davidaulloa/AmericanStories huggingface dataset:
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Assert independence

This new Congress, instead of
submitting to being a rubber
stamp. is vigorously asserting its
independence
II is Directing strenuously to
President Rcosevelt's attempt 10
limit salaries contrary 10 the de-
clared attitude Of our lawmaking
body. A fight to a finish between
the executive and legislative
arms Of our government is under
way-with the prospect that
constitutional procedure will pre-
dominate.
This contest is being watched
with intense interest by respon-
sible citizens. especially employ
ers, executives. the financial
world They regard the outcome
as determining whether we are
10 have government by "direc-
tive or government by law.
The new temper of Congress
Is reflected, also, by its rejec-
ton of army manpower de-
mands, by its recasting the
order in which married and
single men will be drafted.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
New Rubber
Sherwin Williams Begins
Production Of 'Kempol

CHICAGO, Feb. 20 (UP).-
observation-disclosures Company. one
o. the nations leading paint man
facturers, has begun commercial
production of-a new synthetic
rubber known as "Kempol, it was
announced today
A base of domestic vegetable
oils not considered suitable for
edible purposes is used in the
manufacture of the new synthetic
rubber. according to DR.. n. +. Van
Stone, vice president in charge of
operations.
The company'S announcement
emphasized that, unlike most other
chemurgic rubbers, its new product
Goes not require critical material
for its production and volume of
output will be regulated only by
the amount of oil available.
Tensile strength, elongation and
abrasion resistance of Kempol
arc not equal TO those OF natural
Rubber but in other properties il
compares favorably with the ma
tural product. il was said.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Reaction Overdue

That the stock market is SEN
sitive to war news was demon
strated on Thursday, when the
reverse TO our forces in Tunisia
caused a sharp decline, the worst
this year.
Wall Street professionals, how
ever, had predicted that a re-
action was overdue. following
the markets long-extended ad-
vance.
Nevertheless. brokers not only
in New York but in other cities
tell me that public buying is
expanding. This is confirmed
by the recent succession Of mil
lion-share days.
Since the setback in North
Africa is of far less importance
than the apparently irresistible
onrush Of the Russians. 20 say
nothing Of what's happening in
the Guadalcanal area the writer
is inclined 10 look for early
resumption OF the uptfend in
stocks, unless the war news be-
comes Unexpectedly unfayorablc.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Retail Volume
Far Over 1912

The buying rush which charac-
terized Detroit retail trade in the
week ended February 10, was car
ried over into last week, says Dun
& Bradstreet, Inc.
Reports from department stores
varied considerably. but no returns
indicated sales less than IS per
cent above the same week of last
year and the best report showed g
gain of SO per cent. Two of the
larger units had an increase over
the previous week of 3 and 10 per
cent, and practically all types of
apparel. including shoes, have been
in strong demand.
Speciality shops had exceptional
results and a number of outstand-
ing distributors made gain of
from so 10 more than 100 per cent
above 1912. although experiencing
a decline from last week.
Movement of mems clothing and
furnishings, particularly h & h r
priced merchandise, has been very
active; even items of m d u m
grade exceeded volume of last year
by margins ranging up 10 so per
cent although in mems apparel de-
cline has set in more quickly than
that Of women's wear.
Wholesale trade revealed no spe-
cial changes since last week and
volume continued slightly above
1912 levels. Collections were well
above normal
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Army Power Curbed

Arbitrary army power has
also been curbed by recent
events in the war production
board. Charles +. Wilson,
former General Electric presi-
dent and widely recognized DIS a
production genius, has been ac-
corded power to pass on all
service acquisitions.
Small business seems at last
10 be receiving more adequate
consideration. Very important
for the preservation of our free.
competitive economy.
am amazed by private state
ments confided by several in
dustrialists that the scarcity
peak in several basic-materials
has already beeT passed. and
that before lonG<omewhf more
liberal shipments will bt avail
able for civilian use.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
N. Y. Bank Acquires
Ritz Carlton Hotel

NEW YORK, Feb. 20 tUP).-
Purchase of the Ritz Carlton
Hotel by the City Bank Farmers
Trust Company. as trustee, from
Harvary University to whom the
property was left. by the late
Robert w. Goelet. was disclosed
today. The hotel, History
building containing approximately
$50 rooms, was built by Goelet and
operated by him until his death.
1T is expected that no change will
be made in operating management.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
British Foreign
Investments Cut
BY BiIionPou
Drop Occurred Since SO;
Report Large Amounts
of u. S. Issues Sold

NEW YORK. Feb. 90 -- Hpr
many years, foreign investments
played an important role in the
British balance OF payments. ac-
cording TO the Alexander Hamil-
ton Institute. The income derived
from these investments was used
partly to pay for excess of imports
over exports of merchandise.
After the outbreak of the pres
ent war, however, considerable
changes occurred in the foreign
investments of Great Britain. The
British governments needs for for
eign exchange was so great that 10
was forced TO mobilize the foreign
resources of its citizens and reim-
burse them with sterling exchange.
A large amount of American Sc
curities held by British, nationals
was sold. Another portion. consist
ing primarily of direct invest
ments, was pledged as collateral
for a loan obtained from the Re-
construction Finance Corporation.
Large amounts of Canadian. South
African and Indian securities pre-
viously held by British investors
were repatriated.
1t is apparent, however. that
Great Britain still retains large
part Of her foreign investments
despite these developments. In a
recent address. Lord Robert Kim
derSley stated that British invest
ments showed a reduction Of only
FL ,OOo,OO0,00Q from 1898 TO the end
of 1912.
Since total British foreign in
.vestments were estimated at 3D.
900. 900, 900 in 1888, the total for
eign assets still held by British
nationals apparently amount 10
E2.600 100000. The prospect is.
however, that British foreign in
vestments will show a further de-
crease during the remainder OF the
war.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Ask Rock Island
.lnterestPdymeni

NEW YORK, Feb. 20.-Bond-
holders of Chicago. Rock Island
and Pacific Railroad have notified
trustees that they will shortly
make a formal request for the
payment of S15,000000 to S16,-
100000, in back interest. If the
trustees approve the request II
will be submitted 10 the court for
the latter's approval.
Funds for the payment, If APP
proved. would be taken from the
current cash holdings, which have
been rising steadily and now
amount TO about S45, 100000.
Trustees have already petitioned
court for permission to pay off at
this time S4.300,000 af equipment
trust certificates. due in 1916
and 1947.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
81 Pet. Increase

Including both troop and ci-
william travel, approximately
2 billion passenger-miles were
Travelled by Pullman during
January. according to prelimi-
nary estimates" Kelly said. "and
this figure, the highest for any
month on record, fairly well
gauges the tremendous weight Of
the railroad job.
THE total il 81 per cent
Increase over the I.27 billion
passenger-miles Travelled by
Pullman last January, the first
month In the biggest passenger
year In history. Total Pullman
passenger-miles for the year ex-
ceeded 10 billions, far outstrip-
ping the previous all-time record
of IA billions set in 1926"
Using these figures as basis
Kelly pointed out that paSsenge
traffic this year may be nearl!
three times as great as in an aver
age prewar year, and that pres
emily the job is being done will
practically no increase in equip
ment, construction of which ha
been heavily restricted by war re
quirements. The great upSurge il
travel he attributed not only Il
heavy troop movements, but t.
sharply increased civilian require
mentS as we'll.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
FORBES
Congress Exhibiting
Concern Over War
Plant Absenteeism
By b. c. FORBES

Labor deVelopm ents arc
hruited.
One suggestion is that mem
hers Of unions whose treasures
are bulging with cash be tenn
porarily released from paying
dues SO that they may have
more money available for invest
nlent m war bonds. Because OF
their secrecy, little is known
C1ncCEUIr- me T-Ud1rlT n yzrIous-
unions. That some unions have
mult.ple-miluon SURPRISES has,
however h.Cn levealed-amone
them John l. Lewis United
Mine Workers. which recently
inflicted upon the country a
strike nv demanding payment Of
stu sitter cues.
Congress is exhibiting concern
over tho amount Of abSenteeism
End Stacking in war plants. Two
plants had their e awards re-
called last week because OF
slowed-dovn output. Reports are
that similar reprisalS are 10 be
taken against other plants where
production has -unduly dlmln-
iShed No more war orders, It's
said. are 10 be granted fragrant
offenders.
The fat that in certain areas
employers must provide AS hours
work at 30 per cent increase in
pay for eight hours is being Off
cially modified.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Public Housing Held
Security for Nation

PITTSBURGH, Feb. 20 CUP).
Public housing advanced today as
one of the most essential programs
for cushioning postwar unemploy-
ment and at the same time provide
a secure basis for lasting
nation.
Speakers at the one-day confer
ence Of the National Public Hous-
ing Authority scored present at
tempts TO curtail activities in the
field. Recent congressional action
curtailing the Home Owners Loan
Corporation was characterized by
Hugh p. Pomeroy, director of the
National Association Of Housing
Officials, as "a shameful raid on
the treasury"
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Rails Continue
To Meet Huge
War Demands
Pullman Head Reports
Two Billion Passengers
Carried in January

CHICAGO. Feb. 20. - Rolling
into the most critical year in
United States transportation his
tory, American railroads gave new
assurance in their January
achievements of their ability TO
meet the tremendous wartime de-
mands.
George A. Kelly. vice president
OF the Pullman Company. report
ing on one of the travel yardsticks
of the industry, said today that in
January the railroads successfully
met the heaviest passenger re-
quirements ever placed on the rail
transportation system.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Farmers Market

FRUITS-Apples. Baldwins. No. l. 81
Is bu. Delicious. fancy, S31 $50 bu Z
bu.: No. /, Sl.5oa175; No. 2, 75ca 81;
Greetings fancy. $50 bu. No. ], soc
q ST. 5 bu.: Northern spys, fancy, 81 20
UZ.5U bu.. No. /, Sl.5OHZ. No. 2, iJc
soc n 81 Is: No. 2, 50H75c. Jonathsns,
fancy 81 bu. No. l. S1.25H1.75; No. q
Zoe: steele's Red, fancy, 81 bu., No. J,
LETTUCE AND SALAD GREENS
French Endive. fancy. 81 5-lb. box; No. J..
- v, VI En- miscellaneous, : Bccts.
topped, No. /. 81 y 30 bu. No. 2, 75u ggc
Red Cabbage. fancy, $22j bu'i No. J..
81 50n2; No. 2 Si.25.
Carrots, topped. No. I. $175a2 bu.; No.
2. Sla1.25. Celery Root, 80 sl'!9
bu. Horse-radish, fancy, 81 bu. No. i,
81. 50n3: No. 2. 81. Leeks, No. J. 81 %
doz punches. onions, dry, fancy, 81 10,
SIPS. Parsnips, No. !, Si.75n2.25 bu.
No. 2, Sl.25. Parsley Root. No. ], Sla
125 bu. Potatoes No. /. S2.4oH2. 80
lOO-lb. sacks: No. ?, $1,000 $50. Rad
BSes R RadsSss no. 81 S S2' RsuSa aS
dollhouse fancy, so a 55c 5-lb. box. choice.
40c; small. 75e9 81 doz punches. Ruta-
bagas. No. !. 75casi bu.; No. 2. soc.
No. 1. Sldl50 bu. Vegetable oysters.
No. l. 75cdS1 doz. punches
EGGs-Large, S11.50G 1880 30-dozen
case; medium, Si0411.
POULTRY-Live hens, heavy breeds,
l3e n 4Oc ID. leghorns, 2sd soc; sprngers,
40 42c: leghorns, 80 n 35c.
HOGS-Dressed. medium, 500 CSC ID.
CHICAGO
CHICAGO. Feb. 20 UNs) .--BUTTER-
Receipts, SOS tubs. market steady; ex-
tras % score ~" 46c ktandards. 90
score cars " +" 45a,c extra hrsts 90 scQTe
"B." 45Ac frsts, $3.50 score &C. - 4fh
45hc; specials, % score IA" 46kc.
EGGS-Receipts. i6.52s cases: market
steady &c up: current receipts. 34ikc;
fresh extra hrsts, $50 35hc; fresh hrsts,
So n sec; dirties. 32Ac; checks. 31hc.
CHEESE--Twius 25iic; daisies. prints
and longhorns, 26c
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
United Electric Coal
Lists S165.937 Profit

CHICAGO. Feb. 20-United
Electric Coal Companies, in a re-
port for the quarter ended Janu-
airy 81, subject 10 audit and year
end adjustments, shows a net
profit of Sl65. 1877 after charges,
equal 70 80 cents share. This
compares with a net profit for the
quarter ended Jan. 81, 1912, of
SD, 523, equal to AZ cents a share
and with a net profit for the quar-
ter ended oct 81. 1912. of $751;
uS9 enuaI 10 30 cents a share.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Business Index ..
Reaches New Peak

NEW YORK, Feb. 20.-The
physical volume of business in the
week ended February 13 advanced
to a new high of 1854 from 1852
in the preceding week. according
to Barron's Index, adjusted for
long-term industry and population
growth. A year ago this index
was 1915.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
L Shoe Firms
Boost Profits

BOSTON, Feb. 20 fUP).-The
combined profits of y shoe manu-
featuring companies in 1912
showed an increase of As per cent
over 194l. the New England Shoe
and Leather Association reported
today.
Profits for 1912 totaled S14,756.-
0l0. while net sales aggregated
S425, 54S. S83, the latter IS per cent
higher than 1871.
The average rate OF return of
net income 10 sales equalled 3.5
per cent, ranging from So per cent
earned by Julian & Kokenge Co.
TO l.9 per cent earned by the
Brown Shoe Company.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Important Key

Cooperation of the public is ar
key, therefore, TO con
tinued success in carrying out th'
job, Kelly said.
"The public response In 1912
to requests OF Pullman and the
railroads that travellers vOlun-
tarily eliminate unnecessary
trips and plan others to avoid
travel peaks was excellent"
he declared. THE burden, how
ever is becoming increasingly
critical and the response must
be sharpened. With each car
doing double duty, 1t is neces-
sary that travellers make the
most intelligent use of available
transportation facilities"
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Campbell Wyant
Paws 25C on Issue

CHICAGO. Feb. 20.-Campbell,
Wyant & Cannon Foundry Com
pany has declared a dividend OF
. cents on the common, payable
March 13 TO holders of record
March 2. Payments last year were
IS cents each in March. June and
September, and so cents in De
Cember
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
700 Million Treasury
Bills Reported Sold

WASHINGTON, Feb. 20.-The
latest issue of S700,000,000 of 91-
day treasury bills was sold yester-
day at an average rate of approx
0.374 per cent. Earlier this
week a similar issue brought a
rate of 0.373 per cent. Accepted
bids on the sale ranged from a
high of 99925 to a low of 99905
and an average price of 99.906.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Stock Seat al $4,000,
HIGHEST in IS Months

NEW YORK. Feb. 20.-Ar-
rangements have been made today
for the sale of a New York Stock
Exchange membership at $4,000,
an increase of $1,000 over preced-
ing scale. This is the highest price
since Aug, s. 1871, when a mem
bership was sold for S35. 900. Cur
rent quotation is $4,000 bid and
$4,000 asked
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21

ms own company TIeNlouS W 'hiN
connection he was vice president
in charge Of manufacturing OF
Willys-Overland Motors. Inc.
Drums organization will include
a master mechanic, a planning en-
gineer. a personnel and efficiency
man. a factory budget and cost
expert, an educational director and
a production expert.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Allen Ind. Nets
S374,O59 in Year

Allen Industries. Inc, reports for
the year ended Dec. 81. 1912, net
profit Of S37i,059, after federal
income and excess profits taxes
and provision of $4,000 for re-
placement OF inventories. Net is
equal TO SLAP a share.
This compares with net profit
of S436, 773, or Sl.66 a share in
1871, after reserve OF $4,000 Tor
wartime and postwar contingent
cIeS.
Federal income and excess
profits taxes for 1912 amounted to.
$4,000. against $4,000 in the
preceding year.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Union Investment
AGAIN Votes 10 Cents

Union Investment Company has
declared a dividend of 10 cents on
the common. payable April l. TO
holders OF record March IT, Same
amount was paid April 10, last
year.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21

ton engineers
with headquar'
ters in the New
Center Build d.
ing.
Drum ma
been conSultan'
on nanufactur.
ing problems &c
tn g CLEVELAND
ordnance dis.
trict. which 20.
sition he re.
signed 10 form
-
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Declares Csc Dividend

Capital City Products Company
has declared a dividend OF .
cents, payable March 10 TO hold
erS of record March l. 4 like
amount was paid in previous
QUARTERS.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
So-CaHed Left Wingers

The so-called leftwingers, who
undertake TO make a career of
sneering at the American way,
seek to prejudice the popular
jury through giving improper
weight to individual episodes.
If the management Of a corpora
tion used a similar report tech
nique, instead of giving each
year a consolidated balance
sheet and income account to
summarize the net results OF a
years work. it would merely re-
veal some dramatic episodes
no matter how untypical or how
insignificant.
For example, If the left wing
technique were adopted in the
corporate annual report TO
stockholders, instead of net
profit for the year and net addi-
tions to or subtractionS from
capital funds as a result of the
years operation, the report
would instead point out that the
manager of the Pittsburgh plant
was out of work for a month
with the flu, that 10 workers in
the Bridgeport plant caught
their hands in machines and re-
ceived personal injuries, that the
foreman of the San Francisco
plant had been discharged for
drunkenness.
Such selection Of individual
tragedies, even if true. would by
themselves give a wholly mis-
leading and inadequate impress
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21

use mathematlcaI symbols 10
confuse rather than TO clarity.
Purveyors of blue sky intellec-
tual merchandise have regular
bag of tricks.
When they debate with a
straightforward businessman or
economist. they try to lay down
a confusing barrage of irrele-
want. immaterial and undigeSted
SlafiSi icS
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
CHICAGO
Trend Of Sales

NEW YORK Feb. 20 dNs) Total
sales.
stock Exchsnge stocks $40 $50 shares
bonds So s67 900
curb Exchange stocks III as shares
bonds 1912 600
BIG board sales throughout the day:
open TO n 90 ISIS $50
ii 90 70 Close 43i, is0l
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Votes IS Cents Again

Monroe Auto Equipment Com
pany declared a dividend of ID
cents. payable March 10 10 holders
of record February u. A like
amount was paid December II.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Big Board 10 List
Superior Oil Issue

NEW YORK, Feb. 20.-The New
York Stock Exchange will admit
to the list and to dealings on Feb
ruary %, Superior Oil Company
California capital stock, S25 par
value
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Denounces Critics
Of American System
Professional Aeitators Confuse
Public With 'Phony' Statistics
nv MERRYLE STANLEY RUKEYSER
International New, Service Economic Commentator

Roosevelt address directed attention
inc sense OF describing
specialize muddyng the intellectual waters and
becoudng the public mind
As participated in a recent discussion with professional
the system impressed with the fact that
he deliberately technique Of pettifogger.
brilliant Frcnchman remarked that words used 10
conceal reveal thought.
professional agators similarly frequently
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
Y. Drum Forms
Company Here

Vern r. Drum, long a prominent
figure in the automotive industry,
the formation of Vern
r. Drum e. Associates, pToduc-
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21
An Emotional Mood

Such agitators who make A
living Dat Of belittling and tear
ing down are always seeking 10
create an emotional mood. They
are statistical scandal mongers,
not looking for honest double
entry figures which truly photo
graph the process of making and
exchanging goods, and which re-
late each specific transaction to
the totality.
They are not In quest Of
consolidated balance sheet of the
national economy, which will
equitably set up the accomplish
mentS against the Shortcom-
ings. On the contrary, they sin
gle mindedly search the reports
of political Statisticians and 9TH
ers for individual journal entries
which smack of mistakes or
shortcomings. They are always
in quest of the hole, and they
purport not 10 zee the doughnut.
My own feeling is that we
should be willing TO audit the
demagogues. But in order TO be
revealing, the audit must be
twofold in character, it is not
enough merely to check the pro-
fessional critic to determine
whether he has repeated accu-
rately the figures taken from
another source, or even to find
out whether he added two fig
ureS correctly.
The second phase of the audit
Is even more important. 1t is TO
determine what the cross. or
double entry, may be for indi-
vidual journal entries. Most So
called statistical studies are
merely single entries. The double
entry shows where from and
also where to- If proper book
keeping methods were employed
TO public affairs, an attempt
would be made to relate each
episode to the totally. and to
perceive each development in
its true perspective.
Detroit evening times. (Detroit, Mich) 1921-1958, 1943-02-21

Continued on Page III