davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1934-07-31
FIRM APPEALS
GOLD CLAUSE
DECISION

An appeal from a decision Of
United States District Judge
Charles B. Faris, Of st. Louis,
that Congress was within its
power in abrogating the gold
clause" in contracts affecting BE-
tween $4,000, 100000 and $685.
O00, 100000 worth of bonds and
notes, has been filed in the Cir
cult Court of Appeals.
Judge Faris allowed the appeal,
which contains alleged assign.
ments Of error cited by the Bank
ers Trust Company of New York,
plaintiff, in action against the
Missouri Pacific Railroad Com
pany. The trust company is truS-
tee for $34,548,000 in bonds orig
inally issued by the Iron Noun
tain Railroad, now controlled By
the Missouri Pacific.
Error Charged
It is asserted in the appeal that
Judge Faris erred in holding that
Congress had the power under
the Constitution to enact so much
of Public Resolution No. 10 as
purports to provide that contracts
for which there is an agreement
to pay in gold, could be discharged
by coin of public tender.
Further allegation OF error
made by the trust company was
that the holders of bonds such as
those at suit "were entitled to
payment in gold coin of the United
States of the standard Of weight
and fineness of May /, 1908. or
the equivalent, if such equivalent
could be determined"
Gold Desired
The trust company asked the
court to declare the bonds payable
in gold of the quantity called for
in the gold clause of the face Of
the contract. Since payment OF
gold now is impossible, the trustee
further sought payment in pres
ent currency equivalent to the
amount of gold called for in the
contract.
To have paid the bonds on this
basis would have required about
$1,695 for each $1,000 bond. The
in currency in terms
of gold resulted from President
act in revaluing the
gold dollar at 59.06 per cent Of
its former gold content.
The Washington times., 1934-07-31
WAR THREATS
BOOM IRON

PITTSBURGH, July G.N.S). .
Internal strife, insurrection, and
war rumors in Europe and Asia
caused the expectation Of scrap
iron and steel from the United
States to set new record during
the first six months Of 1884, fig
ures showed here today.
Exports scared 108 per cent,
from 355,354 gross tons for the
first half of 1888 to 738,848 tons
this year. The tonnage was
more than six and one-half times
that of the first half of 1882.
Exports to Japan, which has
troubles in Manchukuo and over
the Trans-Siberian Railway.
amounted to 407,592 tons Of
scrap, a SIS per cent increase over
the first six months Of 1888.
Italy, with troops massed along
the Austrian frontier since the
murder Of Chancellor Engelbert
DollfuSS, was the second largest
buyer. It's purchases totaled a.
308 tons, or 53,067 tons more than
in the 1888 period.
During 1884 European countries
took SO per cent Of all shipments
made from the country.
The Washington times., 1934-07-31
COAL MEN ASK
OIL PRICE RISE

Contending that low fuel oil
prices have been raising havoc
with the coal industry, a represen.
tative of the National Coal AS
sociation yesterday urged a fur
ther advance in oil prices at a
hearing before the Petroleum Ad-
ministrative Board.
The hearing was ordered by Sec
retary Ickes on the basis Of COM
plants from consumers that fuel
oil prices had been increased un-
duly.
Allen H. Willett, spokesman for
the national association, said that
coal operators were in a perilous
position because markets were
slipping away to competing prod
uctS.
DR.. Ruth w. Ayres Of the NRA
Consumers Advisory Board quickly
retorted with a warning that "coal
interests are playing with fire in
suggesting that competition be-
tween industries be regulated by
the Government"
Earlier, DR.. Ayres contended be-
fore the board that a price in
crease of from 200 to 400 per cent
in fuel oil from June. 1888, to
June, 1884, was unjuStified. Prices
at refineries have gone up ia per
cent, she said, and are 127 per
cent over their all-time low.
After reading score Of com
plants from consumers, asserting
that present prices "spell dis
aster," look like a "stick-up," or
contain a hint of monopoly, DR..
Ayres said:
EITHER the price must come
down or the industry must show
cOncIuSively that the price is in
diSpenSable to recovery Of the
industry"
The Oil Administration has
power to fix prices under the Oil
Code, but has not yet invoked it.
The Washington times., 1934-07-31
Produce Markets

Htruck receipts, SO-pound sacks, round
type, soc.
Pears-California. boxes, Mountain
Bartletts. $2.25@2.75, according to con"
dition.
Bananas-Three cars arrived; . uA~
broken cars on track.
l.. c. L. Express Arrivals at
Washington, ID. c., July 81
Florida-44 crates avocados. So crates
limes % crates mangoes, 3S busheI
baskets okra, IS bushel baskets pepperA
North Carolina-522 crates can't
aloupes, % 16-quart crates huckleberrieA
73 bushel baskets lima beans, 50 NJ
busheI baskets orka, 20 busheI baskets
okra, ~ bushel baskets peas.
New York State-24 crates celery.
California-65 boxes II lbs. each, figs.
New Jersey-34 32-Quart crates huckle-
berries.
Virginia-5 barrels watercress.
Mixed Vesetables-15 crates.
The Washington times., 1934-07-31
1888 Chemical
Trade Better

Export trade in chemicals
and allied products improved in
1893, especially from the stand
point Of tonnage, the Depart
ment of Commerce announced
in a world chemical survey for
last year.
The relative position of large
producers and exporters re.
mained unchanged in world
trade. United States is the lar
gest importer, it was stated.
Germany continued as leading
exporter. World exports exceed
ed 100000 in value last
year. Russia and Japan in
creased chemical shipments last
year, the former to European
countries and the latter to the
Far East, the report stated.
The Washington times., 1934-07-31
BIN, 7. LISTING
HITS SNAG

The Federal Trade Commission
disavowed responsibility for the
listing on the New York Stock
Exchange of an $S,Oo0,OoO bond is
sue by the Brooklyn-Manhattan
Transit Corporation. and warned
Of q possible violation Of the Sc
curities Act.
An! intimation that more direct
action might follow was given In
q formal statement that:
The commission declined to
state whether it had at the pres
ens time any evidence Of q viO-
laAon Of the Securities Act in
Connection with the sale Of the
b. M. T. bond issue, and also
dsGlined to make any statement
With respect to the procedure
Which might be taken by the
commission in the matter"
Listing of the BIN. T. bonds
WIS mot in any way approved or
dSapproved" by the commission,
iH announcement said, contrary
tp published reports last week,
7he commission had understood
dat distribution of the bonds
buld be kept entirely outside the
cope of the act, by avoiding use
/ mails or the instruments OF
bmmerce.
The commission pointed out
hat the listing might contem'
blate further distribution of the
bonds prior to the completion OF
their ultimate distribution and
might result, sooner or later, in a
violation of the securities act"
BIN. T. counsel have contended
that the bonds are issued by a
New York corporation to be sold
only to residents of New York
State. To gain exemption on this
ground it is required that the
securities at the time of compile:
ton of ultimate distribution shall
be found only in the hands OF
investors resident within the
State" the commission declared.
The Washington times., 1934-07-31
N. Y. Curb Quotations

NEW YORK, July 81 GN.S0.
The curb market continued more
or less irregular today, although
there was renewed absorption of
the speculative leaders, number
of which were able to rule at
moderately higher priced territory
through most of the trading.
The metal group was again
prominent, with Pioneer ad-
vancing a point to 13 on the in
crease in dividend from 80 to 80
cents annually. Nominal gains
were recorded in Lake Shore, Hol-
linger, New Jersey Zinc, and
NatomaS.
Utilities resumed their cautious
pace of recovery. American Gas
and Electric Rose "a to 2234, Elec-
trio Bond and Share gained A at
liz, and American Superpower
was up s at 2.
Atlas Corporation firmed "a to
8b in dull investment trust list.
Oils were somewhat higher.
Pittsburgh and Lake Erie, one
of the few listed curb rails,
dipped 112 points to 641a.
AlcoholS did little, with the ex-
ception Of Canadian Industrial
Alcohol A, which gained "a to IN.
SpecialtieS were Spotty.
Fractional gains in American
Cyanamid B, Sherwin Williams,
Glen Alden Coal and Swift Inter
national were offset by minor
losses in Great Atlantic and Pa
cific Stores, Ford Motor of Can
ada A and Dow Chemical.
The bond division, for the most
part, maintained a steady tone.
The Washington times., 1934-07-31
COTTON PARES
EARLY GAINS

NEW YORK, July 81 IN.s).
Opening gains in cotton futures
were paredtin later dealings today,
but the list maintained a steady
tone despite easiness in stocks and
weakness in grains.
The initial upturn came in the
face Of a drop of a half dozen
points in the Liverpool market and
netted gains Of six to eight points.
The advance was held until late
in the first hour, when some real
izing came into the ring on the
lower opening of wheat.
Trading continued moderately
active throughout the forenoon.
Cotton was taken out of the mar
ket by several large wire firms and
by domestic mills. Wall Street
was an early buyer. Offerings
were furnished by local operators
and Southern interests. A few
professional traders liquidated
long positions at the start of the
second hour. Contracts, however,
were not plentiful.
Another private estimate today
forecast the crop at 9,412,00O bales,
as against last years harvest Of
13,O47, 900 bales. This is the third
issued so far, the others indicat-
ing a crop under the 5000 ,OOO-bale
mark.
Noon quotations were up three
to four points, with October up 4
at 1877, December up at 1929,
and March up 3 at 13.46.
The Washington times., 1934-07-31
FISHERS INDEX
OFF FRACTION

Showing a decline Of three
fractional points, Prof. Irving
Fishers index of wholesale com
modify prices last week receded
to 77.8, the level of three weeks
ago.
This figure compares with 1871
in the previous week and with the
depression low of $50 on March
8, 1888.
The purchasing power Of the
dollar gained six fractional points,
advancing to 1885.
The British index Of wholesale
commodity prices moved three
fractional points higher to 64.5,
This compares with 64.2 in the
previous week, with the recovery
high of 66.4 and with the depres-
sion low of 58.7.
The Washington times., 1934-07-31
VALLEY STEEL
RATE HOLDS

Steel mill operations in the
YOUNGSTOWN area will start the
week unchanged at 35 per cent
of capacity, as the steel market
continues to reflect the summer
lull in demand. Orders for auto
mobile plants are substantially
lower than a month ago.
Miscellaneous steel buying for
makers of household equipment is
holding up and demand for some
type of tubular goods is fair. No
marked increase in ingot pro-
duction is likely for at least three
more weeks. Youngstown mill
operations at 35 per cent Of Ca
pacity, compare with IS per
cent a year ago, 13 per cent two
years ago and AZ per cent in the
like week of 1881.
The valley steel trade, pending
the upturn in demand which
everyone expects to develop in
late August, is interpreted now in
purchase and installation of new
equipment.
The $2O,OO0,O00 mill improve
ment program launched by north
eastern Ohio mills early this year
is now fully under way with two
large continuous strip mills in or
near the construction stage
Throughout the valley, mills are
being placed in condition with
the obvious belief that subStan-
TALLY heavier production sched-
ules will be seen this fall.
The Washington times., 1934-07-31
';; :s'ss Ss' N. Y Bond Quotations v :;5ssos: 5 s

NEW YORK, July 81 GIN S..
The bond market was a shade
easier today, with United States
Governments and rail obligations
running into scattered selling
pressure.
Federal liens failed to extend
yesterdays late rally, with the
Treasury 4As, Treasury 4l4s Of
AS, Treasury IS and Home own
ers Loan IS easing frationally.
Offerings in the carrier list
were centered in the Baltimore
and Ohio 41as, Great Northern
rs, and New York Central Con
vertible 6s.
Prime utility loans were mod.
eratel yhigher, with American
WaterworkS SIS American Tcle.
phone IS of '65, and American
Telephone 512s among the best.
Germans were again under
pressure in the foreign list.
The Washington times., 1934-07-31
CLOTH MARKET FIRM

tendencies were displayed by the coarse
yarn cloths market today, but business
put through in standard numbers did
not run into any appreciable volume.
the cotton crop report is likely to show
much lower figure than had been
looked for until recently, sharply higher
raw cotton prices are looked for through
the summer. This belief would ordin-
arily bring in consid derable buying, but
finished goods are moving in very small
volume, and buyers have plenty Of goods
to meet this restricted demand for their
product.
The Washington times., 1934-07-31
MEMBER BANKS
DEPOS|TSR|SE,
LOANS FALL

The Federal Reserve Boards
condition statement of weekly re-
porting member banks in 81 lead
ing cities on July Is shows in.
creases for the week Of $58, ,000, 900
in net demand deposits and $685..
100000 in reserve balances with
Federal Reserve banks, and de-
creases of $23, 900 900 in loans and
100000 in investments.
Loans on securities declined
t30,000,000 at reporting member
banks in the New York district
and $29 100000 at all reporting
members banks.
"AlI Others" Rise
"All other" loans increased $10,.
100000 in the New York district,
$4,000, 900 in the Chicago district,
and $6,O00,O0O at all reporting
banks.
Holdings Of United States Gov.
eminent securities declined $19,-
100000 in the New York district,
$4,000, 900 in the st. Louis district
and $16,000,000 at all reporting
member banks, and increased S..
100000 in the Chicago district.
Holdings of other securities in
creased 100000 in the Phila-
delphia district and $4,000, 900 at
all reporting banks, and declined
$6,000,000 in the New York dis.
trict.
Licensed member banks for.
merly 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 81, $50, ,000, 900 and net demand,
time and Government deposits Of
$1,252, 100000 ON July Is, COM
pared with $1,146, ,000, 900 and ST.
244,000,000, respectively, on July
18.
The Washington times., 1934-07-31
GRAIN FUTURES
MOVE LOWER

CHICAGO, July 81 GN.S),
Grain prices moved lower today
but the market encountered
strong support and the declines
were limited to small proportions.
Wheat and corn each dropped
about a cent to $1.01% and SO cents
respectively, but prices recovered
partially as pressure subsidized.
Easier cables and scattered profit
taking were depressing factors.
There was no change in
weather conditions throughout
the grain belt and foreign advices
continued bullish.
Wheat near noon was off to
13s cents, corn, 5s to 11s cents;
oats, 1s to 2s cent, and rye, 1h
to ~ cents.
The Washington times., 1934-07-31
C. & P Revenues, Expenses
Increased During June

Revenues of the Chesapeake
and Potomac Telephone Company
for the month of June were $685..
316, and for the six months per-
iod ending June, 80, 1884, were
$4,907,914, compared with $780,
655 and $4,574,094 respectively a
year ago.
Expenses for the month, includ.
ing interest, amounted to $644,219,
and for the six months period
amounted to $3,918,501, while the
1888 figures were $523,147 and
$3,223,476 respectively. Taxes foE
June, 1884, were $63,811, and for
the six months period were $378,'
455, an increase Of $11,588 over
the same period last year.
During the month of June, 1884,
the number of telephones in Wash
The Washington times., 1934-07-31
NEW YORK

Firm, salted and unsalted, creamery
higher scoring. 25h h@27hc; creamery
extras, 25A @2Shc; creamery firsts' II
@26c.
Cheese-Firm: state whole milk flats
specials, 1S@19c; average run, $50
16hc; Wisconsin, whole milk fancy
young Americans, 1917 Q13%c.
Eggs-Steady to firm; nearby white
diums, 2O@ 23hc; nearby brown specialA
22@28c; standards, 21@21hc; mixed
specials, 21h &24hc; standards, 20h @
21c: firsts. 1sQ1Shc. seconds 1Shc:
fancy packs, 27@27hc; standards, 25h
@26hc; mediums, 23h @25c.
The wholesale price is $2.1O per 100
pounds No. / fluid milk within the 2o1"
21O mile zone.
The Washington times., 1934-07-31
High Low | 1918

|ington was decreased by 245. The
report of operations of the Chesa'
peake and Potomac Telephone
Company, just filed with the
Public Utilities Commission Of the
District of Columbia, shows 1872
723 telephones in service in Wash
ington on June 80. This repre-.
sents an increase of 1862 tele'
phones during the past six months.
Telephone calls completed during
the month showed an increase of
1881, 900 over the same period
last year, according to John A.
Remon, general manager Of the
company.
The cost Of plant in service, as
represented by the company's
books on June 80, 1884, was $685.
359,319,
The Washington times., 1934-07-31
Mcclellan Stores
Net Profit $415,635

Reports of the trustees in bank.
ruptcy for Mcclellan Stores Co. for
six months ended June 80, shows
estimated net profit Of $415, 5,63S
after depreciation, obsolescence Of
inventory, depreciation and amor.
tiZation, Federal taxes and non.
recurring charges and other ex.
penSeS.
This estimated profit was pre-
pared from the books and rec.
ordS of the trustee without veri.
fication or audit and from in.
formation submitted by employees
Of the trustee.
The Washington times., 1934-07-31
CHICAGO

CHICAGO, July 81 U.N.s.).-B0tter,
1873 tubs; market firm. Old cars. u;
new, II. Creamery extras and stand-
ards, 24h; extra firsts, 23@23h: ffrstA
22@22N; seconds. 2Oh OIL; specials
25@25h.
Eggs-4,O7s cases; market firm. Ola
cars, 8; new, /. Current receipts, 14@
1870 fresh extra firsts, less than cars.
1910; cars, 17Ac; fresh firsts. less
than cars, 1910; cars, 17hc; dirtieas
1l@13hc; checks, 11@13c.
Cheese-Twins, liz @11hc: daisies
11% @12c; longhorns. 11h @11%c.
The Washington times., 1934-07-31
BUFFALO

EAST BUFFALO, n. z, July 81
G.Ns). holdoverS none:
active, strong. Bulk desirable. 170-2bS
pounds, averaging over 1910 pounds
S5.2O05.25; one load 22O pounds aver
age, $40: 17O-21O pounds. $40: mixed
quality, 17O-pound average, S4.S6' ana
I3O-16O pounds, $4@4.25.
Cattle-2Oo. No Governments. Steee
trade at standstill. Apparently little
demand. Cows unchanged. Low-cutter
and cutter grades, S1@2.
Calves-50. No Governments. Veal
ers steady. Good to choice. mainly Is;
common and medium, $3.7S@4.25.
Sheep-lO0. Odd sales. Good -
choice lambs. bucks included, fully
steady, 36.75: ewes ana wethers quoted
$1.75 and better; inferior throwoutS, FS'
The Washington times., 1934-07-31
LIVESTOCK MARKETS

CHICAGO, July 81 U.Ns).-Live-
stock receipts today consisted Of 5000
cattle, 5000 hogs and 5000 sheep a.
the strike at the Union Stock Yards
was still on. Half the cattle and all
the hogs and sheep were sent direct to
packers The cattle run included 5000
for Government slaughter.
At outside markets hog prices have
advanced 10 to 15c during the past
pected considering the shortage because
of the strike. Receipts of hogs for the
month Of July here will show a de-
crease Of 176,000 compared with last
year,
The Washington times., 1934-07-31
PITTSBURGH

PITTSBURGH, July 81 UNs).
haevies, $45O05; medium, S5@5.2tS
light, S5@5.25; light lights. $3.76 @4.6OS
packing sows. $S.5O@4; pigs. $s@S.6o.
Cattle-Receipts rs; nominal; xsteere
(SO0-1,1OO pounds) good. $4.T@6;
xheifers (550-S5O pounds) good. $3.75@
$50: cows: good. 1s.76@a.SO; bulls
calves = Receipts 100; unchanged;
yealers, good and choice, $4.75@5.
Sheep-Receipts 500: steady; lambs.
good and choice. &6@S.7S; .yearlinE
wethers. good and choice, $450
aged wethers. medium good, $20S;
ewes good and choice, $2@2.2S.
Knot extreme limit of grade.
The Washington times., 1934-07-31
PIPE LINE PAYS

Southern Pipe Line Company
deslared a dividend Of IS cents.
PAYABLE September l to stock OF
record August IS. The last pre-
yous dividend was 10 cents, PAID
March /, this year.
The Washington times., 1934-07-31
CLEVELAND

CLEVELAND, Ohio, July 81 G:N.s).
Hogs: Receipts, $50; market active.
to 15c higher; bulk, $6.15; top 1913.
Cattle-Receipts 25O; market slow.
largely steady; good cattle scarcOi
choice dry-fed steers quotable, $3.50;
Calves-Receipts 800; market aetlvS
on good calves; prices steady; practlcSA
sheep~Receipts 500; market active
and strong; some of the good lambs
csc higher; choice quotabls at -.
The Washington times., 1934-07-31
NEW YORK WOOL

NEW YORK, July 81 Q.N.s).-wool
market. quiet; domestic fleece, un-
washed, Ohio and Pennsylvania. 27@
S2e; domestic pulled secured basis, IS o
s5c; domestic Texas, clean basis, $50
SSc: domestic territory. clean basis, 81
9S3c.
The Washington times., 1934-07-31
LONDON CLOSE

LONDON, July 81 U.N.S.).-Stocks
closed generally dull and lower on the
London exchange today. Transatlantic
Issues were steady.
The Washington times., 1934-07-31

I1OW
Greyhound Corp ....! 161sI Is 16
Gulf Oil ............. 52h 52b 52h
Hiram Walker. .......l 90 22% 22%
Hiram Walker pf..... Is is Is
Hollinger Mines. ...... 1SK 18 IS
Hudson Bay M&S..... 13 13 13
Humble Oil l........... 4OhI 39%l 40
Imperial Gil Ltd Regl 1871 1917 1917
Intl Hyd El SyS pf.. 10 1S 10
Internal Pet Ltd. 25%l 25%l 25%
Kerr Lake Mines. ......l 7-16l 7-1sI tbs
Lake Shore Mines. s.....I 51Xl 51%l SIX
Lehigh C & Nav. ..... III 7Al 7A
Libby McNeill & Libby AZ Az An
Lone Star G........... AL 4hl 4h
The Washington times., 1934-07-31
NAVAL STORES

NEW YORK, July 81 HN.s.).-Pet-
roleum market steady; crude Pennsyl-
Vania, $2.17@2.55.
Linseed oil. per pound, $50 carlots.
Turpentine, market firm, 4S.
Rosin market, easy, common, $5.2Sa
The Washington times., 1934-07-31
Laudick Gives Up
Firm Partnership

Louis w. Laudick, who has been
a resident partner here of the
New York Stock Exchange firm of
Fenner & Beane, will retire as a
partner in the firm on August J.,
according to announcement by the
local office of the firm yesterday.
General Richard K. Davis, man.
ager Of the local office, stated,
however, that Mr.. Laudick would
remain actively connected with
the firm.
The Nome nugget., 1934-07-12
JOHNSON PRoMULGATES NEW CODE FOR INDUSTRIES
(By The Associated Press )

WASHINGTON, July. 12, Gen. ieral Hugh s. Johnson promul- gated new basic code for indust- ries who are still without MIRA codes, Wednesday, and set thirty days as the deadiine to get under the new regime.
 Winding up with the Blue Eagle code, and making an inspec- tuai order, Johnson gave all in- dustries who have not been operat- in under National Recovery Ad- ministfation codes the choice of merging with the existing kind- red codes or of operating under the new basic code with the MIRA.
 Code authority will be created by Johnson. He stated it was not his intention to force all remain ing industries who have remained beyond the fold of the MIRA codes, under the new codes but gave notice to industries which have been remaining outside of the MIRA which appear to be harbor- ing labor abuses, they maye have the code imposed upon them.
 He stated that uncoded indust- ries, while numerous, employ fai less than ten percent of Americas