davidaulloa/AmericanStories huggingface dataset:
Evening star., 1939-06-28
Minority Stockholders
Lose Bethlehem Suit

6y tne ASSOCIATED Press.
NEW YORK, June GA $40 OOO.-
900 minority stockholders account
ing suit brought against officers of
Bethlehem Steel Corp, including
Charles M. Schwab, chairman, and
Eugene G. Grace, president, was
dismissed yesterday by State Su-
preme Court Justice Sheintag.
The action asked that the de-
fendant officers be enjoined from
canceling a January, 1880, plan under
which 130 executives and key en-
ployes were enabled to purchase
22l 900 shares of the company's COM
mon stock at 9l60 share.
Under the cancellation, the pur-
chasers were relieved of an obliga-
ton to pay approximately sl6,50O,-
600 balance payments. and were
permitted to return the stock and
received s4004,763 cash already paid,
without interest.
Justice Sheintag held the plan
and its cancellation were not fraud
ulent or illegal, and that the stock
holders had the right to ratify
abandonment of the plan, which
tWo-thirds did.
Plaintiffs, a group of stockholders
headed by Howard w. Lyon, had
held that purchase of necessary
stock in the open market by the
company was unlawful.
Evening star., 1939-06-28
Crude Oil Output
Gains Slightly
During Week
BY the Associated Press.

NEW YORK, June 28.-Daily
average crude oil production in the
United States showed a small gain
during the week ended June "a, the
American Petroleum Institute re-
ports
The daily total was 3,452 300 barrels
compared with 3,447,050 the previ-
Gus week and 3,O83, 900 year ago.
Principal changes during the week
were: Texas, up 4,400 barrels; Okla
homa, up $3.50, and California,
down 10,500.
Indicated runs of crude to stills
declined for the second successive
week as reporting retineries slowed
operations to 843 per cent of ca
pacity from 85.7 per cent the week
before. Estimated daily average
runs were 3,430,O0O barrels, IA per
cent below the previous week, but
9.6 per cent above year ago
Stocks of finished and unfinished
gasoline at ref1neries, terminals, III
transit and in pipe lines were re-
ported by the institute at 81,733 900
barrels. down from 82.657 900 the
week before and 82,054,OO0 a year
ago.
Imports of crude and refined OILS
increased to 1904 900 barrels COM
pared with 1,444,00 the previous
week.
Evening star., 1939-06-28
Business Prospects
For 1910 Declared
Unpromising
Initiation to Support
High Costs Lacking,
Institute Reports
Special Dispatch to The Star.

special Dispatch to The Star.
NEW YORK, June 28-At the
present time, the business outlook
for 1910 Is not promising, according
to the Alexander Hamilton Institute.
"One reason for this is that there is
no indication of the development of
an inflationary movement to sup
port the present high cost of doing
business" the institute finds There
is little prospect that imitation will
be created by expansion of private
credit. In the first place, private
debts are still large and, where large
debts prevail, there is little basis for
obtaining new credit.
In the second place, profits are
small or non-eXiStent at the present
time and there Is no incentive for
business to expand when money can
not be made as the result of doing
so. In the third place, production at
the present time is far below ca
pacity to produce and there is no
necessity for enlarging capacity.
Since there is little hope of in
fation developing as the result of
private credit expansion. the Ger
tain of imitation will depend entirely
on Government deficit-spending. In
view Of the Governments record
during the past year, there is little
prospect that the Government will
be successful in doing much along
this line.
The Government has borrowed a
large amount of money since the
middle of 1888, but the downward
trend of commodity prices during
this period indicates that the trend
has continued toward deflation de-
spite the Governments infationary
meauSreS.
Without imitation next year, there
can be no improvement in the situ-
alton unless the cost of doing busi-
ness is reduced to level in line with
the Debated national income. Since
reduction in costs means a cut in
wage rates, it is questionable whether
much progress will be made along
this line. With the Government
spending a large amount of money
for relief, there is little surplus labor
exerting pressure on the labor mar
ket and the result is that labor is
able to keep wage rates maintained
at high level.
If wage rates could be reduced,
the eventual result would be the So
luton of this countrys economic
problems. This was the method
used by the Nation in emerg-
ing from depressions in the past.
Lower wage rates made possible a
reduction in prices. and lower prices
stimulated the demand. AS a result
of the increased demand, production
expanded until all those who were
unemployed found work. This ex-
pansion in production resulted in
an increase in profits, in shortage
of capacity to produce and conse-
quently in the stimulation of capital
expenditures. The Nation thus re-
turned to a state of prosperity"
Evening star., 1939-06-28
New York Produce

NEW YORK, June 2s R.-Eggs, 1.454.
iIanncS, lS'2-21s4 standards. Is: firsts.
d;r,ts 10; seconds, 15AA; mediums. ii;
etio.ies No l.. 14s4: average checks. 13as:
''ou Mst;, axe pacKed f1rstS. 1854.
% "hiIes; Resale of premium marks, 25I3-
nc, nc IL, Neanrby and Midwestern, premium
exehanpe' SfsS ''3,ta,s5: :, exchange specials 90:
M;dv MnGavier mediums. 2O1a-o4. Nearby and
Mippwestern. exchange mediums. 20.
N.arS' orSp~ns: Nearby extra fancy, 211s-o6
oSgafov 81 ano Midwestern. exchange specials.
nedi,,ne unehange 1EI standards, 1917. Nearby,
Duck eggs: Nearby. 15-17
sner nigner than extra. 23i5-n4A: extra IoS
soo1el; 23A; frsts fsS-91) S1Teo9I.
seconos tS4oS1). 19A-2Oa4 ~ -
Eiheese, 346:394: easier. State who'll.
makes max h1fS. rs held 1s3s 17-19ia; current
w,ptor Flour firm spring patents. 5s5eo: soft
ssraishts Wief sf5a5shtf 5o5htfs 4eos5; hard winter
Rye -four firm: fancy patents. 4 eo-ss
rye spot firm: No. American
cfT rff Mom Nork alr ycarlots, , 64aa No. western
Barley firm: No. Q domestic, elf New
Lard Lard steady: Middle West. $50.
otner articles steady and unchanged
Evening star., 1939-06-28
Increase Is Forecast
In Cotton CONSUMPTION
BY the Associated Press.

BY the Associated Press.
The Bureau of Agricultural Eco
nomics said yesterday that world
consumption Of American cotton
during the marketing year ending
August l was expected to total
11,250,000 bales, compared with
10,900,000 in the previous season.
This consumption figure would
leave, the bureau said, a world
surplus of 14,250,000 bales of Amer
lean cotton when the new crop starts
moving to market in August. This
surplus, of which the Government
holds 100000 bales under price
pegging loans to growers, would be
the largest on record.
The surplus of foreign cotton on
August l was predicted at between
100000 and 8,250,OOO bales, COM
pared with 100000 a year earlier.
The bureau estimated domestic
consumption of American cotton
this season at 6,4OO,000 bales and
foreign consumption at -4,5O0,0O0
bales.
Evening star., 1939-06-28
Exchange Members
Differ Widely on
Saturday Closing
Boord Of Governors
Is Slated to Settle
Issue Lute Today
By the Associated Press.

.
NEW YORK, June 28.-Stock ex-
change circles said today nothing
had created such sharp differences
Of opinion among the membership
in a long time as the problem of
Saturday closings, and possible ex-
tension of trading hours Mondays
through Fridays.
The Board of Governors was slated
to meet after the close of the days
trading session to decide whether
to follow the big New York banks
in ordering Saturday holidays
through July and August.
Longer Hours Proposed.
A number of commission houses,
suffering from dearth of revenues
in the slack trading of the past
several months. were insistent that
if the two-hour Saturday sessions
were discontinued, the trading time
should be made up by extending
the close, from the present pm.
to $3.50 pm. Some favored EXTEND
ing the close to pm.
There was also some talk of open
ing the market earlier than 10 am,
but there appeared to be little en-
thusiasm for that California men,
bers were said to be strongly opposed
to earlier opening, since the 10 am.
opening, Eastern daylight time, is
now 6 am, Pacific standard time.
Some Newspapers Protest.
Eugene Lokey, vice president of
the exchange in charge of public
relations, has received word from
a number of newspapers that max
ing the closing hour later than 3
pm. would seriously disrupt their
edition schedules. Some exchange
circles expressed concern that a
later closing hour might prompt
some newspapers to curtail publi-
cation Of the securities quotations.
In advance of the meeting of the
governors, there was little inclina-
tion in exchange circles to forecast
what their decision might be. Some
thought the meeting might be a
protracted one, in view of the wide
differences of opinion. If it were
decided to close Saturday, some
thought an alteration of trading
hours Mondays through Fridays
would be in prospect, but others
thought the problems imposed might
decide the governors against Satur-
! day closings.
Evening star., 1939-06-28
London Silver Price
Drops Below Level
Of War Scare
Decline of 81 Pence
From Tuesday Quotation
Traced to U. S. Actions
By the Associated Press.

By the Associated Press.
LONDON, June 28.-Spot silver
prices dropped to 18 3-l6 pence an
ounce 1882 cents in the London
market today, decline of q pence
1.57 cents an ounce from Tues
days quotation, to below the price
prevailing in last September's war
scare.
The drop was directly traced to
the unusual silver developments in
the United States within the past
"a hours.
The forward positions in the white
metal fell to 18 pence (3784 cents
an ounce from 18a pence (39.4O
the day before.
A decline to about 18 9-l6 pence
to bring the London price in line
with the 40 cents established yes
terday by the United States Treas
ury had been expected, but the still
lower figure came as a surprise to
metal trade circles.
A delay in buying orders from
India was said in metal circles to
be but one symptom of uncertainty
that pervaded the market. Increas-
ing nervousness was in evidence as
June 80 approached, when the pres
ent monetary powers of the United
States Treasury expire unless Con-
greSs acts meanwhile.
Still another reflection of the
United States Senate action in re-
fusing to renew President Roose-
velt's powers to revalue the Amer
lean dollar was seen in the heavy
demand for gold by those purchas-
ing the yellow metal against dol
lars.
Despite bids for gold equal to a
premium of about l pence over the
shipping parity, buyers were only
able to obtain third of their re-
quirements at fixing time when sales
amounted to G445,000 ($2,083, ,712) I.
The price Of the metal rose q pence
to 14o shillings 6l2 pence (s34.78 per
fine ounce.
Evening star., 1939-06-28
Producers to Speed
Change to New Models
By the Associated Press.

BY tne Associated Press.
NEW YORK, June 2S.-Reports
from Detroit indicate that the un-
usual strength of new car sales
during May and early June will not
materially delay the appearance of
the new models.
1t was expected that a pickup
might influence manufacturers to
prolong production of the old models
instead of changing over to new
cars as early as had been planned.
However, American Machinist re-
ports that Chevrolet plans to shut
down its assembly plants in the
latter part of July and Chrysler
is expected to follow suit around
August l. Ford is understood to
have set August II as the last day
for '39 model assembly.
Evening star., 1939-06-28
Jersey City Livestock

JERSEY CITY. N j.. June % tP-
'united States Department OF Agriculture.
-Cattle. $50 salable; total. $50. Cows
ano bulls fairly active: steady to stronger
Plain cows, 6.25-50: low cutter and cut
yer; 5.0o-6. 90: thin kinds 45O: medium
pulls Pulls 5o-7 %; few 500; cutter and
Vealers and calves. $50 salable; total
.s9. vealers scarce. mostly steady: good
ana choice, l75-pound nearbys. 10 so: odd
erq; 500; Gull and plains 65O-7. 80
HOES. 2lo salable (Jersev City market.
hisu: new YORK aO): total, 2.150 Butcher
pounds 74O. oo~oi
dsn Sheer and lambs, no salable total,
West virginia holdovers. 10 90; throyouts
Evening star., 1939-06-28
Northrop Aircraft, Inc.
Issues New Stock
BY the Associated Press,

BY the Associated Press.
NEW YORK, June 28.-Public
offering was made today of 100000
shares of class "a" common stock
and warrants for the purchase of
10000 additional shares of Northrop
Aircraft, Inc, at $50 per unit of
five shares of stock and one de-
tached warrant. Proceeds will be
used to erect factory at Long
Beach, Calf; provide equipment for
it and for other corporate purposes.
The warrants permit purchase of
stock for the next five years at ST
share or 80 per cent of book
value, whichever is higher.
Evening star., 1939-06-28
Two Utility Issues.

Two public utility companies en-
tered the new capital market to-
day for total of nearly $50OOO, 900
through the sale of bond issues.
A banking group headed by Stone
& Webster & Blodget offered
$27 100000 of Gulf States Utilities
Co. first mortgage and refunding
bonds, series ID" 3l2s, at 1864.
The bonds are due in 1869.
Public offering of an issue of
100000 first mortgage 312s of the
Washington Water Power Co. at
price of los was made by a syndi-
cate headed by White, Weld & Co.
These bonds mature in 1864.
Primary purpose of both issues
was retirement of existing bonds.
Evening star., 1939-06-28
Old Adoqe-New Twist

CLINTON, Iowa (H9.-Dr. Edward
Collins. %, a crime does not pay"
lecturer, found that out when he
was sentenced to go days in Jail on
charge of obtaining money under
false pretenses.
Police arrested Collins after he
had collected 1925 from merchants
and then failed to give his anti
crime lecture.
Evening star., 1939-06-28
Chain Stores Buy
$45,000,000 Worth
OF District Products
Expend About $4,000, 900
In Wages to Residents
Of Washington

In 1887, chain stores all over the
United States purchased an esti-
mated $45O00,000 worth of District
of Columbia manufactured products
according to industry wide survey
results just issued by Institute of
Distribution, Inc, national associ-
alton serving chain stores of various
types.
Chain stores, according to the
survey, also expended about ST.
100000 in wages to District of Co.
lumbia residents who are their en-
ployes; $6,lO00O0 in District of Co.
lumbia rentals, including the rental
value of District properties owned
by chain store companies, and ST.
100000 in the District Of Columbia
for repairs, equipment. heat, light,
and for similar services from local
suppliers.
Sl,800,000 Goes for Advertising.
One million, eight hundred thou
sand dollars was spent by chain
stores in the District of Columbia
for advertising of all types and 81
100000 was expended in the District
by chains in Federal, State and local
taxes.
The survey found that over one
sixth of all the District of Columbia
chain stores are locally owned and
controlled and that the real owners
of the balance are their stockholders,
8,100 of whom reside in the District.
District of Columbia people own
nearly So per cent of the common
and nearly 96 per cent of the pre-
ferred District of Columbia stock
holdings of the representative COM
panies included in the study. Off
GERS and employees of reporting COM
panies were shown to own close to
42 per cent of the common stock
and 4 per cent of the preferred.
Bankers. brokers, ETC., own only "a
of l per cent of the common stock
and only Is of l per cent of the
preferred.
5,102 are Employed.
The survey showed that more than
30 per cent of the net profits of
the 1873 chain store companies go
to their 360,948 stockholders in all
parts of the country, including the
stockholders who reside in the Dis
trict of Clumbia.
Surveyed companies alone employ
5,102 men and women in their Dis
trict stores, headquarters and ware
houses. Store managers average ST.
657 a year in salary, headquarters
employees average $2408 and ware
house employees ST ,483.
Donations to local welfare enter
prises and costs of memberships in
local civic organizations amounted
in the District to $50 per store for
the surveyed year.
Evening star., 1939-06-28
Dollar Registers Gain
In Terms of SterIinu

LONDON, June 20 tP.-The
United States dollar registered a
gain Of 4 of a cent in terms of
sterling today. The unit was quoted
4.68A to the pound in final foreign
exchange dealings and corresponded
with similar sterling rate in New
York overnight.
French francs held at 1869 to
the pound.
Evening star., 1939-06-28
May Auto Financing :
Exceeds Previous Year

The Commerce Department says
the dollar volume of retail financing
of new passenger automobiles in
May was 54.2 per cent higher than
in the same month last year, but
1927 per cent below May, 1896. May
sales also we're 8 per cent higher
than in April.
Evening star., 1939-06-28
May Furniture Orders
Increase 8 Per Cent
By the Associated Press.

By the Associated Press.
CHICAGO, June 28-Furniture
orders booked last month topped
April orders by per cent and May,
1888, by 2 per cent, the National AS
sociation of Furniture Manufacture
ers reported today. Orders for the
first five months this year were II
per cent greater than during the
like 1888 period.
Total production for the first five
months increased 81 per cent over
the corresponding period last year
and pay rolls advanced 20 per cent.
Evening star., 1939-06-28
New York Metal Market

steady: electroytic, spot 10 90 10 "a. per
port, l0.071s. Tin steady: spot and nean-
by 4s;O 90: forward. 1915 Lead steady.
40. Zinc steady: East st. Louis. spot snG
forward, $50, Pig iron alurninum ansi-
mony. quicksilver platinum and Chi 10
wolframite UNCHANGED.
Evening star., 1939-06-28
May Casing Shipments
Gain 9. ! Per Cent
BY the Associated Press,

NEW YORK, June .2S.-Ship-
ments Of pneumatic castings in May
were estimated today by the Rub
ber Manufacturers Association at
4,753, ,403 units, an incre ase of 81 per
cent over April shipments of 1885,
584. May, 1888, shipments aggre-
gated 3,290,968 units.
Production in the month totaled
4,416,072 units, compared with 4,211,-
152 in April and 1852, ,623 in May a
year ago.
Evening star., 1939-06-28
World Prices Decline
In Terms of Gold
By the Associated Press.

NEW YORK, June 28.-The Gen.
eral Motors-Cornen world price in
dex of 40 basic commodities declined
to 81 2 during the week ended June
II from 615 in the preceding week.
The United States index in gold de-
creased point to 62.2.
The index numbers, based on
1910-1914 as 100, follow:
Evening star., 1939-06-28
Silver Futures Open
Weak at Montreal
Nv the Associated Press

fItsS.
MONTREAL, June 28.-Silver flu
lures opened weak today, 1.8O cents
an ounce off. There were no sales
but the bid for June delivery was
1926 cents an ounce.
CIn London the spot price for sill
yer today was l57 cents lower at
1882 cents an ounce)
Evening star., 1939-06-28
Paris Quotations.

PARIS, June % (P.-Final quota
ton for the United States dollar was
37.74 francs (2.650 cents to the france
in foreign exchange trading today
and compared with similar franc
rate in New York overnight. Ex-
change on London, 176.72.
Three per cent rentes In the
Bourse were 76.70 francsa AVS "a"
06.4O; 41zs, 1887, 1885.
Evening star., 1939-06-28
Furniture SuIes Improve

May orders of manufacturers Of
steel Office furniture totaled $780,
024, compared with $1,6l9,2l8 in
April and 1920, ,469 in MaT, 1888,
the Census Bureau reports.s
Evening star., 1939-06-28

Snotations furnished by Investment
Ae they DO Gonferenee ION Inc which states
transactions or firm bids or offers, but
S1o3o Sn9ula indicate approximate prices and
ny the sponsors or issuers
mot quoted by sponsors or issuers.
Evening star., 1939-06-28
London Gold and Silver

LONDON June % OP.-Bar gold 1Ass
6t2d. up u penny. Equivalent S34 rs
Bar silver. 1Sisd, of q. Equivalent
3S.32 cents)
Evening star., 1939-06-28
Investing Companies

NEW YORK. June % Rl.-Investment
Bankers Conference. Inc.
Evening star., 1939-08-08
CoIumnisf Protests
Apology 10 Hoover
BY the Associated Press.

BY the Associated Press.
Drew Pearson, Washington col
umnist, took exception today to a
University of Chicago statement
which called absolutely untrue" q
radio assertion by Mr.. Pearson that
former President Hoover has had
men buying up" Republican dele
cations in the South.
Frederic Woodward, university
vice president, told radio audience
Sunday that Mr.. Pearson had made
the assertion during an extempo-
raneous portion of a university
round table broadcast. The univer-
sity's retraction, he said, was be-
ing given after Mr.. Hoover de-
manded "full approved apology"
Mr.. Pearson's statement today
said Mr.. Hoover made no protest
to me" and added:
II am informed that Mr.. Wood
ward acted without consulting
President Hutchins (of the uni
versity) and also that his state
ment was opposed by others at the
University of Chicago"
The columnist said Mr.. Wood
ward was an old friend of Mr..
Hoover's and declared he stepped
into situation which did not con-
Germ him and regarding which
told the university would take full
responsibility
Evening star., 1939-08-08

week later and said they had
changed their minds and wanted the
baby back again. They were told,
he said, that Mrs. Grover could do
nothing about it. The following day,
he said, Mrs. Grover visited Mrs.
Thorne and explained the, situation
to her. Mrs. Thorne, he asserted,
said she was perfectly happy, but
was afraid of her husband and
had to do what he said"
At this point Mr.. Chamberlain
asked that Mr.. McCormicks remarks
be stricken from the record as preju-
dicial, but Justice Goldsborough re-
sponded that he was not disposed
to suppress anything that will
throw any light on what had hap
pened"
Besides the Thorne family, whose
faces were wreathed in smiles as
they left the courtroom, a number
OF representatives from the Board of
Public Welfare and other social serv-
ice organizations attended the hear
ing, which climaxed several weeks of
litigation on the Thorne case and
the hearing involving the custody
OF 5-year-old Ramona Bayasco- Per-
ma last week.
Evening star., 1939-08-08
Boy, 9, Not Only Pilots Plane,
But Flies 1t by Instrument
Son of Commander of
Naval Air Station Hos
Wish Answered

Sammy Ginder has taken q turn
at plotting = plane, and his pro-
ficiency in that first effort presages
a brilliant career in the air.
The bright s-year-old son of
Comdr. Samuel P. Ginder, COM
manding offlcer Of the Naval Air
Station at Anacostia, had. been
pleading for the chance almost con-
stantly, but his father had been
forced to refuse, being barred by
regulations governing operation of
naval planes.
The opportunity appeared recent
ly however, when a nine-seater,
twin-engined Beechcraft transport
arrived at the station for demonstra-
tions. Comdr Ginder and his son
went up with the demonstrating
pilot.
The two flyers explained to eager
Sammy significance of the instru-
ments-the manufacturer wished to
indicate simplicity of the ships
operation-and the youngster then
was permitted to slip into the pilots
seat. Sammy had learned well. He
was able to maneuver the plane
blind" for 20 minutes at 200 miles
per hour without aid from his father
or the regular pilot.
During the adventure the young
air enthusiast was forced to resort
to the instruments because he was
Evening star., 1939-08-08
Explosion
Continued From First Page)

experiment along to the point where
the danger began and was alone in
the laboratory with DR.. Joseph
Greenberg, faculty assistant. Dr.
Greenberg had his back turned when
he heard an explosion.
He turned to see the student lying
on the floor, broken glass all about
him and flames leaping up from the
table where the chemicals had been.
He summoned help and Mr.. Rabeno-
vets was rushed to the hospital. The
flames were quelled quickly.
Dr. Rice said he believed the shield
which was cracked by the force
OF the explosion-had saved the
student from more serious injury
The professor said that experiments
with the chemical would be stopped.
Diazomethane was described as a
yellow gas, which was being liquified
IN the experiment. It is a highly
inflammable and powerful substance
which causes rare reactions on other
chemicals.