davidaulloa/AmericanStories huggingface dataset:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1938-04-15
Tugwell Takes
Over N. Y. Office

NEW YORK, April is G.N.S0.
Rexford Guy Tugwell, former No.
l brain truster in the Roosevelt
Administration, took over his
duties today as chairman of the
City Planning Commission. He was
sworn in by Mayor LaGuardia.
Tugwell accepted the $4,000 a
year city job after obtaining a
leave of absence from the Ameri.
can MolasSes Company with which
he had been associated.
VOTE FOR SUFFRAGE APRIL So
PAPER co. PROFITS
NEW YORK, April is G.N.SD.
International Paper & Power Co.
and subsidiaries in 1887 had a net
profit of $9,134,701, or $2.47 per
common share, as compared with
S., 020,579, or % cents a share in
1886, Richard j. Cullen, president.
reported to stockholders today.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1938-04-15
Continued from Page u

House conferees, and Senator Har-
rison CD of Mississippi, Of the
Senate conferees, announced they
were standing pat.
Doughton informed the confer
ence the majority of Democratic
members of the House Ways and
Means Committee, in a secret
meeting, gave full backing to the
confereeS.
Under the circumstances,
with neither side yielding, I
moved that we adjourn" said
Senator King CD, of Utah.
"The House conferees said
that at meeting attended by
most members of the Ways and
Means Committee, the confereeS
were supported in their stand"
The next move in breaking the
deadlock, if private conferences
fail is expected to be a separate
vote in either Snat or House on
the major issues.
REFUSE TO YIELD
Senate conferees were standing
for a corporation income tax Of
18 per cent on corporations
earning over $25, 900 a year. House
conferees, with the support Of
President Roosevelt, demanded
their plan of an undistributec
profits tax, with rates ranging
from 16 to 20 per cent, be &C
cepted.
The House confereeS also stooC
by their capital gains tax rate
which vary in maximums from
Is to 80 per cent. The Senat'
bill provides a Is per cent tax.
The deadlock caused concern
among Democratic leaders, sine
the corporation tax revision bill
was designed especially to stimu
late business.
There was every indication
however, that President Roosevelt
would adhere to the stand h
took in a letter to the conferee
in which he assailed tie Senat
bill and supported the HouS
measure.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1938-04-15
CHALLENGE ISSUED

Senator Harrison, confident the
Senate will back its action in
scrapping the New Deal tax
theory, challenged the House con-
fereeS to let him take the issue
back for a Senate vote.
The House conference commit.
tee, however, declined to accept
the challenge. Instead, the House
confereeS may go back to the
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1938-04-15
Czechs Planning
5000 Army CenterS

PRAGUE, CZechoslovakia, April
15.-The government is drafting
a bill establishing 5000 military
training centers in the schools and
universities. Training in t h e
schools is to begin on September
/ and in the universities october /.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1938-04-15
Federal Machinery
Speeds Release Of
80 Billions Credit
Huge InfLdtiOnGry Program, in Accord With
Roosevelt Program, Is Set in Motion
By ERIC FRIEDHEIM

INS) PINNED by President Roosevelts $4000000000 re-
covery program the Governments financial machinery hummed
the advance tune of lending and spending TODAY.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1938-04-15
Child Delinquency
Policy Coordination
Likely for District
Expert Expected To Be Named to Work Out
Program for Juvenile Rehabilitation

Appointment of expert to coordinate the policies and pro-
grams of District institutions concerned with juvenile den-
queny appeared probable today ougrowth of hearing
one child welfare hefnre Senate subcommittee
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1938-04-15
Speed lsDue
Recovery
Program

CONTINUED from Page u
as in 1898, with a generous dose
of Federal dollars, although not
with the prodigality of five years
ago. The pattern is the same, but
the cloth will be cut more eco
nomically.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1938-04-15

Nationwide editorial comment
on President RooSeveH's speech
~ PaD6 IL
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1938-04-15

VOTE FOR SUFFRAGE April So
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1938-04-15

-NoIE FOR SUFFRAGE APRIL 50.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1938-04-15

ALL MAIL eUBscRpTIoNS PAYABLE
n ADVANCE
Evening star., 1938-12-30
Lutz Attacks Plan
To Tax State and
Municipal Issues
Huge Increase in Cost
Of Financing Feared by
Princeton Expert
BY the Associated Press.

DETROIT, Dec. 30.-An annual
increase of $113,000,0O0 in cost of
State and local financing in the
United States if Congress adopts
Treasury Department proposals for
Federal taxation on the yield Of
State and municipal securities was
predicted last night by Prof Harley
L. Lutz Of Princeton University.
A resultant 60-point increase in
the cost of State and local long
term financing was foreseen by DR..
Lutz, public finance professor at
Princeton, in speech before the
Tooth annual meeting of the Amer
lean Statistical Association.
On this basis, he said, the annual
cost of State financing would in
crease approximately S19,819,00
county, s13,598.0 600; city, s57 ,889 600;
school, s10,624,0O0. and other divi-
sions of State, local and territorial
government, $l1 100000.
DR.. Lutz said his estimate, based
on a long study on which he will
issue formal report next month,
was a conservative figure"
Assailing the proposal largely on
the ground it would force up munich
pal real estate taxes, the speaker said
the Federal gain in tax revenue
would not be large enough to Justify
the penalties that such program
would inevitably inflict upon the
States
The States, he said, could hope for
revenue increase of only SIS 100000
annually by taxation of interest on
Federal securities, while, on the
other hand, the effect Of such a State
tax on the cost of Federal financing
would cause an increase of $50, ,60O,-
900 annually.
He concluded with an appeal that
mo such radical change in American
public financing should be contem-
plated without full consideration
through the process of the submis-
sion of constitutional amendment -
Evening star., 1938-12-30
Drop in Pound Destroys
Benefits Under Treaty.
BY the Associated Press.

DJ tiAS hSoCIIdlcO fIeSS.
BLACKSBURG, Va, Dec. 30
Weakness of the British pound is
largely wiping out whatever ad-
vantage Virginia apple growers
hoped to gain in exports under the
new reciprocal trade agreement be-
tween the United States and the
United Kingdom, DR.. Fred w. Hof-
mann warned today.
"As consequence" DR.. Hofmann.
in charge of horticultural research
at the Virginia agricultural expert
ment station. said, the apple grow
ers are liable to become a sadly
disillusioned lot.
our only recourse is our domestic
markets. We are obliged to continue
with movements that will make for
greater consumption of this fruit in
our own country.
Greater attention than ever must
be directed to the utilization of this
fruit In many other ways. This calls
Tor a vigorous program of research
designed to reveal the many WAYS
that the apple may be utilized. In
the meantime we should discontinue
the planting of those varieties that
the consuming public cares less for"
For example, he declared, Virginia
is overstocked with Yorks, a variety
which he said served its purpose
admirably during the heyday of
favorable export trade, but which
for domestic markets has become a
''veritable drug
Evening star., 1938-12-30
Extra.
Chicago Produce

CHICAGO Dec 30 GR,-Poultry. live.
! car. 4s trucks. Hens and heavy springs
Arm ducks and geese easy; hens. 4la lbs.
up 20: under AZ lbs: Is: springs, 4 lbs.
20: ducks. 4ka lbs. up, white, 14la: small,
white II. geese, 1914 other prices un-
changed
Dressed turkeys steady: barrels, packed.
young hens. 2sla; box, packed, young hens,
29Is: other prices unchanged;
c,.. Huttes tes SAL. 81 weak sDs.
extra ,frsts 60 ,25s4; frsts. tss-s9),
25-25E: standards go. centralized car
LOTS: 20: other prices UNCHANGED. Eggs,
6.4SS; steady: refrigerator extras, 22H;
standards, %; f1rsts, 21a: other prices
Potatoes, 81: on track, e2e; total U. s.
shipments. Alb. supplies moderate; prac-
tically no early trading, account cold
,ate ta Ihursday market steady: demand fair;
iae saes On 1dao sass
set SET BTrbanks, U: S. No; /; 1.sO.75; Colo
/ go; North Dakota. Cobblers. U. S. No /.
ii;;3;5: occasional outstanding car. 100;
minnesota, Cobblers U. s. No. l 1.35;
new stock too few sales to establish market.
Evening star., 1938-12-30
New Haven Common
Will GET Nothing
Under Change
New Common Stock
For Preferred Holders
Proposed
BY the Associated Press.

BY the Associated Press.
NEW HAVEN, Conn.,. Dec. 30
An amendment to the New Haven
Railroads reorganization plan filed
today in the United States District
Court here indicated that holders
of the companys common stock,
provided for under the original
readjustment in 1887, now receive
nothing.
When reorganization was started
common stockholders were to have
received one share for every five.
Preferred stockholders were to have
been given five shares of common
for every four held.
While common stockholders ap-
parently are eliminated, those hold
ing preferred shares would receive
new common stock of $l00 par value.
The present common stock is car
ried on the company's books at the
original par value of Sl57, ,l18,600
and the preferred at $40 036, 700.
The amendment, which was also
filed with the Interstate Commerce
Commission in Washington, D. c.,
said of the situation that there ap-
pears to be no equity for the pres
ent common stock"
Another drastic change was the
scaling down of fixed charges under
the amendment to $6,402 l02, as
against Sl9,53l,323 in 1885, the year
reorganization started, and So, ,267 ,909
in the 1887 reorganization set-up.
The indicated equity for existing
stockholders is about S28,500,000 as
shown in the balance sheet for Sep
tember 30, 1888, after giving effect
to the issuance of reorganization Sc
curities to creditors, the amend
ment set forth.
The exact figure will not be known
until the amount of the unsecured
claims has been finally determined.
One-half of the equity will be cap
italized in common stock to be dis
tributed TO the present preferred
stockhoI>A.s, S, and the other half will
be available as corporate surplus.
Accrued dividends on the present
preferred stock will be waived
The amended plan proposed the
following capital structure:
Equipment trust certificates, Sl2,-
$4,000; underlying mortgage bonds,
S7,422 600; prior lien bonds due 1854,
S7.500,000; fixed interest bonds due
1875, SIP, $4,000; income bonds due
1855, s95,8l3,924; preferred stock,
S7l ,656 1856; common stock (esti-
mated, S77,000,000.
Evening star., 1938-12-30
Veteran Market Editor
Ends Lonq Service
b, the Associated Preks.

BY the Associated Press.
CHICAGO, Dec. 30.-John P.
Boughan, veteran market editor of
the Associated Press, retired today
after an active newspaper career
which began Sc years ago.
The Oldest Associated Press en-
ploye, both in age and in years of
active service, Boughan is retiring
on pension For the last 38 years he
has covered the Chicago Board of
Trade and the Board of Directors of
that organization this week took Of
flcial cognizance of his retirement.
commencing "the splendid spirit of
fair play and fine cooperation
which has inspired your work here
since the turn of the century"
Famous stories he covered in
cluded the steelworkers' strike at
Homestead, Pa. in July, 1892; the
Haymar..et riots in Chicago, May 4,
1886. and many national conventions
of the various political parties.
Evening star., 1938-12-30
N. & W. to Spend
| $500, 900 for
| Equipment
BY the Associated Press,

By the Associated Press.
ROANOKE, Va, Dec. 30.-Tei,
large freight locomotives are in
cluded In a $6,500,000 construction
and repair program announced yes
terday by the Norfolk g. Western
Railway.
The new program, to begin i'm
mediately in the company's shops
is in addition to one recently an
nounced involving expenditure OF
$6,100,000 for 10000 tons of steel
rails and fastenings, $500 new steel
hopper cars and 900 new steel box
cars.
The first Of the new locomotives
is to be ready for service by May
and the others are to be placed in
service at the rate of one a month
thereafter.
Evening star., 1938-12-30
Dollar Goes Higher
On London Market
B, the Associated Press.

B. the Associated Press.
LONDON, Dec. 30.-The United
States dollar gained "a of a cent
in sterling terms today, closing 1854
to the pound. In comparison, ster-
ling was $4.6534 in New York over
night.
French francs were 1861 to the
pound, against 17706 yesterday.
PARIS, Dec. 80 tR.-United
States dollars ended $500 francs
(2631 cents to the france in foreign
currency dealings today and COM
pared with the New York overnight
franc rate of 1882 cents. Exchange
on London. 1868.
In the Bourse per cent rentes
were 87.85 francs; 41as a." 91.95;
4las 1887, 1875.
Evening star., 1938-12-30
Excess Reserves STAGE
100000 Climb
During Week
Treasury Deposits Drop
Along With Money
In Circulation
By the Associated Press.

By the Associated Press.
The Federal Reserve Board re-
ported ain upswing of 100000 900 in
excess lendable bank reserves to
$3,070, 10000 in the week ended
December %.
During the week ended Decem-
ber 28 member bank reserve bal
ances increased sos 900 900.
The gain in member bank reserves
reflected in part declines of $84,-
100000 in Treasury deposits with
Federal Reserve Banks, $3l 200, 900
in money in circulation and $11 ,00O,-
600 in non-member bank deposits.
Other factors in the rise of men,
ber bank reserves were increases
of $54,000,000 in gold stock and ST.
100000 in Treasury currency.
On the other hand, reserve bank
credit declined $46,O0O,O 900, while
Treasury cash increased 10000, 900.
The boards statement said:
During the week ended Decem-
Der % member bank reserve bal
ances increased $l05 900, 900. Addi-
tions to member bank reserves arose
from decreases of $84,000,0OO in
Treasury deposits with Federal Re-
serve Banks, $3l 900 900 in money in
circulation and $1l,0O0,OOO in nom
member deposits and other Federal
reserve accounts, and increases of
$54 900 900 in gold stock and $2,OOO,-
600 IN Treasury currency offset in
part by decrease Of $4,000 900 in
reserve bank credit and an increase
OF $50 0,000,0 900 in Treasury cash. Ex-
cess reserves of member banks on
December % were estimated to be
approximately 5000 900 900, an in
crease of $90,O0O,0Oo for the week.
The principal changes in hold
ings of bills and securities were an
increase of $3O,0O0,00O in United
States Treasury notes and a decrease
OF $50, 900, 900 in United States Treas
ury bills"
Changes in member bank reserve
balances and related items during
the week and the year ended De-
cember %, 1888, were reported as
follows:
Evening star., 1938-12-30
Cities Service Gas
Sells $4,000,
Issue Privately
Four Bunks and Two
Insurance Companies
Toke Bonds

Hy the Associated Press.
NEW YORK, Dec. 30-Cities
Service Gas Co. announced yester-
day it had sold privately to four
large banks and two major insur-
ance companies an issue of $35, ,000,-
600 first mortgage pipeline 3A and
73a. per cent bonds. maturing 1910
to 1854.
Proceeds of the sale will ae used
to retire presently outstanding
Cities Service Gas Co. first mort
gage pipeline 5l2 per cent gold
bond and Cities Service Gas Pipe
line first mortgage per cent gold
bonds.
The company, with headquarters
in Bartlesville, Okla. is subsidiary
of Empire Gas & Fuel Co., controlled
by Cities Service Co. 1t produces
and distributes natural gas, the chief
outlet being in Kansas, Oklahoma
and Missouri.
The companys announcement did
not name the institutional buyer
of the bonds or disclose the purchase
price. The sale marked one of the
largest distributions of securities
privately this year.
Evening star., 1938-12-30
Britain Attomp|ishes
Trade Rise With
Balanced Budget
U. S. Debt Per Copito
More Than Doubled,
Study Reveals
Special Dispatch to The Star.

~s>SSAet DASpdtSu " ue 5LAr.
NEW YORK, Dec. 30-British re.
covery from the depression has been
accomplished with the government
operating on a balanced budget,
whereas in the United States the
Federal debt per capita has in
creased more than 100 per cent since
1929, according to a recent study OF
depression and recovery in the
United Kingdom and the United
States made by the economic re-
search division of the National In
dustrial Conference Board.
A feature of British recovery has
been the boom in building construc-
ton. attributable to private enter
prise unassisted by the state. Most
OF the building has been residential,
and construction reached a peak In
1896. Since the impetus given to
British business by construction
has declined high level of pro-
duction has been maintained be-
cause Of increased expenditures for
armaments in 1887 and 1898.
Real weekly earnings, which take
into account changes in the cost of
living, have been higher than the
1929 level in the United Kingdom
throughout the period of depression
and recovery. In the United States
real weekly earnings exceeded the
1929 figure only in 1886 and 1887
and dropped below in the first half
of 1888. Unemployment has been
less severe in the United Kingdom
since 1892.
Corporate income, foreign trade
and agricultural income have all
been more stable in Britain than
in the United States in the period
l929-1938. The British government
has reported a surplus in every
year except 1888, while our own
Federal Government has not bal
anced its budget since 1880.
Evening star., 1938-12-30
Chicago Livestock
(Reported by Smith, Barr

CHICAGO. Dec, 30 Up. Omitted States
department OF Agriculture) Hogs. $4,000.
including $4,000 direct: fairly active on
200 pounds down; steady to 10 higher
Wsak Il Sxer hsssvsT s sp
zoo pounds; ,5.70-s5: o1o-250 pounds.
Light sows. $685. bulk, 100000 pounds,
Cattle. 1000; calves. 500: general mar
ket fully steady; hardly enough here to
test values; best steers, 1000 several
ooo; no no.. checs e, heifers here; best around
BEEF cows M up % to but coz crsp spfnsg msinlg
cutters at 4.5o,5;5o; weighty sausage bulls
down: but few weighty shippers bring
ing .50 undertone veal calves weak
supply stockers well cleaned up
Sheep. 1000; none direct; late Thurs
day fat lambs. $3.50 lower; top 9.15 to
small killers and shippers: limited supply.
9.10 to outsiders; bulk. $3.50 90; yearlings,
ing mostly steady S,s5-9.O0 early top.
9.15; sheep steady; slaughter ewes, 3.76-
425
Evening star., 1938-12-30

BOSTON Dec 80 lP Omitted States De-
pa rtment of Asriculture5 inquiries for
fine Western-Rrown woods were fairly
nume' GUS today in the Boston market and
frequent bids were being made. Buyers
unable to secure woods at their recent low
bids. were inclined to raise their offers.
thus gradually closing the gap between bid
and asking prices on siZable quantities OF
wool Only a moderate volume of wool
was sold in the past week but sentiment
has shown improvement because of the
frightening Of BUYERS resistance to ask.
ing prices. Graded combinR bright fleece
woods were quoted steady during the past
week at % to 81 cents, in the crease, for
fine Delaines; % to 81 cent. for half
bloods: 81 to 80 cents for three-eighths
hloods and 80 to 81 cents for quarter
bloods
Evening star., 1938-12-30
Du Pont Will Merge
General Motors
Holding Units
Action to Eliminate
Double Tuxotion on
Dividends Token
BY the Associated Press.

BY the Associated Press.
WILMINGTON, Dec. 30.-E. I.
du Pont de Nemours & Co. today
moved to eliminate double taxa
ton" on dividends from the bulk of
its Is per cent stock interest in
General Motors Corp. held by Gen.
eral Motors Securities Co., a Du
Pont-controlled holding company.
Proposal to consolidate" General
Motors Securities Co. and General
Motors Management Corp, another
Du Pont holding unit. liquidating the
bulk of the formers holdings of
General Motors shares, was ap-
proved at special stockholders meet
ings.
A direct result of the unifcation
will be placing of 9,843750 of the
securities company's 1852, ,761 Gen
eral Motors shares under direct
ownership of E. I. du Pont de
Nemours.
Cited as one of the chief reasons
for the step was the burden of the
lntercorporate dividends tax. which
amounts to 212 per cent on dividends
received by the securities company
from General Motors and a gain
on dividends received by the Dupont
company from the securities COM
pany. Placing the bulk of the Cen
eral Motors shares under direct
ownership of the Dupont company
will reduce accordingly the double
taxation on income which Dupont
derives from it's General Motors
investment.
The new company to be created in
merger of the two Dupont controlled
holding units will be known as G. M.
Shares, Inc, and will be entirely
owned by former stockholders of
Managers Securities Co. and stock
holders of General Motors Manage
ment Corp.
General Motors Securities Co.
holds 11,682,761 shares of General
Motors common stock, of which g.
843,750 are allocated to the common
stock, all owned by the Du Pont
company, while the remaining L.
839,0ll shares are allocated to the
class "A" stock Of the securities
company These latter shares will
go to General Motor Shares, Inc.
while class "A" stockholders of the
securities company will receive share
OF class "a stock in the new COM
pany.
Each share of General Motor Man.
agement common stock will receive
one share of common and eight
shares of class "a stock of the new
company.
Glass "A" and "B" stockholders in
the management company will be-
come class B" stockholders in the
new company on a share-for- share
basis.
Evening star., 1938-12-30
| Auto Production
Of 325,000 Seen
In January
BY the Associated Press.


DETROIT, Dec. 30.-Predicting
that January production of auto
mobiles and trucks would be con-
siderably higher than is seasonally
normal" Wards Automotive Reports
today estimated 325,00O units would
be assembled during the month.
Present production plans indicate,
the service said, that the winter let
up will be the lightest since the
winter of 1856.
Wards estimated this weeks out
put at 75,215 cars and trucks, COM
pared with 1850 this week a year
ago and 92.890 last week. The de-
cline from last week was attributed
to holiday shutdoWns.
Evening star., 1938-12-30
U. S. Treasury Position
3y the Associated Press

The position of the Treasury December
2s: Receipvs S7.S64 .936.15; expenditures.
$19.933 .344.79: net balance, S3O97. 191.-
S67.17 including $2,467 .249 .33O.2s work
ing balance: customs receipts for the
Receipts for the fiscal year (since July
-. S2.913. 1873, 1862 expenditures. $4.-
4ssd4as47a ss g; incudinE S14se
OF expenditures S1.57295S,sIO gross
debt. 500. 9.423.37a. .033.24. an increase Of
$6,s32. 1913 over the previous day; gold
assets, S145Os.241 .2OO.1O.
Evening star., 1938-12-30
Metal Market

NEW YORK XII Dec 9" copper steady
Tin steady: spot and nearby. As. 7O; for
ward. 1870 Lead steady: spot. New York.
East st. Louis. spot and forward. i so. Pig
iron. aluminium. antimony. quick silver.
Platinum and Chinese wolframite un-
CHANGED.
Evening star., 1938-12-30
Williams OiI-O-Motic
DiscIoses Deficit
By the Associated Press,

195 lllc ASSUCIHVeI PfeSS.
CHICAGO, Dec. 3O.-Williams
Oll-O-Matic Heating Corp. reported
for the year ended October 81. 1898.
net loss of s338,0O9 after depre-
citation and other charges. Net sales
for the year were $1,464, ,70l. COM
pared with $2,628,ol2 for the pre-
vious year.
In the 1887 fiscal year the COM
pany reported net profit of s5ly627,
equal to II cents a share on the
O,0O0 shares of capital stock out
standing.
Evening star., 1938-12-30
Dry Goods Market

NEW YORK Dec 30 fP.-Activity in
day Sales Of print cloths and related
items were estimated at about 5000, 900
More demand also Appeared Tor finished
wash goods. Rayon gray goods continued
In fair demand. Burlap held quietly
steady.
Evening star., 1938-12-30

Dow Chemical Co.-Net income 4
months ended September 30. was
81 ,054, ,422.
Evening star., 1938-12-30
Washington Exchange
SALES-AFTER CALL.

SALES-AFTER CALL.
Capital Traction $500 at 80.
Washington Gas Light pfd.-2 al
LOG
Potomac Electric Power 51aeo pfd.-
! at 1l512.