davidaulloa/AmericanStories huggingface dataset:
Evening star., 1938-08-30
BASIC CONDITIONS
SUFFER RELAPSE
Index of Business Income
Drops to 75.9, New Low
for Recession.
Special nisratch to The Star

NEW YORK. Aug. 3O.-Since last
week, basic conditions have suffered a
renewed relapse of rather extensive
nature, according to the Alexander
Hamilton Institute The estimate of
this years normal demand for steel
has consequently been reduced from
1874 per cent of capacity last week
to 1877 per cent this week, the lowest
figure since the middle of June. The
actual rate of output, however. has
risen from 40.4 per cent of capacity
to a new 1888 peak of 428 per cent.
A further rise above the level of
normal demand may occur before a
serious reaction develops.
The index of business income, for
the week ended August 10, dropped
to 75.9, a new low for the recession,
from 77.8 in the preceding week. This
drop more than offset slight further
decline in the index Of business ex-
penses from 8l.0 to 808. The excess
of expenses over income thus rose
to 40 points from 80 points in the
previous week, thus providing quite
setback to previous progress toward
profitable operations.
In the week ended August 13, the
price index of farm products, which
reflects the national income, declined
sharply to a new low for the current
recession. A decline in the index of
manufactured goods prices was only
partial offset, and the purchasing
power index dropped back from ISL
to the recession's low Of 1876 reached
in the week of June 4.
After reaching the highest volume
for this year in June, building con-
tracts receded in July to a level IL
per cent below the June peak, accord
ing to the Alexander Hamilton Insti-
tute. This was greater than the usual
seasonal decline, which averaged 81
per cent in the last l3 years. As
compared with the volume of a year
ago, contracts awarded in July showed
a decrease of 269 per cent.
The curtallment in July, however.
was confined entirely to nonresident
tlal contracts. Such contracts were
1913 per cent smaller than in June
and 53.2 per cent smaller than in
July last year. The curtailment of
non-residential contracts was more
than sufficient to Offset further expan-
sion IN residential building.
Residential contracts in July were
slightly larger than in June and con-
sequently reached a new high peak
Evening star., 1938-08-30
BANKS N MERGED
IN FREDERICKSBURG
Combination Forms Largest State
Institution Outside of
Richmond.
e. the Associated Press.

EV the ASSoclaJed Press.
FREDERICKSBUR Va, Aug. 80.
The Farmers e. Merchants State
Bank here became the largest State
bank in Virginia located outside of
Richmond today when it acquired all
assets and business of the Planters
National Bank, an institution of Is
years existence, which vii hereafter
be operated as the Planters branch of
the parent bank.
Deposits of the combined banks are
in excess of s5,000,0O0 with resources
Of s5,683 ,O88.
John F. Gouldman, jr., cashier of
the Farmers & Merchants State Bank
from the time of its organization in
1906 until last July, when he became
president, is president of the combina-
ton, which has been contemplated for
several months. Both units in the
merger will continue to occupy their
original quarters, with no change be-
ing made in the personnel.
The combination reduces the num-
ber of banks in Fredericksburg from
four to three.
Evening star., 1938-08-30
Banking Veteran
Viii Soon Retire
From Noted Firm
b. tne Associated Press.

by TIE Associated fresS.
NEW YORK. Aug. so-James
Speyer, senior partner in Speyer &
Co.. one Of the oldest international
banking houses, today confirmed re-
ports he would soon retire. He is
II years old
His statement left some doubt
about the future Of Speyer e. CO.
a name as prominent in banking his
tory as that of Rothschild, Barring
Warburg and Others It's now-extinct
Darent house in Frankfort, Germany
had a history extending back beyond
the Napoleonic era.
Arriving on the liner Aquitania from
a European visit, Mr.. Speyer was
asked about the reports of his re-
tirement, which have been current
for some months, and replied:
Yes, that is So But I don't know
just when. AS to the future of the
firm. when I do retire, that has not
been decided. I could not say whether
it will continue or not"
Mr. Speyer, a WidoWer. has no chill
dren. The only other bearer of the
name still associated with the banking
firm is nephew, Herbert Belt vor
Speyer, now living in Switzerland. He
is partner in the New York firm and
was in charge of the Frankfort house
until Its dissolution several years ago
Evening star., 1938-08-30
WHOLESALE INDEX
GAINS MODERATED
Fertilizer Association Reveals
Average at 1871, Against 72.9
in Preceding Week.

There was slight rise in the whole
sale price level last week, according
to the commodity price index compiled
by the National Fertilizer Association.
This index in the week ended August
27 was 1871 per cent of the l926-2s
average, compared with 72.9 in the
preceding week, which marked the
lowest point reached in the current
recession. A month ago the index
stood at TAT and year ago at 86.7.
The largest rise during the week,
and the one primarily responsible for
the upturn in the all-commodity index.
was in the food group. Changes in
foodstuh prices during the week were
mixed, with about as many items de-
clining as advancing, but substantial
increases in meat quotations we're
sufhclent to raise the group average
The farm product price index again
declined, following an upturn in the
preceding week. Lower grain prices
accounted for the drop in the group
averages
Declining prices for cotton textiles
and wool resulted in a slight drop in
the textile index Fractional declines
were also registered during the week
Evening star., 1938-08-30

NEW YORK Aug. 80 0Pp.--Eees 11.72l;
firm Mixed colors, special packs, 2494
30; standards, 24l.; f1rsts. 22s4; seconds,
22-22i2; mediums, 21i2-s4: dirties. No. l,
2Oi4-i2; average checks. l7l2-19.
Whites-ReSale of premium marks, 4017
~; nearby and Midwestern. premium
marks. 37i2-40; exchange specials. 2912-
81; Midwestern. exchange standards, 2S;
nearby. fancy mediums 33l2-31 nearby
and western. larger pullets to exchange
mediums, 25-33; peewees to pullets, i6-
"a
Browns-Extra fancy 32H-4O nearby
and Western. special packs, 32: other
Western standards. 26; nearby, exchange
mediums, 25
Duck eggs-Fancy. p.
b, Butter : a. 200; Sieady Creamery sos
scoreJ; 26-2sN: frsts, iss-9D, 22ha-26;
Cheese, 4OO,s36; weak State whole
milk flats, held. fancy. 1885, unquoted;
held, 1887. 1921; fresh fancy, 1334-15A.
Flour Arm; spring patents, 4.75-5.00;
soft winter straights. 3.45-15; hard winter
straights, 4.25-50.
Rye flour firm: fancy patents, 34O-75
Rye, spot, easy No. Western. elf New
York, 59k2
Barley, Steady; No. ?. domestic. elf.
New York, 527s
Hops firm: Pacific Coast, 1885, 25-e7;
1875. 15-11.
Other articles steady and unchanged.
Evening star., 1938-08-30
CHICAGO PRODUCE,

CHICAGO, Aug. 30 0P,-Poultry live
one car, - trucks; hens. steady: chickens
over . pounds. 13; springs. under 4
pounds. Plymouth and White Rock. 10: 4
pounds up. colored. Is Plymouth and
White Rock. 10: ducks white and colored
12I,: other prices UNCHANGED.
changed.
Eggs. 6;15e: Arm: fresh. graded extra
firsts, LOCAL. pa cars. 24la: f1rsts local, 90
cars, 23a.: other prices UNCHANGED
lUnited States Department of Agricul.
y s. shipments, 23s; duh SUPPLIES libera Il
demand slow; sacked, per cwt.. Idaho Bis.
uf'qmpas T. 8 No T. s1ao S? j. 8 No rupSsts prsc
tically free from cuts and clipper ends
l:l5-20 Minnesota Cobblers. U. S. No
TN: showing heated 20: Bliss Triumphs
generally fair quality. S.: early Ohios
generally fair quality: =: Indiana Cob
Bliss Triumphs, u S. No. i. s7Ia-9O
0reeon Bliss Triumphs U. s. No. !; 30
TriumphS. o. s. No. / SO-S5
Evening star., 1938-08-30
FEDERAL SPREAD
OF FUNDS UPHELD
AnnaIist Article Denies
Money Has Been Spent
for Politics.

Although analysis shows that the
recovery billions have been fairly equi-
tably distributed up to now, rather
than on the basis of political expedi-
ency, as frequently charged, left-wing
New Dealers are now urging alloca-
tions to be made "ruthlessly" so as to
produce the most votes. according to
an article which will appear in the
Annalist tomorrow.
Charges that the Roosevelt admin
1stration was spending most dollars
where the most votes were needed were
made recently in an article published
in Life Magazine, accompanied by eye
catching graphic charts. Following
a long line of similar accusations, this
article burnt up" New Deal circles
who felt that they had never reaped
the advantage of such political dis
tribution of the spending.
The Annalist article attacking both
the Life figures and their deductions
was written by Theo. r. Goldsmith
editor of the Goldsmith Washington
Service, and H. r. Baukhage, Wash
ington newspaper man long known as
non-partisan commentator on N. B.
C.'s Farm and Home Hour.
The article presents two yardsticks
by which Federal spending may be
measured. One is the formula of the
, Hayden n-Cartwright Federal Road Act
OF 1916, the other the unemployment
census figures of 1897. The article
states that an accompanying table in
dicates that ~ out of 48 States re-
ceived an amount approximately equal
to, or somewhere between, what they
would have received if either the Hay
den-Cartwright or the unemployment
formula had been used in the distri-
button of funds"
The article takes exception to LIES
statement that the administration has
spent least per capita in Southern
States. which Life says are safely
Democratic anyway 1t is pointed out
that, according to Lifes own figures,
the eight States in which the lowest
per capita loans and expenditures were
made included four Eastern States
Connecticut. New Hampshire, Della
ware and Rhode Island; two so-called
border line" States-Kentucky and
West Vlrglnia-and only two Southern
States, Virginia and North Carolina.
1t seems a far cry to say that the
least money was spent in the States
that were safely Democratic.
Evening star., 1938-08-30
U. S. TREASURY POSITION

The position Of the Treasury August 27:
Receipts. S6,4s6,21S.29: expenditures,
S25, 5,420,24l %; net balance. So. 2.236,622.-
ing balance: customs receipts for VT the
month. S@6037,o1O
Receipts for the fiscal year (since July
u. S771 .365 S04 .54 expenditures ST.
3sS.62a,731,93 including s423. 754, 7s9 80
of emergency expenditures; excess of ex
penditures. S617.263927. 80: gross debt,
S37. .533. .436.17. an increase Of 1857 S24 S5
above the previous day; gold assets. S13.-
092 069. .S04 40.
Receipts, for August .es. 1887 tcom-
penditures. S15,2S5 S2267;. net balance.
S2;Sss s90,352 90. including Sl.053 573,-
for the month. S35 775.55l .95; receipts
for the fiscal year. SS2S, 6SS o47.o4: ex-
penditures, S1.207 .440. 564.2S including
$3.50, 43l,1 ,1Q2.57 of emergency expendi-
lures: excess of expenditures S37S. 49,
3l7 .04; gross debt x37.O41. .652 95; gold
assets. S12,552,247 461OS.
Evening star., 1938-08-30
R|CHF|ELD OIL CO.
EARNS $1,Ob,383
Timken Roller Bearing Co.
Reports Net Profit
of $164,201.
BY the Associated Press.

by VIC ASSOCldteu ElcSS.
NEW YORK, Aug. 30.-Richfield
Oil Corp. and subsidiaries reported to-
day consolidated net income for the
six months ended June 80 of 81 ,O05 1888
after all charges, including estimated
Federal income taxes, equal to 25
cents share on the common stock.
No comparison for the comparable
period q year ago was available be-
cause of reorganization proceedings,
which were under way during that
time.
The company is engaged in all
phases of the petroleum industry,
mostly in Western States.
Timken Roller Bearing.
Timken Roller Bearing Co. reported
for six months ended June 80 net
profit of $l64,201, equal to cents a
share on the capital stock. compared
with 1892, 1872, or $281 share, in the
first half of 1887. In the June quar-
ter there was loss of SlO9,064,
against net income of 273,266, or II
cents share. in the preceding quar-
ter, and net income of $3,623,976, equal
to $3.50 share, in the June, 1887,
quarter. The companys plants are
located at Canton, Columbus, Wooster
and Mount Vernon, Ohio.
Boeing AirpIane Co.
Boeing Airplane Co. reported tenta-
tive net loss in the June quarter was
SAL, TAG, compared with loss of s52,Ol5
in the first quarter and net profit of
$137,9 in the second quarter of
1887. The company's main plant is
at Seattle. Wash.
Bul0va Watch Co.
Bulova Watch Co. and subsidiaries
estimated for the quarter ended June
80, first quarter of the company's
fiscal year. net profit of s154,04 after
charges, equal to Al cents a share of
capital stock. This compared with
s566.351, or sta a share. in the COM
parable 1887 quarter. Plants are in
Rhode Island, Long Island, Massa-
chusetts and New Jersey.
Evening star., 1938-08-30
RURAL SALES DECLINE
SMALLEST IN MIDWEST

The decline in daily average sales
Of general merchandise in small towns
and rural areas for July, as compared
with July. 1887. was relatively less
in the Middle West, with a decrease
OF about 6l2 per cent, than in other
regions Of the country, according to
estimates of the Bureau of Foreign
and Domestic Commerce, Department
Of Commerce. based on rural chain
store and mail-order sales.
Sales in the other three regions
were down between and per cent
each. These decreases compare with
a 7l2 per cent decline in rural sales
for the country as whole.
A more than seasonal decline took
place in all regions. with the decreases
ranging from IS per cent in the Far
West to % per cent in the East.
Evening star., 1938-08-30

for this year. In addition, for the
hrst time In. 1888, residential contracts
were larger than in the corresponding
month of 1887. The increase in July
over the volume Of year ago amount
ed to 40 per cent.
Fundamental conditions continue to
be unfavorable for building activity.
Rents declined further in July to a
new low for the current recession and
the prospect Is that this decline will
be extended. In the face of this
drop in rents. building costs have re-
mained firm. The building cost index
in July. on the basis Of 1925 as 100
was 1885. figure far above the rent
index of 85.5.
Evening star., 1938-08-30
AMERICAN ROLLING MILL
OMITS JULY DIVIDEND
BY the Associated Press.

BY the Associated Press.
NEW YORK, Aug. 3O.-American
Rolling Mill Co. directors today omit
ted dividends on the new $3.50 con-
vertible preferred stock issued last
July, and on which quarterly divi-
dends OF Sl.12l2 we're initiated last
October and paid up to and including
July Is last The company said:
Because of losses before preferred
dividends during the first six months
ara the continuing losses at present,
together with present business condi-
lions, no action on the preferred divi.
dend was justiflable at this time"
Evening star., 1938-08-30
SLOAN FORECASTS
DROP IN EARNINGS
General Motors President
Returns From Europe
on Europa.
BY the Associated Press.

NEW YORK, Aug. 3O.-Third and
fourth quarter earnings of General
Motors Corp, will probably be under
those of like periods last year. its
chairman, Alfred P. Sloan, said yes
terday upon his return on the Europa
from trip abroad
Fourth quarter earnings Of the auto
mobile industry will probably be
below those of the last 1887 quarter,
he said, unless "a very radical i'm
provement in the general business
situation" takes place before the enc
OF the year. In that event, he expects
the automobile industry to prosper in
ratio to the general improvement.
The used-car situation, cited earlier
as one Of the main drawba cks to cur
rent business prospects in the industry,
was relatively good" now, he said.
Sees No Higher Prices.
Mr.. Sloan said he did not believe
automobile prices would go higher in
coming months
Nor does he anticipate any unusual
changes in automobiles themselves or
in the industry during 1899 He said
refinement of details and improved
appearance" would characterize de-
velopments of the coming year rather
than anything radical"
While he would not forecast general
business prospects, he commented
that Everybody says that business
generally is getting better and if this
is so the automobile industry will get
its share"
In England and other European
countries generally the automobile
industry declined proportionately less
in. the last year than in the United
States, he said.
German Prospects Better.
In Germany. he added. the automo-
bile business is actually better than
last year, with the General Motors
German subsidiary running very
much better" in August and behind
orders. He found conditions in Ger
many better. with no unemployment
and labor shortage, he said.
French conditions were also better
he declared. adding that he thought
the French beginning to realize that
the only way to produce more is to
work harder and longer. That in itself
should instill business confidence"
Edsel Ford, another passenger. de-
clined to comment definitely on auto
mobile industry prospects.
Evening star., 1938-08-30
NEW YORK LIVESTOCK.

NEW YORK, Aug 30 (P, Estate Dept.
Of Agriculture report Of Jersey City and
including $50 direct Steers nominal
Bulls fully steady; medium. 6.25-7.25: odd
head weighty sausage kinds $50: cutter
tive. mostly steady; low cutter and cutter,
4 4.5n-5; ;25: medium auotable at 6.OO-675
VealerS and calves. 343O. including g.
0s0. direct. Vealers 25 to so higher;
good and choice New York States. IL. 90
l 50: choice Virginias,, 1900: plain and
Sheep and lambs. 1o.1ss. % including TO-
JOG direct Spring lambs weak to IS
lower: spots off more on medium kinds;
good and choice VirRinias and West Vir-
ginias. 9.15-75; medium. $50: common
throwouts. 700 Sheep steady: common to
good ewes. 2.00-4.O 90.
Hogs, Clio, including $3.50 direct.
Market higher: 1s2-pound average. 9.15;
PA pounds. 900.
Evening star., 1938-08-30

In the indexes representing the prices
OF building materials and fertilizer
materials
An unusual degree of stability has
characterized the price movement OF
industrial commodities in recent weeks.
The index representing the prices of
all commodities except farm products
and foods has remained unchanged
for three weeks and it has moved only
between 7s.5 and 1877 in the past 10
weeks.
Evening star., 1938-08-30
Washington Exchange
SALES-AFTFR CALL

SALES-AFTER CALL.
Washington Gas Light pfd.-10 at
99's, IS at 997s.
Washington Railway g. Electric As
$1,000 at 100.
Washington Railway Electric pfd.-
10 at ll2l2, 10 at 1922.
Evening star., 1938-08-30
BUSINESS LOANS
/ DECLINE IN WEEK
Reserve Board DiscIoses
S10,000,000 Slump to
S3,89O,OO0,OOO.
Ey the Associated Press.

Ey the Associated Press.
The Federal Reserve Board reported
that commercial, industrial and agri-
cultural loans by banks in 101 leading
cities declined s10,000,00O to $780,
100000 in the week ended August "a.
Officials said, however, the trend of
business loans appeared to be definitely
upward and that apparently liquida-
ton of a few large loans was re-
sponsible for the decrease.
In New York City, center of indus
trial financing, commercial and in
dustrial loans increased 10000 900.
In the Chicago Federal district. how
ever. similar loans declined S7ooO,0O0
and in the Boston district they fell
s4o0o,O0O
The boards statement gave the fol-
lowing summary of assets and llabili-
ties on August "a. together with
changes for the week and with the
same week last year, in millions of
dollars:
Evening star., 1938-08-30
CRUDE RUBBER FUTURES.

NEW YORK Aug 3O.-Crude rubber
futures opened to ID higher; September.
1925; December. 16.4445; March. 1856
81.
Evening star., 1938-08-30
U. S. TREASURY NOTES.
NEW YORK. Aug. 30 tAN-Prices quoted
n dollars and thirty-seconds:
Approx.
Asked. Yield.
LONDON GOLD. SILVER,

LONDON, AUG. 20 lEa.--Bar gold. 1925
Bar silver. 1o3td uD lS Equivalent 42 30
Evening star., 1938-08-30
MONTREAL SILVER.

MONTREAL. Aug 80 P.-silver fu-
42.4o: September. x2.15; December. 41.s5.
Evening star., 1938-08-30
INSURANCE STOCKS

NEW YORK Aug 30 tP.-Investment
Bankers Conference, Inc;
Evening star., 1938-08-30
NEW YORK PRODUCE.


2 Declared or paid SO lar this year.
The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-07-15
RESOLUTION No. 1908

Declaring ii necessary 10 improve Dixie high
way from Minor Avenue alley south TO
Corwin Avenue, and Corwin Avenue, from
Dixie Highway to Van Hook Avenue, IN the
Sixth Ward of the City of Hamilton, Ohio.
by constructing sanitary sewers, house con-
nections. manboles, etc, where necessary.
WHEREAS, the owners OF more than sixty
per cent Of the foot frontage ofthe property
ON the above mentioned streets, between the
points aforesaid have petitoned in writing
for the improvement OF Dixie Highway, from
Minor Avenue Alloy south to Corwin Avenue.
and Corwin Avenue, from Dixie Highway to
Van Hook Avenue in the Sixth Ward Of the
CITY of Hamilton, Ohio, by constructing sani-
tary sewers, house connections manhoies etc.
where necessary. and that the entire cost OF
said improvement as is not borne by the
Works Progress Administration for the City
Of Hamilton Ohio including incidental costs
such as advertising, engineering, inspection,
stakes etc. be assessed by the foot front
aye upon the lots and lands bounding and
abutting upon said improvement, and consent
that the assessment be levied and collected
without reference TO the value Of the prop-
erty Of the subscribers thereto, and waive all
benefits Of any statute, constitution or pro-
vision Of the charter OF the City OF Hamilton,
Ohio limiting assessments.
NOW THEREFORE, BE 1T RESOLVED by
the Council Of the City Of Hamilton, Ohio:
SECTION r. That it Is necessary and con-
ducive to the public health. convenience and
welfare that Dixie Highway. from Minor Ave
nue. Alley south to Corwin Avenue, and Corr
win Avenue from Dixie Highway to Van Hook
Avenue, in the Sixth Ward of the City Of Ham
ilton, Ohio, be improved by constructing san
itary sewers house connections, manholes, etc
where necessary.
SECTION III That the plans, specifications
estimates and profiIes Of the proposed improve
ment heretofore prepared by the City Engineer
and now on file in the office of the Director
of Public Works in the City of Hamilton Ohio
be and the same are hereby adopted and APP
proved.
SECTION III That the entire cost and ex-
pense Of said improvement as il not borne BY
the Works Progress Administration for the
City Of Hamilton Ohio, the cost 50 borne by
the Works Progress Administration for the
City of Hamilton, Ohio, is in excess of two
per cent and cost of intersection, shall be as
sessed by the foot frontage upon the following
described lots and lands, to-wit: upon all lots
and lands bounding and abutting upon the
Improvement which said lots and lands are
hereby determined to be specially benefited
by said improvement. The cost shall include
the expense of preliminary and other surveys,
The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-07-15
RESOLUTION NO. 1909

Declaring il necessary to improve Noyes Ave
nue., from Van Hook Avenue to Benning-
hofen Avenue. in the Sixth Ward of the
city of Hamilton, Ohio, by constructing
sidewalks, curb and gutter both sides of
said street. between the points aforesaid
where necessary. and doing the necessary
grading therefor.
WHEREAS, the owners Of more than sixty
per cent of the foot frontage Of the property
on the above named street have petitioned in
writing for the Improvement of Noyes Ave
nue., from Van Hook Avenue to Benninghofen
Avenue, in the Sixth Ward of the City OF
Hamilton, Ohio, by constructing sidewalks
curb and gutter on both sides Of said street
between the points aforesaid. where neces-
sary, and doing the necessary grading there
for, and that the entire cost and expense for
said improvement as is not borne by the Works
Progress Administration for the City of Ham
ilton. Ohio, including incdenta costs such
as advertising engineering, inspection, stakes,
etc. shall be assessed by the foot frontage
upon the lots and lands bounding and abutt-
ing upon Noyes Avenue. between the points
aforesaid, and consent that the assessment be
levied and collected without reference to the
value Of the property Of the subscribers thereto,