davidaulloa/AmericanStories huggingface dataset:
Evening star., 1940-12-15
Pittsburgh Chamber Fears
Rate Cuts in Steel
By the Associated Press,

PITTSBURGH, Dec. IA. - The
Pittsburgh Chamber of Commerce
today announced it would oppose an
application of Southern railroads for
reduced rates on iron and steel
articles from Birmingham and other
steel producing points to Memphis,
Vicksburg, Natchez and Baton
Rouge.
Donald o, Moore, manager of the
organizations freight traffic divi-
sion, will appear Monday before the
Interstate Commerce Commission at
Memphis to present the chamber OBJ
jections. He said granting of the
proposed reduction might result in
q shift Of Mississippi Valley steel
purchases from Pittsburgh to Bir-
mingham.
'"The diversion of steel production
from the Pittsburgh district If the
reduced rates are permitted would
be detrimental not only to the steel
producers" stated Moore, "but also
to the Northern railroads because
5 tons of raw material are required
to make / ton Of steel, For every
so tons Of finished steel which the
Northern railroads would lose, they
would also lose ESQ tons of raw ma
terial to make that steel"
Evening star., 1940-12-15
|. I. 81. Move 10 Sell
Rumanian System
Is Reported
Payment Is Expected
From Funds Frozen
By Reich Program
Ey the Associated Press.

Fy the Associated Press.
NEW YORK. Dec. l4-Interna-
tional Telephone g. Telegraph Corp.
is negotiating for sale of its Ru-
manian properties, financial circles
heard today.
Payment. it was believed, would
be made out of funds frozen by Fed
eral order when Rumania came un-
der German domination.
The company's subsidiary in Ru-
mania, Societatea Anonima Romano
de Telefonai, operates under a gov
ernment contract signed in 1880. At
the end of 1899 its plant and prop
erty were valued at $25 ,941 1882. and
current assets in terms of United
States dollars were $2,4l6,356.
Since then, however, it was be-
lieved fixed capital has been sub
stantially reduced because of cession
of Rumanian territory to Russia,
Hungary and Bulgaria. Negotiations
for compensation Of property in such
ceded areas, it was understood, have
been under way for several months.
Latest information from the COM
pany's other properties throughout
Europe indicated the management
has been unchanged and that in
neither Germany nor German
occupied territories has damage been
incurred.
Evening star., 1940-12-15
Stocks Uneven;
Many Leaders
Slip Lower
Selected SpeeioIties
And Senior Issues
Register Gains
BY FREDERICK GARDNER,
Associated Press Financial Writer.
Total issues

NEW YORK, Dec. 1.-THE stock
market today ended fairly steady
week with slight limp.
While an assortment of specialties
and senior issues exhibited in
dividual strength, many leaders
slipped notch or two in the brief
session and closing prices were irreg-
ularly lower.
Traders apparently found little in
spiration in the war news but the
fairly optimistic business picture, in
cluding actual and prospective divi-
dends and pleasing earnings state
ments, brought in selective bidding
Some speculative contingents, how
ever, inclined to even up accounts
in order to be on the safe side in
the event of possible happenings
over the week end
Average OF Slightly.
The Associated Press average Of
60 stocks was of L of point at
Az but on the week was up as
much Large blocks of several low
quoted issues. evidently liquidated
for tax adjustment purposes. put
the two-hour volume to 800 800
shares. The turnover last Saturday
amounted to 403.877 shares, largest
for a short day since November is.
United States Steel lost a point
and Youngstown Sheet ss. while
Bethlehem finished with a gain Of
"a. There we're late predictions next
weeks mill operations might slip.
owing to shut-downs here and there
for repairs.
Nickel Plate preferred pushed up
at the start but was thrown for a
loss when the company denied re-
ports of plans for refinancing some
bond maturities through loan from
the r. F. C. Jones & Laughlin pre-
ferred, on the other hand. advanced
3l2 to LOG, new years top.
Among losers were Chrysler,
United States Rubber, Sears Roe
buck. Boeing. Anaconda, Westing-
house. Union Carbide, North Amer
ican. New York Central and Stand
ard Oil of New Jersey.
Seaboard Is Active.
Seaboard Airline sold in blocks OF
5000 to 10000 shares. off 1-16 Of a
point at 1s, a new 1910 low,
Emerging with modest improve
ment were American Telephone,
General Motors, Kennecott, Amer
ican Can. Loew's, International Tele-
phone, United Aircraft and Texas
Corp.
Trends in the curb were uneven.
Giving ground were American Gas,
Bath Iron Works and Gulf Oil.
Puget Sound preferred stocks were
up / to 4 points and American
Cyanamid 'B" was ahead trif1e.
Evening star., 1940-12-15

CHARLOTTESVILLE, Va, Dec.
14.-Dr. H. N. Young of Virginia
Tech predicted today that it might
be necessary for the United States
to plan on permanently reducing
the production of a majority of
those agricultural products which
depend, to large extent, upon ex-
port markets" DR.. Young is head
of the department of agricultural
economies and rural sociology.
This, he said, was due partly to
the fact that this is creditor Ma
tion and will need to import more
than it exports, but perhaps more
Immediately to the present shutting
of of export markets in Europe due
to World War No. O."
1.-THE principal effect of this situ-
alton is likely to be felt, as far as
Virginia farmers are concerned, on
apples, tobacco and cotton" he pre-
dicted in an article entitled "The
Next Ten Years in Virginia's Agri-
culture" published in the University
of Virginia News Letter.
"It seems reasonable to expect
that over the next few years it will
be more difficult to export apples
than it has been in the past. It
seems likely that farmers will grad
ually reduce their production Of this
crop to meet the demands of a do
mestic United States market and
may gradually sift out those va
rieties which heretofore have been
largely exported"
The export situation, Dr.. Young
Evening star., 1940-12-15

uppbkSllIS 1Oolt '>st . S""hS'''
tive trends, will be pushed vigorously
during the coming year, delegates
said.
Included in the Capital delega-
ton were Richard P. Dunn of Au-
chincloss, Parker & Redpath; Myles
H. Quail of Y. E. Booker g. Co.,
James H. Lemon, Johnston, Lemon
Sy Co.; James Parker Nolan and j.
Clifford Folger, Folger, Nolan & Co.,
and Wallace Fulton. director of the
National Association of Securities
Dealers, which has headquarters in
this city.
The delegates were greatly pleased
with the convention discussions.
One of the biggest problems consid-
cred was the number of new bond
issues that are being sold privately
to insurance companies, to the seri-
Gus detriment of investment bank
ing and individual investors.
Federal Official on Program.
William Lee Slattery, controller of
the United States Post Office De-
partment, will address Washington
Chapter, National Association of
Evening star., 1940-12-15
Cost of LWinq
For November
Unchanged
BY the Associated Press.

By the Associated Press.
NEW YORK, Dec. l4.-Living
costs of the average wage earner's
family were unchanged in November
compared with October and were
only 0.5 of per cent higher than in
November, 1899, the National In
dustrial Conference Board reported
today.
The board, a private research Or
ganization supported mainly by cor
porations, figured its living cost
index at 85.5 per cent of the 1923
level, rise Of 1872 per cent from
the depression low in April, 1888, but
a decline Of 1873 per cent from the
November. 1929. level.
Lower food prices in the latest
compilation offset small increases in
rents and coal.
Evening star., 1940-12-15
Wheat Is Depressed
BY Big Argentine
Crop Estimate
Better U. 5. Moisture
Conditions Contribute
To Lower Trend
By FRANKLIN MULLIN.

CHICAGO, Dec. IA larger than
expected Government estimate of
Argentine wheat production this
season and favorable moisture con-
ditions for the new United States
Crop contributed to a lower trend of
wheat prices here today.
Bearish international trade sta
tistics, showing the extent to which
world wheat and flour exports have
been restricted by the war also had
depressing effect.
May and July wheat, the latter
representing the new crop, showed
most weakness and closed A-7s cent
lower than yesterday at 85ss-A and
301s 80, respectively. December con-
tracts. in which trading viii. cease a
week from today, registered net gains
of u cent at one stage and closed
unchanged to "a lower at 891s-89.
Demand for December was Attrib-
uted to the fact that as yet only
10000 bushels have been delivered
on these contracts. Most purchasers
were believed to be those evening up
accounts or acquiring contracts for
delivery inasmuch as spot wheat
prices were more than cent above
the December quotation.
Corn closed 1l-34 lower than yes
terday, December and May, 59A-ss:
oats, 1s-lz down; rye, A-3s of; soy
beans, u off to IS up, and lard, 1918
lower.
Evening star., 1940-12-15
Foreign Exchange

NEW YORK. Dec. - lPl.-The free Ar
gentine peso and Shanghai dollar lost q
little ground in the foreign exchange
market today but most other major rates
we're unclaimed in relation to the United
The peso slipped .o1 of q cent to $3.50
United States cents and the Shanghai
unit lost .04 Of a cent at cents. Un-
changed were free sterling at, 81 O3A
ClosinF, rates follow tGreat Britain in
dollars others in csnsa.: ssnsd,:
On1cial Canadian Control Board rates
for United States dollars; buying 10 per
cent premium selling IL per cent pre-
MUM, equivalent to discounts on Cana.
dian dollars in New York on buying 991
per cent. selling 9. .09 per cent.
Canadian dollar in New York open
market 1874 per cent discount or $3.50
United States cents.
Europe.
Great Britain oficial Bankers Foreign
Exchange Committee rates.: buying 81. .02.
selliAg 81 .04; open market, cables 81. .0334:
Germany 40.07n; (benevolent) 1855: Fin
land 2.05n; Greece .6Sn; Hungary 19.77n:
1n.d 1,sy SOC sG.d,n /, 4S 3,
Latin America.
Argentine on1cial 2977; free % so:
Brazil ofhcial sos: free sos; Mexico
Far East.
japan 23.4s; Honskong 23.77; shang-
Rates in spot cables unless otherwise
Nominal.
Evening star., 1940-12-15
Strong Group Backs
New Plan 10 Extend
Exchange Hours
Preponderont Support
Claimed in Poll of
$50 Members
BY the Associated Press.

6y tne ASSOCldteQ fTeSS.
NEW YORK. Dec. l4.-A new
movement to add another hour to
the daily trading session of the New
York Stock Exchange was reported
today to have been started in bro
kerage circles, with the backing of
a strong group of members.
A poll of $50 members and part
ners in member firms during a re-
cent meeting was said to have shown
preponderant support for the longer
trading hours in an effort to attract
more business to the exchange.
Proponents of the extra hour have
been citing the experience of the
Chicago Stock Exchange, arguing
that market increased its business
by extending the session to six hours
from five.
The governors of the New York
exchange recently rejected the pro-
posal, growing largely out of the
slump in trading the last two years.
Evening star., 1940-12-15
Futures Market Eases.

NEW YORK, Dec. IA (P).-News Of
record November cotton consump-
ton brought little buying to the
futures market today but supply and
demand was too small to force a de-
cisive trend. The final range was
! to Q points lower.
Trade and spot houses supplied
most of the support.
Bombay brokers sold because of e
further decline in the East Indian
market. The recession there carried
Bombay York price differences
to the widest of the season and en-
couraged profit taking on operations
carried on simultaneously In the two
markets.
Worth street reported the weeks
sales of all staple print cloths and
related items fell short of current
production. Good demand developed
for jeans, however, following award
of large Government contracts.
Exports Friday. 3,737 bales: season
so far, 545,758. Port receipts, 1853.
Port stocks. 1886, 300.
Range follows.
Evening star., 1940-12-15
Cotton Consumption
Stays Far Ahead
Of Year Ago
Lorge Gain Recorded
Despite Drop From
Previous Month
8, the Associated Press.

By the Associated Press.
The Census Bureau reported yes
terday that cotton consumed during
November totaled 744,088 bales of
lint and 108,117 of linters. compared
with 770.702 and 1882 in October
this year and 718,719 and 81 ,271 in
November last year.
Cotton on hand November 80 was
reported held as follows:
In consuming establishments.
1852 .278 bales of lint and 1884 of
linters, compared with 1854 ,063 and
407, ,455 on October 81 this year and
1,782,58 and 370,581 on November 30
last year
In public storage and at COM
presses. 14,727, ,234 bales of lint and
70,288 of linters, compared with
13.848.1l5 and 65,440 on October 81
this year and 15,484, 1888 and 1856, ,691
on November 80 last year.
Imports during November totaled
12,026 bales. compared with 1926
during October this year and 1869
during November last year.
GhpoIIS uuIu Ing NoVcIIlUeI IOtdlcQ
144,7l0 bales of lint and 1853 of
linters. compared with 19425l and
2.861 during October this year and
583,644 and 1921 during November
last year.
Cotton spindles active during No
vember numbered 22685,9 1868. COM
pared with 22,456,588 during October
this year and 22,784,776 during No.
vember last year.
Evening star., 1940-12-15
Earnings Of Canada Dry
Show Decline in Year
B. the Associated Press.

By the Associated Press.
NEW YORK. Dec. .14.-Canada
Dry Ginger Ale, Inc, and subsidiaries
today reported net income for the
year ended September 80 of $1,002,-
261, equal to $163 a capital share,
compared with $1,156,703, or $1.88 a
share. in the preceding year.
Roy w. Moore, president, said
reduced earnings were due to sew
eral factors: Provision for 1910 in
come taxes was $139, 1927 more than
for the preceding fiscal year; war
conditions adversely affected profits
and prices advanced for all mate
rials used by the company; and ex-
penses incidental to new market
development, product promotion
and advertising.
Evening star., 1940-12-15
Champion Paper Reports
Sharp Gain in Profits
BY the Associated Press.

BY tHe ASSOClaLeQ FTesS
HAMILTON, Ohio, Dec. IA. -
Champion Paper & Fibre Co. and
subsidiaries reported today consoli-
dated net income of $1,176,747 for
the 28 weeks ended November 10,
equal to $l.62 share on common
stock, after all except excess profits
taxes. The net for the comparable
1899 period was $725, ,8o5, or IS cents
q share.
The report for the 12-week period
ended November 10, including provi-
sion for a $685., 900 loss in flood at
its Canton IN. c. plant. showed net
of $356,817, or 43 cents share. The
1899 quarters net was $405. .428, or
So cents q share.
Evening star., 1940-12-15
Tennessee Coal Awards
Coke Oven Contracts
By the Associated Press.

oy Tic ASbOClAkSO FIcoS.
BIRMINGHAM, Ala, Dec. IA
The Tennessee Coal, Iron and Rail-
road Co. awarded contract today
to the Koppers Co. OF Pittsburgh
for the construction of a battery Of
73 new coke ovens at its Fairfield
works.
The new battery of ovens will add
approximately 100000 tons annually
to coke production at Fairfield,
bringing the total for 1876 ovens
there to 1880, 900 tons annually. The
sum involved in the Koppers con-
tract was not announced. =.
Ten months win be required for
the construction. which is q part
of the s3o,ooo.0o0 expansion an
nounced last month.
Evening star., 1940-12-15
Germon Debt Rises

BERLIN, Dec. IA R.-The funded
debt of the German Reich climbed
from. 81, soc, ,o00.0 900 marks to $780,
0o0, 900 marks between June 80 and
September 80, the Ministry OF
Finance announced today. During
the same period the floating debt
vent from 22,7s0, ,0o0, 900 to $780,
'000, ,00c marks. ~t
Evening star., 1940-12-15

FCoUillCllI odllh-
ers Association
at H III ywood,
Fla, were en-
thusiastic over
{ he reelection
Of Emmett F.
G on n e ly a S
president of the
organization. His
return to office
means that the
present efforts
to force the in
vestment buSi-
ness back into
the limelight by
nnnnCinnn raSt.1.in-
Evening star., 1940-12-15

OF the establishment of Washington
Chapter and all the past presidents
will be entertained at dinner COM
mencing at $50.
Julian Baber of the Secret Service,
Treasury Department, will show the
motion picture, Know Your Money"
and other entertainment will be
provided,
Hamilton Declares Dividends.
Directors of the Hamilton Ma
tional Bank have declared the usual
dividend of so cents per share due
at this time and also an extra dis
bursement of Is cents share, it
was announced yesterday Both
are payable on February l to stock
holders of record January %. The
directors also voted to transfer $75,-
600 from undivided profits to sur
plus, making this account now stand
at 100000.
On the Washington Stock Ex-
change yesterday, 38 shares of Mer-
genthaler Linotype stock sold at
241a, off from the last previous sale
at 27. The market closed with 241a
bid and 251a asked. Potomac Elec-
trio Power 512 per cent preferred
stock appeared on the board in a
small sale at lis.
Real Estate Bonds Higher.
During November, National Press
first 3-5s gained four points and
Washington Properties, Inc, Is
moved up three points. National
Press bonds sold at 81 and Wash
ington Properties at 57l2. National
Press 412s came out at 81, up point.
Mayflower Hotel SIS were unchanged.
For the fifth successive month the
average price of 200 real estate
bonds increased in November, &C
cording to the Amott- Baker Bond
Price Averages. The average price
per $1,000 bond was S30l, frac-
tionsl gain. The average is now only
81 per cent under 1889 closing prices.
Washington bonds are used in the
200 issues on which the averages are
based, gazing here being better than
In most other cities, the review says.
Bank Auditors Discuss Taxes.
The December meeting of the
auditors section of the District
Bankers Association was devoted
wholly to a forum discussion of the
1910 income tax and excess profits
tax
Henry ONeill, T. Delos PaXman
and julius Sinker, tax experts, an
swered questions presented by the
bankers, the forum proving highly
instructive.
William B. Mehler, jr., section
chairman, presided, the meeting be-
ing held at the Lee Sheraton Hotel.
The District Bankers Association
was officially represented by A.
Scott Offutt.
Financial District Comment.
The Fifth Reserve Districts trade
gain of 16 per cent for the week
ending December 7, over the like
week year ago, was the best ad-
vance among the IL districts. At
lanta came second with II per cent,
with the national average up 5 per
cent. Washington sales were up 21.4
per cent over last year.
The Newport News Shipbuilding
and Dry Dock Co. has declared a
special year-end dividend of so cents
on the common stock and the regu-
lar quarterly of s125 on the pre-
terred. The November common divi-
dend was 40 cents, the present pay
ment being the first evidence of the
huge amount of work the company
has on hand
Evening star., 1940-12-15
Rail Revenues
Remain Ahead
|Of Last Year
BY the Associated Press.

The Association of American Rail-
roads estimated today that "a Glass
I railroads had operating revenues
Of $305, ,236,870 in November, COM
pared with 1901 ,466, ,452 in November,
1889. The "a reporting carriers rep
resent 819 per cent of total operat-
ing revenues Of all Glass I carriers.
Freight revenues amounted to
1854 954,834, compared with $751;
608, ,l25 in November, 1899. Passen-
ger revenues totaled $26, 800, ,039,
compared with $34,931 ,063 in No.
vember, 1899.
Evening star., 1940-12-15

Cost Account
ants, on "Ac-
cou n t in 6 for
Y our Pocket
book" at the
monthly meet
ing Wednesday
evening at the
Hamilton Hotel.
Mr. Slattery was
pre- S j d e n t of
w a S h j n g t o n
Chapter in 1885,
1889.
Th e meeting
mark h e
Evening star., 1940-12-15
Metal Market

NEW YORK. Dec. IA tR'. - Copper
steady; electrolytie spot. Conn. Valley.
LOO; export, F:A.s New York o:25-11 so.
ward. SOLO. Lead steady: spet. New York.
5.50-6S; East st. Louis, S.35. Zinc steady
iron. aluminium. antimony, quicksiivur.
platinum. Chinese yolframite and domestic
schse1ite unchanged. :
Evening star., 1940-12-15
New York Produce

NEW YORK, Dec. IA lP.-Dressed poul.
try irregular. Fresh and frozen prices un.
changed.
Live poultry, by freight, nominal no
sales. By express. hrmer. Broilers,
crosses, %.
Evening star., 1940-12-15
|. B. A. Expected
To Press Fight
On Restrictions
ConneIy's Reelection
As Chief PIeuses
D. c. Delegates
By EDWARD C. STONE.

Washington investment bankers,
who returned last night from the
29th annual convention of the In
Evening star., 1940-12-15

Cottonseed oil closed steady. Bleach
able prime summers yellow. $50 nom.
prime crude. 4.S2K December 5.25b;
January. 526b; March, 5.33b; May, 5.42b;
July. 54Sb.
Bid. Nominal.
Evening star., 1940-12-15
Grain range at principal markets:

Ch1C1E0 C1sn MxfKet.
mixed. 91. Corn No mixed, -5s1a; No.
NJ yellGTS SS,haf ele2M n No Whit: + Sssa oat, e:
sample mixed, 80: No. white. 40-4OI4;
No. 3, 3s: No. 4. 81; sample "a: No. 1
mixed heavy, 1914; No. 2, red extra heavy,
3S34
Evening star., 1940-12-15

ALSO extra or extras. 1-DecIaTed or
paid SO far this year: E-Psid last year.
ciation Of Securities Dealers, Inc. which
states they do not necessarily reflect actual
transactions or firm bids or offers but
should indicate approximate prices.
Evening star., 1940-12-15
Spot, nominal; miodling, 1887.

Spot, nominal; miodling, 1897.
Cottonseed Oil.
Relative frmaess of December position
ard easiness in later months gave cotton
seed oil futures an irregular appearance
today. Final prices were points higher
to S lower OIL sales of So contracts. De-
cember finished at $50. jan. 5.75b.;
March. 5.S2b: May, 5.q2; Jcly, 5.97b.
Crude oil was bid at ass cents in the
Southeast and valley; Texas, $50 to 4.65
cents.
New Orleans Prices.
NEW ORLEANS, Dec. IA R.-Cotton
futures were dull here today. Closing
prices were steady l point net lower
Evening star., 1940-12-15
Dividends Announced

NEW YORK. Dec. 14-Dividends de-.
elared. Prepared BY Fitch Publishing. Co.
Extra.
Pc stk. Of Pay.
. Rate ,riod record able
Evening star., 1940-12-15
Federal Lund Bunks

NEW YORK, Dec. Il R.-federal Land
Evening star., 1940-12-15

WinnipeE Cash Market.
WINNIPEG. Dec. IA lPl.-Cash wheat
No: Northern 731s: No. 2. 71b; No. 3,
67ss; oats No. white, 321z No. 3, 2934.
Evening star., 1940-12-15
Insurance Stocks

NEW YORK. Dec. IA LP,.-National As
sociation Securities Dealers. Inc:
Evening star., 1940-12-15
Consumers Goods Affected,

The majority of companies earn
ing high rate of return on invested
capital are in the consumers goods
industries. but there are a large
number of capital goods companies
as well. Although some railroads
and utilities earn as much as Is per
cent on equity capital. their heavy
plant investment. partly capitalized
with bonds, precludes them from
earning anywhere near that much
on total capital investment.
Heavy plant investment also holds
down the retuh on total capital for
steel and railroad equipment COM
panies, shipbuilders, building ma
terial manufacturers, chemical COM
panies, makers of heavy electrical
equipment and farm equipment.
On the other hand, the chief in
vestrnent of makers of branded
packaged foods, soaps, proprietary
drugs, beverages and cigarettes is in
their trade names and the public
good will built up for those trade
names by constant advertising over
a long period. Since this advertis-
ing is charge61off against earnings.
it does not appear on the books OF
the company as an investment, even
though the amount invested in the
purchase of public good will has
been large.
Much the same thing applies to
retail stores and to q lesser extent
to makers Of electrical appliances.
Evening star., 1940-12-15
Baltimore Stocks

Special Dispatch to The Star.