davidaulloa/AmericanStories huggingface dataset:
Evening star., 1939-06-30
Five New York Firms
Lead in Marketing
OF Security Issues
5. {. c. Also DiscIoses
Spectacular Gain in
Privote SuIes
By the Associated Press.

By the Associated Press.
Five New York banking firms have
underwritten 81 per cent of the
1884 900 900 securities registered in
the five years ended June, 1898. the
Securities Commission reported yes
terday.
The firms were named by the COM
mission as follows: The First Boston
Corp, Brown Hartman e. Co.. Inc:
Kuhn, Loeb e. Co.; Smith. Barney
& Co. and Morgan Stanley & Co.,
Inc, affiliate of J. P. Morgan & Co.
The five firms have headquarters
in New York City.
The 20 largest firms had about
IS per cent of the amount of all
participations and managed "a per
cent of the amount of all issues.
Between January |. 1884. and
June 30, 1888 total of SIS different
firms participated in underwriting
745 security issues of a million dol
lars and having a total gross pro-
ceeds of S7,584, 100000.
New York City firms managed or
originated 524 of these issues.
The report said that of nearly
$4,000 900, 900 Of corporate bond is
sues offered between January. 1884
and June, 1888, nearly $1,000 900 900
was privately placed. tPrivate Of
lferlngs of securities do not have to
be registered with the S. E. c.
The bulk of privately offered is
sues was taken by life insurance
companies. In 1885 and 1896 these
companies took about IS per cent
OF the privately offered issues. In
1887 they took 95 per cent of the
private offerings and in the first
sly months of 1898 more than 80 per
cent.
Evening star., 1939-06-30
Stock Drop Ignores
Sharp Improvement
In Earnings
Second-Quorter Profits
Expected to Exceed
First Quarters
By SMITH REAVIS,

NEW YORK, June 30-While the
stock market has declined steadily
this week, a good many business
executives think it has undervalued
the gains made by industry in the
second quarter of the year.
The average Wall Street trader
retorts that the danger of another
crisis in Europe has been the deter
mining factor in falling stock prices,
along with disturbing" events at
Washington. But the fact remains,
say businessmen, that contrary to
general expectations, in the second
three months of 1899, industry is
likely to report greater earnings than
it did in the first.
The economist of big brokerage
house has just completed a survey
of 81 companies operating in the
Middle West. OF those visited, he
reported, Is indicated profits would
increase in the period ending today,
six were "teeter-tottering between
gain and loss" and nine were ex-
pected to lose ground. Virtually
every concern" he said, will better
last years figures by a wide margin.
Auto Trend Normal.
"A further examination of the
data shows that seven of the nine
firms expected to report lower net
in the second quarter are connected
directly or indirectly with the auto
mobile industry. In view of the new
seasonal pattern for the motor
makers and their suppliers, this is
considered entirely normal by the
trade. Both consumer and capital
goods producers were largely on the
increased profits side of the ledger,
although the former show substan-
TALLY sharper gains than the latter"
The better trend was likewise in
dlcated in a survey conducted by
the National Industrial Conference
Board, a research organization sup
ported principally by large corpora
tons
1t reported sharp advances in the
value Of new orders, shipments and
untitled orders during May by l53
large and small manufacturing con-
Germs. New business received dur
ing that month rose 13 per cent, as
contrasted with decline of Is per
cent in April A total of 81 COM
panleS that reported on this phase
OF the situation experienced a gain
of At per cent over the figure for
May. 1888.
inventories Still Down.
The value OF inventories reported
by l43 concerns rose l per cent in
May against a decline of the same
amount in April but was IA per cent
under the level of a year ago, when
manufacturers. wholesalers and re-
tallers were loaded with materials
which they found it hard to work off
Another cheering note was the
report of the Association of Amer
lcan Railroads. which indicated net
operating income of the Nations
class l carriers for the first five
months of the year totaled s126.-
l67,043, against S46,O25 1898 in the
similar period of 1888. And for
the past three weeks carloadings
barometer of the Nations business
nave been increasing steadily to the
highest point since early last De-
cember
The compilation of Earnings was
from reports of 1856 roads, repre-
senting a total of 233,652 miles.
Evening star., 1939-06-30
Exchange Volumes Decline
Sharply During May
BY the Associated Press.

BY the Associated Press.
The Securities Commission re-
ported yesterday dollar value of
sales on registered securities ex-
changes decreased sharply in May.
The May total of 728,62O ,269 was
272 per cent under April. but 67
per cent larger than May, 1888.
Stock sales, including rights and
warrants. were valued at S602 $780,
707, drop of 31,6 per cent from
April. Bond sales, valued at Sl25,-
1861, were Sc per cent larger than
the April total.
Total stock sales, including rights
and warrants, in May amounted to
l8, 1853, $50 shares, a decline of STA
per cent from April. Total principal
amount of bonds sold was $780,
$4,000, decrease of 80 per cent
from April.
Evening star., 1939-06-30
j. ). Business Loan
Insurance Won'tAid
Upturn, Jones Says
BluntIy Tells Senators
Capital Actually
Would Be frightened
BY the Associated Pres,

BY the Associated Press.
Jesse H. Jones, top-ranking Gov
ernment lender, bluntly told Sem
ators yesterday that Government
insurance of bank loans to business
would not prime the pumps of busi-
ness and industry.
At the same time. the chairman
Of the Reconstruction Finance
Corp. and newly yappointed director
Of Federal lending said we Will
administer the law to the best of
our ability" if Congress decides on a
program of insured loans for small
and medium-s sized businesses.
Mr., Jones testified before the Sen
ate Banking Committee on the bill
by Senator Mead, Democrat. of New
York, which would authorize the
R. F. c. to insure 80 per cent of
bank loans to business
Actual Tightening-Up Seen.
He asserted that the bill, rather
than channeling billions of dollars
of now idle funds into business and
industry as its proponents assert,
would actually tighten up capital
because banks won't take the first
10 per cent Of losses"
Although the Government would
insure sc per cent of loans under
the Mead bill, banks would have to
stand the first 10 per cent of any
loss.
Mr.. Jones reviewed the billions of
dollars Of past Government lending
10 business and industry through
the R. F. c. and Federal Banks. This
experience, he said. indicated there
mas been no great demand for work.
ing capital by business and industry
that has not been met"
Differs From Nead's Comment.
senator Mead interjected a remark
that his office was filled with COM
plants from little businessmen that
they could not get loans.
In order to get loan from a
bank, a little businessman must first
prove he does not need it." Senator
Mead said, He must appeal to an
unfrlendly credit market
L don't think it's an unfriendlv
credit market at all" Mr.. Jones said
We tell him he can have a loan
now, if he'll come and ask for it,
We administer the law pretty lib
orally. You don't watch us very
close"
Senator Mead insisted there was
large unmet demand for small
business loans and said Mariner
S. EccleS, chairman of the Federal
Reserve Board, and Jerome Frank.
chairman of the Securities and Ex-
change Commission, had testified to
this.
Security Policy Held Liberal.
There is not one little business
man that cannot get loan" Mr..
Jones began, but Senator Smathers,
Democrat, OF New Jersey interrupted
to add, IF he has the security"
We're pretty liberal on security
MI. Jones countered. referring to R.
F. c. loans for business.
Senator Mead said opposition to
the little business bill" had come
chiefly from bankers.
Il think lot Of bankers would
like your bill Mr.. Jones replied
They would like to get in the bread
line and see the Government stand
all the losses"
Evening star., 1939-06-30
Copper Price Boosted
By Largest Foreign
Orders on Record
Nearly d, 900 Tons Taken
As Market Weighs
New War Scare
BY the Associated Press.

By the Associated Press.
NEW YORK, June 30.-Heavy for
eign buying of copper was reported
today in Wall Street as commodity
men weighed the newest European
war scare
Nearly 24,000 tons of the red metal
were said to have been taken for for
eign account, the largest tonnage
for one day in memory of veteran
followers of the market. The price
was said to have been about 1890
cents pound, up IA.
The arms race has helped laise
foreign consumption of copper to
record levels the last few wears.
Japan has been among the large
buyers. For domestic miners, how
ever, the increased war demand has
been insufficient to offset curtailed
buying from other quarters since
1887.
Evening star., 1939-06-30
125 Tons of Lead Sold

NEW YORK, June 80 (P.-St.
Joseph Lead Co. reported so tons
of Southeast Missouri pig lead sold
yesterday at $4.70 per 100 pounds
East st. Louis, and IS tons at the
New York average. Beginning to-
morrow the company will suspend
business on Saturdays through July
and August.
Evening star., 1939-06-30
Thompson Is Displaced
As Restaurant Chief
BY the Associated Press.

BY the HSSOClated Press.
CHICAGO, June 30.-Directors of
the John r. Thompson Co., Ma
tional restaurant chain, voted yes
terday to displace John r. Thomp-
son, jr., as president and treasurer
and elected Paul Moore to fill
both positions. Moore has been
executive vice president and general
manager since last October.
Thompson, whose father founded
the company, was elected president
in 1888. The company operates 112
cafeteria type restaurants through
out the Middle West, Eastern and
Southern States.
Evening star., 1939-06-30
Boston Wool Market

BOSTON June 30 tP Omitted States
Department of Agriculture) Only few
today t for wool and those buyers were
eEaking EaSg only moderate quantities of wool.
safes included few lots of good French
combins, length fine territory woods in
orieinal bags at 4-66 cents secured basis.
An occasional lot of country packed bright
thTee-elenths and quarter blood fleece wools
ohered from country points were being
sold at prices ranging mostly 39l5-3OI,
cents in the grease, delivered to Eastern
Evening star., 1939-06-30
|ssociuted Output Gains

NEW YORK, June 80 (SpeciaD -
pr the week ended June %, Asso-
Ated Gas e. Electric System reports
It electric output of 93,248,669 units
ilowatt hours. This is an in
ease of 11,075,673 units or 1875 per
|nt above production of 82,172, 1856
bits for year ago.
Evening star., 1939-06-30
Chicago ond New York
Bank Looms Climb
By the Associated Press.

~ lNE ASBOCIHteu FIeSS.
The Federal Reserve Board re-
Ports that New York City banks in
reased their commercial, industrial
nd agricultural loans $12O0O,OOO to
total of 81 ,384, 600, 900 in the week
nded June %.
Chicago banks increased similar
ans $2,000,OO0 to a total of $780,
DO 900.
Evening star., 1939-06-30
Dividend Is Ordered

WILMINGTON, Del. June 30
'SpeciaD The Board of Directors
OF Hercules Powder Co. declared
regular quarterly dividend of ~
pa rcent on its preferred stock. The
dividend is payable on August Is
to stockholders of record on Au-
gust
Evening star., 1939-06-30
Washington Exchange

SALES.
Capital Traction lst 5s-S1 900 at
9334, $500 at "a, $4,000 at "a.
Mergenthaler Linotype-l0 at 1872,
10 at 1872, 10 at 1872, 10 at 1872,
10 at 1872, 81 at 1872.
Washington Gas Light SIS 1860
$4,000 at 1884,.
Evening star., 1939-06-30

Quotations furnished bv Investment
Bankers Conference. Inc. which states
they do not necessarily reflect actual trans
actions or firm bids or offers but should
indicate approximate prices and unless
otherwise indicated, are as quoted by the
sponsors or issuers,
mot quoted by sponsors or issuers.
Evening star., 1939-06-30
Reserve Banks Cut
Holdings Of Federal
Bonds in Week
Decline of $l3,37S,000
loid to Conditions in
Money Markets

3< the Associated Press.
The Federal Reserve Board an
nounced last night that the IL Fed
eral Reserve Banks had reduced
their holdings of Federal securities
by sl3,378,0OO because of technical
conditions in the money market.
Although the reduction, which
brought the banks investments in
Government securities to S255l,-
100000, was the first in years,
formal board statement said. this
action is in response to technical
conditions in the bill market and
does not represent change in gen.
eral credit policy"
Ordinarily, the banks sell Gov
ernment securities only wher they
want to decrease the amount of
Idle money in Reserve system men,
laer banks by inducing the banks
to buy some of the Government
securities owned by the Reserve
Bank.
In this case, it was explained that
the board was unable to replace its
holdlng of block of maturing 9l-
day treasury bills except at a no.
yield basis. For several weeks, the
Treasury has been selling $780,
10000 worth of 91-day bills on a
discount basis at prices ranging from
s99.979 to Sl00 per $lO0 unit.
Situation Anticipated.
Since these bills do not bear in
crest, the purchaser of a bill at
price of Sl00 gets no compensa-
ion for loaning the Treasury money
or three months.
The situation was anticipated by
he Reserve Boards Open Market
e1mmittee last December when it
6ted over the objections of Chair
nan Mariner S. Eccles, not to re-
place securities when available only
pn such terms.
The weekly Federal Reserve state
nent also showed that the lendable
excess reserves of the II banks in
creased sl0,000,000 to a total of s4,-
40,000000 in the week ended
June %.
The boards statement said:
During the week ended June %
members bank reserve balance in
yeased Sl7000000 Additions to
member bank reserves arose from
Increases of $4,000, 900 in gold stock
md $4,000 900 in Treasury currency
Pnd decreases of $37,OOO,O0O in non
member deposits and other Federal
Reserve accounts and S7,000000 in
Treasury cash, offset in part by IN
Creases of S28000,OOO in money in
circulation, S2l 100000 in Treasury
lAposits with Federal Reserve Banks,
Fnu a decrease of $17,OO0,0OO in
Reserve Bank credit. Excess re-
serves of member banks on June
PS were estimated to be approx
mately s4,240 100000, an increase of
100000 for the week.
Changes Outlined.
The principal change in hold
ngs of bills and securities was
reduction of $13.OO0OOO in United
States Treasury bills and the total
holdings of United States Govern
ment securities"
Changes in member bank reserve
balances and related items during
he week and the year ended June
F6, 1899, were reported as follows:
Evening star., 1939-06-30

.Ex-dividend. b Books closed. stock CALL
ed for redemption September 15. 1889.
gSI4 90 extra paid December 20. 1888.
zoe extra n 81. 80 extra "a 5oc % ,5as 5s,d
vs2.OO paid so far this year. yS5.00
extra.
Evening star., 1939-06-30
Rubber Futures

NEW YORK June 30 lP.-Crude rubber
futures opened unchanged to 6 lower,
July. 16.29-3l; September 1888: Decem-
ber. 16.43-44: March, 1647
Evening star., 1939-06-30
Temple Secretaria|
School Graduates
Hear Dean Kayser
Corporation Counsel
Seal Presents
Diplomas to Class

Corporation Counsel Elwood H.
Seal last night presented diplomas
and certificates to graduates of the
Temple Secretarial School at final
exercises at the Kennedy Warren.
The address of the evening was
by Dean Elmer Louis Kayser of
George Washington University.
Dorothy Weber was given an
award as the honor student for high
scholastic standing in all subjects.
Edith johnson took the prize for
speed typeWriting and Mildred
Brainin the award for shorthand
speed. Miss Johnson and Dorothy
Cook received stenotypy prizes.
Honor graduate in business de-
grees were presented to the follow
ing:
Evening star., 1939-06-30
London Bur Gold

LONDON June 30 Qp-Bar gold. 14ss
silver, 1Sd. up Is. Equivalent, 81 .92 cents.)
Evening star., 1939-06-30
Dollar Is Unchanged
In London TRADING
BY the Associated Press.

LONDON, June 30.-The United
States dollar traded unchanged in
foreign exchange dealings today,
closing 468ls to the pound and cor
responding with sterling in New
York over night.
French francs remained at 176.72
to the pound.
Evening star., 1939-06-30

"A minute item owing to a time dis
erepancy between setting up credits on re-
Eerve bank books for member banks and
Ectual collection on checks behind those
creolts.)
Evening star., 1939-06-30
PARIS, June 30 [R.-The United

FANIS, JuIle 81 tF1.-Ine Unlted
States dollar was quoted 37.7525
francs (2649 cents to the france
in final foreign currency dealings
today and corresponded with a sim
liar franc rate in New York over
night. Exchange on London, 17674.
Three per cent renteS in the
Bourse were 75.40 francs; AIS a."
85.35; AIS 1887, 1880.
Evening star., 1939-06-30
|New Securities
Gain Sharply
Durinq Week
~ tie Associated Press.

BY tie Associated Press.
NEW YORK, June 30.--New Sc
curities offered to the public during
the week ended Thursday totaled
$l23,8l6,292. Poor's Publishing Co.
reported today.
Approximately $4,000, 900 repre-
sented new capital, the. remainder
resulting from refunding operations.
The volume was the fourth largest
for any week this year and was we'll
diversified.
Comparisons follow:
Municipal
Last week. Previous week. Year ago
S39 S02, $50 S14,02S49S $l32I6 O95
Public Utility.
49,300.0O0 26.O73 900
Industrial
"a, 0O0. 900 50.000.00O
Railroad
2,300,000 500 600
Stocks.
7,4l3,542 2.6s0.O0O 1894 900
Total.
Sl23,s16,292 $935sl, ,49s $l5.540 693
Evening star., 1939-06-30
STOCKS

Chevy Chase Club Ist 4i4s 104
Col Country Club 1st 4As 1O3
Ter Ref g. VIII Corp 1st las 1882 -
Evening star., 1939-06-30
Federal Lund Banks

NEW YORK, June 30 tP,.-Federal Land
Bank bonds: -""
Evening star., 1939-06-30
BONDS

PUBLIC UTILITY
Evening star., 1939-06-30
Insurance Stocks

NEW YORK. June 20 tP-Invcstment
Bankers Conference. Inc
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1939-07-27
Smith ". Purdum Dedicates
NelU Rockville POstOf1Ice
Assistant Postmaster General Lauds Employees
COlOrful Parade And Reception Climax Ceremonies

arms of the executive branch of our
government and in closing his most
excellent address, paid high tribute to
the postmasters and postal employees
Of Maryland.
Other speakers on the program in
cluded the Honorable William C.
Walsh, Representative William D.
Byron, Senator George L. Radcliffe
and the Honorable Francis Petrol,
Secretary of State.
Informally protesting the dedication
were two granddaughters of the late
Matthew Fields, Mrs. Elizabeth VIM
satt and Mrs. Genevieve Tschiffley,
both of Washington.
Following the dedication, DR.. and
Mrs. James Alexander Lyon gave a
brilliant reception to the guest mem
bers of the dedication committee and
their friends.
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1939-07-27
Daughters Of America
Install Officers

Installation of officers of the Baker
Council, Daughters of America, was
held at an open meeting in the Da-
mascus High School auditorium, on
Tuesday night. Rites were in charge
of team from a lodge in Baltimore
The following officers were installed:
Junior Past Councillor, Mrs. Albert
Senseney; Associate Jr. Past Council
lor, Mrs. Nettie Leizear; Councillor,
Mrs. Iona Lindsay; Associate Council
lor, Mrs. Ethel Poole; Vice Councillor,
Mrs. Stella Hilton; Associate Vice
Councillor, Winnie Mullinix; Record
ing Secretary, Mrs. Louise Moore; AS
sistant Recording Secretary, Mrs.
Frances Moxley; Financial Secretary,
Mrs. Albert r. Scott; Treasurer,
Mrs. Clifton Stanley; Conductor, Mrs.
Nellie Beall; Warden, Mrs. Bates
Watkins; Inside Sentinel, Mrs. Ster-
ling E. Day; Outside Sentinel, Mrs.
Lucille Wordsworth; Trustee, Mrs. Rose
Watkins; Representative, Mrs. Fay
Duvall; Alternate, Mrs. Frances Scott.
The installed officers and the officers
from the Baltimore lodge were all in
white evening gowns.
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1939-07-27
County Wheat Growers
Receive 1889 Wheat Checks

Ulysses Griffith Nv, treasurer OF
the Montgomery Soil Conservation
Association delivered on Monday and
Tuesday, July "a and 25, checks to
$50 wheat growers of the Associa-
ton to the amount Of $4,000.
The checks represent the price
adjustment of IL cents per bushel
on nearly 100000 bushels of wheat.
The farmers who receive checks
agreed to plant in the fall Of 1888
for 1889 harvest, $40 of their nor
NAL acreage allotment.
About $50 more farmers will re-
ceive checks that have not arrived
yet from Washington.
All farmers are urged to call for
their checks as soon as notified. AS
checks not delivered within 81 days
from date of being received at the
Rockville office must be returned to
Washington.
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1939-07-27
WJSV Constructs
New High Power
Transmitter Nearby
Will Insure Clearer Recep-
tion To Montgomery COun-
tians

With the first and only high power
radio transmitter in the Washington
area under construction, WSJV will
soon be sending it's programs out
over the air from Wheaton, Mont
gonery County. "A - = Z,
According to Clyde M. Hunt, chief
engineer, three towers, $50 feet high,
will be built on the 13 acres recently
purchased from the Bowes family
near Wheaton. Mr.. Hunt states that
with the completion of this new
modern transmitting station. the
radio listeners of Montgomery
County will get exceptionally fine re-
ception of the programs. Prac-
tically the entire 13 acres will be
undermined with miles of copper
wire to insure this.
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1939-07-27
Bill Burrows Rescues
Young Tyler Peter

Fireman, save my child", were the
words Bill Burrows heard over the
telephone the other morning as State
Senator Robert Peter frantically
called. 1t seems that Senator Peter 8
little son Tyler locked himself in the
bathroom and refused to come out.
Senator Peter realizing the serious
ness of the self-incarceration Of his
son Immediately solicited the aid Of
Mr.. Burrows, who is the Chief Engin-
Ger of the Rockville Fire Department.
Mr.. Burrows summoned George Boice
to aid him in the rescue. After look
ing the situation over, Mr. Boice
scaled the back of Senator Peters
house, jimmied the window and liber-
ated young Tyler. In his usual calm
and efficient manner, Chief Burrows
directed the rescue.
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1939-07-27
Staff Officers Promoted
By Capt. Cadington

Recent personnel changes in the
service company, stationed at Silver
Spring were announced by Captain
Ward w. Cadington, Commanding
Officer. With James R. Peacock,
commissioned as second lieutenant,
the following staff officers were pro-
NOTED: Charles w. Shauck, staff SER
geant, promoted to master sergeant,
vice Peacock commissioned; Sergeant
Frank L. Hewitt, Jr., promoted to
staff sergeant; Corporal Charles w.
Getty, promoted to sergeant.
Private first class James E. Cole,
promoted to corporal; Private first
class William E. Hewitt promoted to
corporal.
Captain Cadington viii personally
conduct his unit of 60 to Gainesville.
Va, August 8, where they will camp
during the regimental maneuverings.
Captain Cadington states that the
service company will be in charge Of
transportation, supply and admins
tration of the first Maryland regi-
ment which consists of companies
from every county in the State.