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Evening star. [volume] (Washington, D.C.) 1854-1972, May 18, 1938, Image 19

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045462/1938-05-18/ed-1/seq-19/

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RAIL LIENS TEND
TO UPSET BONDS
Modest Demand Keeps U. S.
List Pointed Higher.
Tractions Drop.
Bond Averages
20 10 10 TO
Ralls. Indust. Util. F'gr.
Net change. —.1 +.2 +.2 —.1
Today, close 55.5 97.3 91.0 62.8
Previous day 55.6 97.1 90.8 62.9
Month ago.. 51.0 95.3 88.2 62.2
Year ago_ 93.0 102.6 97.9 71.2
1938 high_ 70.5 98.0 92.2 67.0
1938 low_ 49.7 93.0 85.8 61.6
1937 high... 99.0 104.4 102 8 74.7
1937 low_ 70.3 95 5 90 3 64.2
1932 low_ 45.8 40.0 64.6 42.2
1928 high...101.1 98 9 102.9 100 5
10 Low-Yield Bonds.
Close_108.9 Prev. day. 108.8
Month ago 107.3 Year ago. 110.3
1938 high. 109.3 1938 low.. 106.7
1937 high. 113.7 1937 low.. 107.0
1928 high. 104 4 1932 low.. 86.8
(Comoiled by the Associated Press.)
By the Associated Press.
NEW YORK, May 18.—Further
pressure on low-priced rails tended to
unsettle the bond market today, al
though modest demand kept the Gov
ernment list pointing higher.
At the beginning of the final hour
losers of fractions to more than a
point included Santa Fe 4s of 1995,
Illinois Central 4Us and Brooklyn
Union Gas 5s “B." Local traction
shares lost more than 3 points in
some cases as profit taking erased part
of recent gains. Heavy losers were
Hudson & Manhattan refunding 5s
and close behind were Third Avenue
5s and Interborough Rapid Transit 7s.
Among small gainers International
Telephone 5s stood out with a boost
of nearly 2. fractionally higher were
North American 5s, Texas Corp. 3Us,
Western Union 5s of 1960 and Brook
lyn Union Gas 5s.
United States Government issues
generally were higher, gains ranging
to 5-32ds. Japan 6U>s. active' in the
foreign dollar list, lost around a point.
-•
DIVIDENDS DECLARED
NEW YORK. May 18.—Prepared by the
Standard Statistics Co.
Reduced.
Pe- Stock of Pay
Rate. nod. record, able.
Heydrn Chem Corp 3<»c 5-25 0-1 _
Oneida L^d 12*28 Q 5-31 g-1;»
Pub Svc Cor N J 5<*c G-l <-30
Hewitt Rubber - K'c J-28 o-«
National Transit 35c 5-31 g-15
Omitted or Deferred.
Auto Fin 7'- pf omitted.
Storklme Fur Cor omitted.
Wolverine Tube ?'• pf deterred.
Extra.
Cine N O A Te Pa Ry 85 G-3 6-24
Cons Car Heat Co 82 5o 5-2u
Viking Pumo 25c _ g-1 b-io
Accumulated.
Dom Scot Inv br pf 81 5-21 G-l
Regular.
Aero Sup Mfg A 37 * ?c Q 0-17 7-1
Associates Inv ^ 5<*c Q G-lo
Associates In 53 pf 81 25 Q G-lo <>-.»n
Bellows A Co A 25c © G-l G-l ,
Bellows A Co. A 25c © G-l 0-1 g
Bellows A Co A 25c Q 12-1 12-10
Cm N Orl A Tex Pa 85 S 0-3 _ 6-‘4
Colum A Xenia R R 81 .>-2" G-10
Com Stl Cor 75 Pf *1.75 Q 0-15 ^-1
FI Pa Na Gas 75 pf 81.75 Q g-15 .-1
Feltman Currr.e Su Strs
87 pf 87*20 Q G-l <-l
Gen Ci^ar Co 5<>c 5-21 g-15
Ore ere R R 83.no S 0-1" 0-20
Johns-Manv 7pf 81 7.> Q g-17 .-l
Kerlyn Oil A 834C Q 0-1 n .-1
Kimberly-Clark 25c Q O-in 7-1
Kimb-Clark ou pf *1.5" Q o-in ,-1
Kresge De St. 4'« cv pf 81 Q 0-2" » -l _
Magma Copper 35c 5-28 O-lo
Onieda Ltd “,r- pf 4334 Q 5-31 G-lo
Ot’s Elevator Co 15c 5-2 7 0-20
Otis Elevtor O' pf 81.50 Q 5-27 G-20
package Mach Co 5"c Q 5-2" G-i_
Pref Acci Ins N Y 2<i G-l" <>-2o
Pub Sv Cor N J 6" Pf 50c M G-15 7-15
Schiff Co 25c 5-31 G-l p
SchifT Co 75 pf 81.75 Q 5-31 G-1 .*>
Schiff Co 5*2', pf 81.37*2 Q 5-31 G-lo
Continental 03 25c 0-0 g-3o i
Dunuesne Lf 1st pf 81.25 Q <1-15 G-15 j
Lone Star Cement 7 5c G-lo 0-30 \
Seeman Bros G2*?c Q 5-31 G-15 I
Sutherland Paper 40c 6-4 6-15 j
Increase.
Penick A Ford 75c ... 6-1 6-15 j
No Action.
Bulla rd Co.
Congoleum-Nairn. Inc.
Transue A Williams.
FEDERAL LAND BANKS
NEW YORK. May IS |/P).—Federal Land
Bank bonds:
Rate-—Maturity. Bid. Asked.
41 vs Nov,, ln.as-ns_ ioi=4 102
4s July. i!4 __1 I 1'2 111’4
3',s May. 11*55-45 _104*2 104=4
3s July. 1055-45 _10:t'4 10«>a
3s Jan. 1050-40 ... __ lo.’t1* 1 *43*i
Ss May. 1050-40 _ 10:4’ 4 103'.a
CHICAGO LIVESTOCK.
CHICAGO. May is ...tv—(United States
Department of Agriculture).—The recent
rampant *rade on fed steers and yearlings
threatened to come to a stop today, but
shippers and order buyers continued to
buy rather freely at steady to 15 cents
lower prices Meanwhile, the hog market
shot foreward again, top reaching 8.75.
Lambs sold higher.
Hoes. 11.non. including 4.non direct:
Active 15-25 higher than Tuesday’s av
erage; top 8.75 good and choice. 180
24-> pounds. 8.00-75: 250-290 pounds.
8 50-05: Mi'0-350 pounds. 8.25-50; good.
400-5* o pounds, packing sows. 7.50-75;
light butcher’s kinds up to 7.90.
Catt'e. 10.000; calves. 1 500: fed steers
end yearlings, steady to 15 lower; mostly
steady to weak; shippers, order buyers
and local large and small killers bought
all grades and representative weights free
ly on early rounds: closing trade slowed
down a little: top 10.75; new high on
crop; several loads. 10.25-05: fed heifers
steady: best light offerings. 9.35; cows
barelv steady: bulls unchanged at 7.25
down, hardly enough vealers here to make
a market: good and choice kinds selling
at 9.50-10.09- stocker trade negligible.
She®p 10 000. including 5.500 direct:
active strong to 25 higher on ail killing
classes: spring lambs and sheep at full
advance: California spring lambs. 9.70;
one double. 9.8<»; good clipped lambs. 7.80:
choice held 8.10-25; bulk choice Cali
fornia ewes. 3.75
. — —. . m
FOREIGN EXCHANGES.
NEW YORK. May is opt.—Further lm
Firovement of ma.ior European currencies
n terms of the dollar was shown today,
although the belga failed to share in the
advance
Sterling was ahead =» of a cent and the
French franc 00=» of a cent. The belga
lost 'HI'2 of a cent. Swiss francs bounced
.o.-, of a cent and the Holland Builder
Fas .03 of a cent .ilRher. ,
Bankin-. circles noted a slight advance
to .02 of a cent In the discount on the
po-day forward franc, apparently linked
with a hitch in the Anglo-French con
versations
Noon rates follow—Great Britain in dol
lars others in cents: Great Britain de
mand. 4 !*71B. cables 4 !»?'•: nn-day bills.
4 flti’i: France, demand. 2 707». cables
2 TO7 : Italy, demand. ftJJ'I'v: cables.
ft.'fH'a
Demands—Belgium. HiXt'j' Germany.
4o IK', benevolent. 21 4.Y travel. 23 On;
Holland 35 -7. Norway. 24.nl*. Sweden
25 H**. Denmark 22 20 Finland 2 2o,j:
Swttzei land 22.H5*j. Spain unquoted.
Portugal I 51** Greece 02 Poland,
jwno. Czechoslovakia 3 I*1. Yugoslavia
2 35 Austria unquoted Hungary. 1:100
Rums! la 75: Argentine 33 15ti Brazil
1 free' Alton Tnkln 2>» 0* Shanghai.
2" 1*0 Hongkong. 30 Mexico City
"3 25r Montreal In New York 01*11.
New York in Montreal 100*10 n-Nomtnal
-■ ... -—-•
U. 8 TREASURY POSITION.
B» iM fmi.
•fhp «wt*tili»jt of lb# TrmiHff nn Map I a
ftrr<i|>«* • »a.A5*» *• I »K|i*n<(llUfH.
I a, 111 a 99 itwtAni*# * ;4 •"»«* ■
?•* 1 ruiiiiiM t#t#ipl* f«N ima month.
II M »*•
tp*« f441 n*» «t Mil l»lm* .till*
• « . t ,• i % . in 1,1 '
" I 1 » *1 'irrMim • *
rf*#r I *•«•>» » 1 »«
, f i iNttiill(>MM 1i »|* INI no !»* • »«•*
1 * »' • VI ♦1' •♦*•*»■!# »!*♦ M #*»«*«* 4*» »wl4
, Mi • p**i > *
H ..in'. » 14*1 r s t9<t „ «•«•**
M * A|‘ M i) •»*•♦#*
■it* r |l tl >k' - I | I * * '
• I M 1 I I ■» *
• # * V* • « * • - . .. Y • ■ $*
1 ll if « ' i
j BONDS ON N. Y. STOCK EXCHANGE
By private wire direct to Tne star.
Approximate Transaction* Today.
U S Govt Bonds..., 240,000
Foreign Bonds 800.000
Domestic Bonds.. 3.740,000
TREASURY.
High. Low. Close.
2 44 s 1949-E3_101.21 101.20 101.21
244s 1948-51_ 104.4 104.4 104.4
2448 1951-54_ 103.5 103.1 103.5
244* 1956-69_ 102.31 102.30 102.30
2%s 1955-60_ 104. 103.30 104.
Ss 1946-48 _ 107.15 107.15 107.15
Ss 1961-65 _ 106.3 106.1 106.3
S 44s 1946-49_ 108.6 108.6 108.6
314s 1944-46 ... 109.15 109.13 109.15
3 44 s 40-43 June 106.20 106.20 106.20
344s 1941-43 Mar 107.23 107.23 107.23
3 44 8 1 9 4 3-47_110.4 1104 1104
48 1944-64 _114.9 114.6 114.9
444sl947-52_118.11 118.11 118.11
FEDERAL FARM MORTGAGE.
3s 1944-49_ 105.21 105.20 105.21
344* 1964 _ 106.7 106.7 106.7
HOME OWNERS' LOAN
24is 1942-44 ... 103.9 103.8 103.9
14is 1939-49 _ 102 30 102.29 102.30
3s 1944-52 _ 105.29 105.26 105.29
FOREIGN BONDS.
Hieh. Low. Close.
Abltlbl Pa&Pw 5s 53 45 45 45
Agr Mtg Bk Col 6s 48 22% 22% 22%
Antloqula 3d 7s 67 6% 6% 6%
Argentine 4s 72 Feb.. 834 834 83V«
Argentine 4s 72 Apr.. 84 83 83
Argentine 4%s 71_ 934 93 934
Australia 4 4s 56_1014 1014 1014
Australia 6s 65_ 105 105 105
Australia 5s 67 _ 1044 1044 1044
Bavaria S 6 4s 45_ 22 22 22
Belgium 6 4s 49_ 104 104 104
Berlin 64s 60 _ 21 21 21
Berlin Elec 6 4s 51_ 284 284 284
Brazil 6 4s 26-57 _ 13 12% 13
Brazil 6 4s 27-67_ 134 134 134
Brazil 7s 62 _ 12% 12% 12%
Brazil 8s 41 ... 154 154 154
Breda Ernesto 7s 54.. 61 64 64
Brisbane ns 57 . 99% 99% 99%
Brisbane Ks 58_ 994' 994 994
Brisbane 6s 50_1014 1014 1014
B A 44-4 %s 77_ 574 574 574
B A 4 4-4 % s 75_ 594 594 594
Bulgaria 7 4s 68_ 32% 32% 32%
Canada 3s 67 _ 97% 974 97%
Canada 3 % 61_102% 1024 1024
Canada 4s 60_109% 109% 109%
Canada 5a 62_112% 112% 112%
Carlsbad 8s 54_ 20 20 20
Chile 6s 60 _ 19 184 19
Chile 6s 61 Jan_ 19 19 19
Chile 6s 61 Feb_ 184 184 184
Chile 6s 62_ 19 19 19
Chile 6s 63_ 18% 184 18%
Chile 7s 42 _ 184 184 184
Chile Mtg Bk 6s 61_ 17 16% 16%
Chile Mtg Bk 6s 62 .. 17 17 17
Chile Mtg Bk 6%s 61. 16% 164 16%
Chilean Mun L 7s 60 . 15 15 15
Colombia 6s 61 Jan . 154 154 154
Col Mtg Bk 7s 46 ... 22% 22% 22%
Copenhagen 4 4® 53.. 95% 95% 95%
Copenhagen 5s 52 _ 97% 97 97%
Cordoba 7s 57 stpd_ 52 52 52
Cordoba 7s 42 prv_ 814 80% SI
Costa Rica 7s 51_ 184 184 184
Cuba 5s 04-44 _ 1024 101% 101%
Cuba 54s 45 .. 69% 69 69
Cuba 54s 53 . .. 101% 101% 101%
Czechoslovakia 8s 51 724 724 724
Czechoslovakia 8s 52 724’ 724 724 j
Denmark <4s62 96% 964 96%'
Denmark 54® 65_ 1004 1004 1004
Denmark 6s 42 . 103% 1034 1034 I
Dominic 1st 54® 40 _ 57 57 57
Dominic 1st 54® 42 . 57 57 57
Dominic 5’is 61 ext 584 584 584
Dominic 2d 54s'69ex' 58 58 58
Hat deb it 46 96 96 96
Finland fis 45 106% 106% 106%
French Gov 7 Hs 41 102% 102 102%
Ger C Ag Ln 6%s 58 27% 27% 27% i
Ger Gen Elec f.s 48 . 48 48 48
Ger Gov 5%s 65 ... 26% 26% 26%
German Gov 7s 49_ 31 31 31
Grt G El .'.an 7s 44 ._ 71 70 70
Greek Gov 6s 68 _ 24% 24% 24%
Haiti fis 52 _ 73 73 73
Hung Con M 7s 46._ 13 13 13
Hal PUCrd 7s 52_ 64 63% 61
Japan 5%s 65_ 59% 58% 59%
Japan 6%s 54 _ 71% 70% 70%
Kreug&Toll 6s 59 et.. 27% 27% 27%
Minas Gers 6 %s 58 _ 8% 8% 8%
Minas Gers 6%s 59 _ 8% 8% 8%
New So Wales 5s 67.. 103 102% 102%
Nord Ry 6 % s 50 _ 97% 97% 97%
Norway 4s 63 ...... 101% 101% 101%
Norway 4 % s 65 103 % 103 103
Norway 4%sS6 _ 104% 104% 104%
Oriental Dev 6s 53 .. 56% 56 56%
Panama 5s 63 st asd 35 35 35
Paris OH Ry 5%s 68 86% 85% 86%
Pernambuco 7s 47 .. 7% 7% 7%
Peru 6s 60 .. 8% 8% 8%
Prague Gtr 7%s 52 69 69 69
Rhine West EP 6s 52 30% 30% 30%
Rhine W El P 6s 53 .. 30 30 30
Rio de J an 6 % s 53 . 7% 7% 7%
Rio Gr do Sul 6s 68... 7 7 7
Rome 6 %s 52 _ 64% 64% 64%
Roumania 7s 59_ 24 23% 23%
Sao Paulo C 6%s 57- 8% 8% 8%
Sao Paulo C 8s 52 ... 8', 8% 8%
Sao Paulo St 6s 68—. 8% 8% 8%
Sao Paulo St Ts 40 .. 32 32 32
Shln'su E P 6%s 52_ 60 60 60
Toklo E L Ltd 6s 53 — 55% 55% 55%
Ujiga wa El P 7s 45 . 71% 71% 71%
Un Stl Wk 6 % s 51 C. 33 33 33
Uruguay 4s 78_ 42% 42% 42%
Vienna 6s 52_ 21% 21% 21%
DOMESTIC BONDS.
Adams Express 4s 48 88% 88% 88%
Alleg Corp os 49 _ 51 49% 51
Alleg Valley 4s 42 _ 105% 105% 105%
Allis Chalmers 4s 52 10fi% 106 106%
Am & For Pw 6s 2030 52% 52% 52%
Am I GCh 674s 48... 103% 103% 103%
Am T & T 374s 61_102% 102% 102%
Am T & T 3 74 s 66_ 102 102 162
Am T & T 574s 43_113% 113% 113%
Am Wat Wks 6s 75 92% 92% 92%
Anaconda deb 4 74 » 60 105% 105 105%
Armour!Del 11st 4s55 94% 93% 94%
Armour!Del)4s 67 - 94% 94 94%
A T&S Fe adj 4s 95 st 86% 86% 86%
A T&S Fe gen 4s 95 106% 105% 106%
Atl Coast L 1st 4s 62 76% 76% 76%
Atl Coast L clt 4s 62. 55% 55% 55%
Atl Coast Line 6s 45_. 69 69 69
Baldwin Loco 5s 40_ 99 99 99
B&O 1st 48 43_ 44% 44% 44%
B*0 474*60 _ 17% 17% 17%
B & O 1st 6s 48_ 47 47 47
B & O ref 5a 95_ 21 20% 21
B & O 6s 96 F_ 20% 20% 20%
B & O rf 5s 2000 D_ 20% 20% 207*
B & O ref 6s 96_ 23 22 22%
B&O PLE&W V4b 41 38 37% 38
B & O Swn 6s 60 34% 34 34%
Bang & Ar cv 4s 51 st 102% 102 102%
Ball T of Pa 6s 48 B 118 118 118
Bell Tel of Pa 6s 60 C 128 128 128
Beth Steel 37»s 52... 9174 91% 9174
Beth Steel 3%s 66_ 98 977, 98
Beth Steel 474s 60_ 10474 10474 104%
Bos & Me 5s 67 _ 30 30 30
Bklyn CRR 5s 41_ 4574 4574 45%
Bklyn Ed con 3 74s 66 10544 105% 105%
Bklyn Man T 4 74 s 66. 60% 6774 57'a
Bklyn Un Gas 6s 60.. 6874 68 68%
Bklyn Un G 6s 67 B . 85 8474 85
Bklyn Un Gref 68 47. 99% 99% 99%
BufT G E 474 s 81_111% 11174 111%
Buff R&Pcn 4 74s 67.. 25% 25% 25%
Bush Term cn 6s 65.. 34% 34% 34%
Calif Oreg Pow 4s 66 . 89% 8874 8 9%
Canada So 5s 62 85% 85% 85%
Canadian NR 4 748 66 116% 115% 115%
Canadian NH 4 %8 67 115 115 115
Canadian N 6s 69 Jull 117 117 117
Can Nat 6a 69 Oct 120 120 120
Can'dlan P db 4s perp 79% 79 79
Canadian Pae 4 74 8 60 92% 92% 92%
Caro Cl *0 6s 52 ... 99% 98% 99%
Cent of Ga 6s 59 C_ 5% 5% 5%
I Cent III E& O 6s 61 99% 99% 99%
i Cent N Y Pwr 3\a 62 105% 105% 105%
Cent Steel 8*41 115 114% 115
Cart'd deh 6%a 4* .. 611 59% 60
Champ PAF 4%a 60.. 96% 96% 96%
rhea A 0 1748 *6 D_ 94% 93% 94
fbaa * O 11*8 M E... 94 94 94
C A O run 6b It ... ]03% 103% 10.3%
CM A Atl ref 28 49 ... 19% 19% |9%
Chi l«*g sen 4* II... 91% 91 9.1%
•f)l MAg 4 % 9 71 .... 92 92 92
Chi HAU rrf It 71_ »9% *7% 97%
t'MAg I dt» 4s 49 .. 1M*% 100% |O0%
ChMIrt tAssl 4s I* 19% 19% I9% |
CM Ind A I im 4s 4f . 10'. |0% |0%
I M IA I, S' 11 •• 89 6 K I
CM Mil a Ml «. 9| . * , .'4 • <
IMAM' I 4 %» I ■ C 21 24 74
CM* "O' 4 %- • * N 'I .'I '•
4 M* Wt |* ft ft • * lit 'If 11#
r m «t l * • 11 ft ft’* » «
t M t|« I 4 f « li ft*M * 4 I R
« ft i s »% »t «• It it # I• ♦ it 1
r» 1 * * s\ «*» (« if ftt |t 1 l#
A fc II ( * • *• C
itill Ntl (%• (I ' * I I
men. uow. uiosc.
Chl&NW4%s87.— 154 164 154
Chi & NW gen 6s 87.. 17% 17% 17%
Chi R l&P rf «s 84 — 74 74 7%
Chi R l&P rf 4s 84 ct- 64 6% 64
Chi R I&P gen 4s 88.. 184 174 174
Chi R I&P 4 4s 62 .. 7% 7% 7%
Chi R l&P 4 4s 62 ct- 64 6% 64
Chi T H&S inc 6s 60.. 39 39 39
Chi & W In cn 41 52 - - 894 894 894
Cin Un Ter 3%s 71 . 105% 105% 105%
CCC&St Lrf 4 4s 77 50 494 50
Clev & Pitts 4 4s 42 A 1054 1054 1054
Clev El 111 3%s 66 . Ill 111 111
Clev Un Ter 44s 77.. 774 774 774
Clev Un Ter 6s 78 .. 864 86% 864
Clev Un Ter 6 4s 7t- 804 904 904
Colo F& I 6s 43 _ 97 96 97
Colo & So 4 4s'80 ... 364 364 364
Col G* E5s62 May- 924 92 924
Col Gas & Elec 6s 61. 92 91% 91%
Colum Ry P&L4S65. 107% 1074 107%
Cornel Cred 2%s 42 .. 1024 102 1024
Come) Credit 3 4s 61. 1004 100 1004
Comwlth Ed 4s 81 F.. 107% 1074 1074
Comwlth Ed 6s 63 A- 1104 1104 1104
Comlth Ed 6s 54 B . 1104 1104 1104
Cons Ed N Y 34s 46. 103 103 103
Cons Ed N Y 34S 6« 1034 1034 1034
Cons Ed(NY)3 4s 68- 1014 101% 101%
Consol 011 3 4s 61 101% 1014 101%
Consum Pwr3%sB6 101% 101% 101%
Consum Pwr 34s 67. 105 105 105
Consum Pwr 3 4s 70 105 105 105
Container deb 6s 43.. 914 914 914
Container 6s 46 __102% 102% 102%
Crown C & S 4s 50_ 1034 1034 1034
Del & Hud ref 4a 43.. 36% 364 36%
Den G & E 6s 51 .. 1084 1084 1084
D & R G W rf 6s 78_ 7% 7% 7%
Det Edison 3 4s 66_ 107 107 107
Det Edison 4s 65_110% 1104 110%
Det Edison 5s 62_ 1094 1084 1084
Duquesne Lt 3 4s 65 1094 1094 1094
Ed El 111 Bklyn 4s 39. 1014 1014 1014
Elec Auto Lite 4s 62. 103% 1034 103%
Elgin J&E5s 41_107% 1074 1074
Erie cv 4s 53 A_ 184 184 184
Erie gen 4s 96_ 23 23 23
Erie ref 6s 67_ 14% 14 14%
Erie ref 5s 75_ 14 134 14
r airnKS Morse 4S ob .. JUUVklUU 100
Fla E C Ry 6s 74 .. 6 6 fi
Francisco Sug 6s 56 .. 37% 37% 371*
Gen Am Inv 6s 52_101'* 1017* 101%
Gen Mot Acc 3s 46 ._ 104"* 104"* 104V*
Gen Mot Acc 3Vis 51. 104 104 104
Gen Stl Cast 5Vis 49.. 41'* 40 40
Goodrich 4 V*s 56_ 96 95% 96
Goodrich 6s 45 _ 94'* 94'* 94'4
Goodyear T&H 6s 57. 104% 1047'i 104%
Great N Ry 4s 46 G.. 88 87 87%
Grt N Ry 4s 46 H 81V* 81 81
Grt Nr Ry 1st 4 %s 61 102V* 102 102%
Grt N R gn 4%s 77 E. 75"* 75% 75V*
Grt N Ry 5s 78_ 83 83 83
Grt N R 5 Vaa 62_ 90% 90% 90%
Gulf M & N 5s50_ 64 64 64
Gulf Sta Util 4s 66_104% 104% 104%
Hack Wat 1st 4s 52 _ 108% 108% 108%
Harliy PC 1st 4s 51. 55 55 55
Houston Oil 5 %s 40 .. 101% 101% 101%
Hudson Coal 5s 62 A. 25% 24% 24 %
Hud & Man Inc 6s 57 . 19% 17% 17%
Hud & Man ref 6s 57. 49 45% 45%
111 Bell Tel 3 %s 70 B. 110 109% 109%
111 Cent 4s 62 _ 44% 44% 44%
111 Cent ref 4s 53_ 39'* 39% 89%
111 Cent ref 4s 55_ 44 43% 44
111 Cent 4%s 66 .. 32% 32 32%
111 Steel deb 4 %s 40 . 107% 107 107%
ICC & St L N O 5s 63. 37% 36% 36%
inland Stl 3V*S 61 .. 107% 107% 107%
Inter R T 1 rf 6s 66... 57% 56% 57
Inter RT 6s 32_ 22% 21% 22
Inter RT 7s 32 _ 56 55 55%
Int Agr 5s 42 stp_100% 100% 100%
Int Grt Nr 5s 56 B_ 15 15 15
Int Grt Nr 5s 66 C_ 15 14% 15
Int Hydro K1 6s 44_ 65% 65 65
Int Pap 1st 6s 47_ 89% 88% 89%
Int Pap ref Cs 55 ... 82 82 82
Int T&T cv 4 Vis 39... 90 89% 89%
Int T&T 4 %s 62_ 63% 60 62%
Int T&T 5s 55 .. 68 65 67%
j ones & Lou 4^s oi. yb<>» yb1* ybv* i
Kans C Ter 1st 4s SO. 105% 105% 105%!
Kans G&E 4 % s 80 103% 103% 103%'
Kans C So 3s 50 _ 63% 63% 63%
Kan City So rf bs 60.. 59% 59% 59%
Koppers Co 4s 61_103% 103% 103%
Laclede G 5Hs 53 ... 56 56 56
Laclede G 5 % s 60 D.. 66 66 56
Laclede Gas 6s 42 A— 49 49 49
Laclede Gas 6s 42 B — 4" 47 47
Lautaro Nit 1975s... 30% 30% 30%,
Lth Val Coal 5s 74 .. 20 20 20
Leh V P con 4s 2003.. 20% 19% 20% j
Ligg & Myers 7s 44 .. 129% 129% 129% i
Liquid Carbon 4s 47— 107 107 107 j
Loew s 3 %s 46 ... 100% 100% 100% j
Long lsl ref 4s 49_ 76% 76 76
Lorillard5s51__118 118 118
Lorillard 7s 44_127% 127% 127%
La & Ark 5s 69 74 73% 74
Lou & Jeff Bid 48 45- 105 105 105
L & Nash 3**8 2003_ 75 75 75
L& N unit 4s 40. 101% 101% 101%
L & N 4 %8 2003_ 83% 83% 83%
L&N5s20u3B .. .. 93% 93% 93%
L * N Atl K*C 4e 65 103% 103% 103%
McKess&Rob 5%s 50 100% 100% 100%
Manatl Sugar 4s 57_ 25% 25% 25%
Manhat Ky 4s 90_ 29 28% 28S
Mead Co 63 45 _ 99% 99% 99%
Met Ed 4%s 68_ 109 109 109
Mil El R&L 6s 61 ... 102% 102 102%
MStPISSM cn 4s 38_ 11% 11% 11%
Mo K & T 1st 4s 90_ 68 58 58
Mo K & T 4s 62 B_ 34% 34% 34%
Mo K & T 4 Vis 78_ 39 39 39
Mo K & T 6s 62 A_ 40 40 40
Mo Pac 4s 75_-__ 6 6 6
Mo Pac 5s 65 A_ 19 19 19
Mo Pac 6s 77 F_ 18% 18% 18%
Mo Pac 5s 80 H_ 19 19 19
Mo Pac 5%s 49 . - 4% 4% 4%
Monong Ry 1st 4s 60. 99% 99% 99%
Mont Pwr 3<%s 66_ 94% 94 94
Mont T 5s 55 A_ 74% 74% 74%
Nassau Elec 4s 61- 24% 24% 24%
Natl Dairy 3Vis51ww lOltj 100% 101%
Natl Dls PC 4 Vis 45 105% 105% 105%
Nat Ry Mex 4 Vis 57 a^ 1% 1% 1%
Natl Steel 4S 65 108 107% 108
Newark C Gas 5s 48.. 120 120 120
New Eng RR 4s 45_ 31 31 31
New Eng RR 5s 45 ... 30% 30% 30%
New E T&T 1st 6s 52 123% 123% 123%
New Orl PS 5s 65 B 97 97 97
New Or Ter 1st 4s 63 56% 56% 56%
New Orl T&M 4 Vis 56 26 26 26
N Y Central 3 V4s 6262 62 62
NY Central 3 %s 97_ 82 82 82
NY Central 3 Vis 46— 67 67 67
N Y Central 4s 42 ... 72% 72% 72%
N Y Cent con 4s 98 _. 61 61 61
N Y Cent rf4Vis 2018 48% 47% 48%
N YCrf 4 Vis 2013 n. 48% 47% 47%
N Y Cent rf 5s 2013 - 53 53 53
NY Chi & St 1, 4s 46- 66 66 66
NYC&St D 4 Vis 78 — 36% 36 36%
NY Conn 1st 4 Vis 63. 102% 102% 102%
NY Dock 48 61_ 62% 52% 52%
NY Dock 6s 38 ct_ 56 55 56
NY Edison 3 Vis 65 — 105% 105% 105%
NY Edis ref 3V4S 66.. 105% 105% 105%
NY G El H&P 5s 48— 122% 122% 122%
NY NH & H 4 Vis 67.. 16 15% 16
NY NH & H cl 6s 40— 22 22 22
NY NH & H cv 6s 48. 16 16 16
N Y Steam 5s 66. 103% 103% 103%
N Y Tel 3 Vis 67 _ 107% 107% 107%
N Y Tel sen 4 Vis 39— 105% 105% 105%
NY W&B 4Vis46_ 4% 4% 4%
Niag E & O 6s 55 107% 107% 107%
Norf & W 1st 4s 96__ 116% 116% 116%
North Am Co 6s 61... 105% 105% 105%
North Am Ed 5s 69 C 102 102 102
North Pac gn 3s 2047 50% 60% 50%
North Pac 4S 97 _ 82% 81% 82%
Nor’n Pac 4s 97 rg_ 77 77 77
NoPn Pao 4 Vis 2047— 53 62 53
North Pac 6s 2047_64% 63% 64
Ohio Edison 4s 65_102% 102% 102%
Ohio Edison 4s 67 _101% 101% 101%
Ont Pwr Nlag 5s 43— 112% 112% 112%
Oreg Sh L 5s 46 gtd- 114% 114% 114%
Oreg W RR 4s 61 — 99% 99% 99%
Otis Steel 4 Vis 62_ 71% 71 71
Pec Oas A El 3 %s 66 102% 102% 102%
Pac GAG 3 Vis 61 — 106% 106% 106%
Pac U A E 4s 64 110% 110% 110%
Pac T&T rf 3%e 66 B 105% 105% 105%
Pac TAT 3 Vis 66 C 105% 105% 105%
Paramount Pic 6e 66 91 91 91
Penn Co I%« 41 B .. 99% 99 99
Penn Co 4s 62 E. 92% 92 92
Penn Co 4S 63 . 92% 92% 92%
Pa Oh A Del 4 Vis 77.. 92% 92% 92%
Penn PA I. 4 61 — 97% 96% 97%
Penn HH I %e 61..... 7* 77 77
PennllRI^al#. MS M% MS
Penn RR 4a «• .1<»9% 1»9% 1**6% |
Penn RR 4 t|S II 66% M% M%
Penn Mil enn !%■ *0 114% 114% 114%
Penn 1111 gn 4 %# 66 95% UV. 1*5%
Penn It II it el* 4 %e f 0 7» ?'*
Penn RR sen »• •• |fl.1 , l"l , |nt%
|V..|*!e tlldt*’ ie 41 MIS', in* . I"«%
Pei Math I %• I* 5* 4* 4*
|4r« ki'4 Itll 64% 61% 64,
phi |«l*4 • l%*t. "6 . 106 , n‘.
i mis •<* w it 61 « , |M i i"» ,
Phi « < e is It *1% »t , • i .
• ■Mi# tele* I Sell !"• * |M% |t>*
Phlie A M PAP t§ II I) l"% I" i |
pMMnnine ti» #s It . |ft 16 1* I
Plllehuli P 64 I* 46 . !»• . I'16% 166%
men. jjow. close. {
PCC&St L 5a 70 A_ 102 102 102
Port Gen El 4tts60— 67% 56% 67
Port Oen El 5s 50_101% 101V* 101%
Postal Tel * C 5s 69 12 12 12
Potomac El P 8% s 66 108 107% 107%
Purity Baking 6s 48— 90 90 90
R-K-0 6S41_ 73% 72% 73%
Reading R 4%s 97 A 71 71 71
Rsm-Rand 4%s S6ww 97% 97% 97%
Republic Stl 4%s 61. 84% 83% 84
Republic Stl 6%s 64. 106% 106% 105%
Revere Cop 4 44 s 56.. 98 98 98
Richfield 011 4s 62 . 97 96% 97
Rutl'd(Can) 4s 49 St- 6% 6% 6%
St L1M&S R&G 4s 38. 48% 48% 48%
StL-San Fr 4s 60 A ... 11% 11% 11%
St L-San Fr 4s *60 ct— 9 9 9
StL-San Fr 4%s 78... 10 10 10
StL-S F 4 % s 78 ct st- 8% 8% 8%
St L S W rf 6s 90, ... 11% 11% 11%
StPUn Dep rf 6s 72.. 113% 113% 113%
Schulco 6 VjS 46 A — 15 16 15
Schulco 6%s 46 A Stp 14% 14% 14%
Seabd A Lrf 4s 59— _ 5 6 6
Seabd A L 6s 45 A_ 7% 7% 7%
Seahd A L 6s 45 ct— 6% 6% 6%
Seabd A-FI 6s 36 A ct 3% 3% 3%
Seabd A Fla6s 35Bct 3% 3% 3%
Shill Un deb 3%s61. 103 102% 102%
Siletan Am 7s 41- 70 70 70
Bkelly 011 4s 51 _ 99% 99% 99%
Socony Vac 3%s 50 . 107 107 107
Southn Cal O 4%s 61. 106% 106% 106%
Southn Cal Gas 4s 65. 108% 108 108
So Colo Pwr 6s *47 A 95% 94% 95%
Southn Kraft 4%s 46 92% 92% 92%
So Pac 3%s 48 _ 53% 53% 53%
So Pac col 4S 49- 44 44 44
So Pac ref 4s 65— 67% 67% 67%
So Pac 4 %■ 68_ 42 41% 42
So Pac 4%s 69_ 41% 41 41%
So Pac 4%8 81- 42 41 41
So Ry gen 4s 66 A_— 33% 32% 33
So Ry 5s 94 _ 60% 60% 60'%
SoRy gen 6s 66_- 44 43% 44
So Rv 6%s 66 _ 46% 46% 46%
S W Rell Tel 3%s64. 110 110 110
Southw'n G&E 4s 60.. 104% 104% 104%
Stand Otl N J 3k 61 .. 102% 102% 102%
Studebaker cv 6s 45— 58 58 58
Tenn El Pw 6» 47 A_ 91 90% 91
Texas Corf 3 %s 51 . 106% 106 106%
Texas* Pac Bs 77 B 78% 78% 78%
Tex* Pac 1st Bs 2000 109% 109% 109%
Third Av ref 4s 60 ... 32% 32% 32%
Third Av 5s 37 _ 82% 82% 82%
Third A ad 5s 60_ 8% 8 8%
Tide Wat 011 3Hs 52. 104 103% 104
Un Elec(Mo)34is 62- 108% 108% 108%
Un Oil Calif 3%s 52.. 107% 107% 107%
Un Oil Calif 6s 42 A— 117 117 117
Union Pac 3%s 71 ... 91% 91% 91%
Union Pao 1st 4s 47— 109% 109% 109%
Un Pac rf 4s 2008 _ 103 102 102
United Druft 5s 63 ... 76% 76 76
Utd Rys St L4s 34_ 20% 20% 20%
US Rubber 5s 47_105% lOBJJ 105J5
Utah L& TBs 44_ 89 89 89
Util P& L 5s 59_ 49 49 49
Util P& L 5%s 47- 49 49 49
Vandalla 4s 57 B_ 104 104 104
Vanadium 6s 41_... 85% 85% 85%
Va E * P 43 55 A_109% 109% 109%
Va Rv 1st 344s 66_103% 103V. 103%
Va S W con 5s 58- 47 47 47
Wabash 4 %s 78 G- 8% 8% 8%
Wabash 2d 6s 39 — 21% 21% 21%
Walker H&S 4 V4s 45 - 104% 104% 104%
Warren Br cv 6s 41 33 33 33
Wstchr Lt an 3 %s 67 102% 102% 102%
West Penn P3%s 66. 109% 109 109
V\ est Pac 6s 46 A as . 18% 17% 18%
West Un 5s 61 - 61 60% 60%
West Union 6s 60- 69% 68% 59%
Wh & I. E 4s 49 . ... U>7% 107% 107%
Wheel Steel 4 %s 66-- 91% 91 91
Wilkes B&E 5s 42 .. 5% 5% 5% j
Wilson * Co 3 44 s 47. 86 86 86 j
Wilson & Co 4S55 ... 100% 100% 100%
rntcstn S & T 4s61— 99% 99% 99% i
Washington Produce
Butter—(til score. 1-pound prints. 2T3»:
tub 2 7*2'. '.-pound prints, 28'.. 92 score,
1-pound prints, 29'2i '4-pound prints,
.30‘2.
Meats—Choice beef. 15: calves. 1«:
lambs. 111. veal. 10. sows. 19: fresh pork.
33: pork lom. 3". fresh ham. 20. large
skinned ham. 17‘2: large, smoked, skinned
hams, is smoked, skinned bacon. 31:1
smoked ham 3.7: sliced bacon. 29. piece
bacon. 25: compound. 11: lard. In 2.
Livestock—Pigs. 12"-I4u pounds. 7 a
7'4; light pigs. 140-100 pounds. . • a- .1 =: ;
]00-2"O pounds 7’2aT34. heavies. 2011
250 pounds. 7'4a7' 2 250-3OO pounds. .
Ta7'4: sows, o'aali; stags. 4a5; calves.
8'way’s.
Prices naid shippers, net f. 0 b Wash
ington: by the United States Bureau of
Agricultural Economics:
Eggs—Market firm and unchanged -
Government graded and dated eggs, whites.
U. S. extras, large. 20 U. S. extras, me- ,
diums, 21. U. S. standards, large. Ill's:
U S standards, mediums lb'-; nearby
ungraded egg1, current receipts, whites. ;
19a20: mixed colors, lbain.
Live poultry—Market steady. Classes !
which advanced yesterday are bark on
same basis as Monday Fowl, colored,
heavy. ]Sa20: No. 2s. 15aHi: Leghorns.
ISalfi; roosters. 12 Chickens, Virginia
Rocks, broilers. 2 nounds and less. 20a2'_.
fryers. 20a22; roasters 21a23: No. 2s.
15a 10: Delaware Rocks and crosses,
broilers. 3 pounds and less. 21a2 fryers.
3)a32. roasters. 22a2.3: No 2s Dial 1:
mixed colored fryers. 17a2<>: Leghorns,
broilers, l'r nounds and less, lhalb: l1.
pounds and up. 19a21. Turkeys, old hens.
19a20: old toms. IT. No. 2s. 15.
Fruits and Vegetables.
Sales in large lots by original receivers
up to 8 a m.
FLORIDA—.35 bushel basnets cucum
bers. 21 lugs limes. 2o lugs mangoes. 4'.
bushel baskets okra. -Hi bushel baskets
peppers. 2H bushel baskets squash, .in
bushel baskets snap beans, 55 yo-pouna
crates tomatoes.
SOUTH CAROLINA—12 32-quart crates
dewberries. 12'2 bushel baskets peaches
27 bushel baskets green peas. 1." bushel
hampers squash, 28 bushel baskets snap
bean?
NORTH CAROLINA—28 24-quart crates
blueberries. 53 bushel baskets SQuasn. ~ <
bushel baskets .snap beans.
CALIFORNIA—4* 2<>-pound boxes mixed
citrus fruit and avocados.
UNKNOWN ORIGIN—33 crates mixed
vegetables. „ . , , .
PENNSYLVANIA—134 3-pound baskets
mushrooms.
VIRGINIA—13 33-quart crates straw
berries. 5 barrels watercress.
APPLES—No carlot arrivals: no cars on
track. Supplies liberal: demand moderate:
market .about steady. Bushel baskets. U. S.
No. I: Maryland. Pennsylvania. Virginia
and West Virginia. Staymans. 3U-ineh
minimum. 50-60: 3’2-inch minimum. •>;>•
75; 334-inch minimum. 90-l.uo; 3-mch
minimum. l.OO-l.lo: Paragon . 3*4-ineh
minimum. 50-60: 3!2-inch minimum, oo
05: 334-inch minimum. 75-So: Lowrys.
314-inch minimum. 40-50; 312-inch min
imum, 60-65: 3%-inch minimum. -o-So:
Delicious. 314-inch minimum. 85-90: 2Ja
inch minimum 1.00-1.10: 334-inch mini
mum. 1.25-1.35: 3-inch minimum. 1 .50
1 65; Golden Delicious. 2,4-inch minimum.
60: 2V2-inch minimum. 60-65: 23,4-incn
minimum. 90-1.00; 3-inch minimum. 1.00
1.15. Boxes and cartons: Pennsylvania and
Virginia, combination. U. S. No. 1 and
fancy: Staymans, 113s-150s. 90-1 .,o: 80s
loos, 1.35-1.35; Paragons. I13s-150s. .5
1 (*o- 8ss-l(i0s. 90-1.1(0 Golden Delicious.
113S-150S. 75-1.00: 88s-100s. 1.10-1.25;
Romes. 1 13s-138s. 90-1.00: 72s-l00s. 1.2o
l .65: combination extra fancy and fancy:
Delicious. 113s-150s, 1.25-1.35: 88s-100s,
1.65-1.75. . . .
ASrAnAVlUB—NO tKIlui niiivo.o.
cars oil track Supplies moderate: demand
light; market weaker. Pyramid crates,
dozen bunches: New Jersey, very large size.
$3.25-3 5h: large size. 2.75-3 00; medium
to large size. 2.25-2.50; medium size. 1.75
2.00; Delaware, all sizes. 1.50-2.75: most
ly 2.00.
CABBAOE—No carlot arrivals: no cars
on irack Supplies moderate: demand slow;
market steady Sooth Carolina and East
ern Shore Va . l'a-bushel hampers, do
mestic. round 'ype 40.
CANTALOUPE— No carlot arrivals: no
cars Oil track Too few sales to quote.
CELERY -One Florida arrived, four
broken cars r... trBCk. Supplies moderate;
demand moderate: market steady Florida.
Florida standard and ltt-lnch crates,
trimmed toos. Individually washed :. 10
dozen, pom quality. 2.00-2 25. good qual
ity. *’ .0-2.50; few 2 75
CORN -No carlot arrivals, one car
broken on track Supplies moderate de
mand light: market weaker. Florida, crates.
1.50-2.00; mostly 175
LETTUCE —Four California arrived;
nine broken and six unbroken cars oil
track. Supplies moderate, demand mod
erate. market weaker California Western
nates Iceberg type five-dozen. :i 25-4 5o,
mostly 4 no New Jersey Eastern crates.
Big Boston tvpe l.oo-t 25
ONI INS- One Texas arrived two
broken and two unbroken ears on track
Supplies moderate demand moderate,
maket stronger Texas .’ill-pound seeks.
Yellow Bermudas u 8 Commercial. 1 no
1 U.Y poor quality 1 4n-l 50
PE \B Vo carlot arrivals no cars on
Irack Truck receipts light demand liaht.
market slightly stroneer Bushel hampers:
North Carolina and Virginia holdoiers.
hj-l no California 2 tMi-235
POTATOES Old stock No carlot ar
rivals one broken and one unbroken rars
on track ion-pound sacks 11 IV No I
Marne Oreen Mountains I M5-I *5 Idaho
Musset Burbanks 2 on few hlahei Mew
stock Pout Mouth Carolina arrived one
broken and four unbroken rars on Irark
North Carolina and Mnu’h Caieltna Cob
biers |f M No I slavet barrels I t An
bushel bask'is I "5 Alabama loo p>und
sa*k Idthfl Whites r n Ns I
Mooplie* liberal Memsbd moderate matke*
•Mu'
«n m a * mi mh!»* tn.il '»*•)»*« jj»»»
jfWlM tl ' aK i* .»>*.<* N 'M*t
i iMi •!# Mn<i'ki
Sm S «t»s* «»*« VttfMU •
111 f | 1 IU rtf A t* *• r•» - «»»»«•
*:v.M ?*,.. i'ffiCife*
* N« 1* *' * }*• I i»
**Uft&»v*V* a f V«k| wl* *% ! ?itiai ».ti
?•!* i»** <mr« <m*a
All Industry Is Undergoing
Widespread Pressure
for Lower Prices.
By FREDERICK GARDNER,
Associated Press Financial Writer
NEW YORK, May 18.—Realization
that summer is Just around the comer
helps keep bullish traders walking a
cautious path in security markets.
Many who want to push the bull
cause for higher prices on the basis
of the administration’s Increased
spending program and a rising
reservoir of idle bank funds hold back
in expectation summer’s approach may
drag industrial barometers still lower
before there is a definite turn for the
better.
With leading production yardsticks
back to 1933 and 1934 levels, analysts
suggest there is little room left for a
further fall. Nevertheless, trade ob
servers have been warning the hot
months may see automobile, steel and
other important industrial sectors at
lower levels than at present unless
something happens meanwhile to
break the inertia of buyers.
Pressure for Lower Prices.
From all indications, industry is
undergoing widespread pressure for
lower prices, both at retail and whole
sale. In wholesale marts here buyers
have been pressing manufacturers for
“off-price" merchandise to promote
bargain selling. Mounting stocks of
raw materials and prospects of big
farm crops also are reported to have
given purchasers confidence in their
campaign for lower prices.
Yet Wall Street hears the steel in
dustry may continue to hold out
against downward revision of prices
and wage rates. The crucial test at
this key point in the industrial pricing
system, some authorities believe, may
be deferred until autumn, when many
analysts think there should be evi
dence of a swing toward business ex
pansion.
Credit Structure Deflated.
Some Wall Streeters would feel more
pessimistic about the future except for
recognition that the credit structure,
outside Government borrowings, has
been pretty well deflated. The latest
weekly condition statement of mem
ber banks of the Federal Reserve Sys
tem shows brokers and dealers’ borrow
ings against securities down to $595,
000.000, off $739,000,000 from the com
parable 1937 figure to the lowest since
1932.
Commercial borrowings have been
declining steadily; loans ere paid off
from proceeds of inventory liquidation.
Credit expansion in that direction was
just getting a foothold when produc
tion collapsed last year. The inference
drawn from the banking figures is that
business and speculative markets are
not far from rock bottom in so far as
outstanding credit separates them
from a solid resting place.
The failure of two recent offerings
in the London market, including an
Australian loan, to get a ready re
ception from investors, has attracted
attention in bond circles here in view
of large offerings slated to reach the
domestic capital market next month, i
including the $100,000,000 U. S. Steel
debenture issue.
British security prices have been i
falling lately, having resumed a down
ward trend, and business abroad has
lost some of the buoyancy it flaunted
a few months ago, according to cables
reaching Wall Street. However, New !
York bond men point out the local!
money market is glutted with idle j
funds and the supply is expected to
increase to near record levels by mid- |
summer.
Consequently, bond men here are1
not worrying much about finding ai
market for impending loans of top
ranking borrowers.
PAY CUTORDERED
BYWESTINGHOUSE

___ i
Executives Included in Slash of
10 Per Cent. Effective
. June 1.
By the Associated Press.
PITTSBURGH. May 18—The
Westinghouse Electric & Manufeatur
ing Co. announced today a 10 per
cent reduction in the pay of 13,000
salaried employes, including execu
tives. effective June 1.
The adjustment does not apply to
hourly paid employes or affect the
i peration of a bonus plan by which
employes receive additional compen
sation monthly on the basis of the
company’s average earnings for the
preceding three months.
President George H. Bucher told the
employes:
"In the light of present general
downard changes * * * and • • * the
fact that our volume of incoming busi
ness is below that of a year ago. it
becomes necessary to make an adjust
ment."
LUMBER CONSUMPTION
DROPS NEARLY FOURTH
Pjr .hr Associated Press.
The Commerce Department esti
mates lumber consumption in the
United States in the first half of 1938
will total about 9800.000,000 feet, or
nearly 24 pt cent less than in the
first six mr'tths of last year, a* d 12
per cent below the similar period in
1936.
Lumber on hand at mills on April 1
was estimated at 8.600,000,000 feet, or
4 per cent less than on January 1. but
21 per cent larger than a ver - ago.
NEW LIFE INSURANCE
DROPS 26 PER CENT
dr the Associated Press.
NEW YORK. May 18 —New life In
surance Issued in April by 40 rompa
nles having 82 per cent of total life !
Insurance outstanding In all United
States legal reserve companies totaled
$817,478 000 a drop of 28 per cent
from 8834186 ooo in April last year,
the Aseoriatlnn of Life Insurance
President reports
New business In the first four
months of the >»ar amounted to 83.*
4a* 180non nt 31 1 net rent under the
comparable 1837 figure

UTILITY DIVIDEND VOTED
NEW VOWK Ms* 18 I Inter.
I‘ I | - T l»j' ri| Nf«
** fl • Iftl* •* ft tft« »* * * I
#4 m rifii« ft < * i flu) a
JfI4tl# In |(3 * A <l| I ft "I <1 JuilP I
I <1 '« * III t*lr||«|i || 4ft
rtfiU h«4 torn* | ft»4
Gold Mine Boom
Triples Value of
Stock in London
By the Associated Press.
LONDON. May 18.—A boom In
Western Holdings, South African gold
mining shares listed on the Stock Ex
change, today forced the company’s
5-shilllng ($1.25) shares up to 14 shill,
lngs ($3.50).
The rise was accompanied by talk
of fresh gold finds on the company’s
property in the Orange Free State.
Heavy dealing also occurred in
Western Holdings in South African
markets.
A few months ago the shares were
down to 3 shillings (75 cents). Mon
day they were 10 shillings 4>/2 pence
($2.59) and yesterday 13 shillings
($3.25).
NEWDiPffl
IN OIL PRODUCTION
Decline of 20,050 Barrels
Reported by Petroleum
Institute in Week.
By the Associated Press.
NEW YORK, May 18—A further
decline of 20.050 barrels in daily aver
age gross crude oil output in the 1
United States last week was reported
today by the American Petroleum In- j
stitute.
The drop, following a decline of
13,800 barrels the preceding week, ,
accompanied efforts of State conserva- |
tion authorities and the industry to \
curtail to avoid overproduction. Gas- j
oline stocks also were down 817,000
barrels.
The Institute placed crude oil pro
duction for the week ended May 14
at 3.362.300 barrels. The daily average
east of California was 2,676,900 barrels,
off 15,850.
Finished and unfinished gasoline
stocks, the Institute estimated, totaled
88,647.000 barrels, against 89.464,000
at the end of the preceding week.
An increase of 11,500 in production <
of trade oil in Kansas was more than
offset by declines in Oklahoma, North
Texas, West Texas and Louisiana.
Refinery operations were up to 78.3
per cent of potential capacity from
75.9 the preceding week.
Cracked gasoline production in
creased 10,000 barrels daily on the
average for the week to 725.000.
PRICES OF STEEL
SEEN AS STEADY
Iron Age Says That Only
Flat Rolled Class Will
Change.
Br the Associated Press.
NEW YORK, May 18—Reaffirma
tion of essentially all present steel
prices for the third quarter was seen
today by Iron Age, in its weekly re
view of the iron and steel industry.
"Steel prices for the third quarter
probably will be announced by a lead
ing producer before the end of the
week,” the publication said. "No
changes are expected except in the flat
rolled classification, on which a new
system of base prices and extras will
be introduced as a step toward clarifi
cation of inconsistencies that have
been brought about by the rapid growth
of the continuous rolling method for
sheets and strip.
"The steel industry is firmly of the
belief that price reductions at this
time would not stimulate business, but
on the contrary might, as has hap
pened in the past, add to hesitation
and uncertainty.”
Steel mill operations for the Nation
as a whole this week were estimated at
an average of 30 per cent capacity, a
half-point under last week.
Operations in the Pittsburgh dis
trict gained three points to 29 per
cent of capacity, due to a "temporary
accumulation of orders,” but activity
tapered lower at other centers.
In the Chicago district operations
were at 29 per cent of capacity, off four
points from last week; Wherling-Weir
ton district, 58 per cent, off five points,
and the Youngstown area. 26 per cent,
off three points. The Buffalo. Bir
mingham and St. Louis rates also are
off slightly. Production is unchanged
in the Eastern Pennsylvania, Detroit
and Southern Ohio districts.
Steel scrap prices resumed their
downward trend this week and the
Iron Age scrap composite price drop
ped to $11.42, the lowest since July,
1935, and only $1.09 below the 1935
minimum.
LONDON BAR SILVER.
LONDON. May lx (in.—Bar silver.
IS 11-Hid. off (equivalent 41.82 cents!.
MONTREAL SILVER.
MONTREAL May IP (JP —Silver futures
opened JO lower May 42.55 bid.
"I TRAVEL 20,000
Miles a Year"
said a passenger on the
Capitol limited
DIESEL-POWERED
to CHICAGO
"And," he added, "this is the
first perfect night‘9 sleep I
have ever had on a train!’’
A es, with Diesel power, you
fairly g/trfr over trie rails. So
quietly and sosmoothlv—vou
have a feeling that the train
is being pulled without ef
fort. No switching of engine*
or cars enroute. No interme
diate passenger stops. Nothing
to disturb your rest.
Truly, the/<er/erf train ride
quiet, fast, safe! All-Pullman
— and. of course, Air-Condi
tioned. Train Secretary,
Barber -Valet, Maid - Mani
cure, Radio. No extra fare.
Lv. Washington.5:45 P M.
hr. Silver Spring -Station 5:59 P. M.
Ar. Chicago . ..8:30 A M.
(Standard Time)
For Information m ^
Telephone District 3300 M B
or National 7370
vb£q7
FIRST TRUST
MONEY
5%
Straight Loans tor 3 Years
Construction Loans
Monthly Payment Loans
$6.60 per $1,000 per month
BOSS & PHELPS
MORTGAGE CO.
Loan Correspondent
John Hancock Mutual Life Ins Co.
1417 K S». N.W NA. 0300
Insurance
of
All Kinds
Including:
Surety Bonds
J. Blaise de Sibour
and Company
ISSVRANCB BROKERS
1700 Eye St. N.W. MEtro. 3996
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 SEVENTH 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
First Mortgage Money
available for loans on business
and investment properties at
41/2%
Residential properties at
5%
in the District of Columbia and
vicinity
Prompt Contideration Given
All Applications
H. Clifford Bangs
200 Investment Bldg. Me. 0240
Mortsaxe Loan Correspondent
Home Life Insurance Co. of N. V.
Brokers' Applications Invited
HOME LOANS
to buy, build or
refinance
INTEREST f-q/
at lew at ^
PAYMENTS
at lew at
par $1,000
No Commissions
No Renewals
COLUMBIA
BUILDING
ASSOCIATION
YU IIlit it M.W.
Loans
ON IMPROVED D. C. PROPERTY
Immedicte 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
principol.
Equitable Co-operative
Building A ssociation
915 F ST. N.W.
Organized 1879
LOANS
MADE ON IMPROVED DISTRICT OF
COLUMBIA REAL ESTATE
NO COMMISSION OR RENEWAL FEES
Monthly Payments as Low as $7.50 Per $1,000
ENTERPRISE
BUILDING ASSOCIATION
7th St. and Indiana Ave. N.W.
MEMBER OF D. C. BUILDING AND LOAN LEAGUE
MEMBER OF C. S BUILDING AND LOAN LEAGUE
BUYERS♦ ♦
BUILDERS
As Mortgage Loan Correspondent for the Metro
politan Life Insurance Company, we offer liberal
terms on buying or building projects, large or
small. Income-earning properties are a Weaver
Bros, specialty. Ask about our long term, low
interest Mortgage Loans.
WEAVER
BROimc
MORUKI LOANS
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