Evening Star Newspaper, July 4, 1932, Page 6

A6 NINEAREHOTDEAD INKENTUEKYFEIS Others Are Wounded Series of Outbreaks of Violence. in By the Associated Press. LOUISVILLE, Ky.. July 4—Nine per- sons were killed and a number of oth- ers, including a woman, were wounded in a series of outbreaks of violence in Kentucky Saturday and Sunday. ‘Three of the slayings occurred in Harlan County. Deputy Constable Bill Randolph, 30, was shot to death near Three Point, in Harlan County, while telling deputy sheriffs how his companion, Jim Jones, was killed from ambush a short time earlier. The slayer escaped. Grudges Are Blamed. Ollie Holmes, 28, was wounded fatally at Poor Fork, in Harland County, in what _officers said was the renewal of an old grudge between Holmes and a man whose brother Holmes had been accused of slaying several months ago. At Stop, in Wayne County, Heywood Raines, 30, father of six children, was shot to death and three men were ar- rested in connection with his slaying. An old grudge was blamed for the trouble. ‘Two men were killed at Dwale, near Prestonburg. ¢s the result of a fght during a school election. Glenn Bentley and Gene Bentley were shot fatally when Police Chief Hoover Hinton went to the scene to make arrests following the stabbing of Lum Porter. Hinton and Porter were wounded seriously. Gther Shootings. Emrsey Varney, 42, was killed at Kim- per and his cousins, Garland Varney, 17. end Leonard Varney were arrested. Thi claimed the shooting was accidental. Elliott Craft, 50, was wounded fatally at Frozen. near Jackson, during a cele- bration following a school election. ‘Two other men were wounded. Another shooting near Jackson re- sulted in the wounding of Alfred Rob- erts, 25, whose assailant escaped. Roberts was reported in a dying con- dition, At Sadieville, Hervy Ruth, 25, was shot ana wounded critically and Brad- ford Underwood, 17, was charged with g. An old grudge was blamed also for the fatal shooting of Taylor Spencer and the wounding of Miss Mary Colley on a highway near Jackson. Boone Bolling was arrested and charged with the shooting. At Whitesburg, Elmer Hall, 22, of Ermine dicd from bullet wounds suf- fered in a fight on Pine Creek a week 2go in which his brother, Earl Hall, was killed instantly. FIXED TRUST INCOME FROM RAILROADS CUT Reductions and Omissions of Divi- dends Have Reduced Return From Investments in Carrier Issues. Special Dispatch to The Star. NEW YORK, July 4—The constant omission of dividends by the raflrcads is leading to increased embarrassment among the fixed trusts which carry a considerable proportion of these shares in their portfolios. In most cases it not only means a reduction in their in- come, but necessitates the elimination of the non-dividend issues from their holdings at a time when market condi- tions are such that liquidation produces a high percentage of loss from cost prices. As an {llustration let us take Atchi- son common. which passed its dividend ‘Tuesday. There are 43 fixed trusts holding about 115,000 shares of this stock. In addition nearly 40 general management trusts own about 33,000 shares. The latter, unlike the fixed trusts, are not compelled to sell when | dividends are suspended, but they ex- ! perience a loss in income which affects their ability to pay dividends on their own stocks and reduces the amount available for their debentures. In a thin market the liquidation of 115,000 shares of Atchison would con- siderably disturb its price. It is prob- able the dividend action was to some | extent anticipated and that a portion of the fixed trusts’ holdings have been sold since the last dividend was de- clared at the rate of $4 a share. Practically all the fixed trusts that have a diversified portfolio of stocks have included in it not cnly Atchison but Tlinois Central. Louisville & Nash- ville, New York Central, Pennsylvania, | Southern Pacific, Northern Pacific, | Baltimore & Ohio and Great Northern. All of these stocks are now on non- dividend basis. There are also in the | rail section of the portfolio Union Pa- | cific, Canadian Pacific, Chesapeake & | Ohio, Norfolk & Western, which have reduced their dividends, while Delaware & Hudson and Chesapeake & Ohio are | maintaining their regular rates. (Copyright, 1932.) SIR JAMES HEATH WINS DIVORCE FROM AVIATRIX! Ceparation Had Bzen Previously Granted to Wife in Reno Proceedings. Dy the Associated Press. | LONDON, July 4—Sir James Heath | today wes grented a decree nisi of di- ady Heath, the aviatrix married i but a James announced he sponsible for her debts, | troubles continued and parated for lcng periods, Heath made several long| , and cne or two trips to the| States In 1930 Lady Heath cbtained a_di-| vorce st Reno, charging cruclty. Last| November she was married to George Antrony Reginald Williams, British aviator, and in the followicg month | Sir James anrounced that he had filed & petition for rce in Great Britain. | She did not defend this suit. | CLUBS SUPPORT ITALY Vatican City Demonstration With Flag Result of Peace Terms. VATICAN CITY, July 4 (#).—Th> Catholiz_ Action Clubs, which Premier sed during last year's con- betwezn the church and state, | y marched in a processicn car-' the Italian flag for the first tim: ( the peace sgreement was signed lini and the Pope last Septem- trover: This agreement reguired the Action Clubs to discard their old banners and adops the national flag. About 10,000 club members from 300 Rome clubs marched to St. Peter's Square, then entered the cathedral to receive eucharistic benedicticn. SENORA CALLES BETTER Wife of Former President of Mex- ico Reported Gaining. BOSTON, July 4 () —Senora Leonor Liorente Calles, recovering from a brain FINANCIAL. THE EVEN ING STAR. WASHINGTON, D. C. MONDAY. & ey 2. _19 Veteran Retires YARDMASTER ENDS 50 YEARS OF RAILROADING. OR the first time in 50 years William Handy Williams, “Cap- tain Bill" of the Washingion Terminal, is celebrating Inde- pendence day without having to keep in mind the arrivals and depart- ures that rule the life of & railroad official. Williams recently completed half a century of service with the railroads, the past 20 of which he spent as yard- master in the intricate work of the make-up of trains and charting the comings and goings of trains at the big terminal here. He was retired July 1, having reached the retirement age. G In his 50 years of active railroading Wwilliams has witnessed many remarka- ble changes, not only in the railroad business, but also in the development of the Capital, which in itself had a definite effect on his work and the rail travel. He started in the service as a boy, employed by the Baltimore & Potomac, then a branch of the Pennsylvania Railroad. He rose rapidly in the or- ganization and was advanced from the positions of switchman, brakeman and conductor to that of yardmaster. As Washington grew in importance, the old Sixth Street Station of the Pennsylvania Railroad was eliminated and .the new Union Station erected to the north of the Capitol, “Capt. Bill” assisted actively in the opening and operation of the new Washington ter- minal. His record in the transportation de- service of more than 40 years. Williams lives at 2504 Tenth street northeast. His father, Willlam Handy Williams, a contractor and builder, erected numerous buildings in Wash- ington. i “Capt. Bill” is a member of Columbia , No. 3; Albert Pike Consistory, No. 1; Scottish- Rite; Almas Temple of the Mystie Shrine, and the Washington Railroad Square Club. BOM PLOT BARED IN'STATE CAPITOL Time Machine Seized in New $10,000,000 Building in West Virginia. By the Assoclated Press. CHARLESTON, W. Va, July 4—A time machine, of the type designed to ignite explosives, was found in the main unit of West Virginia's new $10,000,000 capitol yesterday. No explosives were located. Capt. Hary A. Cooper of the State police believes the apparatus either was put in the building as a “threat” or the persons who placed it intended to re- turn with explosives later. ‘The apparatus was discovered in the basement benezth the section of the main unit designed to the State De- partment of Public Safety. The machine was immersed in water and after several hours’ soaking the apparatus was carefully opened. It was a clock attached to two dry batteries, wired in such a manner that additional wires cculd be attached to a locse end to lead to exvlosives. The machine apparently had been constructed some time sgo. for marks on the wood showed evidence of age. ‘The box, however, had bzen made only recently, Plain wrapping paper covered the en- tire apparatus. The batteries were wrapped in & copy of the June 2 edi- tion of a Philadelphia foreign language newspaper. The new capitol, ccnstructed to re- place buildings destroyed by fire in 1921, was completicd several months ago and dedicated two weeks 2go. —_— FILM COUPLE DELAY TRIP Jean Harlow and Paul Bern Too Busy With Pictures for Honeymoon BEVERLY HILLS, Calif., July 4 (#).— In common with numercus film per- sonages who are too busy with pictures for an immediate honeymoon when they marry, Jcan Harlow and Paul Bern have announced tt-y will have their wedding trip next Fall The screen’s platinum blond actress and Bern, an executive, were married Saturday night. Dramatic Coach Visiting Cities to Find Male Talent, Declaring There Is Great Lack of Capable Young Men in Pictures, BY MOLLIE MERRICK. Special Dispatch to The Star. HOLLYWOOD, Calif, July 4 (NANA)—One of the major studios of cinemaland sends out Lovejoy on a tour of the Northwest to find new talent. Prof. Albert Lovejoy, dramatic coach and talent scout of R-K-O, formerly with the Cambridge School Drama at Harvard University the next five weeks hunting for new talent in the universities of these United States. “There is a great lack of capable young men in motion pictures today,” says Prof. Lovejoy, “so We are partic larly anxious to find new leading men.” Hundreds of unemployed young men in Hollywood will read that with a bit- ter eye. But the fact remains that the screen is lacking in masculine charm although crowded with feminine ex- emplars of it. The hunt for new faces will take the professor into 13 citles and as many State colleges and schools. When the “Kid From Spain that Eddie Cantor picture, gets into full swing it's going to be interesting. It's interesting now, in fact. Matador S8am Goldwyn has imported ! spe partment alone shows a continuous| Movie Stars Wanted SUSPET SEZED INATIACKON G Another Man Is Hunted by| Police After Alleged Criminal Assault. g One man is under arrest and another is being sought by police in connection }wllh an alleged criminal attack upon a | | 17-year-old girl early tcday, which was followed by an exciting chase by police over downtown streets in efforts to ap- | prehend the alleged attackers of the girl. The chase ended when the driver of a cab containing two girls crashed his machine into a tree at Sixth and I | streets and the driver and another man | escaped on foot. | Neither girl was injured as a result | of the accident, police reported. One | was taken to Gallinger Hospital in a | hysterical condition. The police chase started when Po- liceman Roger Randall, overhearing a remark made by the driver of the cab as it slowed down at Pennsylvania ave- nue and Sixth street, stepped forward | to investigate. The driver immediately speeded up his machine, and the po- liceman, in a comandeered taxicab, fol- lowed in ho! pursuit. Polic> crrested Jack Griffith, 22, at his home, in the 1200 block of G street goutheast, and questioned him. He de- nied participation in the attack. 'RAILROAD EQUIPMENT FIRMS SEE GAINS | Carriers Expected to Award Large Orders for Replacements With Turn in Business. By the Associated Pres: NEW YORK, July 4—Although rail- road insolvencies are more numerous today than at any time since the 90s, the raflroad equipment com- panies, which hwve felt the pinch of railroad economies, continue confident on the longer term prospect of their business. Railroad equipment business normally flows by fits and starts. The industry | has long lean perlods, in which a large backlog of potential business is built up, and then falls into a period of quickened activity. Some leading ex- ecutives in the equipment field contend | that such a revival cannot be far away | now.. They base their hopes on the | sharp decline in railroad orders during | the past several years. Unlike many industries the railroad equipment business did not reach its peak in 1929. The peak of locomotive building was 1920, when 3,672 were built in preparation for the return of the roads from Government to private control. Throughout 1925-1928, inclu- sive, the yearly average held substan- tially above 1,000. In 1929, it stood at 1,065; in 1930, 1,023, and in 1931, 198. The estimated total for 1932, based on Railway Age computations, is 55. In three years, 1929-1931, inclusiv the total of freight cars built was 85, | 408, 77,097 and 13,614, respectively, and | passenger cars 1,274, 1,304 and 219, re- | spectivel Estimated 1932 totals for the groups are 4,100 freight and 85 pessenger cars. In the meantime, the roads have been getting along as best they could on existing equipment. With few ex- | ceptions, they have bought locomotives |and cars only when actually compelled to do so to replace obsolescing equip- ment. But railroad executives, as well as leaders of the equipment field, have | shown little hesitancy in predicting that the carriers would again become | liberal buyers as soon as earnings im- prove enough to justify such pur- | chases, | |CINDERELLA OF SCREEN | SOUGHT FOR STAR ROLE }“Unknown" to Portray “Panther | Woman” in Novel by H. G. | Wells. By the Associated Press. HOLLYWOOD, Calif, July 4—An opportunity for some new screen Cinderella to pop up and capture Holly- wood is held out by Paramount studios. Paramount officials said they will | comb the country for an “unknown” to | | portray the role of the “panther wom- |an” in the screen production “Island of Lost Souls” to be fimed from an |H, G. Wells novel. ! The girl selected must be over 17| and not more than 30 years old, and must possess “striking beauty, a good | figure and abiiity as an actress.” I A. H. SCRIBNER DIES Head of Publishing Firm, 73, Was Founder of Magazine. MOUNT KISCO, N. Y., July 4 (A).— | Arthur Hawley Scribner, since 1928 president of the publishing firm of Charles Scribner’s Sons, died yesterday | at his country home. He was 73. With his brother Charles, he started so responsible, to & large extent, for Americans’ interest in the works of | George Meredith, Robert Louis Steven- son. James M. Barrie and John Galsworthy. fight. They will roll their’ eyes, flap their eyelashes and bellow for camera tests. Among the matadors, picadors and | toreadors gathered on United Artists lot | one finds the brother of Gibert Roland, | under the picturesque cognomen Fran- | cesco Alonzo. Wait till the bulls hear | that! Most of the week end jaunts of the colecny were called off so motion picture cutives esuld attend the wedding re- ption of Mr. and Mrs. Paul Bern— ! former Jean Harlow—at their Benedict Canyon home. Low swinging clouds made Malibu and Santa Monica less popular than usual We like our son so much | here that we become absolutely peevish when it disappears. But the tennis courts are being worked overtime. | George M. Cohan is all ready for that | Fourth of July birthday celebration. He knew what he meant when he wrote |“I'm a Yankee Doodle Boy!” I don't | know how many patriotic birthdays he's spent, but he still looxs young and is as full of enthusiasm as those in their | (copyrignt, Ne: a flock of fierce Miura bulls from EI | €05 Paso, Tex. I'm assured they're Miuras, | Corinne Griffith is back in the colony which seems to make quite a difference: | once more and will reopen her Malibu so if ever I am pursued by an frate | house. Thisstar, who mace “Lily Chris- operation. performed in Boston 10 days 2go. continued to improve yest-rday. Her husband, Gen. Plutarco Elias Calles, former President of Mexico, again visited her. torro, and I know he's of this variety, | tine” in England during her stay there, I shall put wings to my heels. | tegather \vl!r.h s!\'fl'tl'o(h!r ictures, An g-foot fence has been built 50 |may essay another film in I studios :n" '_;he bulls won't bec%mt 'ml m;;"“f | i roducers see it that way. surroundings and people before | e 5 American the big fight sceme—else they will mot | COPITIERG 882 by, the Noph ) BOLIVIA CREDITS INU.3. $63 423,000 American Investors Lose Nearly $6,000,000 Annual Interest on Loans. Note: This I the last in a series of articles on South and Central American loans floated in the United States. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, July 4—Within the relatively short period of 12 years, the | South American republic of Bolivia succeeded in accumulating a debt in the United States amounting to $59,425,500. This is the outstanding amount of original issues with a par value of $79,653,000 contracted during the period 19 928, equivalent to an auual rate of almost $6,000,000. It is needless to point out that the improvement in the country’s economic conditions never justified so rapid an increase in its funded debt, which, due to the almost complete dependence for its prosperity upon tin, constitutes a real burden upon the nation’s treasury, unless tin commands a high price in the world markets. As a result of the collapse in the price of the metal, together with a decline in the price of practically all commodities, the situation in Bolivia turned definitely for the worse. The inevitable happened. Interest and sinking fund payments on external ob- ligations were suspended and, judging by the prevailing conditions in the re- public, the outlook for an adjustment at an early date does not hold a great deal of promise. Current Prices of Bonds. ‘This is also adeguately brought out by the current prices of Bolivian bonds, which have a market value of less than $2,000,000, as compared with a nominal or par value of well over $53,000,000. A rather dear price which American vestors are being called upon to pay for the privilege of placing their funds in bonds of Bolivia. ‘To the student of international finance a peculiar question presents itself, espe- cially when he compares Bolil financial transactions in the United States with the country’s borrowings in European markets prior to its appear- ance in this market for financial ac- cocmmodations. Over a period of 53 years, Bolivia contractzd leans in the Londen and Paris markets to an amount of less than $25,000,000, or at an annual rate of only $469,500. The period of Euro- pean borrowings covers the years 1872- 1924, and it is significant tnat all these loans have been retired or redeemed. In other words, the complete collapse of Bolivia's® credit does not affect British investors, either individuals or institutions; whereas the nation’s de- fault affects most seriousiy the Ameri- can investing public, which holds today a rather large amount of Bolivian ob- ligations. A table presenting salient features regarding Bolivia’s borrowing in the United States, comparea with that ef- fected on the continent, is presented hereunder: Little encouragement can be held out for American investors who have staked their funds in Bolivian issues. The prinicpal source of revenue is tin, which has declined in price to a level where the cost of production, low though it is, is insufficient to warrant the con- tinued operations of Bolivian tin mines. In consequence, the income from the tin mining, at best, will be very ma- terially reduced, if not altogether elimi- nated. One of the most important invest- ments in the republic is that of the National Lead Co. This company has acquired a controlling interest in the Patino' mines, which own and operate the largest tin properties in Bolivia. ‘The Guggenheim concern controls the Caracoles tin properties, through a cor- poration formed in 1922 under the laws of Bolivia, with a capitalization of $40,- 000,000, of which $16,000,000 are under- stood to have been issued and fully paid. Through this concern the Gug- genheims own a substantial interest in the British-American Tin Corporation, capitalized at $5,000,000. Other Investments. American capital is also interested in | the Bolivian Power Co., organized under the laws of Nova Scotia to operate light and tramway undertakings in La Paz, under a concession from the Bolivian government. The concession expires in 1950 and includes, among others, a contract to supply all public lighting | in the city. The Standard Oil inter- ests own the Standard Oil Co. of Bo- livia, formed in 1921 as a subsdiary of the Jerszy company, with valuble con- cessions, for approximately 7,500,00 acres of oil-bearing lands, the conces- sion covering a period of 55 years. Capitalization is given as $5,000,080. There is also Americin capital in- vested in the Bolivia Railway Co., built originally by a Ccnnecticut corporation, but taken over later by British inter- ests. Some of the corporation's securi- | ties were marketed in the United States through American banking houses. Given peace and tranquillity, the re- | sources of the republic could be de- veloped to the great advantage of Bo- |livia as well as to that of foreign in- terests. Further influx of capital, how- ever, is dependent upon the aititude which the present Bolivian administra- tion will take toward its existing obli- gations. Including the bonds referred to above, United States investments in Bolivia at the beginning of this year amounted to $122,723,000, of which $61,619,000 represented so-called direct investments. Prior to the war Amer- ica’s stake in the republic was esti- mated at about $10,000,000. Analysis of the growth of American | investments in Bolivia reveals conclu- sively that capital was poured into the | country much faster than was war- ranted by the development of the coun- | try's resources. American investors are { now called upon to pay for the speed | with which loans were sold on behalf of their southern neighbor. 1932, by the North American wspaper Alliance, Inc.) SULU PRINCESS WED Mayang Dayang, Niece of Sultan, Marries Law Student. JOLO, Philippine Islands, July 4 (#). —Princess Mayang Dayang, niece and stepdaughter of the Sultan of Sulu, and Datu Ombra Amilbangsa, several years her junior, were quietly married yes- terday at the Sultan’s palace. A pretentious civil marriage feast is planned for a few weeks hence after the Suitan attends the opening of the Philippine Legislature at Manila. The Sultan is a territorial senator. Late last year the princess filed a claim with the United States Depart- | ment of State to a group of islets near | Borneo. She is credited with much infuence among the Moros, along wit the younger Princess Tarhata. Amilbangsa has been studying law at Manila. MISS EARHART AT GOAL 3 Days Taken for Flight to Bur- bank, Calif., From Newark. LOS ANGELES, July 4 (#).— Amelia Earhart Putnam, aviatrix, who recently made a solo flight from New York to Ireland, put her cabin air- plane down at the United Airport at Burbank 'at 10:45 am. (PS.T.) yester- day, completing a 3-day flight from Newark, N. J, to attend the Olympic Games. ed by her hus- Putnam, She was accom band, George er % er, and his son, David Binney lish nam. 0| Farmer Destroys Grasshopper Horde By Device on Auto By the Associated Press. ROSEWOOD, Minn., July 4— Charles Franks, farmer near here, measures his grasshopper harvest by the bushel. Fashioning a device for the front of his automobile, including kerosene containers jnto which the insects fell for killing, he gathered 70 bushels by driving back and forth through a 40-acre alfalfa field. REACTION IN HOG PRICES IS FEARED Market Observers Point to Recent Rapid Gains as Weakening Factor. BY FRANK I. WELLER, Associated Press Farm Editor. Many observers would not be sur- prised to see a reaction within the next 10 days to the seasonal upturn which has swept hog prices into new high ground for the year. Advances for the week ranged from 50 to 75 cents at Omaha to 85 cents to $1 at East St. Louis. A 60 to 75 cents, advance at Chicago carried the top to $5.15, which was 5 cents above the previous high mark, established in March. and the highest paid for hogs since November, 1931. East St. Louis Rise. ‘The sensational rise at East St. Louls carried values $1.60 to $1.75 above the low point, in late May. At 80 to 90 cents over a week ago, hog prices at Kansas City were the highest of the year. Continued light supplies, good shipper outlet and an .improved fresh potk trade were the main bullish factors. Old-timers warned that it must not be overlooked that pre-holiday buying and a decrease of nearly 10,000 head in the supply at the 12 principal markets at this time of the year in both hog and cattle prices are a usual and natu- ral procedure not to get too excited about. Fed steers and yearlings gained 25 to 50 cents at Chicago, the in-between grades of fed steers showing weight get- ting the big end of the advance. The market closed active to all interests, the top at $8.50 representing a 25-cent gain on last week's prices. The bulk of grain-fed steers went at $7 to $8.25, compared with $7.65 paid for the best weighty steers two wéeks ago and grass- ers turned at $4.50 to $6.50. Prices on the latter were steady to 25 cents higher than last week. In keeping with the time of year, grassers became more in evidence at Kansas City, where they brought $4 to $6 for 100 pounds. steers and yearlings generally were up 25 cents, the heavy finished kinds commanding an advance of 50 cents. A top of $8 on choice grades and yearlings was the highest since last March. Cattle Prices. ‘Under light receipts good choice cat- | tle rose 25 to 50 cents at Omaha and East St. Louis. More cheaply priced stuff was about steady with a week ago. The dressed market was against lamb prices and most classes were weak to 25 cents lower at Chicago, with lambs under 60 pounds and grassy yearlings off the most. The bulk of native offer- ings went at $5.50 to $6, although a few loads brought $6.25 to $6.50, the | latter being the practical top for the ‘week. | Eastern consuming centers were said | to be saturated with lamb meat, a con- | dition which presents the chief obstacle to increases in the live trade. Receipts bead smaller than last week, but values slid off 25 to 50 cents at Omaha and East St. Louis and were weak to 35 to 50 cents lower at Kansas City. HINDENBURG COMMENDS HOOVER FOR ARMS PLEA German President Sends Personal Message Expressing Friend- 1y Sentiment. By the Assoclated Press. BERLIN, July 4.—President Paul von Hindenburg sent President Hocver & | friendly message yesterday in connec- | tion with the American President's pro- | posal for a general reduction in arma- | ments. | “I hope the bonds of friendship | already existing between the American |and German people may be further | tightened and at the same time I hope | confidently that the action initiated | through “your high-minded message to | the Disarmament Conference may be | crowned with compiete success along the | lines of true pacification of the peoples,” | the message said. | President von Hindenburg also ex- | pressed hearty wishes for President | Hoover's personal welfare and the prcs- | perity of the United States. REAL ESTATE NOTES Yielding 6% Interest Tyler and Rutherford, First trust notes w ured tached modern resid par and accrued int 1520 St. N.! Inc on First Mortgage Loans | Lowest Rates of Interest ahd Commission | Thomas J. Fisher & Company, Inc. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indi LOANS On Improved District_of Co- lumbia Real Estate Security 68th Series of stock now open fe scription James E. Connel Ja President INVEST WITH SAFETY In Guaranty FIRST MORTGAGE SECURITIES That Yield 6 0 t your tdle funds in ve investments _ th the safe, at QEEI ¥ fll!(‘\l"’l n‘f. “l"ndm"p rec Tor > ducing properties ‘Nation's Cunitar” ations $100. B Sarchased o Send 1on Bookiel " The Success Plan” mes F. Shea, Secretary age’ on ince here in the played an important role, and that nm' at the 12 markets were almost 32.000 | LY I BANKERS DEMAND RUSINESS ECONOMY Basis on Which Loans Are Granted Is Explained by Executive. e L s Special Dispatch to The Star. NEW YORK, July 4—"“Extreme ex- travagance in corporate affairs is one reason why banks are not extending credit as freely as they mighs” re- | marked a vice president of one of the | | most_prominent New York when‘ asked why banks have not co-operated more fully with the Federal Reserve's program of credit expansion. “One of our corporate borrowers was told it would either have to reduce its bank loans or omit common dividends and reduce by one-half the dividends on preferred shar ‘The corporation declined, so we named two of executives to the directorate. | “Our representatives went to work at once. our They found that the clerical | staff of the concern was nearly as large as in 1929 and salaries had not | been reduced. Accordingly, they cut| ries 25 per cent. This was done through | the introduction of some new office machinery and more careful planning of clerical details. “These changss made it possible-to | move the firm from an office consist- | ing of four floors to one floor. A real estate agent obligingly rented us the one floor and got rid of the lease on four floors, with the net result that the corporation is virtually ‘rent free’ for the next two years. A'survey of the factory indicated it was working at top efficiency and was not overstaffed. No wages were re- duced, nor were any workmen let go. The reduction in office rent and office clerical costs was sufficient to enable the corporation to reduce the price of its product by one-third of the 1929 quotation, with the result that it has sufficlent orders to keep its factory busy. Meanwhile the firm began re- ducing its bank loans and now is vir- tually out of debt.” When this experience was related to another bank vice president he re- ma.ked "that it recalled an unusual re- experience he had undergone. ‘A firm sought to borrow money from us a year ago, but we refused to mak: the loan. Today we would be only too glad to lend that firm whatever sum it needs. We have learned in the in- terim that the concern has maintained its bank loans at virtually unchanged levels, but has also gone into the mar- ket and purchased all of its bonds at levels that amounted approximately to only three years' interest charges cn the issue. At the same time it has bought up a large part of its pre- ferred stock. The result is that share- holders at their annual meeting next Autumn will be surprised at the com- pany’s condition, though it will show bank loans virtually unchanged from a year ago.” (Copyright, 1932.) INDEPENDENCE HALL SCENE OF OBSERVANCE | | Jahncke Speaks Teday at Ceremo- nies as Thousands Go to Sze Liberty Bell. By the Associated Press, PHILADELPHIA, Pa., July 4—Amid | scenes inseparably linked with the Na- | tlon’s history, Philadelphians gathered ' i’t:::gnyml:e lxllgepen;ience Hall to com- mora e 156th anniversary H’;:: 1l:jk‘n’lcln Fourth.” 3 £ riking the keynote for scores of neighborhood celekrations. the exercises at the birthplace of the Declaration of | Independence paid tribute to the revo- lutionary heroes who proclaimed the ccuntry’s freedom 2t this very spot. Ernest Lee Jahncke, Assistant Secre- tery of the Navy, was scheduled to de-| liver the principal oration in the ab- | sence of President Hcover, who was un- able to attend. The program called for a parsde of military and civic orgenizations to In- devendence Hall. The historic shrine was thrown open to the throngs who invarinbly crowd it sacred portals to view the famovs Liberty Bell and other treasures. The | the staff by one-half and reduced sala- | de: | Polica tower on the noted oid structure re- cently was X-rayed to insure the safety i of visitors. | One of the high lights of the program was the customary reading of the Dec- taration of Independence. This vear it will be read bv Charles Hoelfleck, a high school student Air Crash Kills Three. MADRID. Spain, July 4 (#).—Three men were killej at Loring Airdrome in the nearby town of Carabanche] yester- dav when the tail of their plane drop- ped off in ai MORTGAGE 6% NOTES Secured on homes in pre- ferred northwest residential sections.” Every mortgage protected by fire insurance and title guarantecd by ye- sponsible: title companics. Conservative Appraisals ing Absolute Safety & BOSS & PHELPS Loan Correspondent for John Hancock Mutual Life Insurance Co. Realtors FIRST Insur- UPWARD 1417 K St. National 9300 Start a Savings Account Tomorrow Deposit Regularly Even if you start with litt $1, and put aside a defini portion of your monthly income, you will surprised at the rapi with which your savings wi increase 5% i a the high rate of interest paid by this Institution. Open Daily, 9 to 5 Saturdays Until Noon SATIONG, PERMANENT == FINANC Fourth Celebrated In the Philippines Before U. S. Starts By the Associated Press. MANILA, July 4.—Before the United States began its formal celebraticn of the Fourth of July the Philippines, aided by a. differ- ence in time, had completed cele- bration of Independence day. ‘Today’s principal observance in Manila was the usual military parade followed by an address of Gov. Gen. Theodore Roosevelt, in which he told the Filipinos that privileges enjoyed under the American flag carry definite re- sponsibilities. POOLING OF COPPER STOCKS DISCUSSED Present Surplus of 600,000 Tons May Be Used to Raise Money. 8pecial Dispatch to The Star. NEW YORK, July 4—Non-ferrous metals, especially copper, hold the center of tne business stage, because of ining quotations brought about by reduced demand from most users. Three prominent foreign members of Copper Exporters, Inc—International Nickel Co., Chile Copper Co. a sub- | sidiary of Anaconda Copper, and the Cerro de Pasco Coppe withdrew from that organization be- cause of the tariff of 4 cents a pound imposed on copper imports into this country which went into effect June 21. ‘The trade hears that some other organization may succeed Copper Ex- porters, Inc., and there is talk of plae- | ing present refined copper stocks. amounting to more than 600,000 tons. in a pool and issuing bonds against them, as was done during the 1921 de- pression. Meanwhile a cut of $1 a ton in lead, the first in more than three months, caused by incre roduction, has become effective. Zinc also has been reduced $1 a ton, or the same as the cut a week ago, as producers seek to lower stocks. Copper, desnite the 4-cent import- duty, remains at 53 cents a pound, with so little demand for it that the trade feels it will be months before the huge stocks above ground will be consumed and thus make present tariff effective. At a meeting of Copper Exvorters, Inc, Thursday the withdrawal from membership of Andes Copper Mining and Greene Cananea, also Anaconda and subsidiaries, and of Roan Antelope was reported. The immediate effect of the with- drawal of these foreign producers from the export association has been the underquoting of the price of 5l cents 2 pound, c. i. f. European ports, by the former export group members. With | Britain ready to lay a tariff on copper. it is possible that two export assoc tions may be formed—one within an one without the Empire (Copyright, il SLAYING BANDIT SUICIDE Man Wounded by Wife of Victim Shoots Self in Head. SACRAMENTO, Calif. July 4 (#).— decided yesterday Harry Campbell, paroled convict who shot and killed Frenk J Quirin, druggist, in a hold-up, committed suicide atter being womunded dangerously by the victim’s widow. Mrs. Quirin, who was behind the prescription ccunter, shot Campbell as he was fleeing acrcss the street Satur- day night. Officers s2id powder marks on Campbell's forehead indicated he had taken his own life. ITALIAN LEADER DIES Michael Rofrano’s Memory Honor- ed in New York. NEW YORK, July 4 (#).—Michael | A. Rofrano, 59, lawyer, builder and political leader in the Italian district, died yesterday after a long illness, Rofrano was known to thousands cs unofficial arbiter of neighborhood dis- putes and problems. Many flags were ordered at half staff in his honor in the Italian district. Equitable Co-Ope JOHN JOY EDSON, President £ F H Assets. ..... T Corporation— | IAL. REGOVERY W AUTD * TRAE HELD DLE |Leaders of industry Believe | | Better Business Is in Prospect. BY DAVID J. WILKIE. Written for the Associcted Press DEROIT. July 4—It used to be |sald of the automobile industry that | tsually it was the first to be affected | by a business recession and the first to recover from it through the normal | workings of economic law. Moter | car manufacturers stood by this belief | during the first year that followed the | collapse of the automobile market late \ in 1929, and there were some who per= | sisted in it, even during last year. Generally, however, automobile ex- ecutives last year abandcnsd the idea that their business would be the first to recover from what some of them have called “economic anemia.” With |a few exceptions, they conceded that the automobile industry was in a new era in its development and that its in- [ terests were so closely allied with thoss of most other industries that it must depend upcn a general improvement in | business ccnditions for anv marked im- provement in their own line. Boom Still in Fature. The new era referred to has been in- terpreted in various ways, but gen- |erally it was understood to mean that the new fields for the motor car were | slowly but steadily shrinking as the | activities of the sales organizations in- troduced it to the far corners of the earth. | _ By all traditicn in th> molor car in- | dustry it should be experiencing some- | thing resembling a real boom at this time. The failure of this much-desired condition to develop, s directors say, merely emphasizes the fact that precedesit needs to be forgotten and all attention of the industry’s leaders devoted to the future. Those of the executives who believed in the tradi- tion that its business was governed largely by “eccnomic cycles,” declared in 1930 that the lean days of that year ‘would followed by the “recovery” T of 1931 and the “boom” period of All are agreed that the “boom” still is somewhere in the future—some even say there will be no more the strictest rense of th: can be found wh> do not honestly be- lieve a real recovery is about due for for the automobile industry. None of ths conservatives among the heads of the industry want another | boom such as was experienced in 1929. | A vear that would produce a market | to 3.502.000 vehicles right now would b2 rezarded as a period for real rejoicing |in the industrv. In 1929, the industry | poured cut of its assembly p'ants more than 5,600,000 vehicles, but despite the mo-t intensive salesmanshin found | itzelf with eclore to 1,030,000 surplus un'ts on hand after the bottom dropped out of the market. Revised figures just made public in suthoritetivs sources show that in 1931 | the tctal wholesale value of all cars, narts and tires produced in the United States pnd Canada was $2.159,424,252, While th's is a sharn drop rompared with 1930, and evervthing points to & further declinre when final figurss be- . | come avail~ble for the currert year. | much is being made in trede cireles of th» fe~t thot virtnal'v all weste has b-en elimirated jn both nrodnction snd distribution divisicns of the imdustry. | Inventery Reduction. In anticipation of a further redue- tion in the wholesale valus figures for 1932, heads of the industry are pointing tc the fact that in the reduction of factory inventory, reduction of prodi tion ccsis generally and the lowe of retail prices a new ratio of value= tion hes been established. At the same tim2, the fact remains that the unit procuction of the industry this ‘year | will be the smallest in its histery, with th-' possible exception of 1921, since | 1918. ¥ : ‘Tolal registration of nmew passenger automobiles in the United States from January 1 to Mav 31, inclusive, is esti- mated by R. L. Polk & Co. of Detroit at 514,806 units. May sales were placed at 131,192 units, higher than | any preceding menth this year, but | 47.04 per cent under sales of May & year 2go. | | AR 52nd YEAR COMPLETED rative Bldg. Ass ’n WALTER S. PRATT, Jr., Secretary ..$6.237,762.31 Subscriptions for the 103rd Issue of Stock Being Received The Equitable’s Plan Teaches You How to Save 'l‘_houslz; saving t 25 Share { financial Come i M FikR'ST tematic plan. Systematically nds -have won success in rough the Equitable’s Sys- You too, can enjoy independence by starting an account here now and saving regularly. n and we'll explain. 915 F St. I MORTGAGES LET EVERY DOLLAR COUNT It is a good plan to put even small surplus monies to work profitably— and this is possible in amounts as low: as $250 invested in our Over a Third of a Century Without a It will t money is larly; and Loss. : appraised real estate. 6%% FIRST MORTGAGES e 6% as long as the so employed—paid regu- all the while the principal has the security of conservatively improved Washington B.F. SAUL CH. National 2100 THERE e 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY