davidaulloa/AmericanStories huggingface dataset:
Evening star., 1940-07-28
Loans Widen Lead Over II. S. Securities
As Outlet for Washington Bank Funds
Further improvement
In Earnings Seen for
Institutions Here
BY DONALD B. HADLEY.

Foreshadowing further improve
ment in bank earnings here, loans
to private business are widening
their newly recovered lead over Gov
ernment securities as an outlet for
Washington bank funds.
A report from the controller of
the currency shows that on June %,
S121 1897 900 in loans represented a
sharp increase over year ago,
while S109, 100000 in Federal securi-
ties, both direct and guaranteed,
represented only a moderate gain
over 1889 levels.
From 1885 to the last half of 1899
bank loans here trailed Federal Sc
curities, In more prosperous earlier
years loans were far ahead. Taking
June, 1929, as an example, the Capt.
year, when $104,519,0OO in loans
and only $26,969,00 in Government
securities.
The reversal of this trend re-
manned evident as late as June last
year when $l04.519,000 in loans,
compared with $1O6,821 900 in Fed
eral securities.
In addition to assisting private
business, loans bring much higher
return to the banks than the Gov
ernment securities.
The following table gives loans
and discounts and Federal securi-
ties of Washington banks at the end
of June in different wears:
Evening star., 1940-07-28
Copper Demand Improves
Near Close Of Week
BY the Associated Press.

NEW YORK, July 27.-Demand
for copper in the closing days of
the week increased perceptibly and
the price rebounded quickly from
1912 cents a pound to 1094 cents
a pound delivered Connecticut VAL
ley base, or Is cent a pound net
higher on the week Leading pro-
ducers throughout maintained their
price unchanged at liz cents a
pound delivered in the valley The
10l2-cent price, low since last Au-
gust, was of brief duration.
Buying of lead during the week
was in fairly good proportions,
although not steady on a day-to-day
basis. Price closed firm at cents
to sos cents a pound delivered New
York and 485 cents a pound st.
Louis.
Inquiry and sales of zinc were
estimated to have run close to the
heavy business recorded for the
preceding week when approximately
5000 tons we're contracted. Price
here also ended firm at 6.25 cents a
pound East st. Louis.
Evening star., 1940-07-28
Corn Prices Retreat
As Rains Follow
Heat Wave
More Showers Forecast
For Middle West
Over Week End
BY FRANKLIN MULLIN,
Associated Press Market Writer.

CHICAGO, July 27-Most of the
weeks advance of corn prices in
spired by the summers first wide
spread heat wave was washed away
today by rains that drenched the
heat of the corn belt and spread
into surrounding grain producing
territory.
Corn dropped as much as IL
cents at one stage and closed 12-1as
lower than yesterday, September,
$685. December, ST.. -as. Other
grains were unsettled by the action
OF corn and wheat closed unchanged
to J.. off, September, 741s-1.; De-
cember, 751s-14; oats unchanged to
4 down; soy beans. 1as-l12 lower;
rye 1s-14 off and lard 5-8 lower.
Reports indicated heaviest rainfall
occurred in Northwest Iowa and the
official map showed moisture was
generous at such points as Charles
City, Davenport. Dubuque and Mad
lson. There was light to fair pre-
clpltatlon in surrounding States as
well as in the Northwest and Far
Northwest, Furthermore the fore
cast predicted cloudy weather and
showers in most North Central
States over the week end and slightly
lower temperatures in Illinois and
Indiana. More precipitation also
was in prospect for next week, with
temperatures near normal.
Wheat got support from mills at
times and, with hedging pressure
lighter, price declines were checked
at about y cent. The IL principal
terminals received only 2.160,OOO
bushels, compared with 3.75OOOO
week ago. For the week receipts
totaled 18,406,000, compared with
26,066000 last week and ll,l05, 900 a
year ago.
Grain range at principal markets:
Evening star., 1940-07-28
World War Tax Mistakes
Cited by U. 5. Chamber

BY the Associated Press
The United States Chamber of
Commerce urged Congress yester-
day to avoid mistakes of World
War days" in fixing tax depreciation
allowances on national defense in
vestments.
President Roosevelt said at his
press conference Friday that legis-
lation dealing with amortization Of
such expenditures would have to
be coupled with an excess profits
tax in order to protect Treasury
revenues. Proposals have been
made to shorten the amortization
period to five years.
The chamber said in a statement
that many corporations had had
great difficulty in recovering in
vestments which became useless at
the end of the war and that some
concerns were in receivership before
they could get final allowances.
Asserting that businessmen gen.
orally do not look upon national
defense contracts requiring heavy
investment as very desirable busi-
ness" the chamber added:
Their prior experience is that
the probabilities of ultimate loss are
so great that if it were a matter
of preference they would rather not
undertake such business. They are
necessarily concerned that they do
not subject themselves to very
heavy losses of capital and that
such contracts do not lead to years
of dispute with the Government as
to profits and taxes and therefore
to continued uncertainties as to
their capital position"
Evening star., 1940-07-28
Panhandle Eastern
Earnings Increase
srecial Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, July 27.-Consoli-
dated net income of Panhandle
Eastern Pipe Line Co. and subsid-
iaries for the IL months ended June
80 amounted to $5,023,723, after all
charges, as compared with s3,8S4,532
reported for the IL months ended
June 80, 1899. J. D. Creveling, presi-
dent, announced.
Gross revenues for the IL months
ended June 80, 1910, we're 3,096, SIS,
as against $11 1,163,975 for the previ-
Gus 12-month period. Net operat-
ing revenue available for fixed
charges, after all operating expenses,
including maintenance, depletion
and State and Federal taxes, totaled
$6,218,848. equivalent to SO times ali
bond interest and fixed charges.
Evening star., 1940-07-28
Boston Wool Demand
Shows Improvement
BY the Associated Press

By the Associated Press.
BOSTON, July 81 Omitted States
Department of Agricultural Al,
improvement in the demand for wool
in Boston became evident about the
middle of the week.
This increased interest on the part
of the buyers has checked the de-
clining tendency in the wool market
and caused prices to strengthen a
little.
Greasy combing, bright fleece
wools were quoted on grease basis
at 33 to IS cents for fine delaine,
"a to 36 for half blood and 38 to 40
cents for three-eighths and quarter
blood
Evening star., 1940-07-28
Food Firms Expected
To Show Further
Profit Gains
Price Rise Forecast;
Expansion in Export
Business Likely

Special Dispatch TO The Star.
NEW YORK, July 27.-Profits of
highly diversified food companies
during 1910 should show continued
improvement over those for 1899, &C
cording to Poor's Industry and In
vestment Surveys.
Consumer purchasing power will
remain at relatively high levels. Ex-
ports of certain packaged foods will
eventually increase, for the spread
of the war has shut off British
sources of various foods. Food prices
are likely to advance during the
year.
British Needs Cited.
Exports of certain packaged
foods are likely to increase whether
or not the war continues" states
the analysis. IF it does, Great
Britain will necessarily have to pur-
chase greater amounts of food to
feed her armed forces. Civilian con-
sumption is being curtailed by ra-
tioning. The British had attempted
to increase their food production
this summer, but are handicapped
by the diversion of man power into
military activities. If peace is
reached soon, United States exports
will be stimulated by the necessity of
feeding the sufferers in the war
stricken areas.
The eventual increase in Brit
lsh demand for United States food
products will offset to some extent
the loss of the markets of the Low
Lands and Scandinavian countries
for our agricultural products. In
1899, the Netherlands and Belgium
alone took about 10 per cent of
the United States agricultural prod
uctS, and constituted, respectively.
the fourth and sixth most important
outlets for exports.
Prices Under Peaks.
FOOD prices are under the highs
OF last autumn. The advances fol-
lowing the outbreak of the European
war failed to hold. It is significant,
however, that the declines from the
autumn peak have been small in
relation to the drop in business ac-
tlvlty during the early part of 1q4O.
Moreover, prices are fairly we'll above
levels Of a year ago. This indicates
that the underlying economic fac
tors are strong. Thus, with indus
trial activity increasing in sympathy
with the preparedness program, it
is possible that commodity prices
Will show some improvement dur
ing the remainder of the year" the
analysis concludes.
Evening star., 1940-07-28
Savings Record Set.

Savings deposits in District banks
and trust companies swung forward
to a new record of $107, 900 on
June 90, but savings accounts num-
bering 283,923 remained we'll behind
levels prevailing prior to the 1888
bank holiday.
These trends indicate that fees
added by the banks since 1888 have
brought about a consolidation of
accounts and restricted the division
of small funds among several instl-
tutions. In terms of efficiency, the
change undoubtedly has meant a
considerable saving for the banks.
Another major factor, of course.
has been reduction in the num-
Der of institutions here from Al to
% between 1929 and 1940
Back in June, 1929 bookkeeping
was required for 335,732 accounts
totaling $50 1903 900 But now, 81 ,oO9
fewer accounts must be kept, al
though they contain s2O87l 900
more.
Savings accounts and savings de-
posits at the end of June in various
wears follow:
Evening star., 1940-07-28
Manufacturers inventories
Lower During June
BY the Associated Press.

BY the Associated Press.
The Commerce Department re-
ported yesterday that despite
sharp upswing in production during
June manufacturers inventories de-
clined O3 per cent.
Noting this, Secretary Hopkins
said In a statement that the current
business advance therefore rests on
tlrmer base than that of last fall.
when the rise in production was
accompanied by large-scale inven-
tory accumula alton"
New orders received by manufac-
turers were l3 per cent greater than
IN May, marking the sharpest rise
OF the year, the department said,
with better than average increases
IN the durable goods lines.
Unified orders in durable goods
increased more than 6 per cent.
This sent the backlog up more
than so per cent above a year ago.
June shipments were per cent
higher than in May and 20 per cent
above June, 1889, but slightly below
the December total.
Evening star., 1940-07-28
Stock Market Draqs
As Traders Desert
Wall Street
Prices Still Marrow;
Volume Is Smallest
Since 1918
BY FREDERICK GARDNER,
Associated Press Financial Writer

Associated Press Financial Writer.
NEW YORK, July 27-Ending one
OF the dreariest weeks in more than
two decades, the stock market to-
day just about kept its balance.
Boardrooms were virtually de-
serted as q heat wave drove most
traders to the country and the per-
slstent speculative apathy made at
tendance in Wall Street during the
brief session seem especially un-
attractive.
The few commission house Gus
toners who put in appearance mere
ly nibbled at leading issues, discre-
ton still being deemed the better
part OF valor pending fresh de-
velopments in the European war
domestic politics and business. The
industrial picture, however, re-
manned sufficiently promising to
keep sellers timid and draw in
bidders here and there.
Steels, Motors Firm.
The Associated Press average of
so stocks was up i of a point, at Ais.
due mainly to the firmness of steels
and motors. Again the lengthy mar
ket stalemate was exemplified by the
fact this composite a month ago
stood at Alb.
Slackness of dealings, on the
whole, left price changes meaning
less. The turnover of 1920 shares
compared with ,220 in the pre-
ceding tWo-hour session and was the
smallest for any Saturday since Au-
gust 3, 1918. 1t was relatively low
er than the figures indicate, when
it is recalled that % years ago list
ed issues were only about half the
number dealt in at present. OF the
total Of 1888 individual stocks, how
ever, only BIG showed on today's
ticker tape. The weeks aggregate
OF /, ,l9l 800 shares was no more than
a normal days dealings and was
around 100000 under last week S
sluggish proceedings.
Steels were aided by talk of an
other 81 dividend by United States
Steel next week and forecasts of
further expansion in mill operations.
Broadening retail sales aided the
motor group as we'll as a few mer-
chandising shares Expanding reve-
nues propped the carriers.
Close With Gains.
Ahead at the finish were United
States Steel, Bethlehem. General
Motors, Chrysler. Anaconda, South
ern Pacific, Sears, Roebuck, Wool
worth, Loft. Glenn Martin and
American Telephone.
Under water were General Elec-
trio, Philip Morris, North American.
American Can and Montgomery
Ward.
In spotty curb minor advances
were posted for Electric Bond &
Share, Glen Alden Coal, Lake Shore
and Niagara Hudson Power. About
$4,000 shares were traded here versus
$4,000 week ago.
Through the week stocks were un-
der the influence of the war, presi.
dental campaign trends, the out
look for defense spending and fore
casts of summer letdoWn in the up
ward economic curve Prices, on
average, were up a shade Monday,
unchanged Tuesday. down Wednes-
day and slightly improved Thurs
day and Friday.
Evening star., 1940-07-28
McGi|I Staple Index
Drops During Week
Special Dispatch to The Star.


AUBURNDALE, Mass, July 81
The index of all commodities COM
piled by the McGill Commodity Serv-
ice declined during the week ending
July 26 and currently stands at 69.1
as against 696 a week earlier, and
735 at the beginning of the year.
The low point for the index so far
this year established June 81, when
the figure was $50. Weakness this
week was widespread and practically
all commodity groups declined ex-
cept the agricultural.
OF the IA group classifications
comprising the index, four remained
unchanged, nine declined and one
advanced for the week.
The industrial index was lower as
price weakness developed in build
ing materials, hides and leather,
non-ferrous metals, paint materials.
fine and coarse textiles and vege-
table oils.
Evening star., 1940-07-28
MAY, 1889.
Population Shift Seen.

School enrollments show that
residential development in less
crowded sections of the Metropoli-
tan Area are attracting an increas-
ing number of families away from
the District of Columbia itself.
District enrolment, after increas-
ing sharply in prior years. has been
declining slightly since 1893. while
those in nearby Maryland and Vir-
ginia have been continuing their
steady climb.
Only about half of Montgomery,
Prince Georges and Fairfax Coun-
ties fall within the Metropolitan
Area, but more than two-thirds of
the population come within those
limits and most of the gains shown
below by entire county totals can
be regarded as metropolitan growth
Alexandria and Arlington are in
cluded in the area.
Totals for the District, the two
Maryland counties and the Virginia
sections at the close Of various
school years follow:
Evening star., 1940-07-28
Winnipeg Cash Market.
Cooper-Bessemer Votes
Dividend of IS Cents
BY the Associated Press

BY the Associated Press
MOUNT VERNON, Ohio, July o.
-Cooper-Bessemer Corp. declared
today 75-cent quarterly dividend
on prior preference stock, payable
August % to holders of record Au-
gust 9.
The companay, which makes
engines, reported net profit of $271,-
los for the first six months of 1910.
compared with Sl3,533 for the same
period last year.
Evening star., 1940-07-28
u. S. Ships Gain
Larger Share
|Of Travel

BY the Associated Press.
American ships took in a larger
share of the fares for ocean travel
last year, at the expense of foreign
lines.
Gross earnings for American YES
sells totalled $42,o0O,O 900, the Com
merce Department reported yester-
day, saying that this represented
an increase of 100000 over 1898,
despite the decline in traffic between
the United States and overseas
countries.
Meanwhile, the revenues of foreign
vessels fell to ss3 1000, 900 from sl12.-
600, 900 in 1898.
Evening star., 1940-07-28
&. & O. to Modernize
Shops at Richmond
BY the Associated Press.

RICHMOND, Va, July 27.-A. T.
Lowmaster, general manager of the
Chesapeake g. Ohio Railroad. said
today that the line had appropriated
approximately $4,000 for repair and
construction of buildings and equip
ment at its shops here in order to
care for passenger car repairing.
Evening star., 1940-07-28

Co, ye S t erday
a u n c h e d his
first active plans
for the coming
year by appoint
ing com mlttee
c h a irm e n t o
take charge of
the administra
tive and social
work which be-
gins in earnest
next m n t h.
The new chair
men include:
A u b rey o.
Dooley, Hamil-
ton N a t i O nal,
Evening star., 1940-07-28

arcnlVeS, John Warner, Union
Trust Co. athletics: Frederick A.
Daum, Security Savings e. CONNER
clal, audit; J. Earle McGeary, w. B.
Hibbs q Co, banquet; A. E. Henze,
w, B. Hibbs g. Co, dollars and
sense; John M. Christie, Riggs Ma
tional, educational; Stephen o. Por-
ter, Riggs National. entertainment:
Ralph Endicott. Washington Loan
& Trust Co.. essay; Paul J. Seltzer,
American Security e. Trust Co.,
finance; Walton L. Sanderson,
Hamilton National, forum; John
Wilson, Morris Plan, house; Ray
mond l.. Jones. National Metropol-
itan, membership; Francis E. Robey,
Bank of Commerce & Savings. pro-
gram; George R. Galleher. Lincoln
National, public affairs; Stuart S.
Ogilvie, Second National, public
education; George M. Rowzee, jr.,
Lincoln National, public speaking:
Robert c. Christie, National Saw
ings & Trust, publicity. and Elisa
beth Rowzee, Hamilton National,
Women's Committee.
Evening star., 1940-07-28
Collections Less Favorable.

COIIeCt1OnS Less FaVOra bic.
Department store collections here
in June made less favorable show
ing than in some earlier months
this year.
The Richmond bank reported June
collections were 285 per cent of bills
receivable at the first of the month,
compared with 28.9 per cent in the
preceding month and 292 in June,
1899. Because of the influence of
earlier months, the average of per-
centages for the first six months
of this year was 289 per cent against
28.2 for the same 1899 period.
Percentages of the 1910 and 1899
Evening star., 1940-07-28
Growth Is Impressive.

A report from the Census Bureau
showing a population of more than
a million persons in the Washing
ton trading zone, fixed by the Audit
Bureau of Circulation, impressed re-
tail circles this week.
The preliminary total of 1,O17,693
for the zone represented an increase
of 400 per cent over 722, ,l67 reported
in the 1880 census.
The A. B. c. trading zone is COM
priced of entire counties and should
not be confused with the much
Evening star., 1940-07-28
Library Totals Climb.

The District of Columbia Library
also has felt results of population
growth. Home circulation of g.
383,927 for the fiscal year ended
June 30. compared with 3,257.89O in
the preceding year, 2,994,511 in
1867, 2,723,623 in 1934-35. $780,
TIT in 1928 and 1861 ,621 in 1929
%. Arlington Library circulation for
the latest fiscal year reached 60,59s.
against 45,404 in the preceding IL
months, first fiscal period in the
history of the consolidated institu-
ton.
Evening star., 1940-07-28
Sofewoy Stores Net
loqs Behind Year AGO
By the Associated Press

BY lHt ASSOClated PTeSS.
NEW YORK. July 27-Safeway
Stores, Inc. net profit for the first
six months of this year was $685.
943, or S235 a common share, COM
pared with S2.855 ,402, or s296
share, in the first half of 1889
Evening star., 1940-07-28

ganization made public by the Bank
Management Commission of the
American Bankers Association. The
number of these organizations has
increased from one in 1927 to 237
as of June 80, 1910.
Evening star., 1940-07-28

Spot cotton closed quiet and unchanged.
Sales, IL Low middline, 9 30: mddling
1880; good middling, 1915; receipts. 300;
stock, 5494 423
Bid. Nominal.
Evening star., 1940-07-28
B|aikIock Appoints
A. !. B. Committee
Heads for Year
Capital Store Sales
l7.8 Per Cent Above
1889 During Week
BY EDWARD c. STONE.

Edward M. Blaiklock. president of
washington Chapter, American In
stitute of Banking, who is connected
with the Washington Loan g. Trust
Evening star., 1940-07-28
Paw Rolls al New Peaks.

Both Government and private
pay rolls are continuing to set new
high marks compared with other
years, latest reports show.
For May, they were estimated at
S47O4O,701, with 329l94 persons
employed, against S44,337, ,586 and
313,945 persons in the same 1899
month and c40,983,005 and 294 ,234
persons in the 1888 month. The re-
ports for June, when issued, are ex-
pected to show a somewhat larger
margin of gain over year ago.
May estimates for the two divi-
sions in the last three years follow:
Evening star., 1940-07-28

smaller Metropolitan Area. for which
figures are not available as yet. The
Metropolitan Area includes only
parts of Prince Georges and Mont
gomery Counties in Maryland, the
District, Alexandria, Arlington and
a portion of Fairfax County, Va.
The following table, parts of which
have been reported previously,
summarizes population changes in
the Washington trading zone:
Pct.
1910. 1880, change.
Dist. of Col ~ 66:}l5 4S6,S69 r 362
Evening star., 1940-07-28

n-NOmlndl
Spot nominal; middins, 1899.
New Orleans Prices.
NEW ORLEANS, July - LP.-Cotton
futures were dull here today. Closing bid
prices were steady. TO points net lower.
Evening star., 1940-07-28
Store Buyers Cautious.

Despite enthusiasm over rapid
growth of the National Capital.
stores here are placing wholesale
orders cautiously it is indicated by
a report from the Federal Reserve
Bank of Richmond.
Matching changes in the stores
stock and sales for June with the
same month in other years, the
bank report shows that while sales
have swept forward to new records,
inventories have been held far be-
low 1929 or 1887 marks and are only
slightly ahead of year ago.
Compared with June last year,
stocks were up only IL per cent,
while sales forged ahead So per cent.
Compared with June, 1887. stocks
were down approximately 1873 per
cent, while sales were SO per cent
larger.
Big Contrast Seen.
Compared with June, 1929 stocks
were about Is per cent lower, while
sales showed a Jump of 23.5 per cent.
Undoubtedly the contrast with 1929
levels represents more or less per-
manent changes in buying policies,
involving faster deliveries and i'm
mediate marketing.
However, the relatively small gain
over year ago and the decline from
1887 indicate that uncertainties of
the coming election and disturbing
war developments have made for in
creased caution among retailers here.
The index of Washington stores.
using the 1929 month as equal to
100, is compiled below for Junes in
various years:
Evening star., 1940-07-28

Chicago Cash Market.
Cash wheat No |, hard. 15L.; No .
.4l2,s4; No. 3. 74l4: No. 4 72A; sample,
~; No, mixed 74l.. Corn No. l, yellow
"a 14-66; sample, 64i2. Oats. No
mixed, -3OI2; No. ., white. 3O2a a-31 No
4, 20; No. l, white heavy bright, 32-32I.;
No; >. 32l4: No. l. bright. 81 q; No. i,
red heavy. 3094; sample red IS Barley
mailing. ASSN; feed, 35-45n. Soy beans
No. >, yellow. SOFA.
WINNIPEG, July - CP,,-Cash wheat
No. ! Northern. 713s No ., 6s7.: No
3, 63as Oats. No. white, 30a4; No
3, 2794.
Evening star., 1940-07-28
MAY, 1910

Government totals. including those for
the various Federal branches and the Dis
trict of Columbia, in May, 1889 and 1910.
are given below.
Evening star., 1940-07-28
1oICcIltdSto Oh IIIt I3FU ana 1853
months are compared below:

Collection percentages for June of
various years follow: