Evening Star Newspaper, May 9, 1937, Page 63

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Classified Ads Pages 5 to 17, Part 5—18 Pages TRADE 15 BOOSTED SHARPLY HERE BY FEDERAL PAY ROLL Sales Soar 37.99 Per Cent Above Previous Week. Lag Behind 1936. CHECKS AND BUILDING WELL ABOVE YEAR AGO Tom K. Smith, A. B. A. President, Will Address Conclave of D. C. Bank Association. BY EDWARD C. STONE. Partly due to a Government pay day, retail sales in Washington department Stores during the past week jumped 87.99 per cent above the trade volume of the previous week, the Commerce Department reported yesterday in its weekly business review covering 36 key cities. Comparison with the corre- sponding week a year ago, however, revealed a drop of 1.88 per cent, Bank clearings in the Capital scored & sharp gain over the like week last year, $29,120,306, against $24,580,648. Building permits, too, made a fine showing, being valued for the week at $846,100 as compared with $451,400 in the previous week and $331,700 in the same week in 1936. Tourists at the | Smithsonian Institution were far ahead of the corresponding week last year, as the city's hotels swarmed | With Spring visitors. In the rest of the fifth district retail trade volume advanced moderately over the same week last year. Balti- Mmore reported wholesale business im-- proving, with orders for immediate delivery being satisfactory and some Fall requiremehts now being covered. Warmer weather will quicken con- sumer demand in Maryland, the Vir- ginias and the Carolinas. A. B. A. Head on Program. Tom K. Smith, president of the American Bankers' Association and president of the Boatman's National Bank, St. Louis, will address the nine- teenth annual convention of the Dis- trict Bankers' Association, at White | Sulphur Springs, Charles H. Doing. | chairman of the Program Committee, announced yesterday. “The Banking Outlook” will be the A. B. A. chief’s subject. Chairman Doing was greatly pleased to get the acceptance of one of the Nation's most prominent leaders as one of the convention speakers. The other leading speakers on the program will be announced shortly, Mr. Doing said, plans for 21l the business ses- sions now being practically completed. T. Stanley Holland, chairman of the Transportation Committee, reported yesterday that reservations received to date are well above the number on the same date in any previous year. One of the reasons for this is the fact that the bankers will have a five-day trip with only two-and-a-half days away from their offices. Hiil Joins Investment Firm. John Rowland Hill has become asso- ciated with the sales organization of Y. E. Booker & Co., investment bank- ers, it was announced yesterday. Mr. Hill was with the Washington office of G. M. P. Murphy & Co., from 1928 w 1934, when he joined the staff of R. G. Rankin & Co., certified public ac- countants, assisting in making audits for many local corporations. In 1936 he returned to the brokerage business. A native of Washington, Mr. Hill was educated in the public schools | here and at Princeton, as well as taking many courses in the American Institute of Banking. He is a mem- ber of the Princeton Club, Chevy Chase Club, executive board of the District of Columbia Boy Scout Coun- cil, National Symphony Orchestra board of directors and the Junior Board of Commerce. Capital Transit Stock Lower. Capital Transit stock figured in a gale of five shares on the Washington Stock Exchange yesterday at 113, a new low mark for 1937. The stock closed with 11 bid and 12!, asked. ‘Washington Gas Light stock opened with 10 shares selling at 79, 10 more at 78%, 10 at 7815 and closed with 10 going at 78%. A single share of ‘Washington Railway Electric pre- ferred commanded 10875, Bid and asked prices on other issues were little changed. While trading was slow Saturday, the week’s total trading volume held up well. Bankers Adjourn Conclave. The annual convention of the Na- tional Safe Deposit Association ended the business sessions yesterday after- noon at the Willard Hotel. The chairman at the concluding session was Edward S. Lubbers, New York, who was introduced by Mrs. Helen R. Sharpe of the Bank of Commerce & Bavings, this city, who is very active in safe deposit work. E. D. Madden of McCann-Erick- son, New York, spoke on “Co-opera- tive Advertising,” and a play, “A Day in the Vault,” was presented. As noted elsewhere, the convention ended last evening with the annual banquet, with Sir Willmott Lewis as the guest speaker. The members of the safe déposit section of the District Bankers' As- sociation were accorded unstinted praise for the part they played in the convention's success. Benson to Address Bankers. Philip A. Benson, vice president of the American Bankers’ Association, will address the joint convention of the Virginia and West Virginia Bankers' Association at White Sul- phur Springs, W. Va., June 24. - 25-CENT EXTRA VOTED FINANCIAL AND CLASSIFIED he Sunday Star WASHINGTON, D. C, SUNDAY MORNING, MAY 9, 1937. A.T. &T. Reports $2,1660,608 Net in March Operations By the Assoctated Press. NEW YORK, May 8—American Telephone & Telegraph Co. reported today net operating income for March of $2,166,608, compared with $2,124,- 929 in March, 1936. Net operating in- come for the three months ended March 31 totaled $5,996,401, compared with $5,661,375 for the same period' & year ago. These figures cover operating activ- ities only, excluding non-operating in- come such as dividends, interest and other revenues received, and non- operating charges such ag interest and rents paid. |.C. G. REQUESTS POWER OVER RAIL HOLDING CONCERNS Seeks Curb on Accounting Practices and Issuance of Securities. By the Assoclated Press. The Interstate Commerce Commis- sion recommended yesterday that ac- counting practices and the issuance of securities by railroad holding com- panies be made subject to its juris- | diction and regulations. ‘The commision recommendakions were contained in a weport of its in- vestigations into operations, other than common carrier, of the New York, New Haven & Hartford Railroad Co. “If the law is to remain as it is at present,” the commission said, “‘per- mitting common carriers to form hold- ing companies and to function through subsidiary companies not subject to the act, then, to say the least, such companies and subsidiaries should be made subject to our jurisdiction and our regulation as to accounting and the issuance of securities.” Motor Carrier Act Cited. The commission noted that ac- quisition of control of motor carriers by railroads is restricted by the motor carrier act of 1935, but that “no re- striction on investments other than in carriers is now imposed.” “The unfavorable financial effect of so-called outside investments, includ- ing those in other carriers not amount- ting to control, indicates a practical necessity of amending the law in this respect,” the report said. “On con- sideration of the amendments to the act since 1914 and in view of the fact that outside investments may, in spe- cific instances, be found justified, we now are not prepared to renew our recommendations of the absolute pro- hibition of all such investments. “The resources of a railroad ordi- narily should be devoted to the proper development of its own transporta- tion system. If they are to be in- vested in an outside activity it should be after a finding that such investe ment constitutes a proper use of rail- road funds or credit, that the terms of the transaction are reasonable, and that the investment is in the public | interest, Subsidiaries Included. “The rule should apply equally to | subsidiaries. Restrictions, to this end, should be imposed on the expenditure of money, incurring obligations or acquiring property by a carrier other than in the operation for legitimate improvement or development of its own railroad. Reserves and surplus funds awaiting use should, however, be available for the production of income. “In order that this may not be im- peded there should be exempted from such restrictions investments such as are permissable for savings banks and The commission said its regulatory laws should be framed to afford as complete protection to investors in railroad securities as is practicable, SALES BACKLOG LARGE. NEW YORK, May 8 (Special).-— Sales of Evanetian blind slat material by International Cedar Corp., wholly owned subsidiary of Evans Products Co., are two months ahead of produc- tion, according to E. §. Evans, presi- dent of the parent company. How Is WEATHER RULES WHEAT DEALINGS AT WEEK'S CLOSE Prices Steady to 11/ Cents ported Slight. COTTON FUTURES DULL WITHIN NARROW RANGE | Final Quotations 2 Points Off to 4 Higher—Total Awaiting Shipment Increases. BY FRANKLIN MULLIN, Associated Press Market Writer CHICAGO, May 8—Wheat price declines associated with rainfall in the Southwest where grain is growing gave way today to partial rallies reflecting assertions that moisture the last few days has been “trifiing” and that much more is needed. It was a typical weather market in wheat, and most other grains declined slightly in sympathy. Wheat lost al- most 2 cents at some stages but then recovered just before the close al- though the market never exhibited real buying strength and was not at level, Wheat closed unchanged to 1'i cents lower, May, 1257:-26'4; July, 1.17-17's: September, 1.15'% ; corn was unchanged to % off, May, | 1.331%-1: July, 1.1953-3,; Septem- ber, 1.08!;, and oats were ’sx higher to 33 lower, May, 47';-35. Rye gained 1,-13, May, 1.14'%, and provisions lost 5 to 15 cents. Termed Insufficient. ‘The most bearish factor in the trade was reported moisture relief the past few days in the Southwest where the large domestic Winter wheat crop is at a critical stage of growth. While ad- mittedly beneficial, this rainfall was deemed insufficient by most traders. One recognized authority, B. W. Snow, said “trifling” showers at this stage of crop development are of but mini- mum value and plant collapse can quickly result. The wheat crop situation in the territory west of Central Kansas is on May 1, he said, and will continue to deteriorate unless substantial rains come, Nevertheless, many traders expected Monday's official crop forecast may be materially higher than this week’s private estimates of domestic Winter wheat production. One commentator suggested a forecast of around 670,- 000,000 bushels is likely, compared with last year's crop of 518,000,000 This would be a harvest that has been surpassed only five times heretofore. Cotton Remains Narrow. NEW YORK, May 8 (#) —Cotton moved over a narrow range today in dull trading. July reacted to 13.04, but rallied to 13.10 and closed at 13.08 with final prices 2 points net lower to 4 higher. The market opened unchanged to 2 points higher influenced by moder- ate trade and foreign buying in an otherwise featureless market. Offer- ings were limited at the start and with the appearance of trade price-fixing toward the close, positions from July forward rallied 3 to 6 points to the best levels for the day. The Commodity Credit Corporation r release of 1,300,- , Page G-3.) WOOL PRICES UNEVEN AT BOSTON IN WEEK B the Associated Press. BOSTON, May 8 (U. §. Department of Agriculture).—Deliveries of early | shorn contracted wools filled the bulk ]or mill requirements on the Boston market last week. Arrival of new wools tended to cause some irregular- ‘ity in quotations on unsold spot. Quotations on fleeces tended lower as dealers sought price levels at which they could interest mill buyers. Graded combing Ohio fleeces were quoted at 42-44 cents in the grease for fine delaine, at 45-46 cents for staple combing !; blood, at 45-47 cents for % blood and at 45-46 cents for V4 blood. Few sales were closed. Business? Showing Current Business Activity Compared with the Same Week A Yesr Ago CTIVITY for the country indicated by Bank GENERAL BUSINESS A for the country Indicat areas show week previous year. Black areas indicate declines {from same we of the Debits outelde ‘week eeks twelve monthes earlier. ACTIVITY BY FEDERAL RESERVE DISTRICTS Chesk Transastions compared with the same weok o your ade LEADING BAROMETERS Showing Trend of Business in Dollars (Checks Cashed) Employment (Dept. of Labor) ‘Wages (Dept. of Labor). Cost of Living (Ind. Co Wholesale Prices (Fisher' Important Factors © Chan Present Trend From Y Dowanward Upward Upward Upward Downward o Ago 3] Ba8 Lower—Rainfall Is Re- o any time above yesterday's flmsh\ngx distinctly less promising than it was | STOCKS GO DOWN FRAGTIONS T0 §1 IN SLOW SESSION Business News Favorable, but Traders Cling to Side Lines. STEEL AND RAIL ISSUES LEAD QUIET DECLINE U. S. Bonds and Prime Corporate Groups Improve—Carrier Loans Backward. WHAT STOCKS DID, Saturday. ' Friday, Advances - 13 324 Declines 2K1 Unchanged ~___ 3 Total issues 557 BY FREDERICK GARDNER, Associated Press Financiai Writer. NEW YORK, May 8.—In the slow- esi session in about a year, stock market leaders today edged down- ward fractions to a point or more. News, on the whole, was to the lik- ing of speculative forces, but there was little of a particularly stimulating nature and the side lines appeared to be more attractive than ever. Transfers totaled 285,390 shares compared with 551,450 last Saturday. The aggregate was the smallest for any day since June 6, last year. The Associated Press average of 60 stocks was off .2 of a point at 68.9. Only 557 issues changed hands. Of | these, 281 declined, 113 advanced and 163 were unchanged. Most losers closed above their lows and a handful of specialties managed to emerge with substantial gains, a few at new highs for the year. Steels were the first to turn down as thoughts of a seasonal recession in production proved an intimidating in- fluence to holders of this group. Although the outlook for rails was still promising in the matter of traffic and operating revenues, this depart- ment slipped from the start under profit-taking pressure. Motors Indifferent. Motors were rather indifferent. Dis- appointing earnings for Hudson low- ered this issue 1': points to 1774. Chrysler drifted off '; at 115%,. Gen- eral Motors ended unchanged at 5915, following the company's report April world sales to dealers were the largest in the company's history. Anaconda was lifted % to 5314 on & better-than-expected first quarter profits showing. ‘Kennecott was up % at 55%, but Phelps-Dodge lost 34 at 47%. Principal share losers included U. 8. Steel at 1037, Bethlehem, 86! ; West- inghouse Air Brake, 45; Yellow Truck, 22%; Santa Fe, 92%; Atlantic Coast Line, 49';; New York Central, 48; Southern Pacific, 59: Douglas Air- craft, 59'2; J. I. Case, 169'3: Deere, 131: Du Pont, 156';; Celanese, 3974; Motor Products, 4433; Texas Corp., 603, and Paramount, 20%. | Owens-Tllinois hit a new high with ! a gain of 3% at 96. Cluett Peabody | was up 4 at 94. Slightly improved | were Socony Vacuum at 1934, Pull- man, 60'2; Electric Auto-Lite, 39, and | Libby-Owens, 70'5. Most of the utilities and oils were about even. Government Bonds Up. All sections of the bond market finished the week in higher ground as light trading today brought more gains than losses to active corporate and Government issues. Some railroad loans sold at slightly lower prices as did a few specialties and bonds influenced by unusual cir- cumstances. The rails, however, lost only a portion of their gains on the week. Santa Fe General 4s dipped 33 to 110, “Katy” 4s dropped 11; to 851 and Southern Pacific 4's lost 3s to 8913, Higher were New York Central 31;s and Lehigh Valley 5s. Bonds of Interborough Rapid Tran- | sit Co. and Third Avenue Railway, operating subway and surface lines in New York City, sold lower after workers voted to strike unless specified bargaining agencies were recognized by the respective managements. The L R. T. 55 lost 1% to 75, and the ‘Third Avenue Adjustment 5s dropped 1 to 30. Turnover for all bonds totaled $4,- 273,000, face value, compared with $4,571,000 a week ago. Curb Mixed, Narrow. Traders stayed pretty well away from the curb market and prices were mixed within narrow limits. compared with 136,000 last Saturday. It was the lightest turnover since last September 5. A few oil shares managed to work forward. Humble was up 2 at 77%%, and International Petroleum added the same fraction at 36. Other fractional gainers included Niagara Hudson, 13%; Electric Bond & Share, 18%; Fairchild Aviation, 7%s, and Western Auto, 287. On the down side were Consolidated Aircraft, off 1 at 24; Consolidated Steel, 10%; Sunshine Mining, 18Y; American Cyanamid “B,” 30; Ameri- can Super Power, 13;; Eagle Pitcher, 19%; Hudson Bay, 28%, and Ameri- can Gas & Electric, 32. —_— SLIGHT INCREASE SEEN IN TRANSIT REVENUES | Spectal Dispatcn to The Star. NEW YORK, May 8 —Revenues for the transit industry for the week end- ing May 1, 1937, based on telegraphic reports received from a representative group of transit operating companies, showed a moderate increase over last year. Transit Journal's revenue indicator Transactions totaled 118,000 shares, | LOCKING THE DOOR AFTER THE BA IN IS GONE. 1L s P) 4TS THEY say ue REALLY mEANS T "~ SR —_ TS TIME. SPICER EARNINGS RISE 70 $332.926 Quarter’s Net Compares With $306,781 for Same 1936 Period. By the Associated Press. NEW YORK, May 8.—Spicer Manu- facturing Co., maker of automobile accessories, with plants at Toledo and Pottstown, Pa., reported today for the profit of $332926, | $306,781 in the first quarter last year. | eral surtax on undivided profits, | Superheater Co. | The Superheater Co., maker of | steam engine products, for the March quarter reported net income of $858.- 844, including $425,115 profit from sale of reacquired company stock. | This was equal to 95 cents & share and compared with $263,644, or 30 cents a share, in the first quarter last year. Plants are at East Chicago, Ind., and Wellsville, N. Y. United Air Lines. United Air Lines Transport Corp. and subsidiaries reported first quarter net loss of $402,735, compared with a loss of $355870 in the corresponding 19368 quarter. ‘The loss was after a crelit of $156,- 465 to operating expenses, representing excess over book value o planes and engines sold. Mail and express rev- enues increased, compared with last year, but passenger and excess baggage revenues, totaling $682,520, compared with $878,850 a year ago. For the 12 months period ended | March 31 the company had a net in- come o $320,417, contrasted with a loss of $27,584 the previous corre- sponding period. J. G. Brill Co. Improved demand for cars increased bookings of J. G. Brill Co,, to $3,554,- 000 as of the end of April compared with $2,294.000 on the same date in 1936. C. J. Hardy, president, told stockholders of Brill Corp, parent lk;::ldmg company, at the annual meet- g. Orders of Hall-Scott Motors Co., & subsidiary, totaled $376,000 compared with $253,000 April 30, 1936, he said. He added there was a continued up- trend in business, but “in this period of unrest, high labor costs and increased taxes,” it would be “foolhardy” to pre- dice results for the full year. Week’s Report Reviewed. Corporate earnings statements re- leased during the week, showing profiis per share, included: Quarter ended March 31. Anaconda Copper Mining Radio Oorp. of America Americain Cyanamid = American_Steel Foundries_ Western Union Telegraph. Remington Rani Pullman, Inc. ___ American Roiling Mill. Coca-Cola_ Co._ HOLD NARROW RANGE By the Assoctated Press. Leading European currencies fluctu- ated within narrow limits in foreign exchange dealings yesterday. In New York both the pound sterling and French franc held to their over- night rates, the former at $4.935% and | three months ended March 31 net| compared with | | No provision was made for the Fed- | Huge Gain Shown In Demand for Air Conditioning By the Assoclated Press. NEW YORK, May 8 —Total value of orders booked by 125 manufacturers of air-conditioning systems and equip- ment during March. 1937, amount to $8,702,324, compared with $4,830,746 for last February, an increase of more than 80 per cent, figures prepared for the trade show. During March, 1836, total orders booked for air conditioning ambunted to $3570,701. Bookings for the first quarter of 1937 totaled $18.409,392 compared with $8,609,160 for the first quarter of 1936. CATTLE PROSPECTS BRIGHT IN CANADA Annual Dominion Review Sees Possible Price Gains and Increased Demand. By the Associated Press. OTTAWA, Ontario, May 8—An optimistic outlook for Canada’s live stock industry was contsined in the annual review issued today by the Do- minion Department of Agriculture. It forecast an increased demand for cattle with possible higher prices, a sustained market for hogs and a splendid opportunity to develop sheep raising. Marketing of live stock last year exceeded any other year in history. Sales of cattle and calves totaled 1,282,552, almost 200,000 head more than in 1935 and more than double the sales of 1932. Hog sales totaled 3,796,953, compared to 2,057,621 in 1935. Sheep sales were 812,175 head, as compared with 817,656 the year before. “The level of cattle prices during 1937,” the review stated, “depends on & number of very clearly defined factors. One is the condition of do- mestic trade and industry. So far there is every reason to believe this will continue to show appreciable gains, if not so much in price, then in volume consumed. “At the same time there are indi- cations that general price levels may advance and cattle prices should prop- erly show more improvement than other classes.” INTERVENTION INC. & 0. CASE IS AUTHORIZED By the Associated Press. The Middletown & Union Railroad Co. was authorized by the Interstate Comerce Commission yesterday to in=- terveme in the case involving the ap- plication of the Chesapeake & Ohio Railroad for authority to acquire di- rect control of the New York, Chicago & 8t. Louis Rallroad, and the Erie Railroad. GENERAL MOTORS SALES SETRECORD 238,377 Total in April Is Largest for Month in Firm’s History. By the Associated Press. NEW YORK, May 8.—April sales of General Motors cars to dealers in the United States, Canada and over- seas were the best for the month on record, totaling 238,377, the company announced today. This compared with 229,467 in April, last year. The month's sales were the third highest for any month in the company’s history, being exceeded only by March of this year, with 260,- 965, and December, 1936, with 239.114. Sales to consumers in the United | States, aggregating 198,146, were the second best on record, comparing with 200,117 in April & year ago. For the first four months of the year the total was 538,839, which was exceeded only by the 580,067 for the like period of 1936. April sales to dealers in the United States set a record for the month, totaling 199.532, compared with the previous peak of 194,695 in the same month of iast year. They were the second highest for any month, being topped only by 216,606 in March. Sales for the four months to United States dealers were 536,713, compared with 605,009 in 1936. COPPER DEMAND IMPROVES SLIGHTLY Many Consumers Display New Interest After Absence From Domestic Market. By the Associated Press. NEW YORK, May 8.—There was a slightly better demand in the domestic copper market this week, but other non-ferrous metals were quiet. Foreign markets were inactive, a pre-holiday feeling becoming more noticeable in advance of the coro- nation. Sales of domestic copper in the first five days of May totaled in ex- cess of 10,500 tons against 6,816 tons in April. Many consumers who have been out of the market were showing renewed interest. Domestic copper was unchanged at 14 cents a pound delivered valley. Tin paralleled the fluctuations at London, ending with fractional gains. Consumer interest was light, favorable statistics acting as a market bolster. ‘World visible supply at end of April totaled 24,593 tons, an increase of 466 tons, whereas a much larger gain had been anticipated. Lead was unchanged, with consum- ers booking fair tonnages for July shipments. Weekly Financial High Lights BY the Associated Press. Brokers' loans Holdings United States securities. Gold reserve .. Rediscounts Bank clearings Electric output (kilowatt hours) week ended May 1 ‘This week. $1,147,000 2,526,290 8,842,902 16,835 6,608,837 Prev. week. $1,102,000 2,526,240 8,843,402 10,999 5,589,821 Year ago. $1,048,000 2,430,336 1,703,337 4,584 6,671,348 2,193,779 2,188,124 1,932,797 m INDUSTRY HOLDS AT HIGHER LEVELS WITH STORE SALES Auto and Power Outputs, Carloadings Increase. Steel Lag Slight. PRICES MORE STABLE, CROP OUTLOOK GOOD Retail Activity Remains Well Above 1936, but Declines From Recent Peaks. BY THOMAS E. FLANAGAN, Asscciated Press Financial Writer. Observers of national business sur- veyed the scene last week from a platform of firm statistical improve- ment. Some planks in the platform were faster motor production, higher elec- tric power output, heavier carloadings. Others were the slight dip in steel operations and retail sales ahead of last vear, but less brisk than in re- cent weeks, Analysts scanning the distant hori- zon in search of broad hints of long- term trends noted three things. These were: 1. A mild commodity decline which contrasted with abrupt and irregular- ly lower trends of the two weeks previous. It was welcomed because it suggested what business men want— & return to price stability. 2. Crop estimates which indicated cheerful prospects for rural buying power. 3. The annual report of the Bank for International Settlements which told of world business running at full swing and warned of potential threats to stability inherent in the expensive world armaments race. Industrial Index Up. The Associated Press index of in- dustrial activity rose to 108.3, highest since November, 1929. A week ago it was 107.5, a year ago 88.4. “Retail trade throughout the coun- try showed commendable gains dur- ing the week ended Wednesday, May 5, as compared with the same period last year” the Department of Com- merce reported in its survey of 35 cities, “In some cities gains were amall, and disappointment was expressed that the brisk advances of recent weeks are not being maintained Tabulations, however, indicated that aggregate turnover was ahead of 1936 For the most part wholesale lines were quite active.” Ogerations in the steel industry slowed down to 91 per cent of capacity from 923 per cent capacity, the American Iron and Steel Institute ;;plorted. A year ago the rate was Recession Is Moderate. Trade circles said new business con- tinued to dwindle, but stressed the decline was moderate. Consensus was the outlook for the remainder of the current quarter and the third quarter remains bright. Steady buying of railway equipment and sustained tin plate and automobile production were seen as stout props to the steel business in the months directly ahead. Motor makers turned out 141,525 units last week, compared with 139,157 the previous week and 118,786 in the like 1936 week, Cram's reported. The figures were studied by business men in the light of reports the trend of automobile sales continued up. William S. Knudsen, newly-elected president of General Motors Corp., said output would continue at or near capacity through the present quarier and into the Summer months. Carloadings in the week ended May 1 gained to 782,423, up 2.8 per cent over the preceding week and 15.1 per cent higher than the like week last year, according to the Association of Ameri- can Railroads. The advance, traffic experts said, was less than seasonal. More Cars Needed. Aided by the swelling movement of freight, several systems were reported to be moving up to the counter to buy additional freight cars. Mean- while, well-informed quarters stressed once more the possibility of a shortage of rolling stock this Fall if traffic comes up to current expectations. Electricity generated totaled 2,193« 179,000 kilowatt hours, the Edison Electric Institute reported. This was a little above the previous week and 13.5 per cent higher than the like week of 1936. In the week ended April 24 the gain scored over last year was 14.3 per cent. Utility circles said that although day- light saving in some sectors had cut down the demand for power, un- favorable weather had made for wider use in others. Consumption of elece tricity in the Central industrial re- gion was well sustained. The stock market moved up caue tiously most of the week, but had a tired spell on the home stretch, with motors and steels under pronounced pressure. Costs May Cut Profits. The softening tendency was said in ‘Wall Street circles to reflect the opin- fon of some economists that business and industry may be somewhat less robust in some departments and fears mounting costs may slow down profit gains. In the bond market high-grade cor- porate and United States Government obligations found demand good, al- though not aggresive. At times in- dustrial convertible loans moved up briskly. United States Government bond dealers said the recent rise in Treasuries had served to heighten fave orable sentiment. Money market quarters concentrated attention on the small cut in bankers' acceptance rates. It hinted, they said, stands at 104.44, which represents s (Final three ciphers omitted in above.) that recent predictions money rates BY CREOLE PETROLEUM By the Associated Press. NEW YORK, May 8.—Directors of Creole Petroleum Corp., declared an extra dividend of 25 cents a share on the capital stock and a dividend of 25 cents, both payable June 10 to stock- holders of record May 27. Dividends of 25 cents a share were paid. s Agricultural Prices (Bureau of Labor) Movement of Goods (Car Loadings). Retail Trade (Fed. Res. Board)..... Building Contracts (F. W. Dodge) Failures (Dun’s) Bond Prices (Do Stock Prices (Composite ) Stock Mkt. Vol. (Shares Traded). .. Upward Upward 1+ | ++++++H+4++ Al rights reserved, Cambridge Associates, Bosion ? N It et b mBomBoire gain of 4.44 per cent over the cor- responding week in 1936, For the week ending April 34, 1937, the indicator was 103.84. Improvement in revenue continued at & somewhat higher rate than in the preceding week. Every part of the country participated in the improve- ment excepting part of the Pacific Ooast. L] the latter at 4.49 cents. Swiss francs were off .00!, of a cent at 22.88 cents, Netherlands guilders improved .00 of a cent at 54.88 cents, and the Cana- dian dollar, at 100.25 cents, added 1-32d of & cent. In London the dollar gained % of & cent, closing at $4.93% to the pound, the New York overnight rate. There is no Saturday trading in Paris. i Car loadings, week ended May 1 Crude oil production (barrels)... Stock sales (N. Y. Stock Exchange).. Bond sales (N. Y. Stock Exchange).. 782 423 3,497,450 4,136,280 49,228,000 63,138,175 19.6% 91.0% 1% 1%-1%% 1% 761,182 3,496,400 9,089,560 $61,618,000 29,198,000 79.7% 92.3% 1% 14%-112% ’l% 670,888 2,018,450 5,504,080 $48,338,000 242,409,000 T8.2% would rise had been premature. Detailed Reports Given. RICHMOND—Demand for vacation sc- cessories was reflected in sales for the fifth district. _Favorable weather also Washington retail tumover 9 per cent over the previous week. but the gain was attributed mainly to Government_pay day. 'HICAGO—B! Tel he year. of "t deliveries Advance commitments for Fall continues satisfactory.

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