davidaulloa/AmericanStories huggingface dataset:
The people's voice. [volume] (Helena, Mont.) 1939-1969, 1940-01-03
Explanation Of Figures in Statement
BY PETER EGAN
Chief Accountant

Last year we included in the Farm
ers Union Herald statistical informa-
ton showing the accumulated results
of the companies affiliated with the
Farmers Union Central Exchange
from the time they were incorporated,
up to and including the fiscal year
1897. This year we have included
several companies that were not in
the previous years analysis and have
included the 1888 results of operation,
so that the figures now include re-
suits of the operation of the COM
panies from their organization up to
and including the fiscal year ending
in 1888.
We do not have the results of all
companies purchasing from the Farm
ers Union Central Exchange but we
do have very large percentage. We
list below the percentage of stock in
the Farmers Union Central Exchange
outstanding in their respective states
and held by the companies included
The people's voice. [volume] (Helena, Mont.) 1939-1969, 1940-01-03

| peacetime conditions there is no ap
parent force to create such a demand
| On the contrary it is evident that
as soon as manufacturers have re
plenished their supplies of raw mate
rials, merchants have replaced the
stocks bought up under the first out
burst of war hysteria, demand will fall
off sharply and the index of business
activity will plunge downward at least
as rapidly as it rose between August
and id-September
Consumption and real investment
must be increased from their present
levels in order to maintain and in
crease the present high rate of pro-
duction," Secretary Hopkins writes.
Only widespread activity on war
fronts will provide such stimulus
and even that possibility is limited
by the willingness and ability of Lon
on-Paris-Tokyo to buy and pay cash
in u S. markets.
Election years are usually marked
by hesitancy in the business world.
War will add uncertainty to hesitancy
in 1910. There is no indication that
the railroads, power companies and
other big enterprises will order un-
usual amounts of equipment in 1910;
there is no indication that building
activity will increase notably. The
contrary seems to be true.
Increased money incomes of farm
ers and wage workers will in all like
lihood be Cancelled by the rise in liv-
ing costs. <Even II a price-profit
economy could build prosperity upon
war-destruction, the outlook for 1910
would still be hazy.
AS things stand, business activity
should level off and decline early in
the New Year, rounding out another
short, sharp business cycle like that
of 1936-1938. Such development
would leave the country in a new
depression era by midsummer.
Will such catastrophe constitute
the kind of a crisis which alone, ac-
cording to Attorney General Frank
Murphy, will lead Mr.. Roosevelt to
accept third cup of coffee?
The people's voice. [volume] (Helena, Mont.) 1939-1969, 1940-01-03
Young Montana
Musicians Nav
Join StOkowski

Word received from the Washington
offices of National Youth Administra.
tor Aubrey Williams indicates that
109 young musicians who are to make
up Leopold Stokowsks all-American
youth orchestra, to be organized this
winter for goodwill tour of South
and Central America, will be recruited
through the state offices of the Ma
tional Youth Administration, ]. B.
Love, state youth administrator. an
nounced today.
| This arrangement was announced
following conference between Mr..
Williams and the noted orchestra
leader
| The 81 state offices of the NYA are
being directed to receive and pass on
preliminary applications of accom-
plished young musicians, Mr.. Love
said. Both NYA workers and non
NYA young people under rs will be
eligible. Experience and some indica-
tion of high ability will be primary
requirements. The tryouts will be
open to all young people, irrespective
OF sex, color, or race. Applications
will be received up to February /.
The tour of South and Central
America is being planned with the CO.
operation Of the Pan-American Union,
and Mr.. Stokowski has said that
special ship may be chartered for the
trip.
Arrangements will be made with
outstanding musicians in Montana to
counsel and assist in the preliminary
wedding out process which will elimi-
nate all but the best available young
musicians In the state, Mr.. Love said.
There will be no quota by states.
Preliminary regional additions will
be arranged by Mr.. Stokowski and the
NYA In six or eight central cities il
enough satisfactory applications are
received. These additions will prob
ably be held during February and
March. Mr.. Stokowski plans to ar
range transportation to New York or
some other central point for those
who are recommended for the final
addition. Those finally selected for
the all-American orchestra will be
paid at regular rates for such work.
A statement from Aubrey Williams
accompanying the announcement said
in part, This is worthy and pa
triotic enterprise. | am hopeful that
selecting these youth through our
state offices all over the country will
extend this wonderful opportunity
equally to all of our talented young
and develop a musical
group that will represent the very
best of its kind that can be Assem-
bled."
The people's voice. [volume] (Helena, Mont.) 1939-1969, 1940-01-03
new DEPRESSION
UNLESS Demand
GAINS SHARPLY
BY SCOTT NEARING
Federated Press)

Once a year economists assemble
their facts, summon up their courage
take long pull on their imaginations
and look into the next II months
The outlook for 1910 is far from clear
Contradictory economic forces are
confused by war. The result is diff
cult to foresee.
Several specialized lines will enjoy
a prosperous New Year. Munition
manufacturing, airplane production
the chemical industries, truck manu-
featuring and other industries whose
product is III active demand on the
war fronts will continue at capacity.
The sum total of such industries, how
ever, is only tiny fraction of the
whole U. S. economy.
Beyond these widely accepted as
sumptions, which are based ON the
overwhelming probability that war
will continue at one or more points
through 1910, the future is an econom-
ic gamble. Continuance of drouth
conditions in the U. S. will lower the
production and raise the prices of
wheat and perhaps other cereals and
meats, thus adding to the total farm
income Steady work in lines direct
ly influenced by war demand have al
ready stepped up the income of wage
workers. But wage raises have in
many cases been offset by the rising
cost of living.
Between August and December 1889
there was a 2096 increase in produc-
tion Will this increase continue
Not unless there is a considerable
growth of consumption based upon an
expansion of buying power.
cat the present time," writes Sec
rotary of Commerce Harry Hopkins
in his business survey, "our rate of
production of economic goods is not
balanced by correspondingly high
rate of utilization of these goods"
There is the kernel of the problem.
The vast productive power of the U.
S. cannot be fully utilized unless there
is an immense increase in demand
from the buyers of machinery and
the users of consumer goods. Under
The people's voice. [volume] (Helena, Mont.) 1939-1969, 1940-01-03
PRODUCTION CREDIT
LOANS AVERAGE $1,000

Since organization of the production
credit system in 1888 and early 1884,
the production credit associations have
made over 1,250,O00 loans for approx
mately $500, 900. On June 80
this year the 532 associations had
100000 Glass B stockholders who had
an Investment of approximately $751;
100000 in stock, while the reserves
and undivided profits of the associa-
lions amounted to s13,0OO000. Losses
to date have amounted to less than
one-half of l percent.
The people's voice. [volume] (Helena, Mont.) 1939-1969, 1940-01-03

The companies included in the anal
ysis hold $685. of the stock out
standing in the Central Exchange
which would mean that the figures
represent approximately 900 of the
business done by companies making
purchases through the Central Elk
change. To be conservative, you
could increase the totals 1919 and be
very close to the actual facts for all
of the companies.
On the basis of the figures ac-
cumulated, retail sales totaling $780,
95,81624 have been made by the COM
panies included in the survey. The
net income on such sales amounted
to S3,880,924.70. We show opposite
the amounts by states the percentage
of net income for each state. The
combined net income is 1850 of the
total sales. This means that out of
The people's voice. [volume] (Helena, Mont.) 1939-1969, 1940-01-03
COOPERATIVE SHOWS
BIG SAVINGS

Sales of the Mitchell County (Kan.)
Farmers Union Cooperative Associa-
ton for the year ended May 81, 1889,
totaled $863,749, on which the gross
saving was $74,563. Expenses, includ-
ing depreciation and bonuses to en-
ployees, amounted to $47,198, leaving
a net saving of $27,364.
The people's voice. [volume] (Helena, Mont.) 1939-1969, 1940-01-03

Petroleum Corp. In a demand for un-
ion conditions. The company, which
produces DIX gasoline and Diamond
760 motor oil, has conducted strike
breaking campaign almost unparal-
leled in modern labor history.
NEW YORK.-Effective February s..
$4,000 American Wooden Co. employees
will receive wage increases ranging
from 79o to 1917 as result of negoti-
ations between the Textile Workers
Union (CIO) and the company
The people's voice. [volume] (Helena, Mont.) 1939-1969, 1940-01-03
F. C. A. Has
New Movie

1.-THE Land-To Have and To Hold
is the title Of new sound motion
picture just released by the Farm
Credit Administration telling of the
development of the need for long-term
farm mortgage credit-the conception
Of a cooperative system to fill the
need-and the establishment and ac-
complishments Of such system The
picture also shows how the co-opera-
tive mortgage credit system of ma
tional farm loan associations and land
banks work in the everyday lives of
John and Mary Farmer who are typical
OF the 100000 members now using
their own credit system to achieve
their goal of owning debt-free farms.
This sound film is available in both
16 and 35mm sizes. 1t may be bor-
rowed from the Motion Picture Divi-
sion of the U. s. Department of Agri-
culture or the Department OF Interior.
The people's voice. [volume] (Helena, Mont.) 1939-1969, 1940-01-03

5 Union Companies to Che Close of 1888
The Wilmington morning star., 1940-08-02
RAILROAD ISSUES
CLIMB IN MARKET
Selected Foreign Dollar Obi
cations Also Mark Up
Worthwhile Gains

NEW YORK, Aug. 1-CP-Medl'
UNI priced railroad bonds and select
ed foreign dollar obligations attract.
ed enough buying in today's market
to push ahead fractions to a point
or more but the general list was
narrow and mixed.
Announcement that the Norwegian
government would take care of in
terest and sinking fund require
ments on two of it's outstanding dol
lar loans found quick response IN
all the bonds of that country listed
on the exchange. The IS ended up
5 IL at 40, the 4 lbs added 3 at ~
and the As went up 8 3-S to 40 IL.
, Other foreign loans up fractions
to a point or so included Rome
6 LIS, New South Wales IS and
Monteveideo Is. Backward were
Copenhagen IS and Uruguay 8 GAS
Domesti cissues moving ahead fol
small gains included Boston & Maine
IS at Is 5-S, Allegheny Stamped 5s
at Al, American Telephone 3 las al
1O8 SIS, Armour 4s at 101 IA, Kansas
City Southern IS at 81 Is anc
Northern Pacific As at 6S IL.
The Wilmington morning star., 1940-08-02
10 Low Yield Bonds
LIVESTOCK

CHICAGO, Aug. 1.-R-The hog
top rose today to $6.65 on a 10 tc
20 cent advance. AL classes of cat
tie were higher under continued
short receipts. Spring lambs scored
a IS to rs cents advance.
Hog receipts totaled $1,000 with
1000 direct to packers. Shippers
took 1000 and 1000 were held over.
Best wholesale pork loins shared
in the advance, prices being lifted
to 16 cents a pound.
Killing classes of all fed cattle
were Is to Is cents up. Clearance
was good on the early round or
steers and yearlings of value tc
sell at $3.50 and upwards and heif-
ers turning at $500 and better,
Choice to prime 1910 pound steers
topped at $11.08.
(U. S. Dept. Ayr. )Sa1able hogs
8 1000; total $1,000; active. Genera!
ly 10 to 20 higher than Wednesdays
average; 24O to 27o lbs. largely
6.10 to so; most 270 to 300 lbs.
SIS to $40; 300 to $50 Id. averages
$50. toss; most packing sows 33(
lbs. down 5.35 t o so; $50 to 500 lbs,
generally 4.4O to 5.35; shippers took
1000; followers 1000.
Salable cattle $500; calves 800;
killing classes all fed cattle IS te
Is higher: active atadvance; clear
ance good on early round on steers
and yearlings of value to sell al
$50 upwards and heifers turning
at 800 and better; choice to prime
1910 lb. steers topped at 1l.S5;
next highest price ITO; severa!
loads 1915 to 11.25; 965 Id. year
lings at outside price; trade little
better than steady however on
grassy and short fed steers: these
selling at 1.5O up to 900: all fed
time; but grassy kind not much
changed; stockers dull; best fed
heifers 1880; weighty cutter cows
Sis; heavy sausage bulls to CTS;
1000 paid rather freely for stric'
ly good and choice vealers:these
Is higher.
Salable sheep 1000: total 1000;
spring lambs and fat yearlings l.
to Is higher; fat sheep steady
few sorted native springers $50;
bulk lightly sorted 8.25; throwouts
600; three double fed shorn year
lings 700 and 1925; fat native ewes
200 to 800.
The Wilmington morning star., 1940-08-02
S. Revenue
Act Of 1910
FILING THE FEDERAL INCOME
TAX RETURN
BY CHARLES S. LOWKIMORE,
e.. p. A.

Inc internal revenue code as
amended by the Revenue Act of
l940 requires all married individ-
uals and heads of a household with
a gross income of So, 600. 90, and all
single individuals with a gross in
come of $4,000 to file an income
tax return.
The federal government provides
forms for taxpayers use in filing
the annual income tax return, these
individual reports are made on
forms 1040 and 1040A. In the case
OF an individual with income aris-
ing solely from salaries, dividends
an interest, with other small mis-
cellaneous items form 1040A is rec
commended as it is much simpler
than the other form. For those in
dlvlduals who operate a business,
own rental property, are members
OF partnerships, syndicates, pools,
ct c%etera, and deal in stocks and or
bonds form 1910 is recommended
as proper schedules are provided
on the form for the reporting of
these various activities.
In the case of an individual re.
celving income solely from sala-
rles, wages, interest, dividends, ct
c%etera, the calendar year is usually
selected and required by the bu-
reau of internal revenue as the
taxable year.
In the case of an individual oper-
atlng a business and with or with
out other activities, such individual
may elect to report on a calendar
year basis or on a fiscal year basis.
The fiscal year may end on the last
day of any month other than De-
cember in any calendar year.
Returns r required to be filed
seventy-five days after the close of
the income taxable year, IN midi
vidual reporting on the calendar
year basis must file the income tax
return on or before March IS OF
the following year, an Individual
reporting on a fiscal year basis
must file the income tax return on
or before the seventy-fifth day fol
lowing the close of such fiscal year.
Returns r filed with the col
lector of internal revenue al
Greensboro, North Carolina or with
a deputy collector nearest to your
home.
The Wilmington morning star., 1940-08-02
NEW YORK COTTON

NEW YORK. Aug. 1.-R-The
traders today with a poor response
cotton futures market disappointed
to yesterdays revival of activity in
the Worth street textile trade.
1t was a small order affair
throughout with prices holding
within a five point range. The close
was unchanged to 2 points down.
The Wednesday bulge in cotton
goods business to the best volume
in several weeks tended to hatten
out today. Sellers reported a good
inquiry but actual bookings were
comparatively small.
Exports Wednesday 1852 bales
season so far GAS, 544. Port re-
ceipts 8,616. Port stocks 2,447, 022.
Range follows: /
The Wilmington morning star., 1940-08-02
EXCHANGE

NEW YORK, Aug. l.|RNRe.
Stunning a previous advance, the
o-en-market rate of thu British
pound jumped nearly S cents in
terms of the dollar today.
The free pound, in which deal
ings are restricted to transactions
among Americans, got up to $4.S8
IL compared with the British off,
cial rate OF $4.02 IL to $4.03 IL.
The Canadian dollar open-market
quotation dropped 1-4-cent to SO U.
S. cents. Dealings were small. The
Swiss franc was unchanged. Hong
kong and Shanghai currencies
slipped a little.
Closing rates follow: Great Brit
ain in dollars; others in cents):
Canada: Official Canadian con-
troll board rates for u. S. dollars:
buying 10 per cent premium, SELL
ing II per cent premium, equiva-
lent to discounts on Canadian dol.
lars in New York of buying 9.91 per
cent, selling 900 cent.
Canadian dollars in New York
open market u per cent discount,
or $500 U. S. cents. -.
Europe: Great Britain. official,
bankers foreign exchange commit.
tee rates., buying $4.02, selling
$4.04; open market, cables 1888 IL;
Germany 40.10n) (benevolent)
1895; Finland 2.05n; Greece .68;
Hungary 19.50n; Italy sos: Portu-
% 100; Switzerland Pats; Yugosla-
gal 3.87; Rumania SIN; Sweden
via 2.35n.
Latin America: Argentine official
29.77; free 22.00; Brazil official
sos; free sos; Mexico 20. 50n.
Far East: Japan 23.48; Hong
kong 1882; Shanghai cos.
Crates in spot cables unless 9TH
erWise indicated). N-nominal. l
The Wilmington morning star., 1940-08-02
ELECTIVE RALLY1NG TENDENCIES NOTED IN MARKET
u. S. Exports To Reds
Increased Since 1888

WASHINGTON, Aug. i. - D -
United States exports to Russia
have grown seven fold since recog-
milton of the Soviet. in 1888, the Com.
merce department reported today.
With negotiations under way for
renewal Of the commercial treaty
with Russia which expires August s,
the department made public these
figures on trade between the two
countries:
In 1888, the United States sold
$8,977, 900 worth of goods to Russia,
and sold more in each of the fol-
lowing years until a peak of $685.
691, 900 was reached in 1888. In
1889, sales totaled $6,63S, 900, and in
the first five months of 1910 amount.
ed to $36, 1O4, 900.
The Wilmington morning star., 1940-08-02
b0-stock Range Since 1887:
What Stocks Did
NEW YORK SUGAR

NEW YORK. Aug. l.-R-The
Sofla contract in sugar futures to
Jay alpped to the lowest level since
usoIng in it started in 1897.
Al some recovery from III ehot>
,om The close was l to 3 u points
iu~tf' Extension of the British
S So.Aaue vas a depressing factor.
sa IL totaled 1865 lots.
Inc domestic contract closed
lo.' pOlhtS lower on transfer of So
Ill me raw market a leading re-
tn+.rI bought two lots of Philippines
w wang 5000 tons due within week
NJ So ~ at an unchanged spot price
NM 40 Another refner bought 2,
o wv IONS due Aug. 6 at 2.64. All
At oaerlngs appeared to be helc
zW cent basis.
rooa1 ll'ed was marked down to q
Ho u = low in southern territory
prioo aelSon Refining Co., fixed q
doS' equivalent to 3.434 cents ate,
s1la auellon of excise tax and cash
hinged. ioeaiiy was I'M
No. 3 Contract.
The Wilmington morning star., 1940-08-02
CASH GRAIN

CHICAGO, Aug. 1.-R-Cash
wheat No. 4 red n IL; No. 3 hard
76 IA to IL; No. 3 mixed rs IL;
No. l dark hard 70. Corn No. ]
yellow 66-67 IA; No. 2,65 3-4 to 81;
No. 8, IS ga.
Oats No. l mixed 81 to 80; No.
white SO to 80 IA; No. 8, 81 IL tc
80; No. 4, 81 81; No. l white hea'
Wy 80 to 80 IL; No. 2, 80 to IL;
No. white heavy bright 80 IA; No.
2, 80 to 3 31-2; No. 3 white heavy
bright 81 IA; No. l red heavy 81
IA; No. l mixed heavy, 81 IA;
No. 2, 80 IL.
Barley mailing 48 to 81 nominal;
feed IS to As nominal.
Soy beans No. 2 yellow 81; No. 4,
70 IL. 4
The Wilmington morning star., 1940-08-02
RICHMOND LIVESTOCK

RICHMOND. Va, Aug. 1.-R-
Hogs-steady good and choice 1870 to
225 lbs. $40 to $40 the top; 100-120
lbs. 4.40-4.90 120.140 lbs. 4.90-5.40;
140-160 lbs. 5.40-5.85; 16O-180 Ibis. 5.85-
$40; 225-250 lbs. 5~.70-6.20; 250-300
lbs. 5.4O-5.90; over 800 lbs. 5.50-5.80.
Sows under $50 lbs. 4.65-5.15; over
$50 lbs. 4.15-465.
Cattle-cows and bulls steady. Fat
dairy type COWS 500, few $50; cut
ters mostly 4.OO-4.50, Gamers $50
$50. Heavy sausage bulls 6.00-6.25,
lights 5.O0.5.5 Vealers weak. Good
and choice 8.00-8.25.
Spring lambs slow. Strictly good
and choice to 500, common kinds
5.5O-6.OO.
The Wilmington morning star., 1940-08-02
Farm Coop Committee
Arranges Meet Monda)

A meeting of the ways and means
committee of the Farm, Civic, and
Business Cooperative association
has been called for 8 o'clock Mon.
day evening, August 5. at the Of
flee Of R. w. Galphin, county
farm agent, in the customhouse.
All members Of the committed
which includes G.. S. Currin A. A.
Hobbs, A. Ludeke, N. ]. Baruch,
H. G. Latimer, Jr., and Paul T.
Marshburn, r urged to be pres
ent,
The Wilmington morning star., 1940-08-02
POTATOES

CHICAGO, Aug. 1.R-U. S.
Dept. Agr.)-Potatoes, arrivals
50; on track 1863; total us. ship
ments 1893; supplies moderate; de-
mand light; for good quality cob
blers and russell burbanks market
slightly stronger, for poor stock all
varieties market weak. Idaho rus
set burbank us. No. /, 1875. to
1.95, Idaho bliss triumphs us. No.
l, lao to 1.55, Nebraska cobblers
good quality 1.20 to lao; Nebraska
bliss triumphs fair quality lis. 3
The Wilmington morning star., 1940-08-02
CHICAGO GRAIN

CHICAGO, Aug. 1.-tR-Crop ex-
perts' August estimates indicating
hot and dry weather during July re-
duced- the prospective U. S. csrn
and spring wheat harvests S and
10 per cent respectively failed to
stimulate much buying in the grain
market today.
Pit brokers said the reason for
this apparently was that the figures
were about in line with trade ex-
pectations. Furthermore, recently
improved weather conditions f o r
corn took much of the sting from
estimates indicating crop prospects
had been lowered more than 100,
600, 900 bushels. An upward revision
in winter wheat figures offset most
Of the reduced spring crop esti-
mate.
After huctuating within a range
of only 3-8 to SO cent, wheat closed
L. changed to IA lower compared
with yesterdays finish, September
rs to rs 7-8, December rs 5-8 to IL.
Corn closed at the days low, I'M
changed to SO off compared with
yesterday, September 81 IL to So,
December So IL to SO; oats 3-8 to
ga down: rye So lower and lard
unchanged to 3 higher.
Some hedging appeared in wheat
at times and there was buying
credited to mills but activity was
on a small scale. Hedging pres
sure was lightened by the fact that
large stocks are held in storage for
government loans and speculative
activity was limited by the uncer-
tainty of world conditions and Grip
pied international trade.
An average of six private esti-
mates of spring wheat production
was 1873, 900, 900 bushels, %, 000, 600
less than the average a month ago
but only IL, 1000, 900 less than the
government July l forecast. How
ever, the private authorities raised
their estimate of winter wheat pro-
uction 10 524, 900, 900 bushels, a
gain of Is, 900, 0OO, thus indicating a
total crop of TIT, 600, 900 bushels,
only 1000, 900 less than forecast
July l and 80, 900, 900 less than pro-
duced last year. l
Omen High Low Close
The Wilmington morning star., 1940-08-02
DRY GOODS

NEW YORK, Aug. 1.-R-Buy'
ing interest in cotton gray goods
fell off considerably today although
there were indications of sustain
ed inquiry, particularly from ou'
of town sources. Prices held firm
at, the best levels of the move.
Wooden textiles remained mac
tive following the seasonal pattern.
There was a s~elective demand
for rayons, including acetates and
acetate blends.
Inquiry improved for pure dye
silks for spring print goods pro-
motion,
The Wilmington morning star., 1940-08-02
NAVAL STORES

SAVANNAH, Aug. 1-R9-Turp-
entine firm 81 IL; offerings 80;
sales $500 gallons; receipts 40;
shipments 181; stock 1850. Rosin
firm; offerings SO, all sold re-
ceipts 1,121; shipments rs; stock
165, SCI.
Quote: B, lis; D, 1.22; E, 1.aO;
F LAB; G, H, 1, Isl; K, 1.54; M.
100; N 100; VIC 2.07; WV, 2.29
2.35. 8