davidaulloa/AmericanStories huggingface dataset:
Evening star., 1937-02-14
INDUSTRY AWAITS
UTILITY FINANCE,
SPENDING PLANS
Electrical Equipment Firms
Expect Moves to Meet
Power Expansion.
BY FREDERICK GARDNER,
Associated Press Financial Writer.

NEW YORK, February ia move
by two leading utility systems to cut
through a snarl of litigation has
raised hope in electrical equipment
and allied industries for resumption
of big spending on plant improvement
to keep pace with the expansive
forces of the power age.
The decision of the North American
Co. and the American Water Works
g. Electric Co.-tops units OF two OF
the largest power organizations in the
country-to register with the Federal
Securities and Exchange Commission
under the utility holding company
act of 1885 was greeted in Wall Street
as a prelude to extensive financing.
including some borrowing for plant
expenditures.
Hailed as Big Step.
This was the first big step out Of
a tangle of litigation resulting from
the utilities struggle against the
T. v. A., use of Federal funds to
finance municipal power plants and
the utility act, particularly sections
calling for wholesale corporate SIM
plication and geographical integra-
ton of properties.
In face of this snarl, domestic use
of electricity has been increasing.
Outdistancing other recovery baro-
meters, weekly consumption went
above 1000 100000 kilowatt hours in
1886 and stayed there, reaching a
level about 16 per cent above the 1929
peak:
Except for temporary depression
halt, the power industry saw its GUS
toners continue to multiply. 1t has
emerged from depression with more
than 26,000,000, against 24,150,000 in
1929, about 100000 10 years ago
and less than 100000 in 1912.
Construction Lags.
However, there was a lag in con-
struction expenditures. Faced with
the new peak in power consumption,
the 1886 outlay was put at $275, 900 900
compared with low of $4,000, 900
in 1888, peak of more than $780,
100000 in 1880 and a yearly average
of S50,000,000 since 1921.
With settlement of overhanging
litigation and the T. v. A. issue, Wall
Street counts on a more normal spend
ing pace to quicken the flow of orders
to makers of electric equipment. cop
per, steel and construction supplies
generally.
Utility men see the National de-
manding more power. Home use has
been stimulated by record sales of
electric refrigerators, washing ma
chimes and other appliances Rural
electrification has become more i'm
portant. Far use of electricity con-
tributed the biggest percentage gain
last year.
Lower rates are credited with being
q spur to peak consumption.
Evening star., 1937-02-14

yesterday by the acting president,
the list including many of the leading
bankers in Washington. The new
committee will begin at once to push
forward plans for the association S
most important meeting of the year,
which will take place May 81 to 81
at White Sulphur Springs, w. Va. In
addition to the chairman and vice
chairman, the committee is COM
posed Of:
Corcoran Thorn, American Security
+ Trust Co.; j. Frank Campbell,
Anacostia Bank; Maurice D. Rosen-
berg. Bank of Commerce & Savings;
c. F. Burton. City Bank; Frank j.
Stryker, Columbia National; S. Wilson
Earnshaw, East Washington Savings:
E. C. Graham, Hamilton National; W.
w. Spaid, w. B. Hibbs Co.; Michael
F. Calnan, Liberty National; Floyd E.
Davis. Lincoln National Lanier p
McLachlen, McLachlen Banking Corp; ;
Willard G. Barker, Morris Plan Bank;
C. H. Pope, Munsey Trust Co.; j.
Frank White, National Bank of WASH
ington; H. H. Mckee, National Capt.
tai Bank; George w. White, National
Metropolitan; Robert v. Fleming,
Riggs National; Victor B. Deyber and
John A. Reilly, Second National;
Francis G. Addison, jr., Security Saw
ings & Commercial; Ord Preston,
Union Trust Co.. and Harry G. Meem,
Washington Loan g. Trust Co.
O'Connor Banquet Speaker.
Controller of the Currency j. F. r.
O'Connor will be the principal speak
er at the thirty-second annual ban
Evening star., 1937-02-14
LONDON MARKETS
SCORE ADVANCES
U. S. Strike Peace and Arms
Loan Bring Big Change
in Outlook.
BY LEONARD ]. REID.

LONDON. February 13-The finan-
cial week closed with the outlook sub
stantially changed by two events.
First, the settlement Of the General
Motors strike, and, secondly, the dis
closure by the British government of
plans for financing probably a f12.-
000,000,000 defense expenditure over
a fve-year period. of which f400, ,000.-
900 will be borrowed.
The strike settlement renewed the
upward movement in all commodities
and shares of commodity producers.
This is likely to continue, but, while
it is felt here that the impetus be-
hind the American recovery is ire
sistible, yet the long view is to con-
slider a further crop of serious labor
troubles in the United States almost
inevitable in the next 18 months. 1t
is also realized that President Roose-
velt, while favoring an orderly advance,
is very hostile to anything approach
ing boom conditions, and is ready and
probably able to deliver blow to stock
and commodity markets when he
deems it desirable.
Authorities here are equally desir-
GUS to check boom tendencies, and
much discussion centers on ways and
means to iron out previously expert
enced sharp transitions from boom to
slump. In this connection, the ques-
ton is canvassed whether borrowing
f4O0. 900 900 over five years necessarily
means any dangerous degree of in
flation, Best informed circles think
it probably does not, but to resort to
this policy for unproductive expendi-
ture can hardly be a bull point for
sterling on the long view. But, on the
shorter view, the treasury policy is
mainly approved.
The chancellor of the exchequer
apparently intends to increase tax
alton, but not cripplingly, and to bor-
row at long intervals without big
disturbance. The inference drawn is
that the determination to maintain
cheap money remains the cardinal
feature of government intentions.
(Copyright. 1887, by the North American
Newspaper Alliance Inc.)
Evening star., 1937-02-14
Coal Mining Industry Scores
Substantial Recovery in 1886

Anthracite output ended 1913 with a
5 per cent increase. Excluding 4,0oo,-
600 tons or more of stolen coal. total
legitimate output is estimated at 54.-
100000 tons in 1896, as compared with
the 1885 total of 52,159,0 900 tons.
Developments in 1886 were marked
by a material increase in sales of
stoker and pulverized- -coal-firing units.
Small stokers were in the van of the
upsurge, installation of domestic and
small commercial heating services ris-
ing to an estimated total of 80 500 in
1896, an increase of about 50 per cent
over the 1885 total of 44,288 units. In
comparison. shipments Of all classes
of oil burners in 1886 were only 40 per
cent over 1885.
Relations between bituminous coal
and substitute fuels and sources of
energy were marked by strengthen
ing of measures for defending or vim
ming back markets by the coal in
duStyy, =
Evening star., 1937-02-14

odIlh, 0lOOhlyIl,
will also speak, and Felix Montana,
member of the Executive Council,
American Institute of Banking, will
bring greetings from the national Or
ganization.
The prospect of 900 members and
guests will make the banquet one of
the largest yet held by the chapter.
Local banks have made large reserva-
tions and many out-of-town bankers
have accepted invitations to be pres
ent. The annual dinner takes place
at the Willard Hotel next Saturday
night and will have carnival
atmosphere, according to plans for
the decorations. Dancing is to fol-
low the dinner and entertainment
Reservations were definitely closed
yesterday. Frank M. Perley, Ameri-
can Security & Trust Co., is general
chairman of the Banquet Committee.
Retail Trade Ahead of 1896.
Department store trade in Wash
lngton stores during the past week
was 1872 per cent better than in the
corresponding week a year ago, al
though of 1913 per cent from the
previous week, the Commerce De-
partment reported yesterday in a
survey covering 81 key cities.
Bank clearings totaled s23,624, 100,
against the slightly higher figure of
23,905,773 in the previous week and
the much lower total of $19,970,770
In the comparable week last year, the
report showed. Building permits for
the week amounted to $457, 800,
against $975,900 in the previous week
and only $233,550 in the like period
in 1886.
The number of visitors in the Capt.
tai was considerably higher than in
the previous week and double that
Of the same week year ago. All the
leading barometers so far in 1887
show that business in Washington has
got away to a particularly good start.
The first quarter Is certain to be
well ahead of the same three months
In 1896.
Taliaferro Given Trust Honor.
Sidney F. Taliaferro, vice president
and trust officer of the Riggs Ma
tional Bank, who is a member of the
Executive Committee Of the Trust
Division of the American Bankers
Association, was named chairman of
the Committee on Federal Legislation
at the Midwinter trust conference just
held in New York. He was among
the Washington bankers attending the
conference and was notified of the
nAdditional honor while in New York;
Evening star., 1937-02-14
PURE OIL DRAFTS PLAN
TO CLEAN UP ARREARS
Directors Contemplate $42,OoO,oOO Pre-
ferred Issue and Increase in Com.
mon to lO,OOO,OOO.

sale of $42,O0O,OOo worth of sl00 par
preferred stock which may be con-
vertible into common shares and
which will be offered to stockholders
and underwriters. Proceeds would be
used to retire the $28,500,000 of Is
year AZ per cent sinking fund notes.
76,620 shares Of per cent $l00 par
cumulative preferred stock and 4,000.-
900 of long-term bank notes and for
capital expenditures.
Dawes said the company could
materially increase its earnings by
expenditure of funds for refinery i'm
provements and development of pro-
ducing properties.
No dividends have been paid on
Pure Oils common stock since 1880.
However, all arrearages on the classes
of preferred stock outstanding have
been cleared up.
Stockholders will meet in Columbus,
Ohio.
Evening star., 1937-02-14
STAPLES EDGE UP,
APPROACH 7-YEAR
PEAK Of January
Metals Rise With Factory
and Farm Commodities.
Textiles Down.
BY A. A. PATTON,
Associated Press Statisticiarl.

NEW YORK, February 3.-Paced
by recovery highs set by ,-idustrial
staples, commodity prices last week
nudged ahead to within a fraction
of the seven-year peak touched in
early January.
The Associated Press weighted index
of IS important wholesale prices rose
to 9005 per cent of the 1925 average,
compared with 1858 a week ago and
1917 in the same period last year.
Quotations spurted II per cent dur
ing the final quarter of 1886. An
enormous demand swept over the
markets of the world for both indus
trial raw materials and foodstuffs.
Rising business needs played part,
so did rearmament programs of Euro
pean powers.
Shortly after the turn of the year,
however, activity quieted down. Prices
moved less spectacularly The almost
unanimous gains formerly noted gave
way to drifting prices.
Holds Narrow Range.
Since the closing week last year, the
index has moved within per cent
range, declines in some quarters being
Offset by boosts elsewhere.
The same mixed trend prevailed
during the latest period. Non-ferrous
metals, industrial and agricultural
commodities equalled or bettered re-
covery highs. Textiles, on the other
hand, fell back sharply and foods also
gave ground.
Lumber was big gamer. Although
the Pacific Coast shipping tie-up has
been settled and timber is moving
again, heavy building activity resulted
from the relatively open Winter has
created a scarcity
Rubber, bituminous coal, steel scrap,
tin and zinc all shared il the advance
occasioned by the strong demand.
Textiles, under the leadership of
cotton cloth, continued sliding. In
the past four weeks this index has
slumped 65 per cent.
Buyers Hold OFF.
The recently terminated General
Motors strike is generally considered
by analysts to have played a part in
the downturn. More important lately,
however, has been the reported tend
ency of buyers-with well-stocked in
ventories-to hold off awaiting price
stability. Wool and cotton cloth
were both weak.
Steady world demand for grains
bolStered quotations. Corn wheat.
oats and rye improved Cotton dip
ped. Live stock was little changed,
slight upturn in cattle being the
only move.
Foods were mixed, declining eggs,
sugar, lard and butter more than
offsetting increases in cocoa, coffee
and flour.
The index, with its indices based
on 1926 as 100, compared as follows:
Evening star., 1937-02-14
D. C. ACCOUNTANTS
TO HEAR DONOVAN
District Auditor Will Be Guest
Speaker at February Meeting
Wednesday Evening.

Maj. Daniel J. Donovan, auditor OF
the District of Columbia, will be the
guest speaker at the February meeting
of Washington Chapter, National As
sociation of Cost Accountants, next
Wednesday evening at the Hamilton
Hotel. The meeting will be preceded
by dinner at $50, it was announced
yesterday.
Maj. Donovan will talk on the Cost
of Administration of the District OF
Columbia The District, being a
unique territorial division of the
United States, presents many interest
ing and intricate problems of finance
and accounting. Maj. Donovan, speak
ing from his As years of experience in
the government of the District, will
discuss these problems.
Coming at time when the old
problem of the fiscal relationship of
the District and Federal Government
is again in the foreground as a result
of the Jacobs committee report, the
meeting is attracting wide interest.
In addition to the membership of
Washington Chapter, there will be
present members of the various citi-
zens' and business mems associations,
washington Real Estate Board, audi
tors section of the District Bankers
Association and the National Capital
Group of Controllers.
Following the principal speech .
lively discussion is expected of the
three-point formula of the Jacobs
committee. In the absense of c. Mil
ton Clark, president of the chapter,
Walter R. Raymond, vice president
and chief accountant of Griffith-Co
sumers, Inc, will preside.
Evening star., 1937-02-14
RECEIPTS ON MARYLAND
CROPS SHOW INCREASE

By the Associated Press.
The Bureau of Agricultural Eco
nomics reported receipts from the
sale of principal farm crops in Mary
land in 1886 showed gain of ap-
proximately $5,000,OO0 over the pre-
ceding year.
The sales yielded $31 ,295, 900 in
1896 and s26, 1903 900 in 1885. Sale of
live stock and live stock products
brought $33,538,000 last year, COM
pared with $32 1905, 900 in 1895.
Evening star., 1937-02-14
Special Dispatch to The Star.

Special Dispatch TO The star.
NEW YORK, February 13.-Prog-
ress is clearly discernible in every
phase of operation in the coal mining
industry for the year just ended, &C
cording to the current issue of Coal
Age. Production is up; underground
mechanization has registered further
marked gains; mechanical cleaning
looms large in preparation-plant in
stallation records; fatality rates prom
ise to hit q new low.
Bituminous output in 1896 followed
closely the indices Of general indus
trial activity. Total output was 49,
$50, 900 tons, an increase Of II per cent
over the 1885 production Of 369. .324 900
tons. Prices were marked by rela.
lively high degree of stability. An in
crease Of between 9 and 10 per cent
in bituminous output is forecast for
1887, based on reasonable advance
estimate Of the general business level
and taking into account seasonal fiuc-
tuationS.
Evening star., 1937-02-14
WOOlen Mills Face Ne,v Season
With Big Backlog Of Orders

considerable importance is attached
is the shift Of men consumers to more
lively types Of clothes.
For more than a year. trade experts
report, men have been showing more
aggressive preference for stripes and
colors in their suits.
It has always been the experience
Of merchants that sales expand when.
ever buyers show a pronounced lean-
ing toward "fancies."
On this score it Is recalled that
when sales Of wool goods had dropped
to around new low during the
recent depression, mills found it vir.
tually impossible to sell anything but
somber- -oolored and plain s1ttingA
Evening star., 1937-02-14
BY the Associated Press.


NEW YORK, February 13.-Woolen
mills stand on the threshold of q
new season with good backlogs Of
Spring and Summer business.
Mills currently have orders for
nearly 40,000.000 yards, most of which
will be delivered to customers in the
next IL to 16 weeks, the New York
Wool Top Exchange reports.
Symptoms point to robust UNDER
lying consumer demand. For instance,
sales of overcoatings are regarded as
having been quite satisfactory this
Winter, Notwithstanding the fact
weather in many sections has not been
conducive to brisk sales.
Another phase Of recovery 10 which
Evening star., 1937-02-14
By the Associated Press.

BS the Associated Press.
CHICAGO, February 13.-Pure Oil
Co. stockholders will be asked to ap-
prove capital structure re-adjust-
ments that may clear the way for
declaration of common stock divi-
dends, Henry M. Dawes, president,
announced today.
The program. to be submitted to
shareholders at a special meeting
March 26, will involve an increase in
the number Of authorized no par
value common shares to 100000
and an increase in the number Of
s1O0 par value preferred shares to
100000 shares.
Dawes said the objective of the
program would be retirement of the 8
per cent preferred stock and all Of
The bonded and long-term debt and
to provide cash for capital expendi-
lures
Dawes said directors contemplated
Evening star., 1937-02-14
INVESTMENT COMPANY
STOCK INDEX CLIMBS
Special Disps tch to The Star.

Special Dispatch to The Star.
NEW YORK, February 13.-The in
vestment companies common stock
price index advanced last week, as
evidenced by the averages compiled
by Distributors Group. Inc.
The average for the common stocks
for 10 leading management companies
influenced by the leverage factor stood
at 25.70 at the close Of February IL,
compared with 24.77 on February S.
The average of the mutual funds
closed at 17.55 February II, COM
pared with 1876 at the close Of the
previous week.
Evening star., 1937-02-14

Quet OF wash
ington Chapter,
American Insti-
tute of Banking,
ia was announced
y e S t e I'd ay by
Paul j. Seltzer,
chapter pre- i
dent, who will
preside. Philip
A. Benson, sec
ond vice presi-
dent of the Amer
lean Bankers As
Sociatiou a n d
president of the
D i m e Savings
Evening star., 1937-02-14
Stock Seat Price
Ofsll9,OOO Equals
Years High Mark
BY the Associated Press.

BY the Associated Press.
NEW YORK, February 13.-Ar-
rangements to transfer two member
ships in the New York Stock Exchange
were made today for $4,000 and
$4,000, the latter figure an advance
Of $4,000 over the price of $4,000 at
which the previous sales was made,
February g.
The high price for the year was
$4,000. set January 8. In 1886 the
high figure was s174,000. early in the
year, and the low $4,000. in Novem-
ber,
Evening star., 1937-02-14
ARMCO CALLS SHARES.

NEW YORK, February 13 R.-
American Rolling Mill Co. has called
for redemption April Is all Of its out.
standing cumulative 6 per cent series
~" preferred stock ct 31o6.2S . shace.
Evening star., 1937-02-14
RAILROAD ASKS BIDS.

NEW YORK, February 13 P.-
Southern Pacific has asked bids Feb
ruary 18 on s11, ,220,0 of ~ per cent
equipment trust certificates. due in one
20 Is years.
Evening star., 1937-02-14
CARRIER REVENUES
ABOVE 1886 LEVEL
Hit s272,881,592 in Jan.
uary, Against S249,210,-
826 in Month Last Year.

Preliminary reports from 81 class !
railroads, representing 9l.2 per cent
of total operating revenues, received
by the Association of American Rail-
roads. show that those railroads in
January, 1887, had estimated operat-
ing revenues amounting to s272,881.-
592, compared with s249, 9,210,826 in
the same month of 1886 and 1854, ,946,-
| 961 in the same month in 1880. OPP
| Grating revenues of those roads in
! January, 1887, were 95 per cent above
those for January, 1896. but 252 be-
low January, 1880.
Freight revenues of the 81 class
railroads amounted to S220,335 ,446 in
January. 1887, compared with $780,
144,599 in January, 1886, and $275,-
OCT 1886 in January, 1880. Freight rev.
enues in January, 1887, were 10.1 per
cent above the same month of 1886,
but 1919 per cent below the same
month in 1880.
Passenger revenues, according to
these preliminary reports from 81
class l railroads, totaled s31 ,083.3 .34l
in January, 1887, compared with $28.-
757,813 in January, 1896, and $58,-
165, ,433 in January, 1880. For the
month of January, 1887, they were 81
per cent above the same month of
1896. but 46.6 per cent below the
same month in 1880.
Cluett, Peabody e. Co.
NEW YORK, February l3 R.-
Cluett. Peabody & Co. Inc, shirt
makers, reported consolidated net
profit for 1886 of $1,279.043, equal to
$5.52 a share on the common stock,
against $503,82S, or $1.41 share in
1885.
American Can Co.
Net income of American Can Co. for
1886 was reported at $l7,226,845, equal
to SIS. 80 a share on the common stock,
compared with s17,310, 1903, or $3.50
a share in 1885.
Childs Co.
Childs Co., operating chain OF
restaurants throughout the principal
cities of the United States and Canada,
reported consolidated net income for
the year ended December 81. of $751;
1873, equal to 9 cents a share on the
common stock This compares with
$117,063, or $3.13 share on the 81
preferred stock in 1885.
American Snuff Co.
Net income of American Snuff Co.
for the year ended December 81 was
reported at $1,655,086, equal to 1882
a share on the common stock, against
$1,641 ,279, or 1929 a share in 1885.
George w. Helme, Inc.
George w. Helme, Inc, snuff
makers, with plants at Yorklyn, Del,
and Helmetta, N. j., reported net
profit for the year ended December
81 of $1,847,012, equal to $6.82
share on the common stock. This
compares with 1888, 500, or $6.92 a
share In 1885,
Consolidated Gas.
Consolidated Gas Electric Light &
Power Co. of Baltimore reported net
earnings for 1886 of s6.394 .688. equal
to $4.52 share Of common stock. This
compared With s6,288, ,204, or $4.4l q
share in 1885.
Ainsworth Manufacturing Corp.
Ainsworth Manufacturing Corp,
makers of automobile parts and ac-
cessories, placed 1886 net profit at
$962.726, equal to $2.32 a share on
the common, against $685., ,s16, or $3.50
q share in 1885.
Evening star., 1937-02-14
Other Committee Members
of Bank Association
Also Named.
0'C0NNOR WILL SPEAK
AT INSTITUTE BANQUET
Controller Included on Program
of A. I. B. Chapter at Willard
Next Saturday Night.
BY EDWARD C. STONE.

n. Prescott Galley, president of the
National Savings & Trust Co., has been
appointed vice chairman of the Gen
eral Convention Committee for the
Evening star., 1937-02-14

1887 conclave OF
the Dis tri C |
Bankers ASSocia-
ton, Acting Presi-
dent Thomas j
Groom announced
yesterday. Ap-
pointrneut of the
chairman, A. M
McLachlen of the
McLachlen Bank
ing Corp, has
already been re-
ported.
The personnel
of the entire
committee W a S
a 50 annQuncn6
Evening star., 1937-11-22
THREE MORE CONVICTS
AT LARGE IN MARYLAND
By the Associated Press.

By the Associated Press
HAGERSTOWN. Md, Nov o.
Three more prisoners escaped from the
Maryland State Penal Farm at Rox-
bury Saturday night, bringing to seven
the total number of escapes during the
last two weeks.
The latest to leave the minimum
security" institution are Harold Brins-
field, Is; Roy Brinsheld. 20, and James
Giuriel, 18.
The escape was discovered Saturday
night about 8 o'clock and police of
Hagerstown and other cities were i'm
mediately notified.
The Brinsfields, brothers, were each
serving 18-month terms. Giuriel was
serving one year on larceny charge.
All were first offenders.