davidaulloa/AmericanStories huggingface dataset:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26
COTTON PRICES
NARROW

NEW YORK, June 26 G.N.SO.
Desultory trading in the cotton
market found prices irregular and
virtually unchanged today, with
GAINS and losses running to not
more than 10 cents bale.
Irregularly lower Liverpool
cables, realizing on yesterdays ad-
vance. and an easier undertone IN
Wall Street depressed the list.
Spot houses and the South sold,
and there was demand from Wall
Street. trade shorts, and Europe.
July closed at 1926, UP 2; Octo-
Der 1924, off /; December 1924
unchanged January 1925, up !:
March 1921, up 2; May 1892, OIL
/. The inactive November con-
tract closed at 1929, up 4.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26
STOCK MARKET
SUFFERS SHARP
SETBACK

NEW YORK. June 26 dN.sJ.
The stock market received a sharp
setback today with steels, motors,
rails, coppers and rubbers hardest
hit.
In the rails new lows were set
by N. Y. Central. Northern Pacific
and Pennsylvania. U. S. Steel,
Youngstown and Bethlehem fell
more than a point each. Chrys-
Ter slumped point, General
Motors fractlonally.
Practically the entire market
was taken in on the selling move.
Losses in the coppers ran to more
than a point. while utilities and
oils slipped only slightly below
previous closings.
Trading was quiet and heavy in
the first hour of the abbreviated
session, but towards the close the
pace was stepped up. At the final
gong most stocks were at their
lows for the day.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26
Boston Wool Market

BOSTON June IS NS)--Because
Of the inability of sellers 70 make i'm
mediate deliveries Of woods from the
Boston market on account Of the strike
Of wool handlers buvinv for current
beds was not going through
Buyers. however. continued to look
around for woods they NAV need later,
but they made few commitm ents De-
epite the lack of trading there was
fairly confident undertone regarding
wool prices and quotations on spot
woods were unchanged
Graded combinE Ohio fleeces were
quoted nominallv at 4OT42c in the
grease for fine delatns. at 42943c for
staple com bling one-half blood at ~ n
e4e for three-eighths blood and at 429
csc for one-quarter blood.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26
Chicago Livestock

CHICAGO June IS GN.s.-Receipts
and quotations follow;
Hogs-Receipts, 1000; steady, hold
overs 500. top. S121o. bulk, S1n612.
heavy S114Oa12: medium, $11.7O q
1910. light. &I1.4OTl21O. light lights,
SO SIS d11.65; packing sows, 1918 q
10 90: pigs tsG1115
Cattle-Receipts 1900: steady; calves.
200. steady. Beefs steers. Good and
choice, slSSOd1S; common and me-
dunn. S75O613, warnings s65od15.
Butcher cattle. Helfers IS 5Od 10 So:
cows s491N5O; bulls, s55OdS. So: calves.
37d1o: feeder steers S75nd 10 so;
stocker steers. 8s5Om1O; stocker cows
and heifers, S5.50dS.5n
&heep-Receipts. 5000; steady Lambs.
115od1250: common. 3sT11. yearlngs.
s7al0: feeders 2Sn Q. ewes 22mA5O.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26
RAT|00F LABOR
COSTS NOTED

The labor situation is assuming
an increasing important role in the
outlook for corporation earnings,
and there is a widespread interest
in the relative labor costs among
individual industries and COM
panies.
Unfortunately, few companies
are willing to disclose their labor
expense in relation to total costs,
but this is fully understandable.
Such information naturally would
be valuable to competitors.
There is also a serious lack OF
information regarding labor costs
by industries, and no complete sta
tistics on this subject are publicly
available. However, a close APP
proach to the relative position Of
the various industries can be OBJ
tanned from the information COM
piled by the United States Bureau
of the Genus.
The Standard Statistics Com
pany has computed these relative
wage costs from the census figures
for 1885. 1t should be kept in mind
that the statistics apply only to
the actual manufacturing process.
If the labor entering into the raw
materials used were included the
proportionate labor costs would OBJ
viously be much greater.
The ratios, according to the
study, vary from 81 per cent in
the sugar refining industry to 1873
in shipbuilding. The ratio for au-
tomobileS is listed at 81, printing
and publishing 1911, and aircraft
1878.
The figures refer to the relation
of labor costs to the value of the
products, rather than to total costs.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26
Business
BorometerS

Pressure of declining wholesale
prices for farm products, plus
weakness all along the line, sent
the Labor Departments index Of
wholesale commodity prices down
OF per cent for the week ended
June 10. Prices now nearly 10
per cent higher than a year ago
are 14.5 per cent below the 1926
average.
Textile prices dipped slightly
from the previous week, but re-
NAMED more than II per cent
over last year. Building mate
rails, which have held level for
the past three weeks, now are 1873
per cent over year ago. House
furnishings also showing whole
sale price level identical to the
two preceding weeks, are 9.9 per
cent higher than 1886.
Retail Business Picture
Graphic picture of independent
department store and chain opera
tions is revealed in final results of
Commerce Departments nation
wide. survey made public today.
Average independent department
store employed 1877 persons in
1885, chains AZ. Yearly pay rolls
for average independent store was
$195, 900, compared with $4,000
for chain department stores.
Whereas in 1929 independent
department stores did slightly
more than 70 per cent of total
business, their share fell to 81 per
cent by 1885. Chains, on the other
hand, increased their volume from
1877 per cent to 26.7 per cent Of
the total during the same period.
Drug Legislation
Proposals affecting the drug In.
dustry now pending in Congress
would prove more of an aid than
hindrance in the opinion of
Standard Statistics Company.
Copeland's bill restraint on sales
promotion efforts of less scrupu.
lous manufacturers should prove
a boon to the industry in general,
the research company declares.
but doubts its passage at this ses-
sion.
Administration wage and hour
measure would have little effect
on the drug industry, the company
asserts, since a relatively small
part of manufacturers costs go
to labor.
N. r. d. G. AS Color Forecast
Pointing up the movement for
color coordination in women's
wear, N. R. D. G.. A. for the first
time in its history will issue a
chart of selected fall colors for
shoes, bags and gloves, as well as
coats, suits and dresses. Copies,
to be available next week, will
show exact shades chosen by the
associations color committee.
In addition to various tones Of
black, predicted fall favorite,
charts will carry beige and brown
tones, expected to lead in sports
wear. Dark brown and spruce
green, high on the list for dressy
ensembles along with wine, beige
and navy. In woods the leaders
will include rose-ruSt,. dull blue
amethyst, peacock and fuchSia.
Future Auto Output
To keep pace with sustained de.
mand auto production in June and
July is predicted by trade sources
to hold close to $4,000 units per
week. This quota, approximating
current weeks output, is only
slightly below recent levels. De.
spite current uncertainty over
steel output, general consensus is
that no shortage will develop suffi'
Gent to slow production on cur"
rent models.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26
Bank Stocks

NEW YORK. June 26 G.N.SO.-ouota a
toms on the following securities are oh
tanned from the Security Dealers Asso-
cla ton of New York,
There are no official quotations This
g a bld-and-ask market and the actual
sale of securities is often subject to
negotiations.
Bld-and-ask prices at II p. M. with
fridays closing hid price for the leading
bank stocks follow.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26
WHEAT ERASES
EARLY GAINS

CHICAGO, June 26 Q.N.S0.
Wheat futures turned upward, but
the gains, ranging 1a@Ac, failed
to hold and the market fell to
fractionally below the previous
close in early trading.
July wheat fell a cent at the
start to $1.15b, rallied to $1.16T,
and then reacted to $1.16. where
prices steadied. September and
December moved up to $1.17A and
$1.193s, respectively, before falling
back.
Corn futures strengthened after
dropping nearly a cent at the start,
and prices gained a major frac-
ton, led by the July delivery which
advanced to $12312.
At mid-session, wheat was 14c
up to Vac off, corn 12c higher to
3sc lower, oats 1s @ 3sc up, rye I'm
changed to Vac up and soy beans
unchanged to 12c higher.
Winnipeg was A@Asc lower
after dropping as much as 1%c,
and Liverpool closed 1B@2Hd
higher. Buenos Aires, which closed
%@6c higher, yesterday opened
INC lower. Rotterdam finished
SAC higher.
Estimated CARROTS were: Wheat,
81; corn, 80, and oats, 7.
Closing DoW-Jones Averages
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26

States?"
Answer-There is real danger; but no
great probability, think.
The moves to pack the Supreme Court
and to "reorganize" the Government so as
to give the Executive more power, show the
danger. So does the political power gained
through the distribution of Government
funds.
But this country is not affected by mill
tarism. And that foreign element which
favors collectivism is in the minority.
The attempt to break down the indie
pendence of the Supreme Court has failed
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26

CANADA
Montreal funds in New York 9-6l per
cent discount at 1000.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26
HANEY ;? :::;;: f. :; s1 !: 5% s
By LEWIS HANEY

Professor of Economics New York University
Today answer questions from Donora, Pa. New Rochelle
n. Y, and Boston, Mass
l. "s there any real danger of dictatorship in the United
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26
Today's AVERAGES

NEW YORK. June 90 uNsD.-TO-
days hourly DOw-JO averages follow !:
80 Indus. 20 Rails 20 It'll.
II a. m. 1896 .94I51.s1- 1926. Its
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-06-26
Closing Dow-Jones Averages
Naval Stores

NEW YORK. June rs 'UN.s0.-Lin-
seed oil. per h., II CARROTS.
Turpentine. firm So
Rosin, firm, COM, 93S.
Evening star., 1937-12-10
WASHINGTON OBSERVATIONS
BY FREDERIC WILLIAM VILE.

Simultaneous resignation of London
Ambassador Bingham and Berlin Am
bassador Dodd seems likely to lead to
another shake-up in the diplomatic
service Meandering Moscow Ambassador
Davies, who is again in this country on
vacation, figures in the speculation over
prospective shifts. The retirement OF
Col. Bingham and DR.. Dodd was long in
the cards Joe Davies and his multi
millionaire wife have never been happy
in Soviet Russia, even though their So
journ there has been largely of the week
end variety. They are credited with
restless ambitions to do their stuff in
more glittering environment such as
London, Paris or Berlin affords. Joe
Kennedy's impending assignment to the
Court of St. James and Hugh Wilson's
transfer to the Court of st. Adolf seem
to sidetrack any hopes Mr.. and Mrs.
Davies may cherish respecting the
British and German embassies. Perhaps
the Moscow ENJOYS Christmas junket
here at home may partially be for the
purpose of exploring the possibilities OF
an opening at Paris. Rumors keep on
cropping up that Bill Bullitt, despite his
success in France, bankers to leave the
service. Mr.. Kennedy goes to London
primarily to put through a reciprocal
trade deal. He's believed to be the first
Roman Catholic we've ever sent to
London, though Britain sent us one, the
Former Sir Esme Howard.
kx
Qualification is general over the de-
ciSion to man Berlin with a seasoned
career diplomat of Hugh R. Wilson's ex-
perience and background-26 years of
duty in responsible jobs in nearly every
part of the world,s including Latin
America and the Far East. Though the
United States interest in the League
of Nations was never at lower ebb, Will
sons 10 years as minister to Switzerland
and unofficial observer at Geneva equip
him with unique intimacy with European
affairs, as well as wide personal
acquaintance among Old World states
men. He'll start out with one handicap
in Berlin-the name of Wilson. The
mere thought of our World War Presi-
dent and the founder of the League made
most Germans see red, even before the
Nazi af1iction. The Assistant Secretary
of State, who will proceed to the VIII
helmstrasa early in 1888, will doubtless
be called upon ever and anon to explain,
~
only a "name-cousin" of Woodrow
Wilson.
+ X
Jules Henry, acting Ambassador of
France, who, his legion of friends is
happy to learn, will probably not be
detached from Washington until some
time In February, is the author of a
witty reference to Joe Davies. The
French diplomat, who's winding up 18
years Of continuous service in this coun-
try, was asked to toast the Ambassador
at dinner in Philadelphia shortly after
the latter's appointment to Moscow. 1t
was about the time it leaked out that
cargo of refrigerated dairy products
and other indestructible Yankee edibles
would accompany the Davies caravan to
the U. s. s. r. Lifting his glass, M.
Henry said: ITO the cream of ambas-
sadors and Ambassador Of cream"
Reputation of Washington pedestrians
for jay-walking and light jumping now
Evening star., 1937-12-10
An Opportunity.

The political plum represented in the
Job OF United States attorney for the
District of Columbia is now available, or
soon will be, through the resignation of
Leslie G. Garnett. It will be perfectly
in keeping with the traditions if Mr..
Garnett's successor is chosen from a list
of those whose party service makes them
deserving Of some such reward. It will
be in keeping with the traditions if the
successor to Mr.. Garnett is, first, a de-
serving politician and, secohd, good,
bad or Indifferent prosecutor.
, In the opinion Of The Star Mr.. Gar
nett has made . good prosecutor. But
the appointment Of his successor offers
the President an excellent opportunity
to keep in step with the more enlightened
concepts Of the times and search the
ield thoroughly before selecting 4 man
to step into, the vacancy. The choice
Evening star., 1937-12-10

should be made, first, on the basis of
merit-not political considerations. The
man chosen should be capable of taking
the sort Of leadership in the common
fight against crime and rackets that con-
ditions demand.
The Presidents home State, New
York, has set an example in the prosecu-
ton Of rackets. through young. vigorous
Thomas E. Dewey, that might well be
followed here. If the President merely
picks another deserving politician he will
have missed his opportunity. II he sets
about looking for the best man for the
job-regardless of politics-he will lend
encouragement to other communities
which are anxious to do more than talk
about crime and rackets.
Evening star., 1937-12-10
The District Budget.

Reports that the Budget Bureau has
reduced the Commissioners 1899 esti-
mates by nearly 100000 raises posi-
btlities of substantial cut that might
be made in the tax burden to be carried
by the District residents during the next
fiscal year as compared with this years
emergency load. But, judging from
limited information now at hand it ap-
pears there still would be the need of
between 100000 and 100000 more
than last years revenue
At first glance it would seem that the
Budget Bureau has been moved by pleas
OF organized groups of taxpayers for a
restriction on the budget which would
permit some lessening of the present
levies. That would be encouraging OF
itself, regardless of the final outcome
because the voice of the taxpayers so
often has been lost in the shuttle of the
complicated budget-making process. But
before the taxpayers can do any rejoic-
Ing over possible tax cuts, they will have
to examine the nature of the Budget
Bureau cuts.
The Commissioners had asked for ap-
preparations totaling $40 100000 Such
budget would have called for the i'm
position of about s56O0,ooo in new taxes
Of some kind to replace the business
privilege tax on gross receipts and the
25-cent boost in the tax rate for real
estate and tangible personal property.
These two emergency measures are to
expire automatically next June 80. The
other elements of the $4,000 revenue
act of this year were presumed to be
permanent.
Assuming that the Budget Bureau has
cut the Commissioners estimates to ap-
proximately s47,s00000, as reliably re-
ported, details of its decisions are yet to
be made known. Since there is ample
money in the highway fund, it is likely
the cuts were made in the general fund,
but what items for services and i'm
provements were stricken will not be
revealed until the President forwards
the document to Congress in January.
Even then, the proposed budget will
have long road to travel. Whereas
the Budget Bureau customarily trims
the requests of the Commissioners new
items often are inserted by the House
and Senate. Final decision on both the
budget and the tax problems is yet some
months in the future. Since so much
remains to be seen. perhaps judgment
should be deferred.
Evening star., 1937-12-10
Peace in Trade.

An encouraging sign for the success of
the approaching Anglo-American trade
negotiations is provided by the an
nouncement from Australia of early
abandonment Of the onerous system of
trade licensing, highly discriminatory to
American goods, and which evoked
American reprisals in denial to Australia
of those tariff reductions every other
country except Germany enjoys under
the reciprocal trade program. Australia
will substitute system of protective du-
ties.
The change in policy. which undoubt-
edly will be accompanied by marked
stiffening of tariffs on those goods which
are competitive with Australian products,
is to be highly commended 1t brings an
other nation back into the ranks of fair
dealing and out Of the ranks of discrimi-
nation. 1t means that now the doors of
Australia will be open to the trade of all
countries on basis of equality, and that
the favoring of one at the expense Of
another is at an end
Although there is no direct relation
ship between an Australian American
trade truce and the negotiations which
soon will be undertaken here with the
British representatives, the willingness of
the commonwealth to reverse her prac-
tice of nearly two and half years is
evidence of intention to cooperate in the
modification of British imperial prefer
ences, upon which the success of Anglo
American negotiations will hinge. AL
though the accomplishment of that
modification is distinctly the task of
Great Britain, we must recognize the
spirit of helpfulness displayed by the
Australian commonwealth.
There must also be no disregard for
the fact that removal of present trade
frictions will go far toward making pos
sible the trade agreement which Austria
liza has long sought with the United
States Mere abolition of discrimination
on both sides will not automatically pro-
vide the basis for it, but without such
conciliatory measures there would be no
hope of discovering grounds for negotia-
ton. If Australia sincerely desires a
trade agreement with the United States
it must be predicated upon the willing
ness to accord the United States uncon-
ditional most-favored- nation treatment,
policy at present spHrned. In any case
an Australian agreement must await the
outcome Of discussions with Great
Britain.
Evening star., 1937-12-10
Defining Picketing.

Plcketlng as legal strike weapon has
become as generally accepted by re-
sponsible parties in recent years as has
the right Of striking itself. The So
called Byrnes Act of Congress, together
with local ordinances and laws, is di-
rected primarily at protecting the prac-
tice of picketing.
But just as strike technique departed
from the comparatively simple formula
OF refusal to work under protested con-
ditions into practices of such far-reach-
ing implication as the sit-down, so has
picketing gone far beyond the original
procedure of attempting to discourage
workers from entering a struck place of
business into widely applied instru-
ment of boycott and coercion often di-
rected at parties not primarily involved
In any labor dispute.
AS is the case in the spread of new
practices, there has been created a
twilight zone" where the intended
meanings of picketing laws must be
REDEEMED in more concise terms than
ever before were necessary
Earlier this week, the New York Court
of Appeals set forth its version of un-
lawful picketing. sweeping into this
category such practices as mass forma-
tions, threats against customers and
obstruction of entrances of places of
business. The court also branded as
illegal under New York law picketing
of place Of business not involved in
labor dispute, but qualified this by ex-
cepting so-called secondary picketing of
places having unity of interest" with
that Involved.
Similarly fine distinction was made by
a District Court judge here is allowing
picketing of an establishment where no
employees actually were on strike but
where some obstacle to collective bar
gaining had been created.
1t would be service to labor itself,
as well as industry and the public, If
complete and uniform picketing priv
ileges might be authoritatively defined
and respected.
Evening star., 1937-12-10
Orderly Procedure.

Although, of course no comprehensive
appraisal may yet be made as to the
efficacy of the minimum wage law for
woman workers in the District. the
orderly and harmonious manner in
which the groundwork is being laid
for this important economic experiment
augurs we'll for the success of the
endeavor and reflects credit on those
who are supervising it..
At this point, the administrative board
has determined the minimum wage
to be applied to woman workers in the
retail merchandising trades, it is in
the process of determining such
wage for hotel and restaurant workers,
and it has received applications for SINH
lar determination for women employed
in beauty parlors, laundries and offices.
Throughout, democratic procedure has
prevailed and progress attempted only
after careful study. With the board
representing all interested parties-busi-
ness, labor and the pubnc-similarly
inclusive representation was chosen dem
ocratically for conference purposes.
Through these conferences, contrasting
estimates on costs Of living were sub
mitted and reconciled and the wage
figure finally set to cover such costs.
In the case of the retail trades wage,
fixed several weeks ago, the board
announced that 1t would consider any
objections in public hearings on De-
cember IA. Thus far, not a single
representative Of business or labor has
evidenced any desire to protest the
SIT figure established in the prescribed
order.
Contributing further to orderliness of
the whole procedure. the boards ruling
making the minimum mandatory does
not become effective until two months
after the hearing on objections, SUM-
cient time for any necessary adjust
ments by those involved.
This year the Minimum Wage Board
will receive its baptism of fire before the
Appropriations Committees of Congress.
The members Of the board itself serve
without compensation, the only cost
being for necessary clerical assistance.
The high standard OF work established
already by the board should not suffer
by arbitrary reductions in approximations
or any injection Of politics into the selec-
ton Of clerical personnel.