Evening star. [volume] (Washington, D.C.) 1854-1972, April 24, 1938, Image 54

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Evening star. [volume], April 24, 1938, Page E-2, Image 54
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Evening star. [volume] (Washington, D.C.), 24 April 1938. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1938-04-24/ed-1/seq-54/>

Newspaper Page Text

SECONDARY BONDS
TAKE LEADERSHIP
Carrier Issues Prominent,
Government Obligations
Ease Slightly.
By the Associated Press.
NEW YORK. April 23 —Second
grade loans assumed leadership of the
bond market today as U. S. Govern
ments, following an unusually wide
advance during the week, settled in a
slightly slower range.
The list again felt the bolstering
effect of a good demand for rail issues.
Most carriers had lagged in the up
ward movement inspired by the ad
ministration's credit expansion pro
gram, but the majority moved ahead
for large gains yesterday.
Declines in the Federals ranged
from l-32d to 8-32ds of a point which
shaded only in a small way the cumu
lative gains made since President
Roosevelt announced his recovery and
credit loosening proposals on April 14.
Corporates higher at the finish in
cluded Pennsylvania 4’-2s at 78*1. up
112: Western Union 5s at 5778, up 78;
Chicago Great Western 4s at 1712, up
%: Santa Fe general 4s 103Ms, up 7/8;
International Telephone 5s at 6114,
up 1%; Nickel Plate 4'2s at 36%. up
>2. and Consolidated Oil 312s at 10014,
up \2.
A few South American loans re
corded substantial gains under the
lead of Brazilian issues. Other groups
were mixed and narrow. Transactions
totaled $4,226,075 against $4,769,900
last Saturday,
--•
INVESTING COMPANIES
NEW YORK. April 23 OP).—Investment
Bankers Conference. Inc.:
. . . _. , . , Bid. Asked.
Admin Pd 2nd Inc _ 10 45 it 12
Affiliated F Inc _ 3.60 3.95
Amerex Hold. _17.50 19.25
Am Bus Shrs (new) _ 3.07 3 3!)
Am Gen Eq Inc__ ,5ft .62
Am Ins Stocks_ _ 4.00 4->5
Assoc Stand Oil _ 5.375 « 125
Bancamer Biair. _ 2.75 3 75
Banktrs Nat Inv Corp __ 1 05 2 15
Basic Industry _ 2 85
Boston Fund Inc _ 13.99 14 90
British Type Inv _ 32 47
Broad St Inv _ _ 21 55 23 05
Bullock Fund - 11.875 13.00
Can Inv Fund _ 3.50 3 85
Central Nat Corp "A"_ 28.00 33.00
Cenrral Nat Corp • B”_ 2.00 5 00
Century Shrs Tr _ 20 32 21 85
Comwlth Invest . _ 2.90 3 to
Continental Sh pf __ 6.00 7.00
Corporate Trust 2.ol
Corporate Trust A A_ 1.95
Corp Tr A A mod _ 2.30
Corp Tr Accum Ser _ 1.95
Corp Tr Acc Mod. . _ 2.30
Crum A Forster __ 19.00 22.00
Crum A Forst Hr'* pf 115.00
Crum A Forst Ins B _ 23.00 26.00
Crum A' Forst Ins 7 Pf 109.00
Cumulative Tr Sh _ 4.04
Depos Bk Sh N Y "A".._ 1.45 ~
Depos Ins Shrs "A"_ 2.66
Depos Ins Shrs "H"_ 2 44
Diversified Tr C _ 3.15
Diversified Tr D _ 4 75 5 35
Dividend Shrs ___ ill 1 "0
Equity Corp $3 pf_ 22.25 25 25
Fidelity Fund Inc_16.78 18 63
First Boston Corp_13.0(1 14 5d
Fiscal Fund Bk Sh_ 2 37 •> 62
Fiscal Fund Ins_ 2 99 3 35
Fixed Trust Sh A _ 7.89
Fixed Trust Sh B_ 6.18
Foreign Bond Assoc_ 6.38 6 93"
Found Tr Sh A _ 3.50 3 75
Fund Investors Inc_ 14.48 15 64
Fund Tr Shrs A _ 4.19 4.75
Fund Tr Shrs B_ 3.80
Gen Capital Corp_ 27.44 29 51
Gen Investors Tr _ 4.16 4 52
Group Sec Agriculture_1.03 1 13
Group Sec Automobile_ .69 .7 6
Group Sec Building _ 1.13 123
Group Sec Chemical_ l.ti4 1,14
Group Sec Food _ .74 .82
Group Sec Invest Shrs_ .63 .76
Group Sec Merchandise-. .84 .92
Group Sec Mining _ 1.11 121
Group Sec Petroleum_ 1.02 1.12
Group Sec R R Equip_ .64 .71
Group Sec Steel _ .98 1.07
Group Sec Tebacco_ .92 1.01
Huron Holding _ .46 .86
Incorp Investors _15.34 16.49
Instl Sec Bank Group_ 1.05 1.16
Instl Sec Insurance _ 1.15 1.27
Investors Fd "C” Inc_ 8.89 9.44
Keystone Custodn B 2_19.31 21.13
Keystone Custodn B 3_12.81 14 03
Keystone Custodn K 1_12.42 13.52
Keystone Custodn K 2_ 8.57 9.38
Keystone Custodn 8 2_12.44 13.60
Keystone Custodn S 4_ 4.17 4 62
Maj Shrs Corp _ 2 60
Maryland Fund _ 5 04 5 53
Mass Invest Tr-18.20 19.31
Mutual Invest _ 9 78 10 69
Nation Wide Sec _ 2.65 2 75
Nation Wide Voting_ 1.13 1 24
Natl Investors _ 4.73 5 04
New England Fund _11.07 11.90
N Y Stocks Bk Stocks_ 7.50 8 12
N Y Stocks Bldg Supply_ 6.81 7.38
N Y Stocks Elec Equip_ 6.58 7.13
N Y Stocks Insurance_ 8.02 8 68
N Y Stocks Machinery_ 7.23 7 83
N Y Stocks Oils _ 8.65 9.35
N Y Stocks RR Equip _ 6.18 6.70
N Y Stocks Steel _ 6.64 7.19
North Am Bond Tr ctfs__ 49.00 _
Nor Am Tr Shares 1953 . 1.95 _
Nor Am Tr Sh 1955_ 2.34
Nor Am Tr Sh 1956 2.30
Nor Am Tr Sh 1958_ 2.00 _
Plymouth Fund Inc _ .36 .41
Quarterly Income Sh_ 9.32 10.25
Repres Tr Shrs _ 8.16 8.65
Repub Invest Fund _ .24
Schoellkopf-Hutton A Pom, .75 1.50
Selected Am Sh Inc_ 8.39 9.14
Selected Income Sh_ 3.61
Sovereign Invest _ .62 .68
Spencer Trask Fund_13.42 14.13
Stand Am Tr Shrs_ 2.05 2.35
Stand Util Inc _ .44 .48
State Street Invest_ 70.00 73.50
Super of Am Tr A_ 2.82
Super of Am Tr AA_ 1.84 _
Super of Am Tr B_ 2.95
Super of Am Tr BB_ 1.84
Super of Am Tr C_ 4.86
Super of Am Tr D_ 4.86
Supervised Shrs . _ 8.65 9.30
Trustee Stand Inv C_ 2.13
Trustee Stand Inv D_ 2.08
Trustee St Oil Shrs A_ 6.03 _
Trustee St Oil Shrs B_ 6.53
Trusteed Am Bk - B"_ .55 ' .61
Trusteed Industry Shrs_ .80 90
U S El Lt A Pow "A' __ 11.50 12.00
U S Elec Lt A Pow “B"-_ 1.62 1 62
TJ S Elec Lt A P voting __ .77 85
Wellington Fund _ 11.90 13.13
FEDERAL LAND BANKS
NEW YORK. April 23 OP).—Federal Land
Bank bonds.
4*4s Nov 1958-38.__hli% "Vo*?*
4s May 1958-38 - 160 100 V,
4s July 1940-44_ 111% 111’4
3Us May 1955-45_104*4 1043*
3s July 1955-45_103*4 103%
Ss Jan 1956-46_10314 103%
8s May 1956-46 _ __ _ 103*4 1033,
A. P. Market Averages
Commodity Price
Changes for Week
By A. A. PATTON.
Associated Press Statistician.
NEiW YORK, April 23.—Commodity
prices moved narrowly this week, hov
ering close to the year's low in most
instances.
The Associated Press weekly index
of 35 important wholesale staple prices
stood unchanged at 67.76 per cent of
the 1926 average and compared with
93.87 a year ago.
The index this week equaled the low
for the last four years. For the first
time In two months, however, the
measure did not decline compared
with the previous period.
Gains and losses In the six major
groups making up the index were
evenly balanced. Food, textiles and
non-ferrous metals moved moderately
higher, while Industrial commodities,
livestock and agricultural items dipped.
Slump to New Low.
Industrial raw materials chalked up
a new low for the year for the 11th
consecutive time. Bituminous coal,
steel scrap, turpentine, lumber, burlap
and tin were among the losers, hides,
rubber and zinc advancing.
Pressure on quotations In this cate
gory, commodity men hold, stemmed
largely from still-heavy Inventories In
many important lines. Demand also
was slack, with few indications that
heavier purchases lay in the offing.
Textiles, on the other hand, ad
vanced the scond week running for
the first time this year as buyers cau
tiously made commitments necessitated
by spotty inventory conditions. Cot
ton cloth and silk rose fractionally
when a wave of orders met light offer
ings at lower levels.
Moderate pressure was felt by prin
cipal farm staples. Official estimates
indicated large crops would be har
vested this season if good weather con
tinued to hold. Small setbacks in
corn, wheat, cotton, hogs and lambs
more than offset mark-ups in cattle
and rye.
Food Items Mixed.
Market-basket items were mixed, al
though brisk demand for flour, lard
and eggs was sufficient to boost the
index despite declines in cocoa and
butter.
The index, with its components based
on 1926 as 100, compa^pd as follows:
Apr. 22. Prev. wk. Yr. ago.
35 commodities 67.76 67.76 93.87
Industrial _*77.18 77.34 97.24
Food . _ 65 61 55.11 70.87
Live stock_ 72.35 72.84 99.73
Agriculture _ 68.05 68.31 109.06
Textile _ ___ 53.13 52.28 80.64
Non-fer. metal __ 68.10 68.00 96.29
•New 1938 low.
PHILADELPHIA PRODUCE.’
PHILADELPHIA. April 23 MV—Live
poultry, fowls. Plymouth Rocks, fancy. 22
23; mixed colors, fancy. 21-22; roasting
chickens. 23-25. broilers, leas than 4
pounds, fancy. Plymouth Rocks. 2214-23;
turkeys, fancy young hens. 20-22.
Wheat. No. 2 red winter, garlicky, do
mestic. April. 86'/«.
Butter. 88 score. 23'a.
Dressed poultry unchanged.
How Is Business?
Showing Current Business Activity Compared
With the Same Week a Year Ago.
;
•
»™NES8 ACT.mTY *“• coo«*fT Indicated by Bank Debit* outild*
Orevloua MrfcRw»,rMI 'f°J! of ectlvlty above tba correapondlng week of tba
Ora loua Tear. Black areea {S&tegg ,rom week* twelve month* earlier.
ACTIVITY BY FEDERAL RESERVE DISTRICTS
Check TranRacUao* compared with tho aame week ajiaraco
New York 1 Pkiladalakl* I Cleveland »lehaaeiad~~T' A.I—..
-33.0% -37.1% —lt.1% —16.3%
Mlnnoaooll* Sanaa* City Dalla* ■.Fraaoi*oo
-38.3% —22.1% —12,g% -22.S% -13.8% -31.1%
tEADING BAROMETERS '
_ _ . _ % Change
_ . Preaent Trend From Year Ago
Business in Dollars (Checks Cashed) Downward _wn a
Employment (Dept, of Labor). Steady — ia 2
Wages (Dept, of Labor). Upward — a
Cost of Living (Ind. Conf. Board)... Downward — 0*5
Wholesale Prices (Fisher’s Indei)... Upward — is 2
Agricultural Prices (Bureau of Labor) Downward — 27?
Movement of Goods (Car Loadings). Downward il’i
Retail Trade (Fed. Res. Board). ... DoZSZ"d ^ , 1
Building Contracts (F. W. Dodge).. Upward — 6*7
Failures (Dun’s). Downward j. « o
Bond Prices (Dow*Jones). Downward i ?f ?
Stock Wees (Composite Dow-Jones) Upward — 40 g
Stock Mkt. Vol. fShsrmTindi^lV^^iv»-^—
AH rights merged, Cambridge Auodatee, Beeie*
1 , •
INSURANCE STOCKS
NFW YORK. April 23 '/Pi.—Investment
Bankers Conference. Inc.:
Bid. Asked.
Aetna Cas (3a> _ K(|i3 84‘3
Aetna Ins (l.BO)_ 43 40
Aetna Life (la) _ _ 23'4 25
Am Eauit (1) _ 20 21 >4
Am Ins Nwk i'3a) _ IP'* 12*,
Am Reins (1.BO) . _ 27'4 ■>!)
Am Reserve (la) _ 21Vi 23
Am Surety (2'a) _ 3S1,, 40',
Automobile Hal _ _ 2*1 27',a
Balt Amer (.20a) _ ft1, (;•»,
Carolina (1.30) ____ 20 21',
City of N Y (1.20) _ 1ft>4 171,
Conn Gen Life i.BOl__ 23,/« ■>414
Contin Cas (1.20) _ 2ft 27
Fid A Dep <4ai _ p" p.-.
Firemens Nwk (.30) _ _ 7'3 B1,
Prank Fire (lai __ •>•.., .•■ts4
Gen Reinsur (2t __ :io'4 ;i>i/,
Glen Falls (1.B0)_ _ 371, 3!i'4
Globe A Rep ('2i_ lil'j 1"
Globe A Rut _ _ ISP
Great Amer (la) _ ”.,1 ftp
Hanover (l.OOi _ _ •’« ftpi,
Hartford Fire (2)_ ~~ hs',4 fpi.
Home Fire Sec „ pi
Home Ins (lai _ _ _ *1" "fti, ojj3‘
Homestead (1) i ■> T iv.
Knickerbocker (.32>ae)I__ pia ii
Lincoln Fne _ _ o nx:
Maryland Cas _II ;i pi
Mass Bond (3)4) _ 43 43
Merc Ins Pr (.32)_I ' 4 B
Natl Fire (2) a? Sh
Natl Liberty ( 20a) _ 33. 733
N Hampshire 11.00) _ 3ri, 4,, 4
N Y Fire ( 40e> _ 13.4 ]p4
Phoenix (2a> _ _ -..1, -V,4
Prov Wash (!) " ..S34 '.fj4
Revere (Pi in (l.20aj , f7-. Yu),4
Isl Ins (.40) ’ — 4 4 J!r 4
wussia Ins I'" ~~ Ix4 ?«■
St Paul Fire t8) _ 17ft 1 S3 4
tSnnnfe.ldp‘-4,'ai) 1 oil
Tr»velers (IB) IIIIIHHI 4?4 4A4
U S Fire*2? 4^,, >j{,,
Westchester (1.20a)''II 4gi4 Sgx4
?—Aisc? *xir* or extras. 4
• declared or paid so far this yeafc
-----—
D. C. SECURITIES
'Options bv Johnston. Lemon A Co )
is.**, ,sr?.4,
■!' ■»
Hamilton Realty 1st fts 4.ft 34 ps
Mayflower Hotel 1st fts fto fp4 -f.,
RjpL.Pi.r»*SAiBi!dg lst 3_Ss oO (isi3 73 4
Sf'fJifi C'ub J« fts 4ft 43 2
m»v8Z8 de Apts 1 st 7s 34 00
Wash Auditorium lst Bs 44 0R'3 78>4
Wash Properties 7s 52 _ 42'a 43'*
STOCKS.
Anacostia Bank 1 so
Anacostia Finance xi -
5ar!!er ^ Rom pfd (new) 9 *
Ba.IbeL *. Ross common _ 114
City Bank ■,{, -
Columbia Natl Bank 200 -
Consolidated Title Dfd ' 41 -4.
Consolidated Title common 7'4 10
w!SL'Yg8t 8*v‘n« Bank 14'4
Federal American pfd a*
Federal American common’ i u
Hamilton Natl Bank 2 on"
Finance Units 13
AMOCi»tion •«() ’«.*> “
Merchants Trans & Sta pfd in i?
Merchsut, Trans A eta com .4 JJu,
J(ati ?apltaI Insurance jn 1/2
n£»C M.t8e „&TInvest Dfd 1'4 ' ‘>41
vSt ui' * I.?.vest common i4
Metropolitan Bank 230 -'AH"
^ w1»comrnon “••a
*8t Mtgc & Guar com 1 '4
Second Natl Bank —
Security Savinas A Com l*\ft 14ft
Southern Oxygen com (new) 40
JJn)on Finance Unita -
Union Trust .7.! -
W»*h Baseba41 Club ' 35 Jr
Wash Convention Hall pfd 8ft 6
Wash Properties vtc ox
"dellty Storate .I 'l 'lo.ft
Griffith Consumers 47 " *3 i
Griffith Consumers pfdlll 104 ”3
•Nominal.
NEW YORK BANK STOCKS
r.iw,rj-4o) - fk
fgnkers; Trust (2)_4H% 48%
Bklyn Trust (4) _ 73 7«
Cen Hsn Bk * Tr 88 hi
Chase Natl (1.401 30% 32%
Chem Bk & Tr (1.80)_ 40% 42%
Commercial (8) 133 13P
Cont Bk <& Tr (.80)_ 11% 13%
Corn Ex Bk & T (3)_ 40% 47%
Empire Tr (1) 20% 21%
Wrst Natl (Bos) (2)_ 30 38
First Natl (100) _1595 1035
Guaranty Tr (12)_ __ 227 232
Irving Tr (.00) _ 11% 12%
Manufacturers' Tr (2) _ 34% Soy
Manufacturers' Tr pf (2)_ 40 48
Natl City (1) _ 24% 20
N Y Trust (5)_ 83 % 80 Vi
Public (1%) _ 25% 20%
Title OAT_ 5 8
NEW YORK SUGAR,
NEW YORK. April 23 (45.—Raw sugar
was easier today. Following a sale of
10,000 bags of Puerto Ricos for prompt
shipment at 2.81 late yesterday, or 4
Dolnts lower. 18.000 bags of Philippines
due Mav 10 sold today at a further drop
of 1 point, or 2.80.
Futures were easier under lncreaseoMay
liquidation and hedge selling, but there
were partial recoveries from the lowest on
trade buying. July No. 4 rallied from
.03 to .03% and September from .07 to
.08'i. with final prices unchanged to Vi
point net lower on sales 8.100 tons.
Refined was unchanged at 4.55-4.8R for
fine granulated, with a better withdrawal
demand reported.
Futures No. 3 closed 1-2 lower. 8ales.
10 850 tons.
High. Low. Last.
Mav __ 1.02 1.88 1.80b
July __ 1.08 1.08 1.07b
September_ 2.01 1.08 2.oob
January_ 2.01 2.01 2.01b
b Bid.
NEW YORK PRODUCE.
NEW YORK. April 23 OR —Eggs. 10,171:
firm. Mixed colors: Special pecks. 21
22Vi: standards. 20%-%; firsts. 10; sec
onds. 18-18%; mediums. 17%: dirties. No..
1. 17%; average checks, 18%: storage
packed firsts. 10%-20%.
Dressed poultry generally steady. Fresh
and froten prices unchanged.
Live poultry, by freight and by express,
nominal. No sales.
Butter. 540.652: firmer. Creamery,
higher than extra. 27-27%: extra (03
score), 28%: firsts. (88-91). 23%-28%;
seconds (84-87). 20%-22.
Cheese. 72.281: aulet. Prices unchanged.
’ WOOL TOP FUTURES. *
NEW YORK. April 23 OR.—Wool top
futureswereactlveandeaslertodayunder
changed.
WHEAT RECOVERS
AFTEREARLY DIP
Cash and Export Interests
Cite 20-Cent Premium
at Liverpool.
By FRANKLIN MULLIN,
Associated Press Financial Writer.
CHICAGO, April 33.—Enough buy
ers appeared In the wheat pit today
after a price drop of about a cent< a
bushel at the opening to rally the
market and wipe out most of the
losses during the remainder of the
short session.
Support which the market found on
slight price recessions was credited
largely to cash and export interests
who, traders said, believed in the
value of domestic wheat particularly
in view of the 20 cents a bushel prem
ium in quotations at Liverpool and
the even greater difference in prices
at Winnipeg, where the highest wheat
figures in the world prevailed.
Bumper crop prospects and quiet
export business together with pros
pects of precipitation over much of
the grain belt helped Induce early
selling but this liquidation soon dried
up and short covering appeared on
the dip. There were reports of dust
blowing in some sections of winter
and spring wheat territory of North
America.
Wheat closed unchanged to % cent
lower compared with yesterday's fin
ish, May 83%-%, July 8114-82, Sep
tember 82%-%; com %-% down,
May 59U-%. July 61, September
62%-,/4; oats % off to % up, May
29%; rye % - % higher, May 6214;
lard 2 to 5 higher.
Grain range at principal markets
today;
MAY WHEAT— prev
High. Low. Close, close.
Chicago .8+ ,8;i sn*,-’. kh’.-84
Mapolis .93 .U*,’ *4 .1*3 !»;j
Kans. C. .8;|U .82 V. ,«2V83 in-**.
W mpeg 1.211’, 1.21 ** 1.22', 1 •■;p.
Lpool 1.U4*, 1.04% 1.04V, j7)4’,
JULY WHEAT—
Chicago .82'. .81V, .84’,-82 .82-82V,
Mapolis .III5, .oo1, .01’, OP, ’
Kans. c. .78’, .77*, .78 !?8'.
W nipeg 1 1 1’, 1 11*4 1.12%-Vi 1 1-’*,
Lpool ).o;i's j.02% 1.02V, l.oil
SEPTEMBER WHEAT—
Chicago .82’, .82'/, .82',-Vi 8“*«-Vi
Mapolis .80', .88', .88 ’* .'88’,
Kans. C. .70 .78*, .78*,-*, 78’,
WgOcl. .00% .80’, .90V,-Vi ,80V4
Lv 1 Oct. .!»!»*, .90V, .911', .99%
MAY CORN —
Chicago .59*4 .59‘.4 .59',4-% .59'/,-*.
Kans. C. .50’, .50'4 .58'4-*, .56’,-Vi
JULY CORN—
Chicago .01', .00’, .01 ,0P.
Kans. C. .57’* .0OV4 .57’i .57’,
MAY OATS—
Chicago .20*4 .29*4 .20*, 09’.
Mapolis .20'. .20 .°0', "H
W'nlpeg .40'* .40’, .40’,-', !4e’t
Chicago Cash Market.
Cash wheat, no sales. Com. No. 3
mixed, 59; No. 1 yellow, 60%; No. 2
white, 60; No. 3, 59; sample, 53'-,-56.
Oats, No. 1 white. 33; No. 2. 321 i
Barley feed, 42-55, nom.; malting,
68-86, nom.
Winnipeg Cash Market.
WINNIPEG. April 23 OP).—Cash
wheat, No. 1 Northern, 1.31%; No. 2.
1.23%; No. 3. 1.14%. Oats, No. 2
white, 48%; No. 3, 44%.
Baltimore Markets
Special Dispatch to The Star.
BALTIMORE, Md., April 23.—The
live poultry market was dull during
most of the week, with quotations
fluctuating only slightly, ending the
period little changed from last weeks
close. Young Leghorns made their
appearance on the market. Receipts
generally were moderate, but were
light on a few days.
Both young Rocks and mixed colors
continued practically steady through
out the week at 22a24 for the former
and 22 and 23 for the latter. Young
"leghorns closed at 20a22. slightly
higher than when they reached mar
ket in the middle of the week.
In fowl. Rocks Improved slightly
and are selling 20a22, but mixed colors
are steady at 18a20. Leghorns de
creased 1 cent and are bringing I5al7.
Roosters at 12al5 and young Pekin
ducks at 20a21 are steady.
Egg Market Unsettled.
The egg market was somewhat un
settled, with current receipts and me
dium size whites closing fractionally
above last week, but with large whites
recording a small decrease. Both cur
rent receipts and medium whites are
selling 19 and large whites are bring
ing 20%a21%. Receipts were mod
erate most of the week.
With receipts increasing, some na
tive and nearby garden truck quota
tions declined somewhat. Rhubarb is
lower at l%a3 a bunch, and spinach
dropped to 15a35 bushel. Nearby blue
kale also declined and is selling 10a20
bushel, with the market dull. Mary
land old potatoes are little changed,
with No. I Round Whites selling 1.10a
1.20 per 100 pounds and ungraded
stock bringing mostly 1.00. Sweet po
tatoes were unchanged at 65a75 bushel
for No. Is and 40a60 for ungraded.
Asparagus from the Eastern Shore
arrived on the market during the week.
Very large is bringing as high as 3.50
per dozen bunches, with a little bring
ing slightly higher prices. Smaller
stock is selling as low as 1.50.
Livestock Market.
Cattle—200; calves, no receipts.
Compared with Friday last week,
steers, bulls, mostly 25 higher; medium
and good 850-1,150 pounds, 7.70-9.35;
few lightweights, 7.00; heifers scarce,
medium and good, 6.50-8.50; good beef
cows, 7.50; plain and medium fat cows,
6.00-7.00; low cutters and cutters, 4.50
5.75; plain and medium bulls, 5.50
7.25; good butcher bulls, 7.75. Com
pared with Friday last week, good
vealers steady, mostly 9.50-10.00, de
mand dull; others, 5.00-8.50.
Hogs—100. Nominal. Compared
with last Saturday, 10 lower. Good
and choice, 160-200 pounds, 8.75-9.00;
practical top, 9.00; 160-200 pounds,
8.75-9.00; 210-240 pounds, 8.45-8.85;
250-300 pounds, . 7.90-8.55; 140-160
pounds, 8.65-8.90; 120-140 pounds,
8.l5a8.65. Good packing sows, 6.90
7.40; stags, 6.25 dowd.
Sheep—No receipts. Compared with
last week, new lambs mostly steady,
not enough to make market; good and
choice wooled lambs, 9.25-9.65; few
choice, 9.75; shorn,' 8.25-8.65; spring
lambs mostly, 11.00-12.00; fat
slaughter ewes, 5.00 down.
Grain Market.
Opening prices were: Wheat, No. 2,
red winter, garlicky, spot, domestic,
87; April delivery, 87; settling and
closing prices at same level. Corn, No.
2, yellow, domestic, 64a66; Western
billing at a premium over this price;
cob corn, nominal. Oats, No. 2, white,
domestic, 42a45; No. 2, 41a44; Pacific
Coast, white, 71. Excepting grain on
track, there is an additional charge of
l'/s cents per bushel for storage and
elevation on all sales of oats. Rye,
No. 2. 93a98. Barley, 70a75. Hay
quiet, unchanged. Straw steady, 1.00a
8 JO a ten.
Prices Ease After Early
Steadiness in Week-End
Liquidation.
By the Associated Press.
NEW YORK. April 23—Cotton
sagged following early steadiness to
day under week-end liquidation. July
eased from 9.00 to 8.95 and closed at
8.96, with final prices 2 to 4 points
net lower.
The market opened 1 point higher
to 1 lower with easier Liverpool cables
offset by trade and foreign buying.
Locals also bought. May liquidation
and exchanging from that month to
later deliveries were well taken by
the trade. Other scattering liquida
tion carried prices to the lowest levels
for the day in the late trading.
Commodity Credit Corp. reported
9,544 bales entered the loan during
the week, making 5.332,809 thus far,
exclusive of 151.508 bales repossessed.
Cotton goods sales for the week about
equaled production. The amount of
cotton on shipboard awaiting clear
ance at the close of the week was
estimated at 52,000 bales, against
67,000 last year and 63,000 two years
ago.
The range follow's:
High. Low. Last.
May _8.93 8.88 8.88
July _ 9.00 8.95 8.90
October _ 9.09 9.04 9.05
December_9. It! 9.07 9.07
January _ . 9.15 9.10 9.10
March 9.20 9.1b 9.1b
Spot, steady; middling. 8.94.
Cottonseed Oil.
Cottonseed oil was generally steady
today, with further covering and commis
sion-house buying encouraged by the
steadiness of allied markets. Pinal prices
were J point lower to 4 net higher with
sales of 45 contracts. Bleachable spot,
nominal: May closed 8.44: July. 8.38;
September. 8.34; October. 8.32, December.
8.31.
>>w Orleans Prices.
NEW ORLEANS. April 23 .‘PI.—Cotton
futures closed steady at net declines of 3
to 4 points.
Open. High. Low. Close.
M*y __ 9.05 9.05 9.01 9.01
July _ 9 10 9.13 9.09 9.09
October _9.2o 9.20 9.1 H 9.17
Deceiver _ 9.22 9.22 9.18 9.18
Januanr _ 9.23 9.23 9 70 9.20
March 9.29 9.29 9.76 9.26
Cottonseed oil closed steady: bleachable
prime summer yellow, 8 to. nominal; prime
crude. 6.75-7.00. May. 8.08b. July.
M.oob: September. 7 95b. October, 7.92b;
P ember. 7.87b. bBid.
COMMODITY INDEX
I NEW YORK. April 73—The Associated
I Press weighted wholesale price index of
I 35 commodities today declined to 67.67.
i Previous day. 67.76: week ago. 67.76:
month ago. 69.21; year ago. 93.69.
Range of recent years:
1938. 1937. 1936. 1933-35.
High _ 74 37 98.14 89.22 78.68
Low 67 47 73.85 71.31 41.44
U926 average equals 100.)
CHICAGO LIVESTOCK.
CHICAGO. April 23 .Fi (United 8tates
Department of Agriculture)—The closing
i trade on hogs and cattle exhibited all of
its recent bearishness today. Salable
supplies in both branches of the trade
were small, but an unsatisfactory dressed
meat market dictated Indifference in the
live trade. Dwindling supplies of fed
lambs tended to strengthen the market
on bovine stock late in the period
Hogs. 3.5011. including 3.000 direct:
largely nominal: no choice light hogs
offered: undertone weak few sales heavy
and good weight butchers, 7.65-05: ship
pers took none; estimated holdover 1 1)00;
compared week ago good and choice hogs
mostly 25-35 lower; packing sows 36-40
on.
Cattle. 300: calves none, compared Fri
day last week fed steers and yearlings
weak to 25 lower; largely steer and year
ling run all through week; weighty steers
showed most downturn after some price
improvement early on short supply; week a
top 10.50: next highest price, jo.35; prime
""'’lings. 0.85: bulk steers.
0.00-0.50: undertone still bearish on weak
i.good« S?d cholce hellers
w heifers. 9.25; numerous loads.
weak V/!°:.*c?mn10n. ,nd "tedium grades,
weak to 25 lower: fat cows. 15-25 lower;
cutter grades steady to weak: bulls steady
sausage bulls.^f.V Dr,Ctical top
‘-Wl l!2cludin,r 1000 direct:
.Fi d,ay Lal lambs strong to 15 higher:
wooled lamb top. 8.40: bulk. 8.00-35;
w'ooled ewes In broad demand at 5 50-75
ah.?o!!' i for *"ek ending Friday.
4.000 directs; compared Friday last week
;5-6o lower, sheep in broad
demand. 25-o() higher, sheep supply small;
week a top wooled Iambs 8.5(1 paid early:
wSS "Jt t0i»' f 4<1’ bulk at cl°" »!*<> bulk
wooled offerings for week. 8.00-35; few
medium and good loads around 7 50-75;
'-0b iambs. 8.00: top after midweek.
k clippers for period 7.15-00;
™ird4 5»frod7^ad4 ‘i5^:75; shorn
FOREIGN EXCHANGES.
NEW YORK. April 23 (Fi.—The French
franc slowed up its downward flight to
thJ7tKfVeIlUll braked by Intervention of
the ofllcia! control—following the wldegt
decline in weeks Friday.
_._A decline of .DO1-, of a cent In the franc
where^n"^.6? anc*d by sma11 *aln* else
Irtvln f,orelgn currency list. Sterling
?dlanced , < of a cent, the belga and Swiss
u£hC addcd .01 ol a cent and Hol
‘•bd guilders .02 of a cent.
os na,.rate* follow (Great Britain tn
dollars, others in cents i: Great Britain
demand, 4.00; cables. 4 00; tm-day bil'ls,'
i;!.*J*: France, demand. .3.02**: cables
5* oVb* ri?m.nHdema£d,- , s cables!
man. a,7f™an2* Belgium. 10.88: Ger
"v (i ?,5- benevolent. 21.55: travel,
£4 ■ ~ ?■ Holland. 55.07: Norway 25 05■
?*«?«"• 2S.«»: Denmark. 22.20: Finland'
Ph”tugSaT“7r^<I: 2:k(m Spaln- unaSotSd!
Rurnanil!Str~\ upGUOted: Hungary 19 90
?f?«“‘V9d£ AT%einoUn%
New* York** 90
NenJS5km{S.,MOntreal- ‘ ’
“ -------
u. S. TREASURY NOTES.
...".S' fiTuag^Sss?—
Is-sr-eS?’- w.„
ft fit joito: ildf ijM
i?.'MScr!! UHO ; }SIn "J5
It IT: ists : ISiiliA :n
ddh®: 104i%
mm!« i
14 °*c-. 1»43._ 1U3-S3 103-25 .Ol
CHICAGO PRODUCE.
aiPnCAGO. April 23 OP).—Butter 87".
111*. steady: unchanged. Eggs 3‘>8oi
firm, storage packed extras. 20Vi; lasts',
HFlS-ffpSS
sacked dpr J?»PanT^ ™°d*rate; stronger:
t?Cr ®wt*: W^ho Russet Burbank.
Cobblers. °no 'per cent TJ.’ SN°C ,D*S
Wisl*nt?hi° 90 Per Cent ®* No- 1. J 40;
T oT-V" n°.U»d ,whlte- u- *■ commercials,
mind iiJhi T st°ck. supplies liberal; de
U Sdvi hi1, .*,b?ut "teady; Bliss Triumphs.
17K'iN2n - 1 70-1.75; Louisiana!
TVhimnh°'iT . crate Florida Bliss
EM-C. g; No. 1. 1.06; 60-pound sact
Teims Bliss Triumphs. TJ. 8. No. 1. .86
-‘ •—st’
SAVANNAH NAVAL STORES.
e-£AVANNAH, April 23 OP).—Turpentine
llr“- -tJA*; aales. 357: receipts. 305: Ship
ments. .t»; stock. 31.063. Rosin Arm
SferSMSi
F. 4.60: O. H. L K. 4 821/#- M
4.86; N. 6.26; WO, 6.05: WW, X <L40.
RAW HIDE FUTURES.
NEW YORK. April 23 UP) —Raw his.
futures closed 12-10 lower Sales T own
<WO pounds; June. ».36b* Septfm&r »flfl08
December. 9.0». Spot No 1 Western
light native cows 8*4b. b Bid/ w*,t,rn
'■ainaiiaw
Curb Market Transactions
For Week Ended April 23.
New New
Share* Issues highs, lows,
I traded, traded. Advances. Declines. Unchanged. 1938. 1938
Monday- 120,000 325 119 108 98 3 8
Tuesday. 99,000 ' 295 61 161 73 0 6
Wednesday -- 116,000 390 70 146 74 3 9
Thursday- 119,000 278 127 66 85 4 6
Friday . 181,000 355 223 50 82 10 4
Saturday- 75,000 234 95 69 70 4
_ I .. . .
CORPORATION
REPORTS
NEW YORK, April 23.—The follow
ing is today’s summary of corporation
news prepared by Standard Statistics
Co., Inc., New York:
General Motors Corp.—Plants of
Pontiac division of company have
stepped up operations from 2>/2-day
basis to between 3 and 4 days a week
in response to increase in demand.
Doehler Die Casting Co.—March
quarter common share earnings were
29 cents, against $1.25.
Eaton Mfg. Co.—Directors of com
pany took no action on dividend on
common stock, last payment on which
was 25 cents a share on February 15
1938.
Stewart-Warner Corp. — Company
for quarter ended March 31 is ex
pected to show a loss on a reduced
volume of sales. In three months end
ed December 31, 1937, Indicated net
loss was $240,370, while in quarter
ended March 31, 1937, net income was
$841,257.
Catalin Corp. of America—March
quarter deficit was $1,042, against net
income of $41,617, before Federal
taxes, in like 1937 period.
Commercial Solvents Corp—March
quarter deficit was $?36,500, against
net Income of $501,773.
Consolidated Chemical Industries,
Inc—March quarter class B share
earnings were 15 cents, against $1.13.
Bon Ami Co.—March quarter class
B share earnings were 92 cents,
against 87 cents.
Gardner-Denver Co—March quar
ter common share earnings were 22
cents, against 51 cents.
Kresge, S. S., Co.—Because of a good
Easter week April sales are running
above April, 1937, with probability that
sales for four months will be only
around 4 per cent under same 1937
period.
Montgomery Ward & Co —President
estimated net earnings of company for
initial quarter of 1938, ending April
30, after charges and taxes, at about
$2,000,000, against $3,466,000 in like
1937 period.
Gamewell Co—Declared 25-cent
common dividend, payable May 25 to
holders of record May 15. Last previ
ous payment was 25 cents a share in
March, 1932.
Keystone Steel & Wire Co—Com
mon share earnings, nine months end
ed March 31, were 56 cents, against $1.
Otis Steel Co.—March quarter deficit
was $297,379, against net income of
$702,396.
American Woolen Co.—Company re
duced salaries by 10 per cent, effective
May 1.
WHEATCROPSHOWS
RAPID RECOVERY
Some Permanent Injury Results
From April Frost in Texas,
Oklahoma and Kansas.
Br the Associated Press.
The Bureau of Agricultural Eco
nomics said yesterday the American
winter wheat crop made rapid re
covery during the last 10 days from
the recent setback caused by early
April frost in Oklahoma, Texas and
Kansas.
It said, however, that some per
manent injury to the crop resulted
from the adverse weather.
Rains were still needed in portions
of the Northern Great Plains, the
Bureau said, adding that elsewhere
in the West winter wheat generally
was reported to be in excellent condi
tion.
The crop was said to have made
excellent growth in most of the Ohio
Valley, although occasional yellow
spots were reported on low wet land.
The bureau said no new estimate
of the size of the crop would be made
until next month. Its last estimate
was 725,000,000 bushels.
World estimates, the bureau said,
indicate that the 1938 acreage sown
to winter wheat will be about as
large as in 1937 when a crop larger
than normal was harvested.
--•
Loose-Wiles Net
Profit of $139,686
In First Quarter
By the Associated Press.
NEW YORK, April 23.—Loose
Wiles Biscuit Co., and subsidiaries
reported net profit for the quarter
ended March 31 of $139,686 after all
charges, equal to 17 cents a com
mon share, compared with net profit
of $288,309, or 45 cents a share, in
the comparable 1937 quarter.
■-•-- ■ - —
NEW YORK COFFEE.
NEW YORK. April 2.1 OP).—Coffee spot
steady: Rio No, 7. 434: Santos No. 4. H3/,
7 '/a. Cost ana freight offerings included,
Santos bourbon Is and 5s at 6.10-70. Rio
No. 7 “A” futures closed unchanged to 1
higher. No sales. Santos No. 4 "D" fu
tures closed 1 lower to 7 higher. Sales.
10.600 bags. May. 5.79b: July. 6.80;
September. 6.85: December. 6.89n.
b Bid. n Nominal.
——- ' -•---—
NEW YORK LIVESTOCK.
NEW YORK. April 23 OP) (State De
partment of Agriculture).—Cattle. 1,640,
all direct. Market nominal.
Vealers and calves. 1.330. including
1.240 direct. Market nominal.
Sheep and lambs. 6.040, including 5.850
direct. Market nominal.
Hogs, 2,910. including 2.900 direct.
Market 5 lower; 189-pound average. 8.86.
STABILITY MARKS
METAL DEALINGS
Tin Price* Erratic, but Other
Quotations Are Unchanged
to Slightly Higher.
By the Associated Press.
NEW YORK. April 23 —Price sta
bility prevailed in most divisions of
the non-ferrous metal trade last week.
Tin fluctuations were erratic over
wide limits, but otherwise quotations
were unchanged to slightly higher.
Domestic copper held at 10 cents a
pound, valley and electrolytic for ex
port Armed up after some early un
settlement, when London was influ
enced by a setback in Wall Street
early in the week. Domestic sales
showed some improvement as con
sumers took a greater Interest in ac
quiring supplies, evidently reflecting
depleted inventories.
Zinc was steadier. Sellers’ ideas
hardened and galvanizing operations
registered a further slight improve
ment. jAU producers went to the 4.25
cen^T-pour.d level, East St. Louis,
eliminating the dual price situation
that recently prevailed.
Lead buying was spasmodically
brisk at unchanged prices. Buying
was chiefly for May delivery, where
commitments were understood about
one-quarter covered.
Tin moved over a range of 170
points, weak for a time on uncer
tainty over status of the buffer pool,
then steady with the inflationary
talk, although prices were off 50
points net with spot at 38.30 cents a
pound.
—-m - —
DEALINGS MODERATE
ON CHICAGO EXCHANGE
By the Associated Press.
CHICAGO, April 23—Trading In
stocks was moderate here today, de
mand limited and turnover small.
Total sales were only 11,000 shares in
44 issues of which 14 were slightly
higher, 13 declined and 17 were un
changed.
Paul H. Davis & Co., today reported
the market value of 25 representative
Chicago stocks was $675,871,250, a
decrease of 1.18 per cent compared
with a week ago and 35.42 per cent
compared with a year ago.
STEAMSHIP LOSS SHOWN.
NEW YORK. April 23 OP).—Con
solidated report of the American
Hawaiian Steamship Co., for the
three months ended March 31 showed
a net loss of $165,053 after charges
but before taxes, compared with a
net loss in the 1937 quarter of $589,
067.
CAPITAL
Contacts arranged for meri*orious
enterprises requiring additional
funds for expansion new ventures
of exceptional merit considered.
Quick action. Communications
held in strict confidence.
J. R. HARBECK, INC.
BROADWAY. NEW YORK
Money for Contraction Loan
and
Loan on Existing Properties
5%
FIRST SEED OF TRUST ONLY
GEORGE I. BORGER
643 Indiana Are. N.W.
Nat’I 0350
"5 STOCKS
FOR THE COMING RISE.”
Watch for this analysis in April
27 FINANCIAL WORLD. It
points out 5 stocks whose average
price is under 20 that are telling for
about six times last year's earnings.
Read also our big feature entitled
“Inflation in the Making" in this
same issue. We will send you free
reprints of “10 Stocks for the Coming
Inflation" and “40 Stocks With Good
‘Comeback’ Power" if you return this
“ad" and SI for our next 4 issues.
You will also receive May “Inde
pendent Appraisals of Listed Stocks"
when ready.
^FINANCIAL WORLD
21-FM West Street New York
REAL ESTATE
LOANS
Before you buy, build, re
model or refinance your home
or business property, let us go
over your problem with you.
We will save you commissions
and renewal charges—and in
joining this Association, you
share mutually in the profits.
NORTHERN LIBERTY
BUILDING ASSOCIATION
511 SEVENTN STREET, N. W.
Established 46 years
MEMBER OF
FEDERAL HOME LOAN BANK SYSTEM
D. C. BUILDING AND LOAN LEAGUE
U. S. BUILDING AND LOAN LEAGUE
5% HOME LOANS 5%
District of Columbia, Nearby Maryland and
Virginia—3 to 15 Years
alto
MONTHLY PAYMENT LOANS
AT $6.60, |7.50, 98.00 and $10.00 PER MONTH PER THOUSAND.
INCLUDING INTEREST AND PRINCIPAL
Otter Leant Payable Quarterly er Semi-annually
F. H. A. INSURED MORTGAGES
Randall H. Hagner A Company
•NCOatOftATCO
Momtoam Loah COM—POM—it
^eet^et^Str/t-^munemce^on^mnyu
1121 Cwtnactkut Atidim N.W. Tilokoii Oacatur 3600
Some Leaders Fall Back
After Early Extension
of Advance.
By the Associated Press.
NEW YORK, April 23.—Curb stocks
extended their gains In the first hour
today, but later some leaders fell back
under profit selling. The tone of the
market was mixed at the close.
Trading tapered on the reaction, the
total turnover of 75,000 shares being
the smallest for a Saturday since mid
March.
Closing higher were Creole Petro
leum at 23 V2, up 34; Aluminum Co.,
75 Vi, up 1; New Jersey Zinc, 5614,
up >i, and American Cyanamid ' B,”
2034, up .
Gulf Oil ended at 367., off V P«n
tepec Oil, 5'i, oft is; Newmont, 563*.
oft Hi.
--•
WOOL MARKET GAINS
FURTHER AT BOSTON
Bf the Associated Press.
BOSTON, April 23 tUnited States
Department of Agriculture). — The
Boston wool market has shown further
improvement in tone during the past
week. A recent increase In sales of
fine wool tops has quickened the de
mand for fine territory wools and
prices have shown a firming tend
ency.
A few grades of fleece wools re
ceived an increased interest. Pine
delaine bright fleece wools were slow,
but nominal quotatioas were steady
at 27 to 29 cents In the grease.
Combing fleeces of other grades wers
more active at 27 to 28 cents in the
grease for half blood and at 26 to 27
cents in the grease for either three
eighths blood or quarter blood graded
wools, spot Boston.
—-•-—,
ODD-LOT DEALINGS.
By the Associated Press.
The Securities Commission reported ve«
wuh .tr*ns*ctions by customers
with odd lot dealers or specialists on the
York Stock Exchange for April 2°
2 ^2} purchases involving 15*4‘2\! shares;
o.5S4 sales Involving lrtj.744 shares
Safe Investmentg
First Mortgage Notes
Pj 1 / Q/ Secured on con
15 7? /ft ^vatively appraia
• • • ^ ed new building*.
Bradley, Bead & Howard, Inc.
Swuthern Building NA. 0271
Established Nearly iO Years
First Floor Business Proper
ties in Heart of Financial
District
1522 K Street N.W.
and
923 15th Street N.W.
These properties suitable for office
or mercantile purposes. Each of
these properties consisting of first
floor and balcony, containing
approximately 1,900 square feet.
Reasonable Rent
B. F. SAUL CO.
925 15th St. No. 2100
First Mortgage
LOANS
ON
IMPROVED REAL ESTATE
At 5%
Monthly Payments
If Preferred
Construction Loans
District of Coumbia,
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WM. J. FLATHER, Jr.f
Inc.
1508 H St. NA. 1753
Lowest Interest
Cost Computed on
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Special Features—
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Conveniently Located:
<10 13 th St. N.W. (Bet. FUG)

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About Evening star. [volume] (Washington, D.C.) 1854-1972