davidaulloa/AmericanStories huggingface dataset:
Evening star., 1938-04-19
PRICE DROP CUTS
FARMERS INCOME
Staples 13 to so Per Cent
Lower Than at This
Time Year Ago.
~ the Associated Press,

CHICAGO, April l9-With the start
OF the 1888 cycle of farm harvests only
month away, market prices of major
agricultural commodities today are l3
to so per cent less than year ago and
20 to 81 per cent below recovery highs
However, prices are 80 to lit per
cent higher than the lows recorded
during 1882 and 1898.
Farmers have larger quantities Of
produce to sell compared with a year
ago, but the increased supply will not
fully Offset the severe price drop that
has accompanied the business slump,
analysis Of statistics in Chicago COM
modify markets disclosed Conse-
quently, Government statisticians have
forecast drop In farm income COM
pared with the eight-year high record
Of 1887.
Farmers who begin harvest of win
ter wheat in the Southwest late next
month are expected to take the biggest
crop in seven years from their fields,
but the price Of wheat is 80 per cent
less than a year ago and AZ per cent
below the recovery peak. Farmers
have $4,000. 900 bushels more wheat on
their farms than a year ago and the
current prospect Of winter wheat pro-
duction is per cent larger than last
years crop.
Farm stocks Of corn are 100000 600
bushels larger than year ago. but the
price is so per cent lower. The Ma
tion's hog population at the first of the
year was 3 per cent larger, but the
price now IS IA per cent less than in
April, 1887. and "a per cent below the
recovery peak of August last year.
Butter has dropped l3 per cent
compared with a year ago, steers %
per cent. eggs 70 per cent, oats 80 per
cent. rye a per cent and cotton
81 per cent.
The following table OF approximate te
prices in Chicago markets shows what
has happened to farm commodity
quotations:
Evening star., 1938-04-19
D0HERTY SCORES
TRADE REGULATION
Coordination of Federal
and State Activities
Declared Vital.
By the Associated Press.


NEW YORK, April 19.-Henry L.
Doherty, president Of Cities Service
Co, in his annual report to stockhold-
ers distributed yesterday. said some
effective way must be found" to CO.
ordinate the regulatory activities Of
Federal and State agencies "or many
business enterprises will be seriously
impaired or destroyed"
The wave of reform legislation
which has swept the country during
the last five years. Doherty said, has
brought with it a mass Of complicated
and, in many cases, duplication Of
State and Federal regulation. The
enormous cost of this increased regu-
lation has greatly impaired the earn
ing power of many companies. No
matter how merltorious or necessary
proper regulation Of business may be,
an excess Of regulation places undue
burdens upon business, and the cost
thereof must be borne by consumers
and investors alike.
"One Of the most serious problems
facing Government today has TO do
with simpllfication Of laws and regu-
lations, to the end that worthy busl-
ness enterprise may resume its de-
yelopment of the resources of the
country. Such resumption of normal
development alone will cure the prob
lem Of unemployment and restore
prosperity"
Doherty said the immediate busi-
ness outlook at this time is very un-
satisfactory"
The report listed consolidated net
income applicable TO stocks for 1887
at se,6l5,7l4, against s6,s65,4es in
1886.
Evening star., 1938-04-19
SOUTHERN SHOWS
MARCH DEFICIT.
$224,722 Loss Compares
With $2,388,95 Net
in 1887 Month.
By the Associated Press.


NEW YORK, April 19.-Southern
Pacific Railway Co.. one Of the first
major roads to report for March,
showed net operating deficit for the
month Of $224,722, compared with net
operating income of s2.3sS952 in the
comparable 1887 month Gross in
come for the month declined to s15,-
749,o6 from sl9,56O,18s last year.
Kansas City Southern.
Net operating income Of the Kan
sas City Southern Railway in March
amounted to $239,40l, compared with
S272,739 in March, last year.
Erie Railroad.
Erie Railroads first quarter re-
suited in a net railway operating loss
of s269,2o8. compared with a 1887
profit Of s4l94,sss, the company dis
closed March net operating income
was sl6.865, against s1,893.545 in
March, 1887. These figures are after
taxes.
Union Pacific.
Union Pacific Railroad reported net
prof1t for February while most other
roads were operating ''in the red"
February net income for the system
was s1425l7 after taxes and charges
compared with net loss of Sl46,58O
in the like 1897 month.
Results reported by other roads in
cluded.
Evening star., 1938-04-19
By tte Associated Press.

BY u Associated Press.
NEW YORK, April l9,-Increased
activity in United States Governments
featured late dealings in the bond
market today. where the trend in all
groups was mixed.
After idllng through the forenoon,
a majority of both direct and guar
anteed Treasury obligations were un-
changed to 5-32 of a point higher
Losses extended to 4-32
In the corporate group the trend
was down, with losses of fractions to
a point or more recorded for loans
of Bethlehem Steel, Allegheny Corp.
Great Northern, International - 1ro-
Electric and Western Union. .ng
modestly were Santa Fe 4'2s OF l94S,
American &, Foreign Power SIS. Texas
Corp 3l2s and McKesson g. Robbins
bl2s.
A drop of 312 points in Hungarian
3l2s was the principal change in the
foreign list.
Evening star., 1938-04-19
Figures
What They Mean
BY A. A. PATTON.
Associated Press Statistician,

NEW YORK. April 19.-The year
old slump in stock prices. wiping out
more than half the value OF shares
listed on the New York Stock Ex-
change as Of March. 1887, affected
quotations in some industries substan-
TALLY more than others.
Stockholders OF concerns in the
leather business, for example, have
seen prices of their junior equities
chopped 70 per cent-measured by the
Standard Statistics Co. stock price
index-from the peak a year ago.
Holders Of gold mining shares, on
the other hand, have lost only per
cent in the face value Of investments
This bounds the extremes. Not q
single industry today boasts higher
stock values than last year, although
few months ago the ticker recorded
higher quotations for gold mining
companies than was the case in 1887
Cataloguing percentage changes in
the last IL months. based on the
statistical organizations indexes, shows
heavy industry to have been much
harder hit by the defiation than those
groups manufacturing goods for gen.
eral consumer use.
Register Greater Losses.
The six industries registering the
sharpest losses during the slump were
mostly capital goods producers. After
leather came railroads. with SO per
cent drop; paper producers, down 81
per cent: tires. 66 per cent; rail equip
ment and steel, 81 per cent; copper,
motors and air transportation, 81 per
cent.
Financial quarters explain the
greater er-than-average setback as the
result partly OF overoptimistic specu-
lation last spring and partly the fact
that, having passed the crest, demand
for capital goods dried up almost COM
pletely. This reversed the earnings
picture, replacing black ink with red
in many cases.
At the other end Of the roster,
among the industries suffering smallest
losses, were producers Of staples in
steady demand by the average individ-
ual, II gold is excepted.
Stocks in cigarette manufacturing
firms, for instance, were down 80 per
cent; textile fabricators dipped one
third: package food professors So per
cent and shoemakers 80 per cent.
Holding Firms Slump.
Utility operating companies showed
relatively moderate declines, with 4
dip Of 40 per cent. Holding concerns,
on the other hand. dropped S. per cent
from the peak last year. The diver.
gence, analysts point out, was caused
largely by the leverage factor inherent
in q holding company, based as it is
on equities Of other concerns, and
having either bonds or preferred stocks
with . prior claim on earnings stand
ing ahead Of the common stock.
Shares in firms dealing principally
with the Nations farmers recorded
almost identical declines from the
highs, mail order houses being knocked
down 81 per cent and agricultural ma
chinery manufacturers losing SO per
cent.
Airplane manufacturing, favored by
the Governments rearmament pro-
gram. receded IS per cent. This was
substantially less than the 81 per cent
loss In air transport stocks.
Evening star., 1938-04-19
REPORTS DISCLOSE
SLUMP IN PROFITS
First Al Companies Show
Quarters Net 29 Per
Cent Below 1887,
b the Associated Press.

BS the Associated Press.
NEW YORK, April 1s.-Earnings
Of the first ~ companies issuing state
ments for the quarter ended March 81
show a decline Of 20 per cent COM
pared with the opening three months
Of 1887.
Net income reported by this group
totaled SIS. 5.3os.O 900, against $77,2e4, 900
in the same quarter a year ago.
This relatively good showing, how
ever, was the result largely OF the
inclusion Of one report, that Of the
huge American Telephone IL Tele-
graph Co., which accounts for more
than two-thirds of the total.
Eliminating this statement from the
tabulation, profits Of the remaining
As concerns plunged 81 per cent from
the first-quarter levels year ago.
Only seven Of the ~ reports had
higher earnings this year than last,
while IL firms operated in the red.
All save one were in the black last
year.
Evening star., 1938-04-19
Lull Continues
In Steel Demand.
Output Reduced
81 the Associated Press.

~ the Associated Press.
CLEVELAND, April le.-Daily
Metal Trade today says:
Business in finished steel products
Is developing In discouraging volume.
Current demand is rot equal to that
experienced last month ana even
shipments have fallen Oh.
This is being reflected in lower ingot
operating rates ut important produc-
ton centers. Lack Of active auto
motive demand is being felt keenly
Consumers stock piles are low, in
many instances having been virtually
depleted, but this has not spurred for
ward covering, buying being confined
to small, prompt shipment tonnages.
Evening star., 1938-04-19
B. & o. L0ADINGS GAIN
MODERATELY IN WEEK
speclal pispatch to Tho Star.

Special DISPATCH TO Inc Star.
BALTIMORE, April l9.-Carload-
ings on the Baltimore & Ohio Rail-
road for the week ended April l6,
1888, totaled 35,747, comprising %, ,oe2
cars loaded on line and 1885 re-
ceived from connections.
For the same week last year the
total was 53,0l1, consisting of 34,3l0
cars loaded on line and 18,70l re-
ceived from connections, while, for
the same week of the year. 1880, total
loads were 66,216, including 44,l0l
cars loaded on line and 22,1l5 received
from connections,
Last weeks loadings were 1886 over
the previous week Of this year (the
week ended April 81, when the total
was 34,384, of which 22.499 cars were
loaded on line and 1885 received
from connections.
Evening star., 1938-04-19
NEW YORK PRODUCE,

NEW YORK. .April 19 R.-Egss,
packs. 2oTs-2lA stand ards. 2oN; frsts.
1sA-h;. seconds. .17la-1s; mediums. I'M;
dirties, No. /. .17A; average checks. l6X;
storage packed hrsts. 1890.
Butter, 1,3o3,639; weak, Creamery:
Higher than extra. 27-27'4: extra (92
score). 26A: hrsts lsS-9J. 23-26A; sec
onds (S4-S7. 20h-22
Cheese. 345.616; quiet; prices un-
changed
Dressed poultry. generally steady. Fresh
ducks. 1412-16; frozen ducks II: other
fresh and frozen prices unchanged
Live poultry by freight. weak. Fowl
17Aa-1a: mostly 1919: old ROSTERS. IL.
4; mostly 10. Turkeys hens. 25: Toms.
26; mostly 1926; crosses. 2l-25 mostly
1928; Leghorn, 21-22: mostly 90. Fowl,
colored. 20-22; mostly 21-22; Leshorn. 20.
Evening star., 1938-04-19
PAPERS TO GET MOST
OF T. w. A. ADVERTISING

By the Associated Press.
NEW YORK, April l9.-Newspspers
will receive the better part of the ad-
vertising dollar of Transcontinental
e. Western Air Inc, during the rest
of 1898, it was announced.
Newly appointed as advertising
manager for the line. J. c. Roberts,
FORMER automobile advertising eXecu-
tive, said, Newspapers will carry the
bulk of T w. A. advertising for the
remainder of the year
He forecast the company would
establish the first four-motored air
plane coast-to- coast service this year.
Evening star., 1938-04-19
NEW YORK BANK STOCKS
NEW YORK. April 10 lP.-lnvestment
Bankers Conference, Inc.
U. S. TREASURY POSITION
b the Associated Press.

The position Of the Treasury on April
I6: Receipts, .S10,7L IL .s93.42; expenditures,
4eo.os; customs receipts for the the month.
S12.1a2, ,3S2 90.
Receipts for the fiscal year tsince July ~
eXpesditHFes se saS $685. 10
of emereency eXpenditures): excess OF ex-
penditures. S1,l2s,46a.9s5.6 SO; gross debt.
S37,563. 421. 1901, an increase of $685.
1890 above the previous day Gold as
sets. S12 S2a 900 404 81.
Evening star., 1938-04-19

Crucible Steel Co. of America
Companys plants at Harrison and
Jersey City, N. j., closed by strikes
since March IA. will reopen As . re-
suit Of settlement Of the differences
with Steel Workers Organising Com
mittee.
Evening star., 1938-04-19
600 TONS OF LEAD SOLD.

NEW YORK. April 19 (P,.-St. Jo,-
eph Lead Co. reports IS tons Of South
east Missouri pig lead sold vesterd.~
at S4.35 per 100 pounds East 81. Lou
400 tons at s455 New York and lL5
tons at the New York average.
Evening star., 1938-04-19
METAL MARKET.

NEW YORK. April 10 lP.-Copper
steady; electrolytic spot 1000; export.
l022. Tin spot and nearby. 80 90: for
ward. 3e05; Lead steady: New York.
spot. $50 55: East st. Louis. 4.35. Zinc
steady; East ct. Louis spot and forward,
425. IRON: aluminium, antimony, quick.
silver, platinum and wolffamite un-
Evening star., 1938-04-19
U. S. TREASURY NOTES.
NEW YORK April "a p, Prices quoted
n dollars and thirty-seconds:
ODD.LOT DEALINGS
Ry the Associated Press,

The Securities Commission reported to-
day these transactions by customers with
odd-lot dealers or specialists on the New
York Stock Exchange for April IS 1.512
purchases involving ! SIS 90 shares, 1851
sales involving l6c S5@ shares
Evening star., 1938-04-19
MONTREAL SILVER.

MONTREAL. April 10 R.-silvsr fu-
tures opened IL higher to 80 lower. May
4l.26; ApHil. 41.30 bid. 4
Evening star., 1938-04-19
INVESTING COMPANIES
Moon quotations.

NEW YORK. April 10 LP,.-Investment
Bankers Conference, Inc:
Evening star., 1938-04-19
INSURANCE STOCKS

NEW YORK. April 10 lP.-Investm.nt
Bankers Conference Inc:
Evening star., 1938-04-19

WestcFester II goa I'd - 3SI2
Also extra or extras
Declared or paid so far this year.
gPaid last year
Evening star., 1938-04-03
Clock Dies With Owner.

True to the old popular song, q
small wooden-cased clock has died
with its owner. s1-year-old Frank
Dawes Of Mosborough, England. 1t
was one of his most treasured pos
sessions. Don't throw it away" he
often said, 1T will last me lifetime"
During the funeral services at his
home, only 10 minutes before he was
taken for burial, the clock stopped.
The spring had broken.
Evening star., 1938-04-03

shall Finnan. Edwin Hahn, John rl,l-
der. Wilbur La Roe, jr.; the Rev. Lu-
clan Lauerman, Owen Lovejoy, Mrs
John Jay O'Connor, Mr.. Schoenthal
Willard C. Smith, Walter S. Ufford and
Mrs. Walter S. Ufford.
For reelection to the Board of Di-
rectors for three years, the committee
nominated Miss Belle Sherwin, Mrs
Eugene Meyer, Mr.. Ihlder and Dr.
George c. Rutland Arthur Schoen-
thai was nominated for election te
the board for q one-year term.
Evening star., 1938-04-03

Bureau of Engineering; Frederick J.
Bell, Bureau of Navigation; Richard
F. Johnson, jr., Office of the Chief
OF Naval Operations; William L. Erd-
mann Bureau of Aeronautics; Samuel
G. Kelly, Naval Observatory; Hugh j.
Martin, office of Judge Advocate Gen.
eral: John H. Sides, Bureau of Ord
nance and Charles H. Anderson, jr.,
Naval Gun Factory.
Other officers selected for promo
ton follow:
Evening star., 1938-04-03
Roscoe. d. L.. jr.
Hammond. D. r.
Kins. Robert D.
Wood, Lester o.

Stewart, A. p.
Becton, F. j.
Gillette. Ralph G.
Williamson. r. T.
Sampson. Robert r.
Hawkins. Carson
Miller, Justin A.
Porter, Samuel H.
Nolan. r. L.. jr.
Wickens. Justin Leo
Brush. Frederick J.
Jung. Karl Edward
Martin. Marshall r.
Murphy. James A.
O'Connor. M. @.
Copeland. N. c.
Cook. Lawrence B.
McKaig. william v.
Farrington. Elwin L,
Woods, William p.
Smith, julius E.. jr.
Molumpny. @. @.
Norvell. William c,
Mccain. John g.. jr.
Gardiner. Josef NJ.
Da Wis. James Henry
Parsons. William X,
De Metropolis. G.
10th. Joseph c.
FaWkeS. Emerson Il.
Mitchell, G. H.
Ruckner. Edward A.
Frazer. Charles L.
Baker. Harold E.
Sosnoski. Harry
Ward. Alfred G.
Hurst. Edwin w,
Evening star., 1938-04-03
To Lieutenant Commander.

McCa,lum, Daniel J.
Macdonald. Frank W
Sail. Herman
Teller. Steauman
Dantzler. Tlllman T.
Mlnter, Robert o.
Quinn, Bertrand D.
Bedford. Stephen r.
Hayes. John D.
Schrelner, Max
Maely. Austen V.
Lockhardt, Robert G.
Raean. Thomas c.
Goldthwaite. Robert
Williams. Jack B.
Rrereton. Wilkie H.
Harvey. Warren w.
Demarest. Harold r.
Weeden, w. w. jr.
Parker, Elton c.
Watts, Ethelbert
Sharp, Lewis D.. jr.
1ouman. c. M. E.
Heine, Minor C.
Richter, Henry E.
Dean, Frank z
johnson, Leon w.
Hopkins. Howard v.
Burris, Harry
Webb, r. c.. jr.
Lillard, Joseph 8.
Barnes, Arthur D.
Evening star., 1938-04-03
SOCIAL AGENCY COUNCIL
TO MEET ON APRIL 13
DR.. Edward L. Israel, Baltimore,
to Be Main Speaker at
Annual Session.

co DC mHIH 6PeHKeT HC
Annual Session.
The seventeenth annual meeting of
the Council Of Social Agencies will be
held Wednesday, April l3, at 1890
pm. at the Burlington Hotel. DR..
Edward L. Israel of Baltimore will be
principal speaker, discussing Trends
in Social Work Today"
The Nominating Committee, COM
posed Of Mrs. William Kittle, DR..
Loren B. T. johnson and Miss Hattie
Henderson, has presented the follow
ing nominations for members at large
for one-year terms: Mrs. Jesse Ad-
kins. James v. Bennett, L. A. Car
ruthers, Mrs. Whitman Cross, c. Mar.
Evening star., 1938-04-03

Garvin, Joseph H.
Rice, Lester K.
Barchet. Stepnen G.
Tammany. VIM. p.
Cutler. Shirley Y.
AriSon. Rae Emmett
Mathews. Bob Orr
Mclean, e. R., ir.
Vieweg, w. v. R.
Stout, Richard F..
Hyman. Willford M.
Handy. Albert
Ellis. Norman Wyatt
Pahl. James Robert
LongfelloW, VIM. j.
Callaeha Joseph A.
Laidlaw. James 8.
Hurst. Adrian M.
Brand, ]. w. c.
Davis. VIM. ", jr.
Stoddard. Gordon M.
Templeton. r. H.
Wilkinson. Edwin r.
Brown. William D.
Gamet, Wayne Neal
Abdill. Everett w.
Cleaves, Willis E.
Layton, Edwin r.
Young. Edward w.
Turner. L. A.. jr.
Sutlin. Robert c.
Oswald. Adolph H.
Furth. Fl ederick r.
Layne. Frank c.
Burchett. Eugene c.
Stott. George w.
Harris. Dale
Earl. Kenneth
Calvert. Allen p.
Blaylock. I.e Roi B.
Miller. Harold B.
Roane, Virginius r.
Thew. joseph p.
Cromwell John P.
To Lie,
Catterton. Max L.
Curley. Kyran z.
Belts. Sherman w.
Hatton. George A.
Day. Edward M.
Uehling. Gordon A.
Booth. G. T.. end,
Needham, Ray C.
Webster, John A.
Guilbert. Edward H.
Foley. Joseph F.
Merkle. Francis B.
Brossy, Henry E.
Mckee. Francis A.
Ashworth. T.. Jr.
Robbins. B. A.. jr.
Greene. Thomas j.
Hooper. Edwin B.
Gibson. Wayne F.
Hollister, William w.
Braun, William B.
Evening star., 1938-04-03

Hale. Henry r.. Brown, William ".
Mackert Robert ". JaAp, Joseph A.
Jones. Alvin A.
Evening star., 1938-04-03

Southworth, H. b.
MONTGOMERY. G. c.
Fraser. Thomas Z.
Oexle. Charles W.
Taylor, E. j.. jr.
Peterson. Wallis r.
Mcdonald. Charles c.
Neale, Edgar T.
Seay. Erskine A.
Perkins, Albert N.
Young, Rufus c., jr.
Hogle. James B.
Rooney. John B.
Ball. Frank H.
Stormes. Max c.
Goodall, Henry w.
Hartwig. Glenn r.
Temple, Harry B.
Lankenau. Wilfred E.
Waldron. John C.
Townsend, Arthur M.
Waller. RAYMOND r.
Peterson, George e.
Irish. Elijah w.
Doggett. Burton l..
Coley. Lewis E.
Daniel John c.
Adams. J. W., tr.
Read. Henry T.
Winecon, c. L.
Stuart. Charles j.
Nichol, Bromfield. B.
Doan. Henry c.
Seaward, Eugene T.
Warren. John T.
Gardner. Francis H,
Worthington J. M.
Clark. Robley w.
Lee. Charles L.
Ahrahams. Noble w.
Wood. Arthur c.
McDonough. j. p.
Hubbard Harry e.
Goodwin. E. s. L.
tenant.
Ramage. Lawson p.
Mullins. Henry, jr.
Volk. Louis Frank
Miner. John OdRers
Lewellen. Baford E,
Hay. Richard Ross
Gurnette. Byron L.
REYNOLDS, J. r. 2.
Weir. Frederick U.
Daniels. Donald V.
Abbott. Howard J.
Fellows. John B.. jr.
Fraser. Archie D.
Peckham. George E.
Theobald. r. A.. jr.
Robertson. E. L.. Jr.
Hawk. Claude V.
Gray. Albert D.
Van Mater, 8.
Hunter. Raymond P.
Peters. James McC.
Evening star., 1938-03-23
BUTTER AND EGG
PRICES ARE STEADY
Stabilized Balance on Chicago
Market Attributed Partly to
U. S. Buying Support.
y the Aespcinted DR.

BY the Associated Pr,
CHICAGO, March 23,-Practically
immobile butter and egg prices today
gave Chicago produce markets sta
biliZed balance which many traders
attributed partly to recent Govern
ment buying support
1t has been weeks since butter prices
have shown much change. Butter is
almost cents pound lower than a
year ago, wholesale. while eggs are
about cents dozen lower.
The Government has curtailed its
buying in Chicago the past few days
but has continued purchases in New
York, although in reduced volume.
The future activity of Federal agents
in Chicago was uncertain because of
question that has risen concerning
liability for the Illinois retailers oc-
cupational tax in cases where dealers
sell to the Government, which, IN turn
distributes butter into relief channels.
At 291e cents a pound for butter
grading extras, prices are practically
the same as they were in mid February
When the Government program got
under way. Federal agents have
bought more than 100000 pounds.
mostly at 29la for extras in Chicago
and 30l2 in New York. Heaviest buy
ing last week was done on the Pacific
Coast.
Trade indications point to a con-
tinuance of butter production in excess
OF year ago and many dealers won-
der what Government agents viii do
when the season of flush production
begins.
Evening star., 1938-03-23
FOREIGN MARKETS.

LONDON. March % P.-Price move
nents. were mixed In the stock market to-
day. the gilt:edeed division moving upwa rd
on encouraring revenue figures. America n
securities closed weak with losses rang
in9 from ! to 5 points. Industrials were in
tobaccos. and steels. and home rails also
advanced. Coppers opened lower, but re-
covered later, while European bonds sold
:, PARASITIC general tone was weak at
the close Of the Bourse with the industrial
francs down. Banking shares finished il
to 20. francs lower. and Royal Dutch lost
$50 francs and Suez Canal 455. Rentes
lower,
Evening star., 1938-03-23
Stone & Webster
Reveals $86l,6O
Balance for 1897
BY the Associated Press.

BY the Associated Press.
NEW YORK, March 23.-The con-
solidated income statement of Stone g.
Webster, Inc, and subsidiaries for 1887
showed balance of 1851 $40 applica-
BILE to the common stock, compared
with q balance Of $l,102,132 in 1886.
The 1887 balance was exclusive OF
the earnings of Engineers Public Serv-
ice Co and its subsidiaries, and the
Sierra Pacific Power Co. Stone &
Webster's holdings in these companies
were distributed to its shareholders
during the year to put the company
outside the scope of the Public Utility
Holding Company Act of 1885.
Net income of Stone & Webster, the
parent company, was s836.S28 in 1887,
equal to 80 cents a share, compared
with $795,707, or 81 cents a share in
1886.
Evening star., 1938-03-23
GASOLINE STOCKS
SHOW SMALL GAIN
Reach New Record Peak
but Advance Slows
Sharply in Week.
BY the Associated Press.

By the Associated Press.
NEW YORK, March 23.-Although
rising to new record peak again dur
ing the week ended March 49, gaso-
line stocks showed the smallest gain
since mid-November last year, accord
ing to the American Petroleum Insti-
tute.
Finished and unfinished gasoline
stocks at refineries. terminals and
in transit totaled SO, 49,, 900 barrels, an
increase of 100000 barrels for the
week.
The institute indicated crude oil
production jumped 5l,450 barrels
daily during the period to 3.433,650
barrels. Large portion of the increase
was In California.
Refinery operations were practically
unchanged from last week, runs-to-
stills averaging 100000 barrels daily
against 100000 barrels.
Cracked gasoline output dipped to
695,000 barrels daily from 05,OO0 bar
rels. while imports of crude and re-
fined oils were declining 100000 barrels
for the week to 1901 900 barrels.
The complete report for the week
ended March 10 follows in detail.
Daily average crude oil production
Figures in barrels:
Note: The figures indicated below
do not include any estimate of any
oil which might have been surreptiti-
ously produced.