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Evening star. [volume] (Washington, D.C.) 1854-1972, April 11, 1938, Image 11

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. FASTER PACE SET
AT STEEL PLANTS
Institute Finds Operations
Will Gain Tenth of
Point in Week.
fly tfce Arsoclated Press.
NEW YORK, April 11.—Operations
In the steel industry for the current
week will advance 1-10 of 1 point to
82.7 per cent of capacity, compared
with 32.6 per cent last week, the
American Iron and Steel Institute esti
mated today,
A month ago operations were at the
rate of 32.1 per cent of capacity, while
a year ago they were 90.3 per cent.
General Buying Helps.
* CLEVELAND, April 11 (Special).—
General buying continues to support
the market in the absence of tonnage
from heavier consumers, with ship
tonnage and material for agricultural
Implements the most promising fac
tors, says Steel.
Shipbuilding, both private and Navy,
Is taking steady shipments for vessels
now on the ways and other ships are
coming into the market. American
Export Line is about to place four
cargo ships, which will require 12,000
tons of steel. A Pittsburgh barge
builder will build 10 coal barges and
four flush-deck barges for stock, which
will call for 2,000 tons of plates.
While the structural market lags
some fairly large tonnages are being
placed. Westinghou.se Electric & Mfg.
Co, has awarded 1.900 tons for a plant
addition at Springfield, Ma.ss.; a bridge
at Pittsburgh requiring 5,000 tons has
been placed, 3,600 tons of steel for
bridge repairs in New York has been
distributed and 1,550 tons for a bridge
connecting Washington and Idaho has
been booked.
Tunnel work at New York is pend
ing, 4,500 tons, and bids will be opened
June 1 for materials for Shasta Dam
in California. This will require 13,000
tons of reinforcing bars, 18.000 tons of
gate valves and structurals and 6,850
tons of penstocks.
Consumption Gains.
Pig iron consumption shows an in
crease, some producers finding ship
ments in March 40 to 50 per cent
above previous months.
Freight rate increases are now in
effect and delivered prices have been
changed little. Consumers were not
moved to anticipate the higher rates
and buying for that reason has been
slight. Some confusion as to various
details has been encountered and some
orders have been taken at old rates,
pending final adjustment.
Railroads obtain small increase in
revenues from the higher charges and
do not see their way clear to buy much
equipment under present financial
• conditions. Missouri Pacific has dis
tributed 32,400 tons of rails among
four mills.
METALS DEVELOP
STEADIER TREND
Zinc Decline Runs Counter to
General Market—Foreign
Copper Improves.
By the Associated Press.
NEW YORK, April 11.—Non-ferrous
metals steadied as the week ended, fol
lowing an earlier period of irregular
ity. The late Improvement was ap
parently based on reports of an ad
ministration spending program.
Zinc moved contrary to the general
trend, with some producers lowering
the East St. Louis prices $5 a ton to
4 cents a pound, the lowest level since
1935. Buyers still held off pending de
velopments in the ore situation.
Domestic copper held unchanged at
10 cents a pound, but export advanced
slightly, reflecting steadiness at Lon
don, where German and Russian in
terests were buyers. Independent fab
. ricators bought nearby supplies in the
local market, and much interests re
volved around reports Czechoslovakia
was looking for a sizable amount in
the American market.
Tin followed the trend at London
and ended with spot net one-fourth
cent lower at 383i cents a pound.

MIAMI ASSUMES LEAD.
MIAMI. Fla., April 11 (Special).—
Miami has become the leading port of
entry for air passengers from foreign
countries, according to Pan-Ameri
can Airways, with more than 10,000
air travelers passing through the city
In the last 30 days, an increase of 14
per cent over the comparable 1937
period.
U. S. Steel Bares
Big Increase in
March Shipments
By the Associated Press,
NEW YORK, April 11—Shipments
of finished steel products by United
States Steel Corp. subsidiaries In March
totaled 572,199 tons, compared with
474,723 in February and 1,414,399 tons
in March, 1937.
In the first quarter of the current
year shipments were 1,565,244 tons,
compared with 3,698,401 in the same
period last year, a decrease of 2,132,797
tons.
TRADING IN GRAIN
FUTURES DWINDLES
_x
Volume Off Nearly 50 Per Cent
From Tear Ago, but Still
Above 1936 Lull.
By the Associated Press.
CHICAGO, April 11—Volume of
trading in grain futures has slumped
almost 50 per cent compared with a
year ago. but it still is better than the
1936 doldrums.
Merchants have been handling a
large volume of actual grain as a result
of big production last year and brisk
export demand for corn as well as
moderate wheat business to importing
nations.
However, the declining turnover in
contracts for future delivery, grain
merchants said today, indicates a
slowing up of commercial trading oper
ations based on dealings between pro
ducers, handlers, shippers and proces
sors.
First-quarter trading on the board
of trade here, where 90 per cent of all
grain futures contracts are made, to
taled about 1,750,000.000 bushels, com
pared with 3,250.000.000 bushels in the
first quarter of 1937 and 1,270,000.000
in the first quarter of 1936.
Trading in grains was expanding
a year ago and the total for the year
was the largest since 1933, and, with
that exception, the best since 1931.
There has been no definite trend in
wheat futures trading volume since the
start of the year. Business has ranged
from 84,000.000 to 212,000.000 bushels
weekly, compared with 193.000,000 to
379,000,000 in 1937.
Figures
Jf hat They Mean
By A. A. PATTON',
Associated Press Statistician.
NEW YORK. April 11— Although
total freight carloadings declined
sharply last week, the classification re
flecting small industrial shipments—
merchandise, L. C. L.—picked up sub
stantially for the second week.
Rail men point out this probably
measured rush shipments of Easter
merchandise for the most part. Mer
chants with spotty'seasonal lines, in
other words, sent hurry calls for
goods to fill out stocks.
Another factor cautiously suggested
as a consideration in the contrary
advance of less-than-carlot volume
was the possibility retail and whole
sale inventories in general have run
down, that vacant shelves are being
filled.
Since no data is available on the
subject, however, the real meaning of
this divergent trend can only be
guessed at according to analysts close
to the railroads.
L. C. L. traffic has held up better
than total loadings in recent months.
The latest week, for example, was only
11 per cent behind last year in this
category, while total freight movement
declined 28 per cent.
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MARTIN SLATED
AS EXCHANGE HEAD
Nominating Group Picks
31-Year-Old Member of
St. Louis Firm.
1 By the Associated Press.
NEW YORK, April 11—William'
McChesney Martin, jr., 31-year-old
member of the St. Louis Arm of A.
O. Edwards & Sons, today stood in
line to become the youngest head of
the New York Stock Exchange In its
146 years of history.
Martin was named by the Nominat
ing Committee of the exchange as its
“ofllcial” candidate for chairman of
the Governing Committee, the top
elective office of the big market under
its new constitutional set-up. A place
on the “official” slate is generally con
sidered tantamount to election, though
members have the right of additional
nominations by petition.
The committee, in a notice to mem
bers explaining its nomination of Mar
tin and 27 members of the new Board
of Governors, said:
Eight New to Board.
“The character of the group which
we have selected speaks for itself. It
may be interesting to the membership
to know, however, that of the 16 floor
members (including the chairman)
whom we have nominated, eight have
never before served as governors, and
of the eight others only one has
served more than one full term.”
Of the six non-member partners to
be elected, three or four nominees
have never served as governor and
three have served one term each. Of
the six out-of-town nominees, four
have never served before and two have
served one term each.
Conspicuously absent from the offi
cial slate was the name of Charles R.
Gay, the present non-salaried incum
bent of the president’s office. The
next president will be a salaried offi
cial chosen by the new Board of Gov
ernors.
Six Candidates Listed.
The six candidates for governor re
siding outside of New York, who are
partners of firms having their princi
pal places of business outside of New
York, are: For one year, Richard
Pigeon of Estabrook <fc Co., Boston,
now a governor; William R. Trigg of
Davenport & Co., Richmond, Va., for
two years; Ralph S. Richards of Kay,
Richards & Co., Pittsburgh, former
president of the Pittsburgh Stock Ex
change; C. Newbold Taylor of W. H.
Newbold's Son & Co., Philadelphia,
and now chairman of the Investment
Bankers’ Conference, Inc.; for three
years, Paul H. Davis of Paul H. Davis
& Co., Chicago, now a governor of
the New York Exchange and former
president of the Chicago Stock Ex
change; William Cavalier of William
! Cavalier & Co., San Francisco, former
governor of the Investment Bankers’
j Association, Inc.
Other Six Named.
I The six nominees not members of
the exchange, but partners in ex
change firms in "direct contact with
the public,” are: For one year, John
M. Hancock of Lehman Bros., New
York banking firm: Robert V. White
of Jackson Ac Curtis; for two years,
Robert A. Drysdale of Drysdale Ac Co.,
Paul V. Shields of Shields & Co., a
leader in the fight for exchange re
form; for three years. Oayer C. Domi
nick of Dominick Sc Dominick, a pres
ent governor and another leader In
the fight for reform; and Philip W.
Russell of Fenner Sc Beane.
Shields, commenting on the slate,
said: “After five years’ fight to re
organize the stock exchange I am
hopeful that we have prepared a foun
dation from which we can build up to
the position of public respect war
ranted by the important economic
function the business should serve.
If we can obtain this position of re
spect w'e can hope for more free and
active markets.”
Member Candidates.
The 15 member candidates are: For
one year, Edward E. Bartlett. Jr„ of
E. A. Pierce Sc Co., Benjamin H. Brin
ton of Brinton Sc Co., R. Lawrence
Oakley of Maynard, Oakley Sc Law
rence; Winton O. Rossiter, a present
governor, of James H. Oliphant Sc Co.;
H. Allen Wardle, a floor broker.
For two years—Joseph D. Gengler,
a floor trader; Charles B. Harding, a
present governor, of Smith, Barney Sc
Co.; Harry K. Smith of Shearson
Hammill & Co., Jacob C. Stone, a
present governor, of Asiel Sc Co.: Sid
ney J. Weinberg of Goldman Sachs Sc
Co.
For three years—William Kurt Beck
ers of Spencer Trask Sc Co., Robert
P. Eoylan, former president of the
Chicago Board of Trade, of Clement
Curtis Sc Co.; John A. Coleman of
Adler Coleman Sc Co.. Joseph Kllng
enstein of Wertheim Sc Co., Robert L.
Stott of Wagner Stott Sc Co., a present
governor.
For trustee of the gratuity fund
William D. Sholle of Sholle Bros, was
nominated.
Election Due May 9.
Members will vote for the nominees
at the annual election May 9.
When this body comes into power
a week after the election one of its
first acts is expected to be the selec
tion of three additional members who
will serve as “public representatives.”
After that, it is expected to take up
the matter of engaging a salaried full
time president. Whoever this indi
vidual may be, he will be the first
paid president since the exchange
started its trading business under that
legendary buttonwood tree on Wall
Street.
CANADIAN TOBACCO
CROP GAINS SHARPLY
By the Associated Press.
The increasing economic importance
of the tobacco industry of Canada is
illustrated by statistics of the Ca
nadian Department of Agriculture
showing a 1937 crop worth about $17,
000,000, compared with $6,800,000 a
decade ago. according to the tobacco
division, Bureau of Foreign and
j Domestic Commerce.
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WOOL PRICES EXPECTED
TO HOLD LOW LEVELS
Bjr the Associated Pren.
The Bureau of Agricultural Eco
nomics advised growers that no marked
increase in wool prices could be ex
pected until the wool manufacturing
situation Improved.
In an analysis of the wool market,
the bureau said the wool loan program
recently announced by the Government
should permit more orderly marketing
of the 1938 clip and prevent marked
price declines which are sometimes
associated with heavy marketings.
The bureau said Americal mills were
using much less wool than in other
recent years and that mill consump
tion in February was less than half
that in the same month last year and
the smallest for the month in* any of
the past 20 years.
Imports, the bureau said, have been
negligible, compared with the early
months of 1937.
Dragulgnan is the name of a town
of 8.000 in Southern France.
RETAILERS INDEPENDENT.
America has 1,474,000 independent
merchants and only 139,800 chain
stores, according to the latest figures
of the United States Bureau of the
Census. The Independent stores do
$24,246,000,000, or 78.2 per cent, of
the country’s retail business and the
chain stores, $8,460,600,000, or 22.8
per cent.
PHONE CALLS TIMED.
NEW YORK. April 11 (Special).—
So that telephone operators will no
longer have to watch the clock an
Instrument which automatically times
telephone calls has been constructed
by the Bell Telephone laboratories.
TJ. S. STANDARDS HIGHER.
Thirty million automobiles, or 70
per cent of the world’s total, are
owned in the United States, whose
citizens also possess half of the world's
telephones and more radios than the
rest of the world combined.
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8 Swansdown CAKE FLOUR pkE. 23c I
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8 Campbell’s Beans__. ___can 7c I
8 Dole 'ra™ Gems.. __ _can 12c I
8 Rajah Coconul_$ib- 6c lUb 10c
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Paas Egg Dyes..__*< 8c
Fresh Jelly Eggs..2 «••■ 15c
Fruit and Nut Eggs. 4'4 oz. trav I
Goconnt cke<» Eggs _307 I
Marshmallow Eggs :overedE_ ,or 10c I
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I Nearby Eggs _2 d°z* 39c] I
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New Potatoes Bliss - —- 5 ”»• 21c I
Wakefield Cabbage - - 4 9c
Large Fla. Oranges - - 15 ,or25c
Large Grapefruit*-4 for 19c
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I Shoulder Roast.*• 19c
I Shoulder Chops.* 23c
Breast of Lamb.01 13c
1 Rib Chops >b 35c Loin » 43 c
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