davidaulloa/AmericanStories huggingface dataset:
Evening star., 1938-04-05
CHESAPEAKE VOTE
RULING AWAITED
Guaranty Trust Declares Young
Bought Allegheny Control
for Only 1854 900.
Rv The Associated Press

~ 'iic 6socl!d Gu EIcSs.
NEW YORK, April 5.-Robert r.
Young got control of the Van
Sweringen rail properties once valued
at $4,000, 100000 with a personal cash
investment of only 1884, 900, counsel
for Guaranty Trust Co.. charged in
Federal Court yesterday.
Young. fighting powerful Wall Street
banking interests for control of the
Chesapeake & Ohio Railway, profit
able 9000-mile remnant of the system,
is asking preliminary injunction
against Guaranty Trust Co., to restrain
1t from voting 1,278,00O shares Of
Chesapeake Corp. stock which it holds
as trustee. Federal Judge Albert c.
Coke reserved decision until today.
Young charged Guaranty had violat-
ed its trusteeship for reasons connected
with its financial relations with Gen.
eral Motors Corp. J. P. Morgan g.
Co.. and Morgan Stanley g. Co., Inc.
He asked that Guaranty Trust be re-
moved as trustee, and be ordered to
give Young voting rights to 710,500
shares of Chesapeake Corp. stock. A
temporary restraining order against
Guaranty was issued last week.
Theodore Kiendl, counsel for the
bank, third largest in the United
States, in answering opposing counsel's
argument for the injunction, en-
phasized Yeungs small cash invest
ment by pointing out that General
A4NtNrc
Muncie, Ind, glass jar manufacturer,
had invested not quite 100000 in
bonds of Allegheny Corp. top Van
Sweringen holding company, which
controls Chesapeake Corp.
Evening star., 1938-04-05
MEXICAN MINES
' DECLARED SAFE
American Smelling Assured
There Will Be No
appropriation.
Ev the Associated Press

NEW YORK. April 5.-Mexican
Government representatives have in
formed officials of American Smelling
& Refining Co. that there will be no
appropriation of foreign-oWned mines
IN Mexico, F. H. Brownell, chairman
OF that company, told shareholders at
the annual meeting today.
Mexico 'is desirous that the pron-
critics continue to be operated by those
now owning them," Brownell said he
was informed, adding that about 1s
per cent Of the companies total earn
lngs for January and February was
derived from Mexican operations.
The company earned on its com.
mon stock at the rate of S296 a share
per year in January and at the rate of
$3.50 in February, he said, the aver
age rate Of $3.50 for the two-month
period comparing favorably with that
a year ago.
Brownell said the Mexican labor
SITUATION was acute and that the
world silver market was unsettled.
Mexican labor organizations, he said,
have sought regulation tantamount
to control of management, personnel
and plant operation. policy which
gives rise to concern.
The company, he said, since the
revolution of 1917, has inquired Of
each administration its attitude toward
American investment in Mexico and
up to the present has been assured Of
governmental approval if laws are
complied with.
Evening star., 1938-04-05
REPORT ON AT. &T.
IS GIVEN TO F. C. C.
Studies by SEC. on Recent Heavy
Trading and Sharp Price
Fluctuations Presented,

Studies by the Securities and Ex-
change Commission of recent heavy
trading and sharp price fluctuations
in stock of American Telephone &
Telegraph Co. have been turned over
to the Federal Communications Com
mission, 1t was said today.
For several weeks prior to announce
ment Of the F. c. c. special report on
regulation and prospects of the giant
telephone system, the stock declined
sharply with large blocks OF stock
turned over.
Since the report was issued a few
days ago, its major finding being that
rates could be cut rs per cent without
loss of profit, the stock has climbed
rapidly in price.
The F. G. c. has expressed an in
terest in these fluctuations as possible
indication that manipulators may have
attempted to influence the tenor of
the report or may have been acting on
Teak" as to what the report would
contain.
Evening star., 1938-04-05
NEW c., R. !. & P. PLAN
WILL BE SUBMITTED
By the Associated Press.

By the Associated Press.
CHICAGO. April 5.-J. E. German.
corporate president of the Chicago,
Rock Island g. Pacific Railway, dis
closed yesterday that a new reorgan-
ization plan would be submitted to the
Interstate Commerce Commission by
bondholders' representatives before
June %.
At the request of certain bond
holder committees hearing on the
company's reorganization plan now
pending before the commission has
been postponed until June %. Cor
man said the new plan would embody
results OF studies being conducted by
trustees and by various committees.
German also submitted the con-
densed income account which cor
responded with the preliminary annual
report, showing 1887 net loss of 1885,
$50 compared with $13,11s,59O loss
in 1886.
Evening star., 1938-04-05
Seasonal Climb
In Steel Demand
Cheers Observers
B: the Associated Press.

B: tho Associated Press.
CLEVELAND, Ohio, April 5.-Daily
Metal Trade today says:
Seasonal demand for finished steel
products is expanding slowly, but en-
couragingly.
Miscellaneous consumers are pro-
viding fair tonnages for prompt deliv-
cry rejecting the depletion OF inven-
tories. Such larger consumers as the
automobile industry and the railroads
continue buying laggards and pros
poets for a pickup in business from
those fields in the near future Is not
promising.
Spring building programs are getting
under way and are expected to stimu-
late activity in building steel products
Evening star., 1938-04-05
NEW STEEL CHIEF
ADVANCEDQU|CKLY
Edward R. Stettinius at 81
Has Made Brilliant
Business Record.
BS the Associated Press.

BS the Associated Press.
NEW YORK. April 5.-Most CLAM
orous Of youthful success stories Wall
Street has had to offer in recent years
Is the ascent Of 37year-old Edward r.
Stettinius to the helm Of the United
States Steel Corp.
AT the top or close to the top of
front-rank American corporations may
be found number Of comparatively
youthful executives, in their thirties
Of forties. Still a good way from so
for instance, are such men as Lewis
H. Brown, Johns Manville; Wendell l.,
Willkie, Commonwealth g. Southern:
Edsel Ford, Ford Motor Co., and
David Sarnoff, the Radio Corp.
But Stettinius. after one of the
fastest climbs up the executive ladder
OF big business in the memory of
veteran Wall streeters, az head of
the giant steel corporation becomes
for the financial district symbol
of youthful leadership, the youngest
OF Well-knoWn younger men who pilot
corporations employing thousands of
men and hundreds of millions of dol
lars in capital investment.
Average Age Lower.
Whether selection of young Stet-
tinius to lead the steel corporation is
representative of trend in big busi-
ness observers can only guess in the
absence of any comprehensive COM
parative data. A financial authority.
writing recently, found the average
age of the leaders of so outstanding
American enterprises was 561a years.
The average age of top-ranking execu-
tlves, he maintained, was Az years
less than it was 20 years ago.
In picking men for top jobs, how
ever, much stress recently has been
laid on need of executives with the
drive, energy, enthusiasm and urge
for adventure Of youth. Stettinius
himself has emphasized manpower in
the modern "three-M" combination
which makes big Businessmen,
money and machines.
Experience Available.
Back OF Stettlnius, it has been indi-
Gated, will be available the experienced
advice of the retiring chairman, Myron
c. Taylor. Thus the steel corpora
ton assumes what has become a
fairly common set-up in the direction
of giant enterprises comparative
youth in the drivers seat, and mellow
experience in the background ready
with counsel and steadying hand in
rough spots.
Still in back of Bethlehem Steel,
runner-up to U. S. Steel, is Charles
SchWab, well along in his seventies,
while the considerably younger Eugene
G. Grace provides the executive power
at the top and contributes to the fast
competitive pace of the steel indus
try. In the rise of smaller units which
have given big steel run for its
money since the war and cut down
its once towering leadership have been
some of the younger executives of the
industry, with drive and flexibility to
meet changing times.
Evening star., 1938-04-05
new YORK BANK STOCKS
NEW YORK. April R.-Investment
Bankers Conference Inc:
Quotations as of . O'Clock,
CORPORATION SALARIES,
By the Associated Press

Reports to the Securities Commission
yesterday. showed several corporations in
creased the compensation of their execu-
tives last year. while few disclosed cuts.
The figures:
ssoI2 in 1895 s4a .4$s in 1857: essie1s. e. W.
stratton. sales representative. $4,000 in
1926 S72.4s7 IN 1897: Y; E, Bertrandias.
sales representative. S21,036 in 1886. S45.-
Aviation Corp. chicago-L B. Manning.
president. S43.SS1 in 1886. S75.136 in
Auburn Automobile Co.. connersville.
!nd;m,s Faulkner, president. S16.533
=. American Metal c.. New York-Heath
dents $4,000 each in 1886. S64. 900 each
in 1887
Mich:-H. NJ. Taliaferro. president. $780,
900 in 1885. S35. 900 in 1887.
Ely & walker Dry Goods Co.. st.
Louis-E L1H Y; Cave. president S63.50o in
ohioWW. oNeil. president. s41,s7s in in
1887 1936 not available.
Wilson Products. Inc. Reading Pa
Frederick Wilson, president $50: $50 in
1886. S2O24O in 1887; Thomas A. Wilson
general manager. $50, ,S46 in 1886 $4,000
In 1887.
Evening star., 1938-04-05

DAILY OIL OUTPUT
DECLINES SHARPLY
Oklahoma Total Reduced,
While Texas Shows Small
Increase.
ry the Associated Press.

Py the Associated Press.
TULSA, April 5.-The Oil & Gas
Journal reported today an average
decrease of 40,010 barrels daily in
the Nations crude oil production for
the week ending April 2, bringing the
daily average to 3,365.6O barrels.
Oklahoma production declined 1850
barrels daily to 491,875, East Texa,
had q gain Of 535 to 429,7 barrels
daily, and the State of Texas an
increase Of 2,469 barrels daily to L.
320,892.
Louisiana was up 1,765 barrels daily
to 262,465, California declined 24,45O
barrels daily to 7O2,75o, and Kansas
production dropped l2,275 barrels daily
to 166,375.
Eastern States. including Michigan,
increased 84l barrels daily to 193, ,682,
and the Rocky Mountain States in
creased 1880 barrels daily to $4,000.
Evening star., 1938-04-05
WHITNEY SEAT SOLD.

NEW YORK, April S @.-Richard
Whitney's membership in the Com
modify Exchange brought only $785
at an auction sale yesterday. The
seat was purchased by David S. Kubie,
Manhattan rubber dealer and men,
Der Of the organization. Whitney,
bankrupt broker, was expelled from
the exchange two weeks ago. Ondcials
said Whitney paid about $4,000 tot
the seat several years ago.
Evening star., 1938-04-05
MEMBER BORROWINGS
OFF SHARPLY IN MONTH
BY the Associated Press,

By the Associated Press.
NEW YORK, April 5.-A decline
last month of S55,844,895 in member
borrowings against securities was re-
ported by the New, York Stock Ex-
change.
olylateral loans at the end of March,
the exchange announced. totaled
$521,116,919, against $576,961,814 q
month earlier.
The shrinkage in brokers' borrow
ings in March accompanied the wild
est downswing in stocks since last
autumn and was accepted as indica-
ton Of further liquidation of mar
ginal holdings.
On the bring of the 1929 collapse
the total got as high as ss,549, ,3s3, ,97s,
then fell to only s241, ,599,943 in 1882
on the deflation tack.
Evening star., 1938-04-05
GLOUCESTER MACKEREL
SEASON STARTS EARLY

By u AsSocfAted Press.
The Commerce Department reports
the Gloucester fishing fleet is CATCH
ing mackerel fully a month in advance
Of the usual season.
Experts said available information
indicated a good mackerel season, but
the department lacked a research ves-
sci to make . proper survey, and no
omcial forecast would be made.
Evening star., 1938-04-05
BUSINESS LOANS
CONTINUE TODROP
Chicago District Reports
Big Gain, but U. S.
Total Declines.
BY the Associated Press,

os tiC hoSOCldLeu fIeSS.
The Federal Reserve Board reported
today bank loans for commercial, in
dustrial and agricultural purposes in
creased $l2,000,000 in the Chicago dis
trict last week, but declined $1,000, 900
for the country as a whole.
Declines included $1,000 900 in New
York City and S5,OOO,0O0 in the Bos-
ton district.
Banks in 101 leading cities reported
a reduction Of $4,000, 900 in holdings
OF Government securities and an in
crease of S40,000,0O0 in non Federal
securities.
Deposits showed the usual month
end drop, demand deposits falling s33,-
100000 and time deposits $4,000. 900.
The boards statement gave the fol-
lowing summary of assets and liabili-
ties on March 80, together with changes
Tor the week and with the same week
last year, in millions of dollars:
Evening star., 1938-04-05
Sl,672,342 Earned
by Hiram Walker
During Quarter
By the Associated Press.

by lne Associated PTeSS.
VAUDEVILLE, Ontario, April
B. Hiram -Gooderham &,
Worts, Ltd, reported for the quarter
ending February % net income of
Sl,672,342, after interest. depreciation
and income tax, but before United
States sUrtax, equal after preferred
dividends to S2.l5 a share on COM
mon stock
This compares with s2,25o.996, or
s2.95 share, for the preceding quar-
ter and Sl658,578, or S214, for the
quarter ending February %. 1887.
The net income for six months end
ing February 2S was S3,923338. or
$50 common share, compared to
the previous years total for the same
period of s3,546,548, or s459.
Evening star., 1938-04-05
y tie Associated Press.


NEW YORK, April 5.-The bond
market continued its strong rally of
recent sessions today. Gains of major
fractions to more than three points
were literally sprinkled in the sec
ondary railroad group and to lesser
extent among other classifications
Prominent on the renewed upswing
were Chesapeake & Ohio 3i2s, Ameri-
can & Foreign Power SIS, Missouri
Kansas-Texas IS of 1862, Western
Union SIS of 1860 and Louisville &
Nashville 334s.
United States Governments were
fairly active and 1-32 to 1882 of q
point higher in late dealings.
A rise Of points in Austrian Is
featured a generally improved foreign
dollar list.
Evening star., 1938-04-05
DIVIDEND IS REDUCED.

NEW YORK, April (P).-Direc-
tors OF American Car e. Foundry Co.
today declared a dividend of $3.50 a
share on preferred stock, payable
April % to holders of record April
l6. A payment of 81 a share was
made on preferred on April 90, 1887,
which marked resumption of divi-
dends on the issue.
Evening star., 1938-04-05
CHECKS ON INDIVIDUAL
BANK ACCOUNTS DROP
By the Associated Press.

By the Associated Press.
NEW YORK, April 5.-Spending
throughout the country continued to
recede during the week ended
March 80.
Measured by checks drawn against
accounts Of individuals and corpora
tions in 274 cities, the total was Z
per cent under the previous week and
"a per cent behind last year, accord
ing to the Federal Reserve Board.
Industrial centers showed the larg-
est declines from last years levels, the
South making the most favorable
comparison,
Evening star., 1938-04-05
SMALLER STATION GAIN
DISCLOSED BY A. T, T.
B, the Associated Press.

6S t!le ASSOCldleQ TIeSS
NEW YORK, April 5.-The Amer
lean Telephone g. Telegraph Co. an
'nounced today a station gain in
March of $4,000 for the Bell system,
compared with gain in March last
year of 100000 stations. The cumu-
lative gain for the first three months
totaled 9S,100 stations, compared with
292,s00 for the comparable 1887
period.
Evening star., 1938-04-05
DIVIDENDS ANNOUNCED

NEW YORK, April 5.-Dlvidends de-
clared. prepared by the Standard Statis-
tics Co.
Pc Stk of Pay
Rate Rod. record. able.
Holinser Cons Gold
No Action Taken.
Akron Brass Mfg.
Am Hair e. Felt Scc lst pf.
Am Hair & Felt So I'd pf.
Mueller Brass.
National Brush.
Passed.
Arlington Mills.
Pepeekeo Sugar.
Shamrock Oil & Gas 6tace pf
Evening star., 1938-04-05
$50 TONS OF LEAD SOLD.

NEW YORK, April S (P.-St. JOS
eph Lead Co. reports so tons of South
east Missouri pig lead sold yesterday
at s4.35 per 100 pounds East st. Louis,
SO tons at $4.55, New York, and SO
atoms at the New York average.
Evening star., 1938-04-05

NEW YORK BAR SILVER.
NEW YORK, April (R.-Bar
silver, 4234; unchanged.
The Hagerstown globe. (Hagerstown, Md.) 1936-1943, 1938-03-25
PERMITS SECURED
FOR PARK EVENTS
Dates for Reunions and
Picnics To Be Held
During Summer

The following permits have
been issued for events in the City
Park for the coming season:
Huyett's Sunday School Picnic,
Sunday June %; Martin Reunion,
Sunday. July 10; Morganthal Re
union, Saturday, July 8; Oberholt-
ger Reunion, Sunday, July 10;
Bingaman Reunion. Sunday, July
It: Burns Reunion. Sunday July
It; Elgin Reunion, Sunday, July
a; Kuhn Reunion Sunday, July
"a: Schindel Reunion. Wednesday
July %: Zion Lutheran Sunday
School. Williamsport Picnic. on
Thursday. July Is; Ausherman
Reunion. Saturday. July 80; Slime
Reunion. Saturday, July 80; An
gle Reunion. Sunday, July 81: Al
ban Reunion, Sunday. July 81;
Emanuel [. 3. Sunday School pic
mic, Thursday, August +: Scheffer
Reunion. Saturday. August s;
Rlue Ridge Gladiolis Society pic
mic. Saturday. August 6; Myers
Reunion. Sunday. August :; Barn
hart Reunion, Sunday, August Z;
Snavely Reunion. Wednesday.
Aug. 10: Shank Reunion. Thurs
day, August Il: Stockslager Re
union, Thursday. August IL: Null
lendore Reunion. Saturday, Au-
gust %; Harshman Reunion, Sat
urday August Is: Smith Reunion,
Sunday. Aug. Il; Pike-Zeger Re
union. Sunday. Aug. IA; WOlfinger
Reunion. Wednesday. Aug. II;
Dennis Reunion. Thursday. Aug.
IS: Cutler Reunion, Saturday,
Aug. 20: Kirk Reunion. Saturday,
Aug. 20; Fahrney Reunion, Sun
day. Aug. 81: Needy Reunion,
Sunday. Aug. 81; Shank Reunion,
Wednesday. Aug. "a: Harsh Re-
union. Thursday, Aug. %; F'rush
Reunion, Thursday, Aug %; Min
mich Reunion. Saturday, Aug. 27;
Warrenfeltz Reunion. Sunday,
August Is; Neikirk Reunion, Sun
day. August IS: Sensenbaugh Re
union. Sunday. Sept. I, and Car
penters Picnic, Monday. Sep
tember 5.
The Hagerstown globe. (Hagerstown, Md.) 1936-1943, 1938-03-25

settlement in Maryland and the
first home OF religious freedom
and liberation in America. at st.
Nary's City.
An interesting program has
been arranged for the occasion.
The University of Maryland mix
ed gIee club will sing a number
of songs, and Miss Betty Ray
mond. a student at the University
viii dance. DR.. H, c. Byrd. pres
ident Of the University, viii make
an address on Maryland Day.
The Governor of Maryland. United
States Senators Tydings and Rad
cliffe. and Representatives Cole.
Goldsborough. Kennedy, Lewis
and Palmisano. and their wives
have been asked to be guests of
the society.
The Hagerstown globe. (Hagerstown, Md.) 1936-1943, 1938-03-25
MANY EVENTS SCHEDULED
HERE DURING THE YEAR

Conventions to be held in Ha-
gerstown during the year. are as
follows:
Junior Order United American
Mechanics. April 1920.
Moose District Conclave, April
"a
Independent Retail Food Ner-
chants of Maryland. May SO
Baltimore Conference. Metho-
dist Church, June 1-6.
National Association of Letter
Carriers, Maryland branch. June
11-12.
National League of District
Postmasters, Bird and 4th class
Maryland District. June 1918.
Spanish American War Veter
ans Encampment, June 1919.
FraternaI Order of Eagles State
Convention, June 81, p and %.
Tri-State Association of Elks
Maryland. Delaware and the Dis
trict of Columbia, August s, 9 ant
10.
Pennsylvania Conference of TIT
United Brethren Church, Octobe
4, 5 and s.
Regional Conference of 30,
Scout leaders in October, dates t
be announced.
Triangle Grocers' gigantic foo
show at the Fairgrounds, April
TO 9.
The Hagerstown globe. (Hagerstown, Md.) 1936-1943, 1938-03-25
PLANS MADE FOR
MARYLAND DAY"
Reception, Dance and En-
tertainment in Wash
ton. Tonight

Maryland Day. will be cele-
brated by the Maryland Society
of Washington this evening with
reception. entertainment and
dance at the Keunedy-Warren.
3133 Connecticut avenue. The re
ception will be from 9 to $50 P
NJ; entertainment from $50 to
10 P. NJ. and the dancing from
10 P. NJ. to | 4. NJ. Guest cards
may be secured at the door on
that evening.
On March %. 1884, the first
colonists under Leonard Calvert,
the first governor Of the Province
of Maryland. landed on st. Glenn.
ent's Island in the Potomac river
Two days later these colonists
sailed back down the Potomac to
! the mouth of the st. Mary's river
and up the latter about six miles
and there established the frs
The Hagerstown globe. (Hagerstown, Md.) 1936-1943, 1938-03-25
Measure Of a Dan

Not-How did he die?
But-How did he live?
What did he gain?
But-W What did he givae
These are the units
To measure the worth
OF a man, as a man.
Regardless of birth.
Not-What was his station
But-Had he a heart?
And-How did he play
His God-given part2
Was he ever ready
With word Of good cheer
To bring back a smile.
To Danish a tear?
What was his churcbq
Nor-What was his creadq
Bu1-Had he befriended
Those really in need?
Not-What did the sketch
In the newspaper say?
But-How many were sorry
When he passed away?
C. & 0. Magazil
The Hagerstown globe. (Hagerstown, Md.) 1936-1943, 1938-03-25

Americas answer to the slap
ping of a member of our consul
late was the voting of a 1858, 000,-
600 appropriation for the navy.
That is an answer that any terri
tory and war hungry aggressor
can understand. and to which
there is no soft worded diplomatic
answer.
The Hagerstown globe. (Hagerstown, Md.) 1936-1943, 1938-03-25

The tax rate for 1888 in Frank
lin County, Pa, for county pur-
poses, was set at four mills and
that for the county institution dis
trict. at three mills. The tax
rate thus remains the same as
last year. The four mill tax for
county purposes will be on real
estate and occupations and the
three mill tax for the institution
district on real estate only.
The Hagerstown globe. (Hagerstown, Md.) 1936-1943, 1938-03-25
TRY THIS OUT

4 man who had many perpIex.
ties during the day in his work
was asked how he managed IA
keep quiet. Tis reply was: "OnIv
one way. Every morning when
start out to work I have Just ons
prayer. It's in two parts. The
first is: Lord, help me to see
hear and understand. The other
is: Lord, help me to keep nv
mouth shut
The Hagerstown globe. (Hagerstown, Md.) 1936-1943, 1938-03-25
DRAFT HORSES AT FAIR

A special display Of draft horses
will be a feature attraction at the
Hagerstown Fair. October IS, 10.
90. 81 and %. One hundred and
fifty box stalls will be installed
In the cattle barn.
The Hagerstown globe. (Hagerstown, Md.) 1936-1943, 1938-03-25

The general level Of average
prices for Maryland farm pro.
ducts declined three points from
January Is to February Is, 40
cording to the Maryland Crop Re
porting Service.
The Hagerstown globe. (Hagerstown, Md.) 1936-1943, 1938-03-25

Watch The Globe Grow!
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1938-01-13
THE DISSIPATION OF A TRUST

In the name of social security, the government
is collecting around billion dollars year from
employees and employers conformity, in order that
the individual participants in the creating Of this
vast fund may have a backlog when they reach 90
years of age with which to keep themselves warm.
You would suppose that revenues collected for
so definite an end would be pilihg up in the vaults
at Washington and being sailed away to be used
for the purposes for which the taxes are collected
But not at all!
They are being used, instead, for the ordinary
and regular functions and necessary expenses OF
government.
Out they go for dams, crop control, relief, Alas
kan villages, or what have you.
We the people fondly imagine the beginning OF
a huge inviolate trust fund being carefully salted
away, where as a matter of fact nothing of the
sort rs occurring. To be sure, the government Is
sues bonds against security taxes received, but
these promises-to-pay are just that and nothing
more. .-.
In other words, the government agrees at some
future date to tax the then existing taxpayers for
enough additional money to then take the place OF
and pay back these social security taxes it IS now
using for current expenses.
No less an authority and critic than Mr.. Walter
Lippmann dubs these bonds "hocus-pocus." Surely
they represent financing at its worst.
Lots of unable to make sense out of such
Observation-Disclosures Observer.