davidaulloa/AmericanStories huggingface dataset:
Evening star., 1938-06-16
Stock Averages
BY VICTOR EUBANK

NEW YORK. June l6.-Led bv
steels, industrial stocks moved up
fractions to point or more in the
closing hour of todays market.
The list made feeble motions toward
rally after ragged start. Buyers
apparently were tempted to take anss
other chance on so-called commodity
shares as inflationary talk persisted
IN the boardrooms. Most, however.
were disinclined to back up their
lunches with extensive commitments.
and dealings were about as sluggish
as in yesterdays session. Transfers
were around 350,00O shares.
Aside from the moderate buovancv
created by the imitation theme. specu-
lative circles seemed heartened some
what by the speed-up of Congress to
adjourn by the end Of the day. In,
past years markets generally have
breathed a sigh of relief when the ma
tlonal lawmakers pack up their old kit
bags and hit the trail for home.
Business news, on the whole, pro-
Vlded scant encouragement for COM
mission house customers. and manv
were content to maintain their atti-
tude of watchful waiting.
Continuing as bolstering influence
was the thought that the administra-
tlon. with the pump printing bill law
would make haste to get the spproA
priated billions into circulation as one
means of halting the lengthy recession,
1t was realized that virtually all in
dustrial lines would benefit when the
spending plans get going.
Steels attracted a following on ey-
pectations pent-up need for products
in this field would soon make itself
felt, especially when the Government
begins to place orders for materials
with which to expand public works ac-
tivities.
Farm implements lacked popularity
Notwithstanding the Senate's passage
OF the bill, over the Presidents veto,
to continue for an additional year the
low interest charges on Federal Land
Bank loans.
Among the better acting stocks were
U. S. Steel, Bethlehem, U. S. Rubber,
Montgomery Ward, Sears Roebuck.
Douglas Aircraft, Anaconda, Kenne-
colt. American Smelling. National
Lead, Westinghouse. Union Carbide.
Dow Chemical. U. S. Gypsum, Gen
eral Electric, Standard Oil of N. X
Texas Corp. and Continental Oil.
Utilities generally marked time.
National i
around its years high Gold mining
issues. lately strong, settled down to
a narrow range.
Evening star., 1938-06-16
GOLD PURCHASES
REMAIN HEAVY
Hoarders at London Hedge
Against Rumors of New
Dollar Cut.
By the Associated Press,

LONDON, June 16-Abnormally
large purchases of gold were recorded
again today in the London market as
hoarders hedged against rumors Of
dollar devaluation or a possible in
crease in the United States gold price
OF S35 an ounce.
Repeated Official denials of such
lnf1ationary steps and lack of any
confirmation for reports involving the
homeward trip of United States Am
bassador Joseph P. Kennedy, who
sailed yesterday, apparently had some
effect. Purchases of fl,1ss,000 (s5,-
100000 in gold at price-fixing time
were considerably below yesterdays
high total for the year of fl,773,000
S8,814,0O0).
But for the second successive day
the price was boosted ! penny to 140
shilling 10 pence an ounce, up 81
pence since Mondays meeting of the
four leading bullion brokers of the
world who set the price daily in the
dingy Rothschild banking parlors.
AHc WccA > tOLdl safes passed H.
100000 (s35 200. .000), three or four
times usual turnovers.
The British equalization fund, pre-
sumably operating for purpose of car
rying out the aims of Anglo French
American tripartite agreement for con-
troll of currencies. was understood to
have supplied most of the gold.
Because purchases have been sew
eral times higher than normal sup
plies all week, the equalization ac-
count was believed to have filled the
bulk of orders. Therefore, it would
have dictated the price increases set
by the four firms. Sharps g. wilkins,
Mocatta &, Goldsmid, Samuel Montagu
& Pixley and Abell.
The decline in boarding was re-
f1ected in lessening of pressure against
the dollar on the London Foreign Ex-
change. The early trading was at
$4.e7ls to the pound, gain of
cent under the overnight closing.
Sterling on the New York market
closed at $4.96%.
Evening star., 1938-06-16
CROWN CORK & SEAL
PLANS BOND ISSUE

Crown Cork & Seal Co., Inc, filed
Securities Commission registration
statement yesterday covering $10,-
100000 l0-year ~ per cent deben-
lures.
OF the net proceeds, $4,000, 900 will
be used to pay bank loans, 1869 900
will go to pay a note held by Bethle-
hem Steel Co. on the purchase of
raw materials, and the balance will
be applied to working capital and
other purposes.
Paine, Weber & Co. will be the
principal underwater. The price of
the bonds will be disclosed in an
amendment to the registration state
ment
Evening star., 1938-06-16
|. L.T.&T.F|NANC|NG
SOUGHT ABROAD
Negotiations With European
Bankers for Maturity
Needs Revealed,
By the Associated Press.

NEW YORK, June 16.-Interna-
tional Telephone & Telegraph Corp.
is negotiating with European banking
groups for financing to meet its 10
year convertible AZ per cent deben-
lures, due January /, 1t was learned
here today.
The I. T. & T. quarterly report. is
sued last week, said the s37, 7,511 900 in
debentures due next January had been
only slightly reduced by purchases in
the open market since the first Of
the year.
Spokesmen for the T. T. g. T. declined
10 predict consummation OF the Euro
pean negotiations at this time. al
though the bond market situation was
regarded as favorable. 1t was said the
deal had not progressed far enough to
reveal any further details.
The corporation succeeded last sum-
mer in selling an issue of 100 900. 600
pesos ts30,000,00O) debenture bonds of
its subsidiary, United River Plate Tele-
phone Co. of Argentina, almost en-
tlrely through Swiss. Sweden and Ar.
gentine banking groups. This was to
liquidate Indebtedness of the parent
company
Evening star., 1938-06-16
BRITAIN'S DEFENSE
LOAN SNAPPED UP
$500. 100000 Issue Quickly Goes
to Premium-Non- Government
Participation High.
Ry the Associated Press.


LONDON, June 16.-The govern
ment's new national defense loan of
ESQ. .0o0, 900 (s4oo, ,o0o,o00) was snapped
up eagerly today in its first appearance
on the stock market. Dealings took
place at shillings above the issue
price. Of SO "a premium Of about "a
per cent?.
Before stock market dealings began
it was estimated about 80 per cent
of the loan had been taken up by
governmental agencies. Banks,
insurance companies and industrial
concerns were heavy subscribers.
The favorable reception contrasted
with that given the governments
f100, 100000 $500, ,00O loan of
April, 1887, of which about 80 per
cent was taken up by government
agencies.
The new loan bears per cent in
terest and Is redeemable in 1858 or
four years earlier, at the treasury's
option. It is part of borrowing pro-
gram announced last year to finance
Britain's five-year rearmament pro-
gram, cost of which originally was set
at $7,500, 100000. Later government
statements have indicated the total
would probably be SO per cent higher.
Evening star., 1938-06-16
SENATE ACCEPTS
FARM PRICE PLAN
One or Two Minor Points in
$212,0O0,0 900 Measure
to Be Ironed Out.
BY the Associated Press.

BY the Associated Press.
The Senate accepted TODAY a House
approved formula for distributing
100000 of farm benefit payments
provided in the spending-lendng bill.
Only one or two minor points in
the big bill remained to be smoothed
out when the farm payments were
finally agreed on.
The objective of writing the farm
fund in the measure was to assure
farmers IS per cent of fair return"
on their major crops. The $2l2, ,00O. 900
is in addition to the $500 600. 900 previ-
ously voted for soil conservation pay-
ments.
A fair return Congress has said.
Is q price which would give farm
commodities purchasing power, in
terms OF non-farm products and serv-
ices, equal to that which they DOS
sessed in the 1909-1914 period. Dur
ing those years farm and non-farm
goods and services were declared to
nave been a basis of price equality.
Farmer at DISADVANTAGE,
In recent years. Federal economists
say, farm commodities have been con-
siderably cheaper than industrial
goods and services. thereby placing
the former at disadvantage.
For example. in May the farm
price OF cotton averaged 8.4 cents a
pound. A fair" or parity" price
would have been 161 cents. economists
say. A rs per cent fair" price would
have been 1907 cents.
Wheat brought TIA cents a bushel
IN May, while The parity price would
have been $l.l49. A rs per cent parity
price would have been Sc cents. Corn
brought SAT cents bushel, compared
with a parity price of 83.5. The price
which Congress would assure would
have been 62.6 cents.
The $212,000,O00 fund will be dis
trlbued among growers of these crops
and tobacco and rice If their prices
this summer and fall are below rs
per cent of parity"
Division of Money.
Under an agreement reached last
night by a House-Senate Conference
Committee, the money would be divid-
ed as follows: Cotton, $86, 6,40O, 900;
wheat, $4,000 900; corn, sss, SOC, 900,
and the balance between rice and
tobacco.
The rate of payment will not be de-
termined until January, when informa-
ton of actual market prices will be
available.
The "parity" payments, as they are
called, would be made only to farmers
who held to their acreage allotments
under the 1888 soil conservation pro-
gram. The payments would be in
addition to the latter benefits.
Evening star., 1938-06-16
CHICAGO GRAIN
By the Associated Press,


CHICAGO, June l6.-Downward
plunges of approximately cents q.
bushel from earlier gains of l6a cents
formed the outstanding feature of ex-
tremely nervous wheat price fuctua-
tions today.
The market at the last rallied from
the days bottom level. Much Of the
selling today appeared to be based on
calculations indicating that should the
United States raise an average .Sring
crop and Canada produce enough to
nave for export 200 million bushels tiR
United States probably will be in DO
sition to export but little wheat during
the coming crop year.
At the close. Chicago wheat futures
were 's-7s lower compared with yes
terday's finish, July 79ss-1a, Septem-
Der 80as-Ss; corn unchanged to q.
higher. July 571s-h, September 5sls-
9s, and oats unchanged to Il off.
Evening star., 1938-06-16
FEDERAL EXPENDITURES
OFF SLIGHTLY IN june
By " { Associated Press.

By u e Associated Press.
NEW YORK, June 16.-Treasury
expenditures so far this month have
not reflected the recently enacted
spend-lend pump printing program,
financial quarters point out.
The daily Treasury statement for
June II shows outlays in June to date
have fallen slightly behind the total
for the same period in May.
Although recovery and relief ex-
penditures topped last month by ST.
100000, general department spending
and the revolving funds were down
about $7,400 900.
Evening star., 1938-06-16
BEER OUTPUT DROPS 4
BUT STOCKS INCREASE
Ey the Associated PresS

Ey the Associated Press.
The Treasury reports 5,1so sss bar
reis OF beer were produced in May,
compared with 5,703,0s2 in the same
iast year. Compared with last year.
May Withdrawals Of tax-paid beer from
warehouses decreased from 5,1s5,562
10 4, 555,773 barrels, and stocks on
nand increased from e,4o8,l62 to o.
587,868 barrels.
Evening star., 1938-06-16
LATER CLOSING TIME
DEFEATED AT CHICAGO
By the Associated Press.

By ire ASSociAted Press.
CHICAGO, June 16.-Board of
Trade members yesterday defeated q
proposed amendment to the rules
which would have extended the mar
ket's closing time from 1915 pm.
Central standard time) to pm.
The vote, one OF the largest in the
grain exchanges history, was SAT to
403.
The exchange has observed its pres
ent closing time since September 10,
1883.
Evening star., 1938-06-16
T.V. 4. to Resume
Parley on Plan to
Purchase Utilities
BY the Associated Press.

BY the Associated Press.
David A. Lilienthal. power director
OF the Tennessee Valley Authority,
said today that he and representatives
of the Commonwealth e. Southern
Corp. had agreed to meet again to
discuss public purchase of the cor
poration's properties in the valley.
The date has not been set. he said
in declining to comment directly on
the possibility of agreement until
there is basis for a forecast of COL
lapse or success"
L certainly do not consider the
door closed to an eventual deal" he
added.
Evening star., 1938-06-16
DECLINE is REVEALED
IN COMMERCIAL PAPER
oy the Associated Press.

81 the Associated Press.
NEW YORK, June 16.-Commercial
open market paper outstanding on
May 81 dropped to $25l 200 900 from
S27l 400, 900 a month earlier, accord
ing to reports received by the Federal
Reserve Bank. A year ago the total
was $286, 100000
Evening star., 1938-06-16
new YORK COTTON
By the Associated Press.

1'F tIIe |fSSUCIdIed PreSS.
NEW YORK, June 16.-Cotton ad-
Vanced into new high ground for the
current movement today on trade buv-
ing OF the July delivery and commits
sion and Bombay demand for later
positions. Contracts were scarce
October sold up from 8.24 to 8.35 and
was within a point of the best in
midafternoon, when prices were to
II points net higher.
Evening star., 1938-06-16
UNDERWEAR PRODUCTION
WELL BELOW YEAR Ago
81 the Associated Press,

6S the Associated Press.
production Of knitted underwear
tother than glove silk and rayonD to-
tailed 1,252,730 dozen pairs in April.
compared with 1,366,S76 in March and
2,l57,ao7 In April, 1897. the Census
Bureau says.
Evening star., 1938-06-16
New Orleans Prices.

NEW ORLEANS. June 16 R.-Poor
cables influenced a | to 2 point net IoWer
opening OF the cotton market here today
The cable reports were partially Offset
Active selling was DISCOURAGED and the
undertone of the market was supported
by private cables from London and Liver
to speculative buying of gold based on
further devaluation
Cottonseed oil opened steady: July
q .40b: September 7.39b: October. T33b:
December. 7.31b: January 1881. Bid.
Evening star., 1938-06-16
DIVIDEND IS ORDERED.

NEW YORK, June 16 Especially
A dividend Of 1914 cents per share on
all the outstanding stock of the
Superheater Co. has been declared.
payable July is to holders Of record
July 5.
Evening star., 1938-06-16
Chicago Cash Market.

Chicago Cash Market.
Wheat. No. 2 hard, $780,: corn,
NO. 2 mixed. 5sl2; No 8. 5ea4; No. /
yellow. SS1a-59; No. 4, 81; No. white,
os-5912; oats, No. white, 80; No. 2,
29h -29A; buckwheat, No. 2, 1902 90:
soy beans. yellow, SO; No. 4, 86; barley,
feed, 35-52.
Evening star., 1938-06-16

Actual sales: unit OF trading
In bankruptcy reorganized under
BANKRUPTCY Act or securities assumed
snare OF 81 preference stock So
fala last year Cash stock Accumulated paid
Rates dividends in the annual dis
included " o-' - -~',~ N'''o'ioe aie ho'
Evening star., 1938-06-16

Bleachable cottonseed oil futures
closed unchanged to higher. Sales
13s contracts. July. 7.slb; Septem.
Der. 7.90b: october, 7.84b; December
1888; January, 783. bid.
Evening star., 1938-06-16
Baltimore Quotations,

&, BALTIMORE, June Is UP.-Wheat. No
req winter, sarlicky. spot domestic sol.
Evening star., 1938-06-16
COttonseed Oil.

n Nominal.
Evening star., 1938-06-16

Winnipeg Prices.
WINNIPEG. June l6 tR-Grain rua
Evening star., 1938-06-16

Approximate Soes OF Stocks the NJ Y Stock Exchonoe
1900 AM.--------- $4,000 1900 Noon-- 12O 900
1:o0 PM-------. 10000 900 Pm 100000
Total Sales for tho day 34O OO0
The Daily Alaska empire., 1938-09-10

SLAQTllhG Tuih0S BEGAN TO HAPPEN FlP CONSTANCE BONACtGUX,T THE MEQCEQS PRETy WIFE AklO SEAMSTr2ESS TO THE QUGGN, MAS ABDuCTEP BY A STRAnGe CAVALIER, DHQMGNANJM JMY5TePIoUS MAN OF 1 MEukG ......
Montana labor news., 1938-10-20

DR.. Gibson, city and county health
officer, has been invited to address
the Cascade assembly at its next
meeting. It is hoped that a large
attendance will be present.
Montana labor news., 1938-10-20
The Senate (The Corporations
Ace in the H0lel

Ofuer W place the sdlSs toA'
The Senate (The Corporations
Ace in the HOlel
The State Senate plays a peculiar
role in Montana politics which is
belied by its resemblance to the
Assembly on the surface. The pro-
cedure, rules and committees of the
Senate are all quite similar to those
of the Assembly, yet there is a wide
gulf between the two. This is the
result of one deep-lying difference:
Assembly districts are based on
population; Senatorial districts on
counties and land area.
AS a result of this arrangement,
one-half of the people of the state
elect as senators while the remain
ing one-half of the people r rep
resented by only 10. Areas contain
ing less than 5000 people-and in
one case as few as 2,000-have a
voice in the Senate equal to that of
counties where there are $4,000 peo-
pie or more.
The natural result is that the Sen
ate is unrepresentative of the wishes
of the majority of the people and
consequently blocks legislation need
ed by them. This natural tendency
is heightened by the fact that the
situation is made-to-order for cor
porate domination of the Senate.
In ordinary election districts the
spending of money by corporate in
terests is partially counterbalanced
by the voluntary activity and or
ganization of the people. The public
utility and other corporate interests,
however, are not so confined to ac-
tivity in their own communities as
the people are. By sending money
to the small Senatorial districts they
can control a senate majority with
an expenditure of money which is
relatively small and which might
be partially counterbalanced volun-
tary activity, IF 1T WERE DIS
TRIBUTED OVER THE STATE AS
A WHOLE. Strategically allocated
to districts where there are few
people to combat them, these COR
porate expenditures accomplish their
purpose. The result is that the per-
centage of Senators elected by cor
porate funds is very much larger
than the percentage of Assembly
men,
Considerable thought has been
given to the elimination of the fore
going evils but the most outstanding
is the Unicameral system of legisla-
ton adopted several years ago by
the state of Nebraska. The repre-
s~entation is based upon a composite
area and population system. AL
though it has been proven that any
system devised by man a be de-
stroyed and made ineffective by
man; yet the Unicameral system is
deserving of a trial in Montana. 1t
can be no worse than the present
two house, and in many instances
three house system (if the confer
ence committees can be counted in)
a,l - we y he s,ot,oh hnftar
Montana labor news., 1938-10-20
Legislative (hitanery
Continued from Page %

AOOlltAilQCQ lAoill 4 o6C 81
the dry" element of the state
against the bill, possibly killing the
whole measure.
Debate on the amendment opens
on the floor. So fiercely do the
liberals fight it, that, just before the
vote is taken, the conservative floor
leader rises and executes a stock
maneuver-he moves that the bill
be r~e-referred to committee and back
it goes.
The session drags to its close; the
bill is meanwhile being amended
and re-amended, referred and re-
referred, until its own author can
barely recognize it. By the time
adjournment arrives the %conserva-
tives, through judicious use of their
committee, have brought affairs to
the point where the weary liberals
are glad to take a bill which exempts
only fruits and vegetables, pass it,
and go home.
The conservative Governor signs
the bill, and signs with relief; for
his administration has escaped the
onus of imposing a tax on income
or inheritances of his hackers in
order to place the repealed sales tax.
Montana labor news., 1938-10-20
0'(0NNELL DEMANDS
INVESTIGATION OVER
BANK DISCRIMINATION

Congressman Jerry J. O'Connell
demanded today that Jesse Jones,
chairman of the Reconstruction FL
nance Corporation, conduct an i'm
mediate investigation into the Min
neapolis regional agency's handling
of Montana loans. O'Connell charged
that the RFC was discriminating
against the Independent and small
business firms of Montana and he
requested Jones to take immediate
action to remedy the situation.
Montana labor news., 1938-10-20

BILLINGS. TO L. H. G.. and
others: Yes, Billings has a number
of union establishments in spite of
the undesisting efforts of the Asso-
ciated Industries to keep everything
open shop" Look for the house
card.
Transfers Local No. 100 has made
no progress in signing agreements
with the transfers, but conditions
otherwise are favorable. Member
ship is slowly increasing in the or
CARNATIONS.
Martha w. Cox.
Montana labor news., 1938-10-20
MILES CITY UNIONS
SUPPORTS ISSUANCE
OF ROAD DEBENTURE
MILES CITY TRADES AMI
B COUNCIL

LABOR COUNCIL
Montana Labor News:
Find enclosed resolution adopted
by this body at last regular meeting.
You may place it in the news.
John McCrory, Sec'y.
Resolution
WHEREAS, we feel the need for
better roads in Montana is pressing
and we realize that the only way to
finance the building of these roads
lies in the passage of the Highway
Debenture Measure, known as mi
tiative Measure No. Al, and further
there has appeared propaganda in
dicating that organized labor is
opposed to the passage of this
measure.
To dispel any doubt in the minds
of the voters regarding the feeling
of this body, we, the Miles City
Trades and Labor Council, hereby
adopt this resolution:
BE IT RESOLVED that this body
is wholly in accord with the initia-
tive measure for the issuance of de-
benture bonds and will work for
the passage of the measure, and be
it further
RESOLVED, that the need for
better roads is not a political issue
nor is it a matter of local selfish
controversy. The choice of which
roads shall be built should be de-
cided, not by the number of votes
the politicians can get in more popu-
lated areas, but by the method set
forth by the state legislature and
suggested by the United States
Bureau of Public Roads, and be it
further
RESOLVED, that as this latter
mentioned method has received the
approval of the legislators from all
districts of Montana and has been
approved by the U. S. Bureau of
Public Roads. Therefore, surely
there can be no argument as to the
fairness of the distribution regard
less of the feeling in those parts of
Montana who has received the
lions share" in the past; and be it
further
RESOLVED, that we want Mon
tana jobs for Montana people but
first we want Montana jobs and
with the passage of Initiative Mea-
sure No. Al these jobs will be ere
ated, and be it further
RESOLVED, that this body joins
with all other organized and I'M
organized labor in protesting the
regulation which allows o~ut-of-state
workers, skilled, intermediate or I'M
skilled, to come into Montana and
take jobs which are paid for by the
taxation of Montana people. We
further feel that this is a great in
justice not only to the workers but
to the entire population Of state
should be corrected at once; be it
further
RESOLVED, that copies of this
resolution be sent to all Central
Bodies of the state asking them to
concur with this body so that the
true feeling of organized labor may
be known regarding this issue and
also help to secure the passage of
this measure at this time when bet
ter roads and NOR. jobs are SO sorely
needed.
Adopted at regular assembly of
the Miles City Trades and Labor
Council this 18th day of October,
1888.
Carl May, President,
John McCrory, Secretary-Trea
Montana labor news., 1938-10-20

Three out of every 10000 people
use slugs instead of nickels to ride
on the New York subway. This
looks like a mild threat against the
city's Scent fare.
Montana labor news., 1938-10-20
ELF-DETERMINATION

Hitler seized Austria because the
Austrians scheduled a plebiscite.
He got Sudetenland because the
Czechs wouldn't hold a plebiscite.
Montana labor news., 1938-10-20

Four $40, OOO-a-year officials of the
New York Stock Exchange have
been laid off. Well, they'll get I'M
employment insurance for the first
Is weeks.