OCR Interpretation


Evening star. [volume] (Washington, D.C.) 1854-1972, April 27, 1938, Image 18

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045462/1938-04-27/ed-1/seq-18/

What is OCR?


Thumbnail for A-18

BUSINESS UPTURN
Trend in March Revealed
Advances for Second
Consecutive Month.
By EDWARD C. STONE.
Business improvement is reported
by the American Bankers’ Association!
monthly review, out today. For the
•econd month in succession a poll of
800 business ex
ecutives in all
parts of the coun
try revealed a
more favorable
trend in the busi
n e s s situation.
Says the survey:
“Approximately
half of the 800
individuals par
ticipating in the
latest report say
that their respec
t i v e businesses
are either gain
ing or holding
their own. The
M. 5. Szymrzak.
ether half still report a downward
trend. In February this ratio stood
69 per cent down, 2fi per rent un
changed and 15 per rent up. In March
It was 54 per cent down, 32 per cent
unchanged and 14 per cent up.
"One element, of the current de
pression which deserves greater em
phasis is the relatively strong position
of the banks,” the survey remarks.
"There is a fundamental difference in
the condition of the banking system
today as compared with the period
following the collapse of 1929." it adds.
"Nine years ago the chief weakness
of the situation was the Nation’s
banks. Today these institutions are
the chief source of strength.”
W. R. Kuhns, editor of the survey,
gives it as his opinion that public
spending is not only out of date as a
way toward recovery, but would prove
a serious obstacle, adding that the
outlook for genuine improvement de
pends "almost entirely on tax relief
and satisfactory relations between bus
iness and government."
Szymczak on Bank Program.
Governor M. S. Szymczak of the
Federal Reserve Board will discuss
‘'What. Is the Federal System?" at the
convention of the National Association
of Mutual Savings Banks, meeting in
New York May 4-6. Other Govern
ment business leaders are also on the
program.
Walter M. W. Spiawn, chairman of
the Interstate Commerce Commission,
will speak on "How Shall We Meet the
Railroad •risis?"
Stewart McDonald. Federal housing
administrator, is to consider the real
estate and mortgage outlook and an
other Washingtonian, John H. Fahey,
chairman of the Federal Home Loan
Bank Board, is booked to talk on "Bet
ter and Safer Home Ownership.”
Gen. Hugh S. Johnson will be the
banquet speaker. The association's
president is Henry R. Kinsey.
Washington Collections Lag.
Twenty-seven per cent of Washing
ton department store receivables due
at the beginning of March were col
lected during the month, the Reserve
Bank of Richmond announced today.
This compared with 29 per cent for
the fifth district and was also below
the records at Baltimore and Rich
mond.
As already noted, sales in 'Washing
ton stores were 12.1 per cent lower in
March than in March of last year,
lateness of Easter being the chief rea
son. In the first quarter trade was
off 6 per cent In the Capital. Store
6tocks were off 8.5 per cent from
March, 1937, but were 9.3 per cent
higher than at the end of February
this year.
In the first quarter stocks in the
stores here were turned .969 as com
pared with .91 for the whole fifth dis
trict and a higher figure than either
Richmond or Baltimore reported, the
statement says.
R. F. C. Funds Loaned 11 Banks.
During March the Reconstruction
Finance Corp. authorized loans to 11
banks and trust companies, including
those in liquidation, but actually dis
bursed only $44,421. There w as repaid
from previous loans $3,365,477.
Purchases of preferred stock, capital
notes and debentures were authorized j
to seven banks and trust companies in
the aggregate amount of $623,600.
Disbursements for payments to de
positors in closed banks amounted to
$543,930, while repayments from past
loans of this type amounted to $2,744,
113 for March.
Officer Phones Sales Staff.
By special telephone broadcast,
members of the Washington office of
the Fidelity Investment Association
were greeted this morning by Carroll
D. Evans, vice president and director
of agencies, direct from his office in
Wheeling, W. Va. According to George
Naramore. manager of the local office,
the broadcast was a part of the 27th
anniversary day celebration of the or
ganization. Mr. Evans spoke to repre- |
senta fives in 17 States and the District
of Columbia. His message was spoken
Into a regular telephone and the
volume increased by loudspeakers in
each office.
Plan Honor for President.
Directors of the Potomac Insurance
Co., at their regular meeting on Fri
day. are planning to tender a luncheon
in honor of Frederic Richardson, who
has been president of the company
for many years. His associates con
sider that his very efficient service
merits some special attention at this
time. Many of the officers of the
company are also officers of the Na
tional Metropolitan Bank, George W.
White being chairman of the board.
Members of Washington Chapter,
American Institute of Banking, will
nominate officers for the coming year
at a meeting tomorrow evening at
headquarters in the Bond Building.
Delegates to the Louisville conven
tion will also be elected at the same
meeting.
Today’s Trading on Exchange.
National Capital Bank stock was
In demand on the Washington Ex
change today, 10, 5 and 10 share lots
changing hands at 135.
Potomac Electric Power 5*2 per
cent preferred was also wanted, one
small lot moving at 112*2 and an
other ll2?g.
Washington Gas Light common
and Washington Loan & Trust Co.
stocks are now being quoted ex
dividend.
Norfolk & Western Railway earned
$1.22 on common during the first
quarter of 1938 against $5.67 in the
like 1937 period.
Western Maryland Railroad earned
13 cents a share on the 7 per cent
preferred, compared with 69 cents
a share on the Common stock in the
first quarter of 1937, It was an
nounced today.
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE
By Private Wire Direct to The Star.
Prev.lp.t8 Stock and Sales— Net
High. Low. Dividend Rate. Add 00. High. Low. Close, chge.
104 64 Adams Express .. 5 84 84 84 + 4
23 164 Addressograph 1.40 6 194 194 194 + 4
2*4 14 Advance Rumley_ 1 24 24 24
68*4 404 Air Reduction (la). 32 444 434 444 + *4
134 84 Alaska Jun <.60a)__ 6 10 94 94 - 4
14 4 Alleghany _ 4 14 14 14 + 4
174 64 Alleg $30 ww_ 1 84 84 84 - yt
174 5 Allegpf $40 ww_ 1 8 8 8 +4
174 64 Allegpf xw _ 1 74 74 74 — 4
21*4 114 Alleghany Steel_ 3 16 16 16 - 4
1764 124 Allied Chem (6)_ 1 143 143 143 +14
94 44 Allied Stores.. 13 64 64 64 + 4
61*4 34*4 Allls-Chalm(.374e) 26 42 41 414 +4
24 10 A trial Leath pf_ 1 144 144 144 +44
724 67 Amerada (2) _ 8 634 6214 624 -14
154 10 Am Bank Note .60e. 12 134 13 134 +4
66 47 Am Bank Not pff3) 20a 464 464 464 —1
424 234 Am Brake Shoe.25e 2 324 32 32
1254114 Am Brake S pf 5.25. 20a 118 118 118 +2
914 704 Am Can (4) 3 874 864 87 +24
167 1604 Am Can pf (7) 1 162 162 162 -14
274 124 Am Car & Foundry 3 18 174 174— 4
174 94 Am Ch&Cable 25e.. 1 124 124 124 + 4
llo'« 88V-J Am Chicle (4a) _ 1 104 104 104 + **
16*» 8v* Am Crys Sue .75e._. 4 10 10 10
4** 2>, Am Encaustic Til_ 1 3*4 3*4 3*4
43» 2V* Am & F'orelgn Pwr. 3 31* 3H 3'4 — *4
lFs 5V4 Am For Pwr 2d pf . 1 8H 8'j 8',+ V4
37*» 30*4 Am Home Prod 2.40 1 37*4 37*4 37*< + *»
2H 1V4 Am Ice _»_ 4 2 it, l",
7’4 4*4 Am International_ 3 6 5V» 5H — H
23H 12*4 Am Locomotive _ 2 17 17 17+14
14H 10 Am Mach & Fy ,40e. 3 12Vi 12 12 — H
5Vi 2*» Am Mach & Metals.. 2 3»< 3*4 3*4
38*4 23 Am Metals- 1 531*4 30', 31*4+11*
(V* 3'i Am Power & Light. 12 4H 4*4 4*4 + v,
33 16'» AmP&L lopf ,934*k 3 24 23** 23*4 + *4
40*i 10 Am P&L $6 pf lHk. 0 27V* 26** 27
14'* 9 Am Rad & St .60_ 57 1274 12>4 12'+ — Vi
227» 1314 Am Rolling Mill ... 9 17*, 17 17 + 1,4
58 Am Roll M nf 4.50 _ 2 70 70 70
207, 15*4 Am Safety Raz 42)_ 1 171,4 1714 171*
14W 7i, Am Seating .. 1 10>* IOV4 IOV4
yy-’ 22*4 Am Shlpbuldg (2) . 10s 26’, 26 H 26’j + *4
56- 4 28*4 Am Sm ft Ref 1.25e. 35 38', 38 38*4+*,
52 45'* Am Snuff (3a) .. 2 47', 47'i 47',-',
.'4'* 15', Am Steel Foun 25e. 9 221* 21'* 21'* + ',
31 21', Am Sugar Ref (2).. 2 27H 27', 2774 + *,
149s* 111 Am Tel & Teleg (9). 5 129 128 129 +',
73. 58]* Am Tohacco(FS) (5) 10 70 69'* 69',+ Vj
77« 37» Am T> pe Founders. 3 0*4 BH fit,
73'ii 6 Am Water Works10 8H 8'* 8", + i,
s’* 3'i Am Woolen .. 1 41, 41, 41, _ 1,
8'2 4 » Am Zinc Lead & Sm 8 fi 5a, 57, + 1,
3634 21', Anaconda Cop .25e. 76 28:4 28', 28*, -r *i
5" 29 Anacon W & Cable.. 2 35 35 35
3'« 2 A P W Paper .. 1 2', 2H 2'-,
30', 20 Arch-Dan-Mid 50e. 1 247s 247, 247, + S
| 121'* 119 Arch-Dan M pf (7 ) . 40s 120 120 120
100', 82 Armour (Del pf (7). 1 90 90 90
67s 37s Armour!Ill) _ 2 4** 4"* 4** — 1,
39 24U Armstrong (,25e) . 5 31** 31 31 + H
7', 5', Arnold Const .37 He 1 77', 71 j _ i,
5*4 2's Artloom Corp _ ] 3'« 3V, 3U + t,
8*« 4 Asso Dry Goods_ 1 6'* 6'., 6',+ U
42 22'i AtchT&S F (2gK. 9 28 27'* 27'*
72 40*4 Atch T & S F pf (5) 5 44 43'» 43', + *4
27S 14 Atl Coast L 1.50g... 3 17". 16', lfit, _ »,
24 17*4 Atl Refining (1)_ 5 21** 21', 21',
97i 5", Atlas Corn _ 8 7", 7», 74,
4'» 2', Aviation Corp_ 3 37« 3** 3', 4. 1,
104 5 Baldwin Loc ct- 4 74 74 74+41
10* 4 Balto&Ohlo _ 22 54 54 54 1,1
1 13*. 54 Balto & Ohio pf_ 3 7 64 64
95 86 Bangor & Ar pf(5).. 60* 894 89 4 894 - 54 1
>■> 124 Barber Co . 11 17 16 16 - 4!
30 214 Barker Bros pf 2.76 160* 234 23 234 +14
164 104 Rarnsdall (l> 23 134 13', 134 + 4
14 , 8', Bendix Aviation__ 4 114 114 l|t.+ 4
I 19 154 Beneficial Bn 45e_. 2 17'.. 174 174 - 4
60 , 40 Bethlehem Steel_ 611 4s7, 474 48
16', 13 Reth5p»pf(l)- 1 144 14', 144 — 4
* ‘ * 9"« Black & Decker_ 2 13 124 124 — 4
154 10'- Rlaw-Knox __ 2 12 12 12 — W
354 20i, Boeing Airplane_ 48 284 2-„( 277, + 4
1 194 15-4 Borden Co (,70e)_ 9 164 16', 164
284 164 Borg-Warner _ 8 224 22 22 + H
107, 54 Bridgeport Brass... 10 7', 74 74
>24 Briggs Mfg .. 11 19 184 184 + 4
34 28 Bristol-Myers 2.40.. 2 324 324 324
134 5*, Bklyn-Man Transit. 3 74 74 74
37 164 Bklyn-Man T pf (6) 4 204 204 20'.- 4
214 10', Bklyn Union Gas_ 3 154 154 154 — 4
94 57* Bucyrus-Erie_ 2 84 8 g 4- 4
64 34 Budd Mfg_ 5 44 44 44 _ 4
544 25 Budd Mfg pf- 50s 364 364 36V, -1
54 3 Budd Wheel_ 2 34 34 34
324 154 Bulova Watch (4) _ 1 204 204 204 —14
94 64 Burlington Mills(l) 1 84 S4 84 _ 4
204 144 Burr's Add M 3fle _ 1 154 151., 154 — V,
84 54 Butler Bros (.60) . 1 64 64 64 + 4
44 2s, Butte Copper & Zinc 3 34 3 3 — t,
244 154 Calif Pack (1.60aj... 1 20 20 20
24 1 Callahan Zl.tc _ 6 14 14 14 - 4
104 54 Calumet & Hecla... 5 74 74 74 + 4
154 94 Campbell Wy (1)... 3 111, 114 114 - 4
194 124 Canada Dry G Ala.. 4 1 54 1 44 147, + 4
84 5 Canadian Pacific 5 64 64 64 + 4
36 29 Cannon Mills (le).. 10 31 274 274 -34
86 634 Caro Clin & O (5) 110s 654 65 654 +4
44 24 Carriers & Gen .Oae 13 3 3—4
97t, 624 Case (J I) Co - 1 76', 764 764+14
109', 984 Case (J I) pf (7) . 40* 102 102 102 -4
554 294 Caterpill Tract!le). 7 42 41 414 j. 4
i",* Celanese Corp 8 14% 144 144 + ,,
25% 12% Celotex Corp _ 3 19% 19 19
62% 46 Celotex Corp pf (5). 20s 55 55 55 4- %
4’a 2 Central Foundry __ 3 314 314 31* - 1*
105 99*4 Cent 111 Lt pf 4.50 .. 10s 100% 100', 100% + %
46% 26% Cerro de Pasco(2e). 3 34% 34 34% -1%
S’, 4% Certain-teed - 4 6% 6% 6% + %
32% 1.% Certain-teed pf ... 40s 26% 26% 26%+ %
30% 18*4 Champ Paper & F . 1 20 20 20 + v, I
106 99 Champ P&F pf(6)_ 10s 98 98 98 -1
38% 23% Ches & Ohio 1.50e_. 6 27% 26% 26% — % I
1% % Chi Great Wn (r)_ 2 % % s + %
1 % Chi M StP & P (r) __ 1 *, », j
1:« *« Chi M StP & P pf(r) 1 1% i% it, + u '
1]. *4 Chi & Northwn <r). 5 1 % 7,
12% 6% Chi Pneu Tool .. 1 10 10 10
2% 1% C R 1 & P 7% pr (r) 3 1% p« p, — %
12% 8 Chi Yellow Cab ,25e 1 9% 9% 91- ..it,
5% 3% Childs Co . 1 4% 4% 4%
63% 35% Chrysler Corp .. . 75 44% 42% 43%+ %
15% 10 City lec & Fuel 40e 2 11 11 p — t3
67% 59 City ice & F Df 6%. 30s 65 64% 65 - %
112 106 Clev El lllu pf 4%.. 10s 109 109 109
43 32% Climax Molb .30e .. 2 41% 41% 4US +1
15% 10% Cluett Pabody ,40e.. 1 12% 12% 12%
125 105% Coca-Cola (,50e)_ 5 120 120 120 -1
11% 7% Colgate-Palm-Pete. 3 8% 8% *8% — %
S’, 3% Colo & Southern_ 10s 5 5 5 — t*
11*4 4% Colo & South 1st pf 10s 7 7 7 _ *
22% 13% Columb B C(A> 40e 1 17% 17% 17%+*,
9', 5% Columbia Gas & El. 34 «% 5% <5 + u
79 60 Coip&Elpr A<6)_ 3 61 61 61 +%
in’ Colum Pic vtc (11 . 1 n% ip, 11% _ i_
38*4 23 Commercial Credit. 3 31 3i 31
44*4 31% Cornel Inv Tr i4).„ 5 36 35% 35% J- %
10 5 , Cornel Solv (.60) ._ 12 7% 7 7 + u.
27% 22V, Comwltn Edts 1.25.. 3 23% 23% 23% + V«
2 1 Comwith & South’n. 11 1% p, p„
42% 25 Comw &So pf 1.50k. 3 33 32% 32%+ %
t% 3% Conde-.\ast Pub ... 2 7% 7 7% _ %
s i.i %ongoleum-N 2ae.. 7 20% 20 20% + %
19% 11 Consol Aircraft _ 10 16% 16% 16% -r %
SO 71 Cons Cgr pr pf 6,50. 50s 75% 75% 75%
25% 17 Consol Edls «.60e)_. 63 23% 22% 23 +%
96% 88% Consol Edls pf < 5)_ 5 92 91% 92 +1
1% 1 Consol Film .. 1 1% pi, ‘ py, + tt
6% 4% Consol Film pf ,251c. 1 5% 51* 51, _ y,
30% 7 Consol Oil (.80) 31 9 8% 9 + y.
% Vi Consol Textile (r).. 5 % y* V* - %
5% 2% Consolidation Coal. 3 3 3 3 _ y.
16% 9% Contain Corp 1.20._ 29 11% 11% n% _ y:
16% 8% Conti Baking <A)__ 1 12% 12% 12%+%
2% IV* Conti Baking (B)_ 3 1% 1% i»*
So 65% Conti Baking pf(8)_ 1 80 80 80
96'i, Conti Can (le) ... 17 39% 38V* 38%-%
32 21V* Conti lnsur (1.60a). 1 26% 26% 26% - V*
1% 1 Conti Motor . _ .. ... 6 1% 1% p.
34% 21V* Conti Oil (Del) ,*5e 16 27% 27 27V* + %
56 40 Corn Exchange (3). 100s 47% 47 47%-%
65% 53 Corn Products (3).. 2 63% 63% 63%
-f* if*S°tyI"c- 1 3’* 3% 3%+V*
ll Crane Co .. ... 4 28 27% 28 + %
98 80 Crane Co cv pf (5).. 2 96 96 96
39% 22% Crown Cork&S 50e. 3 28% 28% 98%+ %
12V* 7% Crown Zeller ,50e... 5 9% 95, 9%
44% 19V* Crucible Steel ._ 3 26% 26V* 26% +1
5% 3 Cuban-Am Sugar— 2 4V* 4V, 41*
18V, 12% Cudahy Packing — 3 14 14 14 - a*
7V» 4% Curtis Publishing . 5 5% 5% 5% - %
60% 39 Curtis Pub pf 2.25k. 2 38V* 38 38V* -1%
6% 3t* Curtiss- Wnsht 36 4% 4*4 4**
19% 12% Curtiss-Wrlght(A). 35 18% 18 18%+%
48% Cushman *7 pf 3.60. 30s 56 55 56 +1
24V* 13V* Cutler-Hammer_ 1 19 19 19 -|- %
•>- JA- . ** <JO- 88 20 19% 19% + %
28 1944 Deere * Co of (l.<0) 1 21% 21% 21%
17% 7% Del ft Hudson. 2 9% 9% 9%
39V* 25 Devoe& Ray <A) *. 10s 31 31 31 + %
26% 20% Diamond Mtch .50e. 1 25% 25% 25%
16 11 Dis Corp-Seag .60s. 4 13% 13V* 13% + %
34 30 Dixie-Vor (A) 2.50. 60s 31% 31% 31% + %
22% 12 Doehler Die .20e_ 2 16% 16% 16?$
«0% 46% Dome Mines 2e_ 1 53% .53% 63% — %
46% 31 Douglas Aircraft— 83 44 42% 43% +1%
112 87% DowChem <1.50e)_. 1 100% 100% 100% + %
123% 90% Du Pont de N 60e._ 18 101% 99 99 + %
137 130% Du Pont deb (6) .. 1 131% 131% 131% - %
115% 109% Dupont de N pf 4.50 1 113% 113% 113% + %
116% 111% Duquesne 1st pf (5) 10s 115 115 115 +1
167 121% Eastman Rod 3.60e. 1 150% 150% 150% +2%
21% 10% Eaton Mfg Co _ 2 14 13% 13% - %
4% 2 Eitingon Schild ... 1 3% 3% 3%
21% 13% El Auto Lite t.25e). 2 16% 16% 16%+ %
10% 6 Elec Boat (,60g) _ 15 8% 8% 8% + %
4 2% El ft Mus Inst ,19a.. 1 3% 3% 3%
13% 6% Elec Pwr & Light 41 9% 8% 8% + %
40 18 Elec Pwr ft Lt (6 pf 1 26 26 26
43 22% Elec Pwr ft Lt of... 6 31% 30% 31
31% 21% Elec Stor Bat (2)_ 1 26% 26% 26%
1% % Elk Horn Coal _ 1 1% 1% 1%
22% 17 El Paso Nat G (2).. 5 22% 22% 22% + %
6% 2% Ena Public Service. 10 4% 4% 4% + %
6% 2 Erie R R _ 1 2% 2H 2*4
9% 2% Erie lat pf... 4 4% 4 4% + 14
6% 2% Eureka Vacuum Cl. 14 4 4
10% 6% Evans Produota_ 8 7% 7*4 7*4+1*
Prev. 1P38 Stock and Sales— Net
High. Low. Dividend Rate. Add 00. High. Low. Close, edge.
134 8 Ex-Cello Corp .20e_. 19 124 124 124 + 4
114 34 Fairbanks Co pf_ 30s 7 64 7
44 24 Federal Motor. ..., 3 3 3 3
184 124 Fed Dept Strs .BOe.. 1 154 15V* 154 -1
334 224 Fid Phoenix 1.60a.. 1 264 264 264 - 4
254 164 Firestone (.76e)__ 1 184 184 184 + 4
184 104 Fllntkote (1*1_ 13 154 154 154 +4
334 18 Food Mach (,25e)._ 2 264 26 264
204 11 Foster Wheeler_ 7 154 154 154 + 4
54 24 Francisco Sugar.._ 1 34 34 34+ 4
28 194 Freeport Sulph (2). 7 264 26 26 +4
5 24 Galr IRobert) _ 1 34 34 34 + 4
74 44 Oar Wood Indust .. 1 54 54 64+4
454 29 Gen AmTransS.BOg. 3 354 35 354 + 4
123 115 Gen Baking pf (g).. 10s 118 11R 118 +24
54 24 Gen Bronze_ 2 34 34 34 - 4
13 54 Gen Cable_ 8 94 9 94 +4
264 11 Gen Cable (A) _ 2 18 18 18 +4
1204 1084 Gen Cigar pf (7).._ 30s 114 114 114
45’,a 274 Gen Electric (,30e). 66 344 344 344 +4
334 224 Gen Foods <2)_ 5 264 264 264
14 4 Gen Gas & Elec (A) 4 4 4 4— 4
384 254 Gen Motors (.25e)— 67 314 304 31 +4
1164 1114 Gen Motors pf (6).. 1 1124 1124 1124 - 4
54 4 Gen Outdoor Adv... 1 54 54 54 + 4
24 14 Gen Public Service. 2 14 14 14+ 4
264 124 Gen Ry Sig <.60e>._ 5 174 174 174 +4
2 1 Gen Realty & Util-. 2 14 Hi 14 - 4
204 134 Gen Realty & Ut pf. 4 17 164 164 + 4
28 154 Gen Refractories... 2 214 214 214 + 4
284 13 Gen Steel Cast pf ... 40s 194 19 19 + 4
20 144 Gen Time lns(.15e). 1 15 15 15-4
94 5 Glmbel Bros__ 5 74 7 7
274 13 Glldden Co_ 4 19 184 184 + 4
34 24 Goebel Brew .20__ 1 34 34 34
194 10 Goodrich <BF)_ 9 144 14 144 +4
24 15% Goodyear Tlre(.25«) 17 19% 19% 19%+%
2 % Graham-Palge_ 32 1% 1 1
6% 2% Granby Consol .. 3 4 4 4
13% 8 Grand Un pf (.50k). 2 11% 11% 11%-%
27% 19 Grant (WT) 1.20e._ 1 22 22 22 -%
23 20 Grant (WT) pf (1). 1 21% 21% 21%
26% 12% Great Northern pf - 11 15% 15% 15%+ Vi
15', 9% Grt Nor Ore ct ,75e_ 1 12% 12V* 12%
127% 122 Grt Wn Sug pf (7).. 40* 122 122 122
21'. 13% Green (HL) l.«0a._ 6 16% 16 16%+% !
11% 7'* Greyhound (.80) 3 9% 9% 9% -+■ %
19 8 Gulf Mob & Nor pf.. 1 11% 11% 11%-%
7 5 Hall (WT) Printing. 1 6% 6% 6%
25 15 llarh-Walker ,50e _ 6 21V* 20% 20% — V*
7'* 4% Hat Corp (A)_,. 1 5% 5% 5',
2'* 1% Hayes Body__ 1 1% 1% 1%
7", 5% Hecker Prod (.60).. 15 6% 6% 6', + %
58 42% Hercules Pow ,40e.. 13 45 45 45
131% 126% HerculesPow pf (6). 10* 130 130 130 -1%
93 80 Hershey cv pf (4a). 1 80 80 80 +1
29% 17 Holland Furn <le)_. 2 29 29 29 + %
11 5% Hollander & Son_ 3 8 8 8
52% 46% Household Fin (4).. 1 49% 49% 49% -1
8% 5 Houston OH__ 6 6% 6'* 6% 4- %
53% 23% Howe Sound (3) ... 2 36% 36 36%-- %
28% 20% Hudson Bay (1.75g) 17 27 26'. 27 +1
7% 3 Hudson & Man pf._. 1 3% 3% 3% — %
10 5 Hudson Motor__ 1 6% 6% 6'.
1% % Hupp Motor__ 8 % % %
12V* 6% Illinois Central_ 4 8% 8 8
38 23 Illinois Cent LL (4) 10* 27V, 27% 27% - Vi
22 14% Industrial Rayon . 1 17 17 17
86 60 Ingersoll Rd(1.60e) 1 79 79 79 +1
15% 7% Inspiration Copper. 21 12 11% 11%+ %
4% 3'. Insuransh ct (.20).. 2 4 4 4
6% 2% Interboro R T (r).. 1 3% 3% 3% -
25 15 Interchemical Corp 1 18 18 18 - %
13% 6% Interlake Iron _ 8 9% 9% 9% + V*
3% 2 Inti Agricultural 2 2% 2'. 2'. — %
154% 130 Inti Bus Mach («a). 2 142% 142% 142% -1%
70 50% Inti Harvest (2.60). 7 59'* 58% 59% +1%
7'* ;U« Inti Hydro-Elec(A) 6 5% 5% 5% + %
11% 6% Inti Mining <.15e)_. 1 9 9 9 — %
52% 36% Inti Nick Can ,50e._ 54 47% 46% 47 +%
9% 1% Inti Paper & Pwr .. 20 7% 7 7% + %
39% 18% Inti Taper&Pwr pf. 14 28% 27'* 27** — V,
6 2% Inti Ry Cent Am . 60* 4 4 4 + %
48% 28% Inti R C A pf 1.25k. 80s 36 35% 35%-%
8% 5% Inti Tel & Tele* . 34 8% 8 8 + %
9 6 lntl Tel & Tel for ct 7 8% 8% 8%
13% 6% Interstate Dept Str. 2 8** 8% 8**
12 8 Intertype (.80g)_ 1 9*» 9% 9% + %
86 68 Johns-Manville ... 10 67% 66% 67 +1%
78 49% Jones & Laugh pf . 10* 54 54 54 -1
19% 12% Kalamazoo S.37 %e 1 16% 16% 16%+%
9% 5% Kansas City Southn l 7% 7% 7%
14% 10% Kayser <J) ,25a ... 1 12 12 12
43% 26% Kennecott <.25e) . 23 34% 34% 34% + %
9% 6% Keystone S&W ,15e 1 8 8 8 + %
22% 19 Kimberly-Clark (11. 1 22 22 22
16% 9 Kinney (GR) pr pf. 40s 14 13% 13% + %
18*. 15% Kresge <SS> .30e .. 9 17% 17% 17%-%
17% 12% Kroger Groc (160). 4 15% 14', 14',-%
12% 8% Lambert Co <.7oe).. 1 10% 10'. 10', x %
15% 10% Lee Rub & Tire .25* 1 13% 13% 13%+%
5% 1', Lehigh Val Coal pf. 1 2'. 2'. 2'.
6% 3 Lehigh Valley R R. 14% 4% 4% + %
28% 19% Lehman Corp (1 )... 4 25 24% 24%+%
27% 19% Lerner Stores (2)-. 1 23% 23% 23% + %
42 23% Libbv-Ow-Fd .ROe). 5 29%. 28'. 28'.- %
27% 25 Life Savers (1.60).. 1 27% 27% 27".-%
34% 20% Lima Loco _ 3 27 26% 26% - %
42’2 29 Link Belt (,75e) ... 1 36 36 36 -1',
20 12% Liauld Carbon 60e. 2 16 16 16
52% 33 Loew s. Inc (.50e)_ 6 41% 41% 41% + %
106% 102 Loew’s pf (654)_ 1 106% 106%. 106% +4%
1% % Loft. Inc.. _ 24 1% 1% 1% - %
40% 26 Lone Star Cem (3). 3 37% 37 37%+ %
21 14% Loose-Wiles (.55e)_ 1 16% 16% 16%-%
106 97 Loose-W Bis pf (5). 10s 103% 103% 103% -r3%
140% 125 Lorlllard P pf (7).. 50* 135V* 135 135
17% 12% Louis G&E A(1.50). 2 15"* 15% 15%+ %
56% 29% Lou & Nash 2.50e .. 1 32 32 32
2U* 13 Ludlum Steel .26*.. 4 16". 16% 16%
15 10 McGraw Elec (1)_ 3 14% 14 14 - %
45% 35% McIntyre Pore (2).. 3 39% 39 39
26', 14 McKeesport Tin__ 8 16 16 16
8% 5% McKesson* Rob .. 5 6% 6% 6% - %
8', 5 McLellan Stra ,40e. 1 6% 6% 6%.
24% 16 Mack Truck (1) .. 6 20% 20% 20% x %
32". 24% Macv (RH) Co (21 5 29". 29". 29". + %
13% 10 Madison Sd Gar''be 2 13% 13% 13%+ %
9 2% Man Rv modgtd(r) 2 4 3% 4
12% 9 Manhat Shirt < 1) 1 11% 11% 11%+%
2% 1% Maracaibo Oil _ 1 1% 1', 1'. - %
7% 5 Marine Midland .40. 3 5% 5% 5%
12% 7 Market St Rv pr pf. 30s 10% ]0% 10%+*,
9% 5% Marshall Field_ 2 7% 7% 7% + %
22% 14% Martin (Glen) 87 22% 21% 21% %
42% 28% May Dept Strs <31- 3 37% 37 37%+%
6% 3% Maytag Co_ 2 4% 4% 4% + %
5% 3% Mendel Co_ 5 4% 4% 4% — %
11% 5% Miami Copper _ 7 8% 8% 8% + %
22% 12% Mid-Cont Pet .25e _ 2 17 17 17
27% 1R Mldld Stl Prod .50e. 2 20% 20% 201,+1%
101% 76 Midl'd Stl 1st pf (8) 20s 87% 87% 87%-2%
67 46% Minn-Hon R.125e . 3 60 59 60 +%
3% 1% Mo Kan ft Texas _ 1 2% 2% 2%
11% 4% Mo Kan ft Texas pf. 2 6% 6% 6% + u
17 10 Mohawk Carp .25e.. 1 13 13 13 - %
91'4 68% Monsanto Ch (2) — 8 70', 69% 70 + %
37% 25 Montgom Ward le . 27 32V* 31** .31% + %
39% 25 Morris ft Ess 3 78% 2()s 26 26 26 +1
21% 10% Motor Products 1 14% 14% 14%+%
64% 26 Mullins Mf* pf (7). 210s 44% 44 44 -1%
7% 4 Murray Corn _ 1 5% 5% 5% — %
12% 6% Nash-Kelv (.125e)_. 6 8% 8% 8% + %
15% 7% Nash Chat ft StL — 20s 9 9 9 - %
13% 8i, Natl Acme _ 3 10% 10% 10%
10% 6 Natl Aviation ... 6 8 7%, 8 + %
20% 15% Natl Biscuit (,80e).. 4 20% 20", 20%+ %
17% 10% Natl Rd & Inv 1.44 1 13% 13% 13%+%
80 65 Natl Bd&In pf ww S 1 70% 70% 70% 4- %
18% 12% Natl Cash Res: 50e 4 16% 16 16 - %
15% 11% Natl Dalrv (1.301 . 23 13 12% 12%
110 105% Natl Dairy pf B (7) 10s 108 108 108
7** 3% Natl Dept Stores .. 1 5% 5% 5% + V,
23% 17% Natl Distillers (2).. 12 19% 19 19% + %
7% 5 Natl Gypsum__ 6 7% 7 7
29% 17% Natl Lead (.60). . 19 21 20% 20%+ %
8% 5 Natl Pwr&Lt (.80) 8 7 6% 6% 4- %
62% 44% Natl Steel (.25e).... 2 53% 53 53%+%
23 14% Natl Supply...._ 5 18 17% 17%+ %
10% 7% Natomas (.80)_ 4 9 9 9
106 99% Newberry (JJ) pf 6 90s 100 99% 100 + %
19% 9% Newport Indus_ 11 14% 13** 13% + %
19% 10 NY Central _ 33 12% 12% 12% + %
22% 7 N Y Chi ft StLoula.. 2 11% 11% 11% - %
38% 12% N Y Chi ft StL pf_ 4 18 17% 18 + V*
26% 18 NYCOmnibus_ 1 22 22 22 - %
11% 5% N Y Dock pf _ 40s 10 9 9 -1
% % N Y Investors(r)_ 3 % % %
2% 1% N Y N H ft H (r) ._ 6 1% 1% 1% - %
1% % N Y Ont & Wn (r)_ 3 % % %
10% 4% N Y Shiphuildinc 2 7 7 7
106% 100 Norfolk ft Wn pf(4) 200s 103% 103% 103% + %
10% 5% Nor Am Aviation 35 9 8»* 9 + %
22 13% North Am Co (.30e) 24 17% 17% 17% + %
13% 6% Nor Pacific_ 18 8 7% 7%
1474 10 Ohio Oil (1C) 8 12% 1274 12'4 + %
32% 2074 Oliver Farm Equip. 9 25% 24% 24% + %
7% 4 Oppenheim Collins. 1 5% 5% 5% — %
24% 13% Otis Elevator .15e.. 1 19% 19% 19%—%
12 6% Otis Steel . 3 9 8% 8%
6674 40 Owens-Ill G1.50e-_. 1 61 51 51
18 1074 Pac Coast 1st pf_ 10s 15 15 15
874 3% Pao Coast 2d pf_ 90s 6% 5% 5% — 1
14% 9% Pac Finance (.30e). 2 11% 11% 11%-%
28% 22% Pac Gas*®1 (2)_ 2 2574 25% 2574
1674 9% Pacific Mills- 4 1374 13 13 — 74
116 87 Pac Tel & Tel 1.60s. 10s 10074 10074 10074 -1%
574 3% Packard Motor__ 27 4% 4 474 + %
1% % Panhandle (r)__ 2 111
42 29 Paraffine Inc ,60e_ 1 36% 36% 36% —174
1274 5% Paramount 64 8% 8 8+74
12% 6% Param’t 2d pf (.60). 4 9% 9 9 + %
3% 174 Park Utah Mines __ 2 2% 2% 2% + %
37% 3174 Parke Davis (.90e). 1 35% 35% 35% — %
6% 3'4 Pathe Film __ 31 5% 5% 5% + %
274 174 Penn Coal & Coke 1 2 2 2
5 274 Penn-Dixte Cement. 2 374 3% 374 + %
• 2474 1 074 Penn-Dixte pf A .. 1 1774 1774 1774 —274
24% 14% Pennsylvania R R.. 24 16% 16 16% + 7*
3474 22% Peoples Gas & C_ 2 28 27% 28 +74
1374 7% Petrol Corp . _ 2 9% 9% 9% — %
31% 17% Phelps Dodge .10e . 21 23% 23% 2374 + 74
65 60 Phila Co pf (6) new. 1 63% 63% 63% +374
9574 75% Philip Morris 6.25e_ 6 88 87 87%+ %
4274 27% Phillips Petrolm(2) 29 34% 3374 34 + 74
35 22 Pitts Coal pf- 1 21 21 21 -1%
8% 5 Pitts Screw__ 1 7 7 7 + %
16% 774 Pitts Steel-— 1 10 10 10 + %
20 15 Plymouth Oil 1.46.. 6 1874 18% 18% + %
12 674 Poor* Co B_ 6 8 7% 7%
Prev. 1938 Stork and Salra— Net
High. Low. Dividend Rale. Add 00, High, Low. Close, chie.
10% 4% Tressed Stl Car.... 6 7% 7 7 + %
10% 4% Press St C lstpf .25. 1 7% 7% 7% + %
50% 39% Proctor & Gam <2). 2 48 47% 47% — %
121 117 Procter & G pf (5).. 20s 119% 118% 119% + %
35% 25 Pub Svc NJ (2.60). 4 28% 27% 28 — %
108 102 Pub Svc N J pf (6). 2 103 103 103 +1%
143 132 Pub Svc N J pf (8). 10s 136% 136% 136% - %
36% 21% Pullman Co (.375t). 7 28 27% 27% — %
13% 8% Pure Oil. 7 10% 10% 10%+%
16% 12 Quaker Sta Oil (1).. 7 12% 12% 12% -1
7% 4% Radio Corp - 24 6% 6 6% + %
53 37% Radio cv pf (3H)_ 2 49 49 49 + %
61 Vi 60% Radio pf B (6) ... 1 73 73 73 + 14
5% 2% Radio-Keith-Or (r). 3 2% 2% 2%
24% 9% Rayonier Inc . 1 10% 10% 10% + %
22 12% heading Co (2) ... 1 15% 15% 15% -1
30% 18 ReadinK 1st pf (2)_. 1 24% 24% 24%+2%
15% 9% Rem Rand .60a_ 5 11% 11% 11%+%
3 11a Reo Motor _ 16 2 2 2
20% 11% Republic Steel_ 25 14% 14% 14%+%
17% 7% Revere Copper_ 1 11% 11% 11%
85 75 Revere Cop pf (7).. 10a 65 65 65 - 10
17% 10% Reynolds Met(.16e) 1 13% 13% 13% - %
58% 51% Reynolds T I.SOe 10a 54% 54% 54%+%
46% 33% Reynolds T< B)l.R0e 3 37% 37 37%+%
7% 5 Richfield Oil_ 12 6 6 6
23% 13 Ruberold Co_ 9 20% 20 20
93 68 Safeway Sts pf(6).. 10s 71 71 71 -4
105 79 Safeway Sts pf(7)_. 70s 804 794 80 —1
404 254 St Joseph Lead .25* 5 334 324 324 - 4
14 4 StL-San Fran <r)._. 2 1 4 4-4
3 14 StL-San Fran pf<r) 2 14 14 14
274 164 Schenley Dist .50e.. 3 184 184 184 -4
1 4 Schulte Ret Strs(r) 1 4 4 4
42 344 Scott Paper <.40e) 160s 39 39 39
24 14 Seaboard A L pf <r) 1 14 14 14
274 154 Seaboard 011 (1) __ 1 194 194 194 -4
654 47 Sears Roebuck(3a). 7 584 574 584 + 4
164 94 Servel Inc (1) ... 1 134 134 134 + 4
204 10 Sharon Steel Corp.. 2 134 134 134 -4
94 44 Silver King C.35e._ 2 64 6 64 + 4
244 124 Simmons Co_ 7 18 174 18 +1
344 184 Skeliy Oil .. 1 234 234 234 +1
100 92 Sloes-Sheff pf (6).. 30s 93 93 93 +1
204 13 Smith (AO).. _ l 154 154 154 -4
154 10 Smith & Cor (,26e) .. 1 114 114 114-4
164 104 Soeony-Vacuum .50. 61 134 134 134 + 4
34 14 So Am Gold & Plat .. 16 2 14 14-4
224 94 Southn Pacific _ 19 124 114 114
134 54 Southn Railway__ 2 74 74 74 + 4
214 84 Southn Railway pf. 5 114 104 104
4 2 Sparks Withington. 2 24 24 24
214 154 Sperry Corp_ 52 204 194 194 +4
114 64 Spiegel, Inc_ 9 74 74 7-4 + 4
61 484 Spiegel, Inc pf (4 54) 20s 54 53 53 -1
214 124 Square D Co <.15e)_ 1 164 164 164 +4
94 64 Stand Brands .35e8 74 74 74 — 4
34 14 Stand Com Tob (r). 11 2 14 2 + 4
54 2 Stand Gas & El <r)_ 9 34 34 34 -4
114 44 Stand G&E pf <r>_ 9 74 74 74 + 4
224 104 Std G&E $6 prpf(r). 2 16 16 16 +4
264 13 Std G&E $7 pr pf<r) 3 184 184 184 +'*
334 254 Stand OilCailf (la) 5 30 294 294 + 4
354 244 Stand Oil Ind (1)... 25 314 304 304 - 4
544 394 Stand Oil N J (la).. 27 48 464 47 +1
26 174 Starrett(LS) .25e_ 1 20 20 20 +24
594 49 Sterling Prod 3 *0_. 1 594 594 694 -4
114 64 Stew art-Warner .. 2 74 74 74 — 4
11 54 Stokely Brothers_ 1 64 64 64 + 4
114 54 Stone & Webster_ 14 84 K 8—4
74 34 Studebaker _ 6 54 54 54 + 4
125 119% .Sun Oil pf (6)_ 40* 124', 124% 124%
14% 9% Sunshine Min ,60e). 1 11% 11% 11% +■ %
3% 1% Superior Oil _ 7 2% 2% 2% -t- %
18% 15 Swift&Co (1.20)_ 5 17% 17% 17%*-%
27 22% Swift Inti (2)_ 3 25 24% 25
10% 4% Symington ww.26e_ 3 7 6% 7 + %
5% 4% Telautograph .60_ 2 4% 4% 4% + %
8 3% Tenn Corp _ 15 6% 6% 6% + %
44% 32% Tex Corp (2)_ 33 39 38% 38% +1
34 26 Tex Gulf Sul. 50e_ 5 29% 29% 29%+ %
10% 7 Tex PacC&O (40) 3 8% 8% 8%
11% 6% Tex Tac Ld Tr_ 1 8% 8', 8%
4% 2% Thermold _ 1 3% 3% 3% + Vi
3% 1% Thompson-Starrett. 1 2*, 2% 2%
15% 10% Tide-Water Oil (1). 3 13% 13', 13%
85 77", Tide-W A O pf 4.50. 4 78 78 78 + %
13% 8 Timken-Detrolt_ 3 10 10 10
48% 31% Timken Roil B .25e. 6 37 36% 36% — ’.
12*. 8 Transamerlca .75... 6 10% 10 10% *- %
U. S. EXTENDS LEAD'
Nation Accounts for 626
Barrels of Every 1,000
Over World.
Bv J. G. DONLEY.
Special Dispatch to The Star.
NEW YORK. April 27.—The United
States extended its lead over the rest
of the world in petroleum production
last year. Out of every 1,000 barrels
of petroleum produced in the world
; in 1937 this country produced 626
barrets, as compared with 602 barrels
in 1936. according to the latest data
| issued by the American Petroleum In
stitute.
Producing nearly two-thirds of the
world's petroleum, the United States
increased its output last year by 16.2
per cent, over 1936, while the output
outside this country rose only 8.7 per
cent.
World production of petroleum
crossed the 2.000.000,000-barrel mark
for the first time in 1937, setting a
total of 2.040.531,000 barrels, a gain
of 13.3 per cent. Production in the
| United States was 1,277.653.000 bar
rels. Soviet Russia ranked second
among producing rountries, but its
output for the entire year was only
199.475.000 barrels, or less than two
months’ output by American wells.
Venezuela stood third, with reported
j production of 185,701,000 barrels.
Some Show Declines.
A number of countries recorded
marked decreases in petroleum pro
duction last year, notably Rumania,
Poland, Egypt, France and Italy,
j Chief among those countries, outside
the United States, to record material
gains were Venezuela, Iran (Persia),
Netherlands, India, Mexico, Trinidad
and Bahrein Island.
According to the National Indus
trial Conference Board, our petroleum
production showed a decrease of 3.3
per cent in March, as compared with
last December, but output for the first
three months of this year was 3 per
cent higher than for the like period
last year. In the Conference Board’s
compilation of "business indicators”
only one other item—zinc—was able
to show increased output or con
sumption in the first quarter of this
year over last year.
The petroleum industry has put on
a better performance than average
over the last few months, largely for
the reason that a mild winter en
couraged the use of automobiles. Pros
pects are that, despite the depres
sion, total automobile registration this
year will be at least as large as in
1937. And on that basis Standard
Statistics estimates that gasoline de
mand for 1938 will run about 5 per
cent larger than last year.
Oil Business Help.
While mild winter weather helped
to keep gasoline consumption at a
higher than seasonal level, it was
adversely reflected in the demand for
oil burner fuel. At the same time
general business conditions tended to
restrict the consumption of industrial
fuels and fuels for the railroad and
shipping industries. But the growing
popularity of oil burners in the home
and the increasingly favorable com
petitive position of fuel oils in conse
quence is likely to cushion the decline
in total demand this year.
The most encouraging thing about
the oil industry is that progress in
petroleum chemistry more than keeps
pace with increasing output and de
mand for petroleum products. Right
now the industry is making rapid
strides and is entering, a period dur
ing which by-products of value in the
manufacture of a variety of synthetic
plastics promise to yield new sources
of income.
(Copvriaht, 1088.)
NEW YORK COTTON
By the Associated Press.
NEW YORK. April 27.--Cotton ad
vanced today in Quiet trading on com
mission house and local buying. With
only a few May notices issued, offer
ings were light.
July advanced from 8.83 to 8 89 and
in midafternoon was selling at 8.83.
with prices 5 to 7 points net highpr.
Futures closed 9-14 higher: May.
8 84: July. 8.90; October. 8 98: Decem
ber. 9.01-02; January. 9.03n; March,
9 10. Spot steady; middling, 8.90.
n Nominal.
NEW ORLEANS. April 27 An
unfavorable weekly crop summary
brought out covering and outside buy
ing in cotton today and prices showed
moderate net advances.
Toward the beginning of the final
hour May contracts sold at 8 91. July
8 96. October 9.05 and December 9 09.
or 3 to 8 points above the previous
close.
CORPORATION
REPORTS
NEW YORK. April 27—The follow
ing is today's summary of corpora- j
tion news prepared by Standard Sta
tistics Co., New York:
Standard Products Co.—Common ;
share earnings, nine months ended
March 31, were 7 cents, against $1.91.
Otis Elevator Co—President stated
company during first quarter more
than covered common dividend re
quirements. A disbursement of 15
cents a share was made on common
on March 21. Uncompleted work on
books March 31 totaled $17,275,933,
against $17,783,612 at end of 1937.
Virginia Iron, Coal & Coke Co.—
March quarter deficit was $28,064.
against deficit of $29,698.
Seeman Bros., Inc.—Common share
earnings, nine months ended March
31, were $1.89, against $3.16.
White Rock Mineral Springs Co.—
1937 common share earnings were
$1.34, against $1.43.
Procter <fe" Gamble Co.—Common
share earnings, including $2,125,000
non-recurring income, nine months
ended March 31, were $1.80, against
$3.29.
National Acme Co.—March quarter
common share earnings were 38 cents,
against 58 cents.
Loblaw Groceterias Co., Ltd.—Net |
profit, 44 weeks ended April 2, was j
$838,894, against $304,774 in 44 weeks
ended April 3, 1937. Net sales in like
44 weeks' period totaled $18,503,011,
against $15,972,266 in like 1937 period,
an increase of 15.8 per cent.
Shattuck, Frank G., Co.—March
quarter common share earnings were
10 cents, against 14 cents.
Mountain Producers Corp.—1937
common share earnings were 76 cents,
against 62 cents.
Superior Oil Oorp.—March quarter
common share earnings were 8 cents,
against 3 cents.
Illinois Central R. R.—March nat
railway operating income was $1,
055,715, against $2,227,120. In three
months net railway operating income
was $3,191,000, against $3,068,251.
St. Louis-San Francisco Ry.—March
earnings available for interest were
$22,581, against earnings of $487,686
in March, 1937. In three months loss
before interest was $705,554, against
earnings available for interest of
$959,183 in like 1937 period.
St. Louis Southwestern Ry.—Federal
Judge Davis, St. Louis, authorized
trustee of company to withhold pay
ment of interest due May 1 on first
mortgage bonds.
Wabash Railway Co.—March net
railway operating deficit was $74,985,
against net railway operating income
$718,925. In three months net rail
way operating deficit was $652,478,
against net railway operating Income
of $1,714,652.
Hanna, M. A., Co.—March quarter
preferred share earnings were 44
cents, against $3.81.
Prev. 1008 Stock and Sale*— yet
High. Low. Dividend Rate. Add on. High. Low. Close, chge..
7% 4 Transconll Wn A!r. 4 fi 6% 6 - %
4% 2% Tri-Continent- 8 3% 3% 3% + %
24 16% 20th Cent Fox.50*.. 5 21% 21% 21%+%
10% 6 Twin Coach_ 12 6% 6% 6%
2% 1% Ulen* Co_ 2 2 2 2
12% 7% Un Bax&Pap .12%*. 6 10% 10% 10%+%
80 57 Un Carb (1.60el . .. 36 65% 65% 65% + H
21% 17% Un OU of Cal (1.20). 5 20 19% 19%-%
88% 55% Un Pacific (3e)_ 4 62% 61% 61% -p.
27% 19% Ur.lt Aircraft...... 105 27% 26% 26%+%
8% 5 Unit Air Lines_ 22 8 7% 7% + %
19% 12% Unit Carr Fast .30*. 1 15 15 15 -1%
3% 2 Unit Corp.. 6 2% 2% 2%
32% 22% UnltCorp'npf (3).. 1 25% 25% 25%+%
7% 4% Unit Drug _ 2 5% 5% 5% — %
9% 4% United Dyewood_ 2 6% 6% 6% — %
6% 3 Unit Electric Coal.. 14 4 4
35 21% Unit Eng & Fy .50*. 2 30 29 29 +1
65% 50 United Fruit (3)_ 2 61 61 61 + %
11% 8% Unit Gas Imp (1) _. 25 1ft 9% 9%
5% 3 United Paperboard. 1 4% 4% 4%
8% 4% U S & Foreign Sec.. 3 6% 6% 6% — %
74% 55 US Gypsum (2) ... 4 73 72 72 +1
169% 162% U S Gypsum pf (7). 10* 164 164 164
23% 13% U S Indus Alcohol.. 1 17 17 17 + %
32 21% USPtpe&Fy (2).. 17 30% 29% 29%+%
6% 2% U S Realty & Imp.. 4 4% 4% 4% — %
35% 21 US Rubber_ 66 27% 27 27%+ %
81 45% U S Rubber 1st pf.. 19 71% 69% 69% +1
70% 55 U S Smelt pf (3%)— 1 68% 58% 58%
62% 38 US Steel (new)_ 89 45% 44% 44% + %
114% 95 U S Steel pf (7)_z 18 99% 99% 99% +3%
34% 294 U S Tobacco_ 2 33 33 33 - %
5 3% Unit Stockydn (.60) 2 4% 4% 4%
2% 1% Unit Stores (A)_ 2 1% 1% 1%
54 27% Univ Pictures lstpf 20* 37% 37 37% +2%
1% % Util PwrS Lt (r)._ 3 % % %
20*i, 11% Vanadium_ 9 16 ISM, 15*. + V.
5*. 2*4 Va-Caro Chemical.. 1 3% 3% 3% — Mi
82% 15% Va-CaroChem pf_ 2 21 21 21 + %
4% 1% Wabash pf A (r)__ 1 2% 2% 2% + %
8% 5% Waldorf Syst .20e._ 17 7 7
8'j 4'a Walworth Co. _ 9 7% 7 7 + %
3*4 2 Ward Baking (B)._ 9 2% 2% 21 a — %
48 23 Ward Bak pf .50k._ 2 29 29 29
7% .3*4 Warner Bros Piet— 11 5% 5M, 5% + V.
4'a 1*4 Warren Bros <r)_ .3 2% 2*. 2*.
13% 5 Warren Br cvpf(r). 1 8% 8% 8%— %
24% 16% Warren Fy & P (2). 1 23 23 23 — %
102% 71) West Penn El (A) 7. 10s 80 80 80
97% 74 West Penn El pf (6) 20s 80 79 79 —1
19 13 Westn Aut Sup 1.60 2 18 18 18
3% 1% Westn Pacific pf_ 1 2 2 2 — Mi
28% 16% Westn Union Teleg. 11 22% 22% 22% — %
27% 15% Westhse Air Br (1). 1 21% 21% 21*. + %
109% 61% Westhse El&M tie) 59 77% 75 75% + %
104 103 Westhse E&M pf le. 20s 120 120 120
27% 14% Wheeling Steel_ 4 18% 18 18%+ %
13% 6% White Motor_ 3 8% 8% S% + %
21% 8% White Sewing M pf. 1 12% 12% 12% -1
3 2 Willys-Overland — 1 2% 2% 2% — %
6% 4% Willis-Over pf .60._ 2 4% 4% 4% — %
5*4 3 Wilson* Co_ 4 4% 4 4% + %
19% 10% Woodward Iron_ 3 13% 13% 13% + %
43% 36 Woolworth (2.40>_ 7 42% 42 42 + %
20 11% Worthington Pump. 2 15% 15% 15%+ %
46 28% Worth P cvpf 4.50_ 3 36 35 35 -2%
94 55% Wright Aere.... ... 10s 84% 84% 84% -r3%
29% 20% Yale & Towne .60... 1 28 28 28
15% 8% Yellow Truck _ 43 12*. 11% 11%
93 71 Yellow Tuck pf(7)_. 30s 79 78% 78% — %
43*4 24 Ygstwn Sheet & T.. 19 32*. 31% 31*, + %
22% 11% Ygstwn Stl Dr .25*. 7 15% 14% 14% — %
17% 9 Zenith Radio_ 1 11*. 11% Us,
5% 2*4 Zonlte Products_ 1 3% 3% 3% _ %
Approximote Sales of Stocks on the N. Y. Stock Exchange.
11:00 A.M-160.000 12:00 Noon_ 240 000
1:00 P.M- 290.000 2:00 P.M . . 340.000
Total Sales for the day. 420.000
5 Actual sales: unit of trading 10 shares,
x Ex dividend, xr Ex rights, a Also extra or extras b 1-10
share of >x‘ preference stock, d 1-If. share of *:•: preference
stock, e Declared or paid so far this year, f Pavabie in stock
? Paid last year, h Cash or stock, k Accumulated dividend paid
j or declared this year.
I r In bankruptcy or receivership or being reorganized under
Bankruptcy Act. or securities assumed by such companies.
Ra^e* of dividends in the foregoing table are annual dis- 1
, bursements bas«d on the last quarterly or semi-annual declara
i l>on• Unless otherwise noted special or extra dividends ara not
included
WOULD BUDGETS
HinePEAKS
Social Security and Arms
Programs Continue to
Boost Debts.
By CHARLES F. SPEARE.
Special Dispatch to The Star.
NEW YORK. April 27.—New high
records in government budgets are
common this year to all of the lead
ing nations of the world. Great Brit
ain presents one today. They are
in most instances due to the same
factors, namely, social security, which
covers a large group of relief items,
and armament programs. Some econ
omists believe that the end will be
w holesale bankruptcy or debt repudia
tion, following a strike by taxpayers
A recent popular book on the genera;
question of government financing in
cluded the statement that, while in
dividuals and corporations have a
record for paying their debts, nations
seldom do in full.
The latest British budget is inter
esting when compared in some detail;
with that over which the Rooseveli
administration is now struggling. It.;
expanding tendency again is due tc
the requirements of the govemmeni
for placing itself in a position to re
sist a threatened attack by Germany
It is already apparent that the 1931
appropriation of $7,500,000,000 for na
tional defense in the following flv<
years will not be sufficient. The an
nual average outlay has been exceed
ed by a substantial figure. Result
the necessity for bearing down hare
on the British taxpayers, who in
clude a large number on an income
level not reached by the American
tax system.
In an article this week in Barron's
Prof. Alzada Comstock of Mount Hol
yoke College estimates that in 1937
the average per capita tax bill in
England was about $100, which com
pares with $42 in the United States.
While $22 per capita was expended
for defense in the former country
last year, the amount here was $7.
About the same ratio exists in the
item of debt service, which is ap
proaching $25 per capita in England.
The tax penalty of the Britisher in
the lower and middle income brackets
is severe, but he pays it with little
complaint as a matter of course. It
is estimated that about 22 per cent
of the national income of Great Brit
ain is absorbed by national and local
taxes, as against around 15 per cent
in the United States.
The strongest opponents of income
taxes in this country are those from
the high surtax brackets. It is true
that they are taxed at a higher rate
than their British brothers. How
ever, a stratum of British taxpayers
below them is taxed at a rate that
would cause an explosion if applied
to the same group here. In England
taxation of incomes begins at $750.
Before the married American reaches
his exemption limit the Briton has
been paying out about 4 per cent of
his annual earnings to his govern
ment.
There are about 3,000.000 individ
uals in this country making no direct
contribution to the support of the
Nation, who, if British subjects, would
be compelled to pay income taxes
ranging from a few shillings to 130
pounds a year. It is this class that
Senator La Follette has been trying
to bring under the authority of the
Federal tax collecting agencies. One
of the most productive of the Ameri
can income groups is that between
$5,000 and $10,000. If it were an
nounced that it was to be taxed on
the British basis of nearly $700 at
$5,000 and of ahout $1,800 at $10,000,
Congressmen would be snowed under
with letters of protest.
(Cowrrisht. 1»88.>
»
STOCKS GO STALE
AFTER EARLY RISE
I , __
Gains Are Held in Face of
Slow Buying as News
Is Favorable.
Stock Averages
' 9
_ 30 IB IB 60
Indust. Rail* Util. 6tt».
Net change. -*-.7 —.1 One. 4-.3
Today, close 57.5 14 1 29.6 39 5
Prev. day— 56 8 14 2 29 6 39 2
Month ago 50.1 12.4 24 9 34.2
Year ago... 89.6 43.2 42.8 66.2
1938 high... 68.2 21.6 34.9 47.9
1938 low- 49.2 12.1 24 9 33.7
I 1937 high_101.6 49.5 54.0 75.3
1937 low_ 67.7 19.0 31.6 41.7
1932 low_ 17.5 8.7 23.9 16.9
1929 high_146.9 153.9 184.3 157.7
1927 low_ 51.6 95.3 61.8 61.8
(Compiled by tbe Associated Pre««.)
By VICTOR EUBANK.
Associated Press Financial Writer.
NEW YORK, April 27—Stocks
idled by the wayside today after the
market had taken a brisk stride for
; ward at the opening. •
Gains of fractions to about 2 points
I —reversing a slow’ decline the last
S few’ sessions—were held in face of
apathetic buying, although mo>t
shares had difficulty trying to im
prove on the opening prices.
Trading dwindled after the early
spurt in orders and transactions again
footed up to only about 450,000 shares.
{ Public interest seemed to have been
' stimulated overnight by the pledge of
a group of prominent business men for
co-operation with the administration
on recovery efforts. Professional
traders, however, were content to wait *
for more tangible reassurance improv
ing sentiment and business confidence
would be translated into production
gains.
Corporate and United State? Gov
ernment bonds perked up a bit v. it H
stocks. Maior commodities walked a
narrow path, wheat at Chicago fin
ishing 5S to lh lower, while corn w.as
down ’a to -a of a cent a bushel.
Quick to respond to buying, although
| early gains were pared before the
finish, were United States Steel, Beth
| leheni. International Harvester, Atr.er
| lean Can, Eastman Kodak. Douglas
| Aircraft. Johns-Manviile. Du Pont.
| International Nickel. Consolidated
| Edison, United Aircraft. Standard Oil
' of New Jersey. United States Rubber »
preferred and Cerro d Pasco.
Much favorable comment came out
of financial sources on Washington
developments, which were interpreted
as intended to embolden business to
boerow- from the huge supply of po
| tential credit placed at disposal of
industry under the loan expansion
aspects of the administration's recov
ery program. .
But quarterly earnings statements
and comment of executives in corpo
rate meetings kept realities of the
business slump before the market.
Rated by brokers as a pleasant
surprise to most Wall Streeters was
United States Steel's first-quarter
earnings report, showing a smaller
loss for thp period than had been pre
dicted generally. Analysts noted,
however, depreciation charges were
less than in the same 1937 period.
Significant of widespread inventory
reduction in recent months, business
observers noted, was the fact big
steeel's shipments in the first three
months ran ahead of production.
But Wall Street was reminded of a
sharp decline in backlogs of producers
in the heavier lines of industry by
Westinghouse Electric's report that
unfilled orders at the end of March
totaled $53,555,900, against $73,735,
326 a year ago.
Westinghouse shares, up nearly 3
points around the opening, were hit
by announcement the directors had
halved the payment on the common,
cutting it to 50 cents. It quickly
yielded the earlier gam on the news,
. then rallied.
I CHICAGO GRAIN
'f Ey the Associated Press. *
CHICAGO. April 27.—Wheat prices
j in Chicago averaged lower today,
i especially in the late dealings.
; Minimizing of likelihood of severs
; damage by rust Southwest became an
I outstanding feature as the day neared
an end. R. O. Cromwell, a leading
unofficial expert, wired that it was
! fairly sure neither black stem rust nor
orange leaf rust would be winter crop
factors worthy of much consideration
this year.
At the close, Chicago wheat futurei
I were \ -11 * lower compared with yes*
j terday’s finish: May. 807*-81; July,
i 797a-80: corn. ’s-3„ down: May, -
58!4-7s; ,Ju!y, 60-60*,; and oats, !g>
7s off.
Future* Market.
WHEAT—Open. Hteh Low Close
May .SO’, .SI** .80’, .so’»-«t
July .80 .81 .T9’, 79’.-Sit
| September .81 .81’, .so*, .SO*,-*,
i CORN—
May .58 U .58*, ,58'i .58',-’,
July . .HO .60', .60 .HO-HO',
September .HI', .HI*, .HI', .fit',
OATS—
Mav _ .78', .‘.’8*, .77’, .77’,-78
July . .77’, .77’, .77', 77*,
September .77*, .77*, .77', .77',
SOY BEANS—
May _ .91', .91',i .9(1*, .90*,
July _ .91', .91', .91 .91
October .88 .88', .87*, .87*,
RYE—
Mav •_ .HI', .fit', .59'*' .59',
July .58*, .59', .57', .57',
September .57', .571, .56', .56*,
LARD—
Mav 8 70 8.77 8 70 8 "0
July 8 47 8 47 8 45 8 47
September 8.70 8.77 8.HT 8 H7
October 8.77 8.80 8.75 8.75-77
BELLIES— -■*
Mav _ _ _ 10 47
July- ___ _ ... 10.70
Ca*h Market.
CHICAGO. April 77 oP —Cash wheat
No. .'t hard. 88: No. 5 hard. 73',: No > ,
mixed. 83. corn. No 7 mixed 59', No.
3. 58'.,-*,: No. 1 yellow HO-RO’,, No 7.
59',-60; sample. 46-56',. oaf* No. 1
white. 31: No. 7. 30',; no rve. barley,
feed. 47-55. nominal: malting 68-86.
nominal: timothy seed. 2.50-7 0; red clover,
30.00-35.00. sweet. H.rtO-lO.OO.
LOWER NET REPORTED
BY GENERAL THEATERS
By tfce Afscdated Preas.
NEW YORK, April 27.—General -
Theaters Equipment Corp. had net
income in the first quarter of $120,- *
264, compared with $291,464 for the
same period a year ago. Earle G.
Hines, president, said at the annual
meeting.
A/ good portion of the reduction in
income for the 1938 quarter was due
W the cost of developing and intro
ducing new equipment, he said. Pro
duction and sale of sound reproduc
ing equipment under license from
Electrical Research Products and from
Radio Corp. were begun this month,
he said.
-•- .*
Sharon Steel Corp.—March quarter
deficit was $151,909, against net ln«
come of $475,778.
■v J

xml | txt