davidaulloa/AmericanStories huggingface dataset:
Evening star., 1938-03-13
$5Q,0OO,0DO WOOL
LOAN ANNOUNCED
Program to Stabilize Price
by Helping Producers to
Carry Big Stocks.
By the Associated Press.

ny tHe hsooClAtcV TTeSS.
Secretary Wallace announced yes
terday Inauguration of q $4,000 900
loan program to stabilize the price
Of wool and help producers carry
heavy stocks and an anticipated
heavy 1898 clip until markets i'm
prove.
The loans will be made by the Com
modify Credit Corp, agency lending
similar assistance to growers of cot
ton, corn. tobacco and other farm
commodities. under provisions of the
new Farm Act.
Loan Basis Fixed.
The loan rate on the principal
classes Of wool will be made at be-
tween IS and ~ cents a pound on
grease basis at Boston. Agricultural
Adjustment Administration officials
said the loans were expected to aver
age approximately IT'S to 18 cents
per pound. grease basis. to producers
and about IS per cent Of the pre- war
parity price of wool.
All producers. including. under ap-
proved regulations, producer -owned
pools. will be eligible for loans, the
officials said.
The fund set aside for the loans
win cover, officials said, about ESQ.,
000.0 pounds of wool.
Made for 10 Months.
The loans will be for a 1O-month
period provided that does not make
the maturity date later than May 81,
1889. They will bear 4 per cent in
terest. Although loans will be made
for the 10-month period. producers
may sell the wool at any time by re-
paying the loans and accrued storage
and handling charges, officials ex-
planned
A. A. A. ofiicials declared the loan
was not price fixing" loan, but a
marketing loan designed to protect
wool producers against the effect of
unfavorable conditions in the wool
industry while the 1888 clip is moving
to market.
Evening star., 1938-03-13
D. & R. G. LOAN PLEA
IS GRANTED BY |. c. c.
b. the Associated Press.

by tne Associated Press.
The Interstate Commerce Commits
sion approved yesterday an applica-
ton by trustees of the Denver e. Rio
Grande Western Railroad for author
ity to borrow 81 100000 from the Re-
construction Corp.
I. c. c. approval of such applica-
tions ordinarily assures favorable &C
ton by the r. F. C.
The railroad plans to use more than
IS per cent of the loan for rail and
other track material. The work would
include the relaying Of rail on the
main line between Denver and Ogden,
Utah. Most of the remaining funds
would be used for equipment in shops
at Burnham, Colo. and Salt Lake City.
The trustees plan to offer the r. F..
G. their certificate as security for the
loan.
Evening star., 1938-03-13
EXCHANGE MOVES
To WIDEN SCOPE
Four Leaders to Consider
Associate Members and
Split Fees.
b. the Associated Press,

NEW YORK. March l2.-The New
York Stock Exchange today ap-
pointed four members OF its Govern
Ing Committee to consider proposals
to extend the scope of the exchange
through associate memberships or
through splitting commissions with
non members.
If such proposals were adopted, it
would be a drastic change frcm the
traditional policies Of the excha anse
OF restricting its business to its own
member firm. and its rigid rules
against splitting commissions with
outside dealers who might bring
business to the exchange,
Closer Relations Possible.
1t might open the door to banks,
investing institutions, and the thou
sands of investment bankers and
dealers throughout the country. to
closer relations with the exchange.
and also be move in the direction of
the practices of European exchanges.
The group of four was selected by
Charles R. Gay. president Of the
exchange. as result of the report of
the committee for study of organiza-
ton and administration of the ex-
change, issued January ~, which was
headed by Carle c. Conway, chair
man Of Continental Can Co.
The Conway Committee did not
pass on the merits of such proposals,
but reported its opinion that they
should receive careful and special
study"
The Conway Committee reported
that during its investigation:
Testimony has been heard indi-
eating feeling that the scope of the
exchange should be considerab blv
broadened. This line Of thought
takes various forms.
Larger Group Urged.
1T has been proposed, for instance,
that largely increased body of
brokers and security sellers should be
admitted to the exchange by creating
a class of associate membership 50 ss
to make connections with the ex-
change available to vastly enlarged
group.
1T has been suggested that methods
be worked out by which The floor
members or exchange houses should
divide commissions with non-mem-
bers."
The four members of the Govern
ing Committee appointed to study the
matter are E. Burd Grubb Of Cogges-
hall 81 Hicks, formerly president of
the New York Curb Exchange; F.
Dewey Everett OF Hornblower L.
Weeks; Bertrand L. Taylor, jr., Of
Taylor & Delany, and Robert Vose
White Of Jackson & Curtis. The
group was authorized to select an ad-
ditional member Of the exchange to
work with them.
Evening star., 1938-03-13
BUILDING DROPS
DUR|NGFEBRUARY
Total Outside of New York
Shows Increase Over
Previous Month.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. March l2.-Volume OF
building permits dropped heavily dur
ing February from the enlarged Janu-
ary and December totals. The decline
was due entirely to the precipitous fall
in permits in New York, which fol-
lowed the adoption of a rev building
code in that city late in January.
Permit values outside of the metrop-
oils were actually larger IN February
than in either Of the two preceding
months
Permits issued at 215 cities of the
United States during February called
for an estimated expenditure of $54,-
065.2l3, according to Dun & Brad
street, Inc. This was the smallest
amount reported for any month since
February. 1886. and contrasted with
$146,866,125 in January. q decrease of
63.2 per cent. while 37.0 per cent I'M
der the February, 1887, figure of $685.
829,336.
New York permits shrank to the
lowest level since February, 1885. The
February total was equal to only S.
O85,752, as against $l06.072, ,040 In
January and $50, ,6o6,51o in February
last year. representing respective de-
clines of 94.3 and SOL per cent.
Outside of New York permits rose
from s40,794, ,085 during January to
$47,s79, ,461 in February, giving an in
crease of It's per cent. Compared
with the corresponding 1887 figure Of
SIS 5,222, 1926, however, there was a loss
of 1871 per cent.
Comparisons by groups between Feb
ruary and January, as we'll as between
February this year and last, revealed
advances and declines evenly divided
at four each. The largest drop from
a year ago, Of course, was registered by
the Middle Atlantic States, followed
by the East Central, Mountain and
New England sections. The biggest
gain was made by the South Atlantic
group, with moderate increases re-
ported in the South Central, Pacific
and West Central regions.
Group totals Of building permit
values for 215 cities for February this
year and last, together with percentage
changes, are shown in the following
liable.
Evening star., 1938-03-13
LITTLE BUSINESS, INC,
ELECTS NEW OFFICIAL

Claude Livingston. jr., Washington
realtor, has been elected treasurer of
the American Federation of Little
Business, Inc, Chairman william p.
Ames of the federation announced
yesterday.
Mr.. Livingston, member of the firm
OF William H. Saunders Co., also will
serve as member of the National
Governing Committee, Mr.. Ames said.
Organization of the federation was
announced two weeks ago, and the
new group now has oflices in the Heu-
rich Building, 1927 K street NV.
Needham c. Hines, contractor and
builder. is permanent executive Sec
retary, and in charge of the ofiices.
Evening star., 1938-03-13

OF the committee include the follow
ing prominent bankers:
Wilmer J. Waller, vice chairman,
vice president and cashier, Hamilton
National Bank; Francis G. Addison,
jr.. president, Security Savings e.
Commercial Bank: c. F. Burton,
president, City Bank; Victor B. Dey-
Der, chairman of board. Second Ma
tionsl; Charles H. Doing. first vice
president. Washington Loan and
Trust Co.; Robert V. Fleming. presi-
dent. Riggs National; H. H. Mckee,
president, National Capital Bank;
L. P. McLachlen, president, McLach-
len Banking Corp, and Howard Mo-
ran, vice president, American Sc
eurity & Trust Co.
Capital Retail Sales Lag.
The Commerce Department re-
ported yesterday that two reporting
retail stores in Washington registered
gains over the previous week but tho
average showed q decline of BAT per
cent. Trade during the past week
was also IS per cent lower than in
the corresponding week a year ago.
with all stores reporting declines.
Merchants are hopeful. however, of
an early upturn in pre-Easter buy.
ing, the report added
Bank clearings of $22,716,1o4 COM
pared with $25,l46,sl1 in the like
week last year. Building permits for
the week totaled $3o6,7oo in COM
parison with $403,300 in the like
period in 1887. There were more
tourists in the Capital than in the
previous week and about the same
number as . year ago.
Riggs National Bank preferred stock
sold at $283 share on the Washing
ton Stock Exchange yesterday, around
recent levels. Washington Railway &
Electric moved at 11o1a and two sales
N Capital Transit stock were re-
corded at 8. The market for this issue
closed with. the week with III bid and
~ asked.
Many brokers in Washington are
taking 4 more cheerful view Of the
stock market outlook and believe 4
turning point may not be far distant.
In supporting their views they point
to high carloadings, the success of
FUSED car week." the better steel out
look and an improved trade outlook
tn some sections of the country.
i Daily average sales Of variety stores
Tor February were about per cent
below February. 1887, according to
the Bureau Of Foreign and Domestic
Commerce.
Evening star., 1938-03-13
COST ACCOUNTANTS
TO HEAR T. S. HOWARD

Thomas S. Howard, expert account
ant with the United States Chamber
OF Commerce. will be the principal
speaker at the March meeting of
Washington Chapter, National Asso-
citation OF Cost Accountants, We'd
nesday at the Hamilton Hotel, the
meeting to be preceded by a dinner at
6 o'clock. Walter F. Raymond will
preside.
For eight years Mr.. Howard was
director of uniform accounting in the
National Electrical Manufacturers As
sociation and will discuss that subject.
He has been member of the National
Association Of Cost Accountants since
1920. All accountants and trade asso-
ciation executives in the city have
been invited to the meeting.
Evening star., 1938-03-13

year 1896 or an increase of SGT per
cent. Increased cost of materials,
rates Of wages. reduction of hours of
employment. taxes and other items
entering into operating expenses re-
suited in a decrease in the operating
profits Of the company, the report
said.
Mr.. Gibbs stressed the steady increase
In taxes over the past few years. Fed
eral, State and local taxes paid in
1887, excluding manufacturers excise
taxes, were equivalent to s210 per
share on the common stock and repre-
sented 1882 per cent of the total net
proht OF the company before deduct
ing taxes, he asserted. This figure
was rs per cent in 1886 and 2l per
cent in 1885. A further increase will
occur in 1888 due in part to the in
crease Of per cent in the rate of the
unemployment insurance tax.
The financial position of the COM
pany remained good throughout the
year, the ratio OF current assets to
current liabilities beng 2.98 to 100
on December 81, compared with 2.70
to LOO on December 81, 1886. The
company redeemed and Cancelled $50
shares Of preferred stock during the
year. and paid out more than $50 900
IN preferred dividends, and over
&6l3,000 on the common stock.
Assets totaled s8.145.424.4l at the
end Of the year against s7.ss6, 400. .95
q year ago. Earned surplus amounted
to s3.011,7Sl.70 compared with 81
63o.42756 at, the end of 1896, the
report said.
Siddons Program Chairman.
Frederick P. H. Siddons, secretary
OF the American Security e. Trust
Co., has been appointed chairman of
the Program Committee for the 1888
Evening star., 1938-03-13
STOCKS RECOVER
MODERATELY AS
WAR FEARS EASE
Buyings in SteeIs, Motors,
Rails and SpeciaIties
Ha|ts Selling.
REVISION OF TAX BILL
IMPROVES SENTIMENT
Rails Helped by Plans for Wage
Slashes and Forecast of Rise
in Activity Spurs Steels.
BY FREDERICK GARDNER,

BY FREDERICK GARDNER,
Associated Press Financial Writer.
NEW YORK. March l2.--After 4
week Of general droopiness, the stock
market ended today on a gentle re.
covery note.
War tension. as result of the
latest Austro- German developments
which touched of a late slide In the
list yesterday, appeared to have les.
sened considerably. although buying
forces were still timid, feeling "any-
thing" could happen in the presen,
European set-up.
At the same time, some market OBJ
servers, studying political complica.
tons overseas. looked for no out.
break Of hostilities Immediately and
expressed the thought that even il ar
explosion should occur. the chances
we're better than even foreign capita
would jump to the United States as
the safest haven.
The stock list got off to a rather
hesitant start IN the two-hour pro-
ceedings. but selling quickly dried ur
and traders began to take on small
commitments in steels, rails, motors
and specialties.
Turnover Is Larger.
The turnover amounted to 2e9, ESQ
shares compared with last Saturdays
low volume of $4,000. Transfers for
the week were about 1000, 900 shares
ahead Of the preceding week.
The Associated Press average OF &C
stocks was up L of point at 42.3
although showing net decline from
week ago Of 20 points, the most siz-
able setback for any similar period
since the last part of January.
In the final session the somewhat
better performance Of leaders was
attributed partly to nibbling by spec
ulative contingents that moved on the
theory at least a modest recovery
was in the offing because OF the
recent retreat.
Passage by the House Friday of
the revised tax bill, minus the much
disputed third basket" clause and
substantially cutting levies on capital
gains and undistributed profits, tended
TO improve Wall Streets temper a bit.
Rails Gain Slightly.
Rails were assisted in 4 slieht
comeback, after falling Friday to a
new five-year bottom, by announce
ment Of the Association of American
Railroads that move would get under
way next Friday to cut wages of
some 100000 employees as a means
OF counteracting. from a revenue
standpoint, the Disappointing rate
boost. Possibility of a mild upturn
in mill operations next week bolstered
SteelS.
Gains running to a point or so
today were held by United States
Steel at 81, Bethlehem 545s. General
Motors 331a, Chrysler 501z, Santa Fe
33, Westinghouse 80, New York Central
15l2, United States Rubber 3O1s,
Montgomery Ward 1885,, Anaconda
30s4, Air Reduction So and Union
Carbide 1914.
Utilities were unable to make the
grade and oils were at a standstill.
During the week the market was
confronted with Whitney failure, one
OF the most startling in the history
of the stock exchange. The collapse
OF this firm, however, failed to un-
settle shares to any serious extent,
Evening star., 1938-03-13
TIME, INC., DISCL0SES
1897 NET OF $168,430
- fha AeeAA{atAA DrARR

Ry the Associated Press.
NEW YORK, March l2.-Tme,
Inc, publishers, reported 1887 net in
come of $1es, ,430, compared with 1886
income Of $2,747,233. The company's
statement indicated the fall in net
was due largely to loss Of $3,424, 900
subsidiary.
Evening star., 1938-03-13
COLUMBIA OIL EARNS
$2,O22,284 FOR YEAR
Ne xhA ASsnH}afAA 1rARs

BY the Associated Press.
NEW YORK, March 12.-Colum-
bia OIL 81 Gasoline Corp, IN addliate
Of Columbia Gas q Electric Corp,
had 1897 consolidated net income Of
$2,o22, ,2s4, equal to $S.05 q share on
the 100000 shares Of participating
preferred stock, compared with $780,
954, or 81 3 sha In 1885.
Evening star., 1938-03-13
ROBOT STOREKEEPERS.

CHICAGO, March II (Special
The American public spends about one
billion dollars year in coin vending
machines to buy 4 variety of merchan-
disc ranging from peanuts and candy
to cigarettes, handkerchiefs and mag
azines. This amounts to $7.70 4 year
per capita. 3D..
Evening star., 1938-03-13

troubles come. Switzerland might b.
involved as forming q direct pathway
between France, Germany and Italy.
Dutch guilders and Belgian belgas
were also adversely affected. the for
mer losing 0.l5 of a cent at $50 cents
and the latter 0.05hs of a cent at
16.85l2 cents. The pound sterling, as
a consequence of the British stabiliza- =
ton funds support of the French
franc, dipped Ia cents at $4.99ss,
while the franc, supported both from
Switzerland and London and aided
Evening star., 1938-03-13
NEW YORK LIVE STOCK.

partment Of Agriculture. Hogs, 1850
including 1880 direct. Market 10 higher:
I42-pound average. 9.75. Iacking sows.
66 pounds. 500.
Other classes Of live stock nominal
HsseiDt: al d5sct :n.ss Cattle .s:ls6:
Evening star., 1938-03-13
ALUMINIUM co. VOTES
PREFERRED DIVIDEND
Hv the Axsor,at.d pr..,.

Ey the Associated Pres,
PITTSBURGH, March 12.-The
Aluminium Co. of America today an
nounced payment of the regular quar-
terly dividend of $3.50 on its outstand-
ing s per cent preferred stock, payable
April to stockholders Of record as
a March II.
Evening star., 1938-03-13

by repatriation of French capital In
time Of national crisis, gained 0.02a
Of . cent at 800 cents.
Brokers said the effect on the stock
market was negligible. Bonds, except
some foreign dollar issues, likewise ap-
peared unmoved. Czechoslovakian
Italian and Polish issues fell sharply.
Cotton futures dropped, while wheat
at Chicago was little higher. Deal
ers said this was usual when threats
of trouble stir Europe.
Evening star., 1938-03-13
VIENNA B0URSE CLOSED.

VIENNA, March IL (AD.-Financial
quarters expected the bourse to be
closed Monday in view of the dis
turbed political situation. The GUS
tomary Saturday holiday was observed
today.
Evening star., 1938-03-13

convention Of the
District Bankers
Association, to be
cid At Hot
s pr in gs, Va,
June 8 to IL,
p r e 8 / d e n /
Thomas j. Groom
announced yes
terday.
Mr.. Siddons is
. former presi-
dent of the asSo-
citation and has
served on many
other important
committees. The
A%AAa
Evening star., 1938-03-13
PEOPLES DRUG NET
FOR 1887 DECLINES
TO %.07 A SHARE
$5.N Earned in Previous
Year-Sharp Rise in
Expenses Cited.
YEARS SALES VOLUME
CLIMBS 5.97 PER CENT
Federal, State and Local Taxes
Amount to $2.10 Per Share
on Common Stock.
BY EDWARD C. STONE,

Net earnings of Peoples Drug Stores,
Inc, in 1887 amounted to $407 per
share on the common stock, COM
pared with $5.04 share in the pre-
Vious year, M. G. Gibbs, president of
Evening star., 1938-03-13

the big d ug
chain. stated in
his annual re-
port made public
yesterday. The
net income was
a l m o st exactly
the same as in
1885 when the
hrm netted $4.06
4 share.
President Gibbs
announced t h a t
sales at retail in
1887 were S22,-
388,144.46, an in
crease of $780,
moo 40 >uA. Nl
Evening star., 1938-03-13
Austrian Euents Bring Flight
Of 'Panicky' S,ciss Capital
Fears That Tiny Nation Might Become
lnuOlUed Cause Rush to Pound,
Franc, Dollar.
1y the Associated Press,

NEW YORK. March l2Unseement
immediate
markets reflected fears hostiities might nearing
Most sensational dropped ol3 of
at 230 cents
Swiss capital French sterling mpled
Evening star., 1938-11-10
Col. Batista Greeted
By Gen. Craig on
Arrival Here
Undersecretory Of State
WeIIes Also Amono
Those at Stotion

Little Col. Fulgencio Batista was
welcomed to Washington today with
much pomp and circumstance as
the Army Band struck up the Gu
ban national anthem and Gen.
Malin Craig. chief of staff, U. S. A..
extended him greetings of the
United States War Department.
The swarthy colonel, who is the
chief man in the Cuban govern
ment, in fact if not in name, is the
first Latin American dictator ever
invited to Washington officially.
Gen. Craig invited him, however, as
a colonel and not as a civil leader.
Undersecretary of State Welles,
who was Ambassador to Cuba when
Col. Batista rose from sergeant
Stenographer to colonel in the Gu
ban revolution of five years ago, was
the first to greet the widely smiling
visitor when he bounced off the
train.
Almost an hour late, the colonel
arrived by train from Miami. He
left Havana two days ago and will
be in Washington at the Cuban En-
bassy until Sunday, when he goes
to New York for a one-day visit
before returning to Cuba.
Seeks Tonic for Cuba.
Nothing was said at the station
as to the reason for the colonels
visit, which officially is supposed to
(See BATISTA, Page A-3)
Evening star., 1938-11-10
Chief Deputy OH
Placed on Leave
During Inquiry
Department Of Justice
Order Held Routine
By Spokesman

Thomas E. OFT, chief deputy
United States marshal at District
Court, today was placed on indef-
mite leave without pay by order of
the Department of Justice, pending
completion of an investigation at
the marshals Office by examiners of
the department, it was stated this
afternoon at the Department of
Justice.
A spokesman for the department
said the investigation was a routine
one. OF the type made every six
months of Offices of the marsnals.
1t was said Mr.. OFT was notified
last night of the order placing him
on leave.
United States Marshal John B.
Colpoys announced that C. Michael
Kearney has been appointed acting
chief deputy. Mr.. Colpoys. over his
signature, posted this notice today
on the bulletin board of the United
States marshal's Office:
Until further notice, I have this
day placed Deputy Marshal c.
Michael Kearney as acting chief
deputy. Orders from him will be
obeyed as he will be acting as my
personal representative.
"(Signed JOHN B. COLPOYS.'
The investigation will be contin-
ued by the examiners and a report
made to T. D. Quinn. administra-
tive assistant to Attorney General
Cummings.
Evening star., 1938-11-10
Business Promised
Free Enterprise
BY the Associated Press,

NEW YORK. Nov. 10-Assurance
that the Government S policy towaro
business fully respects the Nations
tradition of free and independent
enterprise" was given to the Acad-
emy Of Political Science yesterday
by Thurman Arnold, Assistant
United States Attorney General n
charge of antitrust law enforce
ment.
Regarding recent monopoly in
vestigationS and prosecutions he
told the 58th annual meeting of the
academy that 'clarif1cation of the
law will come only with enforce
ment; it will not precede enforce
ment."
For 40 years, he continued, con-
centration of business has been per-
mltted in the United States. "and
now We are in process something
like unscrambling eggs. You must
unscramble eggs with a certain
amount of care"
William L. Ransom. former presi-
dent of the American Bar Associa-
ton, said, american businessmen,
all elements in American life, should
welcome and aid a fair and con-
structive re-examination of the
fundamentals and objectives of the
Sherman (anti-trusD Act. ="
Since the act became law so years
ago, he said, national advertising,
governmental policies and the de-
velopment of large-scale financing
have tended to develop and foster
large units and to close the doors of
opportunity to small business"
Evening star., 1938-11-10
Three Martin Aides
0usted by U. A. ".
BY the Associated Press.

BY the Associated Press.
PITTSBURGH, Nov. 10.-Presi-
dent Homer Martin of c. I. O.,s
United Auto Workers Union con-
f1rmed today reports that three of
his assistants had been dismissed by
the unions Executive Board.
Martin said the three were Will
liam L. Munger, research director:
Miss Eve Stone, Women's Auxiliary
director, and Francis A. Henson, ad-
ministrative assistant to the presi-
dent.
He added that John Tate, editor
of the unions weekly newspaper,
was not included in the dismissals.
Tate had been mentioned as one
of the targets in the anti-Martin's
faction drive to purge" Martin of
several chief aides.
Martin also denied reports that
the weekly newspaper had been
abandoned. He did not disclose who
had been named successor to the
three discharged.
He uttered a terse mo statement"
to questions about reports that the
board had voted back pay to inter-
national officers who were suspended
last summer and later retnstated.