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Evening star. [volume] (Washington, D.C.) 1854-1972, June 16, 1938, Image 19

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OTHERS RETREAT
Prospect of Lower Rates
on Corporate Issues Is
Important Factor.
Bond Averages
^ 20 30 10 10
Rails. Indust. Util P an.
Net change. —.8 +.2 +.1 Unc.
Today, rlose‘47.1 95.6 89.8 61.8
Prev. day... 47.9 95.4 89.7 61.8
Month ago. 55.2 97.3 91.2 62.8
Year ago... 93.1 102.7 97.4 72.7
1938 high... 70.5 98.0 92.2 67.0
1938 low_ 47.1 93.0 85.8 61.2
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-107.7 Prev. day. 107.8
Month ago 108.9 Year ago. 110.9
1938 high. 109.3 1938 low.. 106.7
1937 high. 113.7 1937 low.. 107.0
1928 high. 104.4 1932 low . 88.8
•New 1938 low.
(Compiled by the Associated Press.)
By the Associated Press.
NEW YORK, June 16.—United
♦tates Government issues moved
buoyantly today, with gains ranging
up to 9-32ds of a point, as prospect of
lower interest rates on forthcoming
corporate bond offerings enhanced the
attractiveness of the Federal invest
ments.
Elsewhere in the bond market lower
prices were the rule, though lasses gen
erally were fractional. Industrials,
Utilities, rails and foreigns all were
m easier.
Starting Governments moving smart
ly upward was filing by Standard Oil
Co. of New Jersev of registration for
$50,000,000 of new 15-year 2\ per
cent debentures and $35,000,000 of
aerial notes.
Railroad bonds, smarting under
congressional/ refusal to consider leg
islation to ease loans to needy car
riers. tapered generally, but weakness
was not as great as in the preceding
less ion.
4 Down 1 or more, against the frac
tional lasses of mast carrier issues,
were New' York Central 5s and South
ern Pacific 4Us of 68. Off fractions
elsewhere were Armour 4s of '55,
American Telephone 3Us of '66, and
Anaconda 4>2s.
Up sharply, with gains of 2 or more
against the trend, were International
Hydroelectric 6s and Penn Dixie Ce
ment 6s.
Austrian 7s of '57 were over a point
^higher in the foreign list, while Tokio
City 5>2S of '61 were around 1 lower.
NEW YORK BANK STOCKS
NEW' YORK June in i/Tk—Investment
Bankers' Conference. Inc.:
Quotations as of 2 o'clock.)
Bid. Asked.
Bk of Am NTS iSFt i2.40t 49 45
Bk of Man f.fiSe.i xd IK 17%
Bankers Tr <2) ... 41% 49%
Bklyn Tr (4 .74 7 0
Cen Han Bk * ty <41 xd . sn% 89%
Chase Nat (1.401 27% 29s.
Chem Bk Tr <1 80> . 97% 90%
Commercial <8! 114 120
Cont Bk & Tr ( SOI xd 12% 19s.
Corn Ex Bk A- T (3) 49s. 44s.
dBmpire Tr ill _ . 10% 20%
First Nat iBosi 42)_ 94% 98%
First Natl <100> . _ 1505 1545
Guaranty Tr <121_ 211 218
Irvine Tr (.60' _ lo', 11%
Manufacturers Tr <2> _ 32% 94%
Manufacturers Tr Pf <7J>_'_ 48% 50 Mi
Natl City (I' _ _ 22% 29%
N Y Trust (5) xd_ 70% 827?
Public (I % i __ 29% 24s,
Title G * T _5% 6%
FEDERAL LAND BANKS
NEW YORK. June 16 -.P'.—Federal Land
Band bonds:
Bid. Asked.
4%8 Nov. 1958-38 101*, 101%
^ July. 1946-44_ 111*2 1*1%
W^a* 'fay. 1955-45 _ 104% 105%
.3s July. 1955-45 _ 103,% 103%
3s Jan. 1956-46 _ 103,% 1033,
8s May. 1956-46 _ . 103,% 103%
SHORT-TERM SECURITIES.
(Reported bv Smith. Barnev A Co.)
Bid. Offer
Tm Tel A* Tel 5%s 1943 1 13 11 3%
Auburn Amo Co 4%s 1939 15% 17%
Austin A Northwest 5s 1 !*4 1 7 7
Baldwin Loco Wks 5s 194<) 99 99% 1
California Packing 5s 1949 101% KM3* !
Central Foundry 6s 1941 _ 93 95
Tnesa A Ohio Rv 5s 1939 3 03% *,94
Container Corn 5s 1943 69 9*2
Cuba North Rys 5%s 194*.’ 3*2% 34
Delaware A Hudson 4s 1943 39 39%
Edison Elec Ilium 4s 1939 191% 19*234
Gen Pub Serv 5%s 1939 96 97%
Grand Ran A Ind 4%* 1941 196
Houston Oil 5%s 1949 192% 193
Illinois Steel 4%s 1949 196% 196%
Inti Merc Marine 6s 1941 . 36', 39
Inti Tel A: Tei 4%s 1939 94% 95
Laclede Gas Light 5s 1939 7 7 7 9%
Lake Erie A West 5s 194 1 59 99
Lehieh Val Term Rv 5s 1941 33 45
Louisville A Nash 4s 1949 390 199%
Michigan Central 4s 1949 79 94
Midland RR of N J 5s 1949 15% 17*a
Milw A Northern 4%s 1939 29 52
New York Tel Co 4%s 1939 195% 195%
Pennsylvania Co 3%s 194 1 99 3 93 *
Penn-Dixie Cement 6s 1941 69% 64 •
Penna RR Co 4s 1943 196 197
^hila. Balt A Wash 4s 1043 197'4 112%
Hio Grand West 4s 1939 32% 33
Term RR As St L 4%s 1939 3 94 3 94%
Texas A* N Orleans 5s 1943 61%.
Vanadium Corn 5s 1941 87 99V*
Warner Bros 6s 1930 _ 68 69
Western N Y A Pa 4s 1943 191 % 104* a
White Sewing Mach 6s 1940 98% 100%
- ——•-•
U. S. TREASURY NOTES.
NEW YORK. June 18 (Jpi.—Prices quoted
In dollars and ihirty-scconds.
Approx.
Pet Month. Year. Bid. Asked, yield.
»i, Sep 19.98 __ 188.18
1', Dec. 1998 _ 181.19 181.21
It, Mar . 199 9 - . - 181.28 181.98 ..
June. 1999 ... 102.25 182.2.
TS Sep.. 1999 102.9 102.11
ls» Dec. 1990 102.12 182.1*
Is. Mar. 1048 . 102.29 102.91
l'j June. 1948 _ 102.29 102.91 .02
1'2 Dec.. 1048 _ 189.5 189., .',1
1>* Mar.. 1041 „ 189.8 109.8 .91
Is, June. 1041 . . 102.24 102.28 .49
1', Dec 1911 . _ . 182.17 182.19 .50
Is, Mar.. 1942 - .. 18.9.91 184.1 .88,
2 Sep. 1942 _ 185.19 185.15 .78 |
Is, Dec 1942 -- 104.14 104.18 .79
IV, June. 1949 101.29 101.25 .78!
FOREIGN MARKETS.
* LONDON. June 16 —The new British
* defense bond issue was traded ii. for
the first time today and chanced hands
freely at premiums of shillings ioove
the issue price Austrian liens sold *2
rr mrir° points lower following German
Economics Minister Walther Funk's state
ment Germany was not. responsible for
Austrian debts Gold mininc shares were
attain in demand, and home lails. ills
and trans-Atlantic securities remained
quiet but steady. Industrials had a
tendency to sell off.
PARIS —Government bonds were ex
ceptionally st rone and the International
troup was in good demand. Rentes fin
ished with net cains rancine from 10 to
^>5 centimes and Sue? ranal moved up
jo francs Bankinc shares and indus
trials also sold higher.
#
TJ. S. TREASURY POSITION.
By the Associated Press.
. .Thet3°"?!tJ,0.n 'he Treasury on June
14. Receipts. **.2.880.411.64; expendi
*ir8fii xn« nH5 io ' VS,; , workm« balance,
the month! °59,469 218^:™ ""iPts ,or
Receipts for the fiscal year (since July
11. 55.8892(15.28.1.18: expenditures $7
228.129.916.19. including «■’ 047 784'
272.11 of emergency expenditures, excess
of expenditures. 51.518 024.651.21: gross
debt. *17.179.607.674 42 an increase of
$429,185.10 above the previous dav, gold
assets. S12.P48.642.12l.
—--• --.—
NEW YORK SUGAR.
NEW' YORK. June 16 1P1. —Sugar fu
tures were steadier today on further cov
ering and trade buy.ns believed to be
taking in hedges against sales in the
actual market.
kB July No. 4 sold up to .98 and March
to ,P9. or 1 fa pointa net higher. July
No. 1 sold at I 81 and March at l.no.
or 1 to 2 points net higher, with the
list holding around the best at the begin
ning Of the last hour.
---- • ■■■■■■-- ■■
American Stores Co.—May sales
were off 3 5 per cent. Five months off
6.1 per cent,
I t
BONDS ON N. Y. STQCK EXCHANGE
■y privatt wir# airtct to Tn« star.
Approximate Transactions Today.
Domestic Bonds_ 3.950.000
Foreign Bonds. . 470.000
/ US Qovt Bonds.. . 450,000
TREASURY.
High. usw. C lose.
2 Hs 1945 _ 106.2 106.2 106.2
24* 1949-53- 101.30 101.29 101.29
I*s 1946-47_ 106.20 1 06.19 106.20
2** 1948-51_ 104.25 104.25 104.25
2*8 1951-54- 103.16 103.12 103.16
2**1956 59 - 102.24 102.21 102.24
2*s 1958-63_ 102. 102. 102.
2 * s 1965-60_ 104. 104. 104.
8a 1946-48 _ 108.3 108.2 108.3
8* 1951-66 - 106.15 106.13 106.13
8 4* 1946-49 . 108.25 108.22 108.25
34s 1 946-49 rg . 108.20 108.20 108.20
34* 1941 .. 108.10 108.10 108.10
*4* 1943-45 ... 110.4 110.3 110.4
3 Vi* 43-45 rg_110.3 110.3 110.3
8** 1944-46 110.3 110 2 110.3
3*» 40-43 June 106.27 106.26 106 26
3*a 1941 -43 Mar 107.31 107.31 107.31
3** 1943-47 ... 110 23 110.23 110 23
3*8 1946-56 ... 113.10 113.10 113,10
4* 1944-54 .. 114.22 114.22 114.22
4 Vi s 1947-52 rg 118.28 118.28 118.28
FEDERAL FARM MORTGAGE
8* 1944-49_ 106.17 106.15 106.17
8 *s 1964 - 107.7 107.7 107.7
HOME OWNERS' LOAN
24* 1942-44 _ 104 15 104.15 104.15
2*at939-49_ 103 7 103 5 103.3
8s 1944-62 . 106.19 106.15 106.19
FOREIGN IONDS.
H1»h. Low Close
Abltlht PaAPw 5* 63 444 444 444
Aer Mtg Bk Col 6* 47 224 224 224
Anflnqula 1 at 7s 67 __ 6’* 64 64
Anttoqula 3d 7s 67 .. 64 6* 64
Argentine 4* 72 Feb 794 79 79
Argentine 4s 72 Apr.. 794 784 79
Argentine 4*s 71_ 894 884 89
Australia 44* 56_ 1004 1004 1004
Australia 6s 66_ 1044 1044 1044
Australia 5s 67___ 1014 1044 1044
Austrian 7s 67_ 32 314 32
Bavaria S 6V4* 45_ 204 204 204
Belgium 6**49_ 1044 1044 1044
Belgium 7s 66_1124 1124 1124
Berlin 6 4*50 _ 21 21 21
Brazil 6 4s 26-67__ 124 124 124
Brazil 6*s 27-67_ 124 124 124
Brazil 7s 52_ 124 124 124
Brazil 6s 41 _ 15 15 15
Br1shane5*67 _ 994 994 994
Buen Aires 3s 84_ 37 37 37
B A 4*-4*s 77 _ 544 54 54
BA4*-4*s76Ap_ 55 55 55
uananasseT_ 98% 9s °8'i
Canada 4« *0_109% 109% 109%
Canada Ks 5*-112*, 112% 112%
Chile Its <0 _ 19% 19 19%
Chile 6s 61 Jan_ 19% 19% 19%
Chile 6s 61 Fab_ 19'% 19% 19',
Chile 6a 61 Sept_ 19% 19*4 19%
Chile 6s 62_ 19% 19*. 19%
Chile 6s 63_ 19% 19*, 19%
Chile 7s 42 _ 19% 19*, 1914
Chile Mtg Bk 6» 62 . 17% 17% 17%
Chile Mtg Rk 6Us 57 17*, 17% 17%
Chile Mtg Bk 6% s 61 17% 17% 17%
Chilean Mun L 7s 60 16', 16% 16%
Cologne 6’4s SO 20'. 20% 20%
Colombia 6« 61 Jan... 1**. 13*. 1.7%
Colombia 6* 61 Oct_ 13% 13*, 13*,
Col Mtg Bk 7s 46_ 22% 22% 22%
Copenhagen 5s 52_ 96% 96% 96%
Costa Rica 7s 51_ 18% 18*, 18%
Cuba 4 %s 43_ 98% 98*. 98%
Cuba 6 %s 45_ 69% 69*, 69%
Denmark 4%s 62_ 96 96 96
Denmark 5%sB5 . 101% 101 % 101% 1
Dominic 1st BHs 42 . 55% 55% 55%
Dominic 5% s 61 ext . 55 55 55
CerC Ag Ln 6%s 58 28% 28 28
Ger C Bk A 6s 60 Oct 30 30 30
Gar Gov 6%s 65 24% 24% 24%
Ger Gov 5%s 65 un st 22 22 22
Ger C Bk A 7* 50 _ 31 31 31
Grt C El Jan 7s 44_ 70 70 70
Hungary 7%s 44_ 40 40 40
Italy 7s 51_ 78 77% 78
Japan 5%s 65_ 57% 56% 56%
Japan 6%s 54 .. 71% 71% 71%
Jugos Mtg Bk Ts 57.. 39 38% 38%
Mex 4s 1 n-45 asst ._ 1% ]% 1%
Mex 4s 10-45 ast sm_. 1% 1% 1%
Mexico 5s 45 asst_ 1% 1% 1%
Mexico 6s .7.3 ast .... 1% 1% J.%
Mexico 6s 33 ast sm .. 1% 1% 1%
Milan 6'4« 52 _ 60% 60% 60*4
Montevideo 6s 69_ 37 *7 37
New So Wales 5a 57.. 101% 101% 101%
New So Wales 5s 61..' 101% 101% 101%
Norway 4%s 65 . .. 102% 102% 102T4
Norway 6s 43 . .. 105% 105% 105%
Oriental Dev 5%s 56. 48% 48 48
Pernambuco 7a 47_ 6% 6% 6%
Peru 6s 60_ 8 8 8
Peru 6s 61 ...__ 8 8 8
Poland 6s 40_ 45% 45% 45%
Poland 8s 50_ ;S~ 45,% 45%
Queensland 7s 41_ 105% 105 105%
Rio de Jan 6%s 53_ 7 6*4 7
Rio lie Jan 8s 46 _ 7% 7% 7*,
Rio Or do Sul 8s 46... 9 9 9
Ronie6V4s52 _ 65% 65% 65%
Sao Paulo St Ta 40.__ 30% 30% 30%
Serbs 7s 62_ 31 29% 31
Serbs 8s 6? ... 30% .70% 30%
Shln'su E P 6%s 52.. 60 60 61)
Silesian Bank 6s 47.. 33 33 33
Taiwan Elec (Hi 71. 47 47 47
Toklo 5 %s 61 ... 50 50 50
TokioELLtd 6s 53.. 53% 53 53
Ujlgatva El P 7s 45 . 70 69% 70
Un Stl Wk 6%s 51 A. 34 34 34
Uruguay 6s 64_ 42% 42% 42%
Uruguay adj 79_ 40% 40 40
Yokohama_ 53 52% 53
DOMESTIC I0NDS.
Adams Expresi 4s 47 88 88 88
Adams Express 4s 48 88 88 88
Adm Exp 4% 46 std .. 98% 98% 98%
Alb Per WP 6s 48 .. 35 35 35
Alb Per W P 6s 48 w« 35 35 35
Alleg Corn 6s 44 ... 61% 61% 61%
Alleg Valley 4s 42 . 102 101% 101%
Allied Stores 4%s 51. 80 80 80
Allis Chalmers 4s 62 J05% 105% 105%
Am ft For Pw 6s 2030 50% 50% 50%
Am Ice cv 5s 63 _ 100 100 100
Am I G Ch 5 %s 49_104% 104% 104%
Am Inti 5%s 49 _ 93 93 93
Am T ft T 3 % s 61_102% 102% 102%
Am T ft T 3 % s 66_102% 102% 162%
Am T A T 5 % s 43 ... 113% 113 113
Am Wat Wks 6a 75 . 93 93 93
Anaconda deb 4 %a 50 105 104% 105
Anglo Chll Nit db 67 29% 29% 29%
Armour*Del)let 4a55 93% 92% 92%
A TAS Fe adj 4a 95 at 79% 79% 79*,
A TAS Fa gen 4» 91 100% 100% 100%
A TAS Fe 4%a 48 91% 91% 91%
Atl Coast L 1st 4s 52 70% 69 69
Atl Coast L clt 4s 62. 50 50 50
Bft O 1st 4a 48_ 36% 35% 35*;
B*O4%s«0 - 12 11% 11%
Bft O let 6a 48_ 39 38% 38%
R ft O ref 5a 95_ 16% 15% 15%
B ft O 6s 96 F - 15% 14% 14',
B A O rf Bs 2000 D .._ 15% 14% 14%
R ft O ref 6s 95 .. 17% 15% 16%
B A O PLE&W V4s 41 28% 28*, 28%
B ft O Swn 5s 50 .. 21% 19*, 20
B ft O Toledo 4s 59 __ 18% 18% 18%
Bang ft Ar cv 4a 61 st 99% 99 99%
Bell T of Pa 6s 48 B 117% 117% 117%
Bell Tel of Pa 6a 60 C 128'i 128% 128%
Beth Steel 3 %s 62 . 92 91% 92
Beth Steel 3%s 66_ 97% 96** 97
Beth Steel 4 % s (0 .. 103% 103% 103%
Boa ft Me 6a 67 21% 21% 21%
Bklyn Ed con 3 % a 66 106 106 106
Bklyn Man T 4%s 66 57 56 57
Bklyn Un El 5a 60 .. 71% 71% 71%
Bklyn Un Gas 6a 45.. 106 106 106
Bklyn Un Gas 5s 60.. 59% 59% 59%
Bklyn Un G Bs 67 B . 83% 83 83%
Bklyn Un G ref 6a 47. 98% 98 98%
BuS RftP cn 4%a 67.. 19% 19% 19%
Canada Sofia (2_ 78 78 78 I
Canadian NR 4 Ha 61 114% 114% 114%
Canadian NR 4 Ha 66 115% 115% 116%
Canadian NR 4Ha 67 114% 114% 114%
Can North 6%» 46 .. 124% 124% 124%
Can'dtan P db 4s psrp 74 73 73
Canadian Pac 4 %s 4 6 9314 93% 93%
Canadian Pac 4Hs 60 89 87 87
Canadian Pac 6s 6494 93% 93%
Caro Cl AO 6s 52 ._ 98 97% 97%
Cent 111 E& G 6s 61 95 95 95
Cent N T Pwr 3%s 62 105% 105% 105%
Cent Pac 1st rf 4s 49 61 60 60
Cent Pac 6s 60 . 39 38% *8%
Ches A O SHs 96 D 90% 90% 90%
Ches A O 3 %■ 96 E . 91V, 91% 91V,
C A O con 6s 89 _103% 103% 103%
Chi A Atl ref 3s 49 .. 14 14 14
Chi BAQ gen 4s -56 _. 86 85 85%
Chi B&-Q 4 %s 77 _ 68% 68 68
Chi B&Q ref 6s 71_ 75% 75 75%
C B&Q 111 dlv 3 Hs 49 88% 88% 88%
CBAQ 1 dlv 4s 49_ 94% 92% 92%
Chi & E 111 6s 61 9% 9% 9%
Chi A E 111 6s 61 ct_ 8% 8% 8%
Chi art West 4s 69... 16 16 16
C M A St P 6a 76 _ 8% 8 8
CMStPAP adj 5s 2000 2% 246 2%
Chi&NW gen 3 % s 37. 13% 13% 13%
i
HI ah. Low. Close.
ChlANW r» 4s ST at.. 14% 14% 14%
CHHANW 4%s49- 4% 4% 4%
Chi A NW 4%s ST- 14% 14% 14%
Chi A NW gen 6a ST.. 16% 16% 16%
Chi A NW rt Sa 1037- 8 8 8
Chi R IAP rt 4a 34 .. 6% 6% 6%
Chi R IAP gen 4s 83.. 16 16 16
Chi R IAP 4%a 33 ... 6% 5*4 5%
Chi RIAP ev 4%s *0 3% 3% 3%
Chi St LAN Me 4e 61. 55 55 55
Chi THAS rf 6a <0_ 47% 47% 47%
Chi Un Sta 3 %s 61_ 99% 99 99%
Chi Un Sta 3%s 63— 101 100% 100%
Chi Un Sta 4a 63 D_104*4 104 104
Childs A Co 6a 43 ... 64% 60% 63%
Cln G A E 3%a 67- 109% 109% 109%
Cin Lob A N 4s 42 ... 101% 101% 101%
Cln Un Ter 3%s 71... 105% 104% 104%
Cln Un Term 5s 67 C. 108% 108% 108%
CCCASt L gen 4a 93 64% 64 64
CCCASt L rf 4%« TT 42% 41 42
CCCAStLCWAM4s 91 50 50 50
Clev Cliff 4%s 60 ... 105% 105% 105%
Clev El 111 3 %s 65 .. 108% 108% 108%
Clev Un Ter 4%a 7T.. 73% 73 73
Clev Un Ter 6a 73 .. 76% 75% 75%
Clev Un Ter 6%a 71.. 84% 83 83
ColoFA!6s70 _ 44 43% 431*
Colo A So 4 %s 30 ... 35% 35% 35%
Col G A B 5a 63 May. 88 87% 88
Col Gas A Else 6a 61. 87% 87 87
Col A H Val 4s 43 ... 105 105 105
Cornel Cred 2%s 42 102% 102 102
Cornel Credit 3%e 61. 99% 99% 99%
Com Inv Tr 3%a 51 104*4 104*4 104*4
Comwlth Ed3%s65H 106% 106% 106%
Comwlth Ed 4* 31 F 107% 107% 107%
Co'wlth Ed 4%s 66C 111% 111% m%
Comwlth Ed 4%s 57D 112 111% 111%
Conn R Pw 3%s 61 .. 106'* 106% 106%
Cons Ed N V 3%s4* 103% 103% 103%
Cons Ed(NY)3%s53. 101% 101% 101%
Consol Oil 2%s 61 loo 991* 99%
Consum P un 3%s 65 105% 105% 105%
Consum Pwr 3%s 67. 105% 105% 105%
Consum Pwr3V,s70 104% 104% 104%
Consum Pwr 3%s 65. 107% 107% 107%
Crane Co 3 %a 61 _ 103% 103% 103%
Crown CAS 4s 60 . 101% 101% 101%
Cuba Nnrthn 6 %s 42 .33 32% .72%
Cuba R R ref 7%a 46. 47% 47% 47%
Dayton PAL3%s 60. 108% 108% 108%
Del A Hud ref 4a 43.. 29% 28 28
Den G A E 5s 51 ._ 108% 108% 108%
Den A R G con 4a 36.. 9% 9 91*
Den A R G 4%s 36 . 9 9 9
Den A RGW 6s 65asst 4 4 4
Det Edison 4a 65 _110% 110 110
Det Edison 4%s 61 _. 113 112% 112%
Det Ter A T 4%s 61— 89 88 88%
E T V A Ga cn 5s 66 .. 68% 68% 68'*
Elec Auto Lite 4a 61 100% 100% 100%
Ed El 111 Bklvn 4s 39. 101% 101% 101%
Erie 1st 4s 96 - 39% 39 39
Erie gen 4a 96- 18% 18% 18%
Erie ref 6a 67- 11% n% n%
Erie ref 6s 75..11% n% n%
Fla E C Ry 6s 7* 514 5 514
Fla E C Ry 6s 74 ct._. 4*. 4*4 4*4
Gal» HAH 6 Ha 36... 100 100 100
Gen Am lny 6s 62 .. 102'4 102', 102',
Gen Mot Aec S*4s 61 104 104 104
Gen Pub Svc 514» 39. 96 96 96
Gen Stl Cast 514s 49 40 39*4 40
Goodrich 4*4a 66_ 93 93 93
Goodrich (s 46 __ 87 85*. 87
Goodyear TAR 6s 57 ; 105*4 105', 105*4
Great N Ry 4s 4« G 7714 76 76
Grt Nr Ry 1st 4 14 a *1 97 97 97
Gt N R sn 414a T« D 68*4 68*4 69',
Grt N R gn 4 14« 77 E 68 68 68
Gulf MAN 5*50 _ 63 63 63
Gulf Sta tlttl 4* 66 103*. 103*. 103*.
Gulf Sta Util 414s 46 104*i 104'4 104*4
Houston 011 614" 40 . 102*4 102*4 102*4
Hudson Coal 6s 62 A. 21*. 21 21
Hud A Man Inc ts 67. 16*. 16*4 16".
Hud A Man ref 5s 67 . 47 46’, 46*7
111 Bell Tel 2 Its 70 B 109*4 109** 109*.
Ill Cent ref 4s 12_ 32 32 32
111 Cent 444* 68 28*/. 28 28*4
ICCASt L N O 4 Hi 62 30 29'. 29*.
ICC* St L N O 6s 83. 32 32 32
Inland Stl 3 94 s 61 ... 107 107 107
Inter R T 1 rf 6s 66 _ 51*. 51*4 51*4
Interlake Iron 4s 47.. 76 76 76
Int Grt Nr 5s 56 B._ 12*4 12'i 12*4
Int Grt Nr 6s 62 _ 14 13 13
Int Hydro El 6s 44_ 70t. 69*. 701.
Int Mer Marine 6s 41. 39 38*» 38’ 1
Int Pap 1st ts 47_ 89 88S 88*.
Int Pap ref 6s 65 ... 75*4 75 75',
Int Ry of C A 5s 72... 80*. 80*4 80*.
Int TAT cv 4 14s 32_ 96 95'4 96
Int TAT 4 V, a 62_ 65*. 65*. 65*.
Int TAT 6a 65_ 69 681, 69
James F A C 4s 59_ 40 40 40
Jones A LStl 414 a 61. 92 92 92
Kan CF8AM rf 4s 36ct 1844 18*4 18*4
Kans C So 3s 50_ 61*. 61 61*.
Kan City So rf 5s 60.. 55 55 55
Kans C Ter lat 4a 60. 106'4 104'4 104*4
Kans GAE 4 *4 * *0_ 103*. 103*. 103*.
Keith's 6s 46 . _ 84*4 84*. 84V4
Kinney(OR) alia 41. 97 97 97
Koppers Co 4a 61 .. 102*4 102*4 102*.
Kresge Found 4a 45.. 1001, 100*, 100*.
Laclede G 5*4a 63 .. 52'4 52*4 52'i
Laclede G 6*4s SO D.. 51*, 51V, 5114
Lake SAM S 2*4a 97.. 82>, 82', 82’,
Lautaro Nit 1976s .. 30 29S 30
I.eh Vail Coal 5s 54-. 32 31*. 32
Leh Val Coal 5s 64... 21 21 21
Leh Val Coal 5s 74 ... 22 22 22
Leh V P con 4s 2003 15 15 15
Leh V P con 4 V4a 2003 15>4 15*4 15'4
Ligg A Myers 5s 51 . 122 122 122
Liquid Carbon 4s 47.. 106 105*i 105*4
Loew’s 3*4*46_ 98'4 98', 98'4
La A Ark 6s 69_ 65 63*4 63'4
LAN unlf 4a 40_ 100 99*. 99*.
McKessARob 5Hs 60. 99*i 99*. 99*.
Manatl Sugar 4s 57_ 23', 23 23
Market St Ry 7s 40__ 78V. 78*4 7»V4
Mead Co 6s 46_ 99', 99', 99',
Met Ed 414*62_ 108*. 108*. 108*.
Mil El P.AL 5s 61_101*. 101*4 101*4
MU El R A S LEs T1-. 101*. 101*. 101*.
Minn A St L 4s 49_ 1»* 1*4 1*4
Minn A St L 5s 24 ct- 6 6 6
MStPiSSM cn 4s 22_ 11*. 11*4 11*4
MStPASSM 614* 7«-_ 65 65 65
Mo K A T 1st 4s 90_ 50*4 48'4 48V4
Mo K AT 4s 62 B_ 31 31 31
Mo K A T 6s 62 A _ 33 33 33
Mo K A T ad] 6a 6T_ 13*4 13>i 13*4
Mo Pao 4a 76_ 5*4 5*4 5*4
Mo Pac 6s 65 A_ 16V. 16*4 16*4
Mo Pac 6s 77 F_ 16'4 16 16
Mo Pac 5s 77 Fct_ 15*4 15'. 15*4
Mo Pac 6s 73 G_ 16'4 15', 15'i
Mo Pac 6s 30 H_ 15*. 15*. 15*.
Mo Pac 6* 211 _ 16*. 15*4 15V,
Mont Par 314a 66 .. 92*4 92W 92'4
Morris A Ea 314s 2000 49 47Vk 47*4
MorrlsAEasex 4 14 a 61 39 38 38
Nassau Elec 4s 11_ 21% 21% 21%
Natl Dairy 3%s 61ww 100% 100% 100%
Natl Dis PC 4Vis 45. 105 105 105
Natl Steel 4S 65 ... 107 107 107
New E TAT 4 Vis 61 . 123% 122% 123%
New E TAT 1st 5s 62. 124 124 124
New Jer PAL 4 Vi a 60 107% 107% 107%
New Orl P S 6s 62 A.. 95% 94% 95%
New Orl PS 6s 66 B . 94% 94% 94%
New Or Iter 1st 4s 53. 50 49% 49%
N Y Central 3Vis 62__ 53 52 52
NY Central * %s »T_ 70% 70% 70%
NY Central 234s 48_ 64 63% 63%
N Y Cent con 4a tl .. 50 49 49%
N Y Cent rf 4 Vis 2013 39% 38% 38%
N Y Crf 4Vis 2013 n.. 40% 38% 38%
N Y Cent rf 5s 2013.. 44 42 42
NY C L Sh 3Vis 93 .. 54 54 54
NYC Mich C 3%s 98.. 59 59 59
NYCASt L 4Vis 78 ... 27% 27 27%
NYC&St L5%a74 A. 33 30 30
NY Conn 1st 4 Vis 63. 99 99 99
NY Conn 5s 53_105% 105% 105%
NY Dock 4s 51 51 50% 50%
N Y Edison 3 %s 65 D 105% 105 105
NY Edlsref 3 Vis 68.. 104% 104% 104%
NY G El H&P 4s 49.. 114% 114% 114%
NY G El H&P 6s 48.. 123% 123 123
NY NH AH 4s 55 .. 11% 11% 11%
NYNHAH4V4S67-. 14 14 14
NY NH & H cv 6s 48. 13% 13 13
NY NH & H Cons Rys
4s 64 - 10% I«% 10%
NY O&W ref 4s 91_ 7% 7% 7%
N Y Steam 6s 61-106% 106% 106%
N Y Steam 6s 47_106% 106% 106%
N Y S A W 5s 17_ 7% 7% 7%
N Y Tel 3Vis 67- 107% 107% 107%
N Y Tel sen 4 Vis 19 . 105% 105% 105%
Nla* Falls P3Vis 66. 109% 109 109
Norf A W 1st 4s 96 115% 115% 115%
North Am Ed 5s 67 A 102% 102% 102%
North Am Ed 6 Vis 63 103% 103% 103%
North Pac gn 3s 2047 43% 43 43%
North Pac 4s 97 .. 68% 67% 68
Nor n Pac 4Vis 2047.. 44 44 44
Nor’n Pac 6s 2047 D . 48% 48% 48%
North Pac S* 2047 56 55% 55%
NorSta Pwr3%s 67.. 102% 102% 102%
Ohio Edison 4s 67 . 101% 101 101%
Okla Gas A El 4s 46 .. 100% 100% 100%
Ores RRAN 4s 46 ... 105% 105% 105%
Orsg Sh Line 5s 46 .. 112 112 112
Ore* Sh L6s 46 gtd.. 118% 113% 113%
Ores W RR 4s 61 ... 91% 80% 80%
Otis Steel 4 Vis 62_ 66% 66 66
Pac Gas A El 3 Vis 66. 102% 102% 102%
Pac G A E 3 8i s 61 — 107% 107% 107%
Pac G A E 4s 64 .. 109% 109% 1094,
PaoT&Trf 3 Vis 66 B 105% 105% 105%
Pac TAT 3 Vi s 66 C 105% 105% 105%
Paducah Alin Vis 65 100 100 100
4
v High. Low. Close.
Penn Co 4e (I.. 86% 86 86
Penn Dixie C 6« 41 A- 84 84 84
Penn PAL 4HaSl_ 97% 97% 97%
Penn RR 8%e58._„ 68% 68 68
Penn RR I He 70_ 78 78 78
Penn RR 4e 43- 106 106 106
Penn RR 4a 48 - 108 107% 107%
Penn RR 4%a 81.. .. 83 78% 78%
Penn RR con 4%a 60 111% 110% 111
Penn RR gn 4%a 66 87% 85 85%
Penn RR deb 4%aT0 72% 70% 70%
Penn RR gen ta 68 .. 96 95 95
People GLAC 6a 47 .. 108% 108 108
Peoria A E Inc 4s 90.. 4% 4% 4%
Pare Marq 6s 66 .. . 53% 63% 53%
Phelps Dodge 8%* 53 106% 105% 106
Phlla BAW 4%a 77C. 103 100 100
Phlla BAW 4%a8lD. 100 100 100
Phtla Co 6a 67 ... 88% 88% 88%
Phlla Elec S%a 67 ... 109 108% 108%
Phlla A R CAP 6a 78. 10% 10% 10%
Phlla A R CA1 6a 49.. 3% 3% 3%
Philippine Ry 4a 87.. 14% 14% 14%
Plllsbury F M 6s 48.. 108% 108% 108%
PCCASt L 4%a 64 J_110% 110% 110%
PCCASt L 4%a 77_ 83 81 81
PCCASt L 5s 70 A- 96 95 95
PCCASt L 6s 76 B_ 95 95 95
Pitts C A I 4%s 62 ... 80 80 80
Port Gen El 4 %* 60 . 58 57 67
Porto Rico A T 6s 42. 40% 40% 40%
Postal Tel A C 5s 68.. 10% 10% 10%
Reading Jar C 4s 61.. 49% 48% 48%
Reading K 4 %s 97 A 61% 60% 60%
Rem-Rand 4%s 66ww 93 93 93
Republic Stl 4%s 66. 85% 85% 85%
Republic 8tl 4 %s 61.. 85 85 85
Republic Stl 6%s 64.. 104% 104% 104%
Revere Cop 4 %s 66_ 95 95 95
Richfield 011 4a 62_ 95% 64% 94%
R G W 1st 4s 39 32% 32% 82%
Rio GW col 4s 49 A. 13% 13% 13%
RIAAL4%s34 . 7% 7% 7%
Rutl'd RR 4 %s 41 st. 6% 6 6
Safeway Stores 4s 47 1034 1034 1034
Saguenay Pw «<*■ 66 1024 1024 1024
StL-San Fr 4s 60 A .. 94 94 94
StL-San Fr 4s '60 ct.. 8 8 8
StL-San Fr 4 4s 76_ 84 84 84
St L-S Fran 6s 60 B . 94 94 94
St L S W 1st ter 6s 63 14 13 14
St P K C S L 44a 41.. 74 74 74
St P Un Dep rf 6a 73.. 1124 1124 1124
San An P Syc 6s 62 .. 112# 112# 113#
Schulco 64s 46 A stp 15 15 15
Schulco 64s 46 B_ 24 24 14
Seabd A L 6s 46 A_ 64 6 6
Seabd A L 6a 45 ct_ 54 64 64
Shell Un deb 2 4a 61. 1024 1024 1024
Skelly 011 4a 51 1014 101 101
Socony Vac 3 4a 50 . 107 107 107
So Bell TAT 34a 62 .. 1034 1034 1034
Southn Csl Gas 4s 65 1084 IO84 1084
Southn Kraft 44* 46 84 83 83
So Pac 8 4 s 46_ 444 44 44
So Pae col 4a 49__ 364 354 354
So Pac ref 4s 55_ 554 554 554
So Pae 4 4s 68_ 344 33 33
So Pac 44s 69_ 344 324 324
So Pae 44* »1 - 834 324 324
So Pae Oreg 4 4*77.. 414 414 414
So Pac S F Ter 4s 50.. 824 824 824
So Ry gen 4s 56 A_ 274 264 264
So Ry 6s 94 _ 47 47 47
SoRy gen 6s 66 ...__ 34 P4 34
So Ry 44* 56 _ 364 36 364
So Ry M A O 4s 3* . 68 68 68
S W Rell Tel 34* *«- 109 109 109
Southw'n GAE 4s 60.. 105 1044 105
Stand Oil N J Is 61... 1024 1024 1024
Swift A Co 314s 50... 1064 1064 1064
Tenn El Pw Is 47 A._ 904 904 904
Term As Et L 4a 63 . 101 100*, 101
| Term A St L 4 4s 89.. 104 104 104
Term Asso con 5* 44. 110 HO 110
Texarkana 54s 50_ 73 73 73
Texas Corp *4* 61 . 1064 1064 1064
Texas A Pac 6* 77 B 70 70 70
Tex A Pae 1st 5s 2000 IO84 1084 1084
Third At 5s 37 _ 89 88 88
Third A ad 6s 60 .. 74 74 74
Tide Wat OH 34s 52. 103 1024 102*.
Trl-Contl 5s 53_ 1034 1034 1034
I Un El Chicago 5s 45.. 8 8 8
Un Elaci Mo)3\s 62. 1084 108 108
Un Oil Calif 34« 62.. 107 107 107
Un Oil Calif 6s 42 A.. 119 119 119
Union Pac *4a 70 _ 854 854 854
Union Pae 1st 4* 47.. 108*, IO84 1084
Un Pac rf 4s 200* ... 994 984 984
Un Pac 1st 6s 200* . 1114 1114 1114
Utd Cgr W Strs 6s 62 72 714 72
United Drug 5s 53 .. 614 61 61
US Rubber 6s 47 . 105A 105A 195A
Utah Pwr A Lt 6* 44. 82 82 82
Util P A L 5a 59 _ 484 484 484
Util PA L 5Ha 47_ 494 484 494
Va E A P 4s 55 A_ 1084 108*, 1084
Va Ry 1st 21*s 66_1014 101 101
Wabash 1st 6s 39_ 34 33 33
Wabash 6s 76 B_ 64 64 64
Wabash 5 4s 75_ 74 74 74
Warner Broa ct 6s 39 684 6R4 684
Warren Br ct 6s 41 40 394 394
Wstchr Lt gn *4s *7 1024 1014 101*,
West Penn P 3 Hs 66. 109V* 1094 1094
W Sh 1st 4s 2361 _ 50 50 50
WSh 1st 4* 2361 r*_. 474 474 474
West Md 1st 4s 62 . 734 734 734
Westn NTAPrn 4s 41 1014 TOO4 1004
West Un 44* 50. 554 554 554
West Un 6s 61 _ 58 574 58
West Union 6s 60_ 574 574 574
Wh ALE 4s 49 ... 105 105 105
White Sew M 6s 40 .. 98*. 984 984
Wilson A Co 3 4* 47.. 864 864 864
Wilson A Co 4s56 99 99 99
Win Sal S B 1st 4s 60 1054 1054 1054
2’ngstn SAT 4sll_ 994 994 994
Washington Produce
Butter—.to score. 1-pound prints. 27;
tub. 26; U-pound prints. 28; 02 score.
1-pound prints. 28; *4-pound prints, 2».
Meats—Choice beef 17: calves. 16;
lambs. 21: veal. 16; sows, 1ft: fresh pork.
24: pork loir.. 2.‘t; fresh ham. 21: large
skinned hams. 18; large smoked skinned
hams. 25: smoked skinned bacon. 2ft; piece
bacon. 25; compound. 11; lard. lOVa.
Livestock—Pigs. 120-140 pounds. 7s«-8:
light pigs. 140-160 pounds. 8a8V4; 160-200
pounds, 8«4.si2; heavies, 200-250 pounds.
8a8*«: 250-.‘too pounds. 7‘aa8; sows, 6a
6'4; stags. 4’aa5; calves. 8*2aft.
Prices p*»id shippers, net f.o.b. Washing
ton. by the United States Bureau of Agri
cultural Economics;
Prices paid shippers, net f.o.b. Washing
ton (by the United States Bureau of Agri
cultural Economics):
EGGS—Market steady on Government
graded eggs, dull on nearby ungraded eggs.
Government graded and dated eggs; Whites.
U. 8. extras, large. :i6*a: U. S. extras, me
diums. 22*a: U. S standards, large. 2.1:
U. S. standards, mediums. 20. Nearby un
graded eggs; Current reecipts, whites. 21;
mixed colors. 20.
LIVE POULTRY—Market steady at un
changed prices. Fowl: Colored, large. 5
pounds and up. 1ft to 20: under 5 pounds.
16 to 18; No. 2s, 14 to 15: Leghorns. 15 to
16: roosters. 12. Chickens: Virginia Rocks,
broilers. 2 pounds and less. 1ft to 20. fry
ers. 1ft to 21: roasters. 22 to 24: No. 2s.
10 to 17. Delawarp Rocks and crosses:
Broilers, all sizes. 1ft to 20. fryers. IP to
20; roasters. 22 to 24: No. 2s. 15 to 16;
mixed colored fryers. 17 to 18; Leghorns,
broliers. \\\ pounds and less. 14 to 15; 134
| pounds and up. 16. Turkeys: Old hens.
20; old toms. 17: No. 2s. 16.
Fruit* and Vegetable*.
Sale* In large lot* by original receivers
up to 8 a m. today:
APPLE8—Market steady. Bushel bask
ets U. 8. No. 1: Maryland. Pennsylvania.
Virginia and West Virginia. Winesaps,
2- inch minimum 50-80; 2'1-inch mini
mum. 75-85: 2'/4-lnch minimum. 1.10
1.15. 23<-inch minimum. 1.25-1.35: Stay
mans. 2'«-lnch minimum, 75-PO: 2Va-lnch
minimum. 1.10-1.15: 23*-lnch mini
mum. 1.25-1.35: Delicious. 2'i-inch
minimum. PO-1.00: 2'v-lnch minimum.
1.15-1.25: 234-inch minimum 1.35-1.50:
3- lnch minimum. I 80-1.85: Oolden
Delicious. 2'/4-inch minimum. 80-75; 2'/j
inch minimum 1.10-1.15; 23«-inch mini
mum. 1.25-1.35; Yellow Newtown*, 21/*
inch minimum. 75: 2‘/a-inch minimum.
1.00-1.10: 234-tnch minimum. 1.25-1.35:
Lowry*. 21/4-lnch minimum 85-75; 2Vi
inch minimum. Pft-1.00; 23*-inch mini
mum. 1.00-1.15; boxes and cartons. Penn
sylvania and Virginia U. 8. No. 1, Stay
mans. 1448-180S. 1.25-1.35: 112s. 1.35
1.40: P8s 1.50-1.85; scalded. 85-75. as
to size: Pippins. 112s-180s. 1.00-1.25; P«s.
1.50-1.65; Lowrys 112s-160s PO-1.10:
Winesaps. 180*. 1.15-1.25; 112s .1.25
1.35; combination fancy and U. 8. No. 1.
Paragons. 113s-18.3s. 1.15-1.25; 88s-100s.
1.25-1.50: scalded. 50-80 as to size:
fancy. Delicious U3s-183e. 1.25-1.50;
SSs-lOOs. 1.75-2.00; decayed. 75-1.00:
Paragons. 113*-183s. 1.10-1.35: Winesaps.
150s-175s. 1.25-1.35: 125s-138s. 1.36
1.50: 113s-100s. 1.85-1.75: combination
extra fancy and fancy. Delicious. 113s
150s. 1.25-1.75: 88s-100s. 2.00-2.10.
POTATOE8—Market steady. No ear
lot arrivals: three broken cars on track.
North Carolina Cobblers. U. S. No. 1.
100-pound sacks. 1.50: stave-barrels. 2.50.
ASPARAGUS—Truck receipts liberal.
Pyramid crates, dozen bunches. New Jer
sey. very large size. 2.75-3.25: medium
size. 2.00-2.25; small size. 1.50-1.75;
Delaware. 1.25-1.75.
CANTALOUP8—Six California arrived:
eight broken and six unbroken cars on
track. Market weak. California. Salmon
Meats, iumbos 36s. 3.50-3.75; iumbos 45s.
3.75: standards 45s. 3.25: ponys 54s. 2.50.
HONEYBALLS—Market steady. No car
lot arrivals: one broken car on track.
California, iumbos. 38s and 45s. 4.25-4.50;
standards 45s. 3.75-4.00: ponyu 54s. 3.25.
CARROTS—Market steady. No carlot
arrivals; one broken car on track. Cali
fornia, Western crates, bunched. 3.25
3.50. Pennsylvania, 25-30 per dozen
bunches.
CAULIFLOWER—Market steady. No
carlot arrivals; no cars on track. Cali
fornia. crates. 1.75. New Jersey, crate*.
1.00.
CORN—Market steady. No carlot ar
rivals; one broken ear on track. Standard
crate*: Florida. 1.50: fair condition.
1,00; Alabama, 1.50-1.63; North Caro
lina* l.M.
Financier Stays on Board.
Dissolution Delayed at
Least 30 Days.
By the Associated Press.
NEW YORK, June 18.—The en
larged board of directors of Chesa
peake Corp., holding their organisation
meeting here yesterday, unseated Rob
ert R. Young as chairman and post
poned for at least 30 days further con
sideration of liquidation and dissolu
tion of the company.
The board took no action on a divi
dend ordinarily payable July 1. The
last payment was 78 cents a share on
April 3. The board indicated, however,
it would give further attention to the
matter of a dividend1 at a meeting in
Cleveland next Tuesday.
No successor was immediately ap
pointed to All the chairmanship va
cated by Young, who Tuesday, at a
Baltimore stockholder’s meeting, lost
nominal control of the corporation to
Guaranty Trust Co. of New York after
a long court Aght.
Both Young and Guaranty spokes
men have stated they favor swift dis
solution of the company and distribu
tion of its valuable holdings of Chesa
peake 8c Ohio Railway stock.
Three Added to Board.
Three directors selected by Guaranty
were added to board Tuesday—Earle
Bailie, John B. Hollister and John L.
Dickinson.
Young remains a director, with one
ally, A. P. Kirby.
Bailie. Hollister and two other di
rectors opposed by Young—C. L. Brad
ley and John P. Murphy—were desig
nated as a committee to prepare a
plan for liquidation and dissolution to
be submitted to the full board in 30
days.
All officers other than Young were
re-elected save D. S. Barrett, Jr., treas
urer, whose duties were assigned to
Murphy, secretary.
Young issued the following state- :
ment after the meeting:
”In Mr. Potter's affidavit of April 1, i
1938. Mr. Potter said that the Guar- ;
anty Trust Co. refused to ’take sides’
| between the Bradley-Murphv and Kir
i by-Young factions on the Chesapeake
Corp. board, but insisted that the at
| titude of his institution was one of
j ’neutrality.’
Denounce* Action.
‘'Mr. Potter's neutrality was exem
! pltfled in today's meeting when
I Messrs. Kirby and Young, the only
j representatives of Alleghany Corp.'s 71
! per cent interst in the Chesapeake
I Corp. stock, were denied all repre
I sentation in offlcerships and commit
tees and Messrs. Bradley and Murphy,
neither of whom have any stock
interest in Chesapeake or Alieghany
corporations, were made president and
secretary-treasurer, respectively, and
were placed in majority control of all
important committees.
■'In contrast, when Guaranty’s
three nomines came on the C. Sc O
board they were immediately accorded
: positions on both the Finance Com
! mittee and the Executive Committee
in precedence over directors of long
standing.
“It is fortunate for the C. Sc O.
stockholders that Mr. Potter was not
permitted to exercise his ‘neutrality’
over the C. Sc O. board as he has ex
ercised it today over the Chsapeake
board.
“It would appear that dissolution of
j the Chesapeake Corp. is again moved
! into the indefinite future, for it Is now
commuted to the tender mercies of
Messrs. Bradley and Murphy.”
. .•
FOREIGN EXCHANGES.
NEW YORK June 1« —Whisper* of
currency devaluation continued to float
througn foreign capitals today and ac
counted for a fresh rise of most Euro
pean currencies in terms of the dollar.
The demand for European monies, chiefly
sterling, went hand in hand with another
rush to buy xt>ld—as a hedge against pos
sible revaluation of major currencies—
in the London market although demand
for the metal tapered off substantially
from yesterday's record buying.
Sterling advanced * 4 cent in foreign
exchange dealings. The French franc was
on** of a cent higher and the bclga
ahead .02 of a cent. Guilders and the
Swiss franc, however, imaged with losses
of .01 and .0.2 of a cent, respectively,
under Wednesday's close.
Noon rates follow;
Oreat Britain in dollars, other* In
cents. Great Britain, demand. 4.97; ca
bles 4 97: ttO-day bills. 4.9rt'4: France,
demand. 2.T87,,; cables, 2.787«: Italy, de
mand. 5.2H V4; cables. 5.20 *4.
Demands: Belgium 17.0.2; Germany.
40.4.2: benevolent. 20.75; travel. 2:1.25:
Holland. 55.50: Norway. 25.00; Sweden.
25.05; Denmark. 22.21: Finland. 2.20;
Switzerland 22.90; Spain unquoted. Portu
gal. 4.52V. Greece 91»«: Poland. 1S.S7;
Czechoslovakia. ,2.48*»: Yugoslavia 2..2.V
Austria, unquoted: Hungary 19 85- Ru
mania. .75: Argentina. .2.2.15n: Brazil
're**. o.90n: Tokio 29.00: Shanghai.
H.°nB KonB -U «>2: Mexico City.
.1.50n: Montreal, in New York 98.903*;
New York in Montreal, 101.093a.
n—Nominal.
---• —
CHICAGO LIVESTOCK.
CHICAGO. June 18 048 (U. 8. Dent. Agr V
supplies In ,11 branches of ihe
li vestock trade held prices to at least
- *3^7 levels today. Cattle were dratrgy.
*«PPI1« negligible. were
shghtly higher Hoe supolles also strength
ened the market, and the price went to
the recent hf*h point.
Hoes. 12.non, Ineludin* 4 non direct:
moderately active, mostly 5 to 10 higher
than Wednesday's average: top. 0.30; eood
SS? ,£hol<'' 170-240 lbs . 0.10-25; 250
285 lbs . 8.85-0 10; 200-325 lbs., 8 85-85:
good packing sows. 400 lbs. up., 7.35-85:
light weights. 8.10-35.
3.500: calves. 1.000: general
PV*r — ? ,slow affair: undertone bearish,
but receipts small: this tending to main
tain a generally steady trade: cows weak:
grassy and warmed-up native and South
western steers hard to sell at 8.00 down
I?—j*'1'1 strictly grain-fed
steers and yearllnas. 8.76-10.00: proapec
* ye top around 10.75: bulk early. 1040
with several loads 0.75-10.00: weighty
‘•usage bulls scarce up to 7.00: medium
light kinds dull: vealers, 9.50 down;
stockers and feeder* scarce.
Sheep. 2.000. including 1.500 direct:
K-i enough **ler to make a market in any
branch, prices strong to 25 higher on
the few here: scattered small lots native
la™b*- n.00-50: few head choice
100-lb old crop clipped lambs, 8.75:
s 40j”>sn*t,ve *l*uKhter ewes also stronger
at o.-iO-15.
NEW YORK LIVESTOCK.
NEW YORK. June 16 OPi (State Dept.
reP°rt Jersey City and New York
livestock market*).—Cattle. 1,124. lnelud
*"? J,k'n .direct. No steers or bulls on
sale. Receipts limited to 2 heads of cows:
wtte\n<4.00.5 26W: * few l0w CUMer ,nd
, dealers and calves. 2 400. including
dIree,.i ve»ier run late in arriving,
frade opened around steady; l deck good
and choice 183-lb. Southerns. 9.60: cull
jM common. 60-105 lbs.. 5.00-8.00; no
choice nearbys offered Calves nominal.
..Sheep and lambs. 3.000. including 2.930
®Pring iambs trade steady to
sfronk. several loads good to choice handy
weight Southerns. 10.10: bucks. 9.10.
§*0*0^4 oo*adT; cul1 to aood *h°rn ewes.
Hg;j-. 2 fiSfi- including 2.000 direct.
Market 5 higher; 150-205 lbs., 9.35.
•-—-• ■ -—
LONDON BANK REPORT.
LONDON. June 16 (4h.-±The Bank of
England statement as of June 15 (in
thousands of pounds::
Circulation __ 485 737 _4 984
Bullion _ 327.267 4-.' 1
Reserves 41.529 4-1.985
Public deposits _ 11.556 — 176
Private deposits _ 152.307 —5.773
Government securities 114.401 4-2.98o
Other securities _ 25.773 —2.330
Ratio of reserve to liabilities. 26.3 per
cent, compared with 23.0 last week.
Rate of discount. 2 per cent.
RUBBER FUTURES.
NEW YORK. June 16 UPi.—Crude, rub
ber futures opened 6 higher to ♦ lower.
July. 12.18; September. 12.30: December.
12.44-45.
i
Refined Copper
Stocks Mount
In Last Month
By the Associated Press,
NEW YORK, June 18.—World stock*
of refined copper increased 12,777 tons
during May to 554,366 at the end of
the month from 541,579 tons at the
end of April, the Copper Institute re
ported today.
The gain in world stock* was ac
counted for by a boost of 14,146 ton*
in domestic stocks of the refined metal,
which at the end of May totaled 369,
809 tons against 355,663 a month be
fore. Foreign stocks decreased 1,369
tons to 184,547.
Apparent world consumption of the
red metal during May totaled 136,567
tons against 161.261 in April, a drop
of 24,694 tons. A decline of 3,240 ton*
in domestic consumption brought the
May total down to 28.444.
World production, including primary,
custom smelter and secondary, showed
an advance of 1,204 to 156,211 tons
while domestic output dipped 1,536
tons to 49,076.
CARRIERS REPORT
EARNINGS DROP
May Operating Revenues
22.2 Per Cent Below
Same 1937 Month.
Preliminary report* from 89 class I
railroads, representing 81.5 per cent
of total operating revenues, just re
ceived and made public today by the
Association of American Railroads,
show that those railroads In May,
1938, had estimated operating revenues
amounting to $223,599,685, compared
with $287,345,551 in the same month
of 1937 and $376,782,025 in the same
month of 1930. Operating retenues of
those roads in May, 1938, were 22.2
per cent below those for May, 1937,
and 40.7 per cent below May. 1930.
Freight revenues of the 89 class I
railroads in May, 1938, amounted to
$177,014,324, compared with $232,
969.818 in May, 1937, and $290,106,326
in May. 1930. Freight revenues in
May, 1938, were 24 per cent below
the same month of 1937 and 39 per
cent below the same month in 1930.
Passenger revenues in May, 1938,
according to these preliminary re
ports from 89 class I railroads, totaled
$25,886,614. compared with $28,677,008
in May. 1937, and $50,787,731 in May,
1930. For the month of May, 1938.
they were 9.7 per cent below the same
month in 1937 and 49 per cent below
the same month in 1930.
Eastern District.
Thirty-five Class I railroads, rep
resenting 90.8 per cent of total operat
ing revenues in the Eastern district,
in May, 1938, had estimated operat
ing revenues of $117,964,736, com
pared with $163,230,624 in May, 1937,
and $215,319,315 In May, 1930. Op
erating revenues of the 35 Class I
railroads in the Eastern district in
May, 1938, were 27.7 per cent below
the same month of 1937 and 45.2 per
cent below May, 1930.
Freight revenues of those railroads
in May, 1938, amounted to $91,399,938,
compared with $131,630,469 in May,
1937, and $163,321,062 in May, 1930.
Freight revenues . of those railroads
in May, 1938, were 30.6 per cent be
low the same month in 1937 and 44.0
per cent below the same period in
1930.
Passenger revenue* of those roads
in May, 1938, totaled $15,975,177,
compared with $17,723,406 in May,
1937, and $31,341,945 in May, 1930.
Passenger revenues in May, 1938.
showed a decrease of 9.9 per cent
compared with May, 1937, and a de
crease of 49.0 per cent compared
with May, 1930.
Southern District.
Nineteen Class I railroads, repre
senting 65.5 per cent of total operat
ing revenues in the Southern district,
had estimated operating revenues in
May, 1938. of $24,049,211, compared
with $28,638,096 in May, 1937, and
$36,010,127 in May, 1930. Operating
revenues of the 19 Class I railroads
in the Southern district in May, 1938,
were 16.0 per cent below those for
the same month in 1937 and 33.2 per
cent below May, 1930.
Freight revenues of those railroads
in May, 1938, amounted to $19,891,
221, compared with $23,443,808 in
May, 1937, and $28,865,054 in May,
1930. Freight revenues of those rail
roads in May, 1938, were 15.2 per
cent below the same month in 1937
and 31.1 per cent below the same
month in 1930.
Passenger revenues of those roads in
May, 1938, totaled $2,027,331, com
pared with $2,411,837 in May, 1937,
and $4,248,086 in May, 1930, being
15.9 per cent below May. 1937, and
52.3 per cent below May, 1930.
Western District.
Thirty-five class 1 railroads, rep
resenting 73.9 per cent of total oper
ating revenues in the Western dis
trict, had estimated operating reve
nues in May. 1938, of 181.585,738,
compared with $95,476,831 in May,
1937, and $125,452,583 in May. 1930.
Operating revenues of the 35 class 1
railroads in the Western district in
May, 1938, were a decrease of 14.5 per
cent compared with the same month
of 1937 and a reduction of 34.0 per
cent compared with May, 1930.
Freight revenues of those railroads
in May, 1938, amounted to $65,723,
165 compared with $77,895,541 in
May, 1937, and $97,920,210 in May,
1930. Freight revenues of those rail
roads in May, 1938, were 15.6 per
cent below the same month in 1937
and 32 9 per cent below the same
month in 1930.
Passenger revenues of those roads
in May, 1938, totaled $7,884,106 com
pared with $8,541,765 in May, 1937,
and $15,197,700 in May, 1930. Pas
senger revenues in May, 1938, were
7.7 per cent below those for May, 1937,
and 48.1 per cent below May, 1930.
. PARIS BANK CHANGES.
PARIS. June 16 UP).—The Bank ef
Prance atatement as of June 11 (In mil
lions of francs):
Gold reserve _ 56.807 Uneh.
Sight balances abroad 19 — 1
Bills bought abroad 760 Uneh.
Advances against securi
ties 8.513 — 45
Discounted commercial
bills—France 7.076 + 267
Temporary advances to
State (prior to 6-18
361 12.083 Uneh,
Temporary advances to
State (since 6-18-36) 28,050 Uneh.
Circulation 100.735 — 842
Total credit to current
accounts 18.930 +1.584
30-dav advances against
Government securities 845 + SOo
Rvtio ot gold to sight liabilities. 46.83
rer cent, compared with 47.13 last week.
Rate of discount. '>'* per cent.
MONTREAL SILVER.
MONTREAL. June 16 OP).—Silver fu
tures opened 20 points up to 10 off. Bids:
June. 42.81: July. 42.70: September. 41.50.
I
FILES BIG ISSUE
Registration Report Covers
$85,000,000 Debentures
■ and Notes.
Hr the Associated Press.
The Standard Oil Co. of New Jer
sey filed with the Securities Commis
sion yesterday a registration state
ment covering an 885,000,000 issue of
debentures and notes.
No specific allocation of funds to
be derived from the issue was set out.
The company said the money would
be placed in its general fund for use
in supplying additional money to sub
sidiaries for acquiring and developing
crude reserves, improving and extend
ing refining capacity, replacing less
efflcient and older types of tankers
and for other purposes.
The company proposed to sell $50,
000,000 of 15-year 2% per cent deben
tures due July 1, 1953, and $35,000,000
of serial notes due July 1, 1943-47,
inclusive, the interest rate to be de
termined later.
The Rockefeller Institute for Medi
cal Research is to purchase $4,000,000 ;
of the serial notes without under
writing discounts or commissions, the
statement said.
The names of the underwriters were
not supplied, but Morgan 8tanley &
Co.. Inc., is authorised to engage in
stabilizing the market prices of the
deebntures and the serial notes.
The prices at which the securities
will be sold and the underwriting dis
counts and commissions will be sup
plied by amendment to the registra
tion statement.
_
WATER CONDITIONING
SALES SHOW RISE
NEW YORK, June 16 (Special).—
Permutit Co., manufacturers of water
conditioning equipment for Industr.al
and household use, announce .hut
1938 sales of their nationally dis
tributed household water conditioners
are 13 per cent ahead of last year for
the first five months. This advance
culminated in a 43 per cent increase
for May, over May last year, a hem
all-time high, according to records of
the household division.
INLAND STEEL CUTS
SHEET PRICE S3 TON
Bj the Assoc!****) Press.
CHICAGO, June 16—The Inland
| Steel Co. announced a price reduction
1 on galvanized sheets of $3 a net ton,
effective today.
The new price to meet competition,
the company said, would be 13.75
per 100 pounds. No. 34 gage base,
f.o.b, Gary, Ind., and would govern
| for third quarter shipments.
FOR SALE’ FOR BEST “ OFFER,
| 25 SHARES OF LINCOLN SERV
ICE CORPORATION. 7^ PRE
I FERRED. BOX NO. 423-B,
| STAR.__
|
BITUMINOUS OUTPUT
GAINS DURING WEEK
The National Coal Association, front
Incomplete car loading reports from
the railroads, estimates bituminous
coal production in the United States
for the week ended June 11 as ap
proximately 5.190,000 net tons. Pro
duetion for the corresponding week:
1937, 7,058,000 tons; 1936, 6.697,000
tons.
The report of the National Bltu
mlnous Coal Commission shows pro
duction of 5,500,000 tons for the week
ended May 28, and 4.853,000 for the
week ended June 4, 1938.
Production calendar year to June 11:
1938, 137,934.000 tons (subject to re
vision); corresponding period 1937
202,936,000 tons.
St. Louis Southwestern Ry.—It is
said I. C. C. is preparing a report ap
proving a Anal plan of reorganization
of this company.
NORTHWESTERN FEDERAL
SAVINGS & LOAN ASSN.
Solicits New Accounts
I mured up to $5,000
Unbroken Dividend Record for
SB Tetri.
Room 1, Colorado Bldg.
14th and G Sts. N.W.
Money for CoastractioB Loins
and
Loans on Existing Properties
riEST EKED or TSCST ONLT
GEORGE I. BORGER
<43 Indiana At.. N.W.
Nnt’l 0350
For New’ Construction ,
• We specialize in
financing home con- '
structlon loans.
• You Build the Home
—we’ll furnish the
money.
• We offer the simplest,
safest, least expen
sive home-loan on the
market.
~ No subscription to shares
—Monthly Reduction of
Principal—Interest Com
puted on Reducing Bal
ances—Taxes included
with Monthly Payments
— Liberal Prepayment
Privileges.
i
District 2340
Sf®B® l§®
fissootnob
*
Conveniently Located:
61013th St.N.W. (Bet.F&G)
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 Offices
7th and Mass. Ave.,N. W. Seventh and E St., S. W.
Eighth and H Sts., N. E. 1140 Fifteenth St., N. W.
LONG TERM C3 at
Mortgage Loans O ?»""
Monthly Payment* ol
,*6-60 on each *1,000
borrowed, include interest and
pay off loan in 20 years.
• Interest charged only on
unpaid balance of principal.
• Amount loaned—up to
66^% of appraised value.
• Valuable prepayment privi
leges.
Cther plans of financing first
mortgage loans available
H. L. RUST COMPANY
1001 Vfaeotb St NAtioual 8100

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