Newspapers / Wilmington Morning Star (Wilmington, … / July 15, 1942, edition 1 / Page 7
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Late Bidding Switches _ *■-.. .... i . .. i - _ Trend In Market; Early Losses Become Gains Ticker Tape I Doses Along lit Intervals Boardroom Observers Fig i ured Resumation Of I Big Advances inflation SHOWS UP Enough Present To Inspire Certain Amount Of Buy ing With Opposition jiEW YORK, July 14.— (J0—Late bidding for steels, motors and as sorted industrial favorites switch ed the trend in today’s stock mar ket and early declines of fractions ,, a point or so were converted into gains of as much for many leaders at the close. Irregularly lower prices at the start failed to bring out any siz able offerings and, with the ticket jape dozing at intervals, board room observers got the idea the market might be ready to resume the big advance which was stemmed by profit taking at the end of last week. There also was enough inflation psychology still present in the fi nancial sector to inspire a certain amount of buying although oppon ents of this line of thought were plentiful. Helpful were revived hopes the House Ways and Means committee might reverse itself on the recent corporat on tax propos als. The Russian war news con tinued to dampen sentiment to a certain extent. The Associated Press average of 6(1 stocks was up .2 of a point at 37.2, cancelling the loss of the Monday's session. Dealings picked up on the recovery shift and transfers for the full proceedings totaled 372,650 shares compared with 278.840 the day before. Of 611 stocks traded. 299 were up. 185 down and 197 unchanged. Among prominent shares in the advanc nj*_ column was General Motors, which edged up 5-8 to a new 1942 top. In front were U. S. Steel, Bethlehem. Chrysler. Good rich. Douglas Aircraft, Oliver 1 arm, Westinghouse, duPont, American Can. U. S. Gypsum, Standard Oil (NJ), Texas Co., American Airlines, Eastern Air bines. Kennccott and Santa Fe. Utilities did little or nothing and the majority of the rails were able to add only minor fractions. Down a point or so were Allied Chemical. Johns-Manville, Philip Morris and Dow Chemical. Bond and commodities were mixed. At Chicago wheat was up 1-2 cent a bushel, corn up 1-8 to •1-8 and hogs 10 cents higher. Cot ton lost 65 cents to SI a bale. In a spotty curb improvement r.as recorded for American Cvana mid. American Light, Humble Oil and Brewster Aero. In arrears were Lake Shore. American Gas. Pantepec. Shenvin Williams and Pittsburgh Plate Glass. Volume bore aggregated 54.738 shares against 46.225 yesterday. STOCK AVERAGES Compiled by the Associated Press July 14. 30 15 15 60 MVt eh Indus Rails Util Stks Net change __ a.3 a.2 unch a.2 PrcvdaJ - 34,5 16 1 23-6 37.2 Mnnt'hd y — 54 2 15 9 23.6 37.0 Month ago 52.2 14.5 23.9 35.7 1942 h-eh —- 62 5 17-9 32.3 43-7 ,40,hlgh — 589 17.6 27.3 38.7 lea? .46-° 14 4 21.1 32.0 194 Wh —' 63 9 19 0 35.5 45.0 1941 low - 51.7 13.4 24.5 35.4 •0-Stock Range Since 1927: „ 1930-40 1932-37 1927-29 .— 54.7 75.3 157.J L°" .- 33-7 16.9 61.8 WHAT stocks did Tues. Mon Decline S ~. ?2? 150 Unchanged-;:;;;;;;-- - 334 Total issues 6U IU K-Fw\,(n°,FON FUTURES ton Y0RK' July 14.—OP)—Cot cent! li ™sed with losses of 65 senate hr, ^I 0° a bale today after on all wSe co.nferees had agreed versial f1 °ne issue of the contra Price? J”1,aPPr°Priation bill, tee aP,.cdetCbned after the commit a dispute? t0 Sub?i1: to both houses the em,ied amendrnent authorizing for l?v°eTwnt,t0 sel1 some what a bush*'/ k feed at about 83 cents bad starled the session 0’teern assumPtion that all dis ably! ll s *n ,the larm bill prob the lp!;., ,.be ironed out today by said. 8 s abve conferees, observers PareSld tL0-11 and hedging was ap bv traru 1 , was overcome partly The and miH buying, ibe range follows: July H‘gb Low Close Oct ' r°a19 04 18-83 18.87nOff 13 Dec oH 9-37 19-20 19.21 Off 14 ■Ian.' ' q?® 948 19-30 19.31 Off 14 Mch - ,q -9al9'40 19.40 10.33nOff 14 May ' q fin }9A5 1937 19 37 °ff 17 Spot m-'^v9-60 1941 19‘41 OH 28 a^L,nid,dline 20.58n. ■ Ked; n—nominal. v —-V KFw Y' COTON-SEED OIL BleachabJ°R^’ July 'ioseri 6 c°ttonseed oil futures tract, Unchanged. Sales 5 con cosed Jon' 13-90 asked 13.9o as^eales 5 contracts. Jan. Adams Millis- 193,4 Air Reduction- 33% A1 Chem and Dye_136 Alleghany__ % Allis Chal Mfg.. 25% Am Can_ 67 Am Car Fdy_ 25% Am Pow and Lt_ 9-16 Am Rad and St S_ 4% Am Roll Mill _ 10% Am Smelt and Ref_ 40 y4 Am Sug Ref__ 87 A T and T_114% Am Tob B _ 45% Anaconda . 26% Arm 111 _ 2% WHEAT FUTURES BREAK A LITTLE Failure Of Congress To Agree On Farm Bill Un dermines Confidence CHICAGO, July 14—(/P)—Failure of congressional conferees to agree on the most controversial point in the farm appropriation bill today undermined confidence in wheat futures and prices broke as much as a cent from the day's best levels. Wheat closed % to % cent lower compared with yesterday’s final prices, July $1.19%, September $1.21%-1.22; corn advanced’s to % July 88%-%, September 90%-%, oats were % to 1% up; soybeans % higher to 1 cent lower; rye ’,4 to % off, and lard unchanged. The range follows: Open High Low Close WHEAT— July_119% 120% 119% 119% Sep. _ 122 123 121% 122 Dec._ 125 126% 125 125% May_130% 131% 129% 130V* CORN— July_ 88% 89% 88% 88% Sep. _ 90% 91% 90% 90% Dec._ 93% 94% 93% 94 May_ 98 % 99 98% 98% OATS— Julv_ 47% 49% 47% 48% Sep. _ 48% 49% 48% 49% Dec._ 51 52% 51 51% May_ 54 55 54 54% SOYBEANS— July old 175%_ 175% July new -- 175%_ 175% Oct. _176% 176% 175% 175V* Dec.__ 177% RYE— July_ 68% 68% 67'/2 67% Sep. _ 70% 71 ’,4 69% 70 Dec._ 74% 75% 73% 74 LARD— July_ 12.70 Sep. .._ 12.30 Oct. . 12.82 Dec. .. 12.85 -V TREND OF STAPLE PDICES NEW YORK, July 14—(/P)—The Associated press weighted whole sale price index of 35 commodities today declined to 98.74. Previous day 98.80, week ago 98.15, month ago 97.88, year ago 89.12. 1942 1941 1940 1933-39 High 99.72 95.12 78.25 98.14 Low __ 95.54 77.03 68.89 41.44 (1926 average equals 100). -V FREIGHT CAR REVENUES NEW YORK, July 14—(fP)—Reve nue freight cars handled by rail roads reporting today for the week ended July 11 included: July 11 Pre Wk Yr Ago Reading_ 40,838 39,552 36,09i Jer. Cen._ 25,478 25,784 21,54i Del. and Hud. 10,152 16,403 9,433 N. Y. Cen. __ 96.711 96.565 91,358 Ches. and O. 38,096 31,920 37,655 Nick. Plate 23.001 23.090 18,:.0“ Pere Marcj __ 10,757 10,950 12,334 Penn. _140,277 137.603 133,656 -V N. O. COTTON FUTURES NEW ORLEANS. July 14—(£>) Cotton futures declined here today under long liquidation, hedge sell ing and unfavorable war news Closing prices were barely steady 15 points net lower. The range follows: Open High Low Close July _ 19.01 19.01 19.00 18.85b Oct. _ 19.56 19.56 19.39 19.40 Off 15 Dec. 19.64 19.65 19.49 19.51 Off 15 Jan.. . 19.67b_19.52b Mch . 19.69 19.72 19.58 19.58 Off 15 May . 19.79b_19.63b July (1943) 19.77 19.77 19.77 19.72b b—Bid. -V CHICAGO BUTTER-EGGS CHICAGO, July 14.—(fl—Butter, receipts 1,136,761; firmer; prices as quoted by the Chicago price Current; creamery 93 score. 37 1-4—3-4; 92, 36 3-4; 91, 36 1-4; 90, 36; 89, 35; 88, 33 1-2; 90, centralized carlots, 36 1-2—3-4; 89, 35 1-4—1-2; 88, 34. Eggs, receipts 13,714; unsettled, fresh graded extra first, local, unchanged; cars, unchanged; firsts, local, 32; cars, 32 1-2; cur rent receipts, 31 1-2; dirties, 30 3-4; checks, 29 1-2; firsts 33 1-2; others unchanged. -V FOREIGN EXCHANGE NEW YORK, July 14.—Clos ing foreign exchange rates follow (Great Britain in dollars, other* in cents: Canada: Official Canadian Con trol board rates for U. S. dollars; buying 10 per cent premium, sell ing 71 per cent premium, equiva lent to discounts on Canadian dol lars in New York of buying 9.91 per cent, selling 9.09 per cent. Canadian dollar in New York open market 9 7-8 per cent dis count or 90.12 1-2 U. S. cents, up 1-16 of a cent. Europe: Great Britain official, (bankers foreign exchange com mittee rates) buying $4.02, selling $4.04 open market; cables $4.04. Latin America: Argentina offi cial 29.77; free 23.72; up .01 of a cent; Brazil official 6.05N; free 5.20N; Mexico 20.67N. Rates in spot cables unless oth erwise indicated. N—nominal. 2 Closing Stock Quotations BY THE ASSOCIATED PRESS A T and St.. 39% ACL .. 23% Atl Ref .. 18 Aviat Corp_i.. 3 Baldwin_ ny4 B and O... 3V8 Barnsdall _ 19 Bendix Aviat ... 31 Vi Beth Stl . 55% Boeing Airpl_ 16 Borden .... 20 Borg Warner _ 24% Briggs Mfg .. 18% Budd Mfg__ 2% Bur Add Mach_8% Calumet and. Hec__ Can Dry___ 12 Can Pac. 4% Case J I _4.. 71 Caterpil Trac _ 36% Ches and O_ 31% Chrysler - 6372 Coca Cola _ 80 Colum G and E. iy8 Coml Credit___ 20% Coml Solv_ 8% Com with and Sou .. 7-32 Consol Edis _ 13 y4 Con Oil .. 51/4 Cont Can_;_ 257/B Corn Prod_ 51% Curtiss Wright_ 6% Davison Chem _ 9% Del Lack and W_ 31/2 Doug Aire... 59 y4 Oow Chem_115 Du Pont_121 y2 Eastman Kod. 133% Elec Auto Lt_ 27 Elec Pow and Lt... 1 Firestone . 17% Freeport Sul.. 32% Gen Elec' —. 27% Gen Foods_ 3i3/4 Gen Mot... 393/4 Gillette . 33,4 Glidden _ 14% Goodrich_ 18% Goodyear _ 18% Gt Nor Ry Pf_ 21% Hud Mot___ 4 Hupp Mot_ y, 111 Cent__1_ 6% Int Harvest__ 4yV; Int Nick Can__ 26% Int Tel and Tel_ 2% Johns Man_ 57 Kennecott _ 31% Kroger Groc _ 26'A Libby O F G1_ 25% Ligg and Myers B_ 64 LtVws - 41% Lorillard _ 143/. Louis and Nash_ 63 Mack Truck_ 31% Mont Ward _ 30% Murray Corp __ 5 Nash Kelv _ 5Vj Nat Biscuit _ 15 % Nat Cash Reg_ 16V4 Nat Dairy Prod___ 14% Nat Dist _ 22% Nat Lead _ 14 Nat Pow and Lt_ 1% N Y Cent .. 8% No Am Aviat... 11% North Am_ 7% Nor Pac_ 5-% Ohio Oil —____ 8 Utis Jiilev _ 13 Pac G and E.. 19% Pac Mills __ 16% Packard _... 2'% Param Pix_ 15% Param Pf_- 114 Penney J C_.... 69 Penn R R _ 20% Pepsi Cola _ 22% Phillips Pet_ 40 Pub Svc N J. 9% Pullman _ 23% Pure Oil _ 9% Radio _ 3% Rad K O . 2% Rem Rand _ 8% Rep Stl _ — 15% Revnouds B- 24 Seab Oil .- 12% Sears _ 55 Shell Un.. 12% Socony Vac _ 8% Sou Pac _ 12% Sou Ry _ 14% Sperry _ 25 Std Brands - 3% Std Oil Cal _ 22% Std Oil Ind . - 25% Std Oil N J.. 38% Stewart Warner -- 6% Studebaker - 4% Swift _ 21% Tex Co_ 36% Tex Gulf Sul_ — 30% Timken Det Ax- 27 % Trans Amer- 4% Trans and West Air- 9% Un Carb ....- 69 Un Pac. 72 Unit Aire - 27% Unit Corp_ 9-32 Unit Drug -- 5% Unit Fruit .— 55% Unit Gas Imp .. 3% U S Ind Alco —-- 29% U S Pipe.. 26% U S Rub... 19 U S Smelt and Ref- 63 U S Steel. 50% Vanadium_ 17% Warner Pic - 5% Western Union- 24% West Elec and Mfg- 71% Wilson - 4% Woolworth _ 28 Yell T and C ..-.- 12 Youngs S and T _ 32% Final stock sales, 372,650. FINAL CURBS Can Marconi --- % E1 Bond and Sh- 1 Gulf Oil__ 32 -V STOCKS IN THE SPOTLIGHT NEW YORK, July 14 — (IF) - Sales, closing price and net change of the fifteen most active stocks to day: Proct and Gamble 11,030—48%, a % U S Steel 7,400—50%; a 1%. Gen Elec 7,200—27%; a %. Socony Vac 7,100—8%; no. Nash Kelv 6,700—5%; no. Gen Motors 5,600—393; a %. Pan Am Airways 4,700 — 17%; a %. Sparks With 4,600—2; a %. Anaconda 4,500—26%; a %. N Y N H and H 4,400—%; a %. N Y Central 4,300—8%; a Vs. Kennecott 4,200—31%; a %. Erie R R Ct 3,900—6; d %. Standard Oil N J 3,900—38%; a %. . U S Rubber 3,800—19; a %. -V N. O. MIDDLING NEW ORLEANS, July 14.—'/P'— The average price of middling 15-16 inch cotton today at 10 des ignated Southern spot markets was 15 points lower at 19.71 cents a pound; average for the last 30 market days 19.17; middling 7-8 inch average 19,14. 2 UGHT BOOST SEEN ON BOND MARKETS Not Enough, However, To Stop Some Moderate Losses At Finish NEW YORK, July 14.—UP)—There were enough advances in today’s bond market to give a slight boost to all the corporate averages, but the list also had a fair quota of moderate losses at the finish. Late support for a number of low prices rail loans and other speculatives followed a turn for the better in the stock market. U. S. governments were unchanged to a shade lower and foreign dol lar issues were mixed. Final gains ran from fractions to around 2 points for Chicago Railway 5s at 55. Bangor Aroo stook 4s at 54, Childs Co. 5s at 49 1-4, Chesapeake Ohio 4 l-2s at 128 1-2, Southern Pacific 4s of ’55 at 66, Reading 4 l-2s at 76 and Western Union 4 l-2s at 81 1-8. Ending fractionally lower were New Haven collateral 6s at 53, Pere Marquette 5s at 68 5-8 and West Shore 4s at 42. Warren Broth ers 6s dropped about 2 1-2 points. Bonds of Argentina, Columbia and Canada registered small ad vances while Cuban issues dipped. Brisbane 6s were off 2 3-4 on a few transactions. 2 Transfers totaled $4,451,000 face value against $3,355,100 Monday. BOND AVERAGES Compiled by the Associated Press July 14. 20 10 10 10 Rails Indus Util For Net change .. a.l a.l a.l a.l Tuesday_ 61.5 103.6 95.6 49.1 Prev. day ... 61.4 103.5 95.5 49.0 Month ago ... 59.9 103.1 95.0 49.0 Year ago_ 64.9 104.8 101.6 47.7 1942 high_ 65.6 103.7 100.6 49.6 1942 low _ 59.4 102.6 93.6 41.5 1941 high_ 66.5 105.4 102.2 51.4 1941 low_ 58.3 102.9 98.9 38.0 10 Low Yield Bonds Tuesday _ 112.4 Previous day_112.3 Month ago _ 112.1 Year ago —..._114.3 1942 high - 113.1 1942 low_ 111.7 1941 high _•. 115.1 1941 low_ 112.1 GRAINBELTSLOOK AT THE WEATHER Producing Areas Report Heavy Rains And Thun derstorms During June CHICAGO, July 14.—(J-t—Weath er conditions over the main grain producing belts received increased attention from the trade today. Kansas reported an exceptionally wet, cloudy spell during June with a period of abnormally cool tem peratures in the middle of the month. Heavy rains in Illinois have lift ed caps off oats shocks giving rise to fears of a crop of inferior qual ity. Many sections were awaiting dry weather before starting to combine, while in others weeds and clover were growing higher than oats. Another report said some elevators had refused to ac cept truck loads of wheat because of excessive moisture. Kansas also reported numerous floods in most of the principal riv ers of the state with widespread and frequent hail and windstorms. Monthly totals of five inches or more of rain were common over most parts of the state. Minneapolis reported weather over the northwest was mostly fa vorable and that harvesting was under way in southern areas. The first car of winter wheat arrived from South Dakota today, grading No. I hard. Wisconsin reported a great va riation in crop prospects. Exces sive rains and cool weather during June was delayed progress of corn but hay pastures were reported in excellent condition. The corn crop was expected to total 88,000,000 bushels, compared with about 91, 000,000 harvested last year. 2 CHICAGO POTATOES CHICAGO, July 14.—UP)—(U. S. Dept. Agr.)—Potatoes, arrivals 43, on track 258; U. S. shipments Eggs, receipts 13,714; unsettled; demand light, market about steady. Kansas cobblers 1.75-2.15; Missouri cobblers 1.90-2.00; Mis souri Bliss Triumphs 1.90. Others unchanged. -V CANADIAN CROPS OTTAWA, Ont., July 14.—(Cana dian Press) — A few sections in eastern Canada are showing need of more rain but crop conditions on the whole are “being well maintained,” the Dominion Bureau of Statistics reported today in a telegraphic crop report. -V N. O. SPOT COTTON NEW. ORLEANS, July 14.—(A5)— Spot cotton closed quiet 15 points lower. Sales 676. Low middling 16.59, middling 19.59. Good mid dling 20.04. Receipts 1,699. Stock 625,574. 2 -V N. O. MIDDLING NEW ORLEANS, July 14.—(A1)— Average price of middling 15-16th inch cotton today at ten designated southern spot markets was 19.72. -V-v charlotte spot CHARLOTTE, July 14.—UP)—Spot cotton 19.80. Hogs At Princ Continue In -- it CHICAGO, July 14.—(PI—Hogs at principal markets continued in light supply today and sellers ob tained prices up to 10 cents above yesterday’s weak market on all weights and sows. The top here was $14.80 per hundredweight, or 20 cents under the recent 16-year peak. The embargo at East St. Louis failed to produce augmented runs elsewhere^ and 12 principal centers had 31.500 fewer hogs than a week ago. Chicago salable receipts to taled 13,000 and large packers took an additional 5,500 direct. Trade reports showed meat stocks as of July 1 at the year’s lo— point, after the heaviest June production on record, indicating the extremely broad demands be ing filled from storage. me cattle supply was v.auu, smaller than usual and fed steers and yearlings were strong to 15 higher in an active market, with the top for strictly choice steers $15.00. Most business was done be tween $12.50 and $14.00. Receipts of salable sheep were 1,000, packers taking 5,500 addition al head direct. The trend was about steady with bulk strictly good and choice native spring lambs bringing $14.00 to $14.40. (US Dept. Agr.)—Salable hogs 13,000; total 18,500; generally strong to 10 higher op all weights and sows; good and choice 180-240 lbs. 14.55-75: top 14.80; 240-270 lbs. 14.40-65: 270-330 lbs. 14.10-50: 160 180 lbs. 14.00-60: good 400-550 lbs. sows 13.35-65: good and choice sows under 400 lbs. 13.60-90. Ship pers took 1,500. Salable cattle 7,500, total 7,500; salable calves 1.000. total 1,000; fed steers and yearlings strong to 15 higher, active; clearance, good, largely 12.50-14.00 steer and year ling market; extreme top 1195 as well as 1520 lbs. strictly choice steers 15.00; several loads 14.35 65; long yearlings 14.00; heifer yearlings 13.65, although mixed steers and heifers scaling 900 lbs. brought 14.00; grassy and warmed up steers and heifers scarce, fully steady. Beef cows easy at 9.00-75 mostly; canners and cutters fully steady at 8.50; bulls 15-25 lower; late top heavy sausage bulls 11.50, although 11.75 was paid early. Vealers fully steady at 14.00-15.00; light stock cattle few at 11.50; with good to choice, Texas calves 13.00 14.25. Salable sheep 1,000, total 6,500; lamb trends about steady; bulk strictly good and choice native spring lambs 14.00-40; lower grades down from 13.50 to 12.00 and be low; best yearlings 11.25; few heads fat ewes 4.50-5.75 with a small number at 6.00. -V N. C. EGGS-POULTRY RALEIGH, July 14.—«—(NCDA) Egg and poultry markets steady. Raleigh — U. S. extras large (clean white) 35; colored hens 17 to 18. Washington—U. S. extras large (graded white) 39 to 40; colored fowls 21 to 22. -V N. O. COTTONSEED OIL NEW ORLEANS, July 14.—(yPt— Cottonseed oil closed steady. Bleachable prime summer yellow unquoted. Prime crude 12.50B. Jly 13.55b; Sep 13.55b; Oct 13.45b; Dec 13.34b. b-Bid. Dec 13.34. —bid. 2 -V- - N. C. HOGS RALEIGH, July 14—(A*)— (N CD A) Hog markets steady with tops of ?14 at Richmond and $13.80 at , Rocky Mount. THIS CURIOUS WORLD B/.»T | NNDlC/e r>r OSPREY, i OR FISH HAWK, BUILDS ITS NEST OF LARGE STICKS.,. BUT IT DOES NOT PICK THEM UP OFF THE GROUND/ INSTEAD, IT DIVES AT DEAD TREE LIMBS, KNOCKING THEM OFF... AND THEN CATCHES THEM IN ITS TALONS BEFORE THEY STRIKE THE EARTH. f i Can you name THREE POPULAR SONGS PICTUREP HERE 9 -jJjr J T. M. REO. U. 8. PAT. OFF. COPR. 1942 BY NEA SERVICE, INC. JOE DIMAGGIO PLAYED 425 CONSECUTIVE BASEBALL, games BEFORE BEING CAUGHT STEALING. _ 7-M-' ANSWER: Goodby Mama, I’m Off to Yokohama; Flamingo; One « Dozen Roses. I ipai Markets Light Supplies I CASH WHEAT CHICAGO, July 14, — UP) — Cash v/heat No. 1 hard 1.17 3-4; No. 2 hard 1.17 1-2; No. 2 mixed 1.17; tough No. 3 mixed 1.13. Cora, No. 1 yellow 86 1-4: No. 2, 86—88 1-4; No. 3, 85 3-4—87 1-2;. No. 4, 84 1-2—86 1-2; sample grade yellow 80; No. 1 white 1.01 3-4; No. 2, 1.00 1-2. Oats No. 1 white 51 1-4; No. 2, 50 3-4—51; No. 3, 50; No. 4, 47 1-4. Barley, malting 72-96 nominal; hard 62-70; feed and screenings 50-61. Soybeans, No. 3 yellow 1.73 1-2— 1.75. -V DRY GOODS NEW YORK, July 14.— UP)—Cot ton textiles markets continued quiet today. The trade talked of coming army awards for mate rials and observers said the fed eral orders might be for as much as 80,000,000 yards of goods. Woolen and rayon goods trading also was dull despite further gov ernment orders for blankets and woolen service coats and a pickup in the demand for rayon for fall lines of merchandise. -V OPPOSE ADJOURNMENT WASHINGTON, July 14.—(A>)_ Senate Republicans voted unani mously today in opposition to an adjournment of congress for a def inite period, as some Democrats have favored. Senator McNary of Oregon, the Republican leader, said after a minority meeting that he had been authorized to commit the party only to periodic three day recesses. 2 Firestone Is Resuming Goldenrod Experiments NEW YORK, July 14.—(TP)— The Firestone Rubber company announced today that it is re suming the famous Edison Firestone experiments to get rubber from goldenrod. The edison work was dis continued in 1936, and the U. S. Department of Agriculture has carried on since with experi mental fields near Savannah, Ga. The results which Firestone now picks up again, is a vari ety of goldenrod uniformly five feet tall, which can be mowed by machine and whose leaves produce up to 100 pounds of rubber per acre. That amount, the Firestone announcement says, would warrant production only in an emergency such as the present. The hevea rubber trees pro duce around 300 pounds per acre and in some cases 1,000 pounds or more an acre. -V- . NAVAL STORES SAVANNAH, Ga., July 14.—(JV Turpentine 58 1-4; offerings 96; sales 4,800 gallons; receipts 429; shipments, three; stocks 11,944. Rosin: Offerings 427; sales 427; receipts 725; shipments, none; stocks, 61,434. Quote: B 2.90; D 2.95; E 3.00; F 3.05; G, H and 1, 3.20; K 3.23; M 3.22; N 3.23; WG 3.24; WW and X 3.25. -V FBI Arrests Former Coast Guardsman On Spy Counts NEW YORK. July 14— (IP) —The arrest on espionage charges of a 35-year-old former American Coast Guardsman who was born in Ger many was announced today by the Federal Bureau of Investigation. The defendant was named by P. E. Foxworth. assistant FBI direc tor, as Washington Glendale Spieg elberg who was arrested last Sun day at Hempstead, Long Island. The FBI said he had in his posses sion 18 plans, diagrams, drawings or blueprints of essential parts of the B-24 bomber manufactured by the Ford Motor company. Spiegelberg, a native of Berlin, was arraigned today in Brooklyn felony court. The government agents said he formerly worked for the Donelly Engineering Corporation, Detroit, which has designed machinery for Ford Bomber Construction. STATUS OF 96 MEN CHANGED IN DRAFT Class Of New Hanover Men Affected By Revised 2-B Regulations Ninety-six men registered by New Hanover Draft boards in the 2-B classification will be affected by national selective service head quarter’s ruling that single war workers be inducted before hus bands and fathers. The old regulations stated that “in class 2-B shall be placed any registrant found to be a necessary man in any industry, business, em ployment, agricultural pursuit, governmental service, or in any other service or endeavor or in training or preparation therefor, the maintenance of which is neces sary to the war production pro gress.” A ‘necessary man” was defined as one only when these conditions exist: “he is, or but for a seasonal or temporary interruption would' be, engaged in such activity; he cannot be replaced because of a shortage of persons with his quali fications or skill in such activity; and his removal would cause a serious loss of effectiveness in such activity.” In the past it has been the policy of city Draft board No. 1 to place all single war workers in 1-A classification. Employers might ask for deferment from the Board of Appeals, when if granted, the city board put the registrants in 2-B. This has been the policy ot the board which recently resigned. Chief Clerk Glenn McClelland ex plained. The city board has 35 men in 2-B. Chairman John Alexius, of county Draft Board No. 2, explains that all single men engaged in na tional defense work, where defer ment has been asked by their em ployers, have been placed in 2-B class. He explained that 2-B mei are granted only six months defer, ment under this procedure, and at the end of that period are subject to reclassification. Sixty-one mei ore in that classification. Mr. Alexius pointed out that the county board has drafted a few married men, but it has been only :n the case where marital rela tionships have ceased to exist. Sev eral have volunteered, he explain ed. G*W FIVE STAR "HOW TO READ AN AD" You have a son or a broiher or a cousin in ihe army, ihe navy or ihe marines. You're proud of what he's doing for his country, and you'd say that ihe best is none too good for the boys who're doing an unpleasant job with all the cheerfulness and determination in the world. You feel a responsibility toward those boys, and you're doing all you can. You're buying war bonds. You're working for the Red Cross. You're contributing to the USO. You're sending a carton of cigarefs or a box of candy to some boy as often as you can. And that's fine — but if isn't nearly enough. Maybe, while you're doing all those things, you're questioning the wis dom of nationally known manufacturers who are continuing to spend sub stantial sums of money for newspaper advertising. Maybe you've said they, should be conserving that money. But those boys for whom you feel such a feeling of solicitude — what about them. The war's going to end some day—and they're going to present a problem that no amount of talking or wishful thinking can solve. They're going to expect industry to produce jobs for them — and they have a right to expect exactly that... not just a job here and there, but millions of jobs. Industries in which advertising continues to play an important rule are looking ahead, accepting their responsibility. They know that, in order to furnish employment to the millions now engaged in war effort, they must create and maintain a demand for civilian products. They realize that tomorrow's markets are created today — and that to day's markets can wither and die without nourishment. They are buying insurance — advertising that will insure the jobs that must be available.
Wilmington Morning Star (Wilmington, N.C.)
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July 15, 1942, edition 1
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