Evening Star Newspaper, May 20, 1937, Page 17

FINANCIAL. THE EVENING STAR WASHINGTON, D. C, THURSDAY, MAY 20 FINANCIAL , 1937, . **% A-17 M—'—_—“—‘—L-_——'_l—“‘—‘_—"—’——‘—‘—“———mt CORPORATE BONDS REGISTER GAINS Most Junior Rails Rise. U. S. Government Issues Drift Lower. Bond Averages 20 10 10 10 Rails Indust Uti] F'gn Net change. +.1 +.3 —1 +.1 Today noon. 93.1102.9 97.8 Prev. day... 93.01026 97.9 Month ago-. 93.81029 99.5 ago.-. 91.5102.5101.2 high __ 99.0104.4102.8 v 92.6102.4 978 98.2104.4 103.1 86.9101.8 99.3 67.6 458 400 646 42.2 high __101.1 98.9 102.9 100.5 10 Low-Yield Bonds. Noon ...110.4 Prev. day- 1103 Month ago 109.1 Year ago. 111.6 1937 high. 113.7 1937 low.. 108.4 1936 high. 113.5 1928 high- 104.4 1.3 1.2 1.8 68.5 4.7 70.5 3.0 1932 low_.. 86.8 (Complled by tne Assoclated Press.) By the Associated Press NEW YORK., May United Sta Government loans slipped lower, domestic corporate is- sues rallied smartly in the bond mar- ket today 20.—Although Most of the low and medium price | rail obligations worked fractionally to & point or so higher, bonds continued the creeping recov- ery movement launched early this week. Alleghany 5s of 1949, Southern Pacific 4'2s and St. Paul $s of 1975 advanced a point or more, Santa Fe 4s Rubber 5s gained modestly, while Beth- lehem 3% s, Texas Corp. 3!,s and Pa- cific Gas 3% s lowered a little Federal issues slipped off 1-32 t0 6-32 | Brisbane 6s " ©of a point in quiet dealing: INVESTING COMPANIES NEW YORK. Mav =0 (7.—New York Becurity Dealers’ 50 n Admin Fd 2nd Inc Am Business t B i v e X Tixed Trat Sh B A Find Trodnre B Gen Investors ' Group Sec Stecl Group Sec Tobacco Huron Holdi Incorp_Investor Instl gec: Bani Group Insurance vestors Fd “C" Inc ton Cust Tund B-3 15.06 9% 160 . Tristeed Industrs o580 Wellington Fund NEW YORK BANK STOCKS | NEW YORK, May 20 (7 —New York Se- surity Dealers’ Association (Quotations as of 2 o'clock.) Bid Bank of Man (1%) Bankers' Tr (1) Cen Han Bk & Tr (4) hase Nat (1.40) em Bk & Tr (L.BO) _ xcm (8) Commercia ' : T (3) nufacturers, Tr (2) ~ __ fanufacturers’ Tr bt (2) atl City (1) R°Y Frast (5) Public (175) Titie G & T FEDERAL LAND BANKS NEW YORK. May 20 (#).—Federal Land Bank bonds 1602 10115 102 107 1004 16012 PARIS BANK CHANGES. ARIS, May 20 (P.—The Bank of "France siatement for the week ended May 14_(n millions Gold Teserve balances abroad. chased ~ abroad. changed counted commercial biils. France. crease, GON: temporary advances to state (prior_to" June 19 1 changed: fempora (since June 18, 1 sdvances against crease 20: circulation. 903: total credit to current’ accounts. 17.352: increase. 80: 30-day advances , against government securities. 606: de- | rease. 226 TRate of dlacount, 4 ver cent. inchanged: sight crease, 1. bilis pur- Yo' siate unchaneed: 3880 de- ;" decrease. NEW YORK PRODUCE. NEW YORK. May 20 (P —Butter. 12.- 96R: steady. Creamery. higher than extra. score). d11g-3; firsts 20-1 onds ' (R4-87 Heentraiized (80 score). : steady and unchanged. irregular. Mixed colors, llo\'lKO DM?\k(d grs!s 23. Other mixed ehanke e B by treig Fowl. St reiaht prices. unchi 1 Other freight pri EPO“EYK. Leghorn, 'hxrkeys 10- e By express, steady 1o firm.’ 20, Gther “express prices unchanged, . firm. roosters, Leshora, ds, 18 Dressed poultry steady to firm. and frozen prices unchanged. MONTREAL SILVER. 20 (. —8ilver fu- O penea steads. 10 points Tower. May. ned steady Q\JY%:'QD I!.SAJGDb September, 44.55b. resh . RUBBER FUTURES. YORK. May 20 (#.—Crude rub- g6 opened barely mady 16 to 28 unuuo!e 20.82b; T0.0 3T octaber, 21.08. ber fut May. &prembn Long Island R. R—March quarter deficft was $1,017,255 against deficit while high-grade | and United States | B | Bubnos A C 6580 Oct ‘(u;..un gen 4 BONDS ON By private wire direct to The Star. Approximate Transactions Today. U S Gov't Bonds 320,000 Foreign Bonds 920,000 Domestic Bonds 6,000,000 TREASURV 1 All time shown bel on whieh the Excham Hi 2148 1949-53 3 ‘qs 1946-49_ 3351941 1944-46 1940-43June %S 1943-47 355 1941-43 Mar 335 1946-56 45 1944-54 106.10 106.12 4 10525 4‘45194‘5" 1155 1151 1154 FEDERAL FARM MORTGAGE. 235 1942-47 101. 101" 101, 20 102.20 10 20 101.28 101. - 102.20 102.17 10220 HOME OWNERS' LOAN. 2148 1942-44_ 99.17 99.10 99.17 23,51939-49 100. 99.28 100. 3s1952__ - 101.20 101.15 101.20 FOREIGN BONDS. = 981 Low. Close. 9913 m H81¢ Abitibi Pa&Pw 58'53 Akershus 5s 63 12 981 100y 1011 100 100 102 1014 1010 100 10174 107 - 1061 2215 8 981 1004 101% 100 100 1017y 1011 10102 100%¢ 1013 107 1064 10075 1011 100 100 10175 | 1014 1011y 100% 1017 107 106"z 59 June '60 May Argentine 6s ‘60 Sept Argentine 65’60 Oct Argentine 6s ‘61 Febr Australia 41;s'56 Brazil 61, Brazil 7s 5! Brazil 8s 41 Budapest 656 Buenos A C Beu A 415~ Bulgaria 7s'67 .;1e Mtg Bk 6861 “hile Mtz Bk 6s° “hilean Mun L 7s '60._ Jol Mg BK 612547 ‘ologne 61zs = “olombia 6861 Jan__ ‘olombia 6 ‘ol Mg Bk 7 1025 10218 64 981 1014 Denmark Denmark 53, | 1tal P U Crd 7s '52 . of $517,302. Denmar 105'% 5| Cuba RR 1st 5 «{ | Cuba Northn 53, N. Y. ST Bklyn UnG 6s'67 B... Brown Shoaa%s'sfl,. Buff R&P con 43,857 BCR&Nclbs'34 Bush Term con bs '55. Bush Ter Bldg 68’60 CalifG& Erf 5s'37 Camag 78 42 ctf: Can'dian NR 4338’51 Can'dian NR 4%s 56 Can'dian NR 4338 '57_ Can'dian NR 4% s '55_ Can’dian N 58’69 July Can'dian P db 48 perp Can'dian Pac 438’46 Can’dian Pac 412560 Can'dian P 5s’44 cfs Cent of Garf 5148 '59 Cent I1l E & G 5551 Cent N England 4561 Cent of NJ gn 5s'87rg Cent Pac 1st rf 4549 Cent Pac 5s '60 - Cent P Tr Sh 4s'54___ Cent RR B Ga 55 '37 Cert'd deb 535548 Chesap C cv 55 44 Ches& 0328’96 D_. Ches & 0 3%5'96 E.. C&Ogen 41,892 Chi & Alt ref 35'49_ Chi B&Q gen 48 '58_ Chi B&Qref 5s°'71 Chi B&QI div 45 "4 Chi B&Q 4148°77 Chi & E Il 55’51 Chi & E 111 58 °51 ctf; Chi & E 1st 58! Chi Grt West 4s'59 CM&StP4s’89 CM&StP gn 415589 C. CM&StP 4158 8"!:4 CM&SHP 435" YW NT W 61y | Chi R 1&P rt 4s 34 Chi R I&P gen 45 '88 Chi R I&P 41558 Chi RI&P 4125 Chi R I&P 43360 Chi T H&S 18t 5560 _. Cin Un T 3%s D gtd Chi Un Sta 3145 '51 |ChiUnSta3ys'63 E. | Chi & W In con 4s '52. « | Chi & W Ind 4%(s'62_ | Childs & Co 5843 |CinG&E3Y 2 E Lrf5s63D._ 1113%s8'65 4! Clev Un Ter 4155 °77_ «|Clev Un Ter 5873 B 3| Clev Un Ter 51s'7 | Columbia G & E 55 May Columlna(‘& 25561 | Colum Ry P&L 45’65 +| Comel Credit 33 Com Inv Tr 31 Consol Of1 3155 " o1 Consum Pw | Consum P un 3 Consum Pwr 3 Consum Pwr 3%s'65 | Container Gs w | Crane Co 3 Crowp Wi s ’.»s'.!fl ctfs ‘42 | Del & Hud ref 4543 | Den G & E 3551 { Den & R G con 4s°36.. | Den& RG W | Den & RGW 1 Den & R G ref Det Edison 4s " | Det Edison 4 Det Edison 5 Det&M 2d 4s Cuba RR 7 *| Duquesne Lt 3 Rep Ts 49 stpd _ | Ger Rep s 43 unst__ | Italy 7s 51 4 8415 971y 40 50% | 5 l\uug& oll Mex 4510~ Milan 63 5% lontevideo Ts New So Wales 5 Nord Ry 632850 7\ Gulf S hh'z | Houston 0i1 51 huco 7s'47 Peru 636 I’oru 65761 I’o] and 6540 Poland 7s'47 Poland §s 50 Porto Alegr | Prussia 6s & Rhinelbe U'n 7 Rhine W El I | Rio de Jan 6125 "53.__ Rio de Jan 8546 | Rio Gr do Sul 6s'68 Rio Gr do Sul 7s 66 Rio Gr do Sul $5'46 Rome 62 2 Roumania 7s'59_ Sao Paulo € 6% Tokio E L Ltd 6 Tyrol k Tiis Un Stl Wk 616547 A Un Stl Wks 615551 A Uruguay 6860 _ Uruguay 68 '64_ Truguay 8s'46_. Vienna 6s'52 _______ Warsaw 7s ‘58 - 657 98 449 DOMESTIC BONDS. Adams Express 4547 100% 100% Adams Express 4s '48 100%s 100% Alleg Corp 58 '44____. 100 Alleg Corp 58 49 - 92 Alleg Corp 58°'50 stp.. 62 Alleg & Westn 45’98 . 95 Am & For Pw 55 2030 179 AmIGCh5%s'49___ 1064 Am Intl 53549 105% AmT& T 3%s’61.. AmT& T 3%s 66 44 ne | Am T & T 435539 Am Wat Wks 6s '75 Anaconda deb 41850 Armour & Co 4% ‘39 Armour(Del)1st 4 Armour (Del) 4s *57_ A T&S Fe 45°09-'55 _ A T&S Fe gen 4895 __ A T&S Fe 41,548 A T&S Fe C A 41562 Atlanta & Birm 4s'33 Atl Coast L 1st 4852 Atl Coast Lclt 48°52_ AtICLun4%s'64 _ Atl Coast Line 5845 Atlantic & D 2d58'48_ B&O 1st4s’48 B&O4%8'60 B&O 18t 5548 B&Oref5s'95 A. B&O5s'96 F B & Oref 552000 D. B&Oref 65’95 C B & O PLE&W Vis'41 B & O Swn 558 '50 & B & O Toledo 4s '59 Bang&Aroos 4s'51stp Bell T of Pa 6s '48 B Bell Tel of Pa 55'60 C Beth Steel 33,5'66 __ Beth Steel 435 60 _ Bos & Me 4%s'61J__ Bos & Me Es 55 Bos & Me 5s'67 Bot Con M 6325 '34 Bot Con M 6%s ‘34 ot Bklyn Ed con 3% s 66 Bklyn Man T 43%s ‘66 Bklyn Un El 55’50 Bklyn Un Gas bs 105'@ 102% 977% 9Tl 105% 110 108% 111% 32y 102% 94y, 92 104 45% % 106% T6% 114 85% 84% ‘84 977% 10314 104 92Y% 110 118% 123% 95% 5 y \ | Elec Auto Lite 4 Fairhks Morse 45 '56. Fla EC R, | Francisco Sus 65 | Gen cable 515547 | Gen Mot Acc 334551 | Gen Stl Cast 515549 Goodrich 4% s Goodrich 6s” Goodyear T Grand Rap 1 43441 lm—z Nr Ry 3%5s 67 R 55 '57. Gulf \l& ates Utl] 4566 | Gulf Sta Util 4 ,n.ck Wat Ist 4s Hoe (R) 1st mtg "44 . ‘40 Hud & Man inc §s a'l Hud & Man ref 5s '57_ 111 Bell Tel 3128°70 Il Cent 1st ex 315,8'51 111 Cent col tr 4s 111 Cent col tr 45’5, 111 Cent ref 45 '5. 111 Cent 4% '66 ICC&St LN O 5863 . Inland Stl 3% =61 IntRT lst rf 65 '66 IR T Ist rf 5566 ctfs IntRT 6s" IntRT 78'32 - Interlake Iron 4!'47 Int Agr-cl 58’42 stp__ Int Grt Nr6s'52 A __ Int Grt Nr adj 68’52 A Int Hydro Elec 65 '44. Int Pap 1st 55’47 A Int Pap ref 6s'55 Int T&T cv 435 '39 Int T&T 435852 Int T&T 5s '65- | James F& C 4s° Jones&L Stl 434 5'61A Kans C F S&M 4836 Kan CFS&M rf4s'36ct Kans C So 1st 38’50 Kans C Ter 18t 4s'60_ Kans G&E 4145'80___ Keith's 6546 3 Ky Cent Ry 4s '87 Kresge Found 31 8'47 Laclede Gas 55°39 Laclec~ G 5%s8'53 C_ Laclede G 635 '60 D Lake S&M So 3% '97 Lautaro Nitr 6s '54. Lautaro Nit 19758 Leh C&N 438 '54 A Leh C&N 4%5'54 C Leh Val Coal 55 '54 Leh Val Coal 5874 Leh V P con 48 2003 Leh V P con 43,8 2003 Leh V RR con 58 2003 Loew's 315846 Long Islref 45'49 Long Isl rf 4549 stp_ Long Isl unif 4s'49 Lorillard 58’51 __ La & Ark 5369 L & Nash 3% L &N 1st 452003 L &N unif 4s°40_ L &N 4%852003C McKess&Rob 6,5'50 Manati Sug 738’42 _ Man S 18t 7345'42ctfs Manhat Ry 48°90____ Manhat Ry 48’90 ctfs Mead Co 45 Met Ed 1st rf Mil E1 R&L 6s '61 Mil E1 R&S L rf 68'71 Mil Spa & N W 4s'47_ Minn & St L 58'34ctfs. MStP&SSMcn 4838 MStP&SSM cn 5s 38 MStP&SSM 6838 gtd MStP&SSM 515849 __ Mo K & T 1st 4s°90 MoK &T 41878 MoK & T bs'62 A Mo K & T adj 58 '67 Mo Pac 48’75 Mo Pac 55’65 A Mo Pac 5s'77T F Mo Pac 58 77 F ctfs._. Mo Pac 58’78 G _ Mo Pac 58’80 H Mo Pac 58'80 H ctfs_ Mo Pacific b8’ 81 [_ Mo Pac 5148°49 A. 3 ms!a 105% 868 21 60 60 101% 23 112% 113% 111% 115% 10615 98% 102 BR1G 1051y 10104 994 103% 102 1057 5; 1043, 109 145 1064 1104 821y 9914 8215 797x 9% 102 141 T4 - 1043 105% 105% 105'2 105% 86% 86%s 21 59 58 21 60 60 10145 101% 23 28 11215 112% 113% 113%, 111% 111% 115% 115% 115% 116% 1021 1007 106 9815 1017% 6814 105 101 993, 103% 1011, 1315 4N 104% 100 83 991, 1045 1041 108Y 107 943, 105% 1077 1011y 1057 111 102 100% 50 60 50% OCK EXCHANGE |l Low. Close. High. Low. Close. 94 9415 94N "101% 101% 101% 90% 90% 9014 98 98 98 100% 100t 51 51 10315 1031 1041 1047 51 big 105% 105% 117% 118% 121 122% 106% 106% 96% ~ 96% 954 95Y% 91% 911 4T 4Ty 528 559 Mont Pwr 3% 866 __ Mont Tram 5541 Morris & Es 315 2000 Morris&Essex 55’55 Namm & Sons 65’43 Nassau Elec 45’51 gtd Natl Dairy 3% s'51ww Natl Dis P C 414845 Nat R M 4155 °26 asst Natl Steel 48 '/5 = New E T&T 414561 New E T&T 1st 55 '52 New Jer P&L 4145 '60 I\GWOrIP§u5 52 A 101 52 1037 104 5% - 105% - 118% 1221 106% Y Central 31 Central 3 Central 3 NY Cent con 4s g NY Cent rf 4145 2013_ Crf4%s2013n_ entrf 582013 NY Centcv 6s'44 NYCLSh3t%s'98 _ St L 1st 45°37_. Y Chi & St L 45’46 NYC&St L 43878 __ NYC&St L 5%s'74 A_ NYChi& St L 65’38 __ NY Conn 1st 43,5 '53_ NY Dock 1st 45’51 NY Dock 6838 _____ Y ison 31, 8'65 D. isref 3145’66, Y(‘F! H&P 4s'49_ NH&H4 Y NH & Hev O&W gen 4 O&W ref 4592 6 '38 A stpa 1025 North Am Ed u‘_' '63 Nor'n Pac gen 3s 2047 Nor'n Pac 4s'97 Nor'n Pac 4348 2047 Nor'n Pac 65 2047 _ adison 45 '65__ Ont Pwr Niag 53 '43 Oreg W RR 4s'61 Otis Steel 415562 105% 110% 110% - 10 33861 __ Pac G & E 45 '64 Pac T&RTrf31s'66 B Para Broadway 3s Paramount Pic 6s 53 Park-Lx 61 Penn Co 45’63 | Penn D1 | Penn G1 Penn O & D 41y Penn P & L 41,581 Penn RR Penn RP2 4 | Penn iR 41{x 54 nn RR &n 4.8, »l'rml]r("]&(‘fl« 43 Pere Marq 4125 '80 Pere Marq 1st 5 Phila ll&\\'l Phila Co § | Phila& R C | Priae e ‘40 Philippine Ry 4537 PC L5s'70 A | ‘ W Va 41,8584 Port Gen El 4155 60 | Porto Rico A T s '42 Postal Tel & C 55" Pure Oil 43,875 # Pure Oil 438 '50 xw__ Reading Jer C 4s 5 | Reading I2 4155 " Rem-Rand 41 Republic Stl 4158 '50 | Republic st1 41 6 Republic Stl 4155 61 _ a7 12 10615 108 160 ¢ | Republic St 5 q 104% 10002 5 101 2 1031y 106 89 102% 14% Monong Pub 8 l%l‘lfl 102% 102 102'% Richfleld O 63’43 |RG W istexin4sag Rio G Weol 4549 A Saguenay Pw 41; s 166 JoRv L T&P 5 1&S |StPKCST 41841, St P M&M ext 5543 St P Un Dep rf Seabd A L 6545 ctfs Seabd A-F1 6 Seahd A-Flags Shell Un deb Skelly Oil 4 o Pac col 4s 0 Pac ref 4 So Pac 4135 '68 So Pac 415569 So Pac Oreg 414877 So Pac S F Ter 4s '50. So Ry gen 4556 A So Ry 55’94 So Ry gen Gs So Ry 61; Stand Oil N .! 33761 Studebaker cv 6s * Swift & Co 3%s'50 Tenn C&I RF 51 Tenn El Pw 6547 A__ Term As St L 4s Texas Corp 3148’51 _ Texas & Pac 55 70 C Texas & Pac 55’80 D Third Av ref 43’60 Third A ad in ex 55’66 Tide Wat Oil 3 2 Tol & Ohio C 3% s'60_ Toronto H&B 4s '46__ UnEIL&P5%s 54 Union Pac 33,8°70___ Union Pac 31,8'71 Union Pac 1st 4s'47 Un Pac 1st rf 45 2008 Un Pac 1st rf 5s 2, United Biscuit 5s United Drug 6s* Utd Rys St L 45 °34 U S Rubber 58’47 _ Utah L& T 5s'44 A Utah P& L 5344 Util P& L 5359 ww_. UtHIP&L5%s'47___ Vanadium cv 55’41 Ver Sug 1st 75’42 ctfs VaE&P1strf 4s'55 Va Ry 1st3%s'66 A_ Wabash 1st 5539 5-.. 1025 10274 9 963 -- 96l3 961 4 105! Wabash 55’80 D Wabash 548 75 ‘Wahash Omu 31 - Walker H&S 414" 45 ‘Walworth 6s '55 new _ Warner Bros cv 65’39 Warner-Quin 6’39 __ Warren Brev 6s°41__ W Sh 18t 45 2061 reg_ West'n Md 1st 4s'52_ Westn Md 5% s'77_ ‘Westn Pac 58’46 A___ West'n Pac 55'46 A as West'n Un 4348650 __ Westn Un cl tr 58 '38 Westn Un 6s°51__1__. West'n Un 5s°60 Wheeling & L E 45’66 Wheel Steel 43,5 °563_. 100 White Sew M 65 '40 102% W SpStlcon7s'35ct 32 Wilkes B&E 1st 55 '42 285 Wilson & Co 4s'55 100 Y'ngstn S&T 3% s'51. 135% Y'ngstn S&T 48°61.__. 101% 106 100 135% 135 100% 1007% METAL MARKET. NEW YORK. May 20 (#).—Copper steady; electrolytic. spot and future. 14.00; Tin steady: spot and near- 25; future, 55.5714-56.00. Lead stéady; New York, spot. 6.00-6.05. East 8t. Louis, ‘spot. 5.85. Zinc steady: East Louls. spot and future. 836, alumi: num. ' antimoay. auicksilver. plmnum and wolframite unchanaed. 'U. S. SMELTING ELECTS | 5 the Associated Press tu Illmms Central Earnings Remain Above 1936 Level By the Assoctated Press. CHICAGO, May 20.—L. A. Downs, president of the Illinois Central sys- tem, told stockholders at the annual meeting that despite the Ohio River flood the road had a better earnings record the first four months of 1937 than in the corresponding 1936 period. Downs said the improvenment in net income for the period amounted to $130,000, which indicated a deficit for the period of approximately $1,347,786, inasmuch as the Illinois Central had a deficit of $1,486,786 in the first four months of 1936. Downs said the flood caused con- siderable loss of traffic for about four weeks and necessitated large expendi- tures to repair damage. Gross revenues up to April 30 showed an increase of 7 per cent over the 1936 period, he said, while expenses were 6 per cent larger. Downs, W. Averill Harriman and Charles A. nroe, whose terms as directors expired, were re-elected. CHICAGO PRODUCE. CHICAGO, May 20 ().—Poultry. rucks: ~steady. HUGE GAIN SEEN IN CONSTRUGTIO Engineering Awards Climb 53 Per Cent Ahead of Same 1936 Week. By the Assoctated Press NEW YORK, May 20—Engineer- ing construction awards for the week ended Tuesday topped the correspond- ing week last year by 53 per cent, Egineering News-Record reported to- day. The total of $55244,000 compared with $62,701,000 in the previous week and $36,173,000 last year. Private contracts increased 27 per cent over the preceding week and were more than 30 per cent above the like week of 1936. As classified, the awards were: Pri- vate, $38,617,000; Federal, $2,361,000, and State and municipal, $14,266,000. Private work in the preceding weekd amounted to $30,464,000 and in the same week last year $8,715,000. The total of public awards in previous week was $32,237,000 and in 1938 pe- | 41 riod $27,458,000. i For 1937 to date awards aggregated $913.413,000, compared with the 1936 corros]i()ndlng total of $901,992,000. live, N hens, over 5 pounds, 12: § pounds and tes {0 Leshorn hens; 2t colored. 251, Hhhs Tyers ymouth a; Plymouth and White pounds up. broilers bareback Springs roosters. 11; ty creamery spe- exiras ), G firsts (kN2 ,\mndarm i, cer TWO NEW DIRECTORS score) | extra_firsts "o NEW YORK, May 20.—W. Tudor Gardiner, former Governor of Maine, and M. H. Kuryla, vice president and general manager of operations in Mex= ico, were elected directors of United States Smelting, Refining & Mining Co. to filll vacancies in the board. Re- tiring directors were re-elected. storare packed fros: 23 Potatoes 67: on United States shipments, steady; supplies light: demand for Idahos Sacked, per cwt Idalio Russet Bur- banks. U. 8. No 2.40a2.75. New stock Efi;;llaxrfis}rn&y dslmh!&y ]v\ukir undertone; Eht: demand slow; Lousian: oAt deman Y Buss ack. 160 1.010. "0ld stock i Texns Bliss Trimaphe. U g bama Bliss “Triumphs, 8. i d3iE au ?u oSnowing 0. 5als i- fornia White Rose, U o %2 50 6, commercial, 2 Washington Produce CHICAGO I.IVE STOCK. CHICAGO. May 20 (P (United States Department of Agriculture) ——Hogs. 1( inciuding 2000 direct: opened 1 slendy: 20 cents higher than W of o ore, 1-pound prints, 35: Jlub. 34,700 score Dmmd ,prints, 14-pound prints, \fl-:Ars Ch lamb ce, Deel 18: calves 16: ¥ smoked ham. #lab " bacan. 28; pou: 141 Live 'STock Celds ‘a0 1058107, mediums. 1012a10% K148 calves, com:, light hoss 2 heavies, 15 6a10; | few cnolce pie packing sows. 10 | moderate: demand moderate; market Cattle 5000 and vear strong net f. o. b nited States Bureau cs and unchang henner lv19< | graded and dated | s. large. 24: U. © U. 8. standards. Market steady ceipts. 1Raln'y dium weights up two heid around ported by c steady higher PENE mLm‘m ne ®ood to choic ped 3, bt heid ebove )1 toms. 14 s a»mmd 12.00-1 50 Fruits and Vegetables (Sules in large lots by original receivers U. S. TREASURY POSITION. o By the Associated Press. Virginia and West S No. | Ben Davis 2 n of M\frumv rxnom‘)\u of “expendit 110 debt s an incresse of S4.7 = he previous day $671.66 MONEY MARKET. NEW YORK. May 20 (7 —Cal steady. 1 per cent all day e cial paper.” 1 per B0-90" davs, 1 bankers count_rat per cent OFFICE FURNITURE WE SELL, BUY OR EXCHANGE Desks Steel Files Tables Steel Cabinets Chairs Safes BAUM’S FURNITURE HOUSE 1416 Eve 8t. NW Phone NA. 2184 w J(ru) Xt © ossal. 2.00a | extra _fancy. 5" Delaware, medium i .00l few higher. AG! No carlot armvils: no cars mwh c"nhm 85810 B et apsival ot on frack. Suppiice moderate. market st stern lettuce: crates Tex el baskers 1 CAULIFLOWER ~ No three broken cars on California, crates, mostly Florida o unbri arrived cars on two track "“1"" modeate: ¢ t : iy e on i steady. Individually 3 : 3 elterproc, ch crates, 58 | R"“’""’Q rll((“r NA'"O"M. CAPITAL, B nEss n\ro,\ how Supplies market 83 00, sexen track moderate alifornia 5-dozen, ate. demand slightly _ stronger. crates Tceberg tvpe poorer low as 3.]5 ONIONS—Two Texas ' arrived: two oroken and three unbroken cars on track Supplies moderate: demand moderate: TRADE PROSPECTS REMAIN BRIGHT Standard Statistics Finds No Sign of Top-Heavy Inventories. Special Dispatch to The Siar. NEW YORK, May 20—Contrary to the frequently heard assertion that business is verging on a sharp slump, that the thing that will pull it down is burdensome inventories accumulated by many industries during the early what is the matter with the stock market, the Standard Statistics Co. observes that intensive investigation has failed to provide any concrete evi- dence of top-heavy inventories in any industry. “It is true that during the early market ' steady. Texas. 50-pound sacks. w Bermudas. U. S. commercial, 1.608 'PEAS—No carlot arrivals car on track. Suplies moderate: demand moderate: market about steady. Bushel hampers:' North Carolina. _1.25 0 as 1.00: California. Telephones. Potato Prices Gain. POTATOES—One Maine. two South Carolina arrived: eight broken and_six unbroken cars on track’ Old stock: Sup- plies. moderate: demand moderate: market slightly stronger. 100-pound_sacKs. No_1: Maine. ‘Green Mountains._mostly 2.5 few higher: new stock: Supplies moderate: _demand moderate: market steady. orida, * double-head Spaulding_Rose. 4.25-4.75. mostly 350° South Carofina. practienily 0_supplies on” the market OMATOES_—No carlot arrivals: on track. moderate: one broken First mortgage notes, well secured on con- servatively appraised, new buildings in Washington and near- by Maryland. Denominations of $500 up. Interest 6% per annum. LN criot o cars Bradley, Beall & Howard, Inc. upplies moderate 3 market stronger o plUE Southern Bldg. Phone Nat. 0271 oxes. green. ripes W XK and TArger 3.00-2 50, 1ew " Meber. Established Nearly 40 Years pogrer low as 2 00-2.75: 7x7 25- STR. \\'\ 'BERRIES—No no cars on track. Ate: approximately North Carolina arrived erate: demand moderate: 24-quart crates. various varieties: ‘Carolina, mostly fair to ordinary aquality anc condition. 2.00-2.50: quality, 3.00-3.2 Virgihia, fair to ordinary Eastern Shore Maryland. Varlous- varietics. " generaily “s60d and condition. 3 4.00 per crate SNAP BEANS—No carlot arrivals: no cars on track. Truck receipts moderate: supplies moderate; demand fair: market slightly weaker. South Carolina. bushel hampers, green. Flst and Round tvpe. 2.00a2.50. mo; 50 LA BEANS. No cariol arrivals: two broken cars on_track. Supplies moderate: demand moderate: market slightly weaker. Florida, bushel hampers. 3.75a4.00; poorer EGaPL, ANT—Supplics lght: demand fair; market steady, . Florida. bushel ham- pers. green, fancy, 50a2.00. few higher. SQUASH—Supplies moderate: ~demand moderate; market steady. - Flotida. bushel hampers, white. wrapped, 1.50a2.00; Yel- low Crooknecks, 'l)H Bishel Rumpers. white, wiapped. and Yel- necks, L low CmuME;:R.S—Stznnues moderate: de- mand_ moderate: market steady. - Forida. bushel baskets, fancy, 3.75a4.50; choice. 28RN No_carlot_arrivals: one broken car on track. Supplies thl' demand Tight " market steady. Texas, bushel bas- kets, 5 dozen. 3.00: Florida. no supplies ket o th}Ae mEYS—OHQ Clllkffllnil lYHVedt Ocnxe d IWD unbm en Cars on_ tra Piokin ': No. 1. 3.00-4.50; No. carlot arivals: Truck receipts moder- 200 crates by express South " Carolina, RELIABLE (] 7. crates. 2.00- PINEAPPLES Cube, 3.00-3.2 WEET POTATOES—North "Carolina, bushel Buskets, Fotte Mouna; 165155 NACH—Nearby sections, bushel bas- 50-60. Virginia, stock, Flor- crates, hot-house T!'.F.ME‘[ONS——TY\Ick receipts: 28 pounds, average, 80-1.00. e e United States Steel Corp.—A walk- out of workers resulted in a shut- down of the Kearny (N.J.) Ship Yard of Federal Shipbuilding & Dry Dock Co., subsidiary of this company. 'OFFICERS WM. A, HETTINGER, RESIDENT EHA!LES EATTELMANN, VICE_PRESIDENT Y GUY M. NEELY, TREASURER American Building Assoriation ASSETS months of the year a large amount of advance ordering was undertaken as a protective measure against the rising trend of commodity prices, wage rates and taxes. But it is equally true that months of the year and that this is| SLOWER PACE SET AT COTTON MILLS Slight Drop From March Record Leaves Rate Far Above 1936. By the Associated Pruss The Census Bureay announced to- day the cotton-spihning industry operated during April at 146.7 per cent of capacity, compared with 148.3 per cent during March this year and 110.9 | per cent during April last year. Spinning spindles in place April 30 totaled 26,991,338, of which 24,728,466 were active at some time during the month, compared with 27,024,970 and 24,638,578 during March this year and 28,602,580 and 23,123,536 durmg April last year. Active spindle hours for April num- bered 9,165313,688, or an average of 340 hours per spindle in place, coms pared with 9,698,368,366 and 359 for March this year and 7,320,181,265 and 256 for April last year. in many instances in which manage- ments were being what they thought | was forehanded, demand has since run so far ahead of expectations as to ab- sorb the bulk of stored materials. “The margin by which manufactur- ers and retailers bought ahead was just about the margin by which they under estimated demand. Thus, whatever business reaction grows out of the drop in commodity prices, and con- sequent removal of what was the major stimulant to large scale forward buying, should be limited to the tion tapers off. “It is, of course, possible that labor will turn suddenly thrifty with its newly acquired wealth, that the farm | population will refuse to be influenced by the improved crop prospects and | that larger dividend payments will not | be reflected in demand for almost| everything people need to buy, but it is not probable.” LONDDN BANK REPORT. P —The Bank of ®eek ended | Louisville & Nashville R. R.—March quarier common share earnings were $1.41 against $1.29. REAL ESTATE LOANS RESIDENCE and 5% SMALL BUSINESS PROPERTIES. FRED T. NESBIT 1010 VERMONT AVE DISTRICT 9392 FIRST TRUST LOANS Long-term REFINANCING Lowest Rates . . 3-Year Con- struction Loans . . . -~ 3% BOSS & PHELPS MORTGAGE CO. Loan Correspondent John Hancock Mutual Life ins. Co. 1417 K St. N.W. NA. 9300 Free to Executives 16 Bank and Trust Company Statements A reprint of reports of condi- tion of 16 Banks and Trust Companies of Washington, D. C., as of March 31, 1937, which appeared in The kvening Star. Invaluable reference booklet. Free on request to Executives and Investors. Ad- dress Advertising Mantger, CThe Evening Star PROPERTY M ANAGEMENT EFFICIENT management is most satisfactory to both owner and tenant WE specialize in the man- agement of ail types of in- vestment properties ond are now Managing Agents for some of Washington's most impoertant buildings WE would welcome the op- portunity of discuscing your manogement problems with you. Randall H. Hagner & Co., Incorporated Real Estate 1321 Conn. Ave. N.W. DE. 3600 REAL ESTATE LOANS On Improved property in D. G. and Arlington County, Va. NO COMMISSIONS RENEWALS UNNECESSARY O{pplicati on improved amount by which ultimate consump- | Spinning spindles in place April 30 | in cotton-growing States totaled 18- | 903,660, of which 17,763,054 were ac- | tive at some time during the month, | compared with 18,908,102 and 17,760, 552 for March this year, and 19,149 - 106 and 17,118,660 for Apri' last year. ve spindle hours for April in rowing States totaled 6,929,- or an average of 367 hours per spindle in . compared with 7.323,202352 and 387 for March this vear, and 5702350312 and 208 for April last year l Active spindle hours and the aver- age per spindle in place for April by | States follows: Alabama, 692.821,045 and 366; Georgia, 1.233,103,201 and 373; Mississippi, 67,597430 and 327; North Carolina, 2,108,112,491 and 348! South Carolina, 2.249,263,171 and 399; | Tennessee, 223,634,791 and 348; Texas, 92,007,140 and 362, and Virginia, 203,« 601,996 and 312. i| 1886 1937 5lst Year EE of Progress DRAWING EQUIPMENT STOCKETT- FISKE CO PRODUCING STATIONEHS DI9E ST Money for Construction Loans and Loans on Existing Properties 5% FIRST DEED OF TRUST ONLY GEORGEI. BORGER 643 Indiana Ave. N.W. Nat’l 0350 WE CAN SOLVE YOUR MORTGAGE TROUBLES One of our loan plans will help you refinance to complete satisfaction. Consult SHANNON & LUCHS Mortrage Loan Correspondents INVESTORS SYNDICATE 1505 HSt. N.W. Natl. 2345 BEFORE YOU MORTGAGE or refinance your home or business property LOOK into our plan that offers you a loan, repayable byconvenientmonthly pay- ments, which, in addition to saving you commissions and tenewal charges, also gives you a share in the profits of this Association. NORTHERN LIBERTY BUILDING ASSOCIATION §11 SEVENTH STREET, N. W. Established 46 years MEMBER OF FEDERAL HOME LCAN BANK SYSTEM D.C. BUILDING AND LOAN LEAGUE U. 8. BUILDING AND LOAN LEACUE ons invited for LOANS real estate in Washing- ton and Arlington County, Virginia. Rates and terms commensurate with security offered. finance, build or remodel—See us. Before you re- ‘The American has been helping the people of Washington to acquire 300 Pennsylvania Ave. S. E. OVER homes for the past 63 years. $9,700,000 UNDER U. 8. GOV'T SUPERVISION 4