davidaulloa/AmericanStories huggingface dataset:
Evening star., 1940-07-03
Wall Street Banks
Show Record Sums
On Deposit
Trek Of Refugee Money.
Economic Counterpart
Of Uprooted People
BY FREDERICK GARDNER,
Associated Press Financial Writer.

NEW YORK, July 3.-Tales Of a
great trek of refugee money across
the Atlantic from -harassed
Europe were hidden today behind
banking figures, showing billions de-
posted in big Wall Street banks
had swollen to record-breaking
totals.
Midyear condition statements dis
closed deposits in the Chase Ma
tional Bank alone had increased to
So, 100 1923 900, compared with So
O6O, 1854 900 at the end of March and
81, SOC, ,486 900 a year ago.
In midyear 1888 Chase deposits
amounted to $1,302, 100000 at the
turn before the big climb from the
depression lows and the start of
the foreign money shift from
Europe.
The boards of cash in American
banks, financial sources said, were
an economic counterpart of the
uprooted masses of people thronging
Europes roads and ships in search
OF new homes and havens from
blitzkrieg devastation.
No Quotas on Money.
Unlike millions of human refugees,
much of the liquid wealth of indi-
vlduals, institutions and central
banks were moved out of the war
zones to the United States because
there were no immigrant quotas on
francs, belgas, guilders.
The refugee money tide started
long before tanks and airplanes
went into battle last September and
continued as long as money could
be transferred and gold shipped
through submarine infested seas.
What stores of tragedy, of lost
homes and savings were veiled be-
hind the billions in foreign deposits
bankers could only guess. After
the war will come the task of es-
tabllshing ownership of many of the
accounts.
$1,000, 900, 900 Tied Up.
Upward of $2,000,OOO,OOO in gold
and other wealth shifted here have
been tied up by United States Treas
ury order forbidding unlicensed
Withdrawals of money from Nazi-
conquered countries.
Deposits of the National CITY,
second largest Wall Street bank,
rose to s2,59l 100000, compared with
81, ,O62 900 900 year ago. The Guar
anoy Trusts deposits expanded 81
302, 100000 from ST 1893 900, 900 year
ago.
The continued increase in deposits
the last three months, bankers esti-
mated, probably has lifted total
bank deposits in the United States
above s60,0OO, 100000, an increase of
more than S6,OOO,OOO,O 1000 over the
1929 midyear figure.
In 1884 the big gold movement
from Europe began, gathering head
way after the Munich pact in 1888
as the trek of refugee money reached
a frantic stage in expectation of
war.
In the last year and a half the
refugee money and Allied spending
for war supplies here-rather than
United States Government spending
and borrowlng-were said in bank
ing quarters to have been the main
cause of the expansion in deposits,
which has been most striking in
New York City, where foreign funds
tend to accumulate.
Evening star., 1940-07-03
c. & (. |. Directors Name
O'NeoI as President
BY the Associated Press,

BY the Associated Press.
CHICAGO, July 3.-Charles T.
ONeal was elected president of the
newly organized Chicago g. Eastern
Illinois Railroad Co. at the first
meeting of the Board of Directors
yesterday.
Steps were taken to complete the
organization of the company, which
was incorporated in indianapolis on
June 81, 1940
Other officers named are: James
B. Ford, vice president; George A.
Burget, secretary and treasurer;
William A. Ragel, controller; w. M.
Templeton, assistant secretary; J.C.
Sites, assistant controller, and N. E.
Helme, assistant treasurer.
The Executive Committee named
included Kenneth D. Steers, Charles
T. ONeal, William D. Fowler, Bar
rett Wendell and j. w. Barriger, Sd.
Evening star., 1940-07-03
|. /. & I. Net Income
Is Almost Doubled
For March Quarter Z
S406, 500 Profit Shown
For Period, Against
S261 1867 in 1889
BY the Associated Press,

NEW YORK. July 3.-The Inter-
national Telephone g. Telegraph
Corp, today reported net income of
s406,500 for the quarter ended March
81, after taxes, depreciation, subsidi-
ary dividends, interest and other de-
ductionS, but excluding reports from
all Europeaen. Mexican and cable
and radio telegraph subsidiaries.
In the same quarter of 1899 net
income on similar basis was s26l, =
367.
The report included a cash divi-
dend of $500 900 received during last
March from International Standard
Electric Corp, but it was stated it
was not expected further dividends
would be received from that source.
With respect to the properties of
international Standard Electric
Corp. and its subsidiaries, the cor
poration's latest advices indicate
that the factories of the subsidiaries
in the occupied areas of Denmark,
Norway, Belgium and Holland have
not been damaged and are operat-
ing, but on a reduced SCALE" said
Sosthenes Behn, president. He add
ed the French factories also were re-
ported unchanged, but that some
machinery was transferred before
evacuation of Paris upon instruc-
tlons OF the French government.
The report said preliminary in
formation was that Russian -occu-
pied Rumanian territory contained
about 10 per cent of the plant of the
Rumanian telephone operating SUBJ
sldiary, and that revenues from
transatlantic cable operation had
been reduced seriously by the cables
ceasing to function after German
occupation of Holland, Belgium and
France.
For the March, 1940 quarter the
parent company, only, reported net
loss of s530,97l, after taxes and other
reductions. against loss of 1906 ,92s
in the same period of 1899.
Evening star., 1940-07-03
British Plan to Take
French Metal Orders
Bv the Associated Press.

Bv the Associated Press.
NEW YORK, July 3-Negotiations
are under way for the British gov
ernment to take over French con-
tracts for brass and copper
products totaling between $4,000 and
10000 tons, informed quarters said
today.
Two weeks ago the British Pur-
chasing Commission announced most
French war contracts would be taken
up by Great Britain.
New orders are currently being
placed by Britain for finished steel
products in addition to the French
contracts for steel already assumed
by the British.
Evening star., 1940-07-03
Woodward Iron Co.

BIRMINGHAM, Ala, July 3 R.-
Woodward Iron Co. reported today
net income for the six months end
ing June 80 was s825,186, equal to
$277 per share on the 298, POI shares
Of common stock outstanding.
Net income for the second quarter
was S433,l09, as compared with
s392,077 for the first quarter. Pro-
vision for Federal income tax at the
new rate was included in deductions
from second quarter income
The statement compared with net
income of $237,05l for the first six
months of 1899.
Evening star., 1940-07-03
Dry Goods Market

NEW YORK, July 3 P.-Prospects OF
higher woolen prices promoted consider
able covering on both mems and women's
wear items in the wooden piece goods trade
today. Garment manufacturers reported
fall lines met good response.
Cotton goods selling agents reported a
rayon fabrics was routine. Demand for
silk fabrics remained slow.
Evening star., 1940-07-03
Bell Reports
Increased Use
OF Telephones

NEW YORK, July 3.-An increase
Of 1900 telephones in use in the
Bell system in June was reported
today by the American Telephone 8,
Telegraph Co. The gain for May
was $500 and for June, 1899, the
increase was 1890.
This brought the increase of tele-
phones in use in the first six months
to $4,000, compared with gain of
$4,000 in the first six months of
1899.
Evening star., 1940-07-03
Wholesale Index Rises
First Time in 9Weeks
BY the Associated Press

0S IIle AbSUCIHUVu FIeSS.
Higher prices for food stuffs, live
stocks, WOOL fuel and textiles caused
last week the first rise in the Ma
tional Fertilizer Associations index
of wholesale commodity prices in
nine weeks.
Last week the index averaged rs
per cent of the 1926-28 level, COM
pared with TAG the preceding week,
75.6 month ago and 71.9 year ago.
Evening star., 1940-07-03
August Bank Holiday
Is Cancelled in EnoIond
BY the Associated Press.

BY the Associated Press.
LONDON, July Skiing George
VI signed last night defense regula
ton canceling the traditional August
bank holiday which this year would
have been August S.
The last British bank holiday, May
13, also was Cancelled.
Evening star., 1940-07-03

citation of Securities Dealers. Inc. which
states they do not necessarily reflect actual
Transactions or firm bids or offers, but
unless otherwise indicated. are as quoted by
Ine sponsors or issuers.
.Asterisk indicates, MOT quoted by spon-
Sors or issuers"
Evening star., 1940-07-03
the average for 1929, Is presented
In the following table:

the average for 1929, Is presented
in the following table:
I'm thous. Of persons)
Aversse asss Nay Nay Mss hgao
Iots inaastrs ,0' 1852 1852 fts fs.sSs 1855 1855
Trade. distribution,
finance 2,OO7 734a 743s
Service industries 9'o03 a.592 1o,oI2
Miscel. industries
and services 1O12 aO2 936
Forestry. f1shins-- 267 212 2ls
Agriculture - 1O,539 1870 IL sos
It will be noted that, perhaps
because more people have to be fed
and "serviced," employment in agri-
culture and the service industries"
is larger today than the average for
1929 But the decline Of more than
5000, 900 below the 1929 average in
total industrial employment-which
includes mining, manufacturing
construction. transportation and
public utilitieEmore than Offsets
that gain.
The Conference Board estimates
gain of 100000 in the employment
total from April to May of this year,
Of which $4,000 represented the
usual seasonal rise in agricultural
employment.
Evening star., 1940-07-03
Crude Oil Production
Declines 2O6,900
Barrels in Week
CurtuiIment in Texas
Accounts for Large
Part of Decrease
By the Associated Press.

BY the Associated Press.
NEW YORK, July 3.-Daily crude
oil production in the United States
declined 100000 during the week
ended June 20, totaling $685., $50
barrels, the American Petroleum In
stitute reports. A year ago produc-
ton averaged 3,463 900 barrels daily.
A curtailment in Texas output
was largely responsible for the de-
crease. Illinois production rose
again to new high of 517,050 bar
rels day.
Reporting refineries slowed opera
tions during the week to 1873 per
cent of potential capacity from 36.5
per cent the week before. Runs of
crude oil to stills for the industry
as a whole were estimated at $685.
900 barrels daily, compared with
3,69O,0 900 the previous week and
3,490 900 year ago.
Total gasoline production during
the week declined rather sharply
to 1l.672 900 barrels from 1905
900 barrels the week before. Gaso-
line stocks showed a sizable de-
crease, falling off to 95,142,000 bar
rels at the end of the week, COM
pared with 97.276.000 a week earlier.
A year ago, gasoline stocks totaled
80,4l8, 900 barrels.
Imports of crude and refined oils
at principal ports during the week
totaled 1,306000 barrels, against g.
027,000 the previous week.
Refinery operations for the June
% period were reported as follows,
on Bureau of Mines basis:
Crude runs to stills
tdaily avery 3.625.nOO $4,000
Total U. S, gasoline
prod. (wk.) 1l,672OO0 4l3.OOO
Total finished gasoline
Socks ss,S6o, 1000 -2,274,oO0
Unfinished stocks 67s2O00 100000
stocks s5.142,ooo -2,134,oo
fuel 33,590,O00 \ $4,000
RESIDUAL fuel oil -1O4. 4.4S6,000 10000
Evening star., 1940-07-03

Henry Knox was the first Secre-
tary of War of the United States.
Evening star., 1940-07-03
London Tin Quotations

so ONDON, July 8 tPl.--Tin firmer; spot
| f.o2 2s BID. 1868 los asked; future, 1855
% BID, s26s los asksd.
Evening star., 1940-07-03

Twenty-one Presidents of the
United States were lawyers.
Evening star., 1940-07-03
Investing Companies

NEW YORK. June 5 tP,.-National As
sociatlon OF Securities Dealers, Inc:
Evening star., 1940-07-03
Unemployment Decli

In its survey of unemployment
for May, 1910, just released. the
National Industrial Corferen
Board reports a decline of 3.8 per
cent in unemployment from April
to May and puts the total of jobless
persons at 8,624,0O0 The complete
employment picture, with compari-
sons with a year ago and also with
Imperial Valley press. (El Centro, Calif.) 1907-current, 1940-03-29
AMERICAN INITIATIVE
TAKES q NOSE DIVE

Uncle sam : prominent economic nose
is getting farther out of Joint every min
ute, and may soon be webbing like a
loose sail in every breeze unless his ma
tional board Of directors does something
about it,
Consider the United Press report this
week from Mexico City:
"Thc usually sleepy west coast of Mex
leo may find itself the center Of buStling
commercial and shipping activity II Mex
leo succeeds in negotiations with Japan
and other Oriental countries for trade
pacts ccntering on IMPORT Of Mexican
oil
Tie that up with reports of continued
Oriental and German entertainments on
South American markets. and You have
situation that makes boosted Yankee
initiative look like something out of
Grimms Fairy Tales
Mexico as a potential market for AM
erican-made goods and as a potential
site for development of ali kinds. is un-
rivalled anywhere in the world. Mexico
is on the verge Ct an era such as that
seen in this country when the west was
opened up.
There was a time when American bus
mess men would have been thronging to
Mexico with capital TO encourage develop
ment. and American statesmen would have
been busy in the hamets and towns of
Mexico opening the market for their
products.
But now, lmcause of the New Deal gov
ernmental complacCncY when Mexico
seized American-oWnod oil wells and AM
erican-ownod lands. American business
men are afraid TO go into Mexico because
they are afraid Of losing whatever they
invest there. and statesmen are staying
out Of Mexico because Mexico is barter
ing the oil originally developed by Amer
leans for goods selling al lower prices
than Americans can charge.
When this country allowed seizure of
property owned by Americans, she gave
Mexico the club with which Mexico is
now battering Uncle Sans economic
head-and she closed the door to big
potential market. as well.
The result is that nations thousands
of miles distant are edging us out of a
market that is right at our borders.
Is this craftsmanship? 1t certainly
isn't good business.
Imperial Valley press. (El Centro, Calif.) 1907-current, 1940-03-29
PATTERSON MESSES
up THE PICTURE

It.-Gov. Ellis +. Patterson, who never
WAS a real Democrat and is getting far
ther from the party Of the Bourbons
every day. has demonstrated again that
agitation. bot results interest him.
In Withdrawing from the so-called har-
mony slate Of Democrats party delegates
in California pledged to seek a third
term for President Roosevelt. and set
ting up his own slate with the same
supposed aim, Patterson cut President
Roosevelt'S chance Of winning Califor-
MAS third-tcrm endorsement exactly in
half.
Yet hi. declares he favors a third term.
He takes d quceY way Of showing it.
For the sake Of the Democratic party.
and for the sake Of California too, for
that matter. it is too bad Patterson has
no chance of being nominated Democratic
candidate for L. :. Senator, job he is
hunting. If Patterson were nominated hU
would have to resign as lieutenant gov
crnor Then he would be defeated in the
general election. California would be rid
of him all the way around, for the time
being anyway.
The trouble is, Patterson has as little
chance Of being nominated as he ha> Of
becoming king Of England.
Imperial Valley press. (El Centro, Calif.) 1907-current, 1940-03-29

WASHINGTON. = Congressman
Smiths Wagner act amendments
have had one unlooked-for effect:
they have slid the A. F.. of l.. high
command over to a position where
it is willing to coOperate-to Slight
extent. at leaSt-with the Labor
Board
Befora President Green issued his
statemcrt-hc said he still thought
the Warner act needed amending
but that Smith went entirely too
far-there were some high-powered
conferences among the A. F.. of L..
high command Before they took
place, something happened which
hadn't occurred previously in long,
long time: A. F.. of LIS General
Counsel Padway had some friendly,
cooperative chats with Labor Board
staff people in regard to the matter.
Point of it all is that whereas
the c. l. o. doesn't swing many
votes in Congress, the A. F.. of l..
carries quite a bit of weight II 1t
should decide to go down the line
in defense of the board, the boards
outlook might be good deaf
brighter.
Imperial Valley press. (El Centro, Calif.) 1907-current, 1940-03-29
Willis Thorntons Editorial On:
Decline of the Covered Wagon Days

mission. The migrants Of today can't
push the country's boundaries west
ward and it's no good just bouncing
around.
Uncle Sans advice to take roots
is as good today as was his advice
to move westward 100 years ago.
Farmers with a touch of gypsy in
their hearts must learn to reali22
this. Farm lands dctorlOrata when
ther are worked by people who have
no personal interest IN them. Land
thnt could ba kept fertile for years
to come under the care OF a rooted
tenant or owner is likely to be work
ed 10 death by series Of migrants.
The best kind of an agricultural
economy is one that is stable, dc
pondable. Under the scientific Su
pervision of the U. S. Department
of Agriculture and the agricultural
colleges, soil that has been depleted
may be restored but only if the
man who works the farm is inter-
eSted enough in it to accept the ad-
vice and TO cOddle it as something
he intends to use for the rest OF ms
life as source Of income.
Imperial Valley press. (El Centro, Calif.) 1907-current, 1940-03-29
LARGE COMPANIES
GET BIGGEST SUBSIDIES

The AAA people were mildly en-
barrasSed recently when it was
shown that the biggest soil con-
yervation payments have been going
to the insurance companies which
hold vast farm acrcageS. -Four COM
panicS got over 100000 apiece in
the last hand-out, and seven more
topped 100000.
Even more surprising, however,
is comparison of the conserva-
ton payments as whole with the
general situation in regard to rural
poverty. The department recently
published two maps of the United
States. On one map there is a
black dot for each $4,000 paid out
under the AAA program; on the
other, a black dot for each group of
200 farms which annually produce
less than $1,000 worth of crops.
The two maps don't mesh at all;
areas where the dots are most nu
merouS in the money-paid- map
are not the areas where they're
Imperial Valley press. (El Centro, Calif.) 1907-current, 1940-03-29
THE STORY OF DEMOCRACY
Frontiersmen Of America Establish
The Riuht TO Run Their Own Affairs
Bv Hendrix WiIIem van Loon
Illustrated by the outhor

dence in those rich and WCll-bOrn
who were to be the backbone of
this new nation.
In the end the many" won out
over the few and the United
States became the first large scale
democracy This result was due to
circumstances which no one had
been able to foresee in the year the
Declaration of Independence in
formed a politely surprised world
that another nation. having found
its master to be a neglectful shop
herd. had decided to get rid of him
and to cntruSt the safety of the
flock to a leader of its own ChOo&-
ing
At that time. the colonies were
-cmincntly an agricultural COM
munity. There vas a vast hintcrland
but it was out of reach for the az
crage settler The introduction Of
the railroad and the steamboat
opened UP three millions of square
miles of practically uninhabited tor
ritory to all hardy pioneers.
That newly arisen class OF moe
pendent landowners, untrammeled
by precedent or tradition-courae =
eous men and women, conscious OF
being masters of their own fate
bestowed upon our country that IS
sentiallv democratic aspect which II
has managed to maintain in spit OF
all those forces which in a Wea!,hN
country will invariably place the
balance Of power into the hands OF
the rich.
These frOnticrSmen were not
deeply interested in political theor%.
They did not really care whether
their country was supposed TO be a
representative form of government
or a republic or a true democracy.
They we're willing to fight at tho
drop of a hat if anyone dared !"
challenge their right to run Their
own affairs as best pleased them
o. most fully suited their interests.
b. and large, and in spite OF cnd-
les difficulties, they SUccco deG IN
making a going concern Of what
no ono in Europe had ever doomed
possible-a government Of the poo
pie, by the people, and for the peo-
pie.
NEXT: After 5000 years, it is
finally realized that democracy ends
in dictatorship unless closely watch
cd
Imperial Valley press. (El Centro, Calif.) 1907-current, 1940-03-29


Il t33 Ha''h been sure the past
'," ''t'.. iHH can taEc II from I'm
r' 9a'a me daFS OF pioneering are
".E
IL'tt L"'Hlh2 II b" gained, IN
r.' s'i"p "a'n'. III pacK.'g III" lam
t' aad laFnI'uff INTO what 8 Ieit OF
'i' I9I" iouF-e}ilhdrr JoD ana
.''1in'a' away TOWARD 'h' hiiI5 pc
HHH.
|'c1'al'- - HH Farm CfcdIt AS
Imperial Valley press. (El Centro, Calif.) 1907-current, 1940-03-29
Japan HOLDS ON
{ New DIRK TimeS)

Japan has had six premiers in the last
seven years. There is today in crcula-
ton paper money representing eleven mil
lion yen more than before the War. Liy-
ing costs for the working class have in
creased % per cent in two years. The
Korean rice crop j., disappointing. Ship
building needs more raw material, more
skilled labor Coal is scarce. Gas is Sc
vercly rationcd. Motor cars are diS;p-
pcarinp Electric power has great y
dwindled Imported foods have di>ap-
peared Supplies Of paper, matches, but
ter, clothing-thesr and many similar
necessities which have long been fully
available 10 the JapAnesc-hay1 greatly
decreased. But the national belt must
be drawn yet more tightly WhiI, the army
tries to hold what it occupies in China
Imperial Valley press. (El Centro, Calif.) 1907-current, 1940-03-29
LEGAL ADVERTISEMENT
PROCLAMATION

l do hereby proclaim the week of
March 81 to April 7, 1910, to be
National Negro Health Week. This
is the tWenty-sixth observance of a
week inaugurated by Booker T.
Washington and continued under
the direction of the United States
Public Health Service. wherein en-
phasis is laid upon the health of
the Negro through the United
States.
All inhabitants of the City of Ell
Centre are, therefore, requested to
cooperate to the fullest extent in
all the activities or programs of this
week designed for the betterment
and maintenance of the health of
the Negroes throughout this Coun-
try, and particularly In this COM
munity.
G.. r. SCRIVEN,
Mayor of the City of Ell Centre.
M On