Newspaper Page Text
FINANCIAL AND MARKET
TREND OF WEEK PART FOUR—FINANCIAL AND CLASSIFIED 8fye gfaf CLASSIFIED ADVERTISING PAGES THREE TO FOURTEEN FOURTEEN PAGES. WASHINGTON, D, C., APRIL 3, 1938. SHOW MODERATE LOSSES ON D. ^EXCHANGE Both Stocks and Bonds Hold Comparatively Steady in First Quarter. GAS LIGHT 5s PROVE MOST POPULAR BONDS Register Drop of Only Half a Point—Capital Traction 5s Come Next in Volume. By EDWARD C. STONE. Stocks and bonds listed on the Washington Stock Exchange, although losing some ground during the first quarter of 1938, held comparatively steady and were in excellent demand. Losses were very much smaller than on many of the other exchanges. Vol ume compared favorably with the first three months of 1937. In the bond division,- Washington Gas Light 5s. 1958, were the most popular issue in the trading, being off only half a point at the end of the three-month period, the last sale reg istering 105. Next in sales volume came Capital Traction 5s, which opened the year at 65 and are now selling at 66, although reaching 70 at one time this year. Anacostia & Potomac River R. R. 5s, now at 57. are off three points from the year's high, city & Sub urban Railway 5s opened 1938 at 55 and have since advanced to 58. Wash ington Gas Light 5s. 1960, have been very strong during the year and are now quoted at 115. while Washington Gas 5s. 1958. are commanding 105, within half a point of the year's best price. Washington Railway & Electric 4s have remained steady at 107 and Chevy Chase Club 4',s recorded their last sale at 104 ',. blocks Ketain High Figures. Many stocks, on the exchange are selling well above par. Potomac Elec tric Power 6 per cent preferred stock Is now at 113 and has lost practically no ground during the present slump. The same corporation's 5'2 per cent preferred is higher than In January, the last sale being made at 112. Capi tal Transit, the most active utility stock, sold off during the three months, dropping from 91, to 7. Washington Gas Light preferred ad vanced from 97 to par during the three months, a small lot selling at 100 in yesterday's trading. There have been a good many other sales at par. Washington Gas common has held at 23. Washington Railway & Electric j preferred advanced from 109 to 11038 during the first quarter. Railway com mon recorded one sale at $616.50 a share during the three months. National Bank of Washington stock closed the quarter at 130. Riggs Na tional Bank common registered 273. which was lower than at the opening of 1938. the same bank's preferred stock moving at 10112 on the last transfer. The last sale in American Security & Trust Co. stock was at 240. also lower than the high point for this year. Miscellaneous stocks have been quite active, with varying prices. Transportation Chief Named. S. William Miller, treasurer of the Union Trust Co., has been appointed chairman of the Transportation Committee for . the 1938 Convention of the District Bankers’ Associa tion to be held at Hot Springs. Va.. June 9 to 12. President Thomas J. Groom an nounced yester day. W. T. Van doten, vice presi dent and cashier Liberty National Bank, is vice chairman. The other members of the committee in clude: S. Wilson Earn S. William Millrr. shaw. secretary-treasurer East Wash ington Savings Bank: Joshua Evans, jr.. vice president Hamilton National: Edward L. Hillyer, vice president Union Trust Co.; T. Hunton Leith, cashier and secretary Security Savings & Commercial: Richard A. Norris, assistant cashier Lincoln National: H. F. Stokes, assistant cashier National Metropolitan; Norman E. Towson, assistant treasurer Washington Loan & Trust Co., and E. Percival Wilson, secretary National Savings & Trust Co. Sheik Rejoins Reliance Life. David M. Stephens, field manager of the Reliance Life Insurance Co., announced yesterday that Russell Sheik had been reappointed to the Russell Sheik. . Washington staff of his company. He was formerly t with the same | company for sev i en years, giving | up his position to become general agent of the Pacific Mutual Life Insurance Co., in 1931. Since 1934 Mr. Sheik has been | associated with I the Thomas P. Morgan, jr„ agency of the Mutual Life Insurance Co. of New York. He has been in the life in surance business 15 years and received the chartered life underwriter desig nation in 1932. ' Easter Buying Is Awaited. The Commerce Department reported yesterday that trade during the past week in the fifth district, except in Washington and Norfolk, was better than in the previous week but lower than last. year. Real Easter buying is still awaited, the report said. Trade in Washington was 8 per cent under the previous week and 12 per cent under the same 1937 week. Bank clearings totaled $19,355,300, against $24,436,498 a year ggo. Build lug permits amounted to $297,750, compared with $489,250 last year. There were 5.000 more tourists than in the previous week. . i ^ 1 Honors Agent JAMES A. FULTON, President of the Home Life Insurance Co. of New . York, who conies here tomorrow to pay tribute to Paul F. Grove, jr., of the Washington office who has recently made the best production record in this territory. — Underwood & \ Underwood Photo. SSI.500 PROFIT 1937 Net Compares With $2,923,118 Recorded in Previous Year. Br the Associated Press. NEW« YORK. April 2.—Crowell Publishing Co. reported consolidated net income of $2,821,500 for 1937, after charges including Federal surtax, equal after preferred dividends to $3 68 a share, compared to $2,923,118 or $3 81 a share in 1936. Seversky Aircraft. Seversky Aircraft Corp. reported net loss of $1,210,516 for 1937 after depreciation, ordinary taxes, interest amortization of patents and provision of $859,132 lor loss on cost to date of contracts in process. This compares with 1936 net loss of $70,843 Graham-Paise Motors. Grahani-Paige Motors Corp. and subsidiaries today reported net loss for 1937 of $2,253,485 after taxes, in terest, depreciation and other deduc tions, comparing with 1936 net loss of $4l7Tl45. J. B. Graham, president, said drastic economies have been effected since January 1, 1938. Continental Oil. Continental Oil Co. reported 1937 net earnings of $13,948,459 after de preciation. depletion and taxes, equiv alent to $2.98 per outstanding share, best earnings in the company's his tory. Earnings for 1936 were $9. 612.596. or $2.05 per share. Conti nental's sales of all refined products during 1937 were largest in history, the report said. Olher Report* l.isled. Other corporate earnings report* re . leased during the week showing profits per common share included 'Year ended December .31.) 1 tt.tr. i tilth. Aluminum Co j;t.-fh K.tiS American Rolling Mill .. „. r.i.i •'.7.3 Anaconda Copper _ _ . tt.ttr t.stt I Bendix Aviation _ _ l .tir i .44 Cannon Mills ___ _ 4 Continental Oil __ -J.sts •; nr, Curtis Ptb, . __ _____ ’4 iff General Electric __ ■; 1 l.iVf I.one Star Cement _ 4.11 ‘.’.titt Shell Union Oii _____ 1,44 1.57 Tide Water Assoc. Oil ... tl.ittt 1.11 Union Carbide & Carbon __ 4.15 4.OH •On preferred shares. -• METALS NERVOUS AS SECURITIES DIP Tin Slumps to Lowest Level in Five Years—Other Markets Show No Change. By the Associated Press. NEW YORK. April 2.—Weakness in Wall Street upset the non-ferrous metal market last week. Tin dropped to the lowest level in five years, al though other markets, while unsettled, showed no actual price change. There were rumors of resale copper available at concessions in the do mestic market, but custom smelters and producers held to the 10-cent level. Export copper reacted about 35 points, then partially recovered the loss. Russian buying of copper at London, plus an equally good demand here for Japanese account, the latter paying premiums in some instances to obtain nearby metal, were steadying influences. Tin reacted over 2'i cents a pound, with spot dropping to 39 cents a pound. Weakness of the London mar ket was accentuated by the failure of a large Japanese house at Singapore. The establishment of record low prices since 1933, however, was followed by better consumer demand. Lead remained in doldrums, holding at 4.50-55 cents a pound, New York. Zinc was unchanged at 4.25 cents a pound, East St. Louis. WEATHER VANE AWNINGS. DAYTON, Ohio, April 2 (Special).— An awning that is automatically raised or lowered by means of a photo-elec tric cell sensitive to sun and rain has been invented here. CAPITAL ACTIVITY HOLDS DP WELL IN FIRST QUARTER Retail Trade Maintains High Levels Despite Moderate Declines. • U. S. PAY ROLL STABLE IN RECENT MONTHS Housing Loans Gain—Sales of New Automobiles Show Pickup of 70 Per Cent for March. By DONALD B. HADLEY. Washington business remained at high levels in the first 1938 quarter despite some moderate declines from 1937 records. January and February department store sales were only 1.9 per cent under the same 1937 months and were about 13 per cent ahead of 1929 levels. March showed an im provetnent with the approach of Easter. Last year, the city's population | reached 627,000. compared with 619. ! 000 in 1936, 594,000 in 1935, 560,000 in 1934, 543.000 in 1933 and 492,000 in 1930. As the District of Columbia itself includes only 69.24 square miles, much of the growth here has spread out into adjoining Maryland and Vir ginia sections of the metropolitan area. The entire metropolitan area is : estimated to have a population of 830,000. all within a 20-mile radius of downtown Washington. l!. S. Pay Roll Remains Stable. The major pay roll, which comes from the executive branch of the Federal Government, has been ex ! tremely stable in recent months. The January total of $19,948,315 for 113, i 338 persons was only slightly below the $20,225,313 for 114,398 in De cember. 1937, and was well above totals for any of the other previous six months. Including other branches in addi tion to the executive, the total Fed I cral pay roll is keeping close to $23. 500,000 a month while the total private pay roll is averaging around $16,500,000 a month. The grand total pay roll of both Government and private business, $40,000,000 a month, is probably the chief reason why Washington business men may be disappointed by setbacks from time to time, but maintain : strong confidence in underlying con ditions. i Housing Loans Increase. After three years of spectacular building gains, construction slackened toward the end of 1937 and in Janu ary of this year, but in February signs of an upturn appeared and applica tions for loans under the Federal Housing Act, indicate the improve ment will continue in the spring I months. Building in the metropolitan area provided quarters for 27.883 addi tional families in 1935, 1936 and 1937. January brought homes for -377 more families and February added 488. i These compare with 210 in December and 617 and 895 in January and Feb ruary, 1937. After several months of decline, new car sales in Washington proper have turned sharply upward in the- last 30 days. The March total is expected to rise 70 per cent above the February volume, although still well below last ! year. Washington life insurance sales in January and February totaled $9. 431,000, which was 19 per cent below j. the record levels of a year agp. During 1937 the average size of policies sold in the District of Columbia was $3,357, the highest average in the United States. Bank Deposits Mount. Bank deposits in Washington totaled $335,523,597.86 on March 7, 1938. compared with $322,651,855.54 on De cember 31, 1937 and only $308,972. 682.03 on June 30, 1937, but were still below the all-time peak of $341,235, 513.26 on March 31, 1937. Bank clearings in January and Feb ruary totaled $177,667,363. compared with $192,754,453 in the 1937 months, but were well ahead of $165,015,070 in the 1936 period and $130,523,204 in the 1935 months. The two months' postal receipts of $1,129,446 were below the $1,159,402 in the 1937 month- and $1,190,598 in 1936, but were ahead of the 1935 total of $1,036,815 and the 1929 total of $947,902.45. Utility Gains Noted. Utilities continued to show gains in service durng the first two months of this year. The number of telephones climbed to 228,930, a new all-time record and compared with 216,915 on the same 1937 date: 178,264 in 1933 and 152.381 in 1929. Daily average telephone calls in February reached 942,333, against 910,026 in the 1937 month: 708,212 in the 1933 month and 658,394 in the 1929 month. Electric power production for the two months totaled 118,499,906, com pared with 107,858,205 in the 1937 months and was well above the same period in any other previous year. -» COCOA FUTURES. NEW YORK. April 2 (4>i.—Cocoa fu tures closed 3-4 hieher. Sales. 1.032 tons. May. 5.45; July, 6.47; September. 6.59: December. 5.56. Weekly Financial High Lights By the Associated Press. This week. Prev. week. Year ago. Brokers’ loans . *542,000 *575,000 $1,092,000 Holdings U. S. securities. 2,564,015 2.564J015 2,430,227 Gold reserve--.-- 9.2UJ08 9,197,203 8,844,400 Rediscounts ... 12,040 9,523 12,007 Bank clearings. 4,505,667 5,186,762 5,762,202 Electric output (kilowatt hours) week ended March 26. 1,975,239 2,017,653 2,200,143 (Final three ciphers omitted in above.) Car loadings, week ended March 26.. 572,952 540,332 756,416 Crude oil produced (barrels) _... 3,405,600 3,433,550 3,431,300 Stock sales, N. Y. Stock Exchange_ 7,372,510 6,654,180 7,248,250 Bond sales, N. Y. Stock Exchange.... *47,798,350 $36,770,905 $78,837,000 New financing._ 61,652,500 8,270,500 36,571,000 Federal Reserve ratio_I_ 80.5% 80.5% 80.5% Steel output rate_ 35.7% 33.7% 90.7% Call money rate. 1%' 1% 1% Time money rate. l^-l‘/a% lVi-1^4% 1&% Commercial paper_......... 1% 1% 1%' 4 STOCKS IMPROVE Jl TO M OR MORE AT WEEK’S CLOSE A. T. & T. Leads Sharp Rally With Day’s Advance of 41/4 Points. ALL GROUPS JOIN RISE; SHORT COVERING HELPS European Peace Hopes. Steadier Business Trend and Moves in Congress Watched. WHAT STOCKS DID. . , Sat. Pri. Advances _ «i4 3; 7 Declines -*7 So Unchanged _ _ 7 1 117 Total issues 71 l 774 By FREDERICK GARDNER, Associated Press Financial Writer. NEW YORK. April 2.—The stock market swung upward today, extend ing the rally of Friday by 1 to better than 4 points and wiping out the mid week .slump that tumbled leaders to new lows for the past five years. The star performer of the brief ses sion was American Telephone, which ignored the one-man report of Federal Communications Commissioner Walker recommending rate cuts and stricter governmental regulation. The stock exhibited a burst of strength that en abled it to finish with a net gain of 4' i points at 117. The run-up of this ‘blue chip.” helped by covering of shorts whose numbers had grown extensively in the lengthy market slide, inspired buying elsewhere and virtually all depart ments forged to the front. Bolstering the list was the somewhat brighter outlook for peace in Europe, a few faint sigas the recession may be nearing bottom, revived hopes that Congress would act quickly to stem the downward trend of industry and adopt a program for railroad assistance. Also mentioned as a factor was talk of possible acceleration of Federal spend ing. Volume Picks Up. Prices edged forward at the opening, picked up a little volume on the up side later and established top marks around the beginning of the final hour. Light profit selling near the close re duced extreme advances moderately. While sentiment was undoubtedly a shade more optimistic in the financial sector, brokers were inclined to at tribute the recoveries of yesterday and today largely to speculative operations based on the ancient market theofy that markets, after a lengthy setback, usually retrace a portion of the last ground even if the main trend is still downward. The day's improvement lifted the Associated Press average of 60 issues 1.2 points to 36 4. This was on top of an advance of 1.5 the day before, which was the best upturn since Jan uary 6. On the week the composite showed a net gain of .4 of a point, the first after lour consecutive weekly de clines. The pace was slow compared with the preceding Saturday, trans fers totaling 603.850. against 1.383,370, w hen pricey were under pressure. It S. Steel Prominent. Conspicuous shares on the day's upswing were U. S. Steel, at 42»„; Bethlehem. 45'-; Chrysler, 4118; Gen eral Motors. 28V Westinghouse, 69; Western Union, 20V Chesapeake & Ohio, 26'3; Southern Pacific, 11V General Electric. 31V Anaconda. 25: American Smelting. 327s: Cerro de Pasco. 31V Sears Roebuck. 511 -; Consolidated Edison. 19V U. S. Rub ber, 25% ; Standard Oil of New Jersey, 43V and Eastman Kodak, 129V While news of the week w'as far from bright, marketwise, there were some indications the slanting trade line was flattening out. Extreme weakness of bonds until the final two sessions contributed much toward the clouds of pessimism that enveloped boardrooms. Stocks suffered their sharpest break on Wednesday, following the Senate's passage of the administration's reorganization bill. Reductions of silver prices here and abroad, in the wake of the Treasury's decision to stop buying the w hite metal from Mexico, w:as a market damper for a time. HIGHER EGG PRICES BELIEVED LIKELY Bureau Expects Rise in Spring Months With Decline in Chicken Quotations. Egg prices apparently have reached the usual early year low’ point and will probably trend upward during the spring months, says the Bureau of Agricultural Economics in the poultry and egg situation report issued today. Chicken prices, however, are tending downward and by mid-year may go below those of 1937. The bureau points out that some small declines in egg prices may occur during the spring, but unless con sumer incomes fall more than is now believed likely the general trend of egg prices Is expected to be upward. Supplies of ' eggs probably will be smaller than in 1937 and August 1 storage stocks substantially smaller than a year earlier. The effect of the smaller holdings In the last half of the year will probably raise egg prices above those of 1937, it was stated. In contrast, chicken prices are de clining relative to the average for corresponding months in other years, even though supplies of poultry are rather small, both on farms and In storage. The drop that has occurred is attributed at least in part to de clining consumer incomes. The bureau said chicken prices are likely to go below those of 1937, in the last half of the year "largely be cause of greater supplies of poultry expected from this year’s larger hatch.” The favorable feed situa tion and present low level in num bers of laying hens on farms are the major factors tending toward an in crease in hatchings this spring. ft . Dow Jones Stock Averages (Registered United r.tgtes Patent Office.) -JAN- --FEB- -MAR-- -APR—— r—i-f--**—22 - 29 6_n_lg_26 5_12_19_26 2-?_J6_23__30 [INDUSTRIALS^ .H, h H.B. 23 I- --- 130 —J fhrl--130 / l 120 I---4^ [j----~yt-—-120 118.49 v KEB.3 H| 110-1--' ■— »-—!-1—.1,-1 i --I..1——J-[i-1-1-I— II no . I \ IV * 100-r-'U-100 was March 31 Lj-----4_L The high, low and closing averages of 30 industrial stocks as compiled by Doiv Jones & Co. are shown above. Extending back for four months, the top of each vertical line represents the high while the bottom represents the low point of each day. The small intersecting horizontal line represents the closing average. The high and low averages of each movement are given on either side of the average lines. Industrials continued their headlong retreat in the first four days of the week and reached a new low of 98.95 on Thursday. A sharp recovery followed on Friday and Saturday. I jjjj t • i * ii i i i i r i I-1—■—i-1 i. ! JAiu\. | railroads] r lrril feb. x 30 tr,rl-fHir,---30 1 11 l r^r H.nr rk i 1 -;"s i..**, 25-^-25 H 20-1-:-1-1-1-L-i-1-1-1--1-1--L 20 . i . 19 rr, March jl ! ____j_ ; The Dow Jones averages of 20 railroad stocks are compiled in the same manner. Rails also slumped early in the week and recovered to close about unchanged. • . .. • * > i • I 1.1 , viui;, I 3,:o puTiLmEsl _ ^ Vw 1,11 20-ht;>7>7—-—t,y¥*v^yi7i--20 * l.^r rk,>r rk‘»**r|.L I is:^ lHi I I n-1:- -5 111., r 15-h—-lur-15 I’M March 31 -*-J-J-1-_jJ-J__J_!_I_!_ ' til I t 1 I _ Averages of 20 utilities are shown in the third section of the compilation. This group followed the same course although their week end recovery more than wiped out losses re corded earlier in the week. n 3 i ..s'DAILY VOLUMES-T-x-T T-1-T-I-T-1-t 1-1-r5? 4 i •SATURDAYS I |'Ef = 4--1---45 « . 5 o 3--1 ■ ■■■ • 1 30 « • z I «c/> 2.......—-21 "iiilHilllirmihifciiiliTi iiiulilx,:ii,uiiiiylHlljrr. , , ‘!i The volume of shares traded on the stock market for the same period is shown above. HELD UNLIKELY Miller-Tydings Price Act Not Expected to Affect Buying Much. Sri'cial Dispatch to The Star. NEW YORK. April 2 —Price-fixing laws upder the Miller-Tydings Act, coming at a time when department stores were already beset by decreas ing earnings, should have little effect on consumer buying habits, according to Poor's Industry and Investment Surveys. “There is a possibility that adher ence to a rigid price policy will result in some loss of sales which may go to other retail channels that could not hope for the business under a free pricing policy,” states the analysis. "However, it is doubtful that a sig nificant change in consumer buying will be witnessed, for there will always be a multitude of ‘free price’ articles that can be used to attract custom ers, who will also purchase the fixed price goods, since they are not avail able more cheaply elsewhere. Mean while, the tremendous sales volume enjoyed by department stores is a valuable weapon in discouraging pro ducers from fixing prices when unde sirable. Quite naturally, a manufac turer will hesitate in making a de cision that will affect adversely the sales of his best customers. "Should price fixing on any given line of products prove detrimental, the industry is still free to handle ‘private brands’, the pricing of which the department store itself can con trol. Already there are such examples as May Department Stores and R. H. Macy, where nationally advertised brands selling on a fixed-price basis are meeting with keen competition from company products.” -•--J NATIONAL INVESTORS REPORTS ASSETS DOWN By the Associated Press. NEW YORK, April 2.—National In vestors Corp., an investing concern, reported today net assets’ as of March 31 totaled $12,926,000, equal to $3.99 a share of capital stock, compared with assets on December 31, 1937, of $16,022,675, or $4.80 a capital share. SALES OF MEN’S WEAR FAR BELOW 1937 MARK By the Associated Press. The Commerce Department reports average daily sales of chain men’s wear stores were 24.3 per cent lower in February than in the same month 1 last year. k Trading During the Past Week high, low and closing Dow Jones averages for the past week. INCOME TAX RECEIPTS HIT PEAK SINCE 1920 By the Associated Press. The Treasury's month-end state ment yesterday showed the largest March income tax receipts since 1920 and an increase of $2,828,058,112.14 in the gross public debt over March 31. 1937. March income tax receipts totaled $723,002,013.12, compared with $700, 272,831.10 in March last year. The March, 1933, receipts exceeded esti mates by approximately $23,000,000. A CLEARING HOUSE ISSUES REPORT AT NEW YORK By the Associated Press. NEW YORK, April 2 —The weekly statement of the New York Clearing House shows: Total surplus and undivided profits unchanged at *907,225.800. Total net demand deposits (average) increased *19,696,000. Time deposits (average) increased *3,849,000. Clearings week ending today *3.380.638.649. Clear ings week ending March 26—*2,966, > 191,609. k - ADVANCE SCORED BY RETAIL TRADE AS EASTER NEARS Steel and Auto Rates Up With Rail Loadings. Power Total Off. TWENTY LEADING CITIES REPORT SALES GAINS Seven Suffer Declines and Others Show Little Change—Less Pessimism Expressed. Bv THOMAS E. FLANAGAN, A.«\ciated Press Financial Writer. Business moved ahead gingerly in the week just ended. The approach of Easter quickened the pulse of retail trade. Industry struck a faster pace In some sectors, but ft'l back in others The steel industry felt the effects of better miscellaneous demand Car loadings and automobile production improved. On the other hand, elec tric power output dropped sharply from the level a year ago. For the second consecutive week the Associated Press index of industrial activity gained. It rose to 69 3 from 68 8 the previous week and compared with 105.2 in the like 1937 week. The Commerce Department said reports from 35 key cities "lent a mildly favorable aspect to the Nation s retail and wholesale trade picture for the closing days of March." "There was a rather general up ward movement In retail turnover from the previous week. Twenty o! the reporting cities definitely showed gains, some of which were pronounced. Losses were sustained in seven of the reporting centers while in others there were no changes of consequence ap parent." Comparison Distorted. Experts explained that comparison with the corresponding period last year was distorted by the fact that Easter came earlier in 1937 than in 1938. It is of interest to note that the tone of many of the reports, insofar as trade outlook is concerned, were less pessimistic than has been the case in recent weeks,” the Commerce De partment said. • Steel output advanced to 35 7 per cent of capacity, the American Iron & Steel Institute estimated. This compared with 33.7 the previous week, 29 3 a month ago and 90.7 in the cor responding 1937 week. Noting the heightened demand for miscellaneous steel products. Iron Age •aid the big buyers—the motor, rail road and construction industries — were doing little to bolster steel orders. Trade opinion was that the »cran steel market had yet given no hint of a production advance along a broad front. On the contrary, a drop in scrap prices in the face of higher production was seen as indicating both thin buying at mills and shrinking export demand. Construction Lags. One cloudy spot on the steel horizon was the failure of heavy’ construction to brace up as is usual at this time of year. Because the steel industry’s welfare is related closely to the motor in dustry,' unusual interest attached to the meagerness of improvement in motor production and the continued low rate at which production is run ning compared with a year ago Output was 57,500 units, compared with 56.900 the previous week and 97,710 in the like week last year. Ward's reported. The slight rise'was attributed to "advancing volume of orders coming to the factory." Freight carloadings gained 8 per cent to 572.952 in the week ended March 26. the Association of Ameri can Railroads reported. The upswing was aided by a fair gain in shipment of miscellaneous classes of freight. However, the total was 24 3 per cent under the like week a year ago. A footnote on the constricted fi nancial condition of the railroad in dustry was provided by the associa tion's report on operating income for the first two months of the year. It totaled $4,783,395. compared with $77, 659.615 in the like 1937 period. ' Power Output Slumps. Suffering the deepest year-to-year cut since early 1933. electricity output fell under the two-billion kilowatt hour weekly level for the first time since July. 1936. For the week ended March 26 the total was 1.975.239.000 kilowatt hours, a downswing of about 42,400.000 from the previous week and 10.2 per cent under the like 1937 week. An important factor in the de cline, experts said, was the continued slow use of power in the central in dustrial region, the area which nor mally is the heaviest user. Further contraction in the demand for bank credit by business and agri culture was shown in the week ended March 23 by reports from Federal Re serve member thanks in leading cities. Banking analysts said the steady de cline reflected mainly liquidation of borrowings contracted a year ago to step up inventories. Shares on the New York Stock Ex change toppled to the lowest levels since the spring of 1933, but recovered somewhat at the end of the week. Grains, cotton and other commodities were marked down on the average. In New York, the Nation's largest trade center, conditions were “dis tinctly discouraging,” the Commerce Department reported. Along the wholesale front it was reported the bulk of ordering in Easter apparel was for lower priced goods. Strongest demand came from the agri cultural South. The Pacific Coast and industrial centers of the Midwest bought sparingly. ■ INDOOR GAMES POPULAR. NEW YORK, April 2 (Special).— Home-loving Americans last year paid $30,000,000 for indoor games, or about $1 a family. Sales of such games as ping pong, mah jong and monopoly have tripled since 1900, according to recent estlmatea.