davidaulloa/AmericanStories huggingface dataset:
Evening star., 1938-09-22
M0RGENTHAU SEES
DROP IN GOLD FLOW
$402, ,497,757 Worth Shipped to
q. s. in First 20 Days
of September.

Py the Associated Press.
Secretary Morgenthau observed to-
day that the flood of about $500 ,000.-
900 worth of gold from Europe to
the United States seemed to be drying
up.
He did not say why the tide had
abated. Others remarked, however,
that rising hopes for peace have
strengthened European financial mar
kets.
In the first 20 days Of September
402.479,757 worth Of gold, virtually
all from Europe, came to this country
and was bought by the Treasury. Nor
genthau explained that some more
gold would arrive in this country
as a result of late transa ctions, but
few new shipments were being pre-
pared
Large quantities of gold were has
tened here by European individuals
banks and governments for safekeep-
ing. The gold was shipped to pay
for dollar credits. which apparently
went almost entirely into deposits
in American banks.
The Secretary indicated his belief
| that little of the foreign money went
into the American stock market, by
declaring that transactions by foreig-
ners in American securities recently
have been too small for comment.
Evening star., 1938-09-22
TENDERS ARE RECEIVED
FOR MORTGAGE FIRMS

snecial Dispatch to The Star.
NEW YORK, Sept. 22.-The agents
appointed to receive tenders of the
debentures of 13 mortgage companies,
interest on which, but not principal
is guaranteed by the Maryland Cas-
ualty Co., announced today that ten
ders Of more than S700o000 of the
debentures have been received to date
from more than $500 investors in all
parts Of the country.
j. G. White & Co., Inc, Baker
Watts & Co., Stein Bros g. Boyce, and
Colonial Bond & Share Corp, as agents
for receiving tenders, said in a joint
statement that the s7,0OO0 900 of deben-
lures referred to above DO not take
into account several large holdings
some of which the agents have been
advised will be rendered before the
time limit expires.
1t was also stated that all tenders
still to be made must be received by
the Baltimore Trust Co., Baltimore
Md, on or before September %, tc
be considered, and that no further ex-
tension Of the time for making tenders
could be granted.
Evening star., 1938-09-22
CHICAGO LIVESTOCK.

CHICAGO, Sept. % lP-Restricted
supplies in all livestock divisions today today
markets and held some classes of hogs
Hog receipts of "A 600 were 1000 less
direct dire 10 packers. The market was slow
and steady to Is cents lower compared n.
with yestsrdays average We sse dssths with lighter
Cattle receipts of 1000 were 1000 under
advance estimates and included few strictly
choice offerings which. as a result. were
yearlings. however were 90 cents lower
for the week. Top was Sl3.15.
bbs IN lambs aeiye saae K Recps Y o
ii 900 were / 900 less tnan expected.
UNITED States, Department OF Agri-
nesday average: decline mostly on weights
under 2lO pounds. liberal proportions good
$40 pounds, s.9O-9.15: I80-I90 pounds
largely sa5.s2; lighter weights: 7.c5.s 90:
Cattle, 1000: calves. 900; recent sup
strictly, good and choice prime offerings a
little stronger on shipper account: supply
such kinds small; medium to good grades
Slow. steady; all except strictly choice and
prime steers and yearlings so lower for
week: mostly 900 to 90 market today:
extreme top. 1915; heifers steady to %
for week to date; bulls weak: practical top
weighty sausage bulls. $50: vealers. 800
stockers and feeders after selling 1rmer
early in week. closing slow; common stock
ers. 5.T5-6.75: strictly good and choice
yearlings and IS. S.00-15.
Sheep. 11,00O including 1000 direct:
late Wednesdays spring lambs mostly
STEADY; st,dy; spots easier; range. 7;25-73;
today's trade on spring lambs active:
Syr strong to = higher: natives. 7.50-75:
westerns. T.60-S5: top UtahS, 40; sheep
and feeding lambs steady; 66-73 pound
feeding lambs. 6.75-725
Evening star., 1938-09-22
CAR INVENTORIES
REDUCED SHARPLY
Dealers Stocks at Lowest
Point Since December,
1894, Poor's Says.
Spe cial Dispatch to The Star.

Spe cial Dispatch to The Star.
NEW YORK, Sept. 22.-Automobile
dealers, at the beginning of September.
held between 100000 and $50, 1000 new
cars. or an average OF about four
apiece, according to Poor's stock re-
ports.
These holdings represent the small
est inventory since December, 1894,
and are IS per cent under the Feb
ruary high and 56 per cent below last
years levels. Heavy inroads have also
been made in the supply of used cars,
which last winter had reached threat
ening proportions. At present there
is an actual shortage of good used cars
in many markets.
The 1899 models will incorporate
more changes than during recent
years" states the report. Notable in
this line are longer wheel bases, alb
sence of running boards on some
models, headlights in tenders, larger
windshields and windows, and an alb
sence of gear shifts and emergency
brake levers in the floor Of the front
compartment Mechanical changes,
however. have been held to refinements
rather than embodying anything of
revolutionary design.
Two of the independent companies
will produce four-cylinder cars This
will put three cylinder cars in
the field, and it remains doubtful that
sufficient demand exists to support
profitable operations in this division.
1t has been stated that Ford will not
produce his go horsepower car next
year, indicating that he sees little
future in the extremely light car field.
"A considerably higher volume Is
expected in the 1889 model year. De-
spite the heavy new-car output during
the 1857 period, there remains a
substantial demand to be satisfied. AL
though production through August has
been less than half that recorded in
1887, the last quarter of the current
year should compare rather favorably
with production in the closing months
OF last year. Only complete reversal
OF the recovery movement, or partici-
patton by this country in war, neither
OF which is looked for, could be ex-
pected to check considerable progress
in 1889. Rising sales will widen unit
profit margins and expand aggregate
earning power"
Evening star., 1938-09-22
TRUST FIRM SHARES FARE
WORSE THAN AVERAGE
Ey the Associated Pres,

Ey the Associated Press.
The Securities Commission reported
to Congress yesterday that common
stocks of certain investment concerns
Jared worse on the market than did
general common stocks.
The commission" the report said,
examined the price fluctuations Of the
issues of seven of the larger invest
ment holding companies with issues
on exchanges for the period from 1929
to 1887 and concluded that the mar
ket price experience of all these COM
mon stocks, except that of one COM
pany which specialized in the oil in
dustry. was worse than that of general
common stock prices"
The report was one of a series the
commission is making under the Pub.
lie Utility Holding Company Act.
It said that the American public had
invested about $1,000. .ooo, 900 in all In
vestment trusts, up to the end Of 1887
Evening star., 1938-09-22
bANKRUPTCYLAW
TO Be DISCUSSED
Chandler to Speak Before
Mortgage Bankers on
New U. S. Act.
sLecial Dispatch to The Star.


CHICAGO, Sept. 22.-The new Fed
eral bankruptcy law, better known as
the Chandler bill. which goes into
effect today and represents the only
major revision Of the bankruptcy laws
in the past 40 years, will be the SUBJ
ject OF an address by Representative
Walter Chandler Of the ninth Ten
nessee district, author Of the legisla-
ton, at the 25th annual silver jubi-
lee" convention Of the Mortgage
Bankers Association Of America mere
October IL to IA, A. D. Fraser, presi-
dent. announced today.
Representative Chandler will speak
October IA. Mr.. Fraser also an
nounced that DR.. Allen A. Stocxdale
of the National Association of Manu-
facturers will appear at the conven-
ton for an address on October r.
speaking on THE American Way"
An attendance OF more than 1900
mortgage bankers, life insurance and
title and trust company executives
commercial bankers and real estate
men is expected at the meeting cele-
brating the 25th year of the associa-
ton.
Other speakers so far scheduled fol
the convention include Stewart Nc
Donald, administrator Of the Federal
Housing Administration; Fred H
Clausen, chairman of the Fedora
Finance Committee Of the United
States Chamber of Commerce; Irwin
Jacobs OF Chicago and D. Howard
Doane, who will be the opening speak
er at special farm mortgage confer.
ence to be held October IL.
Mr.. Fraser also announced today
the list of speakers scheduled for the
various group meetings at the conven-
ton. Harry r. Templeton. vice presi.
dent of the Cleveland Trust Co., and
William A. Marcus, vice president Of
the American Trust Co. of San Fran
cisco, will speak before the bank and
trust company division. DR.. Ernest
M. Fisher, director Of the division oI
economics and statistics Of the Fed.
eral Housing Administration, and W
A. Clarke, president of w. 4. Clarke
Mortgage Co., Philadelphia, will SPEAK
before the insurance company CORE.
spondents' group.
Evening star., 1938-09-22
FRANCE IS SFORCED
TO GET BIC LOAN
Government BorroWs About
81 Millions From Central
Bank at Paris,
3. the Associated Press.


PARIS, Sept 22-The French gov
ernment was forced to borrow 3,000,-
100000 francs approximately S81 ,000,-
000) from the Bank Of France in the
week ended September Is, the state
ment of the bank for that period dis
closed today.
The semi official Havas News Agency
In commenting on the statement said:
Frances financial and economic
problems, subjects Of anguish for many
their acuteneSS because of the enOr-
nous boarding of capital which has
occurred lately among savers"
1t was recalled in this connection
that Minister of Finance Paul Mar
chandeau in an address Tuesday de-
clared that serious international
events have had their repercussions
on the treasury"
The bank statement showed that
postal savings accounts alone dropped
in the seVen-day period from approx
mately 8S9,000,000 (S24,00O ,0O0) francs
to 54s,500,0O0 (sl4,800,OOo). Circula-
tion OF bank notes increased by more
than 5,000000,000 francs 35,00O.-
000) and the gold coverage of the
currency dropped from 45S9 per cent
to 1859 per cent.
The pound rose in foreign exchange
transactions today to above 179 francs,
which was the limit the Daladier gov
ernment promised it would be per-
nlitted to reach when it assumed
power.
Evening star., 1938-09-22
POSTAL TELEGRAPH
HEARING CALLED
Plan to Eliminate Stock
Interests to Be Weighed
on October ~.
By the Associated Press.

NEW YORK. Sept. 22.-Federal
Judge Alfred c. Coke yesterday set
October "a for a hearing on a plan
Of reorganization of Postal Telegraph
g. Gable Corp. which eliminates in
terests Of preferred and common stock
holders and segregates the land lines
OF the corporation into a new company
to be known as Postal Telegraph 6ys-
tenn, Inc.
The plan is sponsored by two bond
holders committees and has received
tentative agreement of International
Telephone g. Telegraph Corp, hold
ing company which owns all Of the
l,017,000 outstanding common shares
Of the Postal company. I. T. & T. has
agreed to submit the plan to its stock
holders.
I. T. & T. also owns 81 204O, 900 par
value of the $30,529. 900 par value OF
preferred stock of Postal outstanding
Postal Telegraph has been in the
Federal courts under section 77B OF
the Bankruptcy Act since 1885.
No provision in the plan is made
by the bondholders' committees for
the holders Of preferred and common
stock of Postal because, in the opinion
Of the committees, the assets are not
sufficient to meet the company's in
debtedness and consequently neither
class Of stock, in the committees opin-
ion. has any equity.
The cable lines Of the Postal system
would be merged, under the plan, with
two subsidiaries of I. T. a. T.-All-
America Gables and All-America Sera
Corp.-and two other new corporations
would be created as a result of these
mergers.
Bondholders of Postal would receive
securities of the three new corpora
tions and in addition would receive a
minimum of $40 per 81 900 bond with
provision for an additional $40 per
$1,000 bond contingent upon 1885
earnings.
Evening star., 1938-09-22
MACHINERY TRADE
T0SCORE UPTURN
Sharp Advance Expected
Unless European War
Changes Trend.
Special Dispatch to The Star.

SbCSldl DlopdtCh W 1Ic Quar-.
NEW YORK, Sept. 22.-Barring an
upset from a European war. the
Woodworking industry is marching
ahead to much improved conditions
this fall. according to American Ma
chinist today.
Reports from various sectors of ths
industry reveal the trend toward in
creased sales and production. Machine
tool orders continued In August their
upward movement from the years low
in May.
The index of the National Machine
Tool Builders Association now is at
1909, sharp gain over the July figure
Of 89.6 and the highest point reached
since last December. Early estimates
indicate September machinery sales
will be equal to or better than the
August volume.
Steel production is staying around
IS per cent. with good chance thai
it may advance to so per cent next
quarter. Strong support in equipment
and steel orders comes from the Fed.
eral Government, which is pouring
millions into its pump-priming and
national defense programs.
The Navy alone soon will have under
construction in its own and in private
yards over million dollars worth O
ships. Farm implement makers an.
ticipate fairly good fall business, with
the years total sales equaling tn
1896 volume
Airplane makers are working on q
huge backlog of orders. Facing a new
season with dealers stripped OF cars
the automobile industry expects tc
build 100000 cars during the fourth
quarter. raising the years production
to 1895 900 units. Engineering con-
struction awards continue to run ahead
of those a year ago.
In New England shipyards employ
ment is expanding. Machine too
plants, too. are increasing their worl
week as sales grow. Small motor or
ders show improvement.
At New York machinery sales have
rebounded to higher levels in the pas
month. Demand for precision gauge
has grown considerably Prospects art
good for continued improvement ir
machine tool bookings.
At Pittsburgh steel operations con-
tinue to expand slowly Mills are con.
fldent that they can maintain a rate
Of 4S to so per cent during the fourth
quarter Boat and barge building
yards are fairly busy with inquiries
out for several stern wheel steamer
and for feet OF 40 barges A rise il
sales Of mechanical handling equip
pent is reported.
At Detroit work in hands OF com.
mercial heat-treating companies re.
fleets the scarcity Of mechanics
changes in 1899 cars Business hal
been poor all year. except for a short.
lived spurt in July and August. De.
mand for small tools and supplies j.
expected to improve as car factories
operate on bigger scale. Machine
tool INQUIRIES are better.
Evening star., 1938-09-22
CHICAGO PRODUCE.

CHICAGO: Sept: % (P.-,Poultry. live,
one car, 81 trucks, weak; hens, Az
pounds and up; 1sh;I under 41a pounds.
161z; Leghorn hens. 12la; Leghorn chick
ems. 12E; springs, under pounds. COL
ored. 1872: Plymouth and White Rock.
I5h; I pounds and up. Plymouth and
White Rock. 15h2: bareback chickens. ~;
ducks, AZ pounds and UP, white and
colored. A; small, 13;, old geese, 13; young,
Is; other prices unchanged.
Butter. lo59.245. steady; prices un-
EGGS, 5,335, easy; prices unchanged.
Potatoes. 1l5: on track, 22s: total U. s.
shipments 692; Western Triumphs and
Northern .cobblers slightly weaker; Idaho
RusSets. best stock steady; fair quality
weaker undeftone; other stock about
Sacked per hundredweight:. Idaho. Russet
Surbsnks' INK T. s No. /, 1.45-65 mostly
1;20-30;. Colorado Bliss Triumphs, Y. s
No. l. 1.25; Wisconsin. Cobblers, U. s
No. l, COL 90; North Dakota. Bliss Tri.
nmphs; 30 per cent U: s: No; 1 95;,97h
Sots cobbers a0 No oo Sofan %
cent U. s. No. /. 95.
Evening star., 1938-09-22
CLEVELAND MEASURES
ITS PURCHASING POWER
By the Associated Press

By The Associated Press
CLEVELAND, Sept 22.~Question-
naires circulated to $4,000 Cleveland
ers in all income brackets show po-
tential sales of s670OO,OOO in this
metropolitan area between now and
January l, 1899, committee repre-
senting the cleveland plan" an
nounced.
Findings compiled from the ques-
tionnaires were presented to meeting
of $500 statesmen summoned by the
committee, which, under the auspices
OF the Chamber of Commerce and
other organizations. is seeking to stim-
ulate business here under the slogan
buying means jobs"
Evening star., 1938-09-22
Auto Production
For Week Climbs
Ab0Ue Year Ago
BY the Associated Press

DETROIT, Sept. 22.-F'or the first
time this year factory activity OF the
automobile industry is above the COM
parable 1887 figures, according to
Automotive News. which reports an
estimated production this week Of
25,254 units. compared with 2l,ll6
last week and 1922 this week a year.
ago.
Further advances in car and truck
production are looked for next week,
with indications that all makers are
likely to be operating final assembly
lines on new models by October 3.
New model work is expected to begin
in Oldsmobile, Chrysler, De Soto and
possibly Ford next week. Ford, the
trade paper says. is effecting an un-
usually quick change over to new
models this year.
Evening star., 1938-09-22
Building A'cards
At Highest Point
Since June, 1887
By the Associated Press.

BY the Associated Press.
NEW YORK. Sept. 22-Engineering
construction awards for the week end
ed September 20 were the highes.
since June "a, 1887. and exceeded the
comparative 1887 week for the tenth
successive period, Engineering News
Record reported today.
Public construction was at its high
est level since January 0, 1896, gain
ing So per cent over the previous week
and was 1T per cent higher than for
the 1887 comparative.
Details follow:
Wk Wk VIZ Rant
Sept. 20. Sept 49, 81, I937
Total $50 25o 900 S53,569 900 S4a,l77 900
Pvt; 1O,564,000 s.l52 900 16 3S3 900
State
and
Nun. 64,e37 900 3s.1I3.ooO % 7ss.A,o
Fed. 7.45l 900 9.304 900 2.l3s.O0O
Evening star., 1938-09-22
BANK DEBTS REACH
PEAK SINCE JANUARY
BY the Associated Press,

NEW YORK, Sept. 22-spending
throughout the country rose sharply
during the week ended September IA
after allowance for seasonal factors,
the Associated Press seasonally adjust
ed index of bank debts in al cities
advancing to the highest level since
January.
The major upturn occurred outside
New York City, although check turn
over in that center also moved up
moderately. Outside" debts, accord
ing to this index, rose to 500 per cent
of the 1e2e-3o average from $50 the
week before and compared with 1873
last year.
Evening star., 1938-09-22
LOSS OF INTERSTATE
STORE CHAIN SHOWN
ne Associated Press

NEW YORK, Sept. 22.-Interstate
Department Stores. Inc. reported for
the six months ended July ~ net loss
OF 1899, ,381. This compared with net
income of 1858, SOB, or 60 cents share
on common stock for the comparable
period of the preceding fiscal year.
Company operates department stores
in New York. Ohio, Wisconsin, Ken
lucky and West Virginia.
Evening star., 1938-09-22
DOLLAR GOES HIGHER
IN LONDON DEALINGS

the Associated Press.
LONDON. Sept 22.-The United
States dollar advanced % of a cent
in terms of sterling today. Final rate
Tor the unit was 1915 to the pound
in the foreign exchange market, and
compared with 4s3 for sterling in
New York overnight.
French francs fell of to close l7s A
TO the pound, against 1887 yester-
day.
PARIS. Sept % (P.-The United
States dollar was quoted 37.085 francs
(2.697 cents to the france in final
foreign exchange trading today. In
contrast the franc was 2.7o9 cents in
New York overnight. Exchange on
London, 1889.
In the Bourse per cent rentes were
1915 francs; Ans a." 1850; 4hs
1887, 1926.
Evening star., 1938-09-22
so TONS OF LEAD SOLD.

NEW YORK, Sept. % (P.-St.
Joseph Lead Co. reported SO tons of
Southeast Missouri pig lead sold yes
|terday at the New York average. No
sales East st. Louis and New York
delivery. Quoting S495 and s5.15 per
100 pounds respectively.
Evening star., 1938-09-22
LOWER NET REPORTED
BY SUNSHINE MINING

Ry the Associated Press.
NEW YORK, Sept. 22.-Sunshine
Mining Co., operating silver properties
in Idaho, reported for the six months
ended June 80 net income of ST, ,958,0s1,
equal to $1.32 share of capital stock.
This compared with $2,7s8,183, or
s1.8s a share, for the like period
last year.
Evening star., 1938-09-22
B. & 0. HEARINGS OPEN
WITHOUT OPPOSITION
By the Associated Press.

By the Associated Press.
No opposition developed today when
the Interstate Commerce Commission
opened hearings on the Baltimore g.
Ohio Railroads proposal to reduce
f1xed interest on its securities by $11.-
376,435 annually for eight years and
extend the date Of approaching ma
turtles.
Evening star., 1938-09-22
ARGENTINA ARRANGES
SPECIAL COTTON LOANS

BY the Associated Press.
The Commerce Department reported
the Argentine agriculture ministry has
arranged to make special loans to
cotton growers in Chaco and Formosa
because of unfavorable crops the last
two summers. A maximum seed loan
OF $48 will cover needs for an area
up to 80 hectares of cotton and 10
hectoreS of diversified crops.
Evening star., 1938-09-22
BANK PENSIONS STARTED.

The American commercial attache
at Havana has advised the Govern
ment a retirement and pension fund
for Cuban bank employees has been
started. Funds will be obtained from
salaries of the employees, bank pay
rolls and from sources including inter-
est derived from invested funds.
Evening star., 1938-09-22
SINGER MANUFACTURING
SHOWS $14,3O2,9O6 NET
BY the Associated Press

BY the Associated Press.
NEW YORK, Sept. 22.-singer
Manufacturing Co. reported for the
year ended December 81 last net
profit OF sl4,3o2,9o6, equal to 1850 a
share of common stock, compared with
Sl5,l37,713, or 1852 a share, in the
preceding year.
The company, which manufactures
sewing machines and other lines. has
worldwide distributive facilities.
John Morton, treasurer, was elected
a director in place of the late F. A,
Park,
Evening star., 1938-09-22
RICE CROP INCREASES.

The Commerce Department reported
that the Philippine rice crop for the
year ended June 80 totaled ll8, 8,558,898
bushels, an increase of 80 per cent
over the previous year.
Evening star., 1938-09-10

approach be double width all the way.
1t is necessary to install two coils, one
in line with each approach. In the
case Of two single-width doors, q coil
and receiver must be provided for each
door, OF course.
The lights are controlled by q switch
in the door operator which will turn
the lights on whenever the door is
open and turn them of whenever it
is closed. This means, when you
drive away from the garage, you press
the button as you 60 over the receiving
coil and the doors automatically close
behind you and the lights go out.
1t costs about SITS for a single-car
installation with doors Of the over
head type, and about $40 additional
for each car you wish equipped with
the controls.
r EMEMBER the aluminium insula-
ton we wrote about some time
ago? We think now Is the time to
remind you Of trick use OF 1t which
might make difference in your winter
comfort. If you install it before turn
ing on your heating system.
Sheets Of this reflective insulation
can be attached to the wall behind
your radiators to increase the efficiency
OF your heating. 1t has been proved
that the greatest amount OF heat loss
in a home is through the roof and walls
behind radiators. Chats assuming
your windows are properly weather.
stripped Of course). Well, some IS
Evening star., 1938-09-10

7 VOW would you like to be able
~ to open and close your garage
/ doors, even turn the garage
- Il lights on or off, without get