davidaulloa/AmericanStories huggingface dataset:
Evening star., 1934-01-17
DOLLAR PREPARED
FORCURRENCYWA
Whether U. S. and Britain
Will Be Opponents Still
Uncertain.
BY CLAUDE A. JAEGER,

NEW YORK, January 17-With dol
lars and pounds as pawns, and pros
perity the stakes, Uncle Sam and John
Bull are preparing for an extraordinary
contest in finance-but whether they
mains to be seen.
The United States is preparing to
duplicate the huge British equalization
fund, for which Parliament has appro-
priated funds approximating close to
81 900 900 900 at the current rate of ex-
change. President Roosevelt in his
message to Congress yesterday proposed
the creation Of a $4,000, 1000 900 fund to
control the value Of the dollar In rela-
tion to the British pound sterling, and
also. II necessary, to steady the market
for United States Government bonds.
Inf1ationists in this country want to
see the dollar decline in relation to the
pound. The Committee for the Nation
has suggested a rate for the dollar as
low as 81 to the pound. Recent rates
have been between IS and $3.50. Lon
don was happy when. a year ago, the
pound was around s3.35, and it was felt
IN international banking circles at that
time that about the highest the pound
could be stabilized would be $3.50. At
the start Of the Economic Conference
last June, 1t was understood the British
could not endure higher level than
$3.50. although they later agreed to q
tentative stabilization around s420
What the financial world now awaits
to see Is whether the two giant finan-
cial powers will compromise upon a rate
at which to stabilize their currencies,
perhaps somewhere within striking dis
tance Of the old parity Of s4.86ss, or
whether the two giant funds will en-
gage in a contest for advantage. So far
as can be learned in sources close to
the Federal Reserve Bank, its relations
with the Bank Of England are most
amiable, and some financial quarters be-
lieve that II a compromise could be
reached, the two funds might indeed CO.
operate to restore world monetary sta
bility.
The effect of the ratio of the dollar to
sterling upon our commodity prices has
been recognized for some time. No other
currency has such a notable influence
upon our prices. chiefly because sterling
Is the principal medium Of exchange in
| world trade. The operations Of the
! American and British funds may, for
| instance drive France of the gold
standard and cause fall in the value
! Of the franc But it is doubted whether
that would have much influence here
! for the franc Is not tremendously i'm
| portant in world trade.
Evening star., 1934-01-17
new INSURANCE FIRM
GIVEN D. c. LICENSE
National Mutual Organized to
Write Casualty and Other
Policies.

The National Mutual Insurance Co.
of the District of Columbia has just re-
ceived its license from the insurance
department Of the District Of Columbia
to operate as an insurance company.
This company has been organized to
write casualty. auto liability and prop
erty damage insurance in Washington
and other States Of the Union that it
soon intends to qualify in. It's home
Office will be at 1918 K street north
west
The officers of the company are Nor
ris Gewirz, president: Albert w. Jacob
son. vice president and general counsel.
and James M. Macdonald. secretary
and treasurer In addition to Leo
Schlosberg. who is a member Of the
board of trustees.
Mr.. Gewirz Is a member of the bar
OF the District of Columbia, graduate
of the National University Law School,
and graduate Of the Washington College
Of Accounting.
Evening star., 1934-01-17
DOLLAR SLIGHTLY
STRONGER ABROAD
Erratic Movements Indicate Feel
ing Of Uncertainty on Lon
don Exchange Market.
~ the Associated Press.

~ the Associated Press.
LONDON. January 17-Erratic move
rents on the United States dollar In
tho Foreign Exchange Market today In
dicated a feeling Of uncertainty. the
rate resting at s5.08s4 to the pound at
noon.
The dollar once touched s5041z to
the pound today compared to last
nights closing quotation Of S5.095s.
Covering operations and commercial
demand caused the dollars early
strength, which was wiped out later
with renewed offerings in connection
with gold purchases.
The French franc was better today
at 80.40 to the pound. The franc closed
yesterday at 80.59
PARIS. January II Op.-The United
States dollar gained 7 centimes on the
Foreign Exchange Market today to close
at 1873 francs (6.35 cents to the
france.
The dollar opened at 1890 francs
(6.22 cents to the france. Going to
1880 francs (6.33 cents) at noon. con-
siderable short covering holding it over
yesterdays closing quotation of 1856
france (6.38 cents).
Evening star., 1934-01-17
POWER OUTPUT GAINS
10.1PER CENT IN WEEK
B. the Associated Press.


NEW YORK, January 1.-THE In.
creasing rate Of gain in electric power
output over last year. which started
around the middle of December, con-
tinued last week, with production 101
per cent higher against 81 per cent
rise in the previous week. This is the
most favorable comparison reported
since last September The outturn also
ran well ahead of the first week in
January, which included the New Year
holiday.
Production for the week, as reported
by the Edison Electric Institute, was
1,646, ,271 900 kilowatt hours, compared
with ,563 ,678,0 900 in the previous week
and 1895, ,ll6,00O in the same period
last year.
Among the major geographic diH-
sions, the sharpest improvement oc-
CURED in Southern States. which had
a gain of 10.4 per cent over last year,
compared with 1.3 per cent gain in
the previous year. New England was
up go per cent, against 81; Middle
Atlantic. up 8.6, against ll.3; Central
Industrial. up 1871. against 10; West
Central. up 8.s, against e3; Rocky
Mountain, up 1913, against 1e1; Pacific
Coast, up 3.5, against "a.
Evening star., 1934-01-17
c. (. KING HEADS BOARD
OF GERMANTOWN BANK

special Dispatch to The Star.
GERMANTOWN, Md, January IL
Stockholders OF the Germantown Bank
met at the bank here yesterday after
noon and elected directors for the year
as follows: Augustus A. Selby, william
A. Waters, Charles T. johnson, William
Waters. Edward M. Beall, DR.. Upton
d. Nourse. Charles A. Boyer. Smith
Hoyle, Charles E. King. Thomas G. Dar-
by Bowie F. Waters am Harry l..
Watkins.
The directors elected Mr.. Selby presi-
dent; william A. Waters, vice president;
John A. Stover, cashier; William O.
Young, assistant cashier. and Bowie F.
Waters, attorney. Mr.. King was made
chairman Of the board to succeed j.
Wellington Boyer Immediately fol-
lowing the election the directors ad-
journed as o mark Of respect to Mr..
Boyer. whose sudden death occurred
Monday afternoon.
Evening star., 1934-01-17
WHOLESALE COMMODITY
PRICES UP FIVE POINTS
BY the Associated Press,

By the Associated Press.
Wholesale commodity prices rose dur
ing the week ended January l3. accord
inf TO a National Fertilizer Association
index. advancing fractional points to
69l per cent Of the 1926-28 average
price level for 476 individual commod-
tiles.
The combined gains Of the last three
weeks aggregate l3 points and bring
the latest index number to a point 10
points higher than a month ago. and
ll,2 points higher than a year ago.
During the week S of the IA main
groups comprising the index advanced
while showed declines. Among the
former were foods, grains feed and live
stock. textiles, miscellaneous commodi-
ties and fats and oils. In the declines
were fuel. building materials, metals
and fertilizer materials.
Among the important items that ad-
vanced were cotton. cotton yarns. WOOL
burlap. lard, butter, cottonseed OIL
eggs. potatoes. apples. corn wheat. most
feedstuffs, cattle, hides and coffee
Among the declines were raw sugar
silk, hogs. copper, zinc. tin, gasoline
and rubber.
Evening star., 1934-01-17
CHICAGO LIVE STOCK.

including i0000 direct; moderately active.
practically steady with Tuesday, packing
sows. 10 hiCher. 10000 pounds, ;..3a
$50; top. 355 pis. 90 mostly ISL, ,sh, .ood ro,
ana choice 14o-I6o pounds. 3a3 so;
lisht weight. I6o-:0o pounds. : l5a3 s. ;
medium weight. @on-"5o pounds. , 33a3 =;
heavy weight. "5o-3S0 pounds. 2 nua' 40
packing sows. medium and good 1000
100 1870 pounds. "00a@15
Cattle 1900: calves. 1000; yearlings and
lisht steers. strong TO 5 higher active; me
dium weights and heavies steady; 7-l5;
steers best medium weights. $40: other
killing classes weak to lower; slauehter cat
tie and vealerS. steers, good and choice. 300
900 pounds, 3 50a7 "5; 90n-l LOO pounds,
5G5a7 90; 1.100-l 400 pounds. 4.15a7.o0:
.300-l 500 pounds 3.75aG2 -; common and
heifers. GOOD and choice. 55o-75o' pounds
4 scat. %
Common snd medium. 3O0a4 50: cows,
GOOD. 3 O0a3 *: common and medium.
bulls Cyearlings excluded good Cbeen. 3 90
al. 40; cutter, common and medium ana
3."h: vealers. good and choice. 4.5oah 90:
medium. 81 sal 50; Gull and common 3 90
abs; stocker and feeder cattle, steers.
coed and choice 800 $50 pounds. 3.73a
sheep. 10 900; slow. early bids slishtIy
with yesterday 5 close. with better kinds at
$ 0oss 40; fat sheep scarce. around steady;
lambs 90 pounds down good and choice
a6as go DnnnGs sand and s medium tba,
as 40; ewes nn-1Sn pounds good and
choice. @."5a4 10 all veiehts common and
MEDIUM, 50a"75 feeding lambs. 50-75
pounds rood and choice. 6.c5a7c5.
Evening star., 1934-01-17
CRUDE OIL PRODUCTION
GAINS 145,3OO BARRELS

By the Associated Press.
NEW YORK, January 17.-Daily
average gross crude oil production in
the United States increased 145 800 bar
rels in the week ended January Is,
totaling 2,311 ,250 barrels, the Amer
tcan Petroleum Institutes weekly sum-
mary indicates. Daily average produc-
tion east of California increased 1873 800
barrels to 1885, ,250 barrels.
Refneries representing 92.4 per cent
Of the estimated total capacity, operated
at 63.3 per cent of their capacity, re-
ported daily average runs of crude oil
to stills as 2,116,000 barrels. Daily
average the previous week for reflneries
representing 924 per cent Of total, oper-
ated at 500 per cent capacity, was l.
CTS, 900 barrels.
Imports of crude and refined oils at
principal United States ports totaled
778, 900 barrels, q daily average Of ILL.,
143 barrels, against $4,000 barrels. a
daily average Of 1902 barrels for the
previous week.
Evening star., 1934-01-17
INCREASED DEMAND
FOR STOCKS FORESEEN

BY the Associated Press.
NEW YORK, January l7.-Market
commentators today foresaw increasing
demand for stocks.
Munds, Winslow 6 Potter-We con-
slider market action favorable and look
forward to an extension Of the ad-
vance.
Shields g. Co-Technically the mar
ket is entitled to some setback. but the
enhanced bullishness Of traders gen.
orally and awakening public interest
should tend to limit setbacks for the
immediate future.
Frazier Jelke e. Cove believe many
who sold stocks are anxious to re-
accumulate position, and that this
reaccumulation will prevent anything
more than intermediate recessions in
the near future.
Hornblower & Weeks-We would ex-
pect the consolidation Of recent trading
range rather than a more extended re-
action.
Jackson Bros. Boesel & Cove be-
lieve that the supply Of selected equitie;
will be inadequate at the current pricl
Evening star., 1934-01-17

the grocers in Denver did 66 per cent
of the business. He found that on an
average Is per cent OF the grocers OF
the country do about so per cent OF
the retail erpcery business:
The sales manager developed plan
for concentrating sales effort on the
KEY stores that did the real volume and
gave to each salesman list OF stores
in his territory rated according to their
importance and sales possibilities. He
eave his plan q simple name-"Ight-
house selling"
He pointed out that when a line OF
soods Is sold to a good store, with
plan for displaying and selling, the
store acts as a lighthouse" to spread
knowledge Of the goods. This knowl-
edge is not only spread to consumers
but to the many smaller stores who
follow the leadership Of successful
competitor in determing the brands OF
goods to be rand'o'. -
Evening star., 1934-01-17
c. G. O. EARNINGS UP.

NEW YORK, January IT @.-The
Chesapeake a. Ohio Railway Co. had
1888 net income of s28,1 ,603, equiva-
lent after dividends on the preferred
stock to $367 a share of common stock.
according to a preliminary report. In
1882 the road earned $23, ,384 ,421 or
S3.05 share on the common.
December net operating income
amounted to s2,732,27 against $2,774.-
T6l in 1882. Gross revenues for the
month were s7,66s,239 compared with
$8.l10,340 in December of the previous
year,
Evening star., 1934-01-17
EXCHANGE PUSHES
REFORM PROGRAM
Critics Have Difficult Task
Keeping Pace With
Rapid Changes.

0eecisl Dispatch to The Star.
NEW YORK, January l7.-While Wall
Street watches Washington for legisla-
tive moves against the various ex-
changes, reforms are taking place SO
fast in the financial district that critics
are having difficulty keeping up with
changed conditions.
One Of the most persistent critics OF
Hhe street admitted today that owing to
the many changes made only during the
Last week by the New York Stock EX.
change, he had to revise contemplated
vitriolic speech against the institution.
Audit Plan Backed.
Reforms contemplated or accom-.
plished during the last week included
the backing Of an audit proposal py
the American Institute OF Accountants;
the creation of a subcommittee OF the
governing group to handle all matters
pertaining to bond trading; the use OF
missionaries, involving daily reports
in investigations of suspicious trading
to prevent situations similar to that IN
Atlas Tack. and the adoption of new
listing standards to prevent little COM
panies with inadequate earning power
$rom being admitted to big board listing.
The plans to improve listing stand
ards and to use questlonnalreS more
frequently were announced at pubic
INQUIRY conducted by State Attorney
General John J. Bennett, jr., into the
Atlas Tack case.
Frank Altschul chairman of Stock
List Committee. said that the new list
Ing policy would consider an applicant
as ''border-line case" unless 1t
showed yearly earning power OF at
least s750.000 or had assets ranging
from sl5.000,000 to s20.000000. He
could name no company having feWer
than 100000 shares outstanding that
had been listed in the last few years:
The smaller the number of shares, OF
course, the easier 1t is for operators to
"iiggle" the stock and bring ABOUT
Atlas Tack situations.
Reports to Be Changed.
The Stock List Committee at the ex-
change also announced that it had &C
cepted the accountants audit proposals
TO amend the form Of reports to accom-
pany corporate earning statements,
These were aimed at providing more
detailed explanations Of the account
ants position in relation to corpora
ton reports-and. among other things,
give the exact dates when examinations
were made by the accountants.
The Bond Subcommittee. the first new
committee in a decade. was created by
IN amendment to the constitution.
Many other reforms are under way or
contemplated. Unfortunately the Stock
Exchange has never taken the trouble
to compile list of these reforms. AS
Q matter of fact, the exchange today
Is so different from the same institu-
ton in 1924, that few who knew it 10
years ago would recognize it.
Evening star., 1934-01-17
Chicago Grain

CHICAGO, January IT lP.-Wheat
and rye advanced in price during late
dealings today, with enlarged demand
for immediate deliveries Of rye doing
much to lift both grains. Not all of
the gains. however, held.
Increased call for rye was attributed
to its relative chespness for distilling
use compared with corn. Milling pur-
chases of wheat, cash as well as futures.
were also a strengthening factor. with
another reduction of the domestic
wheat visible supply next Monday ex-
pected to bring the total down to
striking distance Of the low Of last
June
Rye closed strong, ss-l% above yes
terday's finish; wheat irregular. y
cent off to y cent up; corn at - de-
cline to ls advance; oats showing q
to !. rise and provisions varying from
~ IL ,VaI rag,
Evening star., 1934-01-17
POOL RETIRES DEBENTURES.
NEW YORK. January II OPT

NEW YORK, January II P)-The
bankers bond pool" formed in June,
1882. under the direction of ]. P Nor
gan g. Co. to support the bond mar
ket, has completed the repayment Of
remaining capital debertures to partici-
pating banks and banking houses, 1t
was reported in Wal. Street today. The
American Securities Invest ting Corpora
tion. last December, called for repay
ment of 80 per cent. or S28, ,005 900 Of
its per cent debentures
Evening star., 1934-01-17
DEPOSITS FALL OFF.

Net demand deposits Of weekly re-
porting member banks showed q slight
decrease during the week ended January
10 as the change was announced by the
Federal Reserve Board. In the table
that follows the total Of such deposits
is given for comparable periods. as an
nounced by the board:
Week ended January TO-. sl0.951 ,000, 900
Previous week ......... 10,952 0o0, 900
Same week last year,. IL 23z. 900, 900
Evening star., 1934-01-17
SEAT PLEASANT BANK
REFLECTS OFFICERS

Special Dispatch to The Star.
SEAT PLEASANT, Md, January IL
The following officers have been re-
elected by the Board Of Directors of the
Seat Pleasant Bank: Walter J. Hay
ward. president; Daniel G.. Joseph,
Frederic L. Wight and w. S. Collins,
vice presidents; Leo j. Naughton, cash.
Ter: Margaret Dwyer, assistant cashier;
Walter S. Green, counsel. and Mendell
Behrend. chairman of the Board of
Directors
The board reported that the bank had
showed some profit since 1t was organ
lied seven months ago.
Evening star., 1934-01-17
SUSTAINS NO LOSSES.

WINCHESTER, Va. January II (spe-
ciaD Stockholders of the Shawnee
Building and Loan Association have
sustained no losses of any kind in the
six years of the organizations history,
according to reports submitted at the
annual meeting last night. The asso-
citation was formed in 1927 with a max
imum capital of 81, 100000. Oficers re-
elected were James P Reardon. presi-
dent; T. Russell Gather and John II.
Rosenberger, vice presidents; Ansell B
Solenberger. secretary treasurer, and
]. P. Reardon and T. r. Gather, a
torneys
Evening star., 1934-01-17
DECENTRALIZATION MOVE
FOR u, S. STEEL TALKED

By the Associated Press.
PITTSBURGH, January 17.-Reports
around Pittsburgh's steel circles are
that the United States Steel Corpora.
tion soon will put into effect q plan
for decentralization Of management
along district lines.
Those who discuss the matter say
under the set-up a single subsidiary
in each district will take charge Of
operations for the territory. In the
Pittsburgh area this probably will be
the Carnegie Steel Co.. they say.
Carnegie officials, while saying they
had heard "rumors" of such action.
added that 1t all comes from the out
side" and there has been nothing from
headquarters, not even a hint.
Evening star., 1934-01-17

AAAGAk AALohC q tC
tail call or 100000
a year II he has
his sales force
make one call a
year on all grocers,
some selective SELL
ing plan had to
be formulated. Au-
thentic figures dis
closed to the sales
manager the fact
that l3 per cent OF
the grocers in At
lanta did 46 per
cent of the busi-
oee ~ nor cny1t nf
Evening star., 1934-01-17
DIVIDEND DECLARED.

CHICAGO, January II P).-Dirc
tors Of Montgomery Ward & Co. yeste.
day voted to pay dividend Of S525 ::
share on the company's class A stock
representing the total amount accrued
prior TO January /. 1893, on that issue.
The payment will be made February IL
to stockholders Of record January o..
Evening star., 1934-01-17
BENDIX RAISES PAY.

CHICAGO. January II CP.-Herbert
L. Sharlock, advertising manager for
the Bendix Products Corporation. to-
day said 1000 employee outside of exc
cutives and the Office force. will receive
5 per cent pay boost effective Satur
DAY He did not disclose if the increase
was . restoration Of previous cuts.
Evening star., 1934-01-17
SHORT-TERM SECURITIES.
(Reported by Chas D. Barney & Coz

blQ. OTer
Allis-Chalmers Co 5s 1897 % "a
American Beet Sugar IS 1898 1914 7sh
Amer Tel. 8; Tel 517s 1919. 107 107lz
Am. Wat Wks. & Fl. 5s 1924 1922 1929
Bethiehem Steel CO IS 1875 loo iooN
California Packing Is 1910. S9', Ql
Canadian Nor Ry 4ias 1898 10lia 102
Chesa. & Ohio Ry. SIS 1870. 106la 1858.
Chi. Northwest. Ry 6IHs 1a36e 81 $685.
Chicago Rock Island As 1894 26A 2Siz
Colora do & So. Ry 4i2s 1895 81 40
Commercial Credit 5ias 1895 1o2 1O2H
Delaware e. Hudson SIS 1895 9sf2 100
Den & Rio Grande 4ias 1873 SOFA 5.
Edison Elec. nlum As 1899 1Oli. 1Oc
Gen. Petroleum Corp. IS 1910 1O4l4 los
Gen Public Service 5iss 1929 S0s4 o37s
Grand Trunk Canada as 1895 1924 1895
Great Northern Ry. rs 1895 SSiz SS34
Illinois Cent. r r. 6i2s 1895 9274 93Ss
Keystone Telephone SIS 1928. 7334 40
Laclede Gas Light SIS 1924 80 90
Lake Erie Il w. R. r. IS 1897 S5 S7i5
Louisville & Nashville SIS 1897 1O1k 10354
New York Cent. & H. As 1884 92as Q9s4
N. Y Chi. & St L. Is 1897 So 50
Penna. r. r. Co 6i2s 1886. 1O4ia 105
Portland Gen. Elec IS 1895 S3ia IS
Republic Iron e. Steel IS 1870 90 q1
Sinclair Cons. Oil Co. IS 1897 1929 ln3
Southern Pacific IS 1884 95,s o.
Union Oil Co. Calf SIS 1895 1O1 l02
Virginia Ry & Power IS 1894 aaia Qass
wabash Rwy. Co. IS 193e... 76is 10
Evening star., 1934-01-17
FAILURES DECREASE.

NEW YORK. January II LP.-Dun
e. Bradstreet's report yesterday showed
that business failures last week totaled
3l4 compared with 1876 for the CORES
ponding week last wear
Evening star., 1934-01-17
COTTON SEATS HIGHER.

NEW YORK. January II Up).-Three
memberships on the New York Cotton
Exchange were sold today at $4,000
each, up $4,000.
Evening star., 1934-01-17
Dollar Makers
BY GEORGE T. EAGER.

There are about $50 1000 retail grocers
m the country. But as it costs one
manufacturer Of nationally distrib-
uted proouct about So to have a sales
Evening star., 1934-01-17
level to meet the demand which stands
IN the ofin0

J.: s. Bache & Goa technical rip
at this stage would seem to be q nor
maj development and its occurrence
should flnd q good grade Of ABSORPTION
welcoming offerings.
The Washington times., 1934-10-05

Silver Dust. pkgs. 23c
Mail twenty box tops to the manufacturer and
you will receive a pair of silk stockings free