Evening star. [volume] (Washington, D.C.) 1854-1972, May 24, 1938, Image 17

Search America's historic newspaper pages from 1756-1963 or use the U.S. Newspaper Directory to find information about American newspapers published between 1690-present. Chronicling America is sponsored jointly by the National Endowment for the Humanities external link and the Library of Congress. Learn more

{
                  title: 'Evening star. [volume] (Washington, D.C.) 1854-1972, May 24, 1938, Page A-17, Image 17',
                  download_links: [
                  {
                   link: 'https://www.loc.gov/rss/ndnp/ndnp.xml',
                   label: 'application/rss+xml',
                   meta: 'News about Chronicling America - RSS Feed',
                  },
                  
{
    link: '/lccn/sn83045462/1938-05-24/ed-1/seq-17.jp2',
    label: 'image/jp2',
    meta: '',
},
{
    link: '/lccn/sn83045462/1938-05-24/ed-1/seq-17.pdf',
    label: 'application/pdf',
    meta: '',
},
{
    link: '/lccn/sn83045462/1938-05-24/ed-1/seq-17/ocr.xml',
    label: 'application/xml',
    meta: '',
},
{
    link: '/lccn/sn83045462/1938-05-24/ed-1/seq-17/ocr.txt',
    label: 'text/plain',
    meta: '',
},

                  ]
                }

Evening star. [volume], May 24, 1938, Page A-17, Image 17
About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

Image: of 36.

Page

All Pages

Issues

All Issues Text | PDF | JP2 (5.2 MB)

Evening star. [volume] (Washington, D.C.), 24 May 1938. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1938-05-24/ed-1/seq-17/>

Newspaper Page Text

■ LIST TAKES
UNEVEN COURSE
Some Utility, Oil Shares
Show Strength, but
Others Are Mixed.
By the Associated Press.
NEW YORK, May 24,—Some utili
ties and oils showed strength in an
otherwise mixed curb market today.
Gainers of fractions included Ark
ansas Natural Gas "A," International
Petroleum, Niagara Hudson Power and
Northern States Power “A."
Bridgeport Gas rose about 2’j
points; Aluminum Co. of America
about a point and Berkey & Gay Fur
niture about 1-16.
On the downside, Minnesota Mining
& Manufacturing dropped about 2
points: Great Atlantic & Pacific
non-voting about a point and a half:
Pittsburgh & Lake Erie about a point,
and American Gas & Electric, Creole
Petroleum, Electric Bond and Share.
Pittsburgh Plate Glass and Wright
Hargreaves dipped fractionally.
BRAZIL LIFTS CURB
ON U. S. EXCHANGE
Gesture of Friendship Is Seen in
Decision to Let Exporters Here
Have Slight Drafts.
Brazil made a strong gesture of
friendship toward the United States
yesterday by removing restrictions on
foreign exchange used to pay for goods
•hipped to Brazil from this country.
Instead of requiring American ex
porters to accept 30-day exchange con
tracts in paymem for their merchan
dise. the Bank of Brazil declared that,
as of yesterday, it would grant “spot"
exchange.
This was the substance of a cable
gram received by the State Depart
ment from Ambassador Caffery at Rio
de Janeiro. He added that the “spot”
exchange is also retroactive for drifts
maturing after April 11 and lhai
drafts received by the Bank of Brazil
covering American merchandise and
maturing between April 11 and 20
would be liquidated by sight drafts on
New York.
It is understood here that the United
States is given preference in foreign
exchange and that the 30-dav and
even 60-day restrictions continue for
ether countries.
Brazil's order means that United
S'.ares exports. which aggregate
around SI.300.000 a week, will be paid
for on delivery and American mer
chants will not have to wait 30 days
(the filling out of exchange applica
tions. etc., generally made it longer)
before getting their money.
DOMESTIC.
Hiah. Low. I P M.
Ala Power 4%s 87 ._ 82 87 82
Ala Pow os ol _ 98 98 0(5
A:a Pow os o’i . .. . 92:4 92% 97 4
Aia Pow os 88 - 8.8*, 88_, 883,
Alum Co Ltd os 48 . . 1<»5% loo7, 'o'.i7s
Am G ft E os V78 ... los% ."8% los%
Am PftL 6? 7t'K! .. 891 a 88 80%
Arx P ft L 5s '56 ... 97 96% 96%
A- El Ind 4 %s 53 . . 7*3 98 38*2
A'- G ft E 5s on _ 21 >, 21 21 >2
As C» ft E os 68 .... 27 14 21 2 71 4
A O ft E 5!2i 1 c . 89'2 89'2 89 2
Beth Steel 6s 98 _ . 13 . 132 132
Burning Gas 5s 50 (.'.)•: 66% 6*5(2
Can Nor Pow 7. 53 l**4'j lo4% 104%
Cent Pw ft L' 01 56 92’, 92s* 97*4
Cent St El 5s 48 33*4 33*, 33*,
Cm St PftL 5*j:» 53 41 , 47*2 47*2
Cit.es Svc 5s 59 5959 59
Cities Service os 58 58% 58 58
C.fiCS Svc 5s 64 *::i*4 63*4 6.7*4
Cmes S Gas 1 - 42 99'. 99>, 99'j
C .ties S Gas P 65 13 11' 1 *s 181 4 191;*
Cr S P ft L 5%S .;7 55 ', .5557*’a
Cit S P ft L 5’rs 49 55‘2 55>2 55’2
Community PAL os 57 It's 72'2 7 2%
Con G E I. A- P 3' *s 71 197 1 "7 li'7
Cons G Util 6s 4.7 st *71 59*, 6.
Cont G ft E os 58 A 7 8% 78'* 7 8’*
Del El Po 5>2S 59 101'4 191 = 4 1"1'4
Detroit C G bs 47 A 1 <*:j14 183'4 i*i3'4
East G ft F 4s 5*1 A 7 7 77 7 .
El Pw ft- Lt 5s 7030 77 72 72
Fmp O ft R S'. 5 4 2 86 Sj-% 85*4
Erie Light 5s 67 . lo.'*** 195** 195 *
Fed Wat 5%s 54 ..... 72*. 72*, 72*. '
F.rest Cot M os 48 ... 192*. 182s. 102*,
Fire.st Tire os 42 193 103 1"3
Fla Pwr coupu 4s 6(3.. 85*, 85'4 85*4
Florida Pft-L 5s 54 _ 86% 80! 4 85'4
Gary E ft G 5s 41 sr ... 9k 99 911
Gatineau Pw 5s 54 . loo*, l""*, 109*,
Gen Pub Ut 6%s 66 74'* 74 74 '*
Guard Inv 5s 48 A __ 35'2 .".S', IS.5*12 !
Iil Pw- ft- Lt 5'2s 57... 79', 79'4 79',
111 Pw ft L 5s 56 C ... 89', 8:*', 89'*
Indiana Ser 5s 50... 57 57 57
Indiana Ser 5s 63 A 56', 56', 56'4
Indnap Pft-L 5s 57 A 195** 195** 195*,
Ind Hy-El 5s 58 A 80% 80% 89'2
Inti P Sec 6%s 55 C 55 55 55
Ir.terst Pw 5s 57 48*, 47'2 48',
Interst P S 5s 56 D 76'* 76’, 76’,
I’al Stl Pw 6s 63 A 42 4!’* 47
Jackson G 5s 47 stp 47 47 42
Ky Utilities 5s 61 . 82 82 82
La Pw ft- Lt 5s 57 194 194 104
Memph Pft-L 5s 48 A 92'4 91'. OP,
Metropol Ed 4s 65 G 196 196 I06 1
Mian PftL 4%s 78 93% 93 93'.2 •
Miss Pow 5s 55 89 7 9’, 80 I
Miss Pw A- L 5s 57 87 .87 87
Nat PftL os 79.79 B 78 78 78
Nebr Pwr 4%s 8] 199 108*4 108% I
Nevad Cal El 5s 56 79*, 79*, 79’., 1
Few E G ft E 5s 59 57’* 57’* 52’*
F Eng Pwr 3'«, 61 194 1, 1 **4', 1 u4’4
Few E Pow 5s 4 8 S''4 81’4 81'4
Few E Pw 5%s 54 85 84 84
Few Or 5s 42 stnd 99 99 99
F Y P ft L! 4%s 67 I 97'2 197'4 197'4 '
F Y S EftG 4 ’ ?s 89 97 91*, 91*4
No Con U 5%s 48 A 4.3% 43% 43%
No Ind Oft-F 6s 52 107% 107% 107% I
No Ind PE 5s 66 C 199'* 199 1*19 j
No Ind P S 5s 69 D 9914 98% 98%
No Ind PS 4%s 79 E . 94 94 91 i
For S' a Pwr 3%s 67 191'2 1**1** 101*, ,
Ohio Pwr 4'is 56 D 195** JOS’, 195', :
Okia Nat Gas 5s 46 91 99 it"
Pac Pft-L 5s 55 73*4 73 73
Penn C L ft P 4%s 77 _ 85 84 84
Penn C P ft L 5s 79 !)!', 91', 91',
Penn Oh E ops 59 B 93 93 93
Penn Oh E 6s 59 A 98% 98% 98%
Penn P Svc 6s 47 C 195 194'-a 195
Penn Wa ft P 5s 4" 107', 197V, 197V,
PeoD G L ft C 4s 81 B 90*4 99 99
Phila Rap T "s 62 67 67 67
Pitts Coal 6s 49 196 196 1**6
Portland G A- C 5s 49 56 56 56
Potomac E 4'is 6' F _ 197** lo7*4 107*4
Pr Sd PftL 51,9 49 A . 72*, 77*4 72*,
Fuc Sd PftL 5s 59 C 7 0% 79 70%
Scripps 5%S 43 198*, 199 199*,
Sherid Wvo 6s 4 7 56 56 56 ,
S E P ft- L 6s 2025 A 92*, 97*, 97*,
Sou Cal Ed 3*,s 45 . 185’, 195’. 19 I
Sou Cal Ed 3*4s 60 .. 107% 100% 197',
Ecu Cal E 3*,s 09 B 197 197 197
Bou Caro. 5s 57 81 8' : I
Sou Ind Ry 4s 51 - 38 38 '8
Eouw As T os 91 A .. 9.)*, 95** 9o»*
L Snuw L ft P 5s 57 A _ 99'2 99'2 oil'2
r Std G ft E 6s 35 cod . 59 59, 50
I Std Gas & El 6s 51 A 50% 50% 5o'2
Std Gas ft El 6s 66 B _. 51 51 51
Stand Pw At Lt fls 57... 4!' 48'a 48%
Starret Corp 5s 50_ 2!'', 2!"* 29%
Tenn El Pw 5s 56 ... 89^ 89'* 89%
Tenn Pub S 5s 70... 95 94% 94%
Texas Elec 5s 60 ... 93% 93% 93'/,
Tex Pw ft L 5S 56- 103’/, 10.3% 103*4
Toledo Edis 5s 6*3 __ 197 107 107
Unit Lt ft- Pw 5'as 59.. 191 % 101% 191%
Unit Lt ft Pw 6s 75 — 72 72 72
Unit L ft R M 6s 52 A.. 196% 106% 106%
Wald Ast Hot 5s 54... 18% IS IS
Wash Wft-P os 69... 104% 104% 104%
West T Ut 5s 57 A... 89% 89% 80%
Wis P ft L 4s 66 ... 96 96 96
York Ry 5s 37 mat _ 76% 76% 76%
FOREIGN.
Buen A Prv 7s 52 stp. 68 08 68
Cauca Val 7s 48 9% 9% 9',
DanziR Port 6%s 52 . 44 44 44
Ger Con Mun 7s '47 29% 20V, 29%
Hun I B K 7'is 63 AC 13 13 13
Parana Braz 7s '58 . 19 JO 10
Rio de Jan 6'is 59 .. 7% .% «’/•
NEW YORK PRODUCE.
NEW YORK. May 24 (/Pi.—Eggs. 30.086;
about steady. M xed colors' Special packs.
23-24; standards. 22,.s; firsts, 2l'i: sec
onds. 20-21: mediums. l»44-20; dimes.
No 1. 20-20average checks, 19'«;
storage packed firsts. 214«-22.
Burer. 1 >32.040; about steady.
Creamery Higher than extra. 20*(4-27:
extra (02 score I. 26: firsts <88-011. 2.1)a
£334 seconds (84-87). 2()V»-22,.a.
Cheese. 420.81.3; flrir: prices unchanged.
Dressed poultry steady to firm. Boxes,
fresh: Fowl. 36-42 pounds. 17>g-22*-a: 48
54 pounds. 2(l'a-25,2: 60-65 pounds. TfO1^
•’51,a Frozen: Turkeys. Northwestern and
Southwestern. 23>2-32 Other fresh and
frozen prices unchanged.
Live poultry, by freight w'eak. Fowl,
colored. 22-23. mostly 23: Leghorn. 10-20.
mostly 10. Old roosters. 13-15. mostly 13
13'a. Turkeys, hen. 25; toms. 20.
Bv express weak Broilers. Rocks, 22 g
24. mostly 23: crosses. 18-23. mostly
23; Reds. 18-10 mostly 10; Leghorns. 17
20. Fowl, colored. 21*4-23. mostly 21*4-22:
Leghorn 20-21. Old roosters. 14. Turkeys,
Jems. I o.
-a
NEW YORK CURB MARKET
By private wire direct to The Star.
Stock and Sales—
Dividend Rate. Add 00. Hiah. Low. Close.
Aero Supply < B). 2 34 34 34
Ainsworth Mfg.. 2 64 64 64
Air Assoc (.40)_ 1 84 84 84
Air Invest --- 1 14 14 14
Ala Pow pf (6)_ 20s 614 614 614
Ala Pow pf (7)_ 20s 65 61 64
Alum Co Am -- 350s 80 784 784
Alum Co pf (6)-. 100s 994 994 994
Alum Ltd -150s 82 182 82
Am Airlines _ 3 13 124 124
Am Book (2e)- 10s 48 48 48
Am Centrifugal.. 8 14 14 14
Am Cit P&L < B). 1 24 24 24
Am Cyn B «o 3 174 174 174
Am Fork & H (1). 1 94 94 94
Am Gae&El 1.40.. 9 274 26 26
Am G & E pf (6). 25s 1084 1084 1084
Amfien pf l2l 60s 244 244 244
Am Gen pf 2 50 25s 26 26 26
Am Laund M 80. 1 164 164 164
Am Lt & Tr .60e._ 1 13 13 13
Am Maracaibo— 3 4 4 4
Am Seal Kap ... 1 44 44 44
Am Sup Power— 5 4 4 4
Am Sup Pw pf_ 1 12Vi 124 124
Anch Post F 5 14 14 14
Appal El P pf (7) 30s 97 4 964 964
Arctur Rad Tube. 2 Vi Vi Vi
Ark Nat Gas ... 1 24 24 24
Ark Nat Gas A... 9 34 3 3
Ark Nat Gas pf_ 1 64 64 64
Ashtd O&K 40— 6 4 34 4
As G & El _ 1 4 4 4
AsG&ElA __. 2 4 4 4
Allas Corn war.. 8 4 4 4
Atlas Plywood .. 1 74 74 74
Aviation & Trans 1 14 14 14
Axton Fish A . 70s 24 23 4 234
Rabcock & Wll .. 1 214 214 214
Baldwin Lo war 6 2% 24 24
Bald Loco pf 2.10 200s 144 144 144
Baldwin Rubber 1 6 (i 6
Barium Slain Stl 2 14 14 14
Bell Alrc . 9 144 14 14
Berk&Gay Furn.. 4 4 4 4
Bickfords (1.20). 1 9-4 94 94
Blue Ridge ..11 1 1
Borne Scry ,50e . 50s 104 104 104
Bowman Blit 1 pf 100s 114 114 114
Breeze Corp . 1 54 54 54
Brewst Aero lOe 12 54 5 5
Bridgep't G&K 2. 25s 274 274 274
Bridgep't Mach . 1 54 54 54
Bridgept M pf 7.. 30s 80 78 78
Brill pf _ 50s 214- 214 214
Brown F&W_ 2 54 54 64
Brown Rubber_ 3 34 34 34
BN&EP 1 pf (5 )_60s 96 96 96
Can Marc Wire— 4 111
Carnegie Met_ 1 4 4 4
Carrier Corp_ 7 254 23 25
Caialin Am . 4 24 24 24
I Cen NY Pwr pf 5 10s 834 834 834
I Cent P&L pf (7 ). 50s 754 754 754
I Cent & Sw Ut_ 7 14 14 14
Cen St El 1 fir ft
Cen St El 6% pf 150s 54 54 54
Chi FlexShftH) 400s 564 56 56
Cities Svct new). 4 94 94 94
IcltServpf 6 384 38 384
Clev El lllum(2). 100s 34 34 34
Cleve Tract _ 1 44 4 4 44
Colon Develop 2 14 14 14
Col Fuel&lr war. 1 44 44 44
Col G&E pf (5) . 50s 53 53 53
Colum Oil & Gas. 7 34 34 34
Comwlth & So wr 5 4 4 4
Com P&L I pf . 50s 23 224 224
ConBiscuit.20e — 2 6 5 5
I’un t '.p .M l- 4e 10 44 34 34
Cons G&E Bo 3.60 1 674 674 674
ContG&Eprpf (7). 25s 72 72 72
Cont Roll & Stl._ 3 5 5 5
Cooper Bess .___ 1 64 64 64
Cosden Petro_ 2 1 1 1
Creoie Pete 50a . 7 214 21 21
Crocker Wheeler. 1 5-4 64 54
Croft Brewing . 17 -4 4 4
Crown Drug . 10 14 14 14
Dayton Rub (A). 50s 20 20 20
Det Mich Stove . 1 14 14 14
Duro Test 40 1 5 5 5
Eagle Pit Ld lOe 2 9 84 84
East Gas &F 2 24 24 24
E G&F 6 pf 1 50k 350s 214 204 204
East States B pf. 2os 17 17 17
Easy Wash MB 2 3 3 3
El Bond & Sh . 34 74 74 74
El B&S $5 pf (5). 1 464 464 464
El B&S pf (6) .. 2 514 51 51
El P&L 2d pf A - 30s 244 244 244
Elect Share 12 2 2
EmpG&FGOipf 25s 474 474 474
Krap G&F 7 % pf 200s 504 50 504
Emp G&F 8 % pf 50s 514 514 614
Equity Corp 1 & & flr
Esquire Cor .00e. 1 74 74 74
Fairchild Av_ 1 34 34 34
FeddersMfg ._ 1 54 54 54
Flat rets ,412g.._ 1 124 124 124
Fisk Rubber .... 2 47s 44 '44
Fisk R pf <61 25s 574 574 574
FI P&L $7 pf 88k 50s 384 384 384
Ford M ('ar A - 1 ) 1 164 164 164
Ford M Ltd .17e . 2 4'* 44 44
FroedtertG._ 1 64 64 64
Gen Alloys_ 1 14 14 14
Gen Invest _ 2 4 4 4 :
Gen Invest war . 1 A sS A
Gen Tele (1) 1 124 124 124
Georg Pow pf(6> 150s 76 744 744 :
Glen Alden 12!«e 1 54 54 54
Grand \ ■* File 4 4 4 4
Gt A&P Tea nv 2e 75s 404 40 404
Green Tap& D 1 54 54 54 ;
Gro Stores Prod.. 2 14 14 14 |
Gulf Oil ( 25et .. 2 35 344 35 ■
HatCorpAmB.. 1 34 34 34:
Hazeltine (3)_ 1 164 164 164
Hearn Dep Stores 1 44 44 44
Hearn DSpf(3). 150s 264 24 264
Herla Mining_ 1 64 64 64
Horn & H 5% pf.. 10s 994 994 994
ill Iowa Pow ... 2 34 34 34
111 Iowa Pow pf._ 5 154 154 154 i
111 Iowa P div ct— 5 44 44 44 i
Imp Oil Can 50a 8 174 17 17 I
Imp O Ltd rg 50a 1 17 17 17
Im Tb Gr Br ,868e 5 33 33 33 j
Ind Ter 111 B 1 14 14 14
Ind Pipe L.30e... 1 74 74 74
Ind Serv K% pf . 100s 13 13 13 j
Ind Serv 7% pf 10s 15 15 15
Ins C N Am (2a) 100s 594 59 69
Inti Pa&Pw war 2 2 2 2
Inti Pet (14a).. 1 27 27 27
Int Radio _ 6 74 74 74
Interst H Eq .44 3 3 3 3
Iron Fire vtc 1.2ft 100s 13 13 13
Irving Air Ch (1) 1 94 94 94
Jacobs Co 43 24 24 24
KgsCLtd pf.0(5). 10s 27 27 27
Kingston Prod 3 14 14 14
Kirby Petrol ,10e 2 34 34 34
Knott Corp ,10e .17 7 7
Lake Snore M( 4) 6 494 494 494
Lakey Fdy&M__ 6 14 14 14
Leonard Oil _ 1 4 4 4
Lion Oil '1) 4 19 184 184
Locke Stl C 60e 250* 94 9 4 94
Lockheed Aire 26 94 94 94
Lone Star G .20a. 5 8 8 8
Long Island Lt 1 14 14 14
La Land & Ex 40 3 74 74 74
McCord KadiB). 1 24 24 24
McWllms Uredg. 3 13 13 13
Mangel Stores .12 2 2
Mass Util Assoc. 2 14 14 14
Mead John (3a) . 25* 100 100 100
Merritt C&S ..13 3 3
Mich Bumper _ 2 4 4 4
Mich Gas & Oil . 1 24 24 24
Mich Steel Tube. 1 54 54 54
Mid West Corp . 12 54 54 54
Midwest Oil 11) 1 74 74 74
Minn Min&M 40e 100* 274 274 274
Mock Jud Vo.lBe. 1 84 84 84
Mngrm Pictures. 3 14 14 14
Mount City Cop.. 1 44 44 44
Nat Auto Fibre . 1 44 44 44
Nat Baking 25e.. 2 54 54 54
Nat Fuel Gil) 2 134 134 134
Nat P&Ltpfi6) 100s 544 54 54
Nat Refining _ 1 34 34 34
Nat Sug Ref (2). 5 124 12 12
Nat Tunnel & M 2 14 14 14
NEPAs pf 2.50k 50s 484 484 484
NEngT&TLBOe 20s 90 90 90
New Idea <.15e)_. 1 12 12 12
NJ Zinc lie) . 60s 53 4 534 534
Niag Hudson Pow 16 74 74 74
Niae Hud lsti5> 100s 754 754 754 1
Nipissing Mines 1 14 14 14
Nor States P.w A 4 11 104 104
Ohio PS pf A(7>. 10* 95 95 95
Okla Nai Gas 2 84 84 84
Pan-Am'Air .50e. 7 134 13 13
Panienec < Hi 5 44 44 44
Pender (B) _ 1 24 214 24
Pennmau -5g 2 14 14 14
Pa P & Lt (7) 50s 88 874 88
Papnire'1 4feCo 25* 594 594 594
PharisT&R 15e. 2 44 44 44
Phoenix Secur 1 24 24 24
Pitney-Bow .20e. 2 64 64 64
Pitts Fori 1 64 64 64
Pitts &L E.BOe.. 10s 41 41 41
Pitts PI G1.50e... 1 744 744 744
Potrero Sugar._ 1 ft ft ft
Prod Corp - 2 4 ft ft
PS ind $6 pf 10s 16 16 16
Puget Sd P $5 pf. 25s 31 31 31
Quak Oats pf(6). 20s 140 140 140
Rayethon Mfg_ 1 24 24 24
Red Bank Oil_ 9 64 64 6
Richmond Rad_ 2 14 . 14 14
Btock and Sale*—
Dividend Rate. Add 00. Hi eh. Low. Clou.
Rome Cable — 16 6 6
Root Petroleum.. 6 2 2 2
Ryerson & H__ S *i *4 44
St Regia Pap — 1 2’* 2T4 274
Scovlll Mfc BOe.. 2 19 19 19
Scrant SBWS pf- 25s 19‘4 19V* 19'/*
Scullin Steel war 1 44 tv tv
Segal Lock 16 ft 4* 4*
Select Industries 1 4* a* »,
Sentry Saf Con-- 5 V* ft ft
Seton Leather_ 1 41* 41 a 41 a
Severskv Alrc .. 3 24* 2'* 244
Shattuck Denn... 1 6*4 544 54*
Sher Will l.BOe . 150s 82 81>4 81Vi
Shrevep't El stp. 2 44 44 44
Sonotone — 18 144 144 ltv
So Penn O 1.60a - 2 33 33 33
SoColo Pwr (A). 2 144 14* 14*
Sou Un Gas ..12 2 2
Stand Otl Ky (1). 2 1644 164* 16'4
Std Oil Nebr_ 2 64* 64, 64,
Stnd Oil of 0(1).. 1 1844 1844 1844
St Pow & Lt ... 3 ti W
Stand Products— 4 6 B** 64*
Stand SUv & Ld.. 3 ft ft ft
Starrett Cor vto— 6 444 4 4
Sterchl Bros Sts. 1 2*4 2H 2*4
Sullivan Mach—. 1 74* 74* 7V*
Sunray Oil .06s._ 1 24, 244 244
Taggart _... 1 44* 4*4 444
Tasty east A ... 2 *» 4, 4,
Technicolor .BOe- 41 24'* 234* 2344
Tech Hths 2tie 1 444 444 44*
Tenn E P 1st (7). 125s 684* 67',V 671*
Tex P&L pf (7).. 20s 94 94 94
Texon Oil .45e ... 2 4 4 4
Tob Pro Ex 275g 1 274 27» 27,4
Todd Shloy'd le 75s 4914 49 49Vi
To! Ed 6% pf(6)_ 2<'s 86'* 86H 86'*
Toledo Ed pf < 7) _ 10* 99*, 99', 99',
Tonopah Belm’t.. 20 ft ft ft
Tonopah Mining. 4 '» '» '*
Trans-Lux — 2 2'* 2'4 2'*
Transwest Oil . 2 5'i S>4 64*
Tubize Chatillon. 2 64V 61* 6'*
L'n PremFS(l). 1 12", 12'* 124i
United Alrc war. 6 , 9*» 8:lx 8l«
Utd Cgr Wh Strs. 7 ft '* ft
Unit Corp war... 5 '•* 1* 4v
Unit Gas ... 25 3N 3N 3S
Unit Lt & Pow A. 7 2'* 24* 24i
UldLt&rcvpf. 6 23'k 22 22'*
Unit Shipyds A.. 63 9’* 8*4 8**
Unit Shlpyds B.- 21 '* '*
Unit Specialties. 3 274 2'* 2**
U S Inti Ssc pf_60s 46'* 46'* 46'*
U S Radiator ... 13 3 3
Unit Wall Paper. 1 1*» 1*4 1'*
Ut T&L pf 2.33k .. 25s 361* 36'* 36>*
UtllHw&Uirl. 2 ft 14 ft
Van Nor MT .40e. 1 16 16 16
Venezuela Petrol 2 1 1 1
Wellington Oil... 14 4 4
West Air Exp — 10 2** 24t 244
Wolverine Pt C . 1 2'* 21* 24,
Wright Harg .40a 28 74, 7 7
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 declaration*.
Unless otherwise noted special or extra
dividends are not included.
a Also extra or extras, e Declared or
paid so lar this year, no regular rate,
f Payable in stock. k Paid last year,
h Cash or stock k Accumulated dividend
paid or declared this year, ww With war
rants. xw Without warrants, war War
, rants.
FRUIT OUTLOOK GOOD,
BIG PEACH CROP SEEN
Fruit crop prospects continue gen
i erally favorable in most producing
areas, the Bureau of Agricultural
Economics said today in its report
on the fruit situation. Peach crop
prospects in the Southern States in
dicate a production in that area nearly
a third larger than last year, and 13
per cent above average.
In Georgia, the principal peach
producing State of the Southern area,
low temperatures in April caused some
early damage.
Georgia's production of peaches
from the 1938 crop is indicated about
9 per cent below average but nearly
twice the size of the very small peach
crop produced in that State last
year. But in most other Southern
areas an above-average peach crop is
indicated, the bureau said. Peach
crops in some of the Northeastern
States are expected to be rather light,
but elsewhere the prospects are gen
erally favorable.
Damage to fruits by the early April
freezes included rather extensive frost
injury to peaches and cherries in the
Central and North Atlantic States,
and some damage to apples and pears
in Virginia.
LOANS OF $40,237,000
ARE APPROVED BY R.F.C.
Three Months Sees 444 Passed
for Fastest Bate in History
of Organization.
By the Associated Press.
The Reconstruction Finance Corp.,
making industrial loans at a faster
rate than ever before in its history,
has approved 444 of them totaling
$40,237,000 in the last three months,
Chairman Jesse H. Jones said yes
terday.
The loans are part of the billion
and a half lending program authorized
by Congress on February 20.
About 30 loans are acted upon daily
by the Washington office of the corpo
ration. Mr. Jones said no loans have
been granted to oil. liquor, automobile,
the or newspaper or magazine busi
nesses. It has been a policy of the
corporation for five years to decline
such loans on the ground that those
businesses can obtain adequate financ
ing elsewhere, he said.
BARCLAYS BANK PAYS
INCREASED DIVIDENDS
Sttml Dispatch to The Star
NEW YORK. May 24.—Advices re
ceived by the New York agent of Bar
clays Bank (Dominion, Colonial and
Overseas), London, England, indicate
that for the half year ended March 31,
1938, interim dividends have been de
clared at the rate of 8 per cent per
annum on the cumulative preference
shares and at the rate of 6 per cent
per annum on the "A” and ‘'B" shares.
This distribution on the “A” and
“B1' shares represents an increase from
5!4 per cent per annum to 6 per cent
per annum compared With the rates
declared 12 months ago.
Barclays Bank (Dominion, Colonial
and Overseas), an affiliate of Barclays
Bank Limited, one of the London “big
five,” maintains branches abroad in
cluding South, East and West Africa,
Egypt and the Sudan, Palestine, Malta,
Gibraltar, Cyprus and the British
West Indies.
MAXIMUM RATES SET
IN NEW YORK DEPOSITS
u.e Associated Press.
NEW YORK. May 24.—T-.e State
Banking Eoard yesterday announced
a new regulation, effective Julv l,
fixing the maximum rate of interest
paid by commercial banks and trust
companies on time and thrift deposits
under $5,000 at 2 per cent a year, and
over $5,000 at l1- per cent.
The present legal maximum rate
is 2 per cent per annum, regardless of
size of deposit.
Superintendent of Banks William R.
White said “continued low money
rates” is principally responsible for
the lower rate on deposits above $5,000.
Savings banks are not affected by the
new ruling.
MO EARNED
12-Month Net Compares
With $3,573,617 Shown
in Preceding Period.
By the Associated Press.
NEW YORK, May 24— Philip Mor
ris & Co., Ltd., today in a preliminary
earnings statement for the year ended
March 31 reported consolidated net
income of $5,663,220, including non
recurring profit of $300,434 on sale
of leaf tobacco and after charges and
Federal surtax, equal to $10.91 a share
on 519,151 capital shares, against $3,
573,617, or $6.88 a share, for the pre
ceding fiscal year.
Inventories on March 31 were $20.
838,265, against $17,053,299 on March
31, 1937, and $8,231,559 on March 31,
1936.
Servel, Ine.
Servel, Inc., refrigerator manufac
turers, with principal facilities at
Evansville, Ind., reported a net profit
of $603,184 for the quarter ended April
30, equal to 33 cents a share after divi
dend requirements on the preferred
stock. This compares with $1,904,242,
or $1.06 a share, the corresponding
period last year.
Norfolk & Western.
PHILADELPHIA. May 24 </P).—The
net income of the Norfolk fi Western
Railway for April amounted to $710,
421, a decrease of $1,657,822, com
pared with April, 1937. Earned on
common stock in April was 45 cents
per share, compared with $1.63 per
share in April, 1937.
For the first four months of 1938
the net income was $2,657,435, a de
1 crease of $7,913,743, compared with
] the same period in 1937. Earned on
common stock for the four months
1 was $1.67 per share, compared with
$7.29 in the same period In 1937.
Erie Railroad.
CLEVELAND. May 24 OP).—Erie
Railroad's April net railway operating
i income was $17,358, compared with
$16,865 In March and $1,535,294 in
I April a year ago. the railroad reported
i today. The road listed a four-month
! deficit of $251,850 this year, compared
with $5,730,163 profit the same months
| of 1937.
INVESTING COMPANIES
NEW YORK May 24 /^.—Investment
Bankers' Conference. Inc.:
Bid Asked.
Admin Fd °r.d Inc . _ _ 0 94 10.57
Am Bus Shrs /new» ..._ 2.86 3.16
Am Gen Eq Inc .53 .60
Am Ins Storks 3 75 4.00
Bancamer Blair __ 4 00 500
Bankers Nat Inv Corn __ 1 58 2.08
Basic Inlustry 7.75
Boston Fund Inc _ 13.07 13.08
Broad S’ Inv . 20.02 72.37
Bullock Fund 11.125 12 25
1 Continental Sh pf _ 5.5n 6.50
Corporate Trust _ 1 06
Corporate Trust AA 1 01 _
Corp Tr A A mod __ 2 25 -
Com Tr Accum Ser _ 101 _
I Corp Tr Acc mod _ 2 25 _
j Cumulative Tr Sh _ 3.00 _
1 Depos. Bk 8h N Y A _ 1 33 _
Depos Ins Shrs A _ 2 6/1 _
Depos Ins Shrs B _ _ 2.4 4
Diversified Tr C _ 3.10
Dividend Shrs _ l.<*4 1.14
Equity Corp 83 Pf.. ..... 71 (»0 24 00
Fidelity Fund Inc_ . 16.01 17.24
First Boston Corp_ _ 17 on J8.50
Fiscal Fund Bk Sh_ 2.32 2 57
Fiscal Fund Ins _ 3 on 3 34
Fixed Trust Sh A _ 7.62
Fixed Trust Sh B _ 6 03
Foreign Bond Assoc_ 6 57 7.13
Found Tr Sh A ... 3 45 3 70
Fund .In1 estors Inc _ 13.95 15.07
Fund Tr Shrs A _ 4 11 4.63
Fund Tr Shrs B __ 3 73
Gen Capital Corp _26.57 28 37
Gen Investors Tr 4.o2 4.38
Group Sec Agriculture_ 03 l.o2
Group S^e Automobile_ .63 .70
Group Sec Building _ 1.07 1 17
Group Sec Chemical _ l.o2 1.12
Group Sec Food .73 .81
Group Sec Invest Shrs __ .60 .67
Group Sec Merchandise.. >0 .88
Group Sec Mining 1 05 1.15
Group Sec Petroleum _ .93 1.02
Group Sec R R Equip ... .58 .65
Group Sec S*erl .02 I 01
Group Sec Tobacco ___ .!‘l i nn
Huion Holding _ .4 7 .87
Incorp Investors 15.11 16.78
Insti Sec. Bank Group_ 1 no 111
Instl Sec. Insurance _ 1.17 1.29
Investors Fd "C” Inc_ 8.55 0.13
Keys’or.e Custodn B 2 ... 10.75 21.61
Keystone Custodn B 3_ 13.S7 14.09
Keyst« ne Custodn K 1 _17.55 13.68
Kpystone Custodn K 2 _ 8.56 9.37
Keystone Custodn S 2_ 11.26 12.35
Keystone Custodn S 4 _ 3.77 4.19
Major Shrs Corp _ 2.00
Maryland Fund _ 4.83 5.30
Mass Invest Tr_17.71 18.70
Mutual Invest _ 9.38 10.26
Nation Wide Sec _ 2.63 2.73
Nation Wide Voting_ 1.08 1.19
Natl Investors ...- 4.52 4.81
New England Fund - 10.46 11.25
N Y Stocks. Bk Stocks ... 7.05' 7.63
N Y Stocks. Bldg Supply.- 6.17 6.69
N Y Stocks. Elec Equip._ 6.18 6 ,0
N Y Stocks. Insurance __ 7.76 8.40
N Y Stocks. Machinery. _ 6.27 6.80
N Y 8tocks. Oils .. 7.44 8.O0
N Y Stocks. R R Equip. _ 5.30 5.80
N Y Stocks. Steel ..- 6.14 b.66
North Am Bond Tr ctfs . 50.125 -
Nor Am Tr Shares 1953.- 1 90 -
Nor Am Tr Sh 1055 - 2 27 -
Nor Am Tr Sh 1056- 2.23 -
Nor Am Tr Sh 1058 - 1 0 , -
Plymouth Fund Inc .33 .38
Quarterly Income Sh 8.3, 9.1.
Schoellkopf-Hurton & Pom 1 •><» 2.0O
Selected Am Sh Inc _ _ 8.18 8.92
Selected Income Sh - 3.4.13
Sovereign Invest -, •£?
Spencer Trask Fund- -2
Stand Am Tr Shrs - 1,
Stand Util Inc - 0
Super of Am Tr A - - 6;J - —
Super of Am fr A A - 18- -
Super of Am Tr B - * -
Si per of Am Tr B B- I s - -
Super of Am Tr C- 4 -»
Super of Am Tr D- J-jJi so..~
Supervised Shrs - J:- “■IM
Trustee Stand Inv C- -• V’
Trustee Stand Inv D - -1*2 "
Trusteed Am Bk B 2* .60
Trusteed Industry Shr/ _
Wellington Fund -11M 13.lb
DIVIDENDS ANNOUNCED
prepared SA5dD.M«i.t1S
Co :
Deferred.
Am Toll Bridge.
No Action Taken.
Foote Burt Co.
Interim
Remington Rand 2(ie -- 6-10 "‘1
Omitted.
Cummins Dist 8^ Pf ,
Queensborough G & E O'* pf.
Reduced. ,
Pe- Stock of Pey
' Rate. rtod. record, able.
Amer Seal Kao 10c - 6-1 6-10
Natl Bond <fc lav 20c «-}{• J1"r:A
Calif Ini: Co 50= 0 «>-lo 6--«
Souwest Con Gas Util 26c o-lo <*1\
Southwest Natural Gas $6 ,
pf a _ - 75c_6-20 i-l
Resular.
Balfour Bldg vtc -$1.25 Q 5-21 5-31
Bristol Brass Corp 2oc__ o-31 6-lo
Buffaio. Niagara fz Eastrn _ _ ' _ ,
Pow 0.4V, Pf —. 40c Q b-17 .-1
Do. $,i 1st pf . SI.25 Q 7-15 8-1
Cent St « Wire 6V, pf 76c Q 6-10 6-20
duett P body 7% pf $1.75 Q 6-20 7-1
Det Cty Gas 6% pf.Sl.50 Q 6-24 6-1
Draper Corp __75c 5-28 7-1
Ex-Cell-O Corp .. 10c 6-10 7-1
Gulf Fower SO pr Sl.oO Q 6-20 ,-l
Holland Furn $5 pf $1.25 Q 6-17 7-1
Idaho Md Mines . oc M 6-10 6-21
Kalamazoo Veg Parch loc G 6-21 b-.iO
Onstoeks Ltd 20c 8 6-14 6-21
Penn P & L $7 Pf--.S1.75 Q H-lo 7-1
DO. #0 pf_$1.50 Q 6-15 7-1
Do. $5 pf . — $1.25 O 6-15 7-1
Penn Tele 6% pf_.Sl.50 Q 6-15 7-1
Rheem Mfg _20c Q 6-1 6-15
Stana Screw Co_25c . 6-18 6-30
Do. O', Pf _ S3 S 6-18 7-1
Thatcher Mfg 25c . 6-15 7-1
Toronto Emv oVt'c Pf 66c Q 5-27 6-7
Waldorf System 10c - 6-20 7-1
Wisconsin Invest 10c 6-10 7-1
Wool: Bros 'Pf SI.75 Q 5-20 6-1
A R Mill 4H% Df $1.1216 Q 6-15 7-15
Boston Woven Hose Df $3 SA 6-1 6-15
Briggs & Strat_ -75c Q 6-3 6-15
Cons Pow So pf SI .25 Q 6-10 7-1
Do. $4.50 pf—$1.1216 Q 6-10 7-1
Inti Bus Mach $1.50 Q 6-22 7-11
Shell Un Oil pf_ $1.3716 G . 6-10 7-1.
Todd Shipyards $1 H-l 6-15
C’w’lth & Sthn $6 pf 75c Q 6-10 7-1
Kingston Pdts pf $1.75 Q 5-20 6-1
Metro Edison $6 pf $1.50 Q 5-31 7-1
Nt Candy 1st Df_$1.75 Q 6-13 7-1
Do 2nd Df_$1.75 Q 6-13 7-1
Natl Lead _1216c Q 6-17 6-30
Do. B pf - - $150 Q 7-22 8-1
Niles Bement Pond — 50e Q 6-4 6-15
Phlla Elec Pw 876 pf -50c Q 6-10 7-1
NEW YOBS BAB SILVER.
NEW YORK, May 34 W.—Bar sil
ver, 43%, unchanged.
Industrial Production in U. S.
.. .. > ■ ■ j
HOI BUILDING
AB
Total in First Half of May
Shows Gain, Declares
F. W. Dodge Corp.
E» the Associated Press.
NEW YORK, May 24.—Residential
building contracts awarded in the
first half of May topped last year for
the first time since the current reces
sion started. F. W. Dodge Corp. re
ported today.
Residential construction contracted
for in the 37 States east of the Rocky
Mountains totaled $39,694,000 in the
two-week period, compared with $38,
228,000 in 1937.
The upturn was not accounted for
by large-scale housing, the statistical
organization stated.
The latest gain pushed the Asso
ciated Press index of residential build
ing. adjusted for seasonal and building
material cost changes, to 51 9 per cent
of the 1929-30 average, 24 per cent
above the recession low touched late in
February.
Eleven of the 15 districts included
in the survey topped last year so far
! in May. Improvement occurred in the
Middle West and South for the most
; part. New England. New York and the
; Middle Atlantic States lagged behind
| 1937.
The 11 districts doing better than
last year chalked up a 27 per cent
gain. The four areas falling behind
were 21 per cent lower,
i Non-residential construction in the
I first half of May was $28,066,000. 29
per cent less than the total a year ago.
■ Public works and utilities, however,
: planned 17 per cent more building this
j year than last.
WHOLESALE INDEX
CLIMBS FURTHER
Fertilizer Association Reports
Average at 74.7 Against 74.4
in Previous Week.
Wholesale commodity prices regis
tered their second consecutive ad
vance last week, according to the in
dex compiled by the National Ferti
lizer Association.
This index in the week ended May
21 was 74.7, compared with 74.4 in
the preceding week and 74 0 two weeks
ago, based on the 1926-1928 average
as 100. The index is now at the same
level as a month ago and 15 per cent
lower than a year ago.
The increase in the all-commodity
index was largely due to higher prices
lor farm products and foods and more
specifically to livestock and meats.
The index representing the prices of
all commodities except farm products
and foods showed a slight decline,
reaching a new low point for the cur
rent recession.
In the food group about as many
items declined as advanced, but
marked upturns in meat prices re
sulted in the group index advancing
for the third consecutive week.
Cotton and grains were lower dur
ing the week, with wheat prices fall
ing to the lowest point reached since
1934.
Advances in prices of livestock,
however, were sufficient to raise the
farm product group average. Frac
tional increases also took place in the
indexes of farm machinery and mis
cellaneous commodities. Five of the
principal group indexes declined dur
ing the week, the largest recession
being in the metal price average.
Copper quotations were sharply
lower and smaller declines occurred
in steel scrap and tin. There was
also a relatively large decline in the
chemical and drug index, while the
building material, fertilizer material
and fertilizer indexes fell off only
slightly.
PHILIP MORRIS ISSUE
TO BE PUT ON MARKET
ily the Associated Press.
NEW YORK, May 24.—A newly au
thorized issue of 77,873 shares of 5
per cent series “A” convertible cumu
lative preferred stock of Philip Mor
ris St Co., Ltd., Ind., to be offered
at $100 a share to common stock
holders, will be underwritten by a
group headed by Lehman Bros, and
Glore, Forgen St Co., it was an
nounced.
The shares will be offered holders
of record June 2 for subscription at
the rate of 3-20 of a share of pre
ferred for each common share held.
PANHANDLE EASTERN
REPORTS HIGHER GROSS
Special Dispatch to The Star.
NEW YORK, May 24.—Gross reve
nues of Panhandle Eastern Pipe Line
Co. for the 12 months ended April 30,
1938, were $9,723,591, an increase of 32
per cent over revenue of $7,320,621
reported in the preceding 12 months.
Gas sales in the 12 months ended
April 30. 1938, totaled 41,000,000 m. c.
f. as against 31,000,000 m. c. f. in the
12 months ended April 30, 1937.
- -• .-..
National Power & Light Co.—Knox
ville City Council ratified unanimously
the joint proposal made by the city
and T. V. A. for purchase of physical
electric property of Tennessee Public
Service Co. at a price of $7,900,000.
The council authorized Mayor Mynatt
to complete the transaction.
Remington Rand
Reveals Salary
Cuts for June 1
By the Associated Press.
NEW YORK, May 24 — Remington
Rand. Inc., announced today pay re- j
ductions for salaried employes ranging
from 5 per cent in the lower brackets
to 25 per cent in higher-paid groups,
effective June 1. Hourly paid employes
will not be affected by the cut.
Directors declared an interim divi
dend of 20 cents a share on common
stock, payable June 10 to holders of
record July 1. Ar» interim pavment
of 25 cents a common share was made
March 25.
.. —•
S21,785,000 ISSUE
Southwestern Co. Discloses
Proposal to Retire
Preferred Shares.
Bj the Associated Press.
ST. LOUIS. May 24—The South
western Bell Telephone Co. announced
plans yesterday to seek authority to
offer lor sale a new bond issue to re
tire its $21,735,000 issue of 7 per cent
preferred stock.
Redemption of the stock will be sub
ject to approval of the bond issue by
the Securities and Exchange Commis
sion and the closing of suitable con
tracts with underwriters. The bond
fssue would be secured by its first and
refunding mortgage.
The dividend requirements on the
7 per cent cumulative preferred stock
outstanding amount to $1,525,000 an
nually. If the company is able to
issue more of the 3’.> per cent bonds
to finance the redemption of the pre
ferred stock the interest rate on the
additional issue of bonds would total
about $762,000
Callable at 115. the preferred shares
would be redeemed at that figure. At
the close of the morning session on
the St. Louis Stock Exchange the issue
was listed at 116’*.
Figures
What They Mean
Tty A. A. PATTON.
Associated Press Statistician.
NEW YORK. May 24.—The recent
slash in rayon prices carried them to
the lowest level in history, less than
one-twelfth the 1920 peak.
Viscose yam of the mast widely
used type—the so-called 150-denier—
was cut from 54 to 49 cents a pound.
The depression low. established shortly
after the March. 1933. "bank holiday.”
and lasting only three weeks, was 50
cents a pound.
Although the other important rayon
yarn, acetate, is expected by the trade
to fall in line, no announcement of
price change has yet been made.
The course of rayon prices has been
one of constant decline for 18 years.
When the synthetic fabric was intro
duced commercially on November 11,
1911. it sold for $1.85 a pound. Quota
tions were marked up gradually as
the new yarn began to make inroads
in the business of higher-priced silk.
Prices Drop Steadily.
When the great post-war commodity
boom reached its apex in 1920. rayon
brought $6 a pound. Compared with
silk, however, which sold at $16.98 a
pound, this was cheap.
All during the 1920s, when most
staples were rising, rayon prices re
ceded. This was the result primarily
of steadily lowering costs of produc
tion. The lusty, new industry was
able gradually to write off heavy in
troductory costs, and improvement of
equipment sharply reduced produc
tion costs.
This downward revision of costs,
the trade points out, is at least partly
responsible for the new low to which
prices have dipped. Another factor
in the latest reduction, however, was
the top-heavy Inventories built up
during the last 12 months.
There are three types of rayon,
viscos, acetate and cuprammonium.
The last-named, however, accounts
for only about 3 per cent of the total.
Viscos Well in Lead.
Viscos ds by far the most important
single type, first-quarter consumption
running at about two-thirds of the
total. Wood pulp is the raw material.
Acetate, however, is the fastest
growing classification. From about
10 per cent of the total a decade
ago, this chemically treated product
of cotton linters has risen to 32 per
cent of all rayon consumed.
For years acetate fibers brought a
premium in the market place because
of their great sheen and closer re
semblance to silk. The premium has
dwindled steadily in recent years,
and during the last six months the
ciscos and acetate have sold on a
parity.
A development of the last decade
has been the emergence of rayon as a
distinct fabric, rather than a sub
stitute for silk.
MEETING ADJOURNED.
BALTIMORE, May 24 (IP).—Both
regular and special meetings of the
Chesapeake Corp., scheduled for to
day. were held briefly and adjourned
to Saturday without transaction of
business.
f'' "v
EXPORT VOLUME
W .MAH
Nations Finance Buying
With Gold and Funds
Already in U. S.
Special Dispatch to The Star.
NEW YORK, May 24.—The value
of merchandise Imported Into the
United States showed a seasonal rise
in March to $174,000,000 from the re
cession’s low of $163,000,000 in Feb
ruary, according to the Alexander
Hamilton Institute. There was a de
crease. however, of 43 5 per cent from
the March, 1937, import figure of
$308,000,000.
Despite this drop In imports from
the level of a year ago and the con
sequent curtailment of funds derived
from this source for financing the pur
chase of American goods, exports of
merchandise from the United States
in March were larger than in the
same month last year. Exports weTe
valued at $276,000,000, against $263.
000 000 in February and $257,000,000
in March. 1937.
The $102,000,000 excess of mer
chandise exports over imports in
March this year was made possible
by shipments of $67,000,000 of gold
and silver to the United States and
by the use of $35,000,000 of funds
previously accumulated in this coun
try. While the export trade cannot
be sustained indefinitely in this man
ner. it may hold up relatively well
for a while longer without an expan
sion of imports, since it is apparent
that foreign countries still have a large
amount of funds in the United States.
MISSOURI PACIFIC
RENAMES CHIEFS
Alfred Fritzche Takes Board
Place of Darwin Barrett, Jr.,
Alleghany Treasurer.
B* tht Assoriited Press.
CLEVELAND. May 24—Alfred
Fritzche, Cleveland, replaced Darwin
S. Barrett, jr„ Cleveland, yesterday on
the Missouri Pacific Railroad Co.
board, which re-elected officers, in
cluding Chairman J. S. Pyeatt and
President L. W. Baldwin.
Fritzche is president of the General
Fire Extinguisher Co. Barrett Is
treasurer of Alleghany Corp., top hold
ing company for the former Van
Sweringen rail system.
The board also agreed to amend the
company's modified reorganization
plan to embody a tentative agreement
with the Protective Committee for
first mortgage bonds of the Plaza
Olive Building in St. Louis. The St.
Louis committee was one of the minor
creditors disagreeing with the reor
ganization plan, filed last September
with the Interstate Commerce Com
mission.
Directors announced the agreement
still requires formal approval of the
Plaza-Olive Committee and of other
creditor representatives who have
agreed to the company plan.
Banks in 101 Leading Cities
Report Decline of 36
Millions in Week.
Py the Associated Press.
Federal Reserve Board bank loans
to business decreased in the week end
ed May 18 for the fifteenth consecu
tive week.
B|nks in 101 leading cities cut their
loans for commercial, industrial and
agricultural purposes by $36,000,000 to
$4,074,000,000.
New York City banks alone account
ed for $14,000,000 of the decrease.
The report also showed a decrease
of $28,000,000 in the bank holdings of
Federal securities, an increase of $10,
000,000 in holdings of securities guar
anteed by the Federal Government,
and a decrease of $70,000,000 in hold
ings of other securities.
The board's statement gave the fol
lowing summary of assets and liabili
ties on May 18, together with changes
for the week and with the same week
last year, in millions of dollars:
May Iff.
. May 18. May 11. 1931.
Loans and invest
ments—total 20.679 —131 —1.498
Loans—total 8,408 — 42 —1.092
Commercial. In
dustrial and
a c r i c u ltural
loans: On se
curities 661 + 2 — 11
Otherwise secured
and unsecured 3.513 — 88 — 120
Open market pa
per 378 — 9 — 121
Loans to brokers
and dealers in
securities 690 — 5 — 733
Other loans 1 or
purchasing or
carrying s e
curities 587 — 2 — 135
Real estate loans 1.157 J- 5 — 5
Loans to banks 120 Unch. 4 2
Other loans. On
securities 995 + 6 — 13
O t h e r w lse se
cured and un
secured 809 — 1 4 44
Government di
rect obligations 7.989 — 28 — 3'25
Fully guaranteed
Cover nment
obligations 1 254 4 10 4 192
Other securities 2.928 — 70 — 273
Reserve with F.
R. banks 6 1 nr 4 106 _ 7k«
Cash In vault _ 379 — 12 4 60
Balances with do
mestic banks 2.315 4 38 - 5.24
Demand deposits
—adjusted .14 569 — 29 — S.'iO
Time deposits 6.209 4 2 4 '4
Government de- ,
posits 545 — 0. 4 303
In t e r b ank de
posits'
Domestic banks 5.732 4 54 4 617
Foreign banks. .715 — 1 — 212
Borrowings _ - Unch. — 2 4
FAILURES TOTAL DOWN.
NEW YORK, May 24 UP).—Business
failures in the United States for the
week ended May 19 dropped to 222, the
smallest number since December last
vear. Dun & Bradstreet reported. Lan
w'eek the total was 231, while a year
ago there were 187.
Money for Construction Loans
and
Loans on Existing Properties
5%
FIRST REED OF TRUST OXLT
GEORGE I. BORGER
643 Inaiana Ave. N.W.
Nat’l 0350
Property
Owners—
Are bedbugs or other in
sects the cause of your J
vacancies, as is often the 'j
case? To find out, ask
us to make a free inspec
tion.
American Disinfectant Co.
928 Eye St. N.W. Natl. 6479
;; ^for Busin*** Record*^
: and Equipment
* ACCOUNTANTS
SUPPLIES
^WalcofrTaylor Co. fnc,
MILLS BLDG.
MEtro. 5846
5% HOME LOANS J%
District of Columbia, Nearby Maryland and
Virginia—3 to 15 Years
also
MONTHLY PAYMENT LOANS
AT $6.60, $7.50, $8.00 and $10.00 PER MONTH PER THOUSAND.
INCLUDING INTEREST AND PRINCIPAL
Other Loans Payable Quarterly or Semi-annually
F. H. A. INSURED MORTGAGES
Randall H. Hagner & Company
<NCOB»0»AT«D
Mortgage Loan Corrmpondint
-AeuffyoriSfy* *i£orryuiny*
1321 Connecticut Avenue N.W. Telephone Decatur 3600
Monthly Payment
REAL ESTATE
LOANS
On Improved Property
INTEREST
No Renewals
Consult Real Estate Department
American Security
AND TRUST COMPANY
MAIN office: fifteenth St. and Pennsylvania Ave.
Branch Office*
7th and Mass. Ave., N. W, Seventh and E St., S. W.
Eighth and B Sts.. N. E. 1140 Fifteenth St., N. W.

Evening star. [volume], May 24, 1938, Page A-17, Image 17
About Evening star. [volume] (Washington, D.C.) 1854-1972

Connect with the Library

Find Us On

Subscribe & Comment

Download & Play

Questions

Evening star. [volume], May 24, 1938, Page A-17, Image 17 About Evening star. [volume] (Washington, D.C.) 1854-1972

Connect with the Library

Find Us On

Subscribe & Comment

Download & Play

Questions

Evening star. [volume], May 24, 1938, Page A-17, Image 17
About Evening star. [volume] (Washington, D.C.) 1854-1972