davidaulloa/AmericanStories huggingface dataset:
Evening star., 1941-09-14
BY the Associated Press.


NEW YORK, Sept. 13.-Shortages
of scrap metal plagued both the steel
and copper markets this week and
today the supply of the red metal
was reported by trade circles to be
at the irreducible minimum" for
satisfactory refinery operations.
In normal times scrap copper fur
nished as much as 10000 pounds of
the metal monthly, but the total for
August fell to 3,134 tons, lowest
since mid-1938.
The very shortage of copper tended
to keep it from being scrapped,
metalmen said, while ceiling prices
removed profit and speculative in
centive from the scrap market.
Custom copper smelters and other
scrap interests met with representa-
tives of the Office of Production
Management during the week, re-
portedly to discuss priorities.
August stocks of refined copper fell
to a new low of 72,154 tons, off 2,230
tons from July. At the same time,
shipments of domestic copper
dropped 22,s70 tons to s7.656 for the
Evening star., 1941-09-14
Crude Petroleum Stocks
Reduced During Week
BY the Associated Press.

By the Associated Press.
The Bureau of Mines reported
yesterday stocks of domestic and
foreign crude petroleum at the close
of the week ended September s to-
tailed 247,526,0O0 barrels. a net de-
crease of l,858,00O barrels, compared
with the previous week. Stocks of
domestic oil decreased 1876 900 bar
rels for the week and foreign crude
decreased 100000 barrels.
Daily average production for the
week was 3,8l5,000 barrels, or a de-
crease of 10000 barrels, compared
with the previous weeks level. Runs
to stills average 1895 900 barrels
daily. compared with 4.07O0O bar
rels for the preceding week. Daily
average imports were $4,000 bar
relS, a decrease of 5000 barrels dur
ing the week.
Evening star., 1941-09-14
Lumber Output Dips
IS Per Cent in Week

BY the Associated Press.
The National Lumber Manufac-
turers' Association reported that
lumber production for the week
ended September 6 stood at 116 per
cent of the average of the CORE
spending week 1853 and ship
ments 126 per cent.
Production totaled 245,023, 900
feet, which was Is per cent less than
the previous week and per cent
greater than the corresponding week
year ago.
Shipments aggregated 244, $50, ,00O
feet, which was "a per cent less than
the previous week, and l per cent
less than last years corresponding
week.
Evening star., 1941-09-14

made the announcement yesterday.
A dinner is held every year shortly
before the opening Of the Washing
ton Chapter, to arouse interest in
banking education among women
employees in the. banks.
Miss Dreeger reports that nearly
200 women have made reservations
for the dinner. officials Of the
institute and of the District
Bankers Association will be guests.
Urban Home Loans Soar.
Before this year is ended total
outstanding mortgages on urban
homes in the United States will pass
the 2O-billion figure, the highest
point in nine years. Federal Home
Loan Bank officials estimated today.
Loans made on one to four family
non-farm homes during 1910 totaled
1892 ,00O,0 900, up almost Is per cent
from 1889 and the largest volume
reached within decade, the Review
SAYS. The balance of such loans
outstanding at the end Of the year
stood at S19,123 100000 This is
5000 100000 above the 1889 year-end
figure, compared with gain of less
than $600,000,000 during 1889
Three types of institutions were
responsible for almost all of the
S9O7 10000 increase in home mort
gage debt during 1910. Savings and
loan associations accounted for
S346 100000, commercial banks for
S285 100000 and life insurance COM
panies for s268, 100000.
Washington Stocks Strong.
During the week just closed prices
on the Washington Stock Exchange
were strong. Capital Transit sold
yesterday t,16 ex-dividend, not far
from the high for the year. Several
10O-share lots have changed hands
in the past few days, indicating a
revival in interest in this issue.
Washington Gas Light preferred
moved at LOG yesterday, unchanged
from other recent sales.
Mergenthaler Linotype was in bet
ter demand following the increased
dividend, the stock moving up to 25.
Peoples Drug Stores common sold
the other day at "a, within u of the
years high mark.
Garfinckel preferred and COM
mon Mergenthaler Linotype and
Peoples Drug common are now being
quoted ex-dividend, as is Capital
Transit. All are to make dividend
disbursements in few days.
Financial District Comment.
Washington is included in a list
of 10 cities in which Forbes Maya
zine says recent business progress
over the 1910 period has been out
standing. The others are Baltimore
Milwaukee, Buffalo, Cincinnati
Seattle, Springfield, Mass; Long
Beach, Calf; Sacannah, Ga, and
Charlotte, N. C.
A chart showing that defense ac-
tivity and the general business up
turn have expanded loans by banks
to the best levels in about nine years
rs being distributed the brokerage
house of Merrill Lynch, Pierce, Fen
ner & Beane. These loans have
made gains for 18 consecutive weeks
The Atlantic Coast Line r. r. re-
ports for the first seven months oi
this year earnings of S840 share
on the common stock, against a ne
loss S174679 in the first sever
months of 1910.
Brokers in the Capital report 9
marked increase in interest in tht
New York Stock Market since Labor
Day.
Evening star., 1941-09-14
By BERNARD S. OHARA,

Associated Press Financial Writer.
NEW YORK, Sept. 13.-The stock
market this week broke lengthy
stalemate by an eyelash and leaders
today stepped out of the final ses-
sion with advances slightly in the
majority.
There was a handful of fairly
strong spots in the brief proceedings
but plus signs mostly were in minor
fractions. Numerous issues were
unchanged and minus signs were
plentiful at the close. Dealings were
sluggish throughout.
Wall Street continued to maintain
calmneSs in the face of the Presi-
dents warning to the Axis powers
and cloudy international news gen.
orally. Such bidding as cropped up,
brokers said, appeared to have been
inspired by persistent inf1ationary
psychology and favorable individual
business situations.
Average Edges Higher.
The Associated Press average Of
so stocks was up OIL of a point at
435 and showed a net gain of as
much on the week. A year ago the
composite stood at 431. Transfers of
230,O60 shares were the smallest
since August % and compared with
243,570 last Saturday.
Earnings statements aided some
rails despite the unsettled carrier
wage controversy. Farm implements
did better as recently soaring COM
modities aroused the idea that agri-
cultural prosperity and labor scarcity
would expand demand for crop ma
chinery. Steels, motors, rubbers, oils,
coppers and merchandising issues
were virtually at standstill
The feeling that a long-drawn- out
war was in prospect stepped up buy
Ing in the aircrafts and a handful OF
specialists that may benefit from the
armament drive.
j. i. Case Jumps.
J. I. Case jumped 3ls points to a
new years high at 87ls. Favored
also were Oliver Farm, Caterpillar
Tractor. Boeing. Douglas Aircraft
Consolidated Aircraft. Aviation
Corp, Atlantic Coast Line, Southern
Pacific, Westinghouse, Johns-Man-
vile, Bohn Aluminium, Owens-Illi-
nois and Lehigh Valley Coal pre-
ferred.
On the losing side were United
States Rubber. Chrysler, Montgom.
cry Ward, Du Pont, Kennecott
Santa Fe and Standard Oil II. j..
In the curb Bell Aircraft, Phoeni,
Securities and American Cyanamic
"B" improved. Consolidated Gas O.
Baltimore dropped point. Easier
were American Gas and Interna.
tional Petroleum. Volume here wa!
around 81 900 shares versus rs 900 .
week ago.
Weeks Trend Improves.
The big board displayed an un.
even pattern Monday and Tuesday
except for strong aviation shares, a,
speculative interest centered OF
commodities.
Prices slipped Wednesday a
staples futures broke on the proposa
OF Treasury Secretary Morgenthal
that Government-held surpluses b,
released to check soaring prices.
The list rallied Thursday. how
ever, and ended with its first aver
age advance since September 2
Commodities also came back brisklv
The recovery was credited mainl,
to a better brand of war bulletin,
and talk of the United States anc
Japan working out friendly agree.
ment. The high light of the weel
was the Presidents shoot first
broadcast Thursday night which
was taken in stride by markets Fri.
day with modest gains predominant.
ing.
Evening star., 1941-09-14
Clearing House Issues
Report at New York

By the Associated Press.
NEW YORK. Sept. 13-The week
ly statement of the New York clear
ing house showed:
Total surplus and undivided profits
unchanged at $3.50, ,480 300.
Total net demand deposits (aver-
age) increased sos, ,636,800.
Time deposits (average) increased
ST 1903 900.
Clearings week ended yesterday
$3,181 ,181,4 ,452.
Clearings week ended September
5, 'S2,918, ,293 ,942.
Five days.
Evening star., 1941-09-14
Foreign Exchange

NEW YORK. Sept. 13 P.-closing
foreign exchange rates follow (Great Brit
ain in dollars, others in cents);
Canada.
Official Canadian Control Board rates for
United States dollars: Buying 10 per cent
premium: selling. ! per cent premium
equivalent TO discounts on Canadian dol
lars in New York OF buying, 9,91 per cent;
selling. 909 per cent.
Canadian dollar in New York open mar
ket. 1Oss per cent discount. or S9.371a
United States cents.
Europe.
Great Britain, official Bankers Foreign
Exchange Committee rates., buying. 4 90;
selling. 4.04 open market. Gables, 4O3'4.
of "a cent.
Latin America.
Argentine. official 29.77; free, 90 80, UP
O.O2 cent Brazil. official, 6.06n; free.
5.10n; Mexico, 2010n.
Far East.
Hong Kong. 25 80: Shanghai 5.55.
tRates in snot cables unless otherwise
indicatedD
Nominal.
Evening star., 1941-09-14
Markets Are Closed

NEW YORK. Sept. 13 LP.-The
following domestic and foreign COM
modify and security markets were
closed today: New York, butter,
cheese and eggs, bar silver, dry
goods, silk. cocoa, coffee, rubber,
hides, sugar, metals futures) ;
Savannah, naval stores; London, bar
silver and gold, metals, stock ex-
change.
Evening star., 1941-09-14

| all on the same SlQe, Cne IlrSC lITee
claim, against price increases.
None, they say, stands to gain in
the long run from prices hikes. In
stead, they say. they're taking losses
in simmer profits and stand to lose
much more If prices go so high peo-
pie won't or can't buy. None makes
money unless he sells his product.
One big wholesaler blamed higher
costs of many foods in part to ship
ment of supplies abroad, to Britain,
Russia and China.
HOarders Are Warned.
One food manufacturer warned
against rushing out and buying a
pantry full of groceries.
The chances are, he said. you
wouldn't save as much that way as
you would earn in interest on De-
fense bonds.
In the first place, he said, any
price rises will be as gradual as the
wholesaler and retailer can make
them. In the second. lot of foods
won't keep. Besides, if the war end
ed with the Nations pantries stock
ed no one would buy and the food
firms, more than $4,000 of them,
would have to lay off employees by
the thousands.
The steady booming of commodity
prices, chiefly in the futures market;
hasn't been followed closely by re-
tail prices, professors pointed out.
Some futures, and few spot quo
tationS, are 20 to 100 per cent high
er than they were a year ago. Yet
the retail marking Is up less than
half that much in many cases.
Manufacturers and wholesalers
credit their own and their employees
increasing technical efficiency, cut
ting corners whenever possible, for
holding down a lot of retail prices
that might otherwise be consider
ably higher.
Some Increases Absorbed.
One Government bureaus figures
show the increase in wholesale
prices in the past year has been
roughly double the increase in re-
tail costs to the consuming public.
The Associated Press record of
wholesale commodity prices shows
some food items twice as expensive
as they were a year ago. Retail
prices are upon those items but not
to that extent.
Some of the increases in retail
prices, based on similar wholesale
price hikes, were much more than
Immediately necessary to keep prof
its stable, one dealer admitted.
! He justified them this way:
We've been absorbing some in
creased costs and retailers have ab-
sorbed others. On the average, the
benefits go to the consumer.
I'm some cases, however, rather
than hold prices down and then be
forced to jack them up maybe 25
per cent later, we've been easing
them up gradually so nobody will
get hurt. Sometimes we're ahead
say Is of cent pound on some
particular item, but we're just as
often behind that much or more"
Retail Ceilings Talked.
Where it's all going none professed
to know. Some talked vaguely of
retail price ceilings on food and the
everyday items of living but many
thought that would be too compli-
Gated to work.
There are some who are taking
advantage of the consumer and
others who hope to do so. Secretary
of the Treasury Morgenthau named
them-the profiteer, the hoarder
and the speculator.
But the men who make and dis
tribute foodstuffs claim Morgen-
thau's "three horsemen" are small
minority. They hope that the aver
age income of the citizen is going
to keep up with food prices, and
there1l be no reason for boarding
| or going without,
Evening star., 1941-09-14
STANDARD Cos Reports
Net Above Year Ago
BY the Associated Press.

BY the ASSoClaLed Press.
CHICAGO, Sept. 13. - Standard
Gas & Electric Co. and subsidiaries
reported for the six months ended
June 80 consolidated net income of
So POI .667, compared with $2.857 .424
for the corresponding period of 1910.
Standard Gas & Electric Co.. the
parent company, only showed net
income of S423, ,107 for the six months
ended June 30, compared with
S318,316 for the like 1910 period.
Evening star., 1941-09-14

OF Jne women 3
c ON m ittee of
w a S h in g ton
Chapter, Amer
ican Institute Of
Banking, Tues
day evening at
I h e Mayhower
Hotel. The din
ner will start at
$50.
Miss L on a
Dreag OF the
w a S h in G t on
Loan e. Trust
Co, chairman of
the w ON e n S
Evening star., 1941-09-14
Briggs Manufacturing
Declares Dividend
BY the Associated Press.

BY the ASSOclated Press.
DETROIT, Sept. ia cash divi-
dend of so cents share on the COM
mon stock, payable December 80 to
stockholders of record September
%, was announced yesterday by the
Briggs Manufacturing Co. The last
previous payment was a like
amount.
Evening star., 1941-09-14

the McLachlen
Banking Corp,
ye S t e rday ap-
pointed his aides
for the 194l-42
term. The chair
men and other
members of the
special commit
tees follow:
Program T.
z u G e n e Elgin,
City B a n k.
chairman; Percy
C. Grady, Amer
lean Security &
Trust Co.; Miss
K at herine E
Evening star., 1941-09-14
Round and Round Goes Debate
|On Why Prices Are Climbing
All Glasses Point Accusing Finger
To Elusive Other Fellow
BY GARETH MUCHMORE,

13This business rising Just the old
game-in tense-the other fellow did it.
shopper the blames the wholesaler who
blames material labor
personed materials might blame the usually
blame prices which S
Evening star., 1941-09-14

a Also extra or extras Declared or paid
50 far this year. Paid last year.
Quotations furnished by National Asso-
states they do not necessarily reflect actual
transactioqs or drm bids or o6erS, but
shoaN tnA3oAk1 Ann1oxfmato pRtooA
Evening star., 1941-09-14

Chicago Cash Market.
Cash wheat was l4-l2 cent lower today:
basis firmer; receipts SO cars.
Corn steady; basis strong. receipts 226
cars; sales 1000 bushels; bookings 30,
600 bushels.
Oats y to ] lower. basis frm: receipts
SO cars; sales $4,000 bushels.
Winnipeg Cash Market.
WINNIPEG. Sept. 13 LPl.-Cash wheat,
No ! northern 73; No. 70i2; No. 3 6S.
Oats, No. 2, white, 50a4; No. 3 40.
Evening star., 1941-09-14
AidesAppointed
ByD.C. Safety
Deposit Chief
Officials to Conduct
Important Work of
Bank Association
BY EDWARD c. STONE

Planning very busy year for the
safe deposit section of the District
Bankers Association, Chairman Guy
D. Cowl, assistant treasurer of
Evening star., 1941-09-14

Cottonseed oil closed steady: detachable
prime summer yellow, 13 3.95n. prime crude.
l. so; September. 13 66b: October. IL 62b.
December, 13.55b; January, 1861: March,
l3 63b.
Bid. Nominal.
Evening star., 1941-09-14
Wool Futures

NEW YORK. Sept. 13 LP.--Wool top
futures were steady in quiet dealings to-
day, with spot house demand absorbing
local and commission house weekend
liquidation.
In volume of only $4,000 pounds. the
grease wool market closed around previous
levels. with spot houses on both sides Of
the list
Grease wool futures closed unchanged to
OIL of a cent lower.
High Low. Last
October - $50 $50 05 .Sb
December - $50 $50 94.9b
Certificated grease wool spot. 95.Tb:
Wool top futures closed unchanged TO
OF of cent higher.
High. Low Last
october - 1898 1928 12a.7b
December - 1879 1879 1879
March - 1850 1850 1850
certifcated spot wool tops, 132.0n.
Bid. q Nominal.
Evening star., 1941-09-14
Dividends Announced

NEW YORK. Sept 13-Dividends de-
clared. Prepared by Fitch Publishing Co..
Increased.
Pc Stock of Pay
Rate .riod. record. able
California Packing 81 H2c @ 1871 11-15
Evening star., 1941-09-14
New Orleans Prices.

NEW ORLEANS. Sept II lP-Cotton
futures declined here today under weekend
long foundations Closing prices were
steady, to 3 points ret lower.
Evening star., 1941-09-14
Insurance Stocks

NEW YORK, Sept. IL lP.-National As
sociation Securities Dealers. Inc:
Evening star., 1941-09-14
Small Factories
Face GROWING
Defense Pinch
Survey Shows Priorities
Curling Non-Defense
Activity Sharply

A national economy gedred to
defense production has put the
pinch on the small manufacturer
and his working people. Here,
for the first time, the actual
story, as shoi1n in a national
surrey, is told in a series OF ttOo
articles By Frank MdcMtllen for
The Stars special netUS serUice.
TomorroW-HoU defense has
affected the UdriouS sections Of
the country; some case histories.
Evening star., 1941-09-14
COttonSeed Oil.

CottonSeed Oil
Cottonseed oil futures reached today IN
sympathy with soybeanS after an early
rise and closed UNCHANGED 70 points
lower on sale of 81 contracts. December
closed I3S5b January. 3S6b, March.
1862 BIDS for crude oil were l9i2
cents a pound in the Southeast, Valley and
Texas
Bid.
Evening star., 1941-09-14
Selected Stocks
Gain Slightly
AT Week SIND
Advances in Majority,
But Minus Signs
Are Plentiful

what Stocks Did
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-04-03
Clear Question

This begets a clear-cut ques-
ton: shall the highest authorities
at Washington be obeyed or
shall unions be permitted to defy
them?
Bluntly. shall the federal gov
eminent insist upon conducting
national defense? Or shall labor
leaders be permitted 10 flout,
thwart, thumb their nose at
Washington?
President Roosevelt has ex-
hibited infinite reluctance to
extend to organized labor the
same kind of treatment he has
extended to industry. He is still
straddling. His secretary of
labor, Madam Perkins, is prov
ing a miserable misfit, totally
incapable of handling momentous
labor problems.
My reading Of the outlook is
that, if preparedness activities
continue to be DISTRACTED, public
sentiment will assert itself and
compel Congress to act effec-
lively.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-04-03
Shift Buick Engineers

Defense activities have shifted
the Buick engineering staff due
TO expansion of operations since
the letting of contracts for the
construction Of the aviation en-
CINE plant. Charles A. Chayne.
chief engineer. announced the
following shifts from The auto
mobile TO the aviation engine
plant division:
f K. Hartz. former head Of
the dynamometer department TO
chief Of engine test Of the plane
plant L r. Grandy Of the cleo
trical division 10 assist Mr..
Hartz; r. J. Gorsky, from
chassis units division to resident
engineer. with Pratt & Whitney
at Hartford, Conn; and r. l..
Mcnamara. who assumes the
task of handling specifications
and engineering accounts.
Changes within the engineer
ing department Of the car divi-
sion were announced: Harry
Keller to production contact;
Lee Poole. head Of Specifica-
tion division. succeeding Mr..
Mcnamara. and c. A. McKin-
ney to head of the dynamometer
division.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-04-03
Changing Times

Such action was one thing
during normal times: il is
very different thing now that
we. are face TO face with a ma
tional emergency of the first
degree. Most profoundly it is
to be hoped that labor officials
will recognize that circum-
stances have changed, that they
will realize that the national
interest now must come first.
1t lust isn't conceivable that
Washington will permit such
paramountly important officials
as the director general of the
OPM to be defied by any labor
union.
Messrs. John L. Lewis. VIII
liam Green. Philip Murray and
other unioneers would do we'll
to pause before doing or sane
tionlng anything savoring of
defiance Of the American people
and their government.
Copyright 1871, BY 3. c. Forbes
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-04-03
Furlone Promoted

Appointment of Don G.. Fur
long as regional truck manager
Of the Detroit region which in
cludes Michigan, northern Ohio
and Indiana, is announced by
l.. +. Van Nortwick. regional
manager. Dodge Brothers. Cor
poration. For five years pre-
vious to his present appointment.
Furlong has been truck mana
ger for Dodge in the Detroit
city area. Since 1921 he has
been engaged exclusively in
truck sales work. mostly the
Detroit area, for leading manu-
facturers of trucks and truck
equipment.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-04-03
Meetings On

D. S. Eddins this afternoon
was to conduct a special Plym-
outh meeting at Masonic Tenn
pie which would set the pattern
for similar meetings in key
cities all over the country.
Dealers and statesmen were
called to hear the new mer-
chandising programs.
Other Plymouth executives
are touring the country. j. Z.
Bayne, general sales manager.
was scheduled TO hold meetings
in New York, Philadelphia and
Boston. F. II. Akers, Dodge
sales chief, and F J. Timmens.
general sales manager will
cover Cleveland. Buffalo ard Al
bany while L. g. Peed. De Soto
vice president and J. B. Wag-
staff. general sales manager.
have been assigned 10 Balti-
more, Washington Memphis and
New Orleans.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-04-03

Problem of Training
Workers Viewed
AS Becoming Acute

With industry stepping up
production to new levels and
with an increased tempo needed
10 fill the huge defense orders,
the problem of training workers
has become an acute one, ac-
cording to Otto w. Winter,
chairman of the emergency de-
tense training committee of the
American Society of Tool En-
gineers which closed its annual
convention here last week.
The impending and present
serious shortage of skilled work.
ers is blamed TO large extent
by Winter on the unwillingness
until recently to accept the fact
that such a shortage existed.
"As long as last Summer"
Winter stated, "the ASTE sur
vey of skilled and technical
labor requirements had revealed
a shortage of more than a mill
lion men. That figure Is now
multiplied because of the vastly
increased magnitude OF our own
defense program and the British
orders"
Winter was optimistic about
the outlook because industry
has done rather remarkable
job in setting up training facili-
ties on its own hook" The
ASTE, he said, is acting only
in an advisory capacity in the
training program. The society
is studying available literature
to simplify the problem all over
the country.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-04-03
Cites Recent Study

There are at least two dis
advantages in undue holding off.
First, il deprives the company
OF the opportunity TO average
investment cost through buying
al every phase or The cycle.
Secondly, postpOnement Of in
Vcstment of large amounts Of
idle cash tends TO reduce net
earnings on the entire fund.
A study by the association Of
life insurance presidents of 40
companies holding q per cert
of the assets of all insurance
companies in the country re-
yeals significant changes in re-
cent years in the investment
portfolios of insurance COM
panies. One aspect of the change
is the trend away from private
enterprise into investment
growing out of the shift toward
state socialism.