2Sc; standards.
24c; firsts zoe: mediums, 1S@ SIC;
Pacific Coast whites fancy packs, 25h
@26c; standards, 24h @25c; mediums,
The wholesale price is s2.2S per 100
pounds. No. 1 fluid milk within the
2O1 -2lO- mile zone.
The Washington times., 1934-01-03
Electric Earnings
Off as Rate Drops

NEW YORK, Jan. 3 QN.S0
Lower rates cut the income Of
the electric light and power in
dustry in 1888, estimated revenue
amounting to $1,772, 1925, 900
against $1,S32,596,OOO for 1882, a
decline Of 3.3 per cent, according
to the Edison Electric Institute.
Sales of electricity we're IS $685.
100000 kilowatt hours, against
63,765, 100000 for 1882, a gain Of
2.8 per cent.
The Washington times., 1934-01-03
STOCK ACTIVITY

Transactions on the New York
Stock Exchange reached q high
Of 9,570, 900 shares during the past
year and a low Of 100000 shares.
The largest volume recorded in
1882 was 5,500,00O shares, while
the smallest was 100000 shares.
The Washington times., 1934-01-03

in Chesapeake Corporation IS,
Northwestern 4As, Erie IS Of rs,
and New York Central 41as new.
Studebaker IS featured the do
mestic group with squirt of more
than a point, as against a decline
Of 2 points in McKesson and Rob-
bins.
The Washington times., 1934-01-03

C q n n o t, how
ever, + ore s e e
whether such
an average re-
suit will work
out Of q rise,
e arly in the
ar followed
by reaction, or
an Q arly de-
cline followed
by recovery. In
fact, a S eri e S
Of irregular up
a nd do W n S
might give the
S a m e n e t re-
The Washington times., 1934-01-03
FUTURES
SHOW QUIET
STRENGTH

CHICAGO, Jan. 8 Q.N.S0.
Quiet strength in a dull trade
prevailed in grains today as the
market awaited President Roose-
velt's message to Congress.
Near mid-session prices were
around the top, wheat being 70
to 4c UP after opening hc UP
to bc down. Corn was " to
Ac up. Oats unchanged to &c
UP and rye &c up.
Buying was not very aggres-
Sive but values were able to
climb in the absence Of offer
ingS.