The Los Angeles Times from Los Angeles, California • 23

FINANCE fto Ansete dime BUSINESS APRIL 20, 1941. SUNDAY MORNING. Monthly Voluma MILLIONS Of DOLLARS MILLIONS OS DOLLARS 300 -1 1 300 March in Othr Ytart I NEW YORK VIEWS By George Hughes MARCH OF FINANCE By Wesley Smith i ml Signs of New Order for Business Multiply Higher Taxes and Wages, Price-Fixing and Rationing of Cars Among Changes Looming BY FRANK MACMILLEN NEW YORK, April 19. (P) Events broke with dizzying swiftness this week to make ever clearer the outlines of the new America in which we are coming to live a war-torn world where long-fixed personal and business habits are 1 250 March, 1941 200 -jJ 150 1940 $121,708,000 1939 125,225,000 1938- 79,396.000 1937 90,168,000 1936 55,270,600 1935- 32,209,400 1934 28.076,100 1933- 16,021,000 1932- 33,208,600 1931 100,912,600 1930- 101,492,000 1929- 196,912,000 150 ,00 aLL- British Rush for Insurance Raid Policies Demanded After Recent Bombing; Stocks React Stoically LONDON, AprU 19. (Exclusive) Stock markets this week reacted stoically to Wednesday night's mass blitz on the capital, prices, already depressed by.

events in the Balkans and Near East, were largely unchanged. The gilt-edged market, however, became a trifle firmer on reports of British naval activity in the Mediterranean, but Mediterranean shares, such as Anglo-Iranian Oil and Egyptian Unified, remained weak. vu jolted dally into new patterns. HTT so 1 I 1933 aJuu ft $11,805,300 Higher taxes, higher wages 194T" 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 19391940" SOURCE OF DATAi F. W.

DODSl CORPORATION FOR 37 EASTERN STATES In Its fiscal year ended April 30, 1910, Interstate Aircraft Engineering Corp. reflected marked progress, principally as a result of its expansion from a machine job-shop to a nationally known aircraft hydraulic accessory manufacturer, supplying major aircraft companies engaged in defense work. This trend has continued at an accelerating pace In the current fiscal year as the annual report to be Issued around the middle of the month will show. In addition to sharply Increasing the volume of Us Important defense parts business, the company has developed its production of light planes, designed to meet requirements of the civilian pilot training program, to two NEW YORK, April 19. (Exclusive) Transition from a peaca to a war economy call it defense if you will proceeds apace and, as in the case of any transition, Is a more or less painful process.

The greater the resistance the more painful. Just now the business indexes record some recession largely because of the strike epidemic. Closing of the soft coal mines cut carloadings when the season al factor called for an increase, and. the Dow-Jones loadings ln dex' dropped to the lowest point since week ended Jan. 4, last But this is a temporary decline, for when the strike is settled tht accumulated deficiency in con-' sumers' stocks of fuel must be mad- up.

The longer outlook for the railroads is that they will have all the traffic they can move. rrnLic srpi'ORT wanes It is gratifying to hear that the threat of a rail strike Is Rail Bonds Attempt Rally Carrier Issues Register Gains; Governments Stronger UPTREND RESUMED Residential building in the United States has been climbing steadily since the low point reached in February" shown in the above chart. Reaching a new peak, for the last decade at the close of 1940, activity tapered off, but In March of this year resumed the uptrend. price-fixing, rationing of automobiles and abandonment of new models for 1943, all moved across the headlines in dizzying succession. Here are some of the things that happened to old habits and ways of doing business In the past seven days: 1.

For the first time since the motorcar became the ordinary mode of daily transportation, production is to be restricted below demand by 1,000,000 cars or 20 per cent, Five Exchange Firms Formed Destruction wrought by bombs, although not reflected in market dealings, did have the effect of NEW YORK, April 19. ()- planes a day in its El Segundo Rail bonds today put out feelers for a rally as market sentiment Banking Group to Hear Editor Independent Association to Meet Thursday in 'Times' Auditorium Wheat Makes Sharp Rally Buying Attributed to Predictions of Damaging Weather improved a bit at the week-end. as Eight Quit plant. A larger ship for private; intensifying the rush on insur-owners will be added to the com-ance offices for policies to cover pany's line of trainer -sport si business equipment under the planes this' summer. government's War Damage Act.

GAINS RECORDED IcOMPl'LSORY PLAIT The majority of carrier issues actively traded emerged from the short session with fractional NEW YORK, April 19. ()-' The New York Stock Exchange today reported eight member A iew comparative ngures givei nus pian, compulsory tor an an idea of the growth and expan equipment worth more than firms will dissolve at the end of April and five new ones will be gains. Predictions of further expan-; sion in traffic, which already has increased sufficiently to better the financial position of many roads, helped raise the rail list off the bottom of the April decline. ion oi me company. (tiwu t3iuuu.) came mio lorce Employees now number as the same day the Germans formed.

Two big odd-lot firms han dling husiness on the floor in less against 139 on Jan. 1, 1940, and launched the biggest raid London 75 on Jan. 1, 1939. has yet experienced. Business or- The pay roll has risen to ganizations have 30 days in which 000 from $12,000 on Jan.

1, to take out policies, and employ-and $20,000 on Jan. 1, 1910. crs who arrived to find their of- than the standard 100-share trans ON" HIGHER LEVELS actionwill merge to form one Among those finishing a little house. They are Carlisle, Mellick Co. and Jacquelin De Cop- higher were Santa Fe General 4s, floor space nas increased lo.fices standing intact amid masses 50,000 square feet from 41,000 as 0f debris, rubble and broken Detroit Edison 3s, Nlckle Plate It is also a gain that the mosf recent union labor demand, that upon General Motors, exempted plants engaged in defense work from suspension of operations.

The steel industry has yielded to the unions although at the ex-; pense of a wage increase which will increase costs greatly. Mean-" while the organized labor movement has lost popular support to an as yet indeterminate extent; If the signs can be relied upon this particular crisis is passing. The price problem is still uiv: solved. However, a calmer view is taken of Administrator Leon Henderson's action in iron and steel prices. The emphasis is now put on Henderson's assurance that the way will be kept open for adjustments as they are proved necessary.

That steel people will not be 5 Republic Steel 4V4s, Wal of Jan. 1931). glass rushed off to obtain insur Present backlog of orders is in ance. pet, to be consolidated as Carlisle Jacquelin, with 25 partners. Firms dissolving are Norton The Independent Bankers Association of Southern California will hold its April general meeting in the Times Auditorium Thursday at 6:30 p.m..

A. H. Lawrence, president of the association, announced yesterday. Weslfy Smith, financial editor of The Times, will address the meeting on "Interpreting the Financial Section of a Large Newspaper." Special guests of the bankers will be editors and representatives cf their local newspapers. Following the dinner meeting, the members of the association worth 4s, Southern Pacific 414s and Shell Union 2tts.

excess of $2,000,000, a great por-i in a week of setbacks and dis- Conway W. H. Goadby tion of which is on the company appointments, financial circles de Fractionally down at the close were Southern Railway 4s, In proprietary articles, gun cnargers, rived particular satisfaction from CHICAGO, April 19. WV-Wheat prices dropped about a cent today as a result of selling inspired by war news, weakness of securities and good grain belt precipitation, but then rallied sharply and pushed upward for small net gains at times. Buying on the recovery was attributed partly to forecast of freezing temperatures for much of Kansas, with a hard freeze likely in western and north-central areas.

H. C. Donovan, crop expert, said should temperatures fall to 25 degrees winter wheat would be damaged in sections where It has Jointed. However, he said, reports indicate none is jointed any farther north than Wichita and it Is problematic as to whether or not damaging frost will reach that far south. C.

M. Galvin, another expert, pointed out that many Halstcad Harrison, Henderson Whitehouse. Hudson Co. and H. N.

Whitney Sons. New firms will be Hen ternational Hydro Electric fis, the latest step toward moblllza tion of Britain's "direct invest Armour of Delaware 4s and Mis mcnts" In the United States the souri-Kansas-Texas 5s. derson, Harris Whitehouse mortgaging of the Britlsh-Amer Columbia 6s advanced in the foreign bond list. Brisbane 5s lea Tobacco holdings In the H. N.

Whitney, Goadby Co. and Wlneman, Weiss Co. hydraulic valves and accessories. At the beginning of 1939 the backlog amounted to only and at the start of 1910 It stood at $250,000. SALES JUMP Sales for the first 11 months of the fiscal year which ends April 30, next, were $1,027,719.

In the previous fiscal year net sales beginning next fall, perhaps more later and the man with money in his pocket may not be able to get the car he wants when he wants it. General Motors announced new models for 1943 will be dropped to conserve men and materials for defense. 2. Plans were laid to boost taxes 25 to 50 per cent for individuals and business con-cerns with the aim of raising one third of the record budget for Federal expenditures for defense and government in the year beginning next June 30. 3.

age boosts totaling more than $100,000,000 went to workers in the nation's steel plants and many millions more to coal miners, as economists and businessmen speculated whether this pay increase in the "backbones of industry" Is to be the signal for a general upward spiral of wage levels and prices. 4. For the first time since the World War, and for the only time in peace, the government intervened to "freeze" the price of the chief Industrial metal, steel. 5. Businessmen for the first time got an actual picture of what the government's new emergency powers (other than the taxing power) could mean to profits when the price-freeze In steel was decreed almost on the heels of the 10-cent-an-hour wage boost.

An expected Increase In steel prices died aborning. The load went on profits and to operating efficiency In the mills, Instead of directly on the user of steel. 6. Statisticians who had made early calculations that Americans In 1940 would re- dropped 1 to 58. and their guests will make a tour Brown uliamson Corp.

TECHNIQUE CHANGES What interested financial clr TREASURY ISSUES compelled to produce at a loss. United States Treasury bonds! That much Is certain. of Inspection of the Times plant. PUBLIC RELATION'S Organized about 14 years ago, the Independent Bankers Association of Southern California In firmed somewhat in the over-the- cles most concerning the transac counter market toward the finish, recovering earlier small losses to Industry Trend for Veek Mixed Cotton Gain Offsets Declines in Other Lines PROFITS LIMITED Profits will be limited and the share available for the stockholders curtailed, but that has bsen taken Into account In the stock CroTnnr ui7 ch ch0n Wasn' the Involved, ZVUHK Itl Sfr rpnt nbut the important change in tech-TJ 11 8 fornique from that employed In the Net Profits in the 1910 fi cludes most cf the unit banks in end unchanged or slightly higher. points In Kansas reported light to heavy snows, which, he said, The Associated Press average of 20 rail bonds was .1 of a point the area from Santa Barbara to San Diego.

It was formed for eotnofi" win imim a xvuiti tcaii isi.Uitj should protect wheat higher at 63.4. Industrial and 'market's appraisal of the wartime Then ownership and con the purpose of co-operation In a net loss of 15,088.85 In the pre- Wheat closed unchanged to utility averages were unchanged. the consideration of such prob higher compared with yester- buyers. Now the Recon lems as public and customer re NEW YORK. April 19.

UP) day; corn was unchanged to lations and advertising as ap plied to Independent banks. profit the fiscal yeVnoWi ing are estimated by officials Ji ll nn thrt Ml (VYl Rh.iw.i0' 8 PltS $2 tO The Associated Press Index of. off, and oats lower to industrial activity held steady. higher. this week at 120,5.

A big gain in; During the past year, the association has been working on a plan under which its members could enter more actively in the field of consumer paper, a greater outstanding, compared with 42' bo Paul to the British-American cents a share last vear company to be turned over to the Billings for the month of March IJritih trasury fr financing at $203,039 reached the highest ff materials total for any month since lhe conro! of Wll-company started In 1937. remains with the British part of which is handled at pres Transactions amounted to. face value, against $3,451,300 last Saturday. Spotty Strength Steadies Stocks NEW YORK, April 19. () Stock prices generally softened again today as the market edged out of another declining week with persistent apprehension over wrar developments.

Numerous lows for the past 10 months or longer again were registered In exceptionally quiet dealings but losses on the whole were in minor fractions and scat ent by the large branch banks Continued Profits Seen Despite War Executive Optimistic Regardless of Outcome and finance companies. Also a l'ti tt wnijotij' owu vuc iuau value of the steel stocks. All of which dees not stop the steady advance in the general price ljvel. That goes on relentlessly. It may be monotonous to cite the evidence of the indexes, but it does not help to ignore it either.

The 900-odd items which make up the weekly compilation of the Bureau of Labcr Statistics are now at the highest since November, 1937, and the advance has been continuous for feven consecutive weeks. The figure stands at 82.9 per cent of the 1939 assumed par; it was 85.3 four years ago when It made its post-depression high. The dally lndej of the same bureau is at the highest since it was first computed. CANADA'S POSITION What decision, If any, has been reached with regard to re-plenishing the Canadian govern. plan for a cooperative public re from the R.F.C.

will be repaid over a 10-year period out of Brown Williamson earnings. PLANK OUTPUT Since Jan. 1. 19 11, the company has delivered 53 airplanes. It has cat iiti MctrlVinrir rwilnta In Smith cotton manufacturing offset declines in other lines still affected by union labor disputes.

A month ago the index stood at 120.9; a year ago at 01.8. Production in cotton textiles boomed under the Influence of orders hrought In by the wage increase which will take effect in the next few months. Steel production dropped a bit as the soft coal tie-up began to force curtailment here and there. Railroad carloadings declined contrascasonally due to another sharp drop in coal shipments. lations effort, designed to make the public mere conscious of the important a rt independent America.

Honolulu. Ft. Worth. iSYSTEM APPROVED "Despite what may happen In banks take in banking affairs of the State, is being prepared and will be discussed at a breakfast celve the enormous total oi $33,000,000,000 In salaries and wages, about the same as in the last big boom year, 1929, be-gan to revise their estimates to higher figures which would break all records. tered recoveries were in evidence meeting to be held Jointly with the war, whether England loses or wins, American corporations will continue to earn dividends for security holders and Investments In American business will at the close.

The Associated Press average the Independent Bankers Asso ciation of Central California dur ing the convention of the Califor Electric power production San Francisco, Chicago, This arrangement, which one Indianapolis, Now Orleans and financial writer here describes as New York. fan ingenious circumventing of Interest currently being the Johnson Act," is regarded by evinced by Mexico and South' British investors as a big im-American countries In promoting jprovement on the previous meth-civilian pilot training points to a of an outright sale. Hopes widening field for trainer-sports: were expressed that similar ar-planes. Some of these nations jrangements will ho made in deal-are reported to be considering ing with many other "direct in-purchasing such planes for the jvestmcnts" still in British hand, use of civilian flying clubs. which some estimates here place of f0 stocks was off .1 of a point at 39.2.

lowest level for this com was also down against the nor-1; profitable in the future as KEI.EASK OK MATERIAL nia Bankers Association at the iney nave m-cn in uii: wiit-u mal seasonal trend posite since June 11 when the Huntington, Tasadena, next The mere speed with which Automobile production made ihPsp vents came left many of, French collapse hit prices. In 13 ments diminishing supply or their Implications' vague in the; consecutive sessions the market d0lar rXchange has not 'been minds of businessmen but some; was able to get up only once, rJist losod at this writing. Cana. a small gain, nut less than normal for this season. The Ford strike still was holding down month.

CROUPS CO-OPERATE The Southern California association co-operates with the Independent Bankers Association of the 12th Federal Reserve Dis da i a belligerent, but to apply of the details became clear. mat mil .1 oi a point iast While defense priorities have at more than 200.000,000 (about against her the restrictions im properly This was the statement yesterday of It. J. Elchler, executive vice-president of Bateman, Elchler who addressed the business education section of the Southern California Junior College Association spring meeting held at ChafTcy Junior College in Ontario. "Never before in our history $S00 ,000.000.

As the government gave iu hniH.hark order to motorcar mak-l Drying up of selling was mod- Components of the Index, ad raised certain supply problems, nosed bv the misnamed "Neu justed for normal seasonal varia Despite the government's to the public to curtail ers they were known to be pre-jerately comforting to forces thattraiity Act while extending the Interstate officials are not ex pecting to encounter any insur tions, compared as follows: Lt Pr Aulomnbil in 2 It CO 1 0 paring to release vaiuaoie ma-j''e me hh imi pii-uy aid to wreat uniain, terials fcr the peak load of aims.diounted a lot of bad foreign stupid. Canada Is our best production, which probablv will domestic happenings. Trans- and most valued customer and come some time next vcar. and for the two hours amounted t0 insist on cash "on the barrel. mountablo difficulties with re- spending to a minimum, more spect to the supply of materlals'currrnry bills than at any time for their light pianos.

Ion record were in circulation In The fact that such pianos do; this country over the Kaster holi- mill tel MM 135 Cotton mfi rt 1110 1M 0 have our financial problems been trict, the prime purpose of which Is to encourage legislation beneficial to independent banking, preserve the dual banking system in the United States and to take such other action may be deemed expedient to protect the husiness of Independent banking generally. Officers of the Independent day. official statistics show. i.m.mi bnarcs comparra wiui head in payment tor me war Turn to Page 21, Column 3 200,300 last Saturday. sunnlies she buys from us Is as 97 (Iff pow prod n0 141 I rmiflrntml hlrit 10S 1 109 I Tom I crloirtiin xlS 3 "18 CompotlU Inrtn 130 130 i I 1941 inw: 1041 hlh tit lliuic luilijJilA.

jic viiiinnvi. "There may be a few people who believe this country has reached its complete growth. However, there will be new enterprises and these will need new financing. "Funds available for Investment In this country are at their highest level In history and oil fild news By HOWARD KEGLEY In the southwesterly portlonlman Hill field iu No. 3U-18Q Bankers Association of Southern California Include A.

H. Lawrence, cashier, First National Crude Petroleum Stocks Reduced not use up a great amount of aluminum Is indicated by the estimate of engineers that 5000 light planes of the fabric-covered type will require only the amount bf 'aluminum used In one heavy bomber. IMPROVE PROCESS Under a patented method, Interstate, by the use of its "fabrt-clips," covers the wings of its planes in 20 minutes, where the flb-stltch method requires seven or eight hours. Its hydraulic rib-stamping process takes alKUit a fourth of the time required by Rank of Pomona, president: H. C.

Municipal Bonds Display Strength California municipal bond averages moved fractionally upward during the past week, closing yesterday at 131.531 and a 2.49 per cent yield, as compared with 131.270 and a 2.50 per cent of the Coalinga Nose field, where well as a gasscr In more Idle cash awaits invest Dolde, vice-president, Whlttler National Trust Savings Bank, the McAdams zone at 10,015 feet ment than ever has been the case heretofore." Whlttler, vice-president: O. B. WASHINGTON. April 19. The Bureau of Mines today reported stocks of domestic and foreign crude petroleum at the close of the week ended April Kellogg, cashier.

First State Universal Consolidated has been drilling up the productive portion of Its Dinkley lease on a 10-acre spacing basis, the Standard Oil Co. has Just spudded In Its No. 78-13 Sec. 13, 20-15, on a 10- Bank, RoFcmrad, secretary, and S.E.C. Invites Stock yield of the week previous, ac Richard K.

Candy, Santa Mon lea, ccunsel. DIRECTORS LISTED 12 totaled 205,100.000 "barrels, a net decrease of 3S0.0OO barrels cording to the Index compiled the hand method Tho drill went 315 feet below the top of the Eocene formation, which robaby accounts for the fact that it developed a casing pressure of 3500 pounds. Field reports say that the well, while primarily a gasser, Is yielding around 233 barrels of condensate per day, with a gravity of 4H degrees. The project was drilled on 40-acre spacing. space, to onset uiniuey AS to whcthersuch wlulam Stoats Co.

Infludu frr Arnold. tr1- wcTltUi to creased 331.000 barrels for the 3 3 In acre nrnKKMni rvMnt trt th whnn ices iiJ'-i nim unuenonc firnt. Flrit Nation! I)nk. onurloi J. the Amerada area Pandlnl lunn lioM rm tin Brtlrt at "fliv.

throughout the Week In Spite Of "''HOT. r.rmrr Mirrl light pl.ineS C.m lie SOld at fli- I 0.rdn.: ftobm (. Polm.n. Mitt Petroleum completed Its No. f0- WASHINGTON.

April 19. (P) week and foreign crude decreased I'nlnn lUnk At Truit ver" prices, the officials said that Hllnm, vlr- 40,000 barrels. 3011 well, Sec. 30, 101 ft, at 8221 feet and field reports give It a Mfrrhmin NMnnl mswer may largely depend janu owiuohir wr news, now- sVhrnw an the Daily average production for The Securities Commission has invited 18 regional stock exchanges to a conference April 25 on proposed amendments to the potential of 2000 barrels a day, the week was 3.001.000 barrels or nimiCnn mniws fvpr. Thursday and Fr May Anrni n.

hirr. en prices or airplane ,,1., fffi mrnt. wnu; uhlfh ntiir nmt-p inerUion fl)'low lntf 1,10 nnuncement by mm Mdrt vmi 1 1 i ii Ithp Treasury Department of the n- A work than automobile motors. 'np i.pannnm or Burhtn iU(t TF.XAS QUITS TURK Tho Tta Cn rhnlked tin much against our own interest as it Is against that of the Dominion. Since the subject was discussed in this column announce, ment has been made of the re.

celpt of $132,000,000 of newly mined gold from South Africa, purchased from the British Treasury by the United States stabilization fund. If that amount appears In next week's statement of gold Imports It will raise the total sharply. IMPORTS TAriOH OFF However, It does not negative the conclusion that gold Imports are tapering off and that as they decrease, tho strongest force operating to hold down interest rates will lessen. Meanwhile, commercial loans continue to go up. The local statement for the week ended April 15 shows the total at a new high.

Government bonds hold well. The highest yield obtainable on a long-term Issue Is 2.14 per cent on the taxable 2tts of 1054-52. On the tax-exempt 2n of 19C5-f0 a return of 2.10 per cent Is avail, able. This all with the market aware of the flood of financing that faces the Treasury Depart, ment in the nenr future. There will be no trouble In marketing whatever new securities are offered.

The only question Is as to how they are placed. Genuine investors must take them If the Inflationary effect of celling to commercial banks In return for deposit credits Is to be avoided. Rld pf tht North Am.rlcan pap.r Alllanr-, n. although it was unut in atter an Increase of 00,000 barrels com flowing to the sump long enough thrp dsannontmpnt! in a row pared with the previous week's level. Runs to stills averaged new tax program, long-term mu- wnnn m.

phip, Mrwuf. H'muiorn I I i i -i County Punk, nhimi It. Brlmfw nlclpal bonds were in demand atir.prMiUfnt. nm ti a B.vmt. tun, the current level.

rr fciwwnr i-offieio,) Li uiiw P'HMt. pint N.tlonul Hunt Cornn. The current price of their Cadet trainer Is $1975; It carries 15 gallons of gas, has a cruising rikhxI 3,030,000 barrels dally, compared Aftftrlt lllrnrtnra mrm W. IP Parnwnrth tcr District bonds lf-pr'irtfit, fn nim tri't a Hint Tun. Bn Dlii R.

ltrn, ehlw, when it abandoned, yesterday, lti SP No. 27-13 wildcat, on Sec. 23, 17-15 on Turk anticline In the Cantua Creek area of Fresno County. This hole drilled to 0073 feet and was a complete failure. It with 3,000,000 barrels for the preceding week.

Datly average Imports were 133,000 barrels, an Increase of 81,000 barrels during Bun Of Hiinm, Hutncmt; llnmii- In addition, a sizable block nn, p-prraldnt nt fhir, Cmni of the new Department of Water the week. Securities Act of 1933. Nearlng the end of months of study of the problem In co-operation with representatives of the industry, the S.E.C. said that It did "not wish to take a final position until we have had an opportunity to discuss the tentative proposals with you In detail." The commission did not give any Intimation of the possible recommendations. The effort to work out suggested amendments has been aimed, however, at making the law more workable and at tho same time meeting the objections of the Industry.

and Power bonds were sold out of the syndicate, which materially strengthened that particu was roughly a mile northeast of to clean up. The same day Wll-shire Oil Co. completed a neighboring well at 8214 feet for approximately the same yield. It also was shut In, because storage was lacking. WKLIj IUUN'fl IT The Shell Oil Co.

has developed something rather unusual at the southeast corner of Its Alamltos lease on Signal Hill. On April 4 It completed Its Ala-, mltoi No. 45 well at a. plugged-back depth of 4800 feet, getting 201 barrels of crude. A -couple of days later the Nmiontl TruM Ar Hvint Bn, mvr-nirtu Jru Lltwlllcr, ehlr, rrmr A MThnt Bn, Vrn; J.

D. Lotl. lr-prl(1nt. pint Natlnnil Punk, Pn Prhr: Frnlt McConk, rhlr, American Nu'lnnil Rank. Pan Bernardino.

J. J. Hiithfrfnrd. ehlr. pint National Bank.

Vina; M. Bmllv, virt-pnalrtant, Pint Na'ioral Bank. Pullortnn, and A. M. Wn.

tarfiald. vl-prldnt and ahltr, Pint National Bank Coachall. of 100 miles per hour and a cruising range ti 375 miles and op-prates at a cost of 81 cents an hour for oil and gas. The civilian pilot training pro-pram by June 1 will have given training to around 41,000 portions. Around 200 of these are entering the Army and Navy training service each month.

With thousands of Americans learning to fly and with the Impetus the war will give to general Interest In aviation, the prospects for private plane manufacturers are steadily Improving. Foreign Units Shift Unevenly two former Texaco wlldcat In that area. The first of these still produced a few hundred thousand feet of gas per day and a slight amount of condensate. The second was a failure. lar market.

Only one Issue In on schedule for the coming week. On Tuesday a block of $15,000 City of Newman (Stanislaus' County) municipal sewer bonds will be offered with Interest not to exceed per cent Sales of Safeway Stores Continue Gain This play Is miles south of the Jergins Oil exploratory work along Cantua Creek. Unofll-clallv it Is said that Texaco will wells flow built up to 4io nar rels, and on April 8 It was pro NEW YORK, Anrll 19. (T)-Tlie Canadian dollar dipped' 116 of a cent In relatlonhlp to the United States dollar today, closing at cents In free foreign exchange trading. SAN FRANCISCO; April Stores, Inc.

today re duclng at the rate of 472 brrello no more exploring on. Turk Steel Production Feels Coke Scarcity ported sales for the four weeks per day. as. a result or mis per- anticline in the Immediate fu Employees to Get Added Compensation NEW YORK, April formanre, It Is expected, a num ended April 21, last, amounted to $.11,980,808, as compared with $30,70 ..151 for the like period of Housing Authority Notes to Be Offered NEW YORK, April 10. fP) PITTSBURGH, April 19-Strel production in this district will drop 4'i point next week to S.

F. MINES A gain of 't cent brought the pound sterling up 10 A new low was established by the Swiss franc earlier In the day, ture. PF.Tnol.KtM XOTKS Taking a lease assignment from Well Developers, the Dement-Fortd Co. has announced last year, an Increase of 10.09 per ber of other drilling projects will get under vsy. In that area at once.

rmiNos iv cans SAK roANCtBCO. April 1. 11.. Follow. Nearly In temporary that all hourly and salaried em- rent.

For the first 18 weeks of Ira ar today iran.ar-noin on th San Joan notes of 13 local housing au ployres of the company ofith curron year sales Aggregated Franeiaro Minim chan (pnea in trnla lilies Drilling Is getting thorltle will lie nffcri'd for sale At the top of the structure the rpa(1v AntL July 1 will be paid addition. $129,095,017, as rnmpa'n'd with 9(1 per cent, entirely as a result of coke scarcity due to the roal strike. The rate before the coal strike began was 102, the highest on record for this district. which went down ,01 of a rent to 23.1$ cents. The Hongkong dollar rWrd slightly lower at 21.45 cents.

l-a HUH Iv Clo. rmn Kettleman North Dome Aorla-i aim In the same 1910 next Thursday, municipal mmprnatlon of per cent of plrcles Pf ported today. I their total l. V. In IK U'olMrtJ f.

11 I'niOfl mn. 1 innn i period, gtfn of 9.20 per cent ll'Mi (ids iumij'I! nil in me nr At, "in in ii Whit CPi I III.