davidaulloa/AmericanStories huggingface dataset:
The midland journal. (Rising Sun, Md.) 1885-1947, 1934-12-21
TAKE THE PROFIT OUT OF WAR

Emphatically declaring that "the
time has come to take the profit out
war; President Roosevelt has as
sembled a high-power departmental
conference to prepare legislation to
this end, and at the same time began
the evolution of what may be new
and far-reaching world policies of
the United States.
He contempla les, as major legis-
lative achievement of the coming
session of Congress, laws which will
curb the excessive profits of war
time, in the regrettable event thai
the United States has to face the
problem of war again, and will place
equal sacrifices on business and in
dustry as well as upon the men who
fight and their relatives at home.
But beyond this objective, the
President aims specifically to pre-
vent overexpansion Of industry and
agriculture, piling up of huge cor
porative structures and fictitious
values. pyramiding of salaries, and.
all the other evils which resulted
from the World War. contributed to-
the imitation of the 1920 decade. and
illuminated in worldwide depression.
The midland journal. (Rising Sun, Md.) 1885-1947, 1934-12-21
A CHRISTMAS LEGEND

Quaint and curious are some Of
the old monkish stories about the
FIRST Christmas. One of the charm
ing legends relates that at the
moment Of the Nativity everything
and everybody stood still. The birds
paused for an instant in mid-air,
rivers ceased for the time to flow
a short, all the movements Of men
The midland journal. (Rising Sun, Md.) 1885-1947, 1934-12-21

and things everywhere were sus-
pended for brief space. The spells
of witches and wizards suddenly
came ineffectual-an idea which was.
no doubt. at the root of 5hake-
speare's reference to Christmas Tina
as being SO holy that then mo fairy
takes, nor witch hath power to
charm"
The midland journal. (Rising Sun, Md.) 1885-1947, 1934-12-21

What is civilization? Well, it be-
gins with the public schools. That's
the first step.
The midland journal. (Rising Sun, Md.) 1885-1947, 1934-12-21

Young men of twenty who nave
good manners will always have
them.
The midland journal. (Rising Sun, Md.) 1885-1947, 1934-12-21

People don't want money for hap
piness; they want it for fun. Don't
get 'em wrong.
The midland journal. (Rising Sun, Md.) 1885-1947, 1934-12-21

Among primitive men every one
has to help provide. A place is
made for him,
The midland journal. (Rising Sun, Md.) 1885-1947, 1934-12-21

The best throw of the dice is to
throw them away.
The midland journal. (Rising Sun, Md.) 1885-1947, 1934-12-21

Many a true word is spoken by
mistake.
The Washington times., 1934-05-29
DEPOSITS RISE
For MEMBERS
DURING WEEK

The Federal Reserve Boards
condition statement of weekly re-
porting member banks in 81 lead
ing cities on May % shows in
creaSes for the week Of $50, ,000, 900
in net demand deposits, $32, ,000,-
900 in investments and $50, ,000, 900
in reserve balances with Federal
Reserve banks, and decreases Of
$63, 900. 900 in loans, $4,000, 900
in time deposits and $1,000, 900
in government deposits.
Loans on securities declined
$22, 900, 900 at reporting member
banks in the New York district,
So, 100000 in the Boston district
and $37, ,000,000 at all reporting
member banks. "All other" loans
declined $22,O00.00O in the New
York district and $4,000, 900 at
all reporting banks.
Holdings of United States Gov
ernment securities increased $751;
900, 1000 in the New York district,
So. 1000, 900 in the Minneapolis dis
trict and $6.000,000 in the Chi
cago district, and declined $12..
900, 900 in the st. Louis district,
all reporting member banks show
ing a net increase of $4,000, 900
for the week. Holdings Of other
securities increased $11,000, 200
in the st. Louis district, $4,000, 900
in the New York district and
$24, ZOO, 900 at all reporting banks.
Licensed member banks former
ly included in the condition state
ment Of member banks in 101
leading cities, but not now in
cluded in the weekly statement.
had total loans and investments
Of $1,014, ,000,o and net demand,
time and government deposits Of
81, 900, 900 on May %. COM
pared with $1,019, 100000 and
$l,144,000,0C0, respectively, on
May 16.
The Washington times., 1934-05-29
S1,273,000,000
LOANED BY FCA

Farm Credit Administration
has loaned $1,273, 100000 to
farmers during the first year of
its operations.
Organized on May q a year
ago, this Federal lending agency
launched a national farm debt re-
financing program under which
approximately $791, 100000 Of
mortgage loans have been made
to date. At the same time, it
created $40 production credit as
sociations designed to provide
farmers and stockmen with short
term loans at a low interest rate.
The production credit aSSocta-
tons, organized by the Farm
Credit Administration, through
loans and discounts obtained from
Federal intermediate credit banks
have already made loans OF ap'
proximately $27 100000.
Twelve regional banks for CO.
operatives and the Central Bank
for CooperativeS here set up dur
ing the year and have made loans
totalling about $34,0oO,0O0.
The Washington times., 1934-05-29
WARNER PROFIT
RISE EFORESEEN
IHighl Low 1:15

Officials Of Stewart Warner
Corporation expect the second
quarter which ends June 80 next
to yield a net profit in excess of
the $167,495 or 10 cents a share
on 1,246,S47 shares reported for
the quarter ended March 81, 1884.
For the second quarter of last
year company reported net loss
Of $268,824 (adjusted to reflect
present accounting methods).
Company's automotive specifica-
tions have been leveling out in
line with the recent seasonal de.
cline in retail automobile sales
but its refrigerator business has
been on the upgrade. April net
profit was slightly under that for
March which accounted for 40
per cent to so per cent of the
first quarters total net profit.
Currently the company is turn
ing out in excess of 300 refrigera.
tors a day with two 35-hour shifts
running each week. It expects to
bring it's output up to about 400
units daily in short time in an
attempt to fill distributors orders
more quickly.
Company currently has a sub.
stantial backlog Of distributor
orders. AS this is the first year
in which the company has gone
into volume production on re-
frigerators, officials are unable
to predict whether that division
will yield a net profit for 1884.
They feel certain, however, that
it's operations viii yield sufficient
profit to cover all fixed charges
accruing to it, as well as a share
Of its depreciation charge.
Stewart-Warner is still in the
process of eliminating unprofit-
able items. After July l, when its
remaining contracts expire, the
company will discontinue the
manufacturer of bumpers. The
factory space now being used by
this division will be turned over
to the refrigerator division.
The Alemite division continues
to be the best Garner in the Stew.
art-Warner group. While it's sales
to manufacturers are falling off
currently, this decline in volume
is being offset by seasonal rise
in retail sales.
The Washington times., 1934-05-29
::;5ss N. Y. Bond Quotations :7:Issss

NEW YORK, May 30 dNS0.
The bond market showed a some.
what easier tone today, with scat
tered pre-holiday liquidation In
fluencing q slight downward re-
vision In values Of many Of the
active leaders.
Declines in the carrier group
were rather general, although
limited to fractional proportions.
Allegheny IS Of "a, Baltimore
and Ohio SIS D, Chesapeake Cor.
poration IS, Rock Island refund.
ing Is, Erie IS Of 81, Southern
Pacific AIS Of SO, and Southern
Railway general 6s were among
the issues to drop below previous
cloSings.
Utilities Power and Light 51as
sold off about a point in the do.
meStic list, followed by Abitibi
Power SIS and Western Union SIS
Of go.
q. s. Governments were unusu.
ally dull, with the Home Owners
Loan Is leading the decline.
Investment grade issues were
generally firm, while German gov
telling them to be on their way
ernments were steady in the for
eign group.
The Washington times., 1934-05-29
BANK INSTITUTE
CONVENTION IS
PLANNED HERE

Plans for the thirty-second an
nuai convention of the American
Institute Of Banking, to be held
here June lila, are progressing
rapidly and in excess of 1000
reservations have already been
made, according to T. Hunton
Leith, assistant cashier. Security
Savings and Commercial Bank
and chairman Of the general con-
Vention committee.
The hotels committee under the
craftsmanship of Robert H. Lacey,
cashier, Columbia National Bank
ard retiring president Of the local
A. I, B. chapter, has been kept
busy assigning hotel accommoda-
tionS to the delegates who will
come here next month to repre-
sent 230 institute chapters through
out the United States. 1t was
stated that the Chicago chapter
has reserved rooms for so Of its
members, this being the largest
single delegation which, so far,
has made reservations for the
convention.
The headquarters of the bank
ing convention will be in the
willard Hotel, which will house
many Of the visiting delegates,
the national officers and execu-
tive council of the institute, and
several of the conferences and
business sessions. The Washing
ton Hotel will also accommodate
q number of the visitors and be
the meeting place for several Of
ficial activities.
In addition the committee has
arranged for considerable space
in both the Raleigh and Harring-
ton hotels for this occasion. Mr..
Leith stated that wide publicity
has been given to the forthcom'
ing convention, and, aside from
the educational features Of the
proceedings, emphasis has been
placed upon the exceptional at
fractions of the Nations Capital,
and he confidently expects the at
tendance to exceed 1,500.
Assisting Mr.. Lacey on the
hotels committee are Joseph r..
Fitzpatrick and Lloyd Coates, Sec
ond National Bank; Edward M.
Blaiklock and Rose L. Royce,
Washington Loan and Trust Com
pany: Kenneth F. Brooks, Riggs
National Bank: George r. Flemer
and L. Harry Rider, National Met
ropolitan Bank; H. w. Ireland,
American Security and Trust
Company, and c. william McCor-
mick, Lewiston Of insolvent bank,
q. s. Treasury Department.
The Washington times., 1934-05-29
OUTPUT SCARS.
IN TR|-STATE !

Production of zinc concen-
trates in the Tri-State field for
week ended May 26 was S,416
tons compared with 7,720 the
previous week. This exceeds pro.
duction for any seven-day period
in about three years. During the
boom period, production never
ran much over 10000 tons weekly.
Fifty-seven mills are running, an
other record in the Tri-State
field. Shipments were 6,556 tons
compared with 7.2A7 the preced-
ing week. Purchases advanced
from 3,70O tons to 5000.
Price dropped 81 a ton and
stood at $27 a ton for flotation
and $28 for coarse concentrates.
While in the previous week mine
operators put 1000 tons in Stor-
age bins, now on a price Of 81 a
ton less they sold within about
300 tons of the entire output.
Lead output is also increasing
in the field with production now
averaging around 800 tons a
week. While CWA work was open
most Of the lead 'gougers" aban-
doned their small mines, but now
that about all Federal work in
the Tri-State district has ceased
miners are back in the ground.
The Washington times., 1934-05-29
v.:s:s ss.s,s :s'R:=:~ ;s:::: N. Y. Curb Quotations

NEW YORK, May 20. dN.S0,
The curb market backed and
filled listlessly today, with the
pre-holiday aspect Of the trading
accentuating the dullnesS Of re.
cent days. Except for the usual
handful Of exceptions, price
changes were restricted to in
significant proportions.
Aluminium showed to particular
advantage in the Specialities, ris-
ing 2 points to 81. Fractional
gains were chalked UP in Mont
gomery Ward A, Ford of Canada
B, Swift, American Cyanamid B,
Singer, and United Aircraft new,
The new Armour issues were ad.
mitted to trading privileges with
the preferred quoted at 6OR and
the new common at Ga.
Electric Bond and Share and
United Gas were the utility issues
to exc out narrow price advances,
while in the senior classification,
American Superpower LIST pre-
ferred rose 1A points to 67A.
International Petroleum con-
tinued aggressively bought in the
oils, rising " point to duplicate
Yesterdays record top at 2Sh.
Standard of Indiana and Creole
were unchanged.
Canadian Industrial Alcohol B
stood out in the alcohols with a
gain Of 70 to 1919.
Utility bonds were disposed to
rule somewhat easier, with Elec'
trio Power and Light SIS off 12
at 42h, and National Power and
Light SIS off 70 at 623s.
The Washington times., 1934-05-29
SELLING HOLDS
FOR CHAINS

Total chain store sales in April
were practically unchanged from
a year ago, following the un-
usually large increase in March,
but the comparisons for both
months were greatly affected by
the earlier Easter this year than
last, according to the monthly re-
view Of the Federal Reserve agent
at New York.
Sales of the drug chains, how
ever, were larger than q year ago
for the second month following
nearly three years Of uninter-
rupted decreases. Sales of the
shoe and candy chains especially
showed the influence of the early
Easter, as each reported a sub
stantial decline in sales in April
following q record increase in the
previous month.
Due largely to the same factor,
sales Of the grocery, ten-Cent and
variety chains, although ahead Of
the corresponding perlOQ b year
ago, showed much smaller in
creases than in several preceding
months.
Sales per store for all reporting
chains were about 81 per cent
higher than a year ago, due partly
to a large increase in unit sales
Of drug chains where substantial
decreases in the number Of stores
operated occurred between April,
1888, and April, 1884.
Total dollar sales Of the report
ing wholesale firms in April
averaged about 28 per cent higher
than a year ago, q somewhat
smaller increase than in the three
previous months, but q consider
ably larger one than in the latter
part of 1888, the review states.
The Washington times., 1934-05-29
Western Lines
Reduce Rates

Acting through Western
Trunk Line Association, the
Western carriers have put into
effect special rates One-third
lower than regular rates ON
movement of hay and coarse
grains into South Dakota,
Northern Wisconsin and some
sections Of Minnesota. Grains
affected are corn, barley and
oats. Special relief rates expire
June 1884.
For some time now the West.
ern carriers have had q special
half rate on movement Of cattle
out Of drought areas In South
Dakota to feed lots and pastures
elsewhere. The idea behind this
50 per cent arrangement il to
provide Q round trip at only
regular One-way rate for return
Of cattle to points once feedlOts
on home grounds will support
them.
The Washington times., 1934-05-29
ARMOUR s PLAN:
NOW READY !: !; !;
BY International News Service

BY international News Service
Armour & Company, Inc. direc-
tors at meeting announced new
plan of reorganization to clear up
arrears on the preferred stock,
and simplify the capital structure.
The terms were exactly those
as revealed exclusively by 1nters'
national News Service last week.
They are as follows:
l. Creation Of 572,313 shares of
Sc cumulative convertible prior
preferred stock, to be exchanged
into the present 81 preferred OF
the Illinois Company on a share
for share basis. =
2. Authorization Of a new class
of common stock, to be exchanged
for the present class A and class B
stock, the former to get one share
of the new for each share and the
B to receive one-half share new
for each share.
3. Preferred holders to receive
in addition two shares Of new
common stock in exchange for
accumulations now totaling $22.75
a share. AS an offset, the new Sc
preferred will be convertible into.
6 shares Of new common at the
holders option.
4. Reduction Of the stated capi-
tai and book value of asserts by
approximately SIS, 10000 and Q
cut in depreciation charges as q
result by $2,150,000 a year.
The new plan, one Of a series
proposed by the management in
the last year, has the support OF
Frederick H. Prince, Boston cap
italist, became the dominant
factor in Armour through e.
market crop last fall.
The plan must be approved by
stockholders and q special meeting
was called for July 6 in Chicago
to act on the terms. Directors
named a special proxy committee
consisting of Mr.. Prince, T. G.
Lee, president and A. Watson
Armour, of the founders family.
Mr.. Princes support, in in
formed circles, was considered as
suring the adoption OF the plan.
The Washington times., 1934-05-29
Trading in Spots
Quiet at LiUerDOOL

LIVERPOOL, May % Q.NS0.
Business in opening spots on the
Liverpool Cotton Market today
was quiet. Prices were steady
and receipts totaled 10000 bales
of which $500 were American.
At noon, middling fair was
7.22d; strictly good middling,
std; good middling, SAID;
strictly middling, 6.32d; middling,
6.17d; strictly low middling,
6.O2d low middling, Sid; strictly
good ordinary, 5.57d, and good
ordinary, 5.27d.
Futures opened quiet and at
noon were unchanged to l point
below opening quotations and
four points below due prices.
July opened at S.49d; October,
5.9Od. and January 5.SSds
The Washington times., 1934-05-29
COTTON STAGES
MILD RALLY

NEW YORK, May 20 G.N.S0.
Spurred by q moderate Specula-
tive demand, cotton futures today
rallied moderately. Sentiment was
aided by the rise at Minneapolis,
where wheat crossed 81 for the
first time since last August.
In late dealings the list consoli-
dated early gains and ruled well
above the previous close through
out the forenoon.
Trading was featured by a mod
crate demand from Wall Street
houses and professionals. Domes-
tic and continental trade sources
were in the market in a small way,
while commission houses made
scattered purchases. Southern sell
ing was light, most Of the offer
ings coming from spot firms.
Spot interests currently report
that new business with mills or
for export slow, with the curtail-
ment besetting domestic improve
ment and the German import
regulations and other barriers in
the way of sales abroad. Basis is
reported firm, however, with no
realization Of the holding move.
ment.
Rather cool night temperatures
in the belt over the past few days
were seized upon by ring traders
as a point favorable to better
prices. However, the belt had very
little rain in 48 hours, with the
only precipitation of detrimental
character occurring at a few south
Georgia stations. The forecast
was favorable, indicating mostly
fair weather, with prospects Of
helpful rain in west Texas.
Midday quotations were up five
to seven points, with July up z at
11.49, October up 6 at 1882, and
December up S at 11.8O.
The Washington times., 1934-05-29
TOnupki11s Heads US.
Rubber Tire Division

L. D. Tompkins, vice president.
director and member of the exec
utive committee Of the United
States Rubber Company, has been
appointed general manager Of the
company's tire division.
Until recently, in addition to his
duties with u. s. Rubber, Mr..
Tompkins has been special assist
ant administrator Of the National
Recovery Administration
The Washington times., 1934-05-29
AtchisOn Freight
AbOUe Last Week

Atchison, Topeka and Santa
Fe railway during the week ended
May 26 handled 23.074 cars Of
revenue freight, against 22,674
cars in the preceding week and
21,62o cars in the like week Of
1888.
Chesapeake and Ohio railway
during the May 26 week handled
28,415 revenue freight cars,
against 29,472 a week earlier and
25,534 a year earlier.
Chicago, Milwaukee, st. Paul
and Pacific railway during the
May 26 week handled 23,393 cars,
aginst 22,783 in the previous
week and 22,714 in the like week
of 1888.
The Washington times., 1934-05-29
PROFIT TAKING
HITS GRAINS

CHICAGO, May 30 I.N.S0.
Urofit-taking by yesterdays buy
ers impaired an easier tone to
the grain list today in early
dealings on the board Of trade.
Wheat opened unchanged to
%c lower and near mid-season
was y to Nc off. Corn was u
to 1c off near mid-session, oats
unchanged to hc up and rye Il 1sc
to 13sc down.
Crop news continued buIlish,
but the buying power was not
sufficient to absorb the heavy
realizing sales.
July wheat sold down to 95Ac,
July corn 5614c.
The Washington times., 1934-05-29
Business NeluS
Spotlight

The tin plate plant Of the
Wheeling Steel Corp. 1T York
vile, Ohio, has started operating
"a hot mills, which Is 100 per
cent capacity. The Federal
Reserves weekly report Of mem
bers shows increases Of $50, ,OOO,-
900 in net demand deposits,
S2,OOO, 600 In investments and
$50, 900, 900 i'm reserve balances
with Federal Reserve banks, and
decreases Of $63, zoo, 900 In loans,
SIS, ,OOO, 900 in time deposits and
$11, 100000 in government de-
pOsitS Officials Of Stewart
Warner Corp. expect the second
quarter ending June 80 to yield
. net profit exceeding that for
the quarter ended March 81,
which was $167,495. .ChiCka-
sha Cotton Oh has declared q
special dividend Of 50 cents,
payable July 3 to stock Of res.
ord June 8.
The Washington times., 1934-05-29
j. 5, AND CANADA
LEAD UPTURN

The United States and Canada
led all countries of the world in
increase in industrial activity in
the first quarter Of 1884, as com.
pared to 1888, the League Of Ma
tionS economic section announces
Canada's increase was 40 per
cent over the like period last year
The United States increase was
reported as 80 per cent over the
first quarter Of 1888.
Other countries showed the fol-
lowing increases:
Poland and Germany, Is per
cent: Sweden 18 per cent; Japan
IL per cent; Norway 6 per cent;
France, 3 per cent.
With the exception Of France
unemployment was reported de-
creased in all industrial countries
The League report for the period
-coinciding roughly with the first
year Of MIRA experimentation in
the United States-revealed that
world production of coal in the
first months Of 1884 increased 20
per cent. Gasoline production in
creased IL per cent, pig iron 81 per
cent, steel 81 per cent and zinc
81 per cent.
On the other hand, the gold
value of world trade declined !
Der cent in January, 21a per cent
In February and per cent in
March, as compared to the CORE
spending months Of 1888.
Imports to all Latin-American
countries decreased 10 per cent in
January and 13 per cent in Feb
ruary, while exports increased 6
per cent in January and IA per
cent in February.
The Washington times., 1934-05-29
CENTURY SALES
RUNNING AHEAD.

Sales Of ribbons by Century Rib
bon Mills, Inc, in the first five
months Of 1884 will run about
$93O,00O compared with $69S,0OO
in the like period last year, an in
crease of $2S2,O00 or 80 per cent,
according to Irving Levy, treasurer
He said:
cat this time q year ago we
had 1853 looms operating and
now We have 315 operating in
the daytime and lis at night.
Our finished goods stocks are
now lower than they were at the
end Of 1888.
"Last year we earned $4S,2l4
or 10 cents q common share in
the first half Of the year and
this year we should earn be-
tween IS cents and 81 q common
share in the first six months. In
the first quarter we earned $780,
21S or AZ cents . common share,
on the 100000 common shares
after allowing for preferred divi-
dendS."
Mr.. Levy, who is chairman OF
the Ribbon Manufacturers OF
America, and their representative
on the Silk Code Authority, as.
cribes the improvement in his
company's business to the gener-
ally better conditions resulting
from the NRA.
Beginning with February next
year the company win realize a
saving Of $62,500 annually on
rentals on its main office build
ing and its uptown branch in New
York,
The Washington times., 1934-05-29
Hog Market SIOW
And About Steady

HICAGO, May 20 UN.SO.
Hog receipts were $4,000 today,
including 5000 sent direct to
packers. The market was slow
and about steady with yesterday
although bids were weaker and
buyers wanted good hogs from
$3.50 down.
Cattle receipts were 5000. The
market was slow and steady.
Cows and heifers showed a
weaker tendency. Calves were
unchanged.
shorn lambs were quoted at 90
10 $500
The Washington times., 1934-05-29
Nrw YORK WOOL

NEW YORK. May 80 (I.N.S).-Wool,
quiet: domestic fleece, unwashed. Ohio
and Pennsylvania. 2s0Ss; domestic.
secured, basis, s5@97; domestic Texas,
clsaA basis, Se0eS; domestic toEEatOEy5
clean basis, So o g. -