OCR Interpretation


Evening star. [volume] (Washington, D.C.) 1854-1972, April 27, 1938, Image 19

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

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045462/1938-04-27/ed-1/seq-19/

What is OCR?


Thumbnail for A-19

Metals, Chemicals, Utility
Shares Make Good Gains
in Trading.
By the Associated Press.
NEW YORK. April 27.—Metals,
chemicals and a scattering of utilities j
made sizable recoveries from yester
day's sharp losses in the curb market
today.
Aluminum Co. was ahead nearly 3
points around the last hour and gains
of fractions to more than a point were
turned in by American Cyanamid "B,"
Electric Bond <fc Share, Pioneer Gold
and Niagara Hudson Power. Oil is
sues were in good demand, with Gulf
and Lion Oil adding over l>-i.
Failing to share in the upturn were
Pittsburgh Plate Glass, off nearly 2,
Creole Petroleum and New Jersey
Zinc.
NORFOLK & WESTERN
VOTES S2.50 DIVIDEND
By the Associated Tress.
PHILADELPHIA. April 27.—The
Norfolk & Western Railway Co. de
clared a quarterly dividend of $2.50
a share on the common stock payable
June 18 to stockholders of record
May 31.
In announcing the dividend the
company said that “in view of the
heavy loss in grass earnings the divi
dend will not be fully earned during
the first six months, and therefore
part of it must be charged against
the surplus of previous years.”
At the reorganization meeting of
the directors today W. J. Jenks was
re-elected president and the other
Officers reappointed.
CUKB BONDS
H. : h Inn Noon
Ala Power 4 %> 8 7 7;'.’2 7% T 3%
Ala Power 5s 51 . so1* NT'2 80%
Ala Power os 58 84% 84% 84’2
Ala Power 5s 88 7712 7 7’^ 77%
Am C» A E 5s 0008 1 <•;% Ml 3 » 1 07 -’4
Am P A L 8r -MIC 1 ■:' • 7 • ’ % 70%
Appal P 8s 0004 A !"!• li:» mo
Ark-La Gas 4s 51 loo ion inn
Ark P A L 5 58 04 03 04
As El Ind 4 %s 53 57 37 57
As G A E 4%.- 48 . 05>2 0512 05>2
As G A E 4 %s 40 05 04% 04%
As G A E 5s 50 08% 0 7 0 7
As G A E 5s 88 _ 07 08% 07
As G A E 5%S i C 83% 83% 83%
As G A E 5%s 77 3" 3n 3n
Alar. City El 3%s 84 00 00 00
Bald Loco 8s 50 __ 8.8% 88% 88%
Beth Steel 6s 98 _134 134 134
Birm El 4‘?s 68 _ 77 77 77
Can Pae 6s 4'1 - 103s* 103s* lo:ts*
Caro Pw 8: Lt os 56 _ 863, 863, 863,
Cedar R M S P 5s 63 114>2 114 12 11412
Cent I P S 4'ss 81 H. 88’, S8'2 88’,
Cen' Pw & Lt 5s 56 S81, 87', 8S1,
cent St El 5s 4S . 31 31 31
Cent St El 512S 54 _ . 3112 31 31
Cen St P & L o‘2s 53 43‘8 43 43
Cities Svc os 50 _ 61 ttO’i 61
Cities Service 5s 58 _ 5S3, 5S1, 583,
. Cities Service 5s 69_ 59 59 59
* Clt S P t l 5: ,'S 53 . 561, 0.V2 561,
Cit S P & L 512 - 49 - 56 56 56
Cent GSE os 56 A - - 76t« 76', 76‘2
Del El Pw .v.-s 50 oo-jih'j
East G A- F 4s 50 A 7 534 <5*2 •-V .
Edis El Ilium o! 2s 05 J"$'4 1 >18> 4 it*8'4
El Pw A' Lt 5s 2ii30 0 7 00 *2 OH1 a
Emp OAR -V 2' 42 84 82. 84
Erie Light 5 07 10.V* 1 o53.» 10r>34
Firest Cot M 5s 48 lo3>2 103*2 103*2
Firest Tire 5s 4 2 104 10 4 104
Florida PAL 5s 54 84 8.0a S3’2
Gatineau Pw 5s 50 104 1 a 104 ! a 104 1 a
Gen Pub Ur 0*2s 50 . Of* 08 *a OP
Gen Wr WAE 5s 45 A .. 70’2 7.) 70*2
Georgia Pw 5s 01 8034 8034 8 O'* 4
Glen Aitien Cl 4s 05 Of. Oo 00
Gobel Inc 4’zS 41 A 52. .53 53
Grand Tr We 4s 50_ PI *2 Pl!a PIV2
Hou Gulf G Os 43 A 102 102 102
111 Pw A Lt 532s 57 72*2 72 72
111 Pw A Lr 6s 53 A 04* 4 P4 0 4
111 Pw a* Lt 5s 50 C 85*4 8434 85*4
Indiana Ser 5s 50 on 00 00
Indnao PA-L 5s 57 A 105 lo5 205
Inti Pw Sec 7s 52 E 00 00 On
Interst Pw 5s 57 41 34 41*4 41*4
Interst Pw Os 52 22 20 a 21
Interst P S 5s 50 D 7» 7 0 70
Interst P S 4*a5 58 F 0*; 00 00
itai bu ifw os o.t a
Jer C PAL 4%s 61 C 101% 101% H»i%
Kan GAE 6s 707*: A 114% 114% 114%
Kan Pwr 5s 47 A 98% 08’ 98%
Ky Utilities 5s 61 76 75% 75%
Kentucky U 5s 60 I 75% 7 5% 7 5%
Ken U 6%s % d 07 07 97
Lex Util 5s 57 00 89 90
Libby McNAL 5s 4 7 lot lot lot
Metropoiit Ed 4s 65. 1"7% in; % 1«’9%
Mmn P & L 4%s 7« .. 8> 88 sS
Minn P A L 5s 55 97% 97% 97%
Miss Pw A L 5s 57 8 1 87 87
Miss River ? .V 51 3!" lio 31 *»
Mo Pub Sv 5s 4 7 __ 65 H5 65
* Nat PAL 6s 7076 A 76% 77% ‘6%
Nat PAL 5s 707.0 B 70 69% 69%
Nat Pb S' 5s 7 8 cod 44% It % 44%
New E G A E 5.s 4 7 4!*% 40% 4 0%
New E G A E 5s 50 __ *»n% 50’ _ 50%
New Or 5s 47 stpd.. 89% 89% 89%
New Or P S 6s 49 A _ _ 7 1 7 ! 7 1
N Y P A Lt 4%? 67 _lo; % !<>.;% 107%
N Y S E A G 4 %s 80 00% 0o% 90%
N Y A W Lr 4* 7004 .. 105% 205 1 5%
No Con U 5%s 48 A _ 9? 70% 96%
No Ind P S 4%s 7o E 07 07 07
Nor Sta Pwr 9%s 67 _ loo% inu% ino%
Okla N G 4%S 51 A _ 86 86 86
Pac G A E 6' 4 1 B 115% 115% 3 15%
Pac PAL 5s 55 . 65% 65% 65%
Penn C L A P 4%s 77 8t St 84
Penn C P A L 5s- 79 80 80 80 j
Penn El 4s 71 F 85% 85 85% j
Penn Oh E 5%s 50 B 80% 80% 8o% 1
Penn P Svc 6s 47 C 107% 107% 7 07 %
Penn Wa A P 5s 40 107 3 0? 107
Peoples G L A C 4s 63 88 86% 88
Peop G L A- C 4s 81 B 86 86 86
Peop LAP 5s 70 7% 7% «}<
Phila El P 5%s 77 117% 11°% 13*% j
Phlla Rap T 6s 67 66 66 66
Pitts Steel 6s 4 8 07 97 97 I
Portland G A C 5s 40 54% 54% 54%
Pw Co C 4%s 59 B 10.7 109 109 !
Pub S N I 4%s 81 F 109% 109% 109% J
Pub S Okla 4s 66 A 101% 101% 101%
P’lg Sd P A L 5%’S 49 68% 68% 68%
Pug S P A L 5s 50 C 65 65 65
P’lg S P A L 4%s 50 D 01% 01% 61% I
St L u iv C n.s 17 mat 14% ’ ;% 14% .
Scripps 5%s 4 4 2<M % 3 01 % li'P, i
Scullin Steel 4s 51 42 41% 4*2
Shw W A- P 4%s 67 A. U»4% 1<»4% 104% j
Shu- W & P 41s 7 0 D 104% ]04 % 2 0 1 % |
S E P A* L 6s 2025 A 84% 84% 84% I
Sou Cal Ed 4%s 60 105% 1 n> % 105 %
So C Gs Cal 4%s 68 _ 104*4 104% 3 04*4 !
Std GAE 6s 45 mat 47*2 47% 4 7 %
Std Gas A El 6s 51 A 47% 47% 47% i
Stand Pw A Lt 6s 57 45% 45% 45% j
Starret Corn 5s 50 40 40 40
Tenn Pub S 5s 70 ... . 70 7n 70
Texas Elec 5s 60 __ 87 87 87
Tide Wat P 5s 70 A 81 80% si
Toledo Edis 5s 62 100% 106% 306%
Twin C RT 5%s 52 A 58% 58% 58%
Unit LtAPw 5%s 50 08% 08% 08%
Unit LAR D 5%s 52 75 75 75
Unit LAR M 6s 52 A 3 05 105 lof»
Utah PAL 6s 2022 A 7 0 70 70
Wash Gas Lt 5s 58 104% 104% 104%
Wash WAP 5S 60 104% 104% i<»4*4
West T Ut 5s 57 A 86% 80% 86%
We UGAE 5%s 55 A 105 105 105
Wls-Minn LAP 5s 41 105% 105% 105%
Wis PAL 4 s 66 . 04% 94% 04%
Yadkin Riv P 5s 41... 09% 99% 90%
FOREIGN BONDS.
Ger Con Mun 8s 47 20>2 co»2 20*2
Hanover City 7s i9 207* 207„ 20 *
Medelin Col 7s 51 8’2 S>? 8’?
Russian 6r?s 19 mat 34 34 34
ww—Writh warrants, xw—Without war
rants. n—New. st <stpt —Stamped.
INeeotiability impaired bv maturity.
TComPanies reported in recaivsrshin.
FEDERAL LAND BANKS
NEW YORK. April 27 MY—Federal
land bank bonds.
Rate. Maturity. Bid. Asked.
4% Nov., 1958-38_101% 1021.
4 May. 1958-38_100 loo',
4 July. 1946-44_111 111',
S% May. 1955-45_104 104%
3 July. 1955-45_10211 102 I
3 Jan,. 1958-46_10211 10211
3 May. 1956-46_10211 10211
SHORT-TERM SECURITIES.
(Reported by Smith. Barney & Co.)
Bid. Offer.
Amer Tel A Tel 5%s 1943. 113 113%
Auburn Auto Co 4%s 1939 15 17%
Austin A Northwest •* 1941 .. 80%
Baldwin Loco Works os 1940. 99%
Calif Packing Corp 5s 1940 103% 104%
Central Foundry 6s 1941 90 0.%
Chesa A Ohio Rwy 5s 1939 103% 104%
Container Corp 5s 1943 89 91
Cuba North Rwys 5%s 1942 32% 34%
Delaware & Hudson 4s 1943. 35% 36',
Edison Elec Ilium 4s 1939 102% 104
General Pub Serv 5%s 1939. 9(1% 98
Houston Oil 5%s 1940 ion), 101%
Illinois Steel 4%s 194tt . 106% 107*4
Inter Merc Marine tls 1941 40 41
Inter Tel A Tel 4%s 1939 80% 87
Laclede Gas Light 5s 1939 82 83%
Lake Erie A West 5s 1941 88’,
Lehigh Val Ter Ry 5s 1941 32 59%
Louis A Nash RR 4s 1940 100% 100%
Michigan Cent R R 4s 1940 97%
Midland RR of N J 5s 1940 11s, 23%
Mtlw A North RR 4%s 1939 52 95
New York Tel Co 4%s 1939 105s, 105%
Pennsylvania Co 3%s 1941 91 ]n2%
Penn-Dixie Cement 6s 1941.. 79% 81
Penna R R Co 4s 1943 . 104% 107
1 Phila Balt A Wash 4s 1943 107% 110%
?lo Grande West 4s 1939 90% ,35
erm RR As St L 4%s 1939 103-% 104%
Texas A- N Orleans 5s 1943 ’ 811',
Vanadium Corp 5s 1941.. _ 81% 90%
Warner Bros 6s 1939 _ 72 76
Western N Y A Pa 4s 1943. 100 104
Whi*" sew Machine 6s 1940. 92 100%,
A I
NEW YORK CURB MARKET
>7 private wire direct to *&• Star.
Stock end Seles—
Dividend Rate. Add 00. Hieh. Low. Close.
Aero Supply (B). 2 34 34 34
Air Devices_ 24 1 4 1
Alum Co Am_ 300s 724 72 72
Alum Co pf (6).. 150s 97 97 97
Alum Ltd _ 300s 88 87 88
Am Airlines_ 1 124 124 124
Am Centrifugal— 7 24 24 24
Am Cyn B 60 ._ 7 194 194 194
Am Gas&El 1.40.. 8 26 25 25
Am G & E pf (6). 25s 105*4 1054 1054
AmLt&Tr.fiOe. 3 124 124 124
Am L&T pf (1 4 )- 1 24 24 24
Am Sup Power... 6 4J tit tl
Am Sup Pw pf_ 1 114 114 114
Am S P 1st pf ... 1 59 59 59
Angostnrat.lOe). 5 34 34 34
Arctur Rad Tube. 1 4 4 4
Ark Nat Gas A... 3 34 3 34
As G & El A __ 2 111
Atl Coast Fish 13 3 3
Austin Silver M.. 2 4 4 4
Aviation & Trans IS 2 14 14
Babcock* Wil... 2 224 22 224
Baldwin Lo war.. 3 34 34 34
Baldwin Rubber. 2 64 64 64
Barium Stain Stl. 9 14 1-4 14
Barl&SeelA 1.20. 50s 8 8 8
Bath 1 W (6%f)_ 2 64 54 54
Bell Aire — 1 124 124 124
Birdsboro S Fdy. 1 64 64 64
Bliss (E W) _ 2 7 7 7
Blue Ridge_ 1 14 14 14
Blumenthal <S)— 3 64 54 64
Bohack (HC)_ 50s 14 14 14
Breeze Corp . 2 54 44 44
Brewst Aero .10e. 15 44 44 44
Brill B . 1 14 14 14
Brown Rubber_ 13 3 3
Bunker Hill & S . 1 124 124 124
Can Marc Wire 4 11 1
Cap City Fr .30e 150s 8 8 8
Carib Syn . l 14 14 14
Carnegie Met _ 2 4 4 4
Caro I’&Et pf(6)- 10s 634 634 634
Caro P&Et pfl7). 10s 684 684 654
Carrier Corp 2 234 234 234
Casco Prod 1.50e. 19 9 9
Catalin Am . 6 24 24 24
Cent P&E pf (7)- 25s 70 70 70
Cent & Sir Ut_ 3 14 14 14
Cities Service_ 94 14 1 1
CltServpf ... 24 414 36 41
Clt Serv BB pf__ 50s 32 32 32
Cit Svc P 57 pf_ 25s 55 55 55
Claude Neon Et_ 1 14 14 14
Cleve Tract_ 1 44 44 44
Club A1 Uten _ 2 14 Is* 14
Colum Oil & Gas. 4 34 34 34
Comwlth & So wr 21 4 4 4
Com P&L 1 pf 75s 22 22 22
Comw Pub Sv le 100s 22 22 22
Con Biscuit 10e - 1 44 44 44
j Con Cop M 124e 3 44 44 4 4
Con G&E(B)3.60. 1 644 644 644
Cons liet Strs 1 24 24 24
I Cons Royalty .20. 1 14 14 14
! Cons Steel Corp 1 34 34 34
' Cook Paint pf(4). 20s 51 51 51
5 Cooper Bess _ 17 7 7
J Cosden Petro _ 1 14 14 14
i Creole Pole 50a .. 6 224 214 214
Crocker Wheeler. 1 54 54 54
Croft Brewing_ 10 4 4 4
Crystal Oil pf_ 50s 9 9 9
Cusi Alex - 95 -fa ^ At
Dayton Rub _ 1 74 74 74
| Detroit Gasket17 7 7
DetU&Alpf 1.20— 1 124 124 124
I DivcoTwC 40 .. 1 34 34 34
: DubilierConden.. 1 14 14 14
Duval Tex _ 17 7 7
Eagle Pit Ld .10e 1 94 94 94
E G&F 6 pf 1.50k 50s 224 224 224
EastStaCorp .. 3 14 1 1
Easy Wash MB.. 1 3V« 34 34
El Bond & Sh_ 23 7 64 6s.
El P&L war_ 1 34 34 34
El P&L 2d pf A . 100s 22 22 22
Emp G&F 7To pf 50s 484 484 484
EmpG&F 8% pf 150s 51 51 51
1 Falstaff Brew ... 10 94 94 94
Ferro Enamel_ 1 164 164 164
Fidelio Brew 1 4 4 4
FI P&L S7 pf SSk 150s 38 38 38
Ford M Can Ail) 1 164 164 164'
Ford 41 Ltd 213g 1 44 44- 44
Gen El Ltd 643g- 1 184 184 18s.
Gen Tele (1) 1 11s. 114 114
Glen Alden .125e_ 2 54 54 54
Gorham Inc pf .. 50s 16s. 16s. 164
Green Tap &D .. 2 64 64 64
Gulf Oil (,25e) 9 374 364 37
Gulf-St L't 6% pf 20s 82 82 82
Hecla Mining.lee 18 8 8
Helen Rub A (1) 50* 5»t 6*4 5*4
Heller pf xw 1.75. 50s 18 18 18
Holophane ,30e . 1 9*t 9*» 9*4
Holt H A (,10k) .. 2 6 6 6
HumbOil 37 u>e. 1 68 68 68
Hummel Ross F. 1 4*k 4H 4H
111 Iowa Pow 1 3 3 3
Imp O Ltd rg ,50a 1 17*4 17s* 17*«
InsCX Am (2a) 100s 57*4 57L 57*4
Inti Pa&Pw war. 6 2H 2L 2L
Inti Pet iHiai .. 1 25H 25', 25H
Int Ut pr pf 3.50.. 1 24', 24', 24’’
Inti Vitam 50 .. 1 3*4 3'4 3',
Interst H Eq 44.. 2 3'.. 3H §»a
Jacobs Co . 2 4’s 4's 4',
KgsCLtd pfB(7)_ 10s 33 33 33
Ktncston Prod 4 2 1H 2
Kirkl'd Lake ,04e. 11 1 1
Lake Snore M(4) 1 51*4 0U4 51*1
Lakey Fdv & M _ 1 2'» 2's 2L
Leh C & Xav .30.. 2 3'» 3U 3'i
Leonard Oil - 1 ]k rk *
Lion Oil '1)_ 5 22H 217* 22H
Lockheed Aire .. 25 8*4 8', 8H
Lone Star G .20*. 2 7*8 7', 7*8
Loudon Pkg . 1 1*8 1*8 Us
La Land & Ex .40 7 7:> 7la 7'»
Mass Util Assoc. 1 14 14 14
Massey Harris .. 1 64 64 64
Memph Nat Gas.. 1 34 34 34
Merritt C & S 1 24 24 24
Merritt C-S war.. 1 4 4 4
Mich Bumper _ 1 4 4 4
Mich Gas & Oil_ 3 24 24 24
Mid St Pet A vtc. 2 34 34 34
Jlld St Pet B vtc. 1 4 4 4
Molybdenum Stl. 2 44 44 44
Mngrm Pictures 1 14 14 14
Mont Ward A<7) 100s 1334 1334 1334
Mount City Cop . 17 54 54 54
Nat Bellas Hess.. 1 4 4 4
Nat Contain < 1 >_ 4 74 74 74
Nat Fuel G (1)__. 1 134 134 134
Nat Hub Mch ._ 1 34 34 34
Navarro Oil .40a. 2 134 13 13
Nehi Corp __ 1 40 40 40
N J Zinc (.600.. 250s 55 54 54
New Mex&Arlz . 1 14 14 14
NY P&Lt pt (6) 20s 83 83 83
Niag Hudson Pow 14 64 64 64
Nias Hud A war. 8 ft 4 4
Nipissing Mines.. 1 14 14 14
Noma Elec ,40e 2 34 34 34
N W Engineering 1 104 104 IQ's
Ohio Pow pf (6).. 10s 110*4 110*4 110V4
Oldetyme Dist . 1 IV* IV, IV4
PG&E 1st pf 1.50 2 28Vi 28', 28Vi
Pac Ltg pf (6) . _. 200s 103 102*4 103
Pan-Am Air ,50o. 1 15 15 15
Pantepec Oil _ 5 5Vi 5H 5'*
l’ennroad ,25b .. 4 IT* 1*4 1*,
Pa P & Lt pf (6). 30s 78V* 78 78Vt
Pa P & Lt pf (7) 125s 85Vi 84', 84’.
Tenn W&P 2.50e 1 65 65 65
Phillips Packing 3 3V* 3Vi 3V4
Phoen Secur pf _ 100s 15 15 15
Pierce Gov .60 __ 1 12 12 12
Pioneer Gld 40 . 1 3Vi 3Vi 3Vi
Pitney-Bow 10e 3 6V* 6v* 6V*
P&LE 6.75b . 40s 38 37'., 38
Pitts Metallurg . 1 5V4 5V* 5V,
Pitts Plate G 25e 2 731* 72V* 73V,
Plough Inc .80 _ 2 8 8 8
Powdrell & Alex. 1 3V* 3V* 3V,
Prosperity (B)_ 2 5*4 5v* 5**
Prud Investors_ 4 4T* 41* 47*
P S lnd $6 pf ... 10s 17 17 17
Puget Sd P $5 pf. 60s 28** 28** 28**
Pug Sd P&T ,25g. 15 5 5
Rainbow Lum B— 1 14 14 14
Rayethon Mfg_ 1 2*4 214 2*«
Reybarn Inc__ 3 2bi 214 2i*
Reynolds lnv_ 9 ft v* y*
St Regis Pap- 6 3H 3 3
Scullin Steel war. 2 & H 14
SecCorpGen- 11 1 l
Segal Lock. . .. 18 14 *4 *4
Select Industries 2 M U
Sel Ind pr pf 614. 100s 53 53 53
Sentry Saf Con— 4 14 V4 14
Seversky Aire .. 44 314 314 3%
Shattuck Denn . 6 6V* 614 614
Sherwin Wtll<4). 150s 88 87 88
SllexCoil) _ 1 8V4 8*4 8*4
Simmons H&P_ 1 IV* IV* ly*
Solar Mfg..._ 3 2 2 2
Sonotone . — 4 114 114 114
SC Ed B pf 1.60.. 1 26 26 26
Southld Roy .10e. 2 614 614 614
Stand Products— 1 514 514 514
Stroock & Co_ 50s 9'4 91* 914
Sullivan Mach__ 2 714 7*4 714
Sunray Oil .05e._ 3 3 3 3
Sunr O cvpf 2.75. 1 30 30 30
Taggart - 4 4V4 4 4
TastyeastA- 14 4 4
Taylor (K) Dist- 2 111
Technicolor_ 15 20% 19% 19%
Tilo Roofing <1>_ 19 9 9
Trans-Lux_ 1 2% 2% 2%
Transwest Oil_- 9 6 6 6
Tublze Chatillon. 4 8 7% 7%
I
Stock and Sales—
Dividend Rate. Add 00. High. Low. Close.
United Aire war 16 10 94 94
Utd Cgr Wh Stra. 14 4 4
Unit Gas_ 3 34 34 84
Unit Gas war- 2 H H tt
Unit Lt & Pow A- 6 24 24 24
Unit Lt & P cv of 1 204 204 204
Unit Milk P (le). 25s 204 204 204
Unit Shlpyds A 21 84 84 84
Unit Shoe m 2 4a 25s 614 614 614
Unit Sh M pf 1 4 10s 404 404 404
U S Play Card la. 150s 23 23 23
U S Stores — 14 4 4
United Strs vtc — 1 ft ft ft
Unit Verde Kxt.. 3 14 14 14
Unit Wall Paper- 1 14 14 14
Utility Equit — 1 14 14 14
Utility & lnd pf— 1 14 14 14
ValsparCorp _ 2 14 14 14
Valspar Corp pf.. 60s 23 23 23
Venez Mex Oil_ 5 3 3 3
Wellington Oil—. 2 44 44 44
Wentworth Mfg- 7 24 24 24
W Air rts Mayl9- 16 V, ft 4
Wll-low Cafe(r)_ 4 4 4 4
WP&Lpf 1.131 y*. 10a 684 584 584
Wolverine Tube 11 5 5 5
Wright Harg .40a 3 74 74 74
Xukon Gold .Ole. 1 14 14 14
r In bankruptcy or receivership or being
reorganized under the Bankruptcy Act or
securities assumed by such companies
Rates of dividends in the foregoing table
are annual disbursements based on the
last quarterly or semi-annual declarations.
Unless otherwise noted special or extra
dividends are not Included.
a Also extra or extras, e Declared or
paid so far this year, no regular rate.
1 Payable in stock. g Paid last jedr.
li Cash or stock, k Accumulated dividend
paid or declared this year, ww With war
rants. xw Without warrants, war War
rants.
-•
Washington Exchange
SALES—AFTER CALL.
Potomac Electric Power 5'2^0 pfd.—5
at 112’2. 5 at 112?8.
National Capital Bank—10 at 135, 5
at 135, 10 at 135.
Bid and Asked Prices.
BONDS.
PUBLIC UTILITY.
Bid. Asked.
Anacostia A Pot 5s _ 59 62Va
Ana. A Pot. Guar. 5s_1U8
CAP Tel ol Va 5s_107
Cap Traction R R 5s ... . till 62
City A fcfuburban 5s _ _ 58 (V!1.
Georgetown Gas 1st 5s_112'. a
Pot Elec Pow :t'4s .... lot ion’s
Wash Gas 5s 1058 _ 1043. 105'r
Wash Gas 5s 1080_115’a _ ...
Wash Rwy A Elec 4s_107 _
MISCELLANEOUS
Chevy Chase Club 1st 4Us. 104 _
Cui. Country Club 1st 4'«s 100 _
STOCKS.
PUBLIC UTILITY
Amer Tel & Tel «»>_128 _ _
Capita* iransit Co ... . 634 8
N <v \V Steamboat (5) . 57 80
Pot Elec Pow (>'. pfd (6* . 113‘a
Pot Eire Pw 51 ■ 2'' pf (5.50) 112
Wash Gas Lt new <1.20» _ *21 *24
Wash Gas pfd (4.501 P8la IUU
Wash Ry A El com (g36) 585
Wash Ry A: El nfd (5) 111*,a _
BANK AND TRUST COMPANY.
Amer Sec & Tr Co <e8) _ *240 250
Bank ol Bethesda (.75) ___ 25 31
Capital (1» _135 140
Com A: Savings (elO) _230
• Liberty (51 _ 150 15Pa
Lincoln (15) __ 175 *240
Natl Sav A: Tr 210 220
Pr Georges Bk. & Tr. (.60) 17 25
Riggs <eS) _ _ 260 300
Riggs pld (5) _ 101
i Washington <6) ._... 124
, WTash Loan & Tr <e8). . *225 250
FIRE INSURANCE.
American P6> __ *115 _
. Firemen's (1.20> _ 28 _
National Union (.75) _ 13*.a _
TITLE INSURANCE.
Columbia (k.30* _ _ 12
Real Estate tm6) _ 160 200
MISCELLANEOUS.
Carpel Corp (+2.00) 20!a
Lanston Monotype (4) . 55 TO
LincOin Sen. com <hl.OO) 17 21
Line Serv prior pfd (3.50) _ __ 5<)
i Mergenthaier Lino . 22 23
i Peoples Drug S com ( + 1 00) 24 31
1 Peoples Drue St pfd (6.50) 111
Real Est M A G pfd (.50) 4*4 5*4
Security Storage >5) 108 125
i Ter. Rrf. Wh. corp. (3). 66 80
Wdwd A Loth com « + 1.50) 51 ’a
Wdwd Loth pfd (7) . ... 112 _
• Ex dividend.
t Pius extras e 2'% extra, f 2':% ex
tra h 75c extra, g 814 extra paid No
vember 30. 1937. k 30c extra, m $3 extra.
INVESTING COMPANIES
NEW YORK. April 27 '/PV— Invest
ment Bankers Conference. Inc.:
Bid Asked.
Admin Fd 2nd Inc_ 10.08 jo.72
Affiliated F Inc _ 3 52 3 87
Amerrx Hnid _ . „ 11.375 IS.625
Am Bus Shrs 'new)_ 2.P6 3.2 7
Am Gen Eq Inc _ .54 .61
Am Ins Stocks _ 3.15 4.«»o
A^f-oc Stand Oil __ 5.125 .5.8 7 5
Bancamer Blair __ _ 3.12.5 4.125
Bankers Nat Inv Corp ] 2.125
Bjmc Industry _ 2 75
Bo.-ton Fund Inc __ 33.53 14.41
British Type Inv _ .31 .40
Broaa St Inv _ 21.02 22.48
i Bullock Fund _ 11.375 12.50
i Can Inv Fund _ 3 4<> 3.75
Central Nat Coro ' A *_28.mo 33.00
Centra! Nat Corn B" 2.00 5.00
Century Shrs Tr 20.01 21.52
Comulth Invest _ 2.85 3.05
Continental Sh pf _ 5.75 6.25
Corporate Trust _ 195
Corn Trust AA _ 1.89 _
Corp Tr A A mod _ 2.23 _
Corp Tr Aecum Ser __ 1.89
Corp Tr Acc mod _ 2.23
Crum At For'ter 10 On 22 00
Crum. A Forst Sir pf 115.00
Crum A- Forst Ins B 23.50 26.50
Crum A- Forst Ins 7 I p! 100.00
Cumulative Tr Sh 3 05
Depos Bk Sh N Y "A" . . 1+1 _
Depos Ins Shrs ' A ..._ 2.62
Depos Ins Shrs "B”_ 2.40
Diversified Tr C _ 3 os
Diversified Tr D _ 4.55 5 15
Dividend Shrs _ 1 OT 116
Equity Corp S3 nf_ 22 25 25 °5
Fidelity Fund Inc _16.17' 17 41
First Boston Corp _J3 25 14 75
Fiscal Fund Bk Sh _ _ 2.32 2 57
Fiscal Fund Ins _ 2 07 3 32
EixeiJ Trust Sh A _ 7 62
F.xed Trust Sh B __ 5 04
Foreign Bond Assoc _ 6 35 6 00
Found Tr Sh A ... 3 4o 3 05
Fund Investors Inc_ 14.00 15 13
Puno Tr Shrs A ______ 4 06 4 63
Fund Tr Shrs B _ _ 3 60
Gen Capital Corp 26 8" 2S 8<i
Gen Investors Tr _ _ 4 03 4 3R
Group See Agriculture __ ,o« ] .07
Group Sec Automobile_ .66 73
Group See Buiidinc . . ._ 1 10 1 'o
Group Sec Chemical _ .00 I OS
Group Sec Food 72 So
Group Sec loves; Shrs __ .61 .68
Group Sec Merchandise _ 82 00
Group Sec Minin" __ 1.07 1 17
Group Sec Petroleum . _ .07 1 06
Group Sec D Ft Equip _. _ .61 68
Group Sec Steel _ .0+ 1 03
Group Sec Tobacco _ .so 08
Huron Holdine _ ,45 .85
incorp 15.25 10.40
Instl Sec: Bank Group_ 1.02 1.13
Instl Sec: Insurance ____ 1.14 120
Investors Fd "C" Inc_ 8.54 9.07
Keystone Custodn B 2_10.0!) 20 00
Keystone Custodn B 2_12.58 1.3.78
Keystone Custodn K 1_12.23 13.34
Keystone Custodn K 2_ 8.31 0.10
Keystone Custodn S 2_12.07 13.21
Keystone Custodn S 4_ 3 08 4.42
Major Shrs Corp_ 2.00
Maryland Find _ 4.03 5.40
Mass Invest Tr__17.7.3 18,81
Mutual Invest ___ _ 9.47 10.35
Nation Wide Sec _ 2.57 2.07
Nation Wide Voting _ . 1.00 1.20
Natl Investors _ 4.58 4.88
New England Fund 10.07 11.47
N Y Stocks. Bk Stock _ 7.32 7.02
N Y Stocks. Bide Suoniy __ 0.54 7.00
N Y S'ock'. Elec Equip __ 0.30 0.83
N Y Stocks. Insurance __ 7.00 8.05
N Y Stocks. Machinery_ 0 80 7.40
N Y Stocks. Oils _ 8.20 8.87
N Y Stocks. R R Equip . 5.02 0.42
N » Stocks. Steel __ 6,30 0.03
North Am Bond Tr ctfs _ 40.00
Nor Am Tr Sh 105.3 _ 1.00
Nor Am Tr Sh 1055 _ 2.20
Nor Am Tr Sh 1050 _ 2 22
Nor Am Tr Sh 1958 _ 1.02
Plymouth Fund Inc _ .35 40
Quarterly Income Sh_ 8.93 9.78
Repres Tr Shrs _ 7.74 8.24
Repub Invest Fund .22
Schoellkopf-Hutton 4 Pom .75 1.50
Selected Am Sh Inc _ 8.24 8.98
Selected Income 8h_ 3.48
Sovereign Invest _ .60 .60
Spencer Trask Fund_13.17 13.86
Stand Am Tr Shrs_ 2.00 2.30
Stand Util Inc _ .42 .45
State Street Invest_ 68.50 71.50
Super of Am Tr A_ 2.73
Super of Am Tr A A_ 1.80 __
Super of Am Tr B _ 2.87 _ _
Super of / m Tr B B_ I SO _
Super of Am Tr C_ 4.73 _
Super of Am Tr D_ 4.7.3
Supervised Shrs _ 8.20 9.01
Trustee Stand Inv C_ 2.00 _
Trustee Stand Inv D_ 2.01
Trustee St Oil Shrs A_ 5.91 _
Trustee St Oil Shrs B_ 5.35
Trusteed Am Bk "B’’ .55 .61
Trusteed Industry Shrs_ .78 .87
U S Flee Lt * Potv "A"_ 11.125 11.025
II S Elec Lt & Pow -B”_ 1.47 1.57
U 8 El Lt 4 P voting_ .74 .82
Wellington Fund _11.73 12.95
TJ. S. DOLLAR ABROAD.
LONDON. April 27 iJF.—The United
States dollar was 3» of a cent better In
terms of sterling today. The unit closed
4.9S34 to the pound, compered with
S4.083g for sterling in New York over
night. French francs finished 160.12 to
the pound, against 160.25 the day before.
PARIS. April 27 0Pt._United States
dollars were quoted at 32.14 francs (3.111
cents to the franc) in Anal foreign ex
change dealings today. This compares
with the franc rate of 3.112 cents in New
York over night. Exchange on London.
160 15. , ,
Principal rent* issues In the Bourt*
76."361 4%seei?!r7.mo32-90; "A“
A
CAP & SEAL COUP.
Equivalent to 53 Cents a
Share Common—Other
Earnings Reported.
By the Associated Press.
NEW YORK, April 27.—Standard
Cap & Seal Corp. today reported con
solidated net income for the three
months ended March 31 of $155,509,
equivalent to 53 cents per share on
the common stock, after allowing for
40 cents per share on the convertible
preference stock, after provision for
Federal income tax, but without al
lowance for surtax. This compares
with consolidated net income of $179,
951, or 64 cents a share for the first
quarter of 1937.
Federal Screw Works.
Federal Screw Works, of Detroit,
and subsidiaries reported a net loss of
$57,012 for the first quarter of 1938,
compared with net profit of $27,965,
equal to 14 cents a share, in the cor
responding quarter of 1937.
Rubberoid Company.
Rubberoid Company reported a con
solidated net loss of $193,758 for the
first quarter of 1938, compared with
a net profit of $132,655, equal to $1
a share, in the March, 1937, quarter.
The company, manufacturers of
building materials, has plants at
Bound Brook, N. J.: Joliet, III.: Erie,
Pa.; Baltimore. Md : St. Louts, Mo
bile, Ala.; Millis, Miss., and Glou
cester, N. J.
Soeony-Vacuum.
Socony-Vacuum Oil Co. reported
a net profit of $56,808,264, equal to
$182 a share, for 1937. This com
pares with $42,909,363, or $1.38 a
! share, in 1936.
John A. Brown, president, in his
letter to stockholders, said ‘gasoline
inventories for the whole country
for the industry were too high at
the close of the year, and inventories
of fuel oils were increasing with
reduced general business activity.
Probably 1938 will see a slight
increase in gasoline consumption, a
decline in consumption of other
products, lower profits.
"Wc are going ahead with a heavy
program of capital outlay around
S65.000.000 in the United States in
1938. which is about the same as
1937.”
Jones & I.aughlin Steel.
Jones & Laughlin Steel Corp. of
Pittsburgh reported a consolidated
net lass of $1,269,725 in the March
quarter, compared with a profit of
$1,982,394. or $1.65 a share, in the
1937 quarter.
Continental Steel Corp.
Continental Steel Corp of Kokomo,
Ind.. reported $55,208 net profit in
the March quarter this year, equal
to 6 cents a common share, against
$279,447, or $1.17 a share in the
same quarter last year.
McGraw-Hill Publishing Co.
McGraw-Hill Publishing Co. and
subsidiaries, reported net profit of
$174,499. equal to 29 cents a share, for
the March quarter, compared with
.$316,126, or 52 cents a share, the cor
responding quarter of 1937.
—-0--—
SOAP FIRM WAITS
ON GENERAL GAINS
By the Associated Press.
JERSEY CITY, April 27.—S. B
Colgate, president of Coigate-Palm
olive-Peet Corp.. told stockholders at
; the annual meeting today that an up
! turn In the company's business "is un
| likely until general business conditions
i improve."
Dealer buying, he said, is on a
; "hand-to-mouth" basis and added that
j more substantial buying could not be
! expected until there was a decided
| "firming up" of the fats and oils mar
! kets.
Stockholders approved a profit in
centive plan which provides for addi
tional compensation for the president
and vice presidents after 6 per cent
has been earned on the preferred stock
and 5per cent on the stated value of
the common stock and on the corpo
rate surplus.
NEW YORK BANK STOCKS
NEW YORK April 27 (AV—Investment
Bankers Conference. Inc. (New York bank
ana trust companies):
Bk of Am NTS 'SF> (2.40) 4'f' A*44d
Bk of Man < 1 * 2 > . __ 20
Bankers' Tr (2> __ _ 45 4 7
Brooklyn Tr <4» _ 7 2 7 7
Cen Han Bk & Tr (4)_ 80 80
Chase Nat M _ 30
Chem Bk k Tr (1.80)_ 30 4 f
j Commercial (8) 330 l;o?
i Cont Bk & Tr (.80) _ lPj lit
! Corn Ex Bk & T (3)_ 4814 47'4
! Empire Tr < 1 » _ 20 1
I First Nat <Bos> (2) _ 35s* 37*1,
First Natl MOO) _3 580 1020
Guaranty Tr M2) £20 227
Irvine Tr (.00) . 10% 11 a
Manufacturers’ Tr (2> __ 34 30
Manufacturers' Tr pf <2)__ 40 48
Natl Ctfv M* __ 24 *W2
N Y Trust 15) _ 83 80
Public (1V9 > _ 24 34 20M
Title G & T _ 434 534
NEW YORK PRODUCE.
NEW YORK. April 27 (jpi —Eggs. 40 -
705; firmer. Mixed colors: Special packs.
21'a-22*4; standards. 21-217«: firsts
1034-20: seconds. ISlA-lO'a: mediums'.
18t4: dirties. No. 1. 18-18'4; average
checxs. 17-17',4; storage-packed firsts.
2034.
Whites, resale of premium marks; °5
207a: nearby and Midwestern premium
marks. 23-24'A: exchange specials
22'A; Midwestern, exchange standards
2114: nearby, fancv mediums. 20'a-°3'
nearby and Western exchance mediums’
20: Pacific Coast, jumbo and premiums,
27'4-30; specials. 20-27: standards. 25'a
20: mediums. 23-23'-a. Browns, extra
fancy. 23-25: nearby and Western, snecial
packs. 22-22J4; nearby, small to mediums
18%-lft. Duck eggs, fancy, 23-25
Drcssccj poultry about steady. Boxes
fresh, old roosiers. 15-17VA: frozen chick
ens. broilers. 21-20: fryers. 30-07 • old
roosters. 15-17'A. Other fresh and frozen
prices unchanged. ,
Live poultry, by freight, steady to firm;
fowis. colored. 21-22. mostly 21 V-”’
Leghorn. 18-20. mostly 20; ducks 12
By express. Irregular: chickens, crosses
20 V broilers. Rocks. 21-23V mostly °2
2.3; crosses. 18-23. mostly 20-2.3; Reds.
21-22'.A. mostly 17-22; Leghorn. 20-21;
fowls, colored. 21-23. mostly 22' Leg
horn. 18'A*22: old roosters. 15; turkeys,
hen. 20.
Butter. 1.187.030; steady. Creamery
Higher than extra. 27-2744: extra (O'1
score). 2fl34: firsts (88-91), 2314-2874:
seconds (84-87). 2014-22.
Cheese, 410,750; quiet; prices un
changed.
TREASURY POSITION.
By the Associated Preas.
The position of the Treasury on April
Receipts. $2!).687.426.86: expenditures,
$42,656,415.21: balance. $2,788,436.
- 144.37: customs receipts for the month.
$20,235,625,60.
Receipts for the fiscal year (since July
1). $5,043,156,364.44: expenditures, $6.
275.1 59.427.85. including $1,698,658.
676.4 of emergency expenditures; excess
of expenditures. $1,231,903,063.41: gross
debt. $37,557,225,168,26. a decrease of
$7,550,367.70 below the previous day; gold
assets. $12.856.030.037.61.
Receipts for April 24. 1037 (comparable
date last yean. $11,496,921.79; expendi
tures. $26,644,472.23: net balance $1 -
686.205,167.63: customs receipts for the
month. $37,662,958.57: receipts for the
fiscal year. $4,636,540,530.13: expendi
tures. $6,147,024,503.17. including $2
320.537.3100.23 of emergency expendi
tures: excess of expenditures. $2.110 483 -
973.04; gross debt. $34,877,002,968 64
gold assets. $11,762,836,151.65.
CRUDE RUBBER FUTURES.
NEW YORK. April 27 (4b.—Crude rub.
her futuraa opened 7 to 12 higher. May.
U.gg-Sg: July. 12.02: BepteiSb«:
tr.
1
Ups and Downs of Stocks 1929-1938
- _____.
ftft,,AM1 1929P««k I 8«s*dUponAviriaiDaily
Sopt. 19. | > Loading Stockijm the Now York Stock Exchange *’
___«937t<ul938
Industry Appears Near
Standstill Compared to
Record 1937 Pace.
By the Associated Press.
DETROIT, April 27.—The Auto
mobile Daily News said today that
automobile and truck production
this week would increase to 67.494
units as compared with 66.005
units last week and 138,272 in the
same week last year.
The estimated total would be a
new high for 1938 production, the
trade paper said, and would bring
the April output total 14 000 units
higher than the March total.
Special Dispatch to The Star.
NEW YORK, April 27 —Overshad
owed by the peaks reached in 1937
by registrations, truck and bus output,
and the second highest production of
motor vehicles on record, the pace of
the automobile industry during tire
first quarter of 1938 was so retarded
that it appeared to be at a standstill,
according to a survey by Dun & Brad
street, Inc.
"Production was about half that of
the 1937 first quarter, registrations de
clined even more, and the used-car
congestion had been ameliorated too
little to stimulate the movement of
new ones. In March, dealers' sales
made the first increase in nine months,
and the upturn reached into April.
"Manufacturers, however, still held
operations in close alignment with de
mand, even though encouraged by
factory and field stock reduction since
March 1. Many considered the cur
rent year written off, and w-ere await
ing the new one to be inaugurated by
the National Automobile Show. The
latter will open in New York on
Armistice Day, November 11, instead
of on October 27. Even the most
liberal trade estimates of 1938 pro
duction do not go beyond 3,500.000,
the smallest since 1934 at 2.869,963.
and 30 per rent less than the 1937
total of 5.002,188 units.
"No price changes were in prospect,
due to the inability of manufacturers
to reduce heavy fixed costs during a
period of declining production. Pres
ent excess of new-car field inventories,
over the number required to supply
the curtailed demand, naturally has
resulted in some price-cutting. Out
look was considered reasonably good,
with indications that the year's vol
ume would exceed most of the gloomy
estimates set.
“Unit production of motor vehicles
for April, 1937, reached 553,420, the
largest for any month since June,
1929. at 567,424. Successive monthly
reductions lowered this to 175,620
units by September. While October
and November production was in
creased. dealers could not move the
automobiles received. December op
erations were cut and, as stocks ac
cumulated, January, 1938, production
was held down to 228.074 units and
February to 202,872. March was ad
vanced to 235.000 units, marking the
first increase in five months but was
55 per cent under March, 1937.
“Production (factory shipments)
for the first quarter of 1938 were
only 665.615 units, according to the
compilation of the Automobile Manu
facturers’ Association, which was a
decrease of 49 per cent from the
1.302,108 for the corresponding 1937
period. It was the smallest first quar
ter production since 1932 at 362,832.
even falling 11.7 per cent under the
1934 comparison of 754,011.”
MACY & CO. SALES.
NEW YORK, April 27 (/Pi,—Sales of
R. H. Macy & Co. up to April 23 of
this year were 7.7 per cent below the
same perir of, 1937, Percy S. Straus,
president of the large department store,
told stocKholders at their annual
meeting today.
Easter business, he said, was “disap
pointing,” but added that post-Easter
business has been “slightly more en
couraging.”
INSURANCE STOCKS
NEW YORK. April 27 (/Pi.—Insurance
, , . Bid. Asked,
stocks bid and asked prices:
Aetna Cas (3a>_ 80'/* 84%
Aetna Ins (1.60)_ 41 43
Aetna Life <la> _ 22% 23%
Am Equit H.fiO) _ 19% 21
Am Ins Nwk (%a)_ 11% 12%
Am Reins (1.60)_ 27 28%
Am Reserve (la>_ 21% 23%
Am Surety (2%)_ 38% 4(i%
Automobile da) _ 25% 27%
Balt Amer i.20a)_ 5 6
Carolina (1.30) _ 20 21%
City of N Y (1.20)_ 15% 17
Conn Gen Lif (.80)_ 23% 24%
Conttn Cas (1.20)_ 25 27
Fid & Dep (4a > 93 90
Firem s Nwk (.30)_ 7% 8*,
Frank Fire (la) _ 22 23%
Gen Relnsur (2)_ 29% 31%
Glen Falls (1.60) 37% 39%
Globe & Rep (.80a)- 10% 11%
Globe A Rut _ 18% 22
Great Amer (la)_ 23', 23%
Hanover (1.60) - 27% 29
Hartford Fire (2)- 68% 68%
Home Fire Sec - 1 % 2%
Home Ins (la)- 24V, 25%
Homestead (1) - 12% 13%
Knlcl erbocker (.32%«)- 9% 11
Lincoln Fire - 2 2%
Maryland Cas - 3 4%
Mass Bond (3%) - 42% 48
Merc Ins Pr (.32)- 4 6
Natl Fire (2) 52% 54%
Natl Liberty (.20a) - 6% 7%
N Hampshire (1.60) - 39 41
N Y Fire i.40e)- 12% 14%
Nor Rlv (1) _ 24% 26
Phoenix (2a) - 71 73
Pro* Wash (1) - 29% 31%
Revere (P) In (1.20a)- 18 19Vi
Rh Isl Ins (.40)- 4 5.,
Rossia Ins -. 4% 5%
St Paul Fire (8) -175 183
Sprinafleld (4%a) -105 108
Sun Life (15) - 415 465
Travelers (16) - 406 416
U S Fid IcQ- 11% 12%
0 S Fire (2) 4gV4 48%
Weltchester (1.20a)- S8V4 S9%
a—Also extra or extra*,
e—Declared or paid to far thl* year.
m—Paid lait year.
Standard Brands
Lists $2,353,002
Profits for Year
Ey the Associated Press.
NEW YORK.'April 27—Standard
Brands, Inc., and subsidiaries reported
today for the first quarter of the year
net profit of $2,353,002 after all
charges except profit and loss items
and provisions for Federal surtax. This
was equal, after preferred dividends, to
17 cents a share on common stock,
and compared with $2,885,492, or 22
cents a share, in the comparable 1937
quarter.
The company is a Nation-wide man
ufacturer and distributor of food
products.
FliJiCUT
SCOREFROM ROLL
Five Field Offices Will Be
Closed on Account of
Short Funds.
Closing of five field offices, dismissal
of more than a score of employes in
Washington and furloughing to half
strength of personnel in the field have
been ordered at the Federal Bureau of j
Investigation because of “insufficient ■
funds,” it was learned at the Depart-'
ment of Justice today,
J. Edgar Hoover, director of the
F. B. I., already has closed offices of
his G-men in Hartford. Conn., and
Phoenix, Ariz , and today he ordered
abandonment of the field service in
San Juan, P. R. The offices in Hono
lulu, T. H, and in Juneau. Alaska, are
to be closed in the near future.
The financial stringency is due
largely to emergency expenditures
necessitated by the Ross. Levine and
Fried kidnapings and by exhaustive
investigations of violence in Harlan
County, Ky., and corruption at the
polls in Kansas City, Mo.
Far in Arrears.
The drastic curtailment has been
ordered in spite of the fact the bureau
is far in arrears in routine work and
employes are forced to work overtime
in many offices.
More than 6.700 cases have piled
up in Washington and in the field
divisions of the F. B I. because of
pressure of urgent cases, such as kid
napings, bank robberies and other
crimes requiring immediate attention
of agents.
At appropriation hearings Mr. Hoo
ver, in response to committee ques
tions. testified the bureau will need
$392 440 more than the amount al
lowed by the Budget Bureau—$6.043.
200—in order to keep up with the work
in the fiscal year beginning July 1
next. The appropriation bill, as finally
passed, kept the F. B. I. appropriation
to the sum recommended by the Budg
et Bureau, but authorized use of
$65,000 of that amount for current de
ficiencies. Thus the sum available for
the next fiscal year would be $5,978,200,
which Is $21,800 less than the current
appropriation.
At the hearings Mr. Hoover said the
bureau has 618 agents, whereas 722
are urgently needed to keep abreast
of the rapidly accumulating cases.
Although the bureau is pinched for
funds, it returned to the taxpayers
last year $7 for every dollar expended,
taking into account fines, recoveries
and other savings.
Mattson Force Reduced.
It was learned today the number of
agents detailed to investigation of the
Mattson kidnaping in the Seattle
area has been reduced from 20 to 8.
A similar reduction has been made in
agents assigned to the pending Levine
kidnaping case.
Unforeseen emergencies along the
crime front have left the bureau more
than $170,000 in the red this year.
The $65,000 credit from next year's
appropriation will reduce this debit to
$105,000. Dismissals, furloughs and
closing of offices will have to be made
to take care of the remaining deficit,
it was explained.
Bureau employes ran up more than
700.000 hours of overtime during the
past year, as compared with 573.000
hours the year before. Mr. Hoover
told congressional committees this
overtime situation is ‘‘deplorable'' and
“dangerous," but cannot be avoided
because of the demands of this type
of work.
It was learned today the bureau’s
staff of agents has been seriously de
pleted by resignations due to offers of
more lucrative positions elsewhere in
the Government or In private indus
try. A number of agents have been
attracted by higher salaries offered by
the Securities and Exchange Commis
sion, the Social Security Board and
other Federal agencies.
CHAIN GROCERIES GAIN.
Average dally sales of chain grocery
stores increased more than season
ally in March and were within 4.5
per cent of the recovery peak estab
lished in March, 1937, the Commerce
Department reports. The seasonally
adjusted index rose to 94.6, compared
with 93.6 in February and 99.1 in
March, 1937.
LEHIGH TO PAY INTEREST.
PHILADELPHIA, April 27 UP).—
After a meeting of the Lehigh Valley
Railroad Board of Directors today, it
was announced that the New York
Stock Exchange would be notified that
Interest on the company’s general
consolidated mortgage bonds, due May
1. would be paid in full.
CORPORATION NETS
WELL BELOW 1337
Profits of First 162 Firms
41 Per Cent Lower in
First Quarter.
Bj the Associated Press.
NEW YORK, April 27—Net profits
of the first 162 companies reporting for
the March quarter this year were 41
per cent less than the comparable
period in 1937, as earning power crum
bled under the impact of sharply
curtailed industrial activity.
A compilation by the Associated
Press showed these concerns earned
$130,400,000 in the first three months,
against $219,000,000 a year ago.
Heavy industry—producing goods for
use by other manufacturers—was
hardest hit by the slump in net income,
while companies turning out merchan
dise for general consumption made the
best record.
Oil, food, finance companies and
utilities reported the smallest declines
from the comparatively high levels
prevailing last year.
Sharpest drops occurred in building
equipment, steel, railroad equipment
and automobile accessory lines, the
last three named showing losses this
year compared with substantial profits
m 1937.
The following table gives the record
by industries, showing the number of
companies, net income and per cent
decline from the 1937 level:
Number of Net per Cent
Companies. Income Decline
9”,. $12.snn.ooo unch.
Food -}3 J.Looo.oOo 8
Finance - 5 13 soo.ooo a
UtUity -11 64.1 OO OOO q
Chemical _ 7 15.8no.ooo 40
Miscellaneous 84 25.100.000 5«
Bide Equip. . 8 1 . :oo Ooo 70
-11 +4.000.000 •
Rail Equip. 6 +4.100 ooo
Aul° Acces. -- R +000 000 •
Total 130.400.OOO 41
* .cornD»red with profit in LP3T.
t Deficit.
Production on Even Keel.
Bs the Associated Press.
Industrial production continued on
an even, though low. level throughout
March and the first three weeks of
April, the Federal Reserve Board re
ported yesterday.
The board's index of production re
mained at 79 per cent of the 1923-1925
average, compared with 118 per cent
a year ago.
In individual industries, however,
there were a few ups and downs in
March. Steel output increased slight
ly. and somewhat more substantial
increases were found in the lumber,
cement textile and shoe industries.
The output of automobiles, tires and
plate glass was approximately un
changed, while declines were reported
for meat packing, sugar refining, bi
tuminous coal and non-ferrous met
als.
Factory employment, the board said,
declined slightly. The seasonally ad
justed index was 81.6 in March, com
pared to 82 9 in February and 100.9
in March, 1937.
Indicating a small increase in hours
worked factory pay rolls increased to
73.3 in March, compared with 73.2 in
the previous month and 101.1 a year
ago.
MONTREAL SILVER.
MONTREAL April 27 {/p, —Silver fu
tures opened 40-60 hisher. Bids. April.
42.ip: May. 42.15.
First Mortgage Money
available for loans on business
and investment properties at
41/2%
Residential properties at
5%
in the District of Colombia and
vicinity
Prompt Consideration Given
All Applications
H. Clifford Bangs .
200 Investment Bldg. Me. 0240
Mortcace Loan Correspondent
Home Life Insurance Co. of N. Y»
Brokers’ Applications Invited
ORDERS FOR STEEL
UP IN APRIL
Bookings 10 to 25 Per Cent
Below March—Ingot
Output Unchanged.
By the Associated Press.
NEW YORK, April 27.—April orders
for steel have been disappointing to
all producers, running from 10 to 25
per cent below March, Iron Age said
today.
Ingot production for the industry
as a whole this week held at 32 per
cent of capacity, the same as last
week, the publication estimated.
“While business has not improved,
sentiment Is somewhat better, which
is partly ascribed to the fact that
Congress has become more assertive,”
the publication added. “The speedy
enactment of helpful legislation and
the defeat or shelving of other bills,
followed by an early adjournment of
Congress, w'ould clear the decks for a
return of confidence.”
Building construction projects re
cently awarded, for which steel is now
being specified, have given orders to
some mills, It was pointed out. In the
past week about 10,600 tons of re
inforcing bars have been awarded.
“An automobile company has issued
inquiries for bumper stock for 1939
models, the first that have been re
ported for the new cars,” it was pointed
out. “No appreciable improvement in
buying of steel by the automobile in
dustry is expected before July, when
material for the 1939 cars will be re
quired. The industry is believed to
have passed its construction peak on
1938 models. The fresh outbreak of
strikes in the Detroit district has
brought Irregularity in assemblies and
has caused the holding up of some
steel shipments.
“Railroad buying is confined to a
few rail orders. • * *
“Export sales of steel, pig iron and
scrap have fallen to a low point.”
The Iron Age scrap composite price
has declined to $11.92.
---—
STEEL PROFITS DOWN.
CLEVELAND, April 27 (/4s).—Mid
land Steel Products Co. first quarter
net profit after charges and estimated
taxes was $171,881, compared with
$558,215 last year, the company an
nounced.
Motor vehicles are now limited to
10 miles an hour in the grounds of
Windsor Castle.
Insurance
of
All Kinds
Including:
FIRE
J. Blaise de Sibour
and Company
1SSVRANCS BROKERS
1*00 Eye St. N.W. MEtro. 3996
That Are different!
Easy Month!k Payments
that lead tp Debt-Free
Homes.
• No Subscription for
Shares Required.
• Direct Reduction of
Principal each .Month.
• Lowest Interest Cost
—C omputed on
Monthly reducing
balances.
• Taxes may be In
cluded with monthly
payments.
• Liberal Prepayment
Privileges.
• Special Home Pro
tection Policy Pays
ofT Mortgage in Case
of Death.
• Payments by Mail
Made Easy.
• The Simplest, surest,
least expensive home
loan plan ever devised.
• Prompt and Cour
teous Service.
A'OTE—Let us explain our
unique FIRST FEDERAL
Savings and Investment plans
—Federally insured against
loss up to $5,000. Any
amount opens an account.
District 2340
Conveniently Located:
61013th St. NAV. (Bet.F&G)
Loans
ON IMPROVED D. C. PROPERTY
Immediote attention on your application for
buying, rebuilding or refinancing.
Loans repayable monthly.
No charge for appraisal if loan is not made.
Interest charged only on unpaid balance of
principal.
Equitable Co operative
Building Association
915 F ST. N.W.
Orcaniied 1879

xml | txt