davidaulloa/AmericanStories huggingface dataset:
Evening star., 1940-06-28
Free Pound Drops
81 Gents in Terms
OF Dollar
Recession Follows
Startling Jump Of
26 Cents Yesterday
BY the Associated Press.

BY the Associated Press.
NEW YORK, June 2S.-The free
British pound lost Ga cents today
after yesterdays startling Jump Of
26 cents.
At 3.93la sterling was about 10
cents away from the official rate of
the Bank Of England.
Foreign money dealers said the
recession was due mostly to the
magnitude of the Thursday jump
and that a strong undertone per-
sisted in the market.
The Canadian dollar also dropped
back 11z cents to "a United States
cents. The Swiss franc rose 04 Of
cent to the years top price and
the Swedish currency added .02 Of
a cent, also a new high.
Late rates follow Great Britain
in dollars, others in cents:
ofhcial Canadian Control Board rates
ior United states dollars: Buying 10 per
cent IN Sens i ner cent sa
lars in New York of buying 99l per cent,
selling 900 per cent.
Great Britain. demand unouoted. cables,
3.931a; 60-day unauoted. aO-day unouoted.
Belgium unauoted, Denmark unquoted, Fin
land. 2.05n; France unauoted. Germany,
40. On benevolent. 1899: Greece, 69An;
Hunsary: l7;65n: Italy. 5.05 Netherlands
nnauoted Norway unduoted. PORTUGAL.
Switzerland 22.67: Yueoslavia. 23bn.
Latin America
Argentina. ofncial 2a77; free. 21.s5:
20,15n
Japan: 234s; Hong Kong, 24.74; shans-
hal. $50.
tRates in spot cables unless otherwise
indicatcd.) n Nominal
Evening star., 1940-06-28
Chicago Livestock

CHICAGO. June % Up (U. s. Dept. AgrD .
.-Salable hogs, 1000; total $4,000; $50
10. down faily active. 1915 uD; top 10
higher than ,Thursday,s average: less ac-
orally 10 up; packing sows steady to 10
lbs, 5.50-70: 2S0-300-lb. butchers mostly
$3.50: heavier butchers downward to
So: light. smooth sows, 4 30. bulk good
56o-5o0-lb. weights, 4,30-75; big weights,
s.25 downward.
salable cattle, 1000: calves. 300: gen.
eral market active and mostly 1918
higher; all killing classes closing at weeks
hirh time: steers fully 15 higher than
early week; instances more; clearance to-
gay very complete: both large and small
BUYERS connecting for numbers; no strictly
choice steers here; good to choice weRhty
lots; s.a5,1o o,40; best heifers, $50; several
loads 965 and 975, grassy light kinds
down to $50 these very common; few
helferS selling at 80 and very few
steers under 900; stock cattle steady.
scarce: most vearllng stocks, $3.50 rs:
cnoice xmas to 1000 and better; and
choice stock calves. 100; also good clear
ing at 550-6.25; heavy bulls below trade
requirements: Weighty SAUSAGE offerings
40: vealers firm and / 0 90 down
Salable sheep. 1000: total. $500: to-
Gays trade very active on meager supply
here all available classes strong; few
to city butchers: practical top to packers,
II Is: some light kinds and throwouts
90Q-10 25; load 13-lb. shorn old crop
lambs S;25. with few head out at 7 90;
ioad lisht weight Texas 2-year-olds. $50
weisht native ewes. a75-a7I5: I others hs Han5S a59
down.
Evening star., 1940-06-28
Carriers Already Feel
Effects Of Vast
Arms Program
Jump in Steel Rote
Boosts Ore, Coal
And Coke Loodines
By PAUL d. GESNER.
Associated Press Business Writer

NEW YORK, June 28.-Railroads
serving the industrial centers of the
North and East have tasted a sample
of what big-time armament spend
ing in the United States may mean
in way Of freight earnings.
The most striking gains in freight
loadings lately show up in the move
ment of ore, COAL coke and other
categories rejecting the recent up
swing in heavy industry, notably
steel.
Traffic in these lines is running
at the highest level since 1887. Rail-
men look for further expansion if
heavy industry holds the uptrend
The main force of United States
arms spending in industry, traffic
circles note, remains to be felt in
steel and other lines.
The talk in some financial circles
that England and Germany may
come to peace terms raised doubt
over the continuation of British arms
buying here, but Uncle Sans ap-
preparations for defense far out
weigh the overseas business.
Equipment Purchased.
A wave Of equipment buying by
major railroads is taken in financial
quarters as another indication the
carriers are getting into shape for
buster days, when heavy industry
KnJlpkInS n tho tnck of re
America.
With carloadings above the 100000
weekly mark and the usual seasonal
peak in traffic still months away,
carrier executives apparently figure
extra equipment will come in handy.
Ordinarily railroad purchasing
agents wait until late in the year
to place orders for rolling equip
ment. The present move to make an
early start appears to be influenced
by the assumption defense needs
may preoccupy industrial capacity
later on, as well as expectation Of
sufficient business to warrant more
locomotives and freight cars.
1t is the second wave of equip
ment buying since the war began.
The first came at the outset of the
conflict last autumn. Then the
prime motive seemed to be the urge
to buy as precaution against war
time increase in costs.
Earnings Expand.
Unlike the carriers experiences in
1896 and 1887, when operating costs
were climbing, mounting traffic in
recent weeks has meant a progress
slve gain in net earnings
Glass l railroads as a whole, COM
prising most of the industry, were
estimated to have earned charges
with small margin to spare In May,
contrasted with a loss Of s18.594, 900
in May last year and loss of $25. .277,-
900 in May. 1888.
The industry, rail experts Judge,
has made a good start toward turn
ing in for 1910 the best showing on
the earnings end since 1880, assum-
ing heavy loadings like coal, coke
and metals fulfill the promise held
out by the current trends. 7
The resulting improvements in the
cash position of many roads, rail
circles say, partly explains the will
ingness to spend for new equipment.
Evening star., 1940-06-28
Railroads Reveal
Sharp Increase
In Net Incomes
Five Months Results
Far Ahead of Same
Period Lost Year
BY the Associated Press.

Glass one railroads in the United
States had a net operating income
Of s196,0O6, ,801 In the first five
months Of 1910, compared with
S126,456,43 in the same period of
1889 and s3ol, 1927 in the CORE
spending 1880 period.
In reporting these figures today
the Association of American Rail-
roads said the return during the
first five months of this year was
at an annual rate of 2.33 per cent
on the railroads property invest
ment. This compared with is per
cent for the first five months last
year and 3.5l per cent for the
same period in 1880.
Gross operating revenues totaled
81 $50, ,783,827 in the first five
months this year. compared with
81 .482 500 ,82l for the same period OF
1889 and s2,218,877 ,12S for the same
period of 1880.
Evening star., 1940-06-28
Exports of Chemical
Products Increase
BY the Associated Press.

BY the ASSoClated Press.
Exports of chemical products. the
Commerce Department said, reached
a new monthly high for the year in
May, when shipments totaled s22.-
00O, 900. compared with SIS, $50 900 In
April and $14,66O 900 in May, 1899.
Nearly every important type of
chemical shared in the increase and
Latin America was one of the i'm
portant regions increasing pur-
chases
Evening star., 1940-06-28
Auto DeaIersFac
Big Problems as
Inventories Soar
Stocks of New and Used
Cars Advance to
High Levels
DOLLARS
pEH RlAke
BY DAVID J. WILKIE,
Associated Press business Writer.

DETROIT, June 26.-The prob
lens of the motorcar industry will
fall more heavily than usual upon
the retailing division during the
coming three months as rapidly
changing world events make it more
difhcult-if not wholly impossible
for the trade authorities to predict
whether the cleaning up Of current
new and used car stocks will be on
usual or abnormal scales.
The National Automobile Deal
ers' Association is urging all car
merchandisers to evaluate prospects
on a basis of day to day changes"
and to try to gear operations to
permit the utmost f1exibility. The
trade publication points out that
six facts are definitely known in
the present situation and lists them
as follows:
New ca inventories are higher
than ever before; used car inven-
tories are at high peak; likewise
new and used car and truck sales
have been keeping pace, so that
ratios are not out of balance at
this time; May sales indicate a
tapering off in demand; production
lines are maintaining their GUS
tomary pace; current inventories
are sufficient for six or seven weeks
supply at the present rate of de-
mand"
In the light of these facts the
dealers association Bulletin says:
Every dealer should determine his
own position as of today and use
his best judgment concerning i'm
mediate future needs"
The Retailers Association is con-
cerned in the present situation over
what it terms wild trading re-
sulting in "profitless sales" AS
serting that only limited number
of automobile dealers possess "either
the necessary finances or merchan-
dising "acumen to operate success
fully under the highly specialized
technique of volume selling" the
publication says:
"Tt has been proved time and
again that when wild trading for
volume begins, others follow, with
the result that the first volume trad
ers are back in direct competition
with the mass of dealers and quickly
lose any temporary advantage"
Stanley H. Horner, president of
the N. A. D. A, in a message to the
association membership said:
There never was a time when
it was more necessary for automo-
bile dealers to unite and explore
in a determined way the avenues
that can stop the self-destroying
competition among themselves"
Evening star., 1940-06-28
Eastern Cos & Fuel
Reports Higher Net
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, June 28.-Eastern
Gas 81 Fuel Associates, a Koppers
affiliate, reports for the IL months
ended May 81, total consolidated in
come of $11,236,639 available for
Federal Taxes. depreciation and de-
pletion reserves, interest and divi-
dends.
This represents an increase of
$3,l93,4T compared with the same
period for 1889. After all charges
the net income available for divi-
dends exclusive of intercompany
proflts) amounts to 2,787, ,682. This
is equal to s1131 per share of cumu-
lative AZ per cent prior preference
stock.
Evening star., 1940-06-28
Auto Production
Says to $3.50
Units in Week
BY the Associated Press.

~ ti'e AksOCi4tc0 FLeSt.
DETROIT, June 2S.--Ward's auto
motive reports in its weekly survey
OF automobile plant activity today
estimated that car and truck as
semblies this week would total 81, $50.
Assemblies last week numbered 80,
060; a year ago this week they
totaled 70,663.
The tendency. toward lighter
schedules, the survey said, will be
accentuated next week when the
July Fourth holiday will result in
most plants operating on three-day
schedules.
Retail sales, meanwhile" it
added, "are reported stronger in the
belief that higher prices will be
seen next fall"
Evening star., 1940-06-28
Foreign Markets

ket today interpreted bullishiy the Wen-
dell Willkie nomination rs United States
President: Industrial shares paced the
rally with sharp gains and most quota
tions closed at the days tops.
Covering purchases and institutional
demand provided power for the rise Do
and substantial % support developed for P0Mss oils.
Kafirs followed the main trend Gilt
edged issues moved irregularly in mar
row range.
INTERCOLLEGIATE futures closed 9
points lower to higher today. Liaui-
dation and transferring from the spot
month forward weakened nearby deliveries.
Evening star., 1940-06-28
Dividend Is Ordered

NEW YORK, June % (SpeciaD -
Directors of Union Bag e. Paper
Corp. have declared a dividend of
Is cents per share on the capital
stock, payable July IL to stockhold-
ers of record at the close of business
July 8.
Evening star., 1940-06-28
Washington Exchange

SALES.
Capital Traction 1st 5s-$1 900 at
100; $500 at 100.
Washington Gas Light pfd-5 at
l03.
Washington Railway &Electric SIS
$1,000 at 10714.
Capital Traction 1st 5s-S5O0 at
100H.
Evening star., 1940-06-28
Excess Bank Reserves
Jump 80 Millions
To New Record
Continued Increase
Due Primarily to
Gold Purchases ,

5y the Associated Press.
Lendable excess reserves of banks
increased $4,000 900 to a new record
high of $1,000, 100000 in the week
ended June 26.
The Federal Reserve Board said
the increase was due primarily to
Treasury gold purchases.
The boards statement said:
During the week ended June 26
member bank reserve balances in
creased $11,000,00O. Additions to
member bank reserves arose from
an increase of 100000 in gold
stock and a decrease of S13,000,00
in Treasury cash, Offset, in part, by
a decrease of $4,000 600 in reserve
bank credit and increases Of $39,-
100000 in money in circulation, $3,-
100000 in Treasury deposits with
Federal Reserve banks and $41,000,-
900 in member deposits and
other Federal Reserve accounts. Ex-
cess reserves of member banks on
June 26 were estimated to be ap-
proximately s6,SoO,OOO 900, an in
crease of $4,000, 900 for the week"
Chanses in member bank reserve balances
ana related items during the week and the
follows:
June 90, June 10. June 2s,
194o;, 1910. 1899.
,,,, .,., In millions Of dollars.l
z
Evening star., 1940-06-28
Stock Seat Price
Boosted $4,000
To $4,000
By the Associated Press.

NEW YORK, June 28.-Arrange-
ments for selling seat on the New
York Stock Exchange for 10000
were announced today. The price
was 5000 more than the last sale.
The years low for an exchange seat
and the lowest in more than two
decades was $4,000, June 13. The
high was $4,000, January 18.
Evening star., 1940-06-28
Security Offerings
AT Highest Levels
In Nine Weeks
Corporate Financing
Raises Volume to
S94, ,999, 900 Mark
By the Associated Press.

by Ine ASSOCldteQ FreSS.
NEW YORK, June 28.-Public Of
ferings of new securities during the
week ended yesterday totaled s94,-
999, 900, the largest volume in nine
weeks, Poor's Publishing Co. re-
ported today.
Responsible for putting the capi-
tai market back into high gear,
analysis showed, was a substantial
volume of corporate financing.
Most of the issues were for the
purpose of refunding existing obli-
cations, however only per cent
representing new money.
Comparison of the weeks flnanc-
ing follows:
Evening star., 1940-06-28
London Tin Prices

LONDON. June IS 1P.-Tin barely
sueady. Spot. f257 bid. f257 IS asked:
futures. 1853 IS bid, $3.50 los asked.
Evening star., 1940-06-28

ALSO eXCrA OF extras.
Quotations furnished by National Asso-
citation OF Securities Dealers Inc. which
states they do not necessarily reflect actual
transactlons or hrm bids or offers, but
should indicate approximate prices.
Evening star., 1940-06-28

London Bar Silver
s1ssd. F ofi il. jung sEquivalent ss'sa SCENTS cents
based on dollar at S4.05.l Bar gold, 1885,
unchanRed Equivalent S33. 3.S6.)
Evening star., 1940-06-28
PUBLIC UTILITY.

sEx dividend.
e2% extra g $14.O0 extra paid December
%. 1889. { zoe extra, N 81 so extra.
paid in 1889. t5Oc paid December 90,
1899. 81 90 extra paid January, 1910
Evening star., 1940-06-28
Insurance Stocks

NEW YORK. June 2S 0P.-National A.
ISOLATION Securities Dealers. Inc
Evening star., 1940-06-28
u. S. Treasury Notes

NEW YORK, June % H..-Prices quoted
in dollars and thirty-seconds:
Evening star., 1940-06-28
Short Securities

(Reported by Smith. Barney e. CO..
Evening star., 1940-08-25
Copper and Lead Boosts
Spur Metal Markets
By the Associated Press.

6y INC hSSoSidteu
NEW YORK. Aug. 24-Increased
activity in nonferrous metal mar
kets accompanied price advances in
copper and lead this week.
The gap between the smelter price
Of 107s cents pound for copper
and the producer base of IL cents
was closed when smelters raised
their quotation Il cent Buyers
acted Immediately and sales in mid
week totaled the highest since early
June. The furry subsided at the
week end. however.
While the price undertone in cop
per was firm, observers pointed out,
producers had adequate supplies
and, unless consumers started q
broad move to cover their needs
we'll in advance, the market was in
good condition to take care of pres
ent demand.
Export copper remained around
$50 cents pound. Japanese inter-
ests were again the most active buy
ers, taking metal estimated at sew
eral thousand tons.
Lead was lifted Is points to 40
cents a pound in a move as sur
prising to dealers as was the 10
point cut two weeks earlier. The
advance appeared to prod demand,
which also might have been in
fluenced by July statistics showing
the smallest supplies available in
many months. Less than q months
supply was on hand at the present
rate Of consumption.
Zinc was fairly active at $50 cents
. pound. Shipments expanded con-
siderably over ty weeks ago.
Evening star., 1940-08-25
JULY,
SEVEN MONTHS.
Real Estate Activity Rises.

Real Estate Activity Rises.
Real estate activity in the Dis
trict Of Columbia during July and
the first seven months of the year
advanced sharply over a year ago,
Charles Rush, executive secretary of
the Washington Real Estate Board
reported.
Deed registrations. representing
property transfers during the month,
climbed to 1920, highest point for
any July in more than IL years.
They compared with 1.2l4 in the
previous month and 937 in July,
1899.
The seven months deed total
reached 7,540 highest for the period
since 1887, and we'll above 6,928 for
the 1889 period.
Foreclosures in July totaled 32
compared with rs in the preceding
month and equaled the all-tiime low
for the month set in July, 1899
Foreclosures In the seven months
sank to only 1873, new low record
for the period, and compared with
229 year ago.
Deeds of trust. or property liens,
during July numbered 1910, with a
valuation of 1851 800, against
1,249 and SO 9,435 $50 in the preceding
month. and 1.124 and $1,000, ,269 in
July. 1899. The number was the
largest for any July since 1929 and
the valuation was the largest for
the month since 1880.
For the seven months. deeds of
trust numbered 8,l28 with a valua-
ton of S6o, ,052 OBS, against 1887 and
$50, ,744,6 a year ago The number
was the highest for the period since
1929, while the valuation was the
highest since 1880.
Deeds, foreclosures and deeds Of
trust in the District during July
and the first seven months Of various
years follow:
Evening star., 1940-08-25
Furniture Sales Stage
Recovery 10 1887 Marks
BY the Associated Press.


CHICAGO, Aug. 24.-With retail
furniture sales climbing back to 1887
levels, merchants today sounded a
distinct note of optimism concern
ing the outlook for the remainder
of 1910.
According to their trade organ
ization, the National Retail Fur
niture Association, July sales were
13 per cent better than a year ago,
while business for the first seven
months showed a gain of II per
cent. This business, the association
indicated. is comparable with 1887
levels. the best year since the turn
of the decade, but in 1887 volume
was less than 65 per cent of the
1929 high.
At the same time furniture manu-
facturers reported SIS per cent in
crease in July orders over those of
June and 81 per cent gain compared
with the same month a year ago,
according to private accountants.
For the seven months ended July 81
orders were per cent more than
for the like 1899 period. July gains
were attributed chiefly to the fact
that the summer markets of 1899
fell largely in June, whereas those
of 1910 were in July.
July shipments of furniture were
IA per cent above June levels and 8
per cent above July, 1889, levels. For
the seven months ended July 81
they ran 13 per cent ahead Of the
like 1899 period.
Evening star., 1940-08-25
Currency Ruling Brings
Short Furry in Pound
By the Associated Press.

By the Associated Press.
NEW YORK, Aug. 24.-Great Brit
ain pulled in another notch on her
money belt this week with the rul-
ing English currency could not be
imported after August n.
The restriction, said the British
Treasury, was made on the ground
that considerable amounts of ster-
ling fell into German hands in
France and other German-occupied
countries.
To prevent the Nazis from capi-
talilng on such money (by convert
ing it into United States dollars,
for instance) Great Britain embar-
coed Its own currency.
Immediate reaction to the ruling
was to send the price down to nearly
50 from $3.50. When holders learned,
however, that they had until Aug
ust 81 to dispose of their holdings
the loss was quickly recovered.
Money dealers reported the fast
est trade in some Is years. As much
as $4,000 to 100000 changed hands
in a single day.
London pointed out the new rule
would have no effect on the price Of
sterling in world markets.
Sterling notes are comparable to
United States bills Of 81. IS or $40.
Oficial sterling is primarily a
bookkeeping money transferred by
check or cable.
Free sterling. meanwhile, which
like oficial sterling is bookkeeping
money, inched up during the week
to the ofncial range established by
the bank of England as a war meas
ure.
Evening star., 1940-08-25
Cotton Futures Up
| 10 ; Points in
Light Dealings
Market Is Affected
By Scattered Orders
On Either Side
By the Associated Press.

by tne hssOClhleu fIess.
NEW YORK, Aug. 24.-Cotton fu-
lures gained l to 3 points today.
Foreign sellers relaxed the strong
pressure which helped depress the
list Friday Hedge selling came
through only in dirblets and was
easily absorbed by short covering
purchases.
The price trend was in doubt sew
eral times because the market proved
susceptible to scattered orders on
either side. A steady undertone per-
sisted, however. Some observers as
sociated it with the midweek buying
furry in textiles, expected in turn
to force mills into the market to
cover their needs.
Aggressive support on the other
hand, was tempered by the belief
an increase in hedging was immi-
nent. Analysts based this theory on
the fact the new crop of cotton is
weeks late in many sections. Move
ment to market is under way. When
this reaches large proportions, hedge
placements were expected to follow.
Weather reports were regarded
favorably on the whole, but seemed
to exert little influence on prices.
Three bales only LETT port for for
eign destinations on Friday, bring
ing the seasons total to Al ,057 bales.
Port receipts, 1868; port stocks,
2.523.866.
Evening star., 1940-08-25
Metropolitan Home Building Sets Records
As Activity Jumps in Nearby Sections
Residential Volume
Of$7,582, ,48l Provides
z, l67 Units in July
By DONALD b. HADLEY.

Residential construction in the
Washington Metropolitan Area dur
ing July and the first seven months
of this year broke an records for
those periods, a report from the
Bureau of Labor Statistics revealed
last night.
Paced by a sensational squirt in
adjoining Maryland and Virginia
sections, metropolitan home build
ing for the latest month also was
at the highest point for the year
to date.
July permits for new homes were
valued at 1882 ,481 and provided
for 2,l67 families, compared with
S4,908,l26 and 1,07l families in the
preceding month and s3,452,157 and
872 families in July, 1889.
For the first seven months of this
year residential permits were valued
at S34 1855, ,695 and provided for 5000
families, against s31,859, ,408 and
1868 families in the same period last
year.
Total public and private construc-
ton In the area during July also set
a new record for the month and
for the year to date 1t climbed to
sl2,825 1927, we'll ahead of $8,753,83l
in the preceding month and above
Sill .705 1886 in July, 1899.
Due to lag in non-residential
projects and additions, alterations
and repairs, the grand total of
S63 3,358,767 for the seven months
was behind $73,694,419 for the same
period last year, when a number of
large Government contracts were
included.
Busy Fall Expected.
With the defense program assur-
ing additional Government projects
IN coming months, along with
further increases in population and
pay rolls. the building gains over a
year ago are expected to be MAIN
tained for the remainder of 1910.
The latest monthly figures bring
the public and private construction
total in the area since the start of
1885 to the amazing mark of $780,
412 .440, of which $244 800 900 repre-
sents residential building providing
for 59,70l families.
Public and private construction
totals, residential building and fami-
lies provided for in July and the
seven months of various years fol-
low: