davidaulloa/AmericanStories huggingface dataset:
Evening star., 1941-08-24
Price Slash Ordered
On Pennsylvania
Crude Oils
Ceiling Fixed About
% to rs Cents Under
Prevailing Levels
BIZ the Associated Press.

By the ASSOCIATED Press.
Leon Henderson, price admins
traitor, imposed schedule OF ceiling
prices Yesterday on Pennsylvania
grade crude oils at levels about %
to Is cents a barrel below prevail
ing quotations. ~.
Henderson said the price ceilings
were at the levels prevailing before
increases went into effect on Au-
gust IA.
The schedule sets a ceiling price
of $275 barrel for Bradford crude;
$240 a barrel for southwest Penn
sylvania crude; s234 a barrel fol-
Eureka crude: $3.50 a barrel fol-
Southeastern Ohio crude and 81 SO
to $3.50 for various qualities between
Oil City and Titusville, Pa.
The term, Pennsylvania grades,
has reference to the special quail
ties of the oil rather than its origin
While most of the total output
comes from Pennsylvania substan-
tial quantities are produced in New
York State, southeastern Ohio ano
northern West Virginia.
The production of Pennsylvania
crude oil equals about per cent
of the total daily output of crude
petroleum in the United States, but
it is of special value in high-grade
lubricants.
Henderson said that even before
the increase of August IA priceS had
gone up about 80 cents barrel since
November, 1910.
The Bureau of Mines reported
yesterday stocks of domestic and
foreign crude petroleum at the close
OF the week ended August Is totaled
251 ,013 900 barrels, a net decrease of
$4,000 barrels compared with the
previous week Stocks of domestic
oil decreased 859 900 barrels for the
week and foreign crude decreased
$1,000 barrels.
Daily average production for the
week was 1858 900 barrels, an in
crease of 41,000 barrels compared
with the previous weeks level. Runs
to stills averaged 3,92o.0O0 barrels
daily, compared with 1885 900 BAR
rels for the preceding week. Daily
average imports were $4,000 bar
reis, a decrease of 1000 barrels dur
ing the week.
Stocks of crude petroleum and
change from previous week Cin
thousands of barrels.
Evening star., 1941-08-24
A. P. Index Of Factory
Activity Moves Down
By the Associated Press.

oS lHe hSSoSlsleO fTeSS.
NEW YORK, Aug. 23.-The Asso-
ciated Press index of industrial ac-
tivity slipped slightly this week, de-
clining to 141.2 from 1418 the pre-
vious week.
A contra seasonal drop in cotton
manufacturing activity was princi-
pally responsible for the decline in
the composite index. Electric power
production, however, was also a week
spot, output failing to gain as much
as normal for the week.
Railroad freight continued to ex-
pand toward its fall peak, total ship
ments rising somewhat more than
seasonally. Steel production also
gained small fraction.
Residential building activity stuck
to its fast pace.
Components. adjusted for normal
seasonal variations, compared as
follows.
Evening star., 1941-08-24
Clearing House Issues
Report at New York
BY the Associated Press

BY the ASSOCldieQ fTeSS.
NEW YORK, Aug 23.-The weekly
statement of the New York Clearing
House showed: Total surplus and
undivided profits unchanged at
$3.50, ,480, 800. Total net demand de-
posts (average) increased, $101 ,943,
600. Time deposits (average) in
creased, $757,000. Clearings week
ended yesterday, $3,260, I'll, ITS.
Clearings week ended August Is,
$3,136.318.9l3.
Evening star., 1941-08-24
Cotton Futures Off
7 10 9Points in
Dull Session
Buyers Hang Back,
Moderate Selling
Brings Decline
By the Associated Press,


NEW YORK, Aug. 23.-Cotton
futures prices drifted lower in a
dull session today, closing 2 to
points under Fridays finish, slight
recovery from the days worst
There was little disposition to
buy and the pressure of moderate
commission-h liquidation and
hedging was enough to push values
down Belated weekend covering
accounted for the late betterment.
About the only news traders had
to 60 on was ginning reports from
the Government and from Texas.
The Federal figures showed 74,10l
running bales ginned from the new
crop through August Is. Texas,
which customarily reports fairly
large ginnings early, had fewer than
20 900 bales. On the same date last
year the total was above 5000
bales and in 1899 it was above $685.
900.
Exports Friday. none. Season so
far. 1886 bales; port receipts, 9,857;
port stocks, 3,106,002.
Doroo fol1ou,e.
Evening star., 1941-08-24
Capital Bankers
Prepare 10 Help
Curb Credit
Full Text of u. S.
Regulations Expected
From Richmond
BY EDWARD C. STONE.

washington bankers YESTERDAY
were awaiting the full text of the
Federal Reserve Boards new install.
ment credit regulations, due shortly
from the Richmond Reserve Bank
and at the same time were ar
ranging to carry out their part in
the latest steps to limit instalment
buying and aid the Governments
efforts to curb imitation, promote
thrift and turn more materials into
defense channels.
AS the new regulations 60 into
effect September l, placing restric-
tions on the sale of "a durable con-
sumner goods items. bankers and
merchants have very little time in
which to master the details of the
new restrictions. 1t was said in
the financial district yesterday that
the District Bankers Association
will probably have special meet
ing in the near future to be ad-
dressed by some Government eX-
pert on the new orders
Practically all the banks in WASH
ington have handled small personal
loans for several years Instalment
loans of cash up to 81 1000 are still
permitted with the same l8-month
requirement as to maturity date.
For this reason bank officials said
yesterday they did not look for any
sharp falling off in this depart
ment. These loans, however, can
not be used as first payment on
an instalment purchase.
Auto Loans Reasonable.
Officials said yesterday that they
considered third as a down pay
ment on automobiles. with 18
months as the life of the loan. as
reasonable This is about what
Washington banks handling such
loans have been doing, longer terms
for such loans not being considered
very good banking practice.
The banks do not make direct loans
on furniture, but loan good deal
of money to furniture dealers for
the conduct of their business. Should
furniture sales be considerably cur
tailed, these merchants naturally
would not borrow nearly as much
money from the banks, one official
pointed out. Just what the credit
restrictions will mean to the banks
cannot be forecast, he added.
officials said the rules should be
beneficial in eliminating excessive
"long-term" and low initial pay
ment" abuses which have existed
in some quarters To the banks
the new rules will mean consid-
cradle increase in operating costs,
as the Federal Reserve Board eX-
poets extensive reports on consumer
credit, made at frequent intervals,
The rules, of course, are far-reach-
Ing, said a Washington bank presi-
dent yesterday. However, install
ment loans are only small part
of a. banks total loans. 1t should
also be kept in mind that such
loans are not being stopped but
merely limited, he added.
incidentally, it was predicted here
yesterday that there may be lively
demand for small loans during the
next six business days, after which
the new rules go into effect.
Institute Chairman Named.
John Warner of the Union Trust
Co. has been appointed chairman of
the Entertainment Committee OF
Washington Chapter, American In
Evening star., 1941-08-24
Stocks Hesitant.
After-Week Of
Mild Recovery
SteeIs, Rolls, Utilities
Edge Forward, but
Others Are Mixed
BY BERNARD S. OHARA,


Associated Press Financial Writer.
NEW YORK, Aug. 23.-The stock
market today finished a mild recov-
cry week with one foot on the ground
and the other poised indecisively.
Except for scattered favorites
gains in the brief session were in
minor fractions and recessions were
just about as negligible. Steels,
rails and utilities managed to edge
forward but other groups displayed
considerable irregularity.
The days news from war and
business fronts was not particularly
inspiring although enough imitation
sentiment remained in boardrooms,
brokers said, to attract wary sup
port for individual issues.
The Associated Press average of
60 stocks was up / of point at
43.2 and on the week showed a net
gain of A. A few low-priced issues
expanded the volume to 150,560
shares against last Saturdays 49,
600 which was the second smallest
turnover in year. OF 425 stocks
traded-about one-third of the num-
ber listed on the eXchange-162
were up, 100 down and 143 un-
changed.
The generally lackadasical per-
formance of pivotal issues was ex-
emplified by the fact Chrysler was
more than one hour late in appear
ing on the ticker tape. 1t held an
| advance of p of a point, while
General Motors was off IS.
Peoples Gas Jumps.
Peoples Gas was an isolated strong
spot. jumping 2 points to so, new
l94l top. Richfield Oil was the
liveliest mover, up y at II, also a
new years peak. The gas company
directors voted a dividend Of 81 a
common share late yesterday against
previous payments of rs cents.
The market apparently was undis-
turbed by the Federal Reserve
Boards installment credit curbs.
It was suggested this step to stem
imitation and conserve defense ma
terials may have been pretty we'll
discounted.
Stocks emerging with modest i'm
provement included United States
Steel, Bethlehem, Southern Pacific,
Southern Railway, American Tele-
phone, Western Union. United
States Rubber, Anaconda, Pepsi
Cola, Boeing and Sears Roebuck.
Lower were Westinghouse, Ameri-
can Can, Montgomery Ward, Du
Pont, Union Carbide. Air Reduc-
ton, Texas Corp. New York Gen.
trail. Great Northern and Phelps
Dodge Douglas Aircraft eased as
the head of this concern told of
sizable losses on Government con-
tracts.
Advance on Curb.
In narrow curb plus signs were
retained by Beech Aircraft, Ameri-
can Gas, American Cyanamid b"
and Lehigh Coal. Republic Avia-
ton and Standard Oil of Kentucky
slipped
Stiffening of prices on the big
board Monday was attributed mainly
to technical factors leading to the
belief the list might have been
oversold. The war news was more
pessimistic than otherwise and little
was accomplished Tuesday. A burst
of buying in commodities spurred
light rally in securities Wednes-
day. There was a slight setback
Thursday as war doubts. taxes and
Government controls dimmed the
speculative urge. The Federal de-
cree putting a sharp crimp in 1912
model output stalled the motors
Friday and, except for a few spe-
cialties, quotations were in a trend
less area.
Evening star., 1941-08-24
|. II Oil Concerns
| Will Help Pay
For Pipeline
BY the Associated Press.

NEW YORK, Aug 23.-Financial
circles reported today that of $780,
100000 to be raised to finance the
proposed East Texas-St. Louis
Philadelphia-New York oil pipeline
II oil companies would furnish 20
per cent, or $16,OO0,000. The re-
mainder would be obtained from
private sources or the Reconstruc-
ton Finance Corp
1t was understood the loan would
be amortized within five years, be
guaranteed by the cooperating
companies and carry low interest
rate.
The capital would include around
10000, 900 construction cost and
SIC, ,000, 900 working capital, the re-
ports said.
Evening star., 1941-08-24
Utility Offers PIun
To Reduce Interest
BY the Associated Press

American & Foreign Power Co.,
Inc, subsidiary of Electric Bond IL
Share Co., has presented to the
Securities Commission a plan for re-
ducing the interest rate and extend
ing the maturity of s15,500, 900 OF
notes.
The plan calls for the replacement
of 334 per cent notes which mature
october 26, with a series OF five 3
per cent notes maturing in one, two,
three, four and five years.
Evening star., 1941-08-24
Wheat Prices Decline
About a Cent in
Chicago Trading
Market Remains Only
FroctionoIIy Higher
Than Week Ago
BY FRANKLIN MULLIN,


CHICAGO. Aug. 23-Wheat prices
declined about cent a bushel today
to levels only fractionally higher
than a week ago as the market con-
tinued to drift pending disclosure of
the Presidents attitude regarding
legislation to prevent sale of more
than 170,000,000 bushels of Govern
ment owned grain.
Profit taking and hedging sales
caused prices to tumble at the OPEN
ing and the market spent the re-
mainder of the short session trying
to rally. Some buying that steadied
prices and contributed to frequent
small rallies was associated with
short covering and milling or flour
trade activity. which was on a re-
duced scale compared with a week
ago.
Corn Also Down.
Wheat closed Las lower than
yesterday, September, 1.11xa1.12;
December, 1151aa5s; corn, 1sal4 off,
September, II, December, 807sa81; {;
oats. ssal2 down; soybeans. 3sa1
higher; rye, l2a4 lower and lard,
5a10 lower.
Presidential action on the bill
which would freeze" wheat and cot
ton stocks for duration of the war is
expected next week. Many traders
were attracted by Farm Bureau op-
position to the measure.
Traders said failure of the mea-
sure to become law would mean that
Government stocks acquired as a
result of default on 1910 loans, which
were made on basis of about "a
cents below 1941 loan rates and 30
cents below current spot market
prices. could be disposed of whenever
officials considered it necessary to
meet demand or to restrain pos
sible undue speculative price ad-
vances. However, with wheat prices
(See WHEAT, Page E-3)
Evening star., 1941-08-24

stitute of Bank
ing, by President
John M. Chris
tie, it was an
nounced yeSter-
d ay. H e i S a
graduate of the
Institute a n d
has held many
other important
committee as
signments.
Other mem
bers of the COM
mittee include
Donald Now
hrav American
Security & Trust
Evening star., 1941-08-24
Lower Net Reported
By MurIin-RockweII
BY the Associated Press.

BY the Associated Press.
JAMESTOWN, N. Y, Aug. 23.--
Marlin Rockwell Corp, manufac.
turer of steel bearings, today report
ed net profit of s445,736 for the.
second quarter of 1941, equal to $1.31
a common share, compared with
$576,514, or $i.7o share, In the
corresponding 1910 period.
Evening star., 1941-08-24
Trade Reports at q Glance
Special Dispatch to The Star.

NEW YORK 23Tablod business reported by Dun
Bradstreet the divisions wholesale and obbng retail
manufacturing collections week
with equal
ln List
Evening star., 1941-08-24
Chrysler Profits Low.

OF course, extraordinary costs in
connection with getting into pro-
duction on new lines were RESPONSE
BILE for Chrysler's low-defense earn
ings in this period. However. a good
portion of the total deliveries was
made up of motor trucks, produc-
tion of which involved little devia-
tion from normal procedure and
earnings on which should not have
been materially below those on COM
mercial sales.
Presumably, initial losses on de-
fense business will be more than
made up as volume expands, but
anything approaching substantial
earnings is extremely unlikely. Most
non-automotive lines cannot be pro-
duced by assembly line methods;
consequently. the high degree of ef-
ficiency which typif1es automobile
production will not be attained.
Lower earnings are definitely in
dicated for the automobile industry
as a whole. The experience of in
dividual companies will vary con-
siderably, depending upon the type
of defense work they are engaged
in. Generally speaking, organiza-
tions producing automotive defense
lines, such as scouting cars, trucks,
aircraft engines and parts, will be
least affected by curtailed produc-
ton. However, even these COM
panies will experience considerably
narrower margins unless the Opacs
permits adequate price advances
on regular lines.
Evening star., 1941-08-24

(See STONE, Page Esd
The Waterbury Democrat., 1941-07-26
LATEST CRUISER
 DOWN THE WAYS
First Type of Its Kind in United States; !; Is Fast .
 est of All

Quincy, Mass, July 26-(UP)- First of type new to the U. S. Navy, the cruiser San Diego goes down the ways at l:20 p. m. ,(E.D.T) today at the Bethlehem Steel Co.'S Fore river shipyard.
 Mrs. Percy Benbough. wife of the mayor of San Diego, Cal, for which city the cruiser was named, will christen $he vessel with champagne.
 A light. high-speed cruiser, the San Diego is somewhat smaller than the light cruisers of the Omaha class. built about % years ago. How- lever. these new cruisers of the Ate ianta elaas. as they are known, will bear some resemblance to both des- tgoyers and other cruisers of recent construction. They are expected to be the fastest cruisers ever built for the D. Q. Navy, some reports indi- eating that theiF sped may approach that ot recent destroyers.
The Waterbury Democrat., 1941-07-26
Great Britain Sweeps Into Route Against Japan Laid Down By U. s.
All Trade Treaties With Japan Have Been Now
 AbrOgated
BY EDWARD w. BEATTIE. JR.

Bx EDWARD w. BEATT1E, JK. United Press Staff Corespondent)
 London, July 26-(UP) - Great Britain has notified Japan that she is abrogating all trade treaties between British empire units and Japan as parallel step to the British-American freezing of ,Japa- nese credits, 1t was announced au- thoritatively today.
 (The United States abrogated its friendship treaty with Japan two years ago today because of its dis satisfaction with Japan's actions in China against American inter- eSts.)
 The British action in abrogating all trade treatiest between Japan and Britain, the dominions and India was a formal step, in view of the assets-freezing order, but 1t emphasized reports in political quarters that America and Brit ain had only taken the first step in a program of drastic measures which would be calculated to bring Japanese industries to an almost complete Standstill soon.
 The basic trade treaty between Japan and the empire is that of 1911. Each trade treaty, however, contains a clause providing that the treaty shall run a certain length of time. usually one year beyond its denunciation by either party.
 It was explained. however, that the freezing order itself was the first big step in their abrogation.
 Britain 10 Follow
 Well informed quarters forecast that Britain would soon folloN AmeFica's Lead in freezing Chinese credits. wtfh chlna's consent go that Jnpanese dummy banks ln oe- cnpled China could not evade ks1e oeonnnic e0rdon new erected.
 united states end British frees Ime aelann iB t0 be Sellewea ay 1he
The Waterbury Democrat., 1941-07-26
ARTHUR CORNELL
 STATE COMMANDER
MiddletOwn LegiOnnaire Was Elected to High Off,
 flee This Morning

Arthur J. Connell of Middletown was elected state commander of the American Legion at the closing ses- sion of the 23d annual convention of the Connecticut department at Wilby High school, today. In one of the most dramatic moments in state Legion history, Rev. Roger B. T. Anderson, rector of Trinity Church, Waterbury, was elected state chaplain after he had been nominated by the retiring chaplain, Rev. Henry F. Cassidy of Norfolk.
 A sharp contest was underway for the post of senior vice. commander, the office being vacated by Mir. Con- nell. Seeking the office, which al- most automatically makes the hold CT state commander next year were Edward J. Kelly of Taftville and Arthur E. Daly of New Haven.
 Another Contest
 Tn another contest, retiring State Commander John R. Feegel of Meri- den was opposing Col. Raymond J. Gates, manager of the veterans hospital at Rocky Hill, for the post of national executive committeeman from this state.
 Gov. Robert A. Hurley, who hes been under a doctors care since Thursday, was to be the principal speaker at the closing session. Of- ficers were to be installed when the elections were completed.
 As Commander Feegel called the final convention session to order, delegates faced the problem of what Co do with resolutions on such subject as aid to Britain, conveys for American supply ships, the new conflict between Germany and Rus- sla. and endorsement og President Roosevelt,s program.
 The final speaker on yesterdays convention program, ConegeasFaasl Leroy Downs Of M0rWmlk, urged that America ''cleari cut from within as well as from without"
 AS tho convention adjourned nliae die kase program called ter final ge. |nlarka from the olflceFs and setlr~ |fng nf the cOl0Fs advanced when |eraeie1a were begun XhlFndnv nacgns
The Waterbury Democrat., 1941-07-26
GOV. HURLEY IN WARLIKE TALK TO CONVENTION ''Frightful as War Is There Are Some Things That
 Are Worse" THOUSANDS PREPARE FOR MAMMOTH PARADE Convention Making Great Plans for Grand Finale
 This Afternoon

"Frightful as war is, there are some things that are worse - fighting words or Governor Robert A. Hurley. raary in the ears of Connecti- cut Legionnaires as they nrepared to climax their 53d annual convention with d mammoth street parade this afternoon. More than 1000 veterans, soldiers and others were lining up to narch to the music of over 70 hands and drum corps this afternoon "A locai police, aided by over lO0 stata troopers, tackled Che problem If handiinR the crowd of from 5000 to 100000 expected to cheer tne uaarchers.
 AZ thousands of visitors poured into the city for the parade, Gov. Hurley electrified the closing busi. nesS session of the convention as he gave one of the boldest declara- lions yet made by an American gov- ernor. Describing loss of freedom as one of the things worse than war. he asserted that i've are In terrible danger" and told the delegates that the united states stands across the path of Germany, which is out TOT world conquest"
 Nearing The End
 The convention, which mas peen underway since Wednesday night, swept swiftly to a close late this morning As the delegates. gatnereo At Wilby High school auditorium, disposed of resolutions ana electeo
 one of the largest crowds in Wa terbury's history was assembling along the parade route as the Legion and ia alixilitary ended their con- ventions. Police were ready to halt all parking along the line Of march at i2 noon and to forbid cross tramc
 The 2Osth Coast Artillery (AA), "connecticut's Own," rolled into the city with It's motorized equip- ment before 9 o'clock and estab- lished headquarters at the munici- pal stadium on Watertown avenue. Mayor Vincent A. scully greeted Col. Francis J. sheaTer, commanding ofacer. and members Of the regiment as they arrived at the Wolcotts Waterbury line from Hartford where they were encamped yester- day, The troops, many of them Waterburians, will bivouac at the stadium until Monday morning, when they will leave for 2 days
 (Continued on Page 2)
The Waterbury Democrat., 1941-07-26
BRITISH PLANES
 BOMBED BERLIN
Four Giant BOmbers Gave German Capital a Taste
 of Terrorism
--NEA Cablephoto
By NED RUSSELL


 Limited Press Stan COrrespOndentl
 London, July 26-(UP)-Four- motored bomberS carried Britain'S ver-intensifying aerial offensive to Berlin last night, the air ministry announced today.
 A small force" of these giant ships conducted the raid on the NaZi capital, which had had no British aerial visitors since June 3, the nnin- istry said. Four motored bombers carry many times the bomb loads of small ships.
 Industries and docks at Hanover and Hamburg also were heavily bonn @i," the niinnistSy's ccmmunt- que said.
 The Berlin raid was part of the RATS program of biting deeper and deeper into Germany as the nights grow longer. The bombers flew 1900 miles to Berlin and back in the gnid- summer blackout period of six hours and 4S minutes. As the nights lengthen, the RAP will be able tc make longer and more intensive raids. Each additional minute ol darkneGs adds about five miles to its range.
 Recalls EeEeeaat
 fondcn. jubilantly reading ~ tha blow ct the enemy capital, recalled the speech of Lk. Col. John T, Q, Moore- nrabanon. minister foy cir. craft production. last meath fhal it wouldn't be long before MAN Fasas cn Berlin Weuld Hseke eIse German tllix FAide en kqa6cn f1es like rhEiaB plag.