davidaulloa/AmericanStories huggingface dataset:
Evening star., 1938-02-10
HEARINGS ENDED
ON MAL0NEY BILL
Senate Committee Expected
to Vote Next Week on
Over-Counter Rules.
By the Associated Press.

By the Associated Press.
The Senate Banking Committee Is
expected to vote next week on the
Maloney bill, which provides for Sc
curities Commission regulation Of
-the-counter dealings in unlisted
securities.
The proposal has provoked stren-
uous opposition from over-the- counter
dealers, specialists in public securities
and some State and municipal OH
cials.
Charles E. Weigold, partner in the
New York firm of Roosevelt g. Wei
gold, Inc, told the committee at its
final session yesterday the proposed
legislation, offered by Senator Ma
loney. Democrat, Of Connecticut,
would give the S. E. c. virtual con-
troll" over municipal financing.
Interference Feared
BY giving the S. E. c.. blanket
authority" to devise regulations, it
could conceivably interfere with
thousands Of transactions" in public
securities, he said.
Three other witnesses also expressed
hope that municipal securities would
be excluded from the bill. They were
David Wood, a New York municipal
laT specialist: Charles McNear, Chi
cago, and Francis H. Lindley, assistant
city attorney of Los Angeles.
In addition. chairman Wagner,
Democrat, of New York read letter
from Morris E. Tremaine. New York
State controller, opposing the legisla-
tion.
Il believe the damage would be fabu-
lous," Tremaine wrote. asserting reg
ulation of transactions in municipals
would require the listing "of upward
of 25o,000 items" with the S. E. c.
Defends Present Setup.
1t would be 'far more sensible" he
said, to place Federal securities under
control of the S. E. c.
Wood testified the mechanics OF
marketing public securities had been
developed by years Of experience and
said it had worked exceedingly we'll"
Il have heard criticism by the chair
man of tie S. E. c." he added. that
small industry has been unable to
raise capital That hasn't been true
of the smallest municipality"
Wood said that enactment Of legis-
lation affecting the free operation of
the small! over-the- counter dealers
would result inevitably" in diminish
ing the free flow of municipal Sc
curities, and increasing the cost of
money to small communities.
Nothing would affect municipal
financing more disastrously than in
reference with free marketing" he
added. Il think this bill is completely
impractical so far as public securities
are concerned"
Evening star., 1938-02-10
FOREIGN EXCHANGES.

NEW YORK. Feb. 10 UP.-The majority
IN IN terms gSee of the % doilss '4e0 todsy. '"'n'''
The French franc gained .0Ol7 Of a
sterns an9 was The Swiss f1nnc
advocated Ola of . cent and the guilder
.0l of a cent.
In Paris and London the dollar showed
small change.
Noon rates follow: Great Britain in dol
lars. others in cents. Great Britain. de-
msnd, 5.QlA: cables: 5;9lH; 80 t9-day bills.
:}.2ss4. Italy. demand, 5.261a; cables,
52612
Demands: Belgium. 16.9612: Germany.
free, 4O.3Sha registered. 2O.90: travel.
S5lo; Hoiand' 5Sgo; NcrysS aY 2519ns 5n5s q
,22; Switzerland, :.:,,2O'4: Spain un-
quoted; Portugal. 4.55a.; Greece o92h:
Yueoslavia. 2.:t5: Austria. s.95n Hun
gary: 1890, Rumania % ?5i i,tin A1sentina, Jd ns
Shanghai. 29.75: Hong Kong. 81 "a: Mex
leo City, 27.sO: Montreal in New York,
100. .Ol y: New York in Montreal 99.9Sis.
n Nominal.
Evening star., 1938-02-10

BY the Associated Press.
The administration extended a viz
tual promise today to help small busi-
nessmen borrow money.
Although details were withheld
pending further study. Chairman
Jesse H. Jones of the Reconstruction
Finance Corp. was reported ready to
disclose the loan arrangements within
a week or 10 days
His intention was made known yes
terday by Secretary OF Commerce
Roper. who was host to a thousand
small businessmen at last weeks tur-
bulent conference
Speculation on the proposal ranged
from mere continuation of r. F. C.
lending to elaborate systems of new
Feredal credit agencies and Federal
insurance of private loans to business.
Liberalized r. F. C. Seen.
Usually well-informed officials said
they guessed the administration
was not ready to do anything more
drastic than to extend and possibly
liberalize the type of lending which
the r. F. c. has been doing for more
than three years.
Under the past r. F. c. program,
industrial loan authorizations totaled
about $l90,00O,000, of which about
slo9,0oo,o00 was actually loaned. This
set-up, however. was described as
over-cautious by the small business
delegates, who suggested either Fed
eral insurance or direct loans from
another agency.
The insurance idea was urged to-
day by Senator Claude Pepper, Demo-
crat, of Florida, who introduced a bill
to authorize the r. F. c. to do the
insuring.
His proposal would permit the r.
F. c. to guarantee bank loans to
business men up to 100000 for five
years. provided the loan were backed
by real estate or other property worth
125 per cent of the amount of the
loan
Interest Too High:
The banks would be permitted to
charge maximum OF s per cent In.
terest plus maximum Of per cent
service charge, and the r. F. c. would
collect an insurance premium of !,
to per cent.
Representative Kopplemann, DEM
ocrat. of Connecticut is sponsoring a
bill to create Federal intermediate
credit corporation which could dis
count business loans or lend money
directly to businesses unable to obtain
private financing.
Senator Burke. Democrat. Of Ne
braska, discussing the Pepper bill,
raised the question of whether the
total interest and service charges were
in excess of what small business men
now have to pay for loans.
Senator Pepper said he would agree
to reduction in the interest rate If it
were demonstrated that capital could
be attracted by the change.
Evening star., 1938-02-10
CHICAGO PRODUCE,

CHICAGO, Feb. 10 LP,.-Poultry. live,
ls4; 5 pounds and less, lala; Plymouth
Rock tryers, %: White Rock. 2l; other
prices uncheneed
cials t93 score). o934-30i4; extras ty,l
o94; other prices unchanged Eggs. s.
6S?: steady prices Hnchaneed
Potatoes, 81; on track. .3S; total Unit ed
States shipments 90;i; old stock dull; de-
mand light; supplies moderate. Sacked
per hundredweight. Idaho Russet Burbanks
y. 8. No. l. .35-40; Colorado Red Nc
Clures. U. S. No. !, 1.35-45; North Da-
kota Bliss Triumphs U. S. No: /, 1.12i2;
Wisconsin Round Whites y. S. No. !. / .O5;
new stock slightly weaker; demand light:
supplies moderate; track sales carlots,
Florida Bliss Triumphs, bushel crates. U.
S. No. !, .40-45.
Evening star., 1938-02-10
AIRPORT BONDS OFFERED.

NEW YORK, Feb. 10 Especially -
An issue of $65o.0O0 city and County Of
San Francisco airport bonds has been
awarded to a banking group composed
of Lehman Bros, Phelps, Fem g. Co.,
and Stone & Youngberg on q bid Of
100.109 for Is. The bonds are being
offered at prices to yield from OBS to
2.10 per cent for maturities ranging
from 1910 to l949.
Evening star., 1938-02-10
NEW YORK LIVE STOCK.

NEW YORK. Feb. 10 1.-tState De
partment Of Agriculture) Cattle. l,419.
nominal. Nothing done on one load Of
steers. Cows steady; low cutter and cut
ter; 100000. ..,v.s aoo ,,.,ua,nv
1890 direct Vealers absent. nominal:
Heavy calves, strons: plain 2so-nound
"s sSeep ana lambs e.o2o; eli direct. Mar
HnSs. Zoo; al direct. Narket nominal.
Evening star., 1938-02-10
BOSTON WOOL MARKET.
BY the Associated Press.

crate amount Of business was being trans
acted today in Boston on fine wools, but
trade was very light on coarser grades,
Prices continued to show va, sd9ftening
woods. Some graded French combing fne
territory woods were being sold at 63-65
we're firmly resisting offers below 65 cents
and we're asking UP to 6S cents secured
basis. Spot 12-moEth Texas wools were
available in Boston at 65-67 cents secured
basis, while moderate quantities were being
brought from the country through order
buyers at 80 to 81 cents secured basis
delivered East.
Evening star., 1938-02-10
WARD SALES LAG
DURING JANUARY
Volume for Fiscal Year
Reaches Best Levels in
Firms History.
Ry the Associated PrAk2.

By the Associated Press.
CHICAGO, Feb. 10.-Montgomery
Ward g. Co. today reported q decrease
in gross sales during January COM
pared with year ago. but volume for
the fiscal year which closed January
81 was the greatest In the company's
history.
January sales totaled s2l,840,243, a
decrease Of 327 per cent compared
with January, 1887.
Sales for the II months ended jan
uary 81 totaled s432,539, 1876, an in
crease Of l4.75 per cent compared with
the previous fiscal year.
NEW YORK, Feb. 10 (P.-Depart-
ment and apparel store sales in the
New York Federal Reserve district
showed declines from the previous year
for the week ended February S and
for the four weeks ended February S,
1t was reported in survey by the Fed
eral Reserve Bank of New York.
Department stores in New York and
Brooklyn experienced decline OF 19
per cent for the week and OF 33 per
cent for the four-week period. Sales
of apparel stores were off SO per cent
for the week and down So per cent
for the four weeks.
In Buffalo department store volume
declined "a per cent for the week and
fNr fN,,r Yv,
Rochester the decline for the week was
80 per cent with no change reported
for the four weeks
Evening star., 1938-02-10
NEW ENGLAND MUTUAL
REVEALS RECORD YEAR

Special Dispatch to The Star.
BOSTON, Feb. l0.-New insurance
in the New England Mutual Life In
surance Co. in 1887 totaled Sl56,642,-
600, larger than any other year.
George Willard Smith, president, said
in the company's annual report.
Insurance in force at the end Of the
year amounted to s1,471806, 900,
record total. Assets, which continued
to grow all through the depression
years, were increased by s26,671 900 in
1887 and at the end of the year stood
at s402, 1921 900, or double the assets
of 10 wears ago.
Evening star., 1938-02-10
U. S, TREASURY NOTES.
NEW YORK Feb. 10 lP.-Prices
quoted in dollars and thirty seconds.
NEW YORK SUGAR.

NEW YORK, Feb. 10 R.-Raw sugar
declined under hedge selling and liauida-
ton, while the No. frmed UP after early
irregularity on increased covering and
commission house buying.
March No. 3 sold OF to go and July
to 2.22. or l to !, points net lower. while
March No. rallied from .9SHa and July
from .O3h to 1861 "a; leaving the list
about / "a points net higher at 2 pm.
Evening star., 1938-02-10
CURB RALLY LED
Il. BY |NDUSTR|ALS
Aluminium, Ltd, Advances
Nearly Eight Points-Bri|I
Preferred Up.
BY the Associated Press.

BY the ASsoc!ated Press.
NEW YORK, Feb. 10.-Moderately
active bidding brought some sharp
gains in industrial shares in today's
curb market.
Leaders of the move included
Aluminium Ltd, up nearly 8 points,
and Brill preferred. up about 4sa.
Other issues higher by to around 3
points at the start of the fifth hour
were Pepperell, Jones & Laughlin
Steel American Meter, Babcock &
Wilcox, Aluminium Co. Newmont and
Sherwin Williams.
Oils and utilities improved mar
rowly.
Evening star., 1938-02-10
NEW YORK PRODUCE.

frmer, Mixed colors. special packs. iRia-
a3E; SMtandards star 1SA: firsts l7I4-h:. sec
9ads. 9ad i6asol7; mediums and dirties;. No. l.
LOIS }or standsnds, m 14a+-15; firsts. 13la-14A;
hisher than extra, 30a-3IM; extra I92
score); 3oA: hrsts lSs-eD. $3.50; sec
onds dS.u.4 sS4-so; sa . s2sh..7h.,-,.,-...n ,-...n...
Evening star., 1938-02-10
METAL MARKET,

NEW YORK, Feb. 10 0P.-Copper
steady: electrolytic. spot and future,
1000: export. $50. Tin barely steady:
spot and nearby. 4O.75; future, 4O.s7la.
st. Louis: :35 Zinc quiet: East st. Louis.
spot and future, 10. Platinum. $500
nominal. Iron, aluminium. antimony.
quicksilver and wolframite unchanged.
Evening star., 1938-02-10
DOLLAR GOES DOWN
IN LONDON DEALINGS

BY the Associated Press.
LONDON. Feb. 10.-The United
States dollar declined three-sixteenths
OF cent in foreign exchange trading
today, closing Sol 5-l6 to the pound,
against s5.0l'. for sterling in New
York overnight.
French francs were quoted 1892 to
the pound, compared with 1929 yes
terday
Evening star., 1938-02-10
LOAN AID DUE SOON
FOR LITTLE MEM
Roper Says R. F. c. Head
Will Reveal Arrangements
in Week or 10 Days.
BACKGROUND

Last Week's uprodrious meeting
OF little business men, called by the
administration to suggest remedies
for present recession ills, made a
pariety of recommendations One
OF the chief OF these Uas plea for
easier loans nth Uhich to expand
their enterprises. What the busi-
ness Uanted mainly uds long-te1m
loans. 1t Was easy, they said, to
get 90-day loans, but loans for er-
pansion must be long-te1m ones,
since some time eldpses before the
erpansicn produces results.
Evening star., 1938-02-10
Kroger Grocery
Shows 4PerCent
Decline in Sales
BY the Associated Press,

BY the Associated Press.
CINCINNATI, Feb. 10.-The Kroger
Grocery & Baking Co. reported today
that sales for the first four-week
period OF the company's 13-period
year. ended January 20, showed a drop
of per cent from sales of the same
period in 1887.
Sales totaled $l7,961 $40, compared
to SIS, 8,798,326 for the first four weeks
of 1887, a decrease Of s836,4S6.
Evening star., 1938-02-10

PARIS, Feb. 10 (P).-Final quota
ton for United States dollars was
30.44 francs (3.2e5 cents to the france
in foreign exchange trading today.
In comparison the franc was 3282
cents in New York overnight. Ex-
change on London, 152.67.
Three per cent rentes in the Bourse
were 69.15; 41as a." 71.85; 412s 1887,
107.00.
Evening star., 1938-02-10
ODD-LOT DEALINGS.
khA ARRaNta kAA Npase

The Securities Commission reported to-
qdd;lot dealers OF specialists on the New
YORK stock Exchsnge for February 9:
6,Q20 purchases involving 12S.0 .0e7 shares;
4.004 sales involving 114,750 shares.
Evening star., 1938-02-10

Proportion of the banks reserve to IL
aplIity IS 80 per cent, compared with
Rate of discount. 2 per cent.
Evening star., 1938-02-10
RUBBER FUTURES.

futures opened Iunchaneod 70 9 lower.
Marsh 4;35-3e: May. 14.67b; July.
Evening star., 1938-02-10

In bankruptcy or receivership or bcine
reorganized under the Bankruptcy Act or
securities assumed by such comnanles
Rates OF dividends IN the FOREGOING table
are annual disbursements based on the
last quarterly or semi-annual declaration.
Unless otherwise noted special or extra
S Also Extra n NO &, 'hextneo exeras .Decar.a or
paid so far this year. no regular rate
I Payabie in stock sPa,d last year.
Cash or stock Accumulated dividend
paid or declared this year Wv with var.
rants XIV Without warrants. war war.
rants
Evening star., 1938-02-10
INVESTING COMPANIES

NEW YORK. Feb. 10 R.-Investment
Bankers Conference. Inc:
Moon quotations)
Evening star., 1938-02-10
Washington Exchange

SALES.
Capital Transit Co.-8 at 9.
AFTER CALL.
Potomac Electric Power 5lsG pfd-
5 at ll2l., 4 at ll3.
Evening star., 1938-02-10

Hazeltine Corp-le37 common share
earnings were $3.1S. against S2.o5.
Evening star., 1938-02-10
LONDON BANK REPORT.

LONDON, Feb. 10 &R.-The Bank Of
ENGLAND statement as of February 8 Tin
thousands of pounds:
Evening star., 1938-02-10
FOREIGN

santiar Chil IS - i3,t II3l.. iI3,. "a.
stinn H, As 40 I'd st 45 Is Is
wv With warrants XIV Without war
rants. New. s. tstpl Stamped
sNeeouabillty impaired by maturity.
TCompanies reported IN receivership
The Republican. [volume] (Oakland, Md.) 1877-current, 1938-10-20
To Construct Large Inn Along
National Highway

A score of workmen are engaged on
the log inn of Mr.. and Mrs. John S.
Prichard, which, when completed, will
be the main structure of Meadow
Mountain Inn, on U. S. Route 40, and
located about six miles east of Grants
vile. The foundation, started in the
summer, together with the sun-foors,
have been completed and the laying of
the logs, to be of saddle notch con-
struction, was started Saturday morn
ing.
The building, measuring so by 60
feet, and two stories in height, when
completed, will have store, dining
hall and kitchen on the first floor and
twelve bedrooms on the second floor.
Modern equipment will be installed
and winter parking space for motor
cars will be provided in the basement
of the structure.
The building will occupy the central
position of a group of twenty smaller
cottages, and, according to the arch
fleets, will be one of the most attrac-
tive group of buildings along the Ma
tional Highway.
The Republican. [volume] (Oakland, Md.) 1877-current, 1938-10-20
Mountain Top Ministers Elect
Rev. Foster Jones President

The first meeting of the season for
the Mountain Top Ministers Associa-
ton was held Monday morning, when
ten members met in Oakland to hear
DR.. Edgar C. Powers, of the Maryland
Bible Society, speak upon the efforts
being made in this county in Bible
distribution and sales.
Rev. Foster Jones, Aurora, W. Va,
was elected president for 1938-1939;
Rev. A. C. Curran, Bittinger, was
chosen vice-president; Rev. David c.
Trimble, Oakland, secretary-treasur-
er, and Rev. A. B. Learner, DID,, Oak
land, delegate at large.
1t was decided to continue monthly
meetings held at various points in the
area. The group will meet in the Bit
finger Lutheran parsonage in Novem-
Der, as guests. of Rev. Curran. DR..
Learner will speak on "The Ministry
of Example" and Rev. w. S. Patter-
son, Oakland, will give the customary
book review.
The Republican. [volume] (Oakland, Md.) 1877-current, 1938-10-20
Garrett County Bible Society Is
ReOrganiZed

The Garrett county, unit of the
Maryland Bible Society was reorgan-
lied last Sunday evening in st. Paul's
Methodist church, following an ad-
dress by DR.. Edgar Cordell Powers,
executive secretary of the State Or
ganization.
DR.. Powers, who presided at the
business session, stated the purpose
of the work was to encourage the
reading of the Scriptures and to make
it possible that there be Bible in
every home in the county.
The following officers were elected:
Herbert C. Leighton, Oakland, presi-
dent; Harry C. Edwards, Grantsville,
vice-president; A. T. White, Noun
tain Lake Park, secretary and treas
urer. The officers were empowered to
select others in the county to assist
them officially in their work. A plan
ming meeting will be held in the near
future.
The Republican. [volume] (Oakland, Md.) 1877-current, 1938-10-20
O'CONOR SEES NEED OF
FOREST PRESERVATION
Rally In Oakland Attended By
500; Meeting Climaxes A Tour
of The County Monday
TYDINGs FOR DEMOCRACY

Following the trail of Republicans
in their trek over the county last Sat-
urday, the Democratic State candi-
dates wound up days tour with a
mass meeting ii the Maryland Thea
tire on Monday evening, which was
attended by approximately 500 per-
sons.
In the party were Herbert R. O'Con-
or, candidate for governor; J. Mil
lard Tawes, for comptroller; William
C. Walsh, for attorney general; James
A. Young, for clerk of the Court of
Appeals; William D. Byron, for Con-
gress; U. S. Senator Willard D. Tyd-
ings, candidate for reelection, and O..
H. Bruce, Jr., candidate for Associ-
ate Judge, besides local or county can
didates.
The meeting Monday night was pre-
ceded by a dinner at the William
James Hotel.
Mr.. O'Conor, in his address, empha-
sized the necessity of setting aside
hundreds of thousands of acres in the
mountains for forest conservation, as
we'll as for recreational facilities. He
outlined the work that had been done
by the forestry department and told of
his plans for further advancement of
this work, should he be elected.
Mr.. O'Conor also charged that the
roads system of the State was in the
worst condition it had ever been in a
number of years.
Senator Tydings On Democracy
United States Senator Tydings con-
fined his remarks to national affairs,
pointing out the need for increased
naval defense as a matter of protec-
ton. He expounded forcefully for sew
eral minutes on the value of Democ-
racy, asserting that the people of this
country must never give up that right
to anyone who might be trying to OBJ
tain more power than the Constitu-
ton permitted.
Mr.. Tydings was one of those candi-
dates for the Senate slated to be
"purged" from Congress because he
had opposed some of President Roose-
velt's pet New Deal measures yet he
won an overwhelming victory in the
primary over New Dealer David j.
Lewis.
The Oakland meeting was presided
over by William R. Offutt. Mickey's
Band of Mountain Lake Park and
Loeb Lynn, played a number of selec-
tions.
The Republican. [volume] (Oakland, Md.) 1877-current, 1938-10-20
Funeral Services Held for Frank
CulberSOn

Funeral services for Frank Culber-
son, 81, of near Deer Park, who died
suddenly at the home of Ernest Straw
ser near Deer Park, last Thursday
morning, were conducted Saturday af-
ternoon at two o'clock from the home
of the deceased, with Rev. j. E. john
son, of Oakland, officiating. Interment
was in the family cemetery.
The deceased was born in West Vlr-
ginia on July 10, 1886, and had been a
resident of the Deer Park community
for about fourteen years.
Surviving are his widow, two sons
and three daughters, Vance and Rob-
ert Culberson, Ruby and Cosetta Gull
berson, all at home, and Mrs. Vada
Maybe, of Grafton, w. Va; also one
brother, Joseph Culberson, of Phil
ippi, w. Va.
Because of the sudden death of Gull
berson, county and State authorities
decided to have an autopsy performed
The mans viscera was taken to Wash
ington, D. c., on Friday by Sheriff
Spear, where an examination is being
made by those connected with the
Federal Bureau of Investigation. The
report from the department will be
made upon completion of the examlna-
ton, which will be within the next
week or ten days.
The Republican. [volume] (Oakland, Md.) 1877-current, 1938-10-20
MEMBERS OF BABY BEEF
CLUB TAKE HIGH HONORS
Albert Richter's Grand Cham.
piOn Is Sold at High Price

Baby beef club members of Garrett
county took sweeping honors at the
Western Maryland Baby Beef show
held this week at Hagerstown in con-
nection with the fair in that city.
Albert Richter, Of Accident, who
had three steers entered in the show,
took first, second and third places in
the Garrett-Allegany class, and then
in the grand show, won first, second
and seventh. In the final judging two
of his steers were given the titles
Grand Champion and Reserve Grand
Champion. The Grand Champion was
Hereford steer about one year old.
In the Garrett-Allegany class, Cal
vim Harvey, Marshall Harvey and
Fred Harvey, all of Swanton, won 4th,
9Th and 9Th places, respectively, and
in the grand show, in which there were
% entries, Calvin Harvey was 18th
and Marshall Harvey was 18th.
Richter's Grand Champion steer
brought 80 cents a pound on the hoof
in the regular Four States Auction
sale, which followed the show. The
steer weighed 1925 pounds and was
bought by Hoffman Brothers, of Hag-
erstown, for $3O7.50. Other steers
sold for II, Is and IA cents per pound
and lower.
Attending the show yesterday in ad-
dition to those with enteries were A.
J. Richter, Richard Kolb and Marvin
Schlossnagle, Accident.
The Garrett County Baby Beef club
is conducted under the supervision of
John H. Carter, County Agent.
The Republican. [volume] (Oakland, Md.) 1877-current, 1938-10-20
WPA ROADS PROJECT FOR
HALF MILLION APPROVED
Covers Repair And Improvement
OF so Miles of County Roads

A blanket project covering the re-
pair and Improvement of so miles Of
Garrett county roads has been APP
proved by WPA headquarters in
Washington, it was learned last night.
The project will necessitate an out
lay of about one-half million dollars,
of which the county must furnish
$4,000.
The roads to be repaired will be
selected by the County Commissioners
from time to time during the next
few years, and the amount of the pro-
ject to be taken up depends upon the
decisions of the Commissioners.
The project calls for the roads to be
constructed at a cost not to exceed
$4,000 per mile. Of this amount the
county furnishes in the neighborhood
of $4,000 per mile, according to Henry
Earring, Jr., county WPA administra-
tor.