davidaulloa/AmericanStories huggingface dataset:
Evening star., 1938-06-26
LEVY ON SHORT l
SELLING UPHELD
U. S. Court Rules Du Pont
Profit Is Taxable as
Ordinary Income.
BY the Associated Press.

BY the Associated Press.
PHILADELPHIA, June 2s.--The
United States Circuit Court of Ap-
peals ruled today that profits from
short sales Of stock that are "protect-
ed by equivalent certificates in the
long account" of the customer are
taxable as ordinary income as differ
entisted from capital gain.
Judge John Biggs. jr., gave the deci-
sion In upholding the assessment OF a
tax OF $53,359.77 on Henry B. du Pont
OF the Wilmington family on profits Of
$ll8,39663 he made in 1892 on short
sales" OF General Motors, E. I. du Pont
de Nemours g. Co., McKeesport Tin
Plate and United Aircraft stocks. -
Dupont acknowledged the short
sales" and the fact they were pro
tected" by an equal number of the
stocks in his brokerage long account"
but he claimed that the profits came
from the disposition of the stocks in
the "long account" which he had
owned for several years prior to the
transactions
In that circumstance he contended
that the tax should be calculated on
the basis Of met capital gain" which
would have been far less than the
assessment on ordinary income. How
ever. the Circuit Court ruled that
Du Pont lost his long interest" in
the stocks when he pledged them to
protect the short sales and used the
latter process as the conduit or
channel' to dispose of his long in
terest,"
Evening star., 1938-06-26
FEDERAL LAND BANKS
FOREIGN EXCHANGES,

NEW YORK. June 25 R,.-Maior Eu.
rec reopen a. currencies slipped into the weel
terms of the dollar. "
Sterling was unchanged The French
franc advanced .O0ls of a cent. while of
~ OF q cent each were the belga and
Holland guilder. Also unchanged was the
Swiss franc
Closing rates follow:
Great Britain in dollars others in cents
4 SaHat Great eB Britain demand. 4.96l.: cables,
mand. 2.79; cables. 2.79. italy. demand,
Demands: Belgium. 1899; Germany.
4U,tl: benevolent. 20.6O: travel 23IO;
Holland. 55.4l; Norway. 2494; Sweden.
s5;,s:r,i s5;5s; Denmark 2 22. 16; Finland. 2:20;
Portusal; 4.52; Greece. .91A: Poland.
1897; Czechoslovakis. .3.47Ka; Yugoslavia.
2.:t5; Austria unauoted: Hungary. 1885;
Rumania. .75; ARGENTINA 33I5n; Brazil
,free). 5.90n; Toxic. 1886; Shanghai.
j 5s.79 *. Honk %an.r KonE; 3995 Mexico City.
New York in Montreal, 16O.967a.
Evening star., 1938-06-26
NEW YORK PRODUCE.

NEW YORK. June o5 LPp-Eggs. 10 1856;
irregular Mixed colors. special packs,
s2L.-24i4. standards. ~: frsts. 2Oix: sec
onds l9l2-2Oh. mediums, 1924. dirties
No. /. 1914: average checks, 1871; storage
packed frsts, 21l2.
White. resale OF premium marks. o9ia-
81. Nearby and Midwestern premium
marks. 21l4-29; exchange specials 34-21
Midwestern. exchange standards. 23-13a
Nearby. fancy mediums. 24-21i2 Nearby
and Western, exchange mediums 23hz Pa
cific Coast. jumbo and premiums. 3OE-'4
specials. 2gh-3G: standards. 2sl2-29;
mediums, 262-21I2.
Browns. extra fancy o4a4 -2sia. Nearby
and Western, special packs 241.
Duck eggs. fancy. 21-22
Butter l,O34 900: nrm; Creamery,
higher than extra. 2fi2-21H: extra 1872
score,, 26-2Sh.; hrsts (sS-91, 24-2s:
seconds tS4-S.D. 30i2-23.
Cheese, 263, 500; firmer. Prices un-
changed
Dressed poultry, steady to weak. Fresh
and frozen prices unchanged
Live poultry. by freight and express,
nominal; no sales
Evening star., 1938-06-26
RAILROAD BONDS
: CLIMB AT CLOSE
Late Buying Lifts Group, but
Most Other Issues
Remain Irregular.
Ay tke Associated Press.

NEW YORK, June 25.-Last- minute
buying in the bond market today
turned the railroad group upward but
left most other sections irregular.
Some of the active gamers in the
carrier division, in a buying squirt
which followed the lead of the stock
market. were Santa Fe general As, Bal
timore & Ohio 4i2s, Southern Pacific
4l7s. New York Central As and South
ern Railway 4s Some of these issues
had been behind in early trading.
Utilities mostly held to narrow
ranges with tendency downward
while industrials edged ahead. United
States Treasury issues varied between
gains Of l2-32ds of a point and losses
Of 2-32ds with most favoring the
upside.
Evening star., 1938-06-26
SULPHUR IN RAYON.

NEW YORK, June Is tSpeciaD
Although the manufacture of one
pound Of viscose rayon requires one
pound Of sulphur. the cost of sulphur
represents less than per cent of the
price OF the rayon. according to Lang
bourne M. Williams, jr, president of
the Freeport Sulphur Co.
Evening star., 1938-06-26
CHICAGO PRODUCE.

CHICAGO, June % lPr.-Butter. sos, :.
N32; steady. Prices unchanged; eggs, 16.
$40; easy; fresh graded extra firsts. local
1914: current receipts. 1S12; other price.
UNCHANGED.
Potatoes. 11s; on track. 3a4: tota
United States shipments, IA; new stock
California, White Rose and Southern Cob.
supplies heavy; demand slow; sacked. pei
hundredweight. Louisiana Bliss Triumphs.
y. s. i. 1.t5; Arkansas and Oklahoma
Bliss TriumphS. U. s. |. 165-S5; North
Carolina Cobblers, showing decay. spotted
sacks. 1s20-25: Virginia Cobblers. U. s.
!. car 40: California White Rose u S
/, 1.65-15: old-stock trend same as new
stock: sacked per hundredweight. Wash
uneton Russet Burbank. combination grade
car IS.
Evening star., 1938-06-26
Midyear
Continued From Page E-1)

to "clean up or else" ringing in its
ears. and rocked by the Whitney fiasco,
accepted sweeping reforms In its ad-
ministrative machinery, leading the
s. E. c. chieftain to predict an end of
cracking down" on the big securities
mart.
The T. v. A. to some extent ap-
peases power interests in q movement
to buy out, rather than run out, pri-
vately-owned properties.
Railroads were helped somewhat by
an I. c. c. grant Of increased freight
rates. expected to yield more than
5000, 100000 annually in increased
revenues. But the rail arrangements
found this inadequate, and proposed
Is per cent cut in wages, in the face
Of firm opposition from the brother
hoods.
Building Does Better.
Utilities and railroads are among
the largest users Of heavy materials,
and possibilities of stimulating these
industries to expand and renovate
their equipment were widely surveyed
when the slump began last fall. The
curtailment Of business, as the slump
continued, however, tended to offset
all that was done to encourage these
normally big buyers
The other big consumer Of heavy
materials is the building industry, and
here the results of recovery efforts
were more encouraging. The admin
istration's program Of building stimu-
lation, launched last autumn as an
effort to stem the tide of depression,
resulted in considerable liberalization
Of Federal Housing Administration
lending.
Building did not boom, but during
the spring became the outstanding
major division Of business to show
substantial gains. In May, residential
building contracts in the 81 States
east of the Rockies, according to F
w. Dodge statistics. were the best for
any month since June Of last year,
and came within l per cent Of May,
1887.
Autos May Be the Key.
The automobile industry, q domi-
nant industrial factor in present day
national economy, found itself loaded
up with unsold cars-particularly
dealers stocks Of secondhand ma
chines-and curtailed its operations
sharply in the early months of 1898,
recent output running about third
of this time q year ago.
That contributed heavily to the per-
SiStent business Stagnation, with its
effect upon the steel industry and
other suppliers Of materials.
The motor makers plans for the
remainder of the year are receiving
the closest attention of business fore
casters, for many expect active output
of 1889 models may mark turn in
the general business trend. But recent
indications have been that the motor
men are taking their time with plans
for 1889.
Steel Falls Back.
Steel was hard hit by the sutomo-
bile slump. and cessation Of railroad
buying. This basic industry watched
hopefully the developments in build
ing and automobiles. but saw little i'm
mediate prospect of support from the
railroads, as the slump in traffic cut
heavily into revenues, sent rail bonds
back to the depression lows, and
crowded several carriers close to reor-
ganization. Steel production got nc
higher than about So per cent Of
capacity In the spring, compared with
80 per cent in April Of last year.
Evening star., 1938-06-26
Baltimore Markets.
Special Dispatch to The Star.


BALTIMORE, Md, June 25.-Few
changes occurred in live poultry prices
during the week, the market being
rather dull, and receipts continuing
moderate during most of the period.
There was a slight downward ten
dency, mixed colors closing from l
to 2 lower than last week. with old
Leghorns of l. Ducks are slightly
lower. In young chickens. Rocks are
steady at 20a22, with a few bringing
slightly higher prices. Mixed colors
are selling l8a2l and Leghorns 15a17.
Old Rocks are unchanged at 20a2l,
Evening star., 1938-06-26
MEAT ORDERED FOR FAIR

NEW YORK, June 25 (SpeciaD.-
One of every two visitors to the 1899
New York Worlds Fair will buy either
one hot dog" or one hamburger. An
ticipated attendance is $4,000, 900 and
concessionaires have ordered 30,000,-
900 frankfurters and hamburgers.
Evening star., 1938-06-26

Chicago Cash Market.
Wheat-New, No. /. red. 77s.; old,
No. 5, red TO; No. hard. 83A Corn
No. mixed. 5612-58l2; No. yellow,
581a -59A2; No. 4, Sc; No. white, So
Oats-No. l white. 30-3Oi4; No. 4,
28A: no rye; barley feed, 1858.
Evening star., 1938-06-26
WOOL TOP FUTURES.

NEW YORK. June .5 GP,.-In a mod
crate turnover today wool top futures
prices advanced slightly on trade and
commission house buying: futures closed
unchanged to , higher: July. 75.ab: Oc-
tooer ~: December. 10: March.
1,I.s; spot. standard tops. 190. un-
changed. Bid.
Evening star., 1938-06-26
New Orleans Prices.

Cottonseed oil closed steady: bleachabIe
crude. 49, 90 nominal @
July. .9ob; September. 714b: October
:top' december. LOB. January. 71Ib.
Evening star., 1938-06-26
Winnipeg Cash Market.

WINNIPEG, June Is (P).-Wheat-
No. l Northern, l.097s; No. 2. lO85s
No. 3, l.043s. Oats-No. 2 white, 47s4 ;
No. 3, 45l2.
Evening star., 1938-06-26
A Bull Market?

We believe the bear market is over.
Evidence grows that much better
things are ahead for both business
and securities. Prepare now. Read
in June 29 FINANCIAL WORLD
~. S. Recovery Ahead" Market
wise and Otherwise" Timing the
Turn" and "The Fastest Growing
Old Industry" Return this "sd' and
81 for our next 4 issues, latest I'm
DEPENDENT APPRAISALS OF
u6OO1 LISTED STOCKS" "A Low
Priced Stock Guide" (stocks under
SlO) and 80 Stocks Selling Below
Working Capital"
&FNANCLAL WORLD
21.FM West Street New Yorb
Evening star., 1938-06-26
Curb Market Transactions
For Week Ended June Is,
D. c. SECURITIES

Quotations by Johnston. Lemon d. Coz
Yesterdays closing bid and asked
quotations on Washington securities
which are traded over. the counter
follow:
Evening star., 1938-06-26
NEW YORK BANK STOCKS
COMMODITY INDEX

NEW YORK June 25.-The Associated
Press weighted wholesale price index OF
35 commodities today declined to 66 %
Previous day. 1854: week ago $3.50;
month ago. "a year ago. 9O27.
Ranse of recent years:
1898. 1897. 1895 1933-35
Eieht --- G4.31 9S.l4 1929 1888
Low --- 1886 1885 1l3l 4l.44
1905 averaoa oouals 1anN
Evening star., 1938-06-26

The booming stock market carried most Press
economic oarometes along shot heauy uolue The
ups1uing in stocks the Sharpest any
OF 1888 jumped from recent oos
business activity moued up a notch -
Evening star., 1938-06-26

Cott0nseed OIL.
Cottonseed oil was frm today in SYM
pathy with the action of stocks and allied
marketS. Final prices were l to points
my hlgher. Sales. 80 contracts Bleach
anIe spot; nominal: July closed s15, sep
temoer' S2:; October. S2l; December.
$50; January. $50.
New Orleans Prices.
NEW ORLEANS. june o5 ,pco,,or
in'ureS ~ closed steady net 1 point down
Evening star., 1938-06-26
WASHINGTON STOCK EXCHANGE
YEAR 1898


W. d Buldin O.
Evening star., 1938-06-26
CHICAGO LIVESTOCK.

ALSO extra or extras
e-Declared or paid SO far this year.
Evening star., 1938-06-26
U. s. TREASURY NOTES.

NEW YORK June 25 tP).-Prices quoted
in dollars and thirty seconds.
Evening star., 1938-06-26
LEADING BAROMeTeRS

-- All Fight, reserved. Cambridge Associates Boston
Evening star., 1938-10-18
Plenty of Imagination,
And Practical Ability
Will Work Wonders
Refusing to Be Discouraged
By Criticism of Neighbors
Is First Step to Take.
BY MARGARET NOVEL;

You may have heard that there are statistics to the en that four
Washington
and
thing
Evening star., 1938-10-18
No Statstcs-Your Home Is What You Make It Yourself
Halloween Suggestions
Include Games That Are
old and New FavOrites
Decorations Must Reflect
The Spirit of the Occasion
In Color and Atmosphere.

JOAN FORTUNE NORTON HUGHES JONATHAN.
the old clothes that
people who will guests
Ask them the attd
garments they find
gandps flannel will
Evening star., 1938-10-18
New Modes Feature
Of Fashion Show.
By HELEN VOGT.


If Mrs. Ina Style Hunter spilled
the sugar and ate off her neighbor's
plate on Saturday, she is not to be
blamed. 1t was pretty difficult to
concentrate on such a prosaic thing
as food when there were such in
teresting "pretties" on display.
The occasion was fashion luncheon
at one of the local hotels and the
gowns and accessories furnished by
Washington shops were well worth
seeing.
All the latest motifs were embodied
in the collection, which included every
type of clothes from sport outfits to
the most formal evening gowns There
were elaborately trimmed frocks. jew
elry, striking hats and headdresses
and other accessories and hair styles
that were outstanding. Sequins were
prevalent as trimming and there
was even a breath-taking creation of
gold sequins that formed an entire eve
ming gown. Romantic taffetas, So
phisticated crepes, nonchalant tweeds
all were included. The hats were
different and striking-some equipped
with wells slit across the mouth to
enable the girls to smoke or eat in
comfort. For evening there were head
dresses of distinction, including one
that resembled a Turkish veil and
completely enveloped the charming
coiffure of the model.
So versatile was the showing that
Milady could have selected her entire
wardrobe in no longer time thar
it takes to go from fruit cup to demi.
tasse. With gowns, accessories, model!
and luncheon, q good time was hae
! by all"
Evening star., 1938-10-18
Waterproof
Clothing
Smart
A Moisture.Defying
Makeup Helps to
Retain Beauty.
Photo courtesy Of the Public Library.
By PATRICIA LINDSAY.

A while back 1t was considered
smart" for girls to paddle around in
the rain without rubbers or raincoat.
There was no tangible reason for this
foolish fashion but because 1t was
fashion many of us went without pro-
lection and suffered from wet feet,
invited nasty head colds, and ruined
our best shoes.
Then somehow fashion changed
Perhaps beauty realized she wasn't
beautiful with her nose red and run
ming, and chills creeping up and down
her spine. So she began to get some
sense.
Before you knew it stylists had de-
signed attractive, gay waterproofs and
footgear. Even the old-fashioned um-
brella turned into something colorful
and transparent. And today's smart
young things deck themselves in this
new rainy day finery. and actually look
askance at the girl who trips through
puddles without rubbers!
Miss Today knows it is smart to keep
healthy and to keep beautiful. Actu-
ally, throughout England and America,
girls and women take great pride in
preserving the appealing, lovely curves
Of youth and guarding their looks from
the ravages of any illness.
Girls realize that little head cold
can develop swiftly into a dangerous
chest condition. especially if one is IA
tigued or slightly under par. So they
take no risks They meet rainy day
as they should, with bodies protected
from dampness, and faces smiling from
the knowledge that a few raindrops
cannot rob them of their beauty!
Even the leading cosmetic firms took
up the rainy day question and gave us
water resistant colors for our cheeks
and lips, and softly adherent powders
which defy moisture. So even if you
do prefer to walk in the rain without
an umbrella you may be assured that
your complexion will retain the art
.istry you applied before Drawing the
storm!
Ask to see these water -repellent cos
metics-rouge, lipstick. powder and eye
cosmetique. AS walking has become
fad, you will want to know about
such cosmetics for that walking date
one rainy afternoon!
(Copyrieht. 1889
Evening star., 1938-10-18

llldG l1lUtlCSlS uS 10 ollS 1dtO ulloC
there are many exceptions, and that
is just what we are looking for-at half
the price. In spite of the statistics
there are people all over the town
finding the house they can afford and
with a compromise or two and some
good ideas of their own making it into
the home they dreamed about.
Four walls can easily make prison
and it takes less than iron bars to
shut in our imagination unless We
keep alive will to improve the situa-
ton which makes for better living
You may sit and sigh for many
month over the fact that your neigh
Dor across the street can have new
living room furniture while you cam
not afford to have your old pieces re-
covered. With the whereWithal for
a few yards of material and the effort
to find out how to do it, you could
make slip cover for your old daven-
port yourself and possibly make it
more attractive than hers because you
were smart about getting just the
right color or worked into it enough
of your own ability to take it out of
the run of the mill' class.
Think truly and straight toward the
thing that means most to you in your
house. Then go about getting it.
Human beings have not lost the abil-
ity of making homes for their fami-
lies Men can still lay one stone upon
another or nail up few boards.
Women can still make a bare interior
into home with almost nothing.
Those abilities have been acquired
through thousands of years of trying
to survive. They are not lost in a
day. Today the weapons are different
but the battle goes on just the same,
and the winner is very often the one
who can think up some new method
of approach.
GET WHAT YOU WANT
Don't let any one tell you that one
room apartments in Washington with
two-way ventilation cannot be found
there may be one around the next
corner. Don't let them tell you that
there are no apartments for $50 a
month, with wood-burning fireplace,
for two friends of mine just found
them, and the fireplaces both work.
One of them has tiny kitchen that
may prove bit difficult, the other has
a bathroom that is not the last word
in modern equipment; but in both
cases it was the fireplace they wanted
and they have built the whole atmos-
phere of home around that hearth
They have what they want at their
own price.
Don't vail for the things that you
know are out of reach but work on
the things you can afford and many
Evening star., 1938-10-18

times they surpass what you origi-
nally wanted. If you want new dra-
peries and your ideas run to satin
you will find them most expensive.
But all a window really needs is some-
thing to cover its bare wooden frame,
which will give bit Of color to the
room and a sense of warmth and
protection.
Some of the loveliest curtains I
ever saw were made of unbleached
cheesecloth at 3 cents yard. They
were made to hang in double folds,
hand-dyed, the underneath layer was
a warm yellow and the top layer a
clear brick red. They were overcast
around the edges in deep brown wool.
When the sun shone through them
the whole room was flooded with a
lovely light. To be sure, 1t took some
ones time to cut, sew, dye and hang
them. They had a way Of sticking
together, too, so that each morning
they had to be separated and allowed
to settle into place in great voluminous
folds. There was a lavishness about
their width and a delight in their
color that would have taken many
yards of satin and many dollars to
duplicate and not have improved the
effect 1t takes great sums of money
to purchase perfection but 1t is often
within your own mind and hands If
you wish to exercise it.
CHANGING WALL COLOR
If the walls of your house are
color that makes you miserable, pro-
ceed methodically to get them changed.
If you cannot afford to give an order
and get the work done, work toward
your objective in some other way-but
achieve it. Don't live day after day
in the environment you dislike If it
is within your ability to change 1t,
and it usually is if you want it badly
enough!
In like manner if you can produce
something out of the ordinary let it
be said of you that you made better
the things that you worked with.
Build into your surroundings the
things that make you happy and work
toward dwelling according to plan
that spells satisfaction to you and your
family.
Do not be sidetracked by any false
theories nor hemmed in by mountains
of statistics. There are plenty Of peo-
pie in this world who are building
houses out of packing boxes that make
some million dollar mansions look like
nothing but pile of masonry. If you
have an idea OF the kind OF a house
you want, stick with it, don't let any
one tell you that it can't be done at
that price. The combination of your
desire and your ability will work
proceed to make your
own dream come true!
Evening star., 1938-10-18

Dc tne NIL OF any SpOOk nlRHC eeI-
together. Also, there's something
about nightshirts, overalls, and bustles
that add fun and merriment to any
party Perfect '38 maids always seem
to get kick out Of running around
in little number that stopped traffic
on Main street and Park avenue before
the stock market collapsed like an old
card table.
Orange and black are your colors,
Of course, and the decorations should
reflect the weird spirit Of the evening.
Rooms should be dimly illuminated.
Lighted jack-o'-lanterns grin and leer
from windows and dark corners.
Blood-curdling shrieks and means and
groans pierce the air as the guests
arrive.
Autumn leaves and cornstalks are
also simple but effective decorations,
especially if they have witches, black
cats. ghosts and skeletons made of
cardboard staring out from their midst.
And, rememJ ing your color scheme,
lamps should be shaded by orange
S11duCS, UdDlCo SllOulo NC SofClCu Will
orange and black crepe paper, and
balloons and confetti are the same
colors.
A GOOD START.
Even though you're planning to play
games before dancing, start the party
of with a gay mystery dance. On
arrival, and in dark room, each guest
puts on a grinning falseface. Until
the mystery dance is over, they remem-
ber not to speak in their natural voices
Partners are chosen by matching cards
drawn from black and orange card
board pumpkins. The men draw from
the black, the maids from the orange
Then they match cards, taking as their
partner the person whose card is cut
in the same design as their own.
At the end of the dance, partners
must be identified. Any one correctly
named must pay forfeit, with the
rest of the guests acting as audience
and jury. Falsefaces are laid aside,
and you're ready for the next event
on the program.
Now's the time for the oldfashioned
Halloween games - everything from
bobbing apples to telling fortunes. One
Of your friends, costumed as an old
witch and bending over black caul-
dron, is the fortune teller-using either
cards or wheel of fortune.
The cauldron is a large iron kettle
hung from a tripod. 1t can be black
ened with SCOT or shoe polish for an
impressively realistic effect. Beneath it
build an imitation fire made of sticks
and red paper or cellophane, lighted
by an electric bulb.
A wheel of fortune is easily made by
cutting sheet of paper or cardboard
into a disc large enough to be divided
Evening star., 1938-10-18
Three in One.'

A foundation drop cookie recipe
may be varied in several ways. The
cookie dough IS divided into three
parts and different flavorings, fruits or
nuts may be added to each part. For
instance. to one bowl of dough add
chopped pecans and chopped dates;
to another, a dash Of cinnamon and
chopped candied orange peel; and to
the third, shredded cocouut and
vanilla extract
Evening star., 1938-10-18

Will your Halloween party pre-
sent q special problem? There's
still time to ask for help. Write
to Joan Fortune and Norton Hughes
Jonathan in care Of The Evening
Star.
(Copyright, 193s.)