davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1938-07-02

How much better to build
clean, airy living quarters for
the poor souls who cannot af-
ford them than to put mil
lions into more white marble
palaces for the Government.
There is no one who is
prouder of this beautiful Wash
ngton than I am, but when
you keep on building these
extravagant buildings during
times of depression like we
have gone through, it is ex-
act1v like going out and buying
The Washington times., 1938-07-02
World of Finance By Lewis Haney

NEW YORK-St. Petersburg, Fla, asks:
Didn't the Federal Reserve System intro
duce managed currency? Isn't an elastic cur
rency' managed currency? Isn't the only diff
ference between the New Dealers and others
the fact that the former want politicians to
manage the currency while the latter want
bankers to do it?"
Answer: No. The basic idea of the Reserve
System was that of an automatic adjustment
The Washington times., 1938-07-02
|. Q. Answers
Questions on Page g.

Questions on Page 81
1. (a) Fort WadSworth (b)
Fort Hamilton. 2. (a) Governors
Island CD Welfare Island. 3.
Brooklyn, Manhattan, Williams
burg. greensboro. 4. Between
Governors Island and South
Brooklyn. 5. Bedloes Island.
6. (c). 7. (a). 8. Both are in
Upper New York Bay below
shore OF South Brooklyn.
The Washington times., 1938-07-02

Uncle Mack'S Funny Family
takes the air over Station VOL,
Sunday at 8 a. m. Re sure to set
your djaI Saturday night at 1910
kc. Tell the children to turn on
the radio and listen to Uncle
Mack's Funny Family.
The Washington times., 1938-07-02
Wife
Enters Hospital

HOLLYWOOD, July 2 GN.S).
In i'll health, Mrs. Harry Ritz,
wife of one of the Ritz brothers,
merry maniacS of the SCREEN"
was admitted to CedarS of Leba-
non Hospital today. DR.. Stanley
zimmerman stated that Mrs. Ritz
would undergo observation to de-
termine if an operation is neces-
Sary.
The Washington times., 1938-07-02

lSadore Lubin calmed his audience with the
assurance that he and his associates on the
investigating committee probably would not
make a final report for three years.
The calm, however, was not permanent or
complete. Mr.. Lubn, the Labor Department
economist, then went on to say the broad
inquiry would cover all phases of economic
and business life, even the tariff because
that has some relation to American business
monopolies.) He thought it would chart
the new course of the American system for
the next 20 years.
Lubin is just one of the - investigators,
: more friends on the committee than anv
The Washington times., 1938-07-02

entire population is IN the en-
ploy of the Government. Con-
sequently, they are always
assured of pay. The shop
keepers of Cristobal are always
assured of sales.
Every day in Colombia a
national lottery is held, oper-
ated by the government. Every
one plays it. It's success is
phenomenal. The prizes are
large. 1t is scrupulously hon
est. Part of the proceeds go
The Washington times., 1938-07-02

7 ONG BEACH, Cal, asks:
Would price be 'pegged' if held at pre-
depression levels, when any reduction would
cause losses and would not stimulate demand?
Answer: Any price that is arbitrarily held at
at given level through human control is
"pegged" price-no matter what the purpose
Steel and copper prices certainly have been
pegged. So has cotton
1t is not true that an adequate reduction in
stores have sales? What does any merchant
do to move goods? If price is cut decisively
so that buyers feel sure it is bottom they will buy
The Washington times., 1938-07-02
Radio
Station Denied

The Federal Communications
Commission Yesterday denied the
application of the Metropolis Com
pany for permission to construct
a new radio broadcasting station
at Jacksonville, Fla.
The Washington times., 1938-07-02

lev
The difference between the political manage
ment and banker management is great. Poll
ticians lend and spend where they can buy
votes Bankers lend where they believe the
borrower can repay the loan with interest Gov
ernment banking means a race between debt and
taxes. In our country debt is winning.
The Washington times., 1938-07-02
My Say

WHAT a splendid thing it is that at last they
w going to do away with the slums in
Washington and give the people decent homes to
live in, which they so richly deserve.
The Washington times., 1938-07-02
Why Not Income Tax Only?

WASHINGTON, D. c., asks: why should
" there be any other tax but an income tax?"
Answer: Taxes exist to raise revenue How
much revenue would single tax on income pro-
duce in a depression when the incomes of in
dividualS and corporations are cut in half? That,
you see, is one big trouble. Another is that in
comes differ widely in their certainty and in the
costs connected with them; but if you try to
make allowances and distinctions for these diff
ferences, the difficulty and cost of collecting
become prohibitive beyond certain point
The Washington times., 1938-07-02
Personal Formulas

MEANWHILE all the down
1N1 town economists are actively
preparing their own personal
formulas for the future, to sub
NIT to the committee. Assistant
State Secretary Berle has agreed
to make a report So will Leon
Henderson, the Hopkins econo-
mist. (Neither of these two is
on the committee) Henderson
and Lubin have taken adjacent
houses at a nearby shore resort
and are planning to hold some
meetings there during the
summer.
Yet all agree the committee
itself cannot get down to spe-
cific cases (such as radio, steel,
cement, patents) this summer
and probably not before the
congressional votes are cast in
November.
THE new calming trend has
l. been carried so far that the
Government economists have
actually exposed themselves to
personal meeting with indus
trialists, if not monopolistS.
Most of the parties are being
held under the auspices and roof
of Assistant Commerce Secretary
Patterson. At the last one there
several General Motors Export
Corporation officials came into
contact with Lubin, Arnold, Cor
coran, Cohen, Frank and Ezekiel
without any fatal results on
either side.
The main idea is to show the
industrialistS that the brain
trusters have no horns or
spiked tails.
Polite HouUls
DLANS to exhibit them to Sen
l. ators O'Mahoney, Borah,
King and the congressional
The Washington times., 1938-07-02
NOnClassified
Workers to Meet

A meeting of the Washington
chapter of the Association of Non
Classified Federal Employees will
be held at 8 p. m. Thursday at
the Lafayette Hotel.
The Washington times., 1938-07-02
Medical Center Serious Problem

A MEDICAL center here is another very serious
Al problem. We ought to have free wards in
every hospital for the people who cannot afford
to pay. Of course, the disqualification plan I men,
toned the other day is the first step in the right
direction so far as this goes. But, of course the
really desperate poor cannot afford even IS
cents month. After all, when you are literally
starving, IS cents is IS cents and may keep you
alive many days
I know there is a good reason for it, but I
The Washington times., 1938-07-02

to the government, part to public charity.
At Baranquilla, Colombia. the government has
ordered the construction of new docks for ship
ping. The Raymond Construction Company, of
the United States, is doing the job. The super
visor, however, is Sir Alexander Gibbs, of Eng
land.
One must hand it to the English for being
slick. Sir Alexander's assistant points out that
his boss is most tactful He does not order the
American company to do this or that, but merely
suggests that so and so might be the better way
to accomplish this and that.
So we have United States construction COM
pany working for South American government,
under the supervision of Britisher When the
job is done, it will be the way the British want it
done!
The Washington times., 1938-07-02
The News Behind
The News
By PAUL MALLON

tWod Reserved
Reproduction Full ProhbitedD
THIS antimonopoy investigation is warping into diff
Il fcrent wOOf.
At ofhe record luncheon Of business this week
The Washington times., 1938-07-02
But -

GOUTH AMERICAN travelogue:
~ Cristobal Panama Canal Zone, is one place
which never knows a depression. Virtually the
The Washington times., 1938-07-02
u. S, AGENCIES.
MOVE TO HELP.
LOWER CLASSES.
Push SIum Clearance,
Surplus Crop Plans
BY MERRILL MUELLER


G.N.S.) The Administration
1888 recovery drive was focused
on the lower classes today as ad-
ditional slum clearance projects
were readied for approval and
wider surplus crop purchases we're
planned for relief distribution.
Having just announced ear
markings of $68,925, 900 for slum-
clearance and low-rent housing in
II cities, United States Housing
Administrator StrauS prepared 12
loan contracts for construction of
$50, 100000 worth of modern build
lngs to rehouse slum dwellers.
DIPS INTO FUNDS
With record expenditures of
$17,O00,000 already made in June,
the Federal Surplus Commodities
Corporation today dipped into its
$79 100000 of new funds under
the 1938-39 fiscal program and
prepared extensive distribution of
surplus crops to relief recipients.
A total of ITO local housing
authorities in 27 States have re-
ceived USHA earmarkings of
$427 100000 for Slum clearance to
date. OF this fund, Sill, ,O7O, 900
has been distributed to II cities
through construction contracts.
This fund will be raised early
next week when StrauS announced
presidential approval of IL more
contracts.
The Washington times., 1938-07-02
Says Boake Carter

groups does not arouse the suspicious of the
native labor.
The Washington times., 1938-07-02

An obscure phrase IN The law
setting up the committee will
permit it to delay a final report
until after the 1910 Presidential
elections, if it chooses. At any
rate it will submit only prelimi-
nary phase-reportS to the next
session of Congress, and will
certainly lay out of this congress
Sional election campaign.
Apparently nothing will be
done to disturb the current up
surge of business confidence.
The Washington times., 1938-07-02
Clever With Labor

WHEN it comes to construction matters, South
W American governments have neat way of
getting around a tricky labor problem Take as
an example United States oil company decides
to build $5O,oOO,OOO highway for 6Oomile
stretch-as is being done now in Colombia's oil
fields.
United States labor is shipped into the country
in small groups of 10 to 20 at a time over a
The Washington times., 1938-07-02
l fcrent wool.
At an off the

but his plan has friends the committee than any
other What he forecasts probably will work out.
The Washington times., 1938-07-02
Polite Howls

DLANS to exhibit them to Sen
L ators OMahoney, Borah,
King and the congressional
The Washington times., 1938-07-02

Government economists and
Labor Department researchers ex-
pect the wage-hour act to increase
employment and raise living
standards, but business is not so
confident.
Predictions of trouble ahead
and serious complications were
plentiful among business and in
duStry leaders. Within the per-
sonnel slated to have a hand in
administration of the law, how
ever, optimistic feelings were evil
dent.
The Washington times., 1938-07-02

(Boake CdrterS opinions are his oun and not
necessarily those of the Washington TimeSJ
Evening star., 1938-04-03
HIGHER EGG PRICES
Believed LIKELY
Bureau Expects Rise in Spring
Months With Decline in
Chicken Quotations,

Egg prices apparently have reached
the usual early year low point and
will probably trend upward during the
spring months, says the Bureau of
Agricultural Economics in the poultry
and egg situation report issued today.
Chicken prices, however, are tending
downward and by mid-year may 60
below those of 1897.
The bureau points out that some
small declines in egg prices may occur
during the spring. but unless con-
sumner incomes fall more than is now
believed likely the general trend of
egg prices is expected to be upward.
Supplies of eggs probably will be
smaller than in 1887 and August
storage stocks substantially smaller
than year earlier. The effect Of the
smaller holdings in the last half of the
year will probably raise egg prices
above those of 1887, it was stated.
In contrast, chicken prices are de-
Ginning relative to the average for
corresponding months in other years,
even though supplies of poultry are
rather small, both on farms and in
storage. The drop that has occurred
is attributed at least in part to de-
clining consumer incomes.
The bureau said chicken prices are
likely to 60 below those of 1887, in
the last half of the year largely be-
cause of greater supplies of poultry
expected from this years larger
hatch" The favorable feed situa-
ton and present low level in num-
bers Of laying hens on farms are the
major factors tending toward an in
crease In hatchings this spring.
Evening star., 1938-04-03
METALS NERVOUS
AS SECURITIES DIP
Tin Slumps to Lowest Level in
Five Years-Other Markets
Show No Change.
By the Associated Press.

By the Associated Press.
NEW YORK, April 2.-Weakness In
Wall Street upset the non-ferrous
metal market last week. Tin dropped
to the lowest level in five years. al
though other markets, while unsettled,
showed no actual price change.
There were rumors of resale copper
available at concessions in the do
mestic market, but custom smelters
and producers held to the 10-cent
level, Export copper reacted about
35 points, then partially recovered the
loss. Russian buying of copper at
London, plus an equally good demand
here for japanese account, the latter
paying premiums in some instances to
obtain nearby metal, were steadying
influences.
Tin reacted over "a cents a pound,
with spot dropping to 80 cents a
pound. Weakness of the London mar
ket was accentuated by the failure of
large japanese house at Singapore.
The establishment of record low prices
since 1888, however, was followed by
better consumer demand.
Lead remained eins=S<s.s doldrums,
holding at 45O-55 cents a pound, New
York. Zinc was unchanged at 425
cents a pound, East st. Louis.
Evening star., 1938-04-03

shaw, secretary-treasurer East Wash
ington Savings Bank: Joshua Evans, jr.,
vice president Hamilton National;
Edward L. Hillyer. vice president
Union Trust Co.; T. Hunton Leith,
cashier and secretary Security Savings
& Commercial; Richard A. Norris.
assistant cashier Lincoln National: H.
F. Stokes, assistant cashier National
Metropolitan; Norman E. Towson,
assistant treasurer Washington Loan
& Trust Co., and E. Percival Wilson,
secretary National Savings &, Trust Co.
Shelk Rejoins Reliance Life.
David M. Stephens. field manager
of the Reliance Life Insurance Co.,
announced yesterday that Russell
Shelk had been reappointed to the
Evening star., 1938-04-03
RETAIL CHANGES
HELD UNLIKELY
er-Tydings Price Act Not
Expected to Affect
Buying Much.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 2-Price-fixing
laws under the Miller-T -Tydings Act,
coming at time when department
stores were already beset by decreas-
ing earnings, should have little effect
on consumer buying habits. according
to Poor's Industry and Investment
Surveys.
There Is a possibility that adher-
ence to rigid price policy will result
in some loss of sales which may go to
other retail channels that could not
hope for the business under free
pricing policy" states the analysis.
However, it is doubtful that sig
nificant change in consumer buying
will be witnessed, for there will always
be a multitude of free price articles
that can be used to attract custom
ers, who will also purchase the fixed
price goods, since they are not avail
able more cheaply elsewhere. Mean
while, the tremendous sales volume
enjoyed by department. stores is
valuable weapon in discouraging pro-
ducers from fixing prices when unde-
sirable. Quite naturally. manufac-
turer will hesitate in making de-
cision that will affect adversely the
sales of his best customers.
Should price fixing on any given
line of products prove detrimental,
the industry is still free to handle
private brands, the pricing of which
the department store itself can con-
troll. Already there are such examples
as May Department Stores and R. H.
Macy, where nationally advertised
brands selling on a fixed-price basis
are meeting with keen competition
from company products"
Evening star., 1938-04-03


Mutual Life Insurance Co. of New
York. He has been in the life in
surance business Is years and received
the chartered life underwater desig-
nation in 1882.
Easter Buying Is Awaited.
The Commerce Department reported
yesterday that trade during the past
week in the fifth district, except in
Washington and Norfolk, was better
than in the previous week but lower
than last year. Real Easter buying
is still awaited, the report said.
Trade in Washington was per
cent under the previous week and IL
per cent under the same 1887 week.
Bank clearings totaled $19,355, 300,
against $24,436, ,49s year ago. Build
Ing permits amounted to $297,750,
compared with s489,250 last year.
There were 5000 more tourists than in
the previous week.
Evening star., 1938-04-03
SECURITIES SHOW
MODERATE LOSSES
ON D. c. EXCHANGE.
Both Stocks and Bonds Hold
Comparatively Steady in
First Quarter.
GAS LIGHT SIS PROVE
MOST POPULAR BONDS
Register Drop of Only Half a
Point-Capital Traction IS
Come Next in Volume.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Stocks and bonds listed on the
Washington Stock Exchange, although
losing some ground during the first
quarter of 1888, held comparatively
steady and were in excellent demand.
Losses were very much smaller than
on many of the other exchanges. VOL
ume compared favorably with the first
three months of 1887.
In the bond division. WASHINGTON
popular issue in the trading, being off
only half a point at the end of the
three month period. the last sale reg
tstering los. Next in sales volume
came Capital Traction IS, which
opened the year at 65 and are now
selling at 66, although reaching 10 at
one time this year.
Anacostia & Potomac River R. r.
SIS. now at 81. are off three points
from the years high. City e. Sub
urban Railway SIS opened 1888 at SIS
and have since advanced to So. WASH
ington Gas Light IS, 1860, have been
very strong during the year and are
now quoted at lis, while WASHINGTON
Gas 5S. 1858, are commanding lO5,
within half point of the years best
price. Washington Railway g. Electric
As have remained steady at lot and
CheVy Chase Club 4l.s recorded their
last sale at lO4a..
Stocks Retain High Figures.
Many stocks. on the exchange are
selling we'll above par Potomac Elec-
trlc Power per cent preferred stock
is now at 1l3 and has lost practically
no ground during the present slump.
The same corporations 81, per cent
preferred is higher than in January.
the last sale being made at ll2. Capi-
tal transit the most active utility
STOCK, sold off during the three months,
dropping from 81, to 7,
Washington Gas Light preferred ad-
Vanced from 81 to par during the
thFee months, small lot selling at 100
IN yesterdays trading There have
oeen good many other sales at par.
washington Gas common has held
at %. Washington Railway g. Electric
preferred advanced from lo9 to l1O5a
during the first quarter. Railway COM
mon recorded one sale at s616.5O a
share during the three months.
National Bank of Washington stock
closed the quarter at 100. Riggs Ma
tlonal Bank common registered 273.
which was lower than at the opening
OF 1888. the same banks preferred
stock moving at 1912 on the last
transfer. The last sale in American
Security & Trust Co. stock was at 24O,
also lower than the high point for this
year. Miscellaneous stocks have been
quite active, with varying prices
Transportation Chief Named.
S. William Miller, treasurer of the
Union Trust Co., has been appointed
chairman of the Transportation
Committee for the 1888 Convention
Evening star., 1938-04-03
CR0WE[L EARNS
$2,S21,5()DPROF|T
1887 Net Compares With
$2,923,118 Recorded
in Previous Year.
By the Associated Press.


NEW. YORK. April 2.-Crowell
Publishing Co. reported consolidated
net income of S282l.5 500 for 1887,
after charges including Federal surtax,
equal after preferred dividends to
1888 share, compared to $2,923, ,ll8
or 1881 a share in 1886.
Seversky Aircraft.
Seversky Aircraft Corp. reported
net loss of Sl,210.5l6 for 1887 after
depreciation. ordinary taxes. interest
amortization of patents and provision
of SS59l32 tor loss on cost to date of
contracts in process. This compares
with 1886 net loss of S70.843.
Graham-Paige Motors.
Graham Paige Motors Corp. and
subsidiaries today reported net loss
for 1887 of S2,253,495 after taxes. in
terest, depreciation and other deduc-
tions, comparing with 1886 net loss
of s470.l45.
j. B. Graham, president. said drastic
economies have been effected since
January l, 1898.
Continental Oil.
Continental Oil Co. reported 1887
net earnings of s13,948,459 after de-
probation, depletion and taxes, equiv
alent to S298 per outstanding share.
best earnings in the company's his
tory. Earnings for 1886 were So
6l2,596, or s2.05 per share. Conti-
nental's sales of all refined products
during 1887 were largest in history
the report said.
Other Reports Listed.
Other corporate earnings reports re-
leased during the week showing profits
per common share included
tYear ended December 81 y
Evening star., 1938-04-03
BY FREDERICK GARDNER.
Associated Press Financial Writer

Associated freSS financial writer.
NEW YORK, April 2.-The stock
market swung upward today, extend
ing the rally of Friday by to better
than 4 points and wiping out the mid
week slump that tumbled leaders to
new lows for the past five years.
The star performer of the brief ses-
sion was American Telephone. which
ignored the one-man report of Federal
Communication Commissioner Walker
recommending rate cuts and Stricter
governmental regulation. The stock
exhibited burst of strength that en-
abled it to finish with a net gain of
a., points at III
The run-up of this blue chip"
helped by covering of shorts whose
numbers had grown extensively in the
lengthy market slide, inspired buying
elsewhere and virtually all depart
ments forged to the front.
BOlstering the list was the somewhat
brighter outlook for peace In Europe.
a few faint signs the recession may be
nearing bottom, revived hopes that
Congress would act quickly to stem the
downward trend of industry and adopt
a program for railroad assistance. Also
mentioned as factor was talk of
possible acceleration of Federal SPEND
ing.
Volume Picks Up.
Prices edged forward at the opening,
picked up little volume on the up
side later and established top marks
around the beginning of the final hour.
Light profit selling near the close re-
duced extreme advances moderately.
While sentiment was undoubtedly
shade more optimistic in the financial
sector, brokers were inclined to at
tribute the recoveries of yesterday and
today largely to speculative operations
based on the ancient market theory
that markets, after lengthy setback,
usually retrace portion of the lost
ground even if the main trend is still
downward.
The days improvement lifted the
Associated Press average of so issues
IL points to 364 This was on top
OF an advance of Is the day before,
which was the best upturn since jan
uary s. On the week the composite
showed a net gain of a of point, the
first after four consecutive weekly de-
clines. The pace was slow compared
with the preceding Saturday. trans
fers totaling 6o3,850. against 1888, ,37O,
when prices were under pressure.
U. S. Steel Prominent.
Conspicuous shares on the days
upswing were U. S. Steel, at 42ss;
Bethlehem, 45l2; Chrysler, Ala; Gen.
eral Motors. 28ss; Westinghouse, SO;
Western Union. 20as; Chesapeake g.
Ohio. 26ls Southern Pacific, ia;
General Electric. 3las; Anaconda. 25:
American Smelling. 32:s: Cerro de
PaSco. 3ll2; Sears Roebuck, 5l1s,
Consolidated Edison. 1872; U. S. Rub
Der, 25i.; Standard Oil of New Jersey,
49,, and Eastman Kodak, 12s9..
While news of the week was far
from bright. marketwise. there were
some indications the slanting trade
line was fiattening out.
Extreme weakness of bonds until the
ilnal two sessions contributed much
toward the clouds of peSsimism that
enveloped boardrooms. Stocks suffered
their Sharpest break on Wednesday,
following the Senate's passage of the
administrations reorganization bill.
Reductions of silver prices here and
abroad, in the wake of the Treasury's
decision to stop buying the white metal
from Mexico. was a market damper
for a time.