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Evening star. [volume] (Washington, D.C.) 1854-1972, June 08, 1938, Image 19

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045462/1938-06-08/ed-1/seq-19/

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American Gas & Electric,
Lake Shore, Pepperell
Among Losers.
py the Associated Press.
"* NEW YORK, June 8.—A few se
lected industrial issues managed good
sired gains on the curb today, tut
changes elsewhere were small.
At the start of t'/ie final hour, frac
tional losses included American Gas
k Electric, Lake Shore and Pepperell.
Modest gains were turned in by Gulf
Oil, St. Regis Paper and Lockheed Air
craft. Duke Power recovered most of
yesterday's sharp lass with a gain of
about 5.
8teel Co. of Canada, Ltd., on the
first sale of the year, plunged 26 13-16
*on small turnover.
CURB BONDS
' DOMESTIC BOND8.
_ High. Low. Noon.
A m Power 4%s 67 ... 81% 81% 81V*
Ala Power 5s 46 A 97% 97% 97%
Ala Power 5s 51 ... . 92% 92% 92%
Alum Co. Ltd 5s 48 ... 106 106 106
• Am GAE 5s 7078 108% 108% 108%
Am P & L 6s 2016 _ 78 77% 77%
Anna! P Hs 2074 A 112% 112% 112%
Ark-La Gas 4s 51 . . 100% 100% 100%
Ark P A- L 5s 56 94% 94 94%
As G & E 5s 50 . . 28 28 28
As GAE 5s 68 27% 27% 27%
Alan City El :t%s 64 100% 100% 100%
Bell Te C 5s 55 A 112% Ill’s 112%
Bell Te C 5s 57 B .171% 121 121 %
Beth Steel its 98 132 132 132
Cent 111 P S 5s 68 G 100 100 100
Cent PW' A Lt 5s 56 97% 92% 92%
Cities Svc 5s 50 60 59% 69%
Clt 8 P A L 5%s 52 . 56% 56% 56V*
Clt S P A L 5%s 49 56 66 56
Com* Sb 5%s 48 A 103% 103% 103%
Com Pb 8v 5s 60 A _ 99 99 99
Cont G A E 5s 68 A 80 79% 79%
Cudahy Pke 3%s 65 95 95 95
East G A F 4s 56 A 74% 74 74
. Edis El Ulu 3%s 65 109 109 109
Emp OAR 5%s 42 88% 87 88Vk
Fed Wat 5%s 54 72 71% 72
FI rest Cot M 5s 48 .. 102% 102% 102%
Fla Pwr coupn 4s 66 84% 84% 84%
Florida P A L 5s 54 86% 86% 86%
Gatineau Pw 5s 56 103’, 103% 103%
Gatineau P 6s 41 B 101% 101 V, 101 %
Gen W W A E 5s 43 A 84 84 84
Georgia Pw 5s 67 90% 9o% 90%
Hall <W F> 6s 47 st A 88% 88% 88%
111 Pwr A Lt rts 53 A 96V, 96V, 96%
111 Pw A L 5* 56 C _ 86% 86% 86%
Indian E C 6s 51 C... 78 78 78
Indiana Ser 5s 50 55% 56% 55%
Sdlana Ser 5s 63 A 55% 55% 55%
dnap PAL 5s 57 A 105% 105% 105%
terst Pw 5s 47 49 48% 49
terst Pw rts 52 .. 28% 28% 28V.
terst P S 5s 56 D 76 76 76
terst P S 4 %s 58 F 69% 69% 69%
wa Pub Sv 5s 57 . 102% 102V. 102V.
Ital Su Pw rts 63 A .. 42V. 42’/. 42V',
Jer C P A L 5s 47 B 104% 104% 104%
Jer C P & L 4%s 61 C 103% 103% 103%
Kan Pwr 5s 47 A . 100% 100% 100%
Ky Utilities 5s 61 .. 81 81 81
Kentucky Ut 5s 69 I . 80 80 80
Lehigh P S Hs 2026 A 99% 99% 99%
Libby McN A L 5s 42 103% 103% 103%
La Pw A Lt 5s 57 _ 104% 104% 104'.
McCord Rad rts 43 65 65 66
hMetrop Edis 4s 71 E . 104 104 104
Mo Pub Svc 5s 60 6,% 63% 63%
Nat PAL 5s 2030 B 75 75 75
Neiser Bros 6s 48 __ 92 92 92
Nevad Cal El 5s 56 . 75% <5% 75'.2
New E G A E 5s 47 51% 51% 51%
I N Ens Pwr 3%s HI . 104% 104V, 104%
1 .New E Pw 5%s 54 84% 84 84
New Or PS Hs 49 A 74 74 74
N Y S E A G 4%s 80 . 91 91 91
Nor A LAP 5%s 56 80 80 80
Nor Sta Pwr 3%s 67 . 102% 102V, 102V.
Ohio Pwr 4%s 56 D _ 105 105 105
Okla N G 4%s 51 A . 100% 100% 100%
Pac P A L 5s 55 . _ 70% 70% 70%
Penn C LAP 4Vis 77.. 81% 80% 81%
Penn P Svc 5s 54 D . 101 101 101
Peonies G LAC 4s 61 _ 97% 97% 92'/a
Peon G LAC 4s 81 B 90 89’. 90
Pitts Coal 6s 49 .. 105 104% 105
Pub 8 Okla 4s 66 A.. 103 103 103
Pug S PAL 5s 50 C 70 70 70
Pug 8 PAL 4%s 50 D 66 % 66% 66%
Shw WAP 4%s 68 B 104V. 104% 104%
Sherld Wyo Hs 47 . 57 57 57
S E PAL fis 7075 A 90% 90V, 90%
Sou Cal Ed 3%s 45.. 106V, 106 106
Sou Cal Ed 3%s 60 _ 107% 107% 107%
■•Sou Cal E 3%s 60 B ._ 108 108 108
Std GAE 6s 35 mat __ -51 51 51
Std GAE cv 6s 35 cod . 49% *9% 49%
Std Gas A El 6s 51 A 50% 50% 50%
Stand Pw A Lt fis 57 48 48 4*
Super of 111 4%s 68_ 106 106 106
Tenn El Pw 5s 56_ 88V* 88% 88V,
Tenn Pub 8 5s 70_ 93 93 93
Texas Elec 5s 60 _ 91 90% 91
Tide Wat P 5s 79 A_ 79 77% 79
Toledo Edis 5s 62. ..107% 107 107 V,
Twin CRT 5%s 52 A_. 54% 54% 54%
Unit El N J 4s 49 ...114% 114% 114%
Unit LAR D 5%s 52... 77V. 77 77
Unit LAR M 6s 52 A .. 105% 105% 105%
Utah PAL 6s 2022 A_. 74% 74% 74%
Va Pub Ser 5s 50 B._. 81% 81% 81%
Wash WAP 5s 60 . 105 105 105
West News U 6s 44 37 36% 37
West T Ut 5s 57 A 89% 89% 89%
FOREIGN BONDS
• Cauca Val 7s 48 8% 8% 8%
Fin R M B 5s 61 at 101 V. 101 V. 101 V,
Ged Con Mun 6s 4 7 . .. 20 20 20
Ger Con Mun 7s 47 ... 20% 20% 20%
Hanover City 7s 39 22 22 22
Pledmt El 6‘is 60 A 56% 56% 56%
Rio de Jan 6 Vis 59 7 7 7
Santiar Chll 7s 61 . 14% 14% 14%
Sauda F Ltd 5s 55 A 111 110 111
Terni-Soc 6%s 53 A. 58 58 58
- —0 , ■■ -
' INVESTING COMPANIES
NEW YORK. June 8 UPi.—Investent
Bankers' Conference. Inc.:
Bid. Asked.
Admin Fd 2nd Inc _ 9.76 10..*18
Affiliated F Inc _ 3.44 3.79
Amerex Hold 16.625 18.376
Am Bus Shrs (new)_ 2.78 3.08
Am Gen Ed Inc_ .52 .59
Am Ins Stocks _ 3.75 4.00
Aasoc Stand Oil _ 5.00 5.76
Bancamer Blair _ 3.375 4.375
Bankers Nat Inv Ooro_ 1.43 1.98
Basic Industry _ 2.70
Boston Fund Inc _ 12.88 13.78
British Type Inv _ .22 37
Broad St Inv _ 20.85 22.30
Bullock Fund _ 11.00 12.125
Can Inv Fund 3.40 3.75
Central Nat Coro "A"_28jil> 33.00
Central Nat Coro ”B"_ 2.00 5.00
Century Shrs Tr _ 20.07 21.58
Comwlth Invest _ 2.73 2.92
Continental Sh of_ 5.50 6.25
Corporate Trust _ 1.94 _
.Corporate Trust AA_ 1.90 _
Corp Tr AA Mod _2.23 _
Corp Tr Accum 8er_ 1.90 _
Corp Tr Acc Mod_ 2.23
Crum A Forster . _ 20.00 23.00
Crum A Forster 8% Pf_115.00
Crum A Forster Ins B 26.00 29.00
Crum A Forst Ins 7% pf-110.00
Cumulative Tr Sh _ 3.88 4.50
Depos Bk Sh N Y "A"_ 1.30 _
Depos Ins Shrs "A”_ 2.66 _
Depos Ins Shrs "B”_ 2.44 _
Diversified Tr C _ 3.05
Diversified Tr D _ 4.55 5.15
Dividend 8hrs _ 1.03 1.12
Faulty Corp S3 pf_ 19.75 22.75
Fidelity Fund Inc _15.88 17.10
First Boston Corp_15.50 17.00
Fiscal Fund Bk Sh_ 2.22 2.46
Fiscal Fund Ins _ 2.98 3.31
„ Fixed Trust Sh A_ 7.60
f Fixed Trust Sh B_ 6.92
Foreign Bond Assoc_ 8.45 7.01
Found Tr Sh A _ 3.40 3.65
Fund Investors Inc _ 13.69 14.79
Funr Tr Shrr A _ 4.10 4.63
Fund Tr Shrs B _ 3.71
Gen CaDital Coro___ 28.37 28.35
Gen Investors Tr _ 3.96 4.31
Group Sec Agriculture_ .90 .99
GrouD Sec Automobile_ .62 .69
Group Sec Building_ 1.02 1.12
Group Sec Chemical_ 1.00 1.10
. Group Sec Food .73 .81
r Group Sec Invest Shra 0L- -68 .65
Group Sec Merchandise_ .79 .87
Grouo Sec Mining _ 1.03 1.18
Group Sec Petroleum_ .94 1.03
GrouD Sec R R Equip_ .55 .61
Group Sec Steel_ .88 .97
Group Sec Tobacco_ .92 1.01
Huron Holding _ .40 .80
•Incorp Investora_14.99 18.12
Instl Sec Bank Group_ .96 1.08
Instl 8ec Insurance_ 1.18 1.28
Investors Fd “C" Inc_ 8.29 8.86
Keystone Custodn B 2_ 19.64 21.37
Keystone Custodn B 3_12.76 13.96
Keystone Custodn K 1_12.34 13.45
Keystone Custodn K 2_ 8.16 8.93
Keystone Custodn 8 2_11.07 12.15
Keystone Custodn 8 4_ 3.70 4.11
Major Shrs Corp_ 2.00
Maryland Fund_ 4.60 5.05
Maas Invest Tr_17.55 18.62
Mueual Invest _ #.19 10.04
Nation Wide See_ 2.S7 2.67
Nation Wide Voting_ 1.08 1.1#
Natl Investors _ 4.40 4.6#
New England Fund_10.29 11.07
NY Stocks Bk Stocka_ 6.89 7.48
NY Stocks Bldg Supply_ 6-98 6.48
NY Stocks Elec Equip .... 6 94 6.44
NY Stocks Insurance_
NY Stocks Machinery_
NY Stocks Oils _
NY Stocks RR Equip_
>NY Stocks Steel
North Am Bond Tr ctfs .1
Nor Am Tr Shares 1953..
Nor Am Tr Sh 1955_
Nor Am Tr Sh 1956_ 2 21
Nor Am Tr 8h 1968_ 1 98
Plymouth Fund Inc _ 32 87"
Quarterly Income Sh_ 8 22 o'oo
Repres Tr Shrs _ 7.82 8 32
Repub Invest Fund _ 20 22
Schoellkopf-Hutton dt Pom. 1.26 2 25
Selected Am Sh Inc_ 8.17 8 91
Selected Income Sh_ 3.51
Sovereign Invest _ .58 64
Spencer Trask Fund_12.97 13 65
Stand Am Tr Shrs- 1.85 CM
Stand Util Inc _ .13 4fl
State Street Invest_ 07.00 70 50
Super of Am Tr A_ 2.8#
Super of Am Tr AA_ 1.81 "
Super of Am Tr B _ 2.81
Super of Am Tr BB_ 1.81
Super of Am Tr C_ 4.86 _
Super of Am Tr D_ 4.86
• Supervised Shrs _ 8.10 8.80
Trustee Stand Inv C_ 2.07 _
Trustee Stand Inv D_ 2.03 _
Trustee St Oil Shrs A_ 6.76 _
. Trustee St Oil Shrs B_ 5.12
Trusteed Am Bk "B"_ A3 .59
Trussed industry Shn- .76 .84
USiSee Lt & Pow ‘'A'T __ 11.876 12.375
US JDfe Lt * Pow "B”_1.47 1.57
US.fi U & P Voting_ .80 .88
Wellington Fund_11.78 18.00
1 1.
NEW YORK CURB MARKET
(By private wire direct te The Ster.)
Stock and Salat—
Dividend Rata. Add 00. Hlah. Low. Cloao.
AsfaAnsoo-460a 29 29 .29
Air Aasoc (.40)_ 2 884 8)4 8H
Air Devices _ 1 S 84 *4
Ala Power pf (7). 20a 6784 6614 6784
Alum Co of Am.. 160a 78 72 72
Alum Co pf (*)— 100a 96<4 96 96
Alum lnd _ 60a 8114 8m 8m
Am Airlines_ 3 131. 1884 18'4
Am Book (2e). 100a 4984 49 49*4
Am City Pwr & I*
(A) ww 1.72h . 1 23 23 23
Am City PADtB). 2 114 114 1*4
AmCyn (B) .80. 3 1714 1714 1714
Am G ft Ell. 40. _ 7 2 8 2784 2784
Am Uatind M .80. 1 16 16 16
Am Maracaibo_ 1 84 84 84
Am Superpwr_ 6 *4 84 *4
Am Thread pf .2 5 2 38. 3*4 384
Appal El P pf(7). 40a 98 98 98
Ark Nat Gas (A). 2 214 2*4 2*4
Ashld O ft R .40.. 1 8*4 314 3*4
Assoc Gas ft El... 2 84 8* 84
Atlas Corp war... 13 14 14 14
Atlas Plywood __ 1 7V. 714 714
Austin Stiver M . 3 ft ft ft
Auto Vot Mch .50 1 714 714 714
Babcock ft Wll... 1 1914 1914 1914
Baldwin Rubber. 3 6 6 6
Barium Stain Stl 6 114 U4 114
Bath lron(6%f) 5 614 6 6y*
Bellanca Aircraft 1 3*4 8*4 8*4
Bell Aircraft . 1 1314 1314 1314
Berk & Gay Fur . 1 ft ft ft
Birdsboro Stl Fy. 2 614 614 614
Bohaek (HC) 1st. 10s 11 11 11
Breeze Corp_ 1 4'4 4*4 4*4
Brewst Aero .10# 64 6T4 614 6*4
Brit A T(B).623e. 3 26 25 25
Can Ind Ale (B)l 13 3 3
Carrier Corp _ 1 2414 24'4 2414
Cent NY Pw pf 5. 20s 86 85 85
Cent Ohio St .25e. 4 4*4 414 414
Cent & Sown Util 1 1** l*t 1*.
Central States El 1 ft ft h
Cent St El 7 % pf 100« 11 11 11
Charts Corp ,4(te. 1 514 514 514
Chesebro t4a> 60s 100 100 100
Cities Svc (new). 4 8>4 814 814
Cities Svc pf_ 2 39 38*« 39
Cities Svc pf B._. 1 314 3'» 314
Claude Neon L._ 2 1*. ,1*, 1*.
Clev Tractor’._ 14 4 4
Club Alum Uten.. 1 1*4 1*4 1*4
Colon Develop__ 3 114 11. 11.
Columb Oil&Gas. 24 31. 2*4 214
Com P*U 1st pf.. 50s 2014 20** 20**
Cons C Min ,125e. 9 4 37. 4
Conti Roll ft Stl.. 15 6 5
Corroon ft Rey... 3 214 2 2
Crocker Wheeler. 1 5** 6»* 5**
Cm C'k Intl(A) 1. 1 10*. 10*. 10*.
Det Gray Iron .04 1 184 1*« 1*4
Det Steel Prod 1 1814 18'4 18'.
Duke Power 1.50e 100* 59 67 69
Eagle Pitcher Ld 3 8 8 8
Eastn Gas A Fuel 13 2 2 2
E GAF 6% pf 100* 15 15 15
E GAF prpf 4.SOW 25* 44 44 44
Eialer Electric... 2 4 4 4
Elec Bond A Sh . 20 74 7 74
Elec BdASh pf 6 3 504 50 504
Emp GAF 6% pf. 50* 504 494 504
Emp GAF 7% pf. 150* 51 50 |51
Equity Corp _ 5 H H K
Esquire (1.20e) 3 94 94 94
Froedt cv pf 1.20. 50* 144 144 144
Gatineau Power 1 11 11 ll
Gen Out Ad pf(6 ) 20* 65 4 654 654
Glen Alden ,125e. 2 5*5
Godchaux <B) . 3 144 144 144
Grand Nat Films 3 4 4 4
Gray Tel Pay Sta. 6 4 34 4
GreeneTapAD. 1 54 54 54
Grum’n Air Eng.. 4 94 94 94
Gulf Oil (,60e)__. 5 374 37 37
Hall I,amp _ 12 2 2
Hearn Dept Sts _ 1 44 44 44
Helena Ruhenst.. 1 34 34 34
Hollinger ,65a . 3 144 144 144
Horn AH 5% pf 10* 99 99 99
Hummell Ross F. 1 34 34 34
Imp Oil Ltd .50a. 1 164 164 164
Ins Co No Am 2a 50s 694 594 594
Int Hydro Elec pf 2 134 134 134
Int PaAPwr war. 12 2 2
Int Products_ 1 34 34 34
Int Radio - 1 74 74 74
Intest H Eq .44 _. 3 3 3 3
Irving Ai Ch (1). 1 104 104 104
Jacobs Co _. 14 24 24 24
Kingsbury Brew. 1 4 4 4
Kingston Prod... 1 14 14 14
Lake Shore M(4 ) 6 604 504 504
Leh Coal A Nav... 3 34 34 34
Leonard Oil_ 26 4 4 4
Lion Oil (1)- 1 194 194 194
Lipton (A) (1) .. 1 104 104 104
Locke Stl C (le). 100s 104 104 104
Lockheed Alrc .. 50 11 104 11
Lone Star G .20e. 5 74 74 74
Long Island Lt .. 1 14 14 14
La Land A Ex .40. 1 7 7 7
McWillms Dredg 6 134 124 134
Mapes Cons (2).. 2 16 16 16
Marion St Shov_. 1 34 34 34
Maser Elec .65e__ 150s 124 12 12
Merritt C A S_ 1 24 24 24
Metal Textile ... 1 14 14 14
Mich Gas A Oil_ 5 24 24 24
Mid West Corp... 2 54 54 54
Moore (T) Diet.. 3 4 4 4
Mount City Cop.. 4 44 4 44
Nat Service .... 1 A At it
Nat Service pf— 6 14 14 14
Nat SugR 1.25e.. 4 12 114 12
Nat Transit .35e... 1 74 714 74
Nat Tunnel A M.. 1 14 14 14
Xehl Corp - 4 40 394 394
N J Zinc (le) . 100s 49 49 49
New Mex A Ari*. 4 14 14 14
Newmont (le) .. 2 61 61 61
NY A Hon R ,75e. 60s 27 27 27
NYC Omnib war. 4 104 104 104
N Y PAL pf (6)._ 20s 90 90 90
N Y PAL 2pf (7). 30* 99 99 99
Niag Hud Power. 9 74 7 7
Nipissing Mines. 1 14 14 14
Noma Elec ,40e_. 14 4 4
Nor Am LtAP pf. 60s 86 36 86
NorAmUtUSec. 14 4 4
Novadei-Ag (2)_. 1 21 21 21
Ohio Brass (B).. 100s 204 204 204
Ohio Edis pf (6). 50s 90 90 90
Oldetyme Dist— 1 14 14 14
Pac GAE 1st 1.50 1 30 30 30
Pac Ltg pf (6) 60s 106 106 106
Pan-Am Air .50*. 2 13% 13% 13%
PantapecOil ... 14 4% 4% 4%
Pennroad ,25g___ 1 1% 1% i%
PaP&L pf (61... 10s 83 83 83
Pepperell Mfg-60s 56% 56% 56%
Phillips Packing. 1 2% 2% 2%
Phoenix Secur __ 1' 2% 2% 2%
Pitney-Bow .40__ 1 6% 6% 6%
Pitts & L E .50e . 50i? 39 38% 39
Pitts Pi G1 ,50e 3 67 67 67
Premier Gold .12 2 2 2 2
P S Ind $6 pf- 30s 16 16 16
Pub Svc Okla
pr In pf (7)_ 20* 92 92 92
Pug Sd P $6 pf— 25* 13 13 18
Raym'd Cone (1). 30* 13% 13% 13%
Reeves (D) ,50h_. 1‘ 3% 3% 3%
Reynold* Invest. 2 % % %
Richmond Rad _. 1 1% m
Rolls R Ltd .215* 1 22% 22% 22%
Safety Car (le)._ 25s 69 69 69
St Regis Paper— 6 2% 2% 2%
Scovill Mfg- 1 J6% 16% 16%
Scullin Steel_ 16 5 5
Selby Shoe .25* _ 50s 12% 12% 12%
Sel Ind all ct 5.50 50s 53% 53% 63%
Sel Ind pr pf 5.50 50s 53 53 53
Seversky Alrc .. 12 2% 2% 2%
Sher-Will 1.50e.., 50s 79% 79% 79%
Simmons H A P.. 1 1% 114 114
Sonotone 4 1% 1% 1%
Stand Oil Ky (1). 1 16% 16% 16%
Starrett Cor vtc.. 1 3% 3% 3^
Stand Pwr A Lt— 4 % % %
Stand PAL pf B.. 1 % % %
Steel Co of Can.. 100s 62 62 62
Sterling Alumn.. 5 4% 4% 4%
Stinnes (H)- 1* 1% 1% 1%
Sullivan Mach— 1 7% 7% 7%
Sunray 011 .05*_- 5 2% 2% 2%
Taggart- 1 4% 4% 4%
Taylor(Ky) Dlst. 8 % % %
Technicolor .60*. 12 22% 22% 22%
Tenn E P 1st (7). 25s 67% 67% 67%
Tex PAL pf (7).. 80s 92% 92% 92%
Todd8hlpy'd(2e) 100s 54% 53% 54%
Tonopah Belm’t.. 5 -fc -fc i
Trans-Lux___ 2 2 2 2
Transwest Oil — 2 4% 4% 4%
Tublze Chat (A). 1 18 18 18
r
U. S. TREASURY NOTES.
NEW YORK. June 8 (SO.—Price* quoted
In dollar* and thirty-second*.
Pet Month. Year. Bid. Aaked-yteht
2% June, 1938 _ 101.26 101.38 ...
2% 8ept, 1938 _ 101.27 101.39 _
ft Dec., 1938 _101.19 101.21 _
1% Mar.. 1939 - 101.27 101.29 _
-ft June. 1939 - 102.24 102.26 _
jft SgH.. 1939 -102.7 102.9 ...
1ft §•*•. 1039 - 102.9 102.11 -
1% Mar.. 1040 _ 102.26 102.27 .01
l ft TW*' }£iX -192.25 102.27 .08
1ft S?*" !.%° -1°3 103.2 .27
}ft Mar. 1941 - 102.31 loalf .So
Jft SJ*1 .'a*. - 102.19 10251 .48
\i m?,: 10318 81
hEl£ _1
6
stock and Salea—
Dividend Rata. Add 00. Blah. Low. Close.
Unit Aire war_ 4 8% 8 8%
Unit Cg-Wh 8U— 14 * % A
Unit Gas... 11 844 844 844
Unit Lt A Pwr A. 4 2H 2(4 244
Unit Lt A P ev pf 2 2144 21(4 21%
Unit Shipyds(A). 8 9 9 9
U 8 Foil (B)_ 6 3% 3% 8%
US* Inti Sec_ 1 <44 4* 44
Unit Stores vtc... 1 A A A
Unit Verde Kxt._ 1 1% 144 14*
Unit Wall Paper. 6 1 44 144 1 44
Utah Idaho Sug . 4 1% 1% 1%
Ut P&Upf 2.625k 26s 84 34 34
Utilities P*I, (r) 1 A ft *
Van Nor M T ,80e 2 19 18% 19
Wellington Oil... 1 344 8H 344
Wentworth Mfg_. 3 2(4 2(4 2%
West Va C & C .. 2 1% 1% 1%
W'estern Air Kxp. 1 2(4 '.'% 2%
Willson Jon .25e. 2 6% 6(4 6(4
Wright Harg ,40a 9 7% 7% 7%
r In bankruptcy or receivership or betna
reorganised 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.
80 . ?r extras, e Declared or
P*1?. •?. f»r this year, no regular rate.
? £*xable in stock. g Paid last year,
n Cash or stock, k Accumulated dividend
**“ 1°r tlJ1* »«»r- »w With war
*• xv Without warrants, war War
iRlllIt *
CROPS IN CANADA
IN GOOD CONDITION
Fall Wheat Only Field Grain Not
Close to Normal—Moisture
^ Improved.
OTTAWA, June 8 (Canadian Press).
—Condition figures for all field crops
in Canada at the end of May were all
close to normal and, with the excep
tion of fall wheat, were well above
the condition figures reported at the
same time last year, the Dominion Bu
reau of Statistics announced today.
Pall wheat prospects in Ontario are
only slightly below those of a year
ago, while fall rye conditions in the
prairie provinces are notably better
than in 1937, the report said. Spring
wheat and coarse grains are showing
a considerable improvement over their
condition at this date a year ago, as
a result of more normal moisture con
ditions in the prairie provinces, in
cluding the grass-plains area which
last year was so markedly affected by
drought.
Pastures and forage crops are greatly
improved in the West, and are consid
erably better in Ontario and Quebec.
For all Canada, the condition of the
principal field crops last May 31. ex
pressed in percentages of the long
time average yields per acre, was as
follows, with condition figures at the
same date last year in parenthenses: i
Pall wheat, 96 (98); spring wheat, 99
i85>; ail wheat, 99 (85); oats, 97 (90);
barley, 96 (93); fall rye, 98 (69);
spring rye, 99 (83); all rye, 98 (73);
peas, 97 * 93); mixed grains. 99 (92);
hay and clover. 100 (90); alfalfa, 95
(89), and pasture, 100 (92).
In the prairie provinces the condi
tion of the principal grain crops at
May 31 was as follows, with last year's
figures in parentheses: Manitoba—
Wheat, 100 (101); oats, 97 (97); bar
ley, 97 (96); rye, 97 (96). Saskatche
wan—Wheat, 99 (78); oats, 96 (84);
barley, 96 (89); rye, 98 (59). Alberta
—Wheat, 99 (93); oats. 96 (92); bar
ley, 96 (94); rye, (100) (79).
NEW YORK UTILITY
PLANS BOND ISSUE
Consolidated Edison Co. to Be
Guarantor for Steam Corp.
$32,000,000 Liens.
By the Associated Press.
NEW YORK, June 8.—New York
Steam Corp. and Consolidated Edison
Co. of New York yesterday filed with
the State Public Service Commission
an application for approval of issu
ance by the Steam Corp. of *32,000,
000 of bonds, to bear interest at not
more than 3y2 per cent per annum,
and to mature in not more than 25
years.
Payment of interest and principal
would be guaranteed by Consolidated
Edison, which owns 97 per cent of the
Steam Corp.’s common stock.
Proceeds of the proposed issue would
be used for redemption November 1 of
$27,003,500 of the Steam Corp.’s first
mortgage bonds, and also to reimburse
the Steam Corp.’s treasury to the ex
tent of *1,058.700 for first mortgage
bonds it has reacquired and retired
along with some preferred stock. The
balance of proceeds would be applied
against indebtedness of the Steam
Corp. to affiliated companies totaling
*4.800,000.
' The petition states the company is
"unable at this time to state a definite
price at which the proposed issue of
bonds can be sold.”
First mortgage Steam bonds which
the company would redeem are *5,605,
500, Series A 6s, due 1947; *12,698,000
of 5 per cent series, due 1951, and *8,
700,000 of 5 per cent series, due 1956.
Each series is redeemable at 105.
New York Steam Corp. is engaged
in the generation, purchase, distribu
tion and sale of steam in New York
City.
VIRGINIA AUTO TAGS
SHOW GAIN IN YEAR
By the Associated Press.
RICHMOND, Va., June 8.—Receipts
from sales of motor vehicle license
plates increased $107,576 this year
over the sales last year, the division
of motor vehicles reported.
The State sold 8,827 more plates this
year than last. Owners of passenger
automobiles "bought 316,105 tags, an
increase of 6,652 over last year; while
truck owners bought 47,893 plates, ftr
1,399 more than last year.
Total receipts in 1938 were $5,104,
376.24, for a total of 392,992 license
plates of all kinds. In 1937, 384,165
plates were sold for $4,996,799.50.
LEAD PRODUCTION TOTALS.
N*W YORK. June 8 (VP).—'World
production of lead in April totaled
146,988 tons, compared with 151,626
tons in March, the American Bureau
of Metal Statistics reported today.
Foreign production in April totaled
108,991 tons, against 116,497 the pre
vious month, and domestic production
amounted to 37,997 tons, against
35,129 in March.
FEDERAL LAND BANKS
B»nk'bond?lK' JUn* 8 M>)‘—Fe<,*r*1 L*n<l
♦ V«« Nov., 1X58-38 _ ?(!l % «
<* *>»*• -: inn iii%
3%I May, 1855-45 _ 104% 105
3s July, 1855-45 _103% 103%
3s Jan.. 1058-48 _" 13% 103%
3» May. 1858-48 _103% 103%
, MONTREAL SILVER.
MONTREAL. June 8 (K>i—Silver fu
tures opened. _uncharged .to. 10_ lower,
■di: June. 42.85; July. 42.50; Septem
ber. 41.0*.
G. M. CAR-TRUCK
SALES DECLINE
104,115 May Units Compare
With 109,659 in April,
216,654 in 1937'
By the Associated Pres*.
NEW YORK. June 8.—General Mo
tors sales of cars and trucks to deal
ers In the United States and Canada,
together with overseas shipments In
May, totaled 104,115 units, compared
with 109,659 in April and 216,654 in
May, 1937.
May sales to consumers in the
United States amounted to 92,593
units, against 103,534 in April and
178,521 in May of last year.
May sales to dealers in the United
States totaled 71,676, compared with
78,525 in April land 180,085 in May
last year.
World dealer sales for the first five
months of the year totaled 512,045
units, compared with 894,321 in the
same period last year.
Sales to consumers for the* first
five months amounted to 422,049
units, against 717,360 for the 1937
period.
Sales to dealers in the United
States fo.- the first five months to
taled 347,052 units, against 716,798 in
1937.
By the Associated Press.
NEW YORK, June 8.—Total factory
sales of cars and trucks in the United
States and Canada in May were esti
mated today at 211.300 units by the
Automobile Manufacturers’ Associa
tion.
This compares with 238,133 units
in April and 540,377 the corresponding
month last year.
Including the May estimate, sales
for the first five months of 1938
amounted to 1,118,800 units, com
pared with 2,395,716 the same period
last year.
INSURANCE STOCKS
NEW YORK. June
Bid. Asked.
Aetna Cas (3a' _ 82 88
Aetna Ins (1.60)__43 45
Aetna Life (lai _ __ 23 24%
Am Equit (1.80a'__ 18% 20%
Am Ins Nwk i%a)_ 11 12%
Am Reins (l.«0> _ 29% 31%
Am Reserve (1a) _ _ _ 22 23%
Am Surety (2%)__ 40% 42%
Automobile Hu _ _ 28% 28
Balt Amer (,20a)__ S «
Carolina (1.30) _ 18% 21%
City of N Y (1.20)_ 1ft 16%
Conn Gen Llf (.80)_ 24% 28(4
Contin Cas (1.20) __ 26 28%
Fid Ac Dep (4a t _ Oft 80
Ftrem’s Nwk (.30)_ _ 8 9%
Frank Fire (lai _ _ 22 23%
Gen Relnsur He) _ 32 34%
Glen Falls (I.6O1 _ 37% 30%
Globe & Rep i.80a> _ 0 in
Globe Ac Rut . __ _ 18 22
Great Amer da) _ _ 22% 23%
Hanover (1.80) ___ 27V, ”8
Hartford Fire (2) _ _ H8 70
Home Ere Sec _ 1 % 3%
Home Ins (lai 24 25%
Homestead ()> _ 12 13%
Knickerbocker (,32%e) .8 9
Lincoln Fire _ 2 01 i
Maryland Cas ___ 3 3',
Mass Bond (3%) _ __ 42 45
Merc Ins Pr (.32) _ 4 6
Natl Fire (2) _ 54% 66%
Natl Liberty (,20a>_ 6% 7%
N Hampshire (1.60) __ _ 41% 43%
N Y Fire (.40e) _ 11% 13%
Nor Riv (1) _ *'4% °6
Phoenix (2a) .. _HH~ 71% 73%
Prov Wash (1) _ 29% 31',
Revere (P) In (1.20a)_ 18 19%
Rh Is Ins (.40) 4 5
Rossia Ins i%*i 4 5
,P*!U ,Rire (8) -184 189
Borin afield i4%a> _105 108
Sun Life (15) _ 430 480
Travelers (16) - 415 425
U 8 Fid Ac G __ ]0% 1"
V 8 Fire (2) _ 47% 49%
Westchester (1.20a) 27 ”8%
»—Also extra or extras.
*—Decllred or paid so far this year.
a—Paid last year.
NEW YORK BANK STOCKS
Bankers’ ^Conference* Ine..^_InT*,tment
Bk of Am NT8 (SF) (2.40) 42 ' A*«d’
Bank or Man (1%) •’] »»ii
Bankers’ Tr 12) 4° 44
Brooklyn Tr (4) I 74 79
Cen Han Bk A Tr (4) HI 78 81
Chase Nat d.40> 07% So
Chem Bk Ac Tr (1.80) HU .78 40
Commercial (8) 117 1 "3
Cont Bk A Tr (.801 1112 T"%
Corn Ex Bk A T (3) H~~ 43% 44%
EmDire Tr d 1 " ins. -in%
First Nat. (Bos) (2).HH 36 its
Erst Natl (1001 154(1 158(1
Guaranty Tr (12) _ _ *>07 010
Irvina Tr (.60) ~10% i f %
Manufacturers’ Tr (2) - 34’3 36%
Manufacturers Tr Df (2) 49 61
Natl City (II ~ 03 ••4%
N Y Trust (5) H-HHH 78 81
Public (1%) __ 23 •'4')
Title gat_5% «%
SHORT-TERM SECURITIES.
(Reported by Smith. Barnev Ac Co.)
. „ , Bid. Asked.
Amer Tel Ac Tel 5%s 194.3 113% 113%
Auburn Auto Co 4V«a 1939 . 15% 17%
Austin Ac Northwest 5s 1941 77
Bald Loco Works 6s. 1940 98% 100
Calif Pack Corp 6a 1940 _ 101% 102%
Central Foundry 6s. 1941 . 94% 96
Ches Ac Ohio Rwy 5s. 19.19. 103% 104
Container Corp 6s. 1943 90% 91%
Cub North Rwys 5%s. 1942 33% 36
Delaware Ac Hud 4s. 1943 32V, 32%
Edts Elec Ilium 4s. 1939._ 101% 102%
Gen Pub Serv 5%s. 1939._ 98 98%
Gr Rap & Ind 4%s. 1941.. KM
Houston Oil 5%s. 1940 „ 102V, 102'%
Illinois Steel 4%s. 1940 106% 106%
Inter Mer Marine 6s. 1941 38% 41
Inter Tel Ac Tel 4%s. 1939 92 93%
Laclede Gas Light 5s. 1999 84 84%
Lake Erie Ac West 5s. 1911 50 90
Lehifh Val Term R 5s. 1941 40 45
Louis A Nash R R 4s. 1940 100% 103%
Mich Central R R 4s 1940 70 94%
Mid R R of N J 6s. 1940 16% 17%
Wll Ac North R R 4%s. 1939 20 52
New York Tel Co 4%s. 1939 105% 105%
Pennsylvania Co 3%s. 1941 99 103
Penn-Dixie Cement 6s 1941 82 84
Penna R R Co 4s. 1943 . 106 107%
Phils. Balt Ac Wash. 1943. 105 107%
Rio Gr West 4s. 1939 33 34
Term R R As St L 4%s. '39 104
Tex Ac New Orleans 6s 1943 . 81%
Vanadian Corp 5s. 1941 . 85% 86
Warner Bros 6s. 1939 71% 74
Western N Y Ac Pa 4s. 1943 102 102%
White Sew Mach 6s. 1940 98% 100% j
FOREIGN EXCHANGES.
NEW YORK, June 8 (/PI.—A further
boost in the pound sterling rate in terms
of the dollar lifted most other European
currencies in quiet foreign exchange deal
ings today.
Sterling was ahead 9/16 of a cent and
the French franc advanced .00% of a cent.
Holland guilders bounced up .08 of a cent,
the 8wiss franc was .01% of a cent higher
and the belga gained .00 Vi of a cent.
Noon rates follow:
Great Britain in dollars, others in cents.
Great Britain—Demand. 4.95%; cables,
4.95%; 60-day bills. 4.94%. France—De
mand. 2.78: cables. 2.78. Italy—Demand.
5.26Vi: cables. 5.26%.
Demands—Belgium. 16.92%; Germany.
40.19; benevolent. 21.15; travel. 23.65;
Holland. 55.30; Norway. 24.90; Sweden.
26 55: Denmark. 22.13; Finland. 2.20;
Switzerland. 22.80: Spain. unquoted:
Portugal. 4.49%; Greece, ,91: Poland.
18.87; Czechoslovakia. 3.47%; Jugoslavia.
2.35: Austria, unquoted: Hungary. 19.85;
Rumania. .75; Argentine. 3.3.05n; Brazil
(free). 5.90n: Tokio. 28.90: Shanghai.
20.H5: Hongkong. 30.93; Mexico City,
22.00n; Montreal in New York, 98.68%;
New York in Montreal. 101.31%.
N—Nominal.
NEW YORK PRODUCE.
NEW YORK. June 8 0P>.—Butter, 1,133.
539: slightly firmer. Creamery: Higher
than extra, 25%-26; extra (92 score). 24%
25; firsts (88-91). 21%-24%; seconds
(84-87) 19-21.
Cheese. 324,243; qiilet; prices unchanged.
Dresaed poultry, slow and easy. Boxes,
fresh: Chickens, broilers. 17-24; fryers.
20-28; roasters. 22-29%. Fowl. 36-42
pounds, 17-22; 48-64 pounds. 18-23: 00-65
pounds. 18-23; old roosters. 14V4-17.
Frozen: Chickens, roasters, 16-33%: old
roosters. 14%-17; other dressed prices un
changed.
Live poultry, by freight, firm. Fowl,
colored. 23; Leghorn. 19%-20. mostly 20.
Turkeys, hen, 25. Ducks. 10-11.
By express, steady. Chickens. Roclu. 25;
Reds, 20-23. mostly 20-21: broilers. Rocks.
22-27. mostly 24-25; crosses. 18-24, mostly
22-23: Reds. 16-19, mostly 18%; Leghorn,
18-20. mostly 19-20. Fowl: Leghorn. 21-23,
mostly 23; old roosters, 16. Ducks. 15.
CARLOADINGS.
NEW YORK. June 8 OP).—Railroad re
ports today showed the following earload
inga:
Week
ended Previous Year
June 4. week. ago.
Chesapeake & Ohio 23.993 26.237 30.886
Nickel Plate _ 10.430 11,710 13.847
Pere Marquette- 7,352 8.052 10,686
Illinois Central_ 24,098 25,227 28,510
Missouri Pacific _ 17.227 19.011 20,865
St. L. &^Ban Fr isco To.292 10.994 |2.779
Smww™ tOmW.fcWlS&Hj
May Stock Volumes in Various Years
Sales on New York Stock Exchange shown for period from 1900 to 1938.
SiSf m*ujon
****** SHARES
1900- 9.490,000“"1915- 12,670,000—1930- 78.040,000
1901- 35,200,000 _ 1916— 16,400,000_1931 - 46,660,000
1902- 13,490,000 1917- 19,540,000 1932 - 23,150,000
1903- 12,460,000_ 1918 - 21,100,000_1933- 104,200,000
1904 — 5,260,000 1919 — 34,240,000 1934 — 25,340,000
80-1905 - 20,540.000-1920- 16,370,000—1935 - 30,440,000
1906 — 23,950,000 1921 — 17,030,000 1936 — 20,614,000
70 -1907- 15,760,000—1922 — 28,910,000—1937- 18.549,000
1908 - 20.920,000 1923 - 23,110,000 1938- 14,013,000
40 -1909— 16,510,000—1924— 14,990,000
„_1910- 11,950,000 1925 - 36,460,000
1911- 10,690,000 1926 — 23,190,000
joi_1912- 13,660,000_ 1927 - 46,600,000
I 1913 - 5.460,000 1928 - 82,160,000
30 1914— 4,760,000 _ 1929— 91,280,000
20
10
0_ _ __
1900 '02 '04 *06 '08 '10 '12 '14 '16 '18 *20 '22, '24 '26 *28 '30 '32 '34 '36 *38
May
rnwwn !—■ *mm< i ^
RAIL CRISIS LAID
Decline in Average Revenue
Per Ton Mile Also Cited
by M. J. Gormley.
Special Dispatch to The Star.
HOUSTON, Tex., June 8—The
present critical financial condition of
the railroads Is largely due to a heavy
decrease in traffic and a reduction in
the average revenue received for car
rying a ton of freight 1 mile, M. J.
Gormley, executive assistant, Associa
tion of American Railroads, said to
day in an address before the Kiwanis
Club here.
Mr. Gormley said the situation Is
not due to any failure on the part
of the railroads to increase their effi
ciency and economy in operation or
to their fixed charges, which charges
are now less than in the years of
greatest railroad prosperity.
"Since 1921,” Mr. Gormley said,
"there has been a decline in the ton
mile revenue, the average revenue in
1937 for carrying a ton of freight 1
mile having been 0.935 cents, compared
with 1.275 cents in 1921, or a reduc
tion of 26.7 per cent. This means
that if the same ton-mile revenue had
been in effect in 1937 as in 1921. rail
way earnings would have been greater
by $1,226,000,000,
Started in 1922.
"The drop in ton-mile revenue
started with the general rate reduc
tion of 10 per cent in 1922. The rail
roads are partly responsible for this,
by reason of the fact that they made
a voluntary reduction of that amount
on agricultural, products. This was
followed, however, by an order of the
Interstate Commerce Commission re
ducing all rates 10 per cent.
Time has proven that this reduc
tion was a very serious mistake. It
should have been well known at the
time the reduction became effective
on July 1. 1922, that it was necessary
for the railroads to increase and im
prove their equipment if the antici
pated traffic was to be properly han
dled. The commission had plenty of
evidence of this by reason of the in
sufficiency of transportation-in 1920.
In fact, the commission on December
11, 1922, instituted a general investi
gation concerning the adequacy of the
supply of locomotives and freight cars
owned or used by the railroads. Why
a reduction was made in the revenues
of the carriers in the face of these
well-known facts is one of the mys
teries of regulation.” „
^r- Gormley said the railroads were
so concerned about this situation that
they adopted in 1923 a Joint program
for the rehabilitation of the railroads
as the result of which thev have spent
approximately $8,000,000,000 to im
prove transportation service and re
duce cost.
Shortages Eliminated,
the result of these expendi
tures," Mr. Gormley continued, “the
railroads have eliminated all car
shortages since 1923 and have pro
vided the best transportation service
ever furnished the public in this
country. They also were able to bring
about a reduction in their operating
cost best indicated by the fact that
if the 1937 traffic had been handled
on the 1923 unit basis cost, the cost
of producing that service in 1937
would have been $890,742,000 greater
than it actually was.
“In spite of this record the reve
nues of the railroads today as a whole
are too low. This is not due to any
failure on their part to increase their
efficiency and economy in operation,
but is due largely to a heavy decrease
in traffic and a reduction in the ton
mile revenue.” .
Mr. Gormley said that 37 Class I
railroads are now in the hands of the
courts. Thirty-four of these com
panies, operating 72,694 miles of road,
have become insolvent since 1929.
"These 34 carriers,” Mr. Gormley
added, “reported a failure to earn
fixed charges for the calendar year
preceding receivership or trusteeship
by an aggregate of $78,577,000. Had
each of the 34 companies continued to
receive the average revenue per ton
mile that was in effect in 1921, they
as a whole would have reported a
net income after fixed charges of
about $80,000,000. This does not
mean that each of the 34 companies
would have avoided bankruptcy, but
a large majority would.
Urges Higher Rates.
“The money to be saved by consoli
dations, co-ordinations or any other
method, including such reduction in
fixed charges as may result from re
organizations now in progress, is im
portant but will never solve the
railroad problem and put the railroads
on a basis where this continued un
settled state of the financial condi
tions of the carriers will be removed.
It can only be done by an Increase in
the price of transportation. That
increase is just as badly needed by the
competitors of the railroads as the
railroads themselves.
“The statement is often made and,
certainly, without complete knowledge
of the facts, that the solution of the
railroad problem Is in a large reduc
tion In their fixed charges oy putting
them .through the so-called wringer.
The relative burden of fixed charges
Is less today than in the years of
greatest railroad prosperity and is
considerably less than in any year
prior to 1917.”
ZENITH RADIO NET DROPS.
CHIOaGO. June 8 OP.—Zenith Radio
Corn, reported today net income of 8701,
477 for the fiscal year ended April 30.
sruubg&ffRr 8s
or $3.81 a share.
i i
Charles Johnson
Heads Baltimore
Exchange Again
BALTIMORE, Md., June 8.—Charles
W. L. Johnson, tor four years presi
dent of the Baltimore Stock Exchange,
has been re-elected to that office for
another year. He defeated F. Grainger
Marburg by a close vote in the first
contest for the presidency in many
years. Theodore Gould, Howard R.
Taylor and J. Sawyer Wilson, jr., have
been elected members of the Board of
Governors for three-year terms and
James S. Whedbee has been made
trustee of the gratuity fund.
STEELlHLOOK
10 SHIP BUILDING
New Business Hinges on
Present Contracts—Auto
Demand Waits.
Bt the Associated Press.
NEW YORK, June S.-jSteelmakers
looked forward today to the shipbuild
ing industry for nearby new business.
‘ The only important steel tonnage in
early prospect is from shipbuilders who
have about 100,000 tons to place for
contracts recently closed,” Iron Age
said in its weekly survey of the steel
industry.
"The Maritime Commission last week
awarded four cargo ships to the New
port News Shipbuilding tz Dry Dock
Co., which also has a contract for a
passenger liner. Steel is also to be
bought for 12 cargo ships previously
awarded, four each to Federal Ship
building, Sun Shipbuilding and Tampa
Shipbuilding Cos.”
Public activities continue to "take
Increasing amounts of steel as Gov
ernment-financed projects come into
the market,” the publication added.
Heartening steel men were structural
steel projects awarded this past week,
which totaled 19.000 tons, compared
with 6,500 tons in the previous week.
But the organ remarked:
"Whatever activity there is during
the summer will probably emanate
largely from Government spending
and lending. The automobile industry
is not likely to make any important
purchases before August, when prepa
rations for 1939 models will be fully
under way, though meanwhile the
truck branch of the industry is expect
ing a good demand from farm areas,
resulting from large crop movements.
Prospects of railroad loan legislation
before adjaurnment of Congress are
dimmed by the opposition of railroad
workers to wage reductions.”
The Nation’s steel mills this week
are averaging 25 per cent of capacity,
the same as last week, but the publi
cation said the current w'eek's rate is
“in reality a reduction, because some
mills operated only five days last week
against six days scheduled for this
week.” •
The Iron Age scrap composite index
has dropped to $11, the lowest since
July, 1936.
Bankers
(Continued From Page A-18.)
William B. Willard, Mr. and Mrs.
Stanley D. Willis.
I. Laucks Xanders,.
Edward B. Yonker.
Regular and Extra Voted.
Directors of the Bank of Commerce
& Savings have declared the regular
quarterly dividend of $2.50 and an
extra dividend of $1 a share, payable
July 1, to stockholders of record June
20, according to an announcement
by Thomas J. Groom, executive vice
president and cashier.
Annual dividends of $12 a share
have been paid on the stock of this
bank for several years and it is inter
esting to note that since the bank
started paying dividends many years
ago it has continued to do so at each
dividend period. Capital is $100,000,
surplus $200,000, undivided profits and
reserves $69,000, and this would in
dicate that the stock has a book
value of $369 a share.
Mr. Groom said that deposits were
much higher and that earnings would
be satisfactory for the first six months
of 1938. He said progress of the
branch established a few years ago at
the corner of North Capitol and H
streets near the Government Printing
Office had contributed a great deal in
this respect.
Pope Elected Munaey Head.
As noted elsewhere in today’s Star,
C. H. Dope, vice president and treas
urer of the Munsey Trust Co., has
been elected president of the bank.
He succeeds William T. Dewart of
New York, who had held the office
since the death of Frank A. Munsey
in 1925. Mr. Dewart was elected
chairman of the board, a new office,
which will still keep him in close
touch with the trust company’s af
fairs.
While Mr. Pope has been executive
head of the bank for years, the pro
motion will bring a host of congratu
lations from his friends. The honor
is deserved and comes after 25 years
of hard and highly efficient work in
the field of banking in Washington.
Bom in New York, Mr.’ Pope started
his financial career in that city.
Cannon Mills Co.—Declared 25-cent
common dividend, payable July 1 to
holders of record June 18. Last pay
ment was 60 cents a share April 1,
1988.
TOP STEEL LOSSES
Levies for First Quarter
Prevented Recording of
Small Profit.
Special Dispatch to The Star.
CLEVELAND, June 8.—Social se
curity taxes cost the steel industry
$5,800,000 in the first three months
of 1938, estimates the magazine Steel.
Aggregate net loss of the industry for
that period approximated $5,000,000,
indicating social security tax costs
were the difference between operating
in the red and making a slight profit.
Total cost of social security taxes
from January 1, 1936, to March 31,
1938, has been approximately $56,000,
000 to the industry, of which employ
ers paid more than $44,000,000. These
figures include only actual taxes and
do not consider C06t of keeping de
tailed employment and pay roll rec
ords and making multiple returns to
Federal and State governments.
Social security tax costs to pro
ducers in the first quarter of 1938
amount to $1.40 per ton of steel made
for sale. If employes’ contributions
are included, the cost per ton would
be $1.75, the magazine states,
j By 1949, when old-age pension tax
I rates reach a maximum, total social
i security tax cost to the industry would
i be $90,000,000, assuming pay rolls in
that year equal those of 1937.
In 1937, unemployment and old-age
pension taxes cost the industry
$30,000,000, in addition to more than
$9,000,000 contributed by employes.
Total taxes on employers and wage
earners on wages (excluding salaries)
is estimated at $62.80 for each of the
513,000 wage-earning employes on the
pay rolls during 1937. This is equiva
lent to a year's pay for more than
25,000, based on the $1,570 average
annual steel wage last year.
Sharp decline in Great Britain’s
steel imports resulted from reimposi
tion of full import duties April 1,
according to the magazine Steel.
April imports were only 61,469 gross
tons, compared with 276,785 tons in
March, 230,402 tons in February and
308,735 tons in January.
Heavy requirements for the past
year were beyond the capacity Of
British steelmakers, although produc
tion was at practical capacity. Import
duties were lifted to provide admis
sion of foreign iron and steel. Less
ening demand led to reimposition of
the duties, despite which steel output
declined from 1,115.800 tons in March
to 938,600 tons in April.
WARD SALES OFF 7.64 PCT.
CHICAGO, June 8 (fl5).—Montgom
ery Ward & Co. reported May sales
totaled $36,149,558. a decrease of 7.64
per cent compared with May, 1937.
Sales for the first four months of
the fiscal year totaled $125,773,869, a
decrease of 7.74 per cent compared
with the corresponding 1937 period.
Insurance
of
All Kinds
Including:
Plate Glass
J. Blaise de Sibour
and Company
INSURANCE BROKERS
1700 Eye St. N.W. MEtro. 3996
Month of Advances Halted
With 4.8 Per Cent Drop for
Week With Holiday.
Py the Associated Press.
NEW YORK, June 8.—Electric pow
er production in the United States
ended a month’s week-to-w«»k ad
vances with a drop of 4.8 per cent in
the latest period fro* the preceding
week, the Edison Electric Institute re
ported today.
Output in the week ended June 4,
which included the Memorial Day
holiday, declined to 1,878,851,000 kilo
watt hours from 1,873,278,000 in the
previous week and was 11.8 per cent
under 2,131,092,000 in the like 1937
week.
The more than seasonal decline car
ried the Associated Press index of
power production, with 1929-30 taken
as 100, to 103.9 from 104.4 a week
earlier. A year ago the index, which
is adjusted for seasonal and long-term
trend, stood at 119,
The range for recent years follows:
1938. 1937. 1936. 1935. 1934.
High ... 111.8 125.2 119.8 105.5 97.4
Low ... 102.8 111.8 102.0 94.1 91.9
The institute reported the following
percentage declines from a year ago,
according to major geographic areas:
New England, 11.2; Middle Atlantic,
6.7; Central industrial, 17.8; West
Central, 10.1; Southern States. 10.1;
Rocky Mountain, 28.4; the Pacific
Coast, 2.8
PAPER EXPORTS SHOW
7 PER CENT INCREASE
By the Associated Pres*.
Exports of paper and paper manu
factures in April, totaling *2,504,593,
were 7 per cent larger than in March,
j the Commerce Department say*.
APARTMENT HOUSE
CONSTRUCTION LOANS
We have several sound loan
plans for new construction or
refinancing apartment proper
ties.
[Shannon & luchS]
Mortrase Loan Correspondents
Investors Syndicate
1505 H St. N.W. Natl. 2345
LIBERAL
DIVIDENDS
PLUS
INSURED
SAFETY
At Interstate every ac
count up to $5,000 is
fully insured and earns
liberal dividends that
are credited semi-an
nually. Hundreds of
Washingtonians now
save at Interstate.
Inquiries are invited.
INTERSTATE
BUILDING ASSOCIATION
Washington Building
ISth St. & Now York Ars,
District 9486
| Money to Loan on First Mortgages
We Can
Arrange Two
Different Loans
to BUY, BUILD or RE
FINANCE property in the
District or in nearby Mary
land or Virginia, and will fee
glad to point out which—
3-Year Straight Loan or Monthly Payment Plan
will best meet your require
ments.
Inquiry involves no obligation.
B. F. SAUL CO.
National 2100
925 15th St. N.W.
Over 45 Years of Experienced Service

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