davidaulloa/AmericanStories huggingface dataset:
Evening star., 1940-06-30
D. {. Bank CIearinqs
Far Above Year Aqo
During June
Six Months Volume
Largest for Period
Since 1880
BY EDWARD C. STONE.

Bank clearings in the Capital In
June scored a gain of nearly $10,-
100000 over June, 1899, and in the
first six months of this year were
more than S75,000,000 ahead of the
like period last year. George H.
Bright, manager of the Washington
Clearing House Association, re-
ported yesterday. Such striking
advances furnish .unmistakable evi-
dence of substantial business i'm
provement in the first half of 1910.
June clearings totaled $l18,379,-
253.84, in comparison with $108, ,446,-
851 AZ in June, 1889, an increase of
1882, ,40242. With the single eX-
ception of June, 1887, the months
clearings were the highest recorded
since the corresponding month in
1929, when the total reached S124,-
028,347.42.
Cancelled checks in Washington
In the first six months of this year
aggregated 1868 ,474 1873 26, compared
with $587 SAT ,982 AT in the first half
Of 1899, sensational upturn of
SIS, ,826, ,200.79. This was the best
showing in the last II years, clear
ings in the first six months of 1890
amounting to S676,250 ,2O888. Clear
ings in the first five months of this
year were also the highest for that
period since 1890.
In every one of the first six months
Of the present year clearings in
Washington were ahead of the same
months year ago. The June report
completes the results for the second
quarter. Judging by bank check
activities, there has been no letup
In business momentum in the final
month.
Clearings by months in 1910 COM
pare as follows with the like months
e.. HaqA.
Evening star., 1940-06-30

Chicago Cash Market.
Cash wheat prices were quoted vs.
cent lower TO-DAY: basis steady; receipts 10
cars; sales. 900 bushels. Corn uncha nged
70 y lower: basis. frm; receipts 204 cars;
sales 1000 bushels; bookings 1000
bushels. Oats, firm; basis. steady; receipts,
IL cars; sales, $4,000 bushels.
Winnipek Cash Market
WINNIPEG. June 20 (P,.-Cash wheat.
NO; l Northern. 71as No. 2. 6S3s: No. 3.
637s; oats, No. 2 white. 3O3.; No. 8. 90.
Evening star., 1940-06-30
New Orleans Prices

NEW ORLEANS. June % AP.-Cotton
futures traded quietly over a narrow range
here today. Closing prices were steady. .
points net lower
Evening star., 1940-06-30

Cottonseed OIL
July liquidation and switching opera
tions made up most of the "a contracts
traded in cottonseed oil futures today
Final prices were . lower to 1 higher;
July: 5.oSb; october, S.14b; December,
6.1Sb: January sab % BID
Crude oil in the Southeast and valley
was 5ss cents nominal: Texas, 5Ns nominal
Evening star., 1940-06-30

Nominal
Spot nominal; middlins "a inchl. 1913
Evening star., 1940-06-30

Federal Reserve figures disclosed
department store sales for the week
ended June % were 10 per cent ahead
OF sales in the corresponding 1899
week. For four-week period ended
June %, the increase amounted to 9
per cent, the Reserve Board reported.
Whether retail sales would con-
tinue to do as we'll when new Fed
eral taxes to pay for defense begin
to pinch the Nations pocketbook
was a question posed in business
quarters. Until the taxes fall due,
experts figured, Government spend
ing of borrowed money on arma-
ment seemed destined to raise con-
sumer buying power.
Evening star., 1940-06-30

Grain range at principal markets:
JULY WHEAT Prev.
Evening star., 1940-09-16
Turnover in Textile Markets
DWindIes After Rush
v the ASrocls-cd Press


NEW YORK. Sept. 16.-Turnover
in Worth Street textile markets
dWindled last week after the ire
mendouS squirt in business during
the previous two weeks.
Dealers said the fast turnover
might have carried over to a greater
degree ii the news from abroad had
been less unsettling.
Sales of print clothes and related
items were stimated at around so
per cent of current output Prices
were firmly maintained. however, at
the peak levels established a week
earlier.
Rayon goods traders reported a
healthy market condition. Innings
for mems wear sold in fair volume
and print staples for spring delivery
also attracted considerable atten-
ton. Novelty constructions were
feature of the weeks trade.
ImpC 'tant buyers of womens full
fashioned silk hosiery made a be-
lated market entry to cover fall and
early winter requirements. Volume
was below normal, however, and
prices unsatisfactory.
Business in woolen goods Stacked
although prices averaged around 10
cents yard above the comparable
period last year. Brisk demand for
Women's wear continued and some
mills spoke of frightened situation
for deliveries in the next month or
six weeks.
Evening star., 1940-09-16
High Costs Raise Doubts
Over Building Boom
Special Dispatch to The Star.

EpeCldl DlSpdtCI4 " L LIt Ctdt'
NEW YORK, Sept. 16.-Building
contracts awarded in the field OF
private enterprise took sharp squirt
in July, according to the Alexander
Hamilton Institute. On the basis
of figures compiled by the F. w
Dodge Corp the increase over the
June volume amounted to 1877 per
cent. This gain was considerably
in excess of TIE usual seasonal eX-
pansion. The average increase from
June to July in the last 10 years
was only 26 per cent.
The rise in July carried building
contracts to the highest monthly
volume since October, 1929. The in
crease over the volume in July last
year was 307 per cent. AS the
result of this gain and increases
during the second quarter, the total
volume of building in the first seven
months was 6.8 per cent larger than
a year ago despite the curtailment
in the first quarter.
1t is apparent that building ac-
tivity in July approached boom con-
ditions. Fundamentally, however,
the situation is not entirely salts
factory. Building costs have re-
Gently been showing an upward
tendency, although they were at an
exceptionally high level before the
recent strength developed
The high level of building costs
raises the question as to whether
the present high rate of building
activity is of a sound nature. Never
theless, it is apparent that for the
time being, building activity prom
ises to give general business a large
amount of support.
Evening star., 1940-09-16
Liquidation Of Eight
Banks Is Completed

During August the liquidation Of
eight inSolvent national banks was
completed and the affairs Of such
receiverships finally closed.
Total disbursements, including
offsets allowed, to depositors and
other creditors of these eight receiv-
erships, amounted to S9,008,3 ,320, while
dividends paid to unsecured credi-
tors amounted to an average of 78 As
per cent of their claims. Total costs
of liquidation Of these receiverships
averaged 739 per cent of total COL
lections from all sources including
offsets allowed.
Dividend distributions to all cred
itors Of all active receiverships dur
ing August amounted to s1,166,2O7.
Evening star., 1940-09-16
Bond Averages
10 Low-Yield Bonds,

By the Associated Press.
NEW YORK. Sept. ia brisk
rise in rails carried corporate bonds
higher in a fairly active market
today.
Best advances were 2 to points
toward the final hour.
Brokers said buying appeared the
result of closer attention given TO
prospects of still further additions
to swelling traffic receipts. The bat
tie of Britain, however, continued
to brake trading action.
Among the gamers were Nickel
Plate Az and 5los, New York Cen
trail SIS, Northern Pacific As, South
ern Railway Is, Erie general lien As
of 96, Detroit Edison 4l2s, Al
leghany stamped SIS of so and Con-
tinental Oil 2'.s.
New York Trap Rock 6s, an mac
tive issue, jumped around 8 points.
In the foreign list Denmark 5'2s
lost points on single sale. 1tal-
ian issues tended upward,
Sales Of United States Govern
ments were too few to establish a
definite trend.
Evening star., 1940-09-16
| Figures
| What TheyMeon
By JOHN L. BECKLEY.

Associated Press StatlSticlan.
NEW YORK, Sept, l6.-Home
building activity expanded in AL
gust without regard for the usLal
summer lull, hitting the fastest pace
since 1929.
Contracts awarded during the
month, trade sources say, were the
largest for any month this year,
exceeding even the spring peak.
Mortgages selected for appraisal by
the Federal Housing Administration
on homes to be erected under its in
spection numbered just under 81 900
compared with ID, 4,409 in August, 1899.
The annual volume of home build
ing has been increasing steadily now
since 1884, and the total for 1910,
barring the unexpected, will be the
best since 1929 In spite OF the long
rise in residential construction, ex-
perts don't look for any setback for
some time yet. Principal factors
bolstering the boom are:
/. Accumulated need for new
housing carried over from depression
years which is still far from COM
pletely satisfied.
2. Higher 'payrolls from defense
spending.
8. New housing needed for defense
purposes.
Biggest threat to the home build
ing boom, as experts see it, is pos
sible rise in material and labor costs
At present building costs are only
slightly higher than year ago, but
some observers fear big defense con-
struction projects may boost prices
for building materials and LABOR suf-
ficiently to prevent further progress
into the relatively untouched market
for lower cost housing.
Evening star., 1940-09-16
Miscellaneous Markets.

1895 average equals 1909
Evening star., 1940-09-16
New York Bank Stocks
Lower DURING Week
Special Dispatch to The Star.

Special Dispatch TO The Star.
NEW YORK. Sept. 16.-New York
City bank stocks declined in price
during the last week. according to
records compiled by Holt, Rose &
Troster.
The aggregate market value of
16 leading issues at the close on
Friday, September 13, was S1,327,-
ISL 900 compared with $1.362 ,0S0 900
at the close of the previous week,
a decrease of s34329,OOO or 2.52
per cent.
The current average yield of the
16 issues of 4.87 per cent compares
with a yield of ATS per cert on
September 6. The current market
value equals "a per cent of the
known book value against 96 per
cent at the close of the previous
week.
Evening star., 1940-09-16
Z Z EASU Z Y.
NE OWNERS LOAN

FEDERAL FARM MORTGAGE.
942-47 lO3.2S lO3.2S lO3.2S
Evening star., 1940-09-16
Week S Auto Output
Expected 10 Reach
$4,000 Mark
Wards Reports Forecasts
Further Increase in
Following Period
By the Associated Press.

DETROIT, Sept. 16. - Noting
continued sharp upturn in motor
car production since the start of
the new model year, Wards Auto
motive Reports, in its current issue,
says today that this weeks output
should reach $4,000 units with a
further advance in prospect for
next week.
ut would appear at this juno
ture," says the trade publication,
that volume close to los 900 units
(Weekly) will be the equilibrium
point at the moment, perhaps some
where above it. Such a level should
hold through October, putting that
months showing, as closely as can
be gauged now. somewhere around
475,000 cars and trucks. This would
be far above comparative levels Of
1899, and in fact would set an all
time record for the month"
Production of cars and trucks
throughout the United States and
Canada from January l to date,
Wards says, has reached 2,94l ,632
units. For the same period last year
output was 2,447,994.
Commenting on the probable ef-
feet of the conscription law upon
the sale of motorcars, the trade
paper says:
Finance companies are quietly
adapting their policies to inspect
more rigidly any applications for
automobile installment credit from
young men of draft age. Banks
also are said to be taking steps in
this direction.
1T appears almost certain that
any drafting of men for the re-
serve, or. in crisis, for the Army,
will be accomplished by some sort
of arrangement for a moratorium
on their installment payments.
Widespread application of such q
program, Of course, would develop
critical situation among the fin.
ance companies. Hence they are at
tempting to sidestep the situation
now by meticulously checking all
applications with this view in mind.
1T goes without saying that gen.
eral extension of this type of policy
is factor which will work toward
reduction of automobile sales in the
period ahead
Evening star., 1940-09-16
GreenIee to Direct
SchenIey Promotion
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, Sept. l6.-Appoint-
ment of Walter R. Greenlee as sales
promotion manager for the blend
division of Schenley Distillers Corp.
was announced today by Willard S.
Karn, national director Of sales and
merchandising for the blend division
In announcing the appointment,
Mr.. Karn pointed out that one of
Mr.. Greelees immediate RESPONSE
bilities will be to help consolidate
important gains made by the blend
division since its organization last
January. He pointed out that brands
handled by the division will show
100 per cent sales increase this
month over September, 1889.
Evening star., 1940-09-16
Chicago Grain
BY the Associated Press.


CHICAGO, Sept 16.-Relatively
small buying orders were sufficient
to advance wheat prices a cent or
more a buShel at one stage of trad
ing today, but part of the gain was
lost later.
Light volume Of trading made the
market easily susceptible to- scat
tered purchases that came through
dealers who followed the upturn in
securities prices and derived some
cheer from war news. Some buying
was credited to mills and to the
Federal crop insurance agency
which has been taking small guam
titles almost daily. Late weakness
was associated partly with a de-
cline of around a cent if corn prices
which some dealers blamed on ia
vorable crop weather and fairly
liberal receipts as harvest time ap-
proaches.
Wheat closed ~ higher than
Saturday; September, 75l2; Decem-
ber, 763s-a4. Corn 34-ls lower;
September, 62@s-,4; December, 55 3 d.
Oatc J. biObar
Evening star., 1940-09-16
New York Trop Rock
Tenders Are Asked
Special Dispatch to The Star.

NEW YORK, Sept. 16.-Holders
of New York Trap Rock Corp. 6 per
cent first mortgage bonds are being
notified that Smith. Barney & Co.
has been appointed agent of the
corporation to receive tenders Of
such bonds, both stamped and un-
stamped. for purchase for the cor
poration'S treasury.
Tenders will be received by Smith,
Barney & Co. up to and including
October Is. Purchases of bonds Of
fered at an acceptable price will be
made from a cash fund of S4OO 900.
Tenders will be accepted or rejected
by October 18, and bonds rendered
and accepted must be delivered by
october %. 1910. after which date
interest will not be paid holders of
purchased bonds.
Evening star., 1940-09-16
Decline Is Registered
By Insurance Shares
Spec!el Dispatch to The Star.

NEW YORK, Sept. l6-Insur-
ance stocks in the New York City
market fell off slightly during the
last week, according to figures COM
piled by Holt. Rose &; Troster.
The aggregate market value Of
20 leading fire and casualty insur-
ance issues at the close on Friday,
September 13, was s579 100000 COM
pared with $500 795 900 at the close
of the previous week. decrease
Of s10,835 900 or 1873 per cent.
The current average yield of the
20 issues of 412 per cent compares
with a yield of 404 per cent on
September 6. The current market
value equals 96 per cent Of the re-
ported liquidating value against SO
per cent at the close Of the pre-
vious week.
Evening star., 1940-09-16
Scott Paper to Buy
Mill in Northwest
By the Associated Press

BY lne HSSCclateo PreSS.
NEW YORK, Sept. I6.-The Scott
Paper Co. Of Chester. Pa. has
contracted 10 buy on November 10
the AnacorteS pulp mill in Ana
corteS, Wash, Thomas B. McCabe,
president, announced today
The property is the second pulp
mill bought by Scott in the North
west this year as a step toward
strengthening the companys raw
materials position, McCabe said.
The Coos Bay Pulp Corp. Of EN-
pire. Greg, was bought in June.
The Anacortes plant, formerly a
unit Of Puget Sound Pulp & Tim
Der Co., has rated annual capac-
ity of about 10000 tons Of un-
bleached sulphite pulp.
The price was not announced.
Evening star., 1940-09-16
Machine Tool Rote
Up Sharply in Month
BY the Associated Press

CLEVELAND, Sept. Elephants
affiliated with the National Machine
Tool Builders Association operated
in August at 93.3 per cent of esti-
mated capacity, up 5 points from
July, the association announced.
THE industry's capacity. meas
ured in terms of payroll hours,
continued to increase, the indica-
ton at the end of the month be-
ing IS per cent above September,
1885," the association said.
Evening star., 1940-09-16
u. S. Steel Factories
Will Be Inspected
BY the Associated Press.


NEW YORK, Sept. 16.-United
States Steel Corp. factories in the
Pittsburgh, Chicago and Birming-
ton this week by Irving S. Olds,
chairman, and II directors.
The group will leave tomorrow
night by train to spend Wednesday
at Pittsburgh, Thursday at Chicago
and Friday at Birmingham, return
ing to New York Sunday.
Evening star., 1940-09-16
Business Loans Rise
Sharply at New York
BY the Associated Press.

NEW YORK, Sept. i6-Business
loans of New York City banks in
creased S5l,000000 last week, the
largest weekly gain this year.
The increased boosted total COM
mercial loans of New York City
banks to S1,742, 100000, new 1910
high. A year ago business loans
totaled S1,615, 900 900.
Evening star., 1940-09-16

In BANKRUPTCY or receiver IL or being
reorganized under the BankruJtcy Act or
securities assumed BY such com panies
Rates OF dividends In the foregoing table
are annual disbursements based on the
last quarterly or semi-annual declara-
ton Unless otherwise noted. special or
extra dividends are not included Also
extra or extras d Accumulated dividends
paid last year Declared or paid SO
far this year. Payable in stock Paid
last year. Cash or stock Accumu-
lated dividends paid or declared this year
UT Under rule WV with warrants ~
Evening star., 1940-09-16
Boston Wool Market

BOSTON. Sept. 16 tF1.-tUnited States
Department of Agriculture Prices of
original bags of fine territory wool have
strengthened as result of the recent
increase in demands. Good French comb
ing lengths fine territory WOODS in original
bags have brought ST to 50 cents secured
basis in recent trading. Graded territory
and fleece woods were slow, but quotations
were very firm at ranges prevailing at the
close of last week.
Evening star., 1940-09-16
Failures Total Up

NEW YORK, Sept. 16 P).-Busi-
ness failures in the United States
rose to 249 in the week ended Sep
tember IL from the years low of 1T
in the previous Labor Day week,
Dun & Bradstreet reported today.
A year ago the total was 269.
Evening star., 1940-09-16

Addltional New York markets as COM
piled by the Associated Press:
COFFEE-Spot quiet. Santos No. T.
offerings included Santos bourbon as and
5s at 6.05-10; Santos No. 4 d, futures
closed 1915 higher Sales; 14,25O bass.
Rio No a futures e higher. No sales
WOOL TOPS-Futures closed unchanged
TO points hlzher. october. 9s4; Decen7-
her % 5b; March, SIS Oh. Spot. standard
tops. 1l@.0: UNCHANGED
CRUDE RUBBFR-Futures closed b-12
higher. Sales No. l standard. 26 con-
tracts. September. l9 O5b; December
l9.O2b Smoked ribbed spot 1a"5n
COCOA-Futures closed ! lower. Sales,
16l tons. December. 4.43n July. 4.73.
RAW H1DES-Futures closed 14-24
higher. Sales, 2.SsO,0OO pounds De-
cember. 90: March. 9.S2. Spot, No. l
western light native cows, IL.
changed to lower Sales. 20 bales
November. 2.50b; January. 2.49: Febru-
ary. 2.48b. Bid. Nominal.
Evening star., 1940-09-16
Chain Store Volumes
Higher in August
By the Associated Press.

NEW YORK, Sept. 16.-Chain
store sales Spurted in August, show
ing the largest comparative gain
over 1889 of any month this year,
Chain Store Age, trade publication,
said today.
The index of chain store sales
compiled by Chain Store Age, based
on 1929-1931 as 100, advanced to 122,
compared with 1l9 in July. The in
dicated gain in sales over August,
1889, was 8 per cent.
Evening star., 1940-09-16
Government Security
Accounts UNCHANGED

BY the Associated Press.
Secretary Morgenthau said today
that, for the second straight month,
the Treasury made no purchases or
sales of Government securities for
Government investment accounts in
July or August.
Evening star., 1940-09-16
Steel Rate 10 Reach
92.9 Per Cent Of
Capacity in Week
Institute Report Says
Pace Will Be Fastest
In Nearly 10 Months
By the Associated Press.

NEW YORK, Sept 16.-Steel mills
OF the United States will operate
this week at the highest production
rate in nearly 10 months. the Amer
ican Iron g. Steel Institute estimated
today.
The rate will be 92,9 per cent OF
capacity, an increase Of l point from
last week.
This compares with 1877 per cent
month ago and 1913 a year ago.
The current rate was last exceeded
In the week of November 27. when
mills operated at 944 per cent Of
capacity.
Evening star., 1940-09-16
CHICAGO Cash Market

Cash wheat. No. > hard 1sIs: No 2
6ti..66 No, s. : Oats. No. j
white: -: No. 4. 2sa4; No. white heavy.
32i4-iz; No. >, II 2-32i2; No. 4, 30a4;
No | white, heavy bright 32i2s Sample
grade. white. tough, 2G'4. Barley, mating.
22n-63 nominal feed, 36-i6,. nominal:
NO mailing. 81. Soybsan No 3 yel-
low. 50. Field seed. per hundredweiRht,
nominal; timothy. clean, 3 90; alsike clo-
verseed. 9.00-ll 90: red tor, :. .50-S 90.
Evening star., 1940-09-16
Deliveries Rushed.

CLEVELAND, Sept. 16 CPD.-Steel
consumers are exerting new pressure
for deliveries, although mills are
producing at SO per cent of ca
pacity peak for this year.
The magazine Steel. publishing
this appraisal today, said "deliv-
cries in general still are moderately
good, but large commitments still
on mill books, combined with busi-
ness Immediately in prospect. may
result soon in extending shipping
dates"
Requirements for national de-
fense are multiplying rapidly and
in many directions" the review
stated.
Pressure for bars, plates and
shapes is strongest, to meet manu-
featuring and construction needs,
especially those associated with de-
fense work Shipments of sheets
this month are likely to be among
the heaviest of the year, due to the
September 80 deadline for deliveries
OF tonnage taken at price conces-
sions. Improvement is noted in de-
mand for pipe and wire.
British Buying Heavy.
steel purchases in this country
by Great Britain continue heavy.
1t is unofficially but reliably esti-
mated that exports 10 England, in
cluding all descriptions except scrap,
were 100000 tons in August, CON-
pared with slightly more than 50O,-
900 tons in July.
Award Of contracts for 200 ships
for the United States Navy was an
outstanding development last week.
The 7 battleships, aircraft carriers.
27 cvruisers, lis destroyers and 43
submarines will take a total of 725,-
600 tons of steel, including armor
plate and heavy forgingS. Deliver
les will extend over several years.
Eight C-3 cargo vessels, requir-
ing $4,000 tons of plates and shapes.
were awarded last week 10 Pacific
Coast yards by the United States
Maritime Commission. Pending are
$4,000 tons Of plates and shapes for
two passenger vessels for the Mari
time Commission, and 1000 tons
for three CO cargo vessels, Ocean
Dominion Steamship Co. The Navy
Department will open bids Septem-
ber 20 on $500 tons Of plates, bars
and shapes for various yards.
Gets Brazilian Order.
Inland Steel Co., Chicago, booked
$500 tons of rails and accessories
for the Rio Grande Do Sui Railway,
Brazil to be financed in part by
the United States Export Import
Bank. Domestic freight car orders
in August totaled 1925, largest this
year, bringing the total for the first
eight months TO 29562, compared
with l2,456 in the corresponding pc
Rod last year"
Steelworks operations last week
advanced 18 points to 90 per cent in
the Wheeling district; 8 TO SO in
Cleveland; to SO, Birmingham;
IS TO 81, Pittsburgh; I3 to 97.5, Chi
cago; lis to 905, Eastern Pennsyl-
vania; II 10 66, Youngstown: / TO
s., Detroit; IA to 81. Cincinnati.
Buffalo's rate was unchanged at
905. The rate in New England
dropped 10 points TO rs per cent, as
more open hearths were taken of
for repairs
Steels dnished-steel price COM
posite last week held at $3.50. The
iron and steel composite was up
l3 cents to S3794, while the steel
works scrap composite advanced 63
cents to S2O13.
Evening star., 1940-09-16
New York Cotton
By the Associated Press.

NEW YORK. Sept. 16-A sharp
decrease in certifcated cotton stocks
and the steady tone in the securi-
ties market stimulated a demand
for cotton futures today.
Prices moved higher as buying by
trade, spot houses and mill inter-
ests found limited hedge offerings.
Late afternoon prices were 3 to S
points higher, with October selling
at 9.34; December. $50, and July,
877.