davidaulloa/AmericanStories huggingface dataset:
Evening star., 1940-11-22
Prospect Of U. 5. Orders
Boosts Wool Market
BY the Associated Press.

BOSTON. Nov. 22.-The Com
mercial Bulletin will say tomorrow:
The wool market, which was in
clined to recede a little was popped
up some by the Governments an
nouncement Wednesday that ap-
proximately 1925, 900 additional
yards of cloth will be required for
the Army and c. C. C. for the bal
ance of the fiscal year. Top futures
rose cents in the first hour but as
the news was digested the excite
ment died out and the market set
tied back to a state of more or less
indifference.
Civilian business is reported a
little more general, although irreg-
ular.
South American quotations are
somewhat irregular but generally
firmer for the week. The agreement
between this Government and Great
Britain for the shipment of 250,000,-
900 pounds of wool here for stor-
age against emergencies has been
signed. Shipments now en- route
are understood to be all for civilian
use. The cape market still is more
or less unsettled
western operations have been
negligible. Mohair is quiet and
barely firm"
Evening star., 1940-11-22
Jump in Electrical
Equipment Sales
Is Predicted
Demond for Utility
And Factory Use
Cited by Poor's
Special Dispatch to The Star.


NEW YORK, Nov. ga sharp
rise in demand for electrical equip
ment designed for utility and in
dustrial use is forecast in Poor's
Industry and Investment Surveys
for the remainder of 1910 and the
first half of 1941, at least. A rise in
orders for electrical household
appliances also will occur as con-
sumner buying power expands.
Excess profits levies will cut
deeply into electric equipment man.
ufacturers' earnings this year and
Will prevent gains in net from being
anywhere near as great as indicated
by gross results" continues the fore
cast. However, some concerns will
not have to pay any excess profits
taxes this year, either because their
fiscal year began after December
81, 1889, or because earnings have
not reached point in excess of
established credits.
The electric power and light in
dustry will be a much better Gus
toner of electrical equipment
manufacturers during 1910 than
last year. Increased industrial ac-
tivity in this country, which has
developed since the outbreak of war
in Europe, has brought about a
substantial increase in electric
power consumption. Electric out
put, in turn, has risen to a record
level, about So per cent in excess
of that of the 1928-31 period. Ac-
cordingly, production facilities of
some electric power and light COM
panies already have been over
burdened. 1t is estimated that
construction expenditures by pri-
vately- -owned electric utilities will
total S644 100000 during 1910, OF
which $255, 5000 will be for gen.
Grating plants and substations.
Industrial demand for electrical,
equipment also will rise this year
perhaps around 40 per cent. Dur
! ing 1899 sales of electrical indus
trial equipment were nearly hall
again as large as those in 1898. Fol
January August. 1910, volume was
nearly 38 per cent higher than ir
the corresponding period of 1899
AS for motors and generators. or
ders received in 1899 likewise were
roughly. so per cent higher than in
1888. while rise of nearly 81 per
cent was scored in January August
1910, over the same months in 1899
With a stepup in industrial activity
anticipated, further gains will be
registered as industrial concerns
boost their budgets for plant ex-
pansion.
Manufacturers of electric house.
hold appliances are optimistic in
regard to sales prospects for the
year 1910 for many reasons. The
first Of these is prospective improve
ment in consumer confidence re-
garding near term industrial prof
its and concurrently higher public
buying power In rural sections
likewise higher farm product prices
and increased income from crop
marketings should stimulate pur-
chases." the forecast concludes.
Evening star., 1940-11-22
R. T. Stevens Named
General Foods Director

Robert T. Stevens, president of
j. P. Stevens & Co., Inc, has been
elected director of General Foods
Corp, succeeding the late Walter P.
Chrysler. j. P. Stevens g. Co., Inc.
which merchandise the products of
54 plants in New England and
Southern States, making woolens,
cottons, rayons and linens.
Mr.. Stevens is class B director
of the Federal Reserve Bank of New
York, trustee of Mutual Life In
surance Co. of New York. director
of New York Telephone Co. and
member of the board of many
mills which his company represents.
He served on the N. r. A. staff
in Washington from June to Sep
tember, 1898, as chairman of the
Policy Board. He served as group
executive of textile section on the
staff of Edward r. Stettinius, jr,
head Of the industrial materials de-
partment of the National Defense
Advisory Commission from June to
October, 1910.
Evening star., 1940-11-22
Yule Sovings Exceed
1899 at Winchester
Special Dispatch to The Star.

WINCHESTER, Va, Nov. 22.-
Four Winchester and two Frederick
County banks reported today they
will mail Christmas savings club
checks to patrons totaling close to
100000. Each bank indicated it's
amount to be paid to club members
was an increase over last year.
Harry l.. McCann, treasurer of
Frederick County, also reported tax
collections much in excess of the
corresponding period for 1899, indi-
eating a more prosperous agricul-
tural condition. He said October
collections totaled s9,500, compared
with only $1,000 in October, 1890.
He said the improvement appeared
better than for several years.
Evening star., 1940-11-22
FOREIGN Exchange

NEW YORK. Nov. 22 LP.-The free
Argentine peso held UNCHANGED at 23.55
United states cents today despite news
from Washington the Government has
offered financial and other aid to the
South American nation.
The Canadian dollar inched III to Sis
cents and the Swiss franc was trifle
higher at 1921 ~ cents. The dollar of
Hong Kong and Shanghai improved model
ately. Free sterling stayed at S4.0I.
Late rates follow tGreat Britain in dol
lars, others in cents).
Canada:
Official Canadian Control Board rates
for o. S. dollars: puyins. 10 per cent
premium; selling, IL per cent premium,
equivalent to discounts en- Canadian dol
lars in New York Of buying, 9o1 per cent:
selling, 900 per cent.
Canadian dollar in New York market,
States cents.
Europe:
Great Britain. official Bankers Foreign
Exchange Committee rates., buying. 4.02;
selling, 4.04; open market cables 4.04:
Germany, 4007n: (5enevolenD, 1880;
Finland. 1.92n; Greece, 6Sn. Hungary,
19.50n Italy sos; Portugal, OOh: Ru-
mania. .48n: Sweden. 1856: Switzerland,
% 81 Y: Yugoslavia, 2.35n.
Latin America:
90. 75n
Japan; 23.4s; Hong Kong. % 81: shans-
RATES in spot cables unless otherwise
indicated) n Nominal.
Evening star., 1940-11-22
Federal Revenue
To Cover All Needs
Except Defense Seen
New Policy Suggested
By Doushton After
Tulk With Roosevelt
By the Associated Press.

Ds tLt hssoCihtcu riceS-
Budget Bureau calculations indi-
Gated today that recently augmented
Federal revenues will enable the
Government to pay cash this fiscal
year for everything but national
defense.
They indicated a deficit of about
SIS, 500, ,000, GOO, or about the same
amount as anticipated military and
naval expenses.
The figures were based on the pre-
liminary computations incidental to
preparation of the annual budget,
and as such were not final. If borne
out, however, they would make pos
sible one year ahead of time q new
Federal fiscal policy suggested this
week by Representative Dcughton,
Democrat, of North Carolina after
comforting with President Roosevelt.
Mr.. Doughton, chairman of the
House Ways and Means Committee
legislative source of all tax measures
said that enough new taxes should
be enacted to cover all normal ex-
penSes" Of the Government, exclusive
of the defense program, and that mo
more debts should ibe passed on to
future generations than we can pay
ourselves"
$4,000, ,000, 900 Outlay Seen.
Under Representative Doughton's
plan, additional taxes would be
necessary to the extent that the Fed
eral budget for the fiscal year be-
ginning next July Is increased over
the present years spending schedule.
Latest estimates Of this years
spending approximate $l3, 900, 900 900,
the largest peacetime total in history.
Congress actually appropriated and
authorized contracts for more than
$4,000 100000.
Exactly how much Of this grand
total will be spent before the fiscal
year ends depends on the speed Of
the conscription program. the
rapidity with which factories can
produce ordered war materials, and
on similar factors.
In the first four and half months
of the year, expenses toteled only
So SOC, 600, 900, or an annual rate of
$9, 600 100000 Month by month,
however, the spending rate is pick
ing up.
More Revenue in Prospect.
A year ago, the Federal revenue
prospects for this fiscal year were
barely more than IS 1000 600, 900. Now
they are rated at $1,000, ,000,0 or
more. due to the 10 per cent "super
taxes" enacted last June and the
excess profits tax passed in the fall.
An additional s70O 100000 was ex-
pected by the Treasury from Federal
agencies such as the r. F. c., as
repayments of the Government
money invested in them originally
These figures indicated that the
deficit might be held to 5000. 900 900
or less. but customary lags in tax
collections caused some officials to
prefer the S., 500 900 900 estimate.
All these calculations, however,
were only incidental to the task of
preparing the budget President
Roosevelt must submit to Congress
in January to cover the next fiscal
year.
Budget Director Harold D. Smith
said he was holding annual hearings
On departmental requests, but the
size of the budget has not been de-
termined. Some unofficial reports
have placed it at SIS ,000, 900 900 or
more.
Evening star., 1940-11-22
Property Insurance
Up to 37H% in ENGLAND

LONDON, Nov. 22.-Two and a
half months of aerial bltzkrieg has
caused the government to raise its
premium for war risk property in
surance to 371s per cent from Is.
The rate probably would have
been moved even higher except
for the 100000 ($16O 900 ,oO0) COL
lected in premiums and held as re-
serve in the months when there
were no serious air attacks.
The Board of Trade announced
the increased rate, to be effective
for the quarter beginning December
3 and ending March 2, 1941.
The BIZ per cent rate is still
not as high as the premium at
the outbreak of the war, when, in
anticipation of heavy bombing. the
government set the rate at fiat
SO per cent. 1t was reduced to
Is per cent last December 8 and
remained there until now.
Evening star., 1940-11-22
Largest Production
OF Steel Rails Since
1890 Anticipated
Next Years TotoI Moy
Be Boosted Further
By Huge Orders
BY PAUL d. GESNER,


NEW YORK, Nov. REPRODUCTION
of steel rails for the Nations rail-
roads this year may total around
l,65000 net tons, the heaviest ton
mage of rails rolled since 1890, steel
circles estimated today.
Moreover, at the rate that new
orders are coming in, steel rail pro-
duction in 194l may be even larger
than this year.
Big orders placed recently include
purchase by the Pennsylvania Rail-
road of 75.0O0 tons for 1941 delivery
on top of $4,000 tons bought earlier
this year, and contracts by New York
Central Railroad for II 900 tons for
194l delivery.
With the national defense program
stimulating already brisk industrial
activity, heavier movement Of long
list of industrial commodities next
year already is being forecast. More
over, ton miles" of freight hauled
are up sharply. When ton miles
increase, that means the average
cargo of freight is being hauled a
longer distance, and longer hauls
mean more revenue in the railroad
tillS.
Better Incomes Help.
A good deal of rail replacement
was deferred during the depression
years of the early 1930s, but with
more money flowing into company
Golfers. many carriers this coming
year will have more elbow room in
their maintenance plans, and broad
er track work is in the cards, ezecu-
tives say.
A steel-rail production of around
1,650,000 net tons this year would
compare as follows with other re-
cent wear.
Evening star., 1940-11-22
Defense Program
Should Have Only
One Head, Says Sloan
General Motors Official
Sees Need for Bourd
To Guide Production
By the Associated Press.

By the Associated Press.
BOSTON, Nov. 22.-Alfred p.
Sloan, jr., chairman of General Mo-
tors Corp, said yesterday he be-
lieved the national defense program
should be under the direction of one
man, supported by q technical ad-
yisory board and research and pro-
duction experts.
"Such a board does not exist now
at Washington, but 1t is Imperative
ly needed" he said, although he as
serted excellent progress has been
and is being made"
Mr.. Sloan, using questions sub
mitted to him in writing as basis,
spoke at q Chamber of Commerce
luncheon.
Gives Views on Plane Building.
THE job of getting the United
States adequately defended now is
Job of the greatest magnitude ever
given the industrial leaders of any
country in the worlds history" he
said adding humorously I'VE
haven't got enough economic royal
lists among us to do this job for ma
tional defense"
Referring to airplane manufac-
ture, the General Motors executive
said he believed production OF
fuselages would be the most difficult
and suggested that construction of
various parts should be spread
among many plants, with the parts
forwarded later to general assembly
plants.
Asked If the threat of war meant
imitation for the United States, Mr..
Sloan said, Frankly, don't know.
There never has been a war in the
past century that was not attended
by a tremendous rise in price levels.
Urges Watch on Prices.
"But everything should be done
to avoid an inflationary spiral OF
prices. If we try to put ceiling on
prices and do not control sources,
prices are likely to 60 through the
ceiling.
Wages are one of the basic
sources we must watch. One of the
greatest contributions which labor
leaders today can make to our ma
tional defense efforts is to exercise
their restraining influence upon the
rank and file against demanding
wage increases
Evening star., 1940-11-22
Gutes Named Chief
Of Majestic Radio >
PS tie Associated Press.

-
CHICAGO, Nov. 22.-The Majes-
tic Radio & Television Corp. an
nounced that Howard Gates, active
in the radio industry for 81 years,
had been named president, sue
ceeding Walter Glenn Scott, act
ing president, who resigned.
Mr.. Gates formed the Gates Ra-
dio Co. in Cincinnati in 1920 and
founded the radio division of the
King Sewing Machine Co. at Buff
falo, N. Y, in 1923. He was chief
engineer for the Zenith Radio
Corp. for several years and during
the last four years was vice presi-
dent In charge Of engineering for
the Detroit Radio Corp.
Evening star., 1940-11-22
Food Demand Climbs
Ahead Of Year Aqo
In Holiday Week
Cold Weather Spurs
Seasonal Upswing
Of RetuiI Trade
BY the Associated Press.


NEW YORK, Nov. 22-Turkey,
cranberry sauce and other "fxin's"
were bought this year more plenti-
fully than last in the States cele-
brating the Thanksgiving holiday
this week, the weekly trade survey
of Dun & Bradstreet, Inc, revealed
today.
Retail merchants also saw early
nibbling at Christmas gift offerings,
although most stores have not yet
started to push Yule merchandise
The review said:
Gold weather gave impetus to
the seasonal upswing at retail, en-
abling many merchants to chalk up
sales gains over the preceding week
despite the inclusion in that period
of exceptionally good Armistice Day
results
Reports from the 80 States cele-
brating Thanksgiving this week ~
dicated increases in food volume
over year ago and unusually sat
isfactory response to special promo
tions of table accessories.
Gift Buying Starts.
Although the holiday shopping
season was not yet officially opened,
city stores reported strong early
interest in gift purchases: buying
extended over wide variety of
merchandise, including handbags,
lingerie, costume jewelry, hosiery
and occasional furniture pieces.
THE improvement in retail turn
over in the past two weeks has
usually been more marked in win
ter clothing than in any other
regular lines. Furs, coats, heavy
underwear, hosiery and gloves are
said to have sold in substantial vol
ume. In children's wear depart
ments snow suits and Logging sets
have rolled up sizable totals
Despite these gains in wearing
apparel, retailers report that home
furnishings lines still make by far
the best relative showing. This
week heavy purchasing of china,
glass, silverware and linen in pre-
Thanksgiving promotions added to
brisk sales of furniture and floor
coverings.
Compared with the correspond
ing period last year, the total vol
ume of trade was estimated to 10
per cent higher. This was broader
margin of gain than a week ago de-
spite the fact that the automobile
trade, now against the peak sales
period of 1899, was no longer chalk
ing up the exceptional year-to-year
increases of october and early No
vember.
New England Active.
Regional sales gains were broad
cast this week in New England, in
the North Central and in the South
ern States. Trade in the North
west still felt the effects of last
weeks blizzards, but volume main
tanned a slight advance over last
year.
For the seven major regions of
the country, percentage changes
above the 1899 level we're as follows:
New England, 6 to II; East, to 8;
Middle West, to 10; South and
Southwest, 9 to Is; Northwest, to
4; Pacific Coast, to 7.'
Wholesale buying, the report said,
appeared to be mostly for the
balancing of stocks New business
was small. There was reordering of
some cold weather items and some
small retailers were placing late
Christmas gift orders.
Relatively few buyers were in
wholesale trade centers, the review
found. and those appeared to be
principally concerned with getting
delivery on merchandise already
ordered. Shipments on old orders,
however, were mostly going out on
schedule.
Evening star., 1940-11-22
Week S Auto Output
Shows No Signs Of
Expected LuII
Assemblies Reported
Considerably Ahead
OF RetuiI Sales
By DAVID ]. WILKE,
Associated Press Automotiye Editor.

DETROIT, Nov. 22-The high
level of passenger Car and truck
production currently being MAIN
tanned in the automobile industry's
assembly plants is causing consider
able speculation in trade circles.
Last weeks approximately 122, 900
assemblies was considerably in ex-
cess of retail demand, despite the
large backlogs reported by all the
leading producers, and but for the
Thanksgiving Day holiday this week.
the aggregate volume undoubtedly
would exceed that of last week.
Tapering on Expected.
Trade authorities have been OBJ
serving for more than a fortnight
that tapering of in factory out
put was about due, but there has
been no indication of just when the
leveling off would take place. The
trade has begun to speculate upon
just how long the present high level
can be maintained and to what
heights 1t might be extended under
the pressure of apprehension regard
ing the availability of materials and
production machinery few months
hence.
The 121,943 cars and trucks the
assembly plants turned out last week
was the highest output volume since
the week ending July 3, 1887, when
122,890 units were completed. That
figure, however, was far from a rec
ord mark During the week ending
May l of the same year the assem-
bly, plants produced 150,485 units,
according to figures compiled by
Wards Reports, Inc. Production for
the entire year 1917 reached 5,016,-
437 cars and trucks. That high mark
was exceeded only by the 5,62l,7l5
vehicles made in 1929.
Market Questioned.
The trade authorities in consider
ing the significance of the current
high output volume are wondering
whether another 5,000,0 unit year
lies ahead Several leading OBJ
servers say this is wholly probable,
but. they question the capacity of
the new car market to absorb that
volume.
Even with the increased buying
power expected to result from ex-
panded employment, they say. there
will be large inventory of used
cars to be liquidated along with
the heavy factory output.
The belief prevails in some quar-
tiers, however, that the production
division of the industry has deter
mined to keep a certain volume
ahead of actual demand and that
the leveling off will not come until
very definite slackening in present
new-car demand appears.
Whether that is anything more
than guess is yet to be demon
Strated.
Output of the automobile fac
tories this week, according to
Wards Reports, Inc, will to-
tai 102,340 cars and trucks, re-
duced chiefly by the Thanksgiving
holiday. Last weeks assemblies
numbered 120,943, highest level since
the summer of 1887. A year ago this
week 1880 vehicles were completed.
Wards said that production would
turn upward next week, when five
day schedules become general again.
but added that the levels of earlier
November would not be reached.
Evening star., 1940-11-22
Rubber Exports
For Early 1o41
To Be Rushed
By the Associated Press.

LONDON, Nov. 22.-The Inter-
national Rubber Committe which
fixes export quotas for rubber-pro-
ducing nations decided today to
suggest to its signatories that 1941
licenses should be issued as soon
as quotas for the first three months
of 1941 are set 80 that as much
rubber as possible may be shipped
before the end of 1910"
Such exports will be attributed
to l941. The quotas will be fixed at
a meeting November %.
Evening star., 1940-11-22
London Bank Report

LONDON. Nov. % 0P.-The weekly con-
dition statement of the Bank of England
continuing an unbroken upward curve for
the past five weeks.
Reserves also increased while circula-
tion dTopped of to f592, $4,000. q decline
of f1 ,397. 900.
Government security holdings rose an
other FL 100000, a fourth successive gain.
=, The detailed statement follows lin
thousands of pounds:
Circulation, 592. .652. decrease 1897;
bullion. 900, increase "a; reserves. 3S.337.
increase 1.459; public deposits. % 3S7,
increase 2,S03: private deposits 1853, ,607,
decrease S56: government securities. 140,-
24.761, decrease 534; ratio Of reserve to
liabilities 20.5 per cent compared with
900 last week; bank rate, per cent.
Evening star., 1940-11-22

Rail production in 1882 at 45O, 900
tons was the low for recent years.
Production in 1929 was 3,049 900
tons. Production in 1926 at 1904 900
tons was the high for recent years.
Some executives think that while
l94l production might approach
closer to 10000 tons than this
years estimated l,650y000, an out
turn in excess of around 1000, 900
isn't likely. The reason for this
is that essentially all rails pur-
chased by the carriers today are
for replacement, while back in the
1920 decade when tonnage In excess
of 5000, 900 were rolled up, many
roads were still expanding their
lines.
Expansion Era Ended.
In other words, the big era of ex-
pansion of rail lines to serve new
communities has passed its zenith.
In fact, the tendency in recent years
has been for railroads to abandon
little-used trackage, rather than
seek extensions into new pastures.
The coming of bus and truck
lines. together with the privately
owned passenger automobile and
truck, are blamed by the railroads
in part for the reversal of rail line
expansion. Motor competition also
is blamed for many abandonments,
for when a rail line loses the bulk
of its traffic in an area to motor
cars, and finds the segment is
operating at a loss, often the only
thing to do is abandon the track
in question to save money.
Expect, however. broader track
replacement work this coming year.
Orders for new rails are pouring
into the steel companies in heavy
volume, and plenty of work is being
planned for the rail replacement
crews out on the line.
Evening star., 1940-11-22

quotations furnished by National Asso-
states they do not necessarily reflect actual
tranS;aactienas t;a as Or nrm bids or offers, but
sn9ula thrae tmhaisste approximate prices. and
by the sponsors or issuers
sAsterisk indicates. Not quoted by spon-
Evening star., 1940-11-22
Washington Exchange

SALES.
Lincoln Service com.-10 at 151a.
Capital Transit $500 at l045s.
Evening star., 1940-11-22

Valentine Day is the anniversary
of the death of St. Valentine, bishop
of Rome during the Sd century.
Evening star., 1940-11-22
London Bur Silver

23Isd. of Is. (Equival-nt MT 4l94 cents)
Bar gold, 1855, unchanged. Equivalent
Evening star., 1940-11-22
Investing Companies

NEW YORK, Nov. % lP.-National
Association Securities Dealers, Inc:
Moon QuotationS.)
Evening star., 1940-11-22

London Tin Prices
:. LONDON Nsy. ~ Pip Itsaays MT
I'd $40 s. askod.