BUSINESS FRIDAY, MAY 20, 1949. The New York Times FRIDAY, MAY 20, 1949. FINANCIAL 41 BRAZIL ASKS U N. AID American Viscose Reduces Yarn, SNYDER HAS DOUBT WORLD GOLD BASE APPOINTED PUBLISHERS OF M'CALL MAGAZINES LATE LIQUIDATION TRUMAN'S POINT 4 Cuts Ranging From 3c to 10c BUDGET CAN BE CUT URGED AS TRADE AID HITS STOCKS HARB Also Lowers Staple Fiber 2c a Pound and Guimaraes Offers a Duty-Free Confirms 2c Reduction on Tire Yarn Treasury Head Sees a Deficit Cortney of NAM Says Money Sharpest Setback This Month Plan for Imports of Capital, and 4c on Fabric of at Least $900,000,000 Convertibility Is Dependent on Wipes Out the Gains Made Equipment, Tax Exemption Likely for Fiscal 1950 Precious Metal Standard in a Week's Trading The first on apparel production which in 1948 exceeded rayon an 1.100.000.000 pounds. GUARANTEE ON TRANSFERS nounced According to Harry Dalton vice- Company, the largest pro- president American Viscose U. S. FACING PROSPERITY U. N. EXPERTS CRITICIZED 992 ISSUES ARE DEALT IN ducer rayon. Reductions ranged Company, the decision to the pound on 75 rsEarnings Under Program 300 denier. The of the reduced Capital, Investment, Income Economic Commission Is Told 55 Reach New Low-Average -Accepts Belgian Proposal and the 150 denier Stocks which Viscose also the and Savings Are All Held Monetary Fund Would Have of Prices Falls 0.66 Point year Barring Double Taxation of viscose staple been liquidated large pound bringing the said, and the prices Pointing to Expansion to Assist in Program -CIO Statement Factor cents, and reduction of cents pound which admittedly have been low tire yarn and cents These the first to be Secretary of the Treasury John Phillips Wyman Otis L. Wiese Late on the stock market on fabric made yarn W. Snyder told members of the LAKE SUCCESS, May yesterday found many The reductions which not token cuts, Mr. Dal- Tax Executives Institute, Inc., last Only the restoration of an inter- spots and produced the widest de- anticipated in the trade They represent what doubted national of the standard top execu- cuts night that he 'any gold with the tor of "McCall's Magazine, also cline of the month. Always followed considers the limit that of the McCall its publisher. acetate type yarns and staple could be this time, he made in help of the Mone added. that Truman's tary Fund will Corporation yes- The been developments the pointed out. of budget. resumption labor and the substantial of terday by Marvin presi- that their prices Addressing the institute's free currency was forced to absorb price brought into line York Chapter in the Waldorf multilateral trade, Philip Cortney dent, ac. insistent selling soon after from basis but they would make no Astoria Hotel, Mr. Snyder speaking for the National Asso- tivities vice official announcement for the time told the president and the board of the CIO told deficit of the two-thirds of total being was today. publisher the its members that "immediate wage 1950 likely and that Otis L. Wiese, director and are needed. with- be higher if military steps must of supporting bids to Pact HEARING BEGUN RCA TO INTRODUCE could the liqui- problem of backing COMMERCIAL LOANS 7 FOREIGN NATIONS the Big Board. not spots ap- These steps ON ALKALI 'CARTEL' LOWERPRICEDVIDEO peared the final hour's Western billion in France, and CONTINUE TO DROP EYE IRON PROCESS flurry trad- the world's interest high security other New 10 -Inch Tube Set Listed dollar. Mr Cortney told the United groups Final Court Arguments in U.S. Economic and Employ Anti-Trust Conspiracy Case at $269.50 or $55 Below the Twelfth Decline in a Row Is 15% Output Rise of Republic Reported by New York Banks Furnaces Laid to Pressure- point. The sudden May Be Ended Today Any Like Company Unit activity raised should but that of the Reserve System of Blowing Innovation 340,000 the NAM de began in Federal period and sent the total the Radio Corporation of America that without Stock the will introduce raised free Continuing their Exchange should not be of By THOMAS E. MULLANEY to against 750,000 United tube Prosperous Era Ahead there plunge for the twelfth More issues were traded listing at $269.50 in all problem of Imperial YOUNGSTOWN, Ohio, May 19 in The declared productive Great dropped The increase of 15 per the and Monday, the G realized by the of The decline Victor Republic Steel Corporation through by foreign trade alkalis. department, Setting the complicated the employment of pressure-blow Gains of Week Lost the lowest since Oct. global filed yesterday. The the ing in several of its blast furnaces The laborious set, according figures charged that square inch picture, the reporting New York here has attracted the interest $55 lower than banks, issued and the unit in the Mutual the Federal York. Repayments of operations, Carmine, Philco factors sales charge of utilities the principal depressing industry Belgium, Norway, Australia Borrowings Republic's for United the other in United States financing of Decline $11,000,000 of the of five Ltd. the United Other full gained $32,000,000. the Alkasso, the sets pointed of the Alkali Export talked that the banks which report the figure which rejected during the Pacific twelve have and have arately rose $185,000,000 other steel Land Taxes Mr. Richards said also that Carmine Monetary Fund tal surplus of $315,000,000 the German of the inevitable since Sept. 15 1948. convinced that Belgian Solvay Belgian that proceeding from however reflected no smelting, rather than named the most feasible ican and policies based the money market but principles, would since the banks had increasing the output point The alkalis soda trans. when have to remedy the situation, Mr. Cortney heavily in order to main- which used declared. tain their averages for that Republic has list Period of Re-appraisal Proposals of reserves, the high wealth glass, before the the Actual soda, issue the large-scale Fund report, were up $160,000.000 Mr that total in apprais- early deficits on requirements were earliest $25,000,000 future latest. by its Reserves of hot incurred members the in price. Some of them sound or because banks included in the key add, that regular the out suffered future major would the causes ment increased to the the difficulties On liabilities dinarily, steel figure industrials in THE of changes the NEW alleged began in 1924 out of the side, fifty structure" deposits adjusted and repairing blast TIMES and more would require exorbitant said but five the Continued on Page 45, Column 4 000.000. rails manent ten-inch price bracket. financing,' he concluded. Mr. deposits take place Cortney endorsed the Fund's $2,000,000 and United States from $200,000 of half ahead $1,000,000. finished that must induce members deposits $43,000,000 MARKET AVERAGES sights Mr nationalistic demand Richards added, abandon deposits that Defaulted instead of added striving to $88,000,000 and those the effects of such foreign the weakest Thursday, May 19, 1949 ill that not policies banks $14,000,000. be long Treas- suggest that the United Borrowings by the STOCKS or by the banks difficulties Nations Economic and Social expanded $457 .000 and other will first have the Coun- ered considerably, though counter transactions factories recommend to all countries that liabilities were increased $13,000, Republic, which in 1948 cerned since the war in 000. Capital accounts were $3,000. Continued on Page 44, Column 7 000 COMMITTEES FOR SCHRAM less. the quickest available goods to fill Continued on page 43, Column accumulated demands Mr Snyder Stock Exchange Governors Ap- said, the introduction of many new products based on wartime discov- TOPICS OF THE DAY IN WALL STREET prove Plans for Two eries of new materials and manu- facturing The of governors of the techniques had been New York "Yield Bonds" npoint rating out Trust Company. Dated April 29 Stock development the alone growing hunger 1949 the quota the tion bonds' part tions of of the of various Schram 1948 life within Only scant before countries throughout the world. Ir that be investors the bidding, the pricing preliminary and price addition, it contains two tables for study of two particular prob- light marketing experience of the setting sights showing the decimal equivalents of 3.25 per cent yield basis common fractions and shillings One committee will explore the bama Gas Company's of synthetics gage bonds. With all of the investing and pence. Copies obtainable feasibility of providing the bank's foreign department facilities for outstanding bonds of at yields mortgage held privately, ranging 55 Broad Street firms. The other will and to 3.30 cent. Never- on and tremendous who know sponding sales of listed the YEARS He backlog of Summary of the Day Stock Market Leaders within a limited period or periods to yields under selected by the committee after for schools, hospitals that study and highways the Stock Exchange might be N. Y. STOCK EXCHANGE need to provide facilities for great thin for yields on the other side Bids Invited for Bills population shifts during Stocks declined in final hour cent. They were right Close Comwlth NEW and the demand and closed lower brought forth El W. ASHINGTON, May 19 The volume early irregularity; 3.08 per cent basis and the Airlines tonight invited tenders in population in the last decade volume, 840,000 shares. fish were there to take the Central for 000 of ninety TREASURY STATEMENT affording other oppor- Bonds irregularly Chrysler Treasury for cash and in ex- smaller dealings with Richfield Oil change bills Mr Snyder said that the Treas rail liens, transit and Treasury Call Sinclair ing on 26. to be ury bond weakest: RECEIPTS $2,765,000. The Class B, banks under of the to provide and Steel bidding. Ten- hicles and Curb Exchange war Corp ederal Stocks lower; 200,000 under the terms Steel Banks and up to drive traded. yesterday by the the closing hour. P. M. bonds weeks. The 20 per Gen daylight time, on next Bonds mixed in trends: sales Monday, May 23. $140,000 the close 341.713.112 CCC Grain Storage Bill Ready Foreign Exchange Gets $5,000,000 in Loans 90% $1,518,593,133 May 19 Pound sterling turned the The Chemical light dealings. Canadian May today dollar steady Swiss franc cent Credit Corpo- provide storage under support Commodity Futures legislation May wheat declined. but other Foreign Exchange Unit The notes the hope will mean that by grains were mixed Cotton, old Niagara Hud A new edition of "Foreign Ex sold to five banks and Penn effect the end of the week the meet needs July, rose; new contracts were Mutual Life change Quotations" is being made Company of the new bumper grain crops. lower. Elec Proceeds will the be used by Manufacturers to