davidaulloa/AmericanStories huggingface dataset:
Evening star., 1935-11-17
RAIL CAR FIRMS
MERGERS TALKED
American, Ryan, Mount
Vernon and Bettendorf
Reported in Deal.
BY the Associated Press.

NEW YORK, November l6.-A
merger of three important railway car
building companies with American Car
& Foundry Co. was reported in au-
thoritative quarters today to be under
consideration.
c. j. Hardy, president of the An1eri-
can Car g. Foundry Co., admitted that
the deal was being discussed, but said
it was still short Of the conSummation
stage. The other properties involved
are Ryan Car Co., Mount Vernon Car
& Manufacturing Co. and the Bitten
dorf Co.
Hardy declined to comment on pub
lished reports that the company would
pay 100000 for the smaller COM
petitors.
Mount Vernon Car Co. is reported
to have assets of around S6,000,000,
while the Bittendorf property is capi-
talized at about s7,500,000. The Ryan
company reported assets of Sl,624,000
on December 81, 1884.
If the deal goes through it will
mark the first major consolidation in
the railway equipment manufacturing
field since the depression.
The Ryan company has an 89-acre
plant near Chicago. the Mount Ver-
non outfit is located at Mount Ver-
non, Ill, and the Bittendorf company
has large plant at Davenport, Iowa.
Evening star., 1935-11-17
New Government Expected
to Follow MiddIe.0f.
Road Policy.
ADVANCE MAY CURTAIL
CAPITAL FLOW TO U. S.
Bonds Are Helped by Confidence.
Stocks Free to Reflect Strong
Industrial Recovery.
BY LEONARD J. REID.


LONDON, November 16.-The re-
suits of the British elections greatly
helps stock exchange sentiment and
assures four years Of a strong admin
istration, with orthodox finance.
The outcome suggests that the vote
of at least two-thirdS of the Liberals
was given to the Conservative candi-
date except in depressed areas and in
mining and industrial towns. where
the coincidence of the national poll
with the coal strike ballot helped the
Labor party.
Although the opposition will be a
stronger debating force in the next
Parliament, owing to the return OF a
majority of the leaders defeated in
1881, it is believed the result involves
an overhauling of the official Labor
program. 1t is contended that the
demand for naturalization of banks
frightenS workers who own small
houses and others with savings-and
their numbers have been significantly
increased in the last four years.
The new government is expected to
follow a center policy, supporting the
League of Nations, moderate rearma-
ment, an increased public works pro-
gram and a balanced budget.
Distinction Increased.
From the market viewpoint, the
election result is likely to bring into
sharp relief the distinction between
gilt-edged bonds and stocks. In
bonds the prospects are for an initial
psychological recovery, which will
probably be held, while stocks are now
free to derive benefits from the
strongly bullish course of the indus
trial activity curve.
Economists expect a rising trade
trend, with only secondary relapses,
until l937-38, which will keep money
at home. This would partially coun-
terbalance the tendency of European
funds to flow to Wall Street, as JOS
eph P. Kennedy described in his talk
with President Roosevelt this week,
unless sanctions against Italy bring
about war in Europe, which is now
discredited.
Speculative Motive Seen.
Undoubtedly some London money is
going to New York, but it is mainly
speculative, or from investment trusts
desirous of recouping their l929-l931
losses in the American market, or
from companies like General Electric,
Ltd, and Electric Musical Industries,
who are repatriating big share inter-
ests purchased by Americans in the
period prior to 1929.
Copyright. 1885 by the North American
Newspaper Alliance. Inc)
Evening star., 1935-11-17
BUSINESS LEADERS
IN WEST CHEERFUL
Talbot, Insurance Magnate, I'm
pressed by Optimism in Con.
trast With 1888.

Special Dispatch to The Star.
NEW YORK, November 16-Follow-
ing a tour through the Middle West
and the Pacific Coast, Walter LIE Mar
Talbot. president of the Fidelity Mu-
tual Life Insurance Co. of Philadel-
phia, reported that business men in
these areas are in a frame of mind
which is in striking contrast to that
Of 1888, and that their optimism and
confidence are greater than might be
accounted for by the actual improve
ment in business since that time.
In Chicago and in Detroit, found
an optimism and a confidence among
business men which is striking, as
compared to that of 1888. Their con-
fidence is even greater than the actual
improvement in business.
Moving West I found this conf
dence in even greater degree although
the actual improvement in business
conditions is also relatively greater.
They are further along on the West
Coast. probably because they never
were as deeply immersed in the de-
preston as was the East. Business
men in both Los Angeles and San
Francisco are in normal frame Of
mind"
Evening star., 1935-11-17
new HAVEN STAKE
SHOWN BY LOOMS
Life Insurance President Pushes
Efforts to Become Railroads
Trustee.

By the Associated Press.
A tentative statement of obligations
of the New York, New Haven & Hart
ford Railroad Co. held by organizations
with which James Lee Loomis, as pro-
posed trustee, is connected, was filed
yesterday with the Interstate Com
merce Commission.
Loomis, president of the Connecticut
Mutual Life Insurance Co. at Hart
ford, is seeking ratification of his ap-
pointment as trustee in the New
Haven reorganization.
The statement was submitted by w.
w. Meyer, general counsel of the rail-
road, subject to revision by Loomis.
1t showed that the Connecticut Mu-
tual holds $808, 900 of the New Haven S
bonds, $4,000 of its equipment trust
certificates and $4,000 of bonds is
sued by the railroads affiliated COM
panieS.
Holdings by other institutions with
which Loomis is connected also were
listed. Together with those of the
insurance company, these aggregated
s3,627,o0o
The holdings included preferred and
common stock, bonds and equipment
trust certificates.
Evening star., 1935-11-17
CALL TO ADDRESS
D.C.ACCOUNTANTS
Counsel for Manufacturers
Will Discuss Social
Security Act.

John c. Gall, associate counsel of
the National Association of Manu-
facturers, will address Washington
Chapter, National Association of Cost
Accountants, on The Social Security
Act" at the monthly meeting at the
Hay-Adams House Wednesday eve
ming. He will take up the legal and
economic effects of the act on busi-
ness, having recently returned from
special study of economic and un-
employment conditions in Europe.
Another speaker will be J. A. Mar
shall, director of the District of Co.
lumbia Unemployment Compensation
Board and former commissioner of
insurance here, who is expected to
throw some light upon plans made to
administer the District of Columbia
act and what may be expected Of
business men in the city.
E. Barrett Prettyman, corporation
counsel, will discuss plans being made
to take care of the legal aspects of
the District of Columbia act. A. B.
Gunnerson, first president of the cost
accountants chapter here and member
of the United States Chamber of Com
merce staff, will speak on Government
efforts to overcome unemployment.
Officials said yesterday the meeting
would be open to all who are inter-
ested in the subject. The new COM
pensation act passed by the last Con-
gress places a responsibility upon
every individual and organization in
the District, with some minor excep-
tions, for whom services are per-
formed, to keep accurate employ
ment records and pay certain taxes
with respect to all individuals en-
ployed after December 81, 1885. The
act. therefore, is vital to every busi-
ness man.
Evening star., 1935-11-17
New C.. & o. Effort
To Integrate Lines
Held Possibility
BY the Associated Press.

BY the Associated Press.
NEW YORK. November 16.-The
Sun said today that speculation in
Wall Street quarters on the possibil-
ity of a new move to integrate the Van
Sweringen Eastern railroad system
has been revived by the buoyant mar
ket in securities of lines in the Chesa-
peake g. Ohio Railroad group.
Under the Interstate Commerce
Commissions amended plan of con-
solidation. the c. & o. system is to
embrace the Nickel Plate, Pere Mar
quette and the Erie, in all of which
the C. g. o. has large interest.
But consolidation of the units at
this point in the economic cycle. it
was said, presents some difficulties.
One of the greatest difficulties. it was
thought. would be the matter of work.
ing out acceptable ratios for exchange
of securities of the three affiliated lines
for c g. o. shares under the present
level of market prices.
Evening star., 1935-11-17
Traders afraid to Take Profits,
U.S Would Get Major Share

lower-if he ever got it back. The
way he figures, it would be foolish for
him to take his profit and pay the
big tax unless he felt pretty sure
that he could feacquire his stock at
more than SO points below the price
at which he sold 1t.
And another consideration is the
fact that the longer he holds the
stock, the less his tax will be, for the
new tax law provides for diminish
ing levy on capital gains as the length
of time the securities have been neld
increases. This provision was made
for the purpose of discouraging the
in-and-out type of speculation. In
Wall Street it is regarded as being
partly responsible for the lack of
pronounced reactions which ordinar-
lily produce a great deal of involun-
tary liquidation by market followers.
toopyFght. 1e35l
Evening star., 1935-11-17
RADIO CORP. SELLS
BRITISH HOLDINGS
Will Receive $10,000,000 for
Shares in Musical In.
dustries, Ltd.
BY the Associated Press.

BY the Associated PreSS.
NEW YORK, November 16.-For a
consideration of S10.220,000 Radio
Corp. will liquidate its interest in a
British contemporary, Electric and
Musical Industries, Ltd.
A statement by David Sarnof, Radio
Corp president. said the board had
decided to sell the 100000 ordinary
shares of the British Co.. held by
Radio since 1881, to the London bank
ing firms of Morgan Grenfell & Co.,
an affiliate of ]. P. Morgan e. Co.,
and Edward De Stein g. Co.
Terms of the transaction, Sarnof
said, provide for payment of the above
sum to Radio Corp within three weeks.
An additional $40O. 900 will be added
to cover accrued dividends on the
transferred shares.
Radio Corps original investment in
the foreign concern cost it something
more than s13,000,000, according to
Wall Street estimates.
Evening star., 1935-11-17
AMERICAN FOUNDERS
TO SELL POWER SHARES
By the Associated Press.

BY the Associated Press.
NEW YORK, November 16.-Ameri-
can Founders Corp, an investment
trust, will sell@at auction next We'd
nesday its entire holdings of 90l, All
81 par common shares of United States
Electric Power Corp.
Unless other tenders are made, the
Founders Corp. will bid in the shares
for a nominal sum and include them
in a proposed distribution to its stock
holders of its entire holdings of the
utility company.
Founders also owns some class A and
preferred shares of the Electric Power
unit.
Evening star., 1935-11-17
WOOL TRADE is SLOWER,
BUT PRICES HOLD FIRM
Nv the Associated Press.

BY the Associated Press.
BOSTON, November 16 Gu. S. De-
partment Of Agricultural. Trade in
wool on the Boston market was much
slower than for many weeks. Most Of
the sales, however, indicated a. very
firm price trend and some further ad-
vances over the previous week were
realized. Original and graded Gas and
finer territory woods comprised large
portion of sales at prices ranging Is
n cents secured basis on average to
short French combing. at 1881 cents
on average to good French combing,
original lines, and at 1872 cents on
graded French combing.
Evening star., 1935-11-17
BY. FRANK McMILLEN.

tSopyiisHt' 1000. ny AssoSiateo FressJ
NEW YORK, November 16.-Many
Wall street market and business ex-
perts believe this week may prove in
important respects to have been the
pivotal seven days of the recovery
priod so far.
Stocks thrust vigorously and def
nitely through the upper barrier of the
trading range in which the equity
market has oscillated for more than
two years. A fair scattering of indi-
vidual issues, especially in the indus
trial classification, were selling at the
best levels since 1929.
Those who chart the movements Of
stocks for Wall street brokerage firms
traditionally have maintained that the
Evening star., 1935-11-17
WASHING MACHINE
SHIPMENTS MOUNT
Growing Orders Said to Reveal
Substantial Gains in Pur-
chasing Power.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, November 16.-Factory
shipments of household washing ma
chimes reached new high in Sep
tember for the second successive
month. totaling $4,000 units. COM
pared with 144.300 in August and 104,-
600 in September, 1884, according to
the Financial World in its forthcoming
issue Of November 20.
In the first nine months of this
year shipments aggregated 1,104.100
units against ss0,8O0 in the same pc
riod of 1894
"These figures, being more than a
commentary on the household equip
ment industry, clearly reflect the rise
in general purchasing power through
out the United States" declares the
publication.
Evening star., 1935-11-17

decisive violation of previous success
sive tops in average stock prices sig
mails a determined market push into
new high ground.
The Associated Press average of go
stocks, which week ago moved along
about on even terms with the best
market performances of the recovery
rise, in July, 1888, and February,
1884, definitely drew ahead this week.
The general level of stock prices ad-
vanced to a mark last surpassed IN
September, 1881.
Those who depend more on the
business curve than on the internal
evidence Of the market for their
Judgment Of conditions also had much
to justify an optimistic attitude.
Evening star., 1935-11-17
Special Dispatch to The Star.

special DISPATCH 10 Inc otdI.
NEW YORK, November 16.-Some
people in Wall Street are again suffer-
ing from "profititis. That Is an
afliction of the tax statement which
makes it .uSt about impossible for
some people to take their profits IN
stocks which have had big rise.
Take one large holder Of a certain
stock which has advanced from 80
to 80. He has a 60-point profit and
his holdings are so large that his capi-
tai gain rates an income tax OF over
go per cent. That is, if he were to
sell his stock today he. would have to
turn around and pay approximately 36
points of his profit over to Uncle Sam.
In a market which has been SO
little addicted to reactions as the pres
ent bull upswing. the chances are that
If this man sold his stock he would
be lucky to get it pack even 10 points
Evening star., 1935-11-17
Surge of Stocks Through Upper Barriers
Regarded as Signal for Further Aduance

With each component registering a
gain over the previous week the Asso-
ciated Press index of industrial activ-
ity climbed into new top territory since
1888. This was the sixth consecutive
advance and carried the index num-
ber to within striking distance of the
July, 1888, high of 85.3.
The index, with seasonally adjusted
indices of its six component parts,
calculated on latest weekly statistics,
and based on 192s-ao as 100. as
follows:
Evening star., 1935-11-17
CHAMPION SPARK PLUG
ENLARGE FACILITIES
BY the Associc. ted Press.

BY the Associ@ted Press.
NEW YORK, November 16.-Cham-
pion Spark Plug Co. is reported to
have started work on an extension
program designed to increase produc-
ton capacity by more than 100000
units annually.
Evening star., 1935-11-17
HOOD RUBBER CALLS
S789,OOO NOTE ISSUE

By the Associated Press.
NEW YORK, November 16.-Hood
Rubber Co., Inc, has called for re-
demption January IS, at par and &C
crued interest, the outstanding $780,
600 1o-year 51a per cent convertible
notes due October is, 1886.
Evening star., 1935-11-17
CAN PLANTS EXPANDED.

NEW YORK, November 16 R.-
Continental Can Co. announced it has
authorized an extensive machinery
and equipment building program to
increase production of its new cap
sealed beer cans.
Evening star., 1935-11-17

Continued on Fourth Page.)
Evening star., 1935-11-17

.(Continued On Fourth Ragel
The Waterbury Democrat., 1935-09-26

It is the unquestioned opinion of nntiquarians that copper was the first useful metal known to man. and that 1t influenced the primary development of races and nations perhaps more than any other one natural element.
 Likewise, 1t has served as the eOrner stone of the industrial devel- Opment of the Naugatuck valley. It was copper which brought about the founding of the city of Ansonia, ana copper which was principally responsible for the growth of Wa ,terbury to its present stature.
 We are primarily concerned with the founding and growth of the constituent units of the American Brass company. Chronologically, this company was founded in 1872 in the small button shop of Aaron Benedict, in Waterbury. From this humble beginning and this humble product grew the worlds largest manufacture of copper and cooper alloy products.
 Pioneering Spirit tF Hc SpAAtb Wc~o PhS dominate during the early develop ment of the copper and brass in- dustry in the Naugatuck valley, and the personal histories of the individuals who founded and built the original enterprises are difficult to follow because their energies were restless and they no sooner had one company under way and prospering than they broke away from 1t to start something new. Consolidation. would have been the logical commercial course to have followed among the numerous small companies formed, but this did not take place until the close of the cenutry.
 There were numerous instances of absorption of small companies durin gthe formative period of the industry, but it was not until 1899 that various fabricating companies
The Waterbury Democrat., 1935-09-26

production of the Coe Brass Manu- featuring Company. Cartridge brass was speciality.
 $. Ans0nia Branch
 The Ansonia branch of the American Brass Company involves perhaps the most interesting devel- opments in the history of the in dustry. The Town of Ansonia is the result of cupidity on the part of 8 land owner in what is now Shelton. In 1856, Anson G. Phelps, who two years previously had be- come interested in the copper and brass industry through association with; the, Wolcottville Brass Com pany, started a rolling mill on the west bank of the Naugatuck river and called the settlement Birming- ham after the famous English manufacturing town. MT. Phelps planned to enlarge this community into a large manufacturing center and attempted to buy up sur- rounding land. One farm owner placed such 8 ridiculous value on his property that MT. Phelps went two miles up the river and found- ed Ansonia, taken of course from his given name. From this ven- ture evolved the Ansonia Brass and Copper Company, which be- came one of the largest establish ments in the industry. MT. Phelps persuaded George F. Cowles to leave Wolcottyille and come to Ansonia to take active charge of the Ansonia company, in 1S4S. He was in charge of the business un- til his death in 1887.
 Tn the same year that MT.
The Waterbury Democrat., 1935-09-26
furnish sheet brass to other manu- lecturers as early as 1925.
 New Partnership

furnish sheet brass to other manu- lecturers as early as 1925.
 New Partnership
 In 1929 a new partnership was formed by Aaron Benedict, Israel Coe, and four others under the name of Benedict & Coe. In 1884 the firm dissolved, MT. Coe going to Wolcottville, now Torrington, Connecticut where. he. established with Israel Holmes new mill known as the Wolcottville Brass Company. After MT. Coe left, an- other partnership was formed, this time under the name of Benedict & Burnham, Aaron Benedict and Gordon W. Burnham being the partners. Renewals of this part nership took place with increases in capitalization, and in 1843' the firm with a capital of $100,000 was reorganized under the name of the Benedict & Burnham Manufactur- ing Company as the q. first joint stock company formed in Water- bury. MT. Benedict was elected president and held this office until his death in 1875, by which time the capital had increased to $400,- 900. On August 6, 1900, the Benedict &. Burnham Manufactur- ing Company became part of the American Brass Company, and was operated as the Benedict & Burn ham branch until 1921, when this designation was discontinued.
 By 1845 the brass industry had made such progress and proved such, a paying venture that in that year Timothy Porter! who owned
The Waterbury Democrat., 1935-09-26

join the largest fabricating organ ization with the worlds largest producer of copper.
 The growth of the copper and brass industry particularly that part of it which is centered in the Naugatuck Valley is remarkable when the attending circumstances are analysed. Except for the streams which furnished powerI for the early mills, the industry lhas been at a distinct geographical disadvantage in its location. How ever, by sheer force of character. the founders and leaders of the industry have made this small valley the copper and brass center of the world.
 The founders of the American Brass Company required sturdy attributes of character to succeed. They were competing with guild whose craft was. ancient and se- 'cret. They had nothing but ambi- ton and determination to start with, ars their native ingenious ness is attested by the fact that they not only duplicated the prod ucts of the old English craftsmen. but very shortly developed im- provements in both products and
The Waterbury Democrat., 1935-09-26

Cheeseman Company. Mir. John A. Coe, present head of the Ameri- can Brass Company made his start in the industry with this company. In 1903, the Birmingham Brass Company was sold to the Coe Brass Company, and the plant was dis mantled and transferred to, An sonia. MT. Coe then entered the executive organization, of the Coe Brass Company. ssOn January 1, 1912 the Ameri- can Brass Company became an operating company, and the fol- lowing officers were elected: Charles F. Brooker, president; Edward L. Frisbie. yice-president; Alfred A. Cowles, vice-president; Thomas B. Kent, president; John A. Coe, Jr, vice-president; John F. Elton, treasurer; George E. Cole, Assistant treasurer; Cor don w. Burnham, secretary; Franklin E. Weaver, assistant sec- retary. a
 The main office of the company, located directly across from the Waterbury Railroad Station, was built in 1913.
 Merger in 1922.
 Since its formation. as an operat- ing company, the American Brass Company has expanded through the purchase of other mills until its three sinain plants in Torring- ton, Waterbury and Ansonia, have been supplemented. with mills in Buffalo, New York, Detroit. Micb., and Kenosha, Wis, and a Cana dian associate, the Anaconda American Brass Company. Ltd, New Toronto, Ontario.
 In 1922 the American Brass Company merged with the Ana conda Copper Mining Company, to
The Waterbury Democrat., 1935-09-26

Cowles came to Ansonia, Thomas Wallace, an English wire drawer started business for himself in An- sonia under his own name. Five years later, a joint stock company was formed as Thomas Wallace and Son and 1t grew to become one of the most prosperous and im- portant plants in the valley. It was absorbed by the Coe Brass Company in 1896.
 Birmingham Brass Co.
 Still another contributing factor in the growth of the industry in Ansonia was the Birmingham Brass Company, which was organ ized in 1899 to purchase the plant and equipment of the Osborn and