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The Wilmington morning star. [volume] (Wilmington, N.C.) 1909-1990, June 30, 1940, Section Two, Image 19

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Market Again Shows Gain
Jn Day Of Mixed Trends
- ^
pealings Small Through
out; AP Average Up .1
For The Week
By FREDERICK GARDNER
^jryv YORK, June 29—VP)—While
■tie stock market, for the third suc
sjve week, managed to shorn- a
c,j‘„llt gain on balance, the list mud
dled through today’s brief session
„.ith mixed trends.
The rally of yesterday brought
inor advances at the start. Many
" these were soon erased and, at
?he close, gains and losses ranging
to a P°int or so W6re pretty ever>ly
hVided Dealings were small through
out.
Fear Hitler Attack
Traders, while generally cheerful
regarding home politics, lightened
here and there on fears of a near
bv Hitler blast at England or an
early peace which could drastically
jitei- export policies of the United
crates. At the same time, business
re«s continued hopeful, with scat
(’ered exceptions. Rearmament
spending still was viewed as the
principal industrial prop.
The Associated Press average of
60 stocks was unchanged at 41.3,
but on the week was up .1. For
lbe month the composite showed a
net upturn of 2.8 points.
Transfers lor the two hours
amounted to 170,130 shares, smallest
volume since July 8, last year. It
compared with 204,340 a week ago.
The June stock trading aggregate
was the lowest since February, while
the month’s bond sales touched a
bottom since 1018.
isteels were under water during
the greater part of today’s proceed
ings'as doubts were expressed re
-arding expansion of next week’s
° iil operations. Rails held fairly
well on encouraging traffic and earn
ing reports. Oils improved in the
wake of signs the gasoline price
structure was firming. Coppers, rub
bers. motors, aircrafts and utilities
were narrow.
Up a shade at the close were Gen
eral Motors, Santa Fe, Pennsylva
nia, Great Northern, Standard Oil
of N. J., Texas Corp., Sears Roe
buck, Boeing, Sperry, American
Telephone. Consolidated Edison,
Anaconda, Phelps Dodge and Inter
national Mercantile Marine.
U. S. Steel Down
Down were U. S. Steel, Bethle
hem. Douglas Aircraft, Lockheed,
Glenn Martin, American Gas, West
inghouse. General Electric, Allied
Local Stocks
And Bonds
(Quoted by Allen C.
Ewing & Co.)
STOCKS
. Bid Asked
A. C. L. Co. of Conn. _ 13% 14
Car. Ins Co. of Wil._ 26 28
Car. Pow and Lt. Co.
Preferred_104 108
Car. Pow and Lt Co.
$6 Preferred-100% 102%
Mass. Inv. Trust_16.96 18.24
Peo. Sav. B. and T. Co. 30 32
Sec. Nat. Bank___1514 17
Taylor-Colquitt Co._ 26 29
Tide Water Power Co.
?6 Preferred_ 35 40
Wil. Sav. and Tst. Co. .. 30 32
BONDS
Bid Asked
A. C. L. RR., 1st Cons.
Mtg. 4’q due 1952 _ 63% 68%
A. C. L. RR, L. and N.
Coll. Tr. 4’s due 1952 60% 61%
A. C. L. RR., Gen. Mor.
4%’s due 1964 _ 48% 49%
A. C. L. RR., Coll. Trust
5’s due 1945 _ 62% 70
C. and W. Caro. Rwy.
First 5’s due 1946 ... 98 101
(All quotations nominal and sub
ject to change without notice).
CASH GRAIN
CHICAGO, June 29.—UP)—Cash
wheat, no sales reported; corn No.
1 yellow 65.
Soy beans No. 2 yellow 79; No.
3, 77 1-2-78 3-4; No. 4, 78 1-2.
Oats No. 2 mixed 33 1-2; No. 2
white 35 1-2; No. 3, 34 1-4; No. 4,
33-33 3-4.
Barley malting 49-F6 nom; feed 35
43 nom.
BALTIMORE HOGS
BALTIMORE, June 29.—(A>L-<U.
S. Dept. Agr.)—Hogs—625. 15 high
er; practical top 6.10. Good and
choice 170-210 lbs. 5.85-6.10; 220-240
lbs. 5.50-85; 250-300 lbs. 5.10-65; ISO
160 Sib. 5.45-70; 140-150 lbs. 5.20-45;
130-140 lbs. 4.95-5.20; 120-130 lbs.
4.80-5.05. Packing sows 4.00-50. Com
pared with week ago 50-60 higher.
Chemical, Eastman Kodak, j. C
Penney and Loft.
Bonds were a trifle uneven and
commodities irregularly lower.
Wheat at Chicago conceded 1 5-8
to 2 cents a bushel and corn was
off 1 1-8 to 2 5-8. Cotton lost 5 to
40 cents a bale. “Free” sterling fell
7 cents to $3.80.
Aluminum of America dropped
3 1-2 in the curb. Lesser declines
were posted for American Gas,
Brewster Aero, Electric Bond and
Share and Republic Aviation. Gain
ers included Bath Iron Works, N. J.
Zinc and American Cyanamid “B.”
Owing to the sale of a 40,000-share
block of Central States Electric, un
changed at 1-8, transfers in this
market totalled about 87,000 shares
against 46,000 last Saturday.
AVERAGES
SO 15 15 60
Indus Rails Util Stks
Net change _ d.l a.1 unch unch
Saturday_ 57.5 15.2 35.4 41.3
Prev. day_ 57.6 15.1 35.4 41.3
Month ago_ 54.6 13.6 31.5 '38.5
Tear ago_ 64.8 16.7 36.4 45.5
1940 high_ 74.2 20.5 40.6 52.2
1940 low_ 52.3 13.0 30.9 37.0
1939 high_ 77.0 23.8 40.6 53.9
1939 low_ 58.8 15.7 33.7 41.6
60-Stock Range Since 1927:
1937-38 1932-36 1927-29
High - 75.3 72.8 157.7
Low _ 33.7 16.9 61.8
What Stocks Did
Sat. Fri.
Advances_ 133 496
Declines _ 161 87
Unchanged_ 127 144
Total Issues _ 421 727
CLASSIFIED DISPLAY
PR ES OF BONDS
C INGE SLIGHTLY
Foreign Dollar Department
Posts Best Gains In
Dull Session
NEW YORK, June 29— (£>>—'The
bond market underwent only minor
changes in today’s brief session with
the foreign dollar department post
ing the best gains.
Trading was light in all sections,
indicating, brokers said , transac
tions were mostly of an evening up
nature for the week-end recess,
especially by those who thought im
portant developments affecting fi
nancial trends might crop up in
Europe before Monday.
Total sales of $1,556,600, par val
ue, were the smallest for a Satur
day since last August 12 and com
pared with $1,893,000 a week ago.
Foreign issues closing up 1 to 3
points included Frankfort 6 l-2s at
19 1-2, Denmark 4 l-2s at 26 3-4
Canada 4s at 77, Australia 4 l-2s
at 38 1-2 and Hungary 4 l-2s at 21.
Domestic loans ending up a shade
included Western Union 5s at 63,
Montana Power 3 3-4s at 101, Shell
Union 2 l-2s at 96 1-4 and Baltimore
& Ohio 4 1-2s at 12.
Unchanged to lower were, among
others, International Paper 5s, Port
land General Electric 4 1-2 s, Nation
al Dairy 3 3-4s, Southern Pacific
4 l-2s and Bethlehem Steel 3 l-2s.
U. S. governments were extreme
ly quiet but the new issues that did
change hands were substantially
higher. Treasury 2 3-4s of ’51 bound
ed up 22-32 of a point on sale of
2 bonds.
__
AVERAGES
20 10 10 10
Rails Indus Util For
Net change . a.l a.l unch a.l
Saturday_ 54.6 101.9 94.9 37.3
Prev. day_ 54.5 101.8 94.9 37.2
Month ago __ 49.1 99.0 91.1 36.8
Year ago- 55.1 100.0 95.8 60.3
1940 high_ 59.9 103.6 97.5 53.5
1940 low- 48.3 98.9 90.3 35.1
1939 high- 84.9 102.0 97.5 64.0
1939 low_ 53.4 95.8 90.4 41.7
10 Low Yield Bonds
Saturday_111.1
Prev. day_111.0
Month ago_108.4
Year ago_111.9
1940 high_ 113.2
1940 low_108.4
1939 high_ 112.6
1939 low_103.6
CHICAGO GRAIN
CHICAO, June 29. — UP) — Wheat
prices fell two cents a bushel, corn
as much as 3 cents and rye more
than a cent today in general liqui
dation of grains prior to the deliv
ery period next month.
Wheat closed 1 5-8-2 cents lower
than yesterday, July 74 1-4-1-8, Sep
tember 74 5-8-3-4; corn 1 1-8-2 5-8
off, July 59 34-7-8, September 57 3-8
14; oats 1-8-3-8 lower.
Open High Low Close
WHEAT:
July -75% 76 74% 74%
Sept -76% 76% 74% 74%
Dec _77% 77% 75% 76
CORN:
July _61 61% 59% 59%
Sept _59% 59% 56% 57%
Dec -57% 57% 54% 54%
OATS:
July _30% 31% 30% 30%
Sept _28% 28% 28% 28%
Dec _29% 29% 29% 29%
SOY BEANS:
July _77% 77% 77 77
Oct.72% 72% 72 72
Dec _72% 72% 72 72
RYE:
July _39% 39% 38% 38%
Sept _41% 41% 40 40%
Dec _43% 43% 42% 42%
LARD:
July _ 4.72 5.75 5.72 5.72
Sept _ 5.92 5.92 5.90 5.90
Oct _ 6.00
Dec _ 6.25 6.25 6.17 6.17
BELLIES:
July _ 5.85
Sept _ S-75
Lil A IW A WL11
CHICAGO, June 29.—CSO—(U. S.
Dept. Agr.)—Salable hogs 300; total
7,300; generally steady; several lots
good to choice 210-240 lbs 5.60 and
5.65; few 280-295 lbs 5.25—30; ship
pers took none; estimated holdover
500; compared week ago: Barrows
and gilts 25—40 higher; packing
sows 20—35 up.
Salable cattle 100; no calves; com
pared Friday last week: Fed steers
and yearlings 50 higher; active at
advance which exceeded 50 in in
stances; all other killing classes un
evenly higher, heifers 25 up; beef
lows correspondingly high; light
manner cows steady; desirable weight
manners and cutters strong to 25
ap; bulls 15—25 higher, and vealers
25—so over late last week; largely
fed steer and heifer run; all classes
grass cattle scarce; practical top fed
steers 11.25; strictly choice offerings
11.50 and prime steers 12.50; numer
ous loads 10.25—11.00, best yearlings
making 11.00, light steers 11.15;
heifer yearlings 10.00; both thin as
well as fleshy stocker and feeder
cattle got better action late in week;
some advance buying due to next
week’s holiday apparent in highly
competitive fat steer market but
generally trade more active than
any time since last September.
STOCKS IN THE SPOTLIGHT
Sales, closing price and net change
of the fifteen most active stocks to
day:
Packard, 5,500—3%; no.
Callahan Zinc, 5,200—1; d%.
Comwlth and Sou. $,100—1%; d%.
US Steel, 4,000—52%; d%.
Colum G and El, 4,000—6%; no.
Int Mer Mar, 3.600—6%; a%.
Loft, 3,100—23%; d%.
United Corp, 2,900—2%; d%.
Int Pap and Pow, 2.800—12%; d%.
Am Rad Std San, 2.700—6: no.
Woolworth, 3.700—30% ; d%.
Elec Pow and Lt, 2,600—5 /s : d%.
Gen Motors, 2,100—43%; a%.
Stand Oil Cal, 2,000—18; d%.
Am Wat Wks, 1,900—9%: d%.
Stand Oil N J, 1,900—38; a%.
N. O. SPOT
NEW ORLEANS, June 29.—(A1)—
Spot cotton closed quiet, unchanged.
Sales none. Low middling 9.80. mid
dling 10.80, good middling 11.25.
(Receipts and stocks to come).
- — — ' ’ “rf* » » * li ’ VI A V* *11 W»
|--- ■———_— |
Closing Bond Quotations
(By the Associated Press)
GOVERNMENT
Treasury
4s 54-44 ___ 113.18
3%s 56-46 _114.3
2%s 48-108
3%s 52-49 _111.28
2%s 54-51_107.10
2%s 60-55 _ 107.18
2’/is 65-60 _ 106.12
Home Owners Loan
2%s 44-42 _103.22
Pinal bond sales. 31,556,600.
DOMESTIC ' -
AT and SP 4s 95 .. 103%
Can Pac 4s Perp_ 43%
C B and Q 4%S 77 _ 76%
Chi E 111 5s 51 _ 13%
Chi Qt West 4s 59 _ 26%
Cri and p Rfg 4s 34_ 5
Clev Un Term 5%s 72 _ 82
Clev Un Term 4%s 77C_ 66
D and RG West 5s 55_ 1%
Erie Rf 5s 67 _ 10%
Hud Coal as 62A__ 28
Hud and Man Rf* 5s 57_ 39%
Int Mer Mar 6s 41___... 55
Lou and N 4%s 2003 __ 90
NYC Rf 5s 2013 —_ 55
Nor Pac 6s 2047 _ 66%
Penn RR Gen 4%s 66_101
Purity Eak 6s 48_..._104
So Pac Rfg 4s 55- 54%
So Ry Cn 5s 94_..._ 88
So Ry Gen 4s 56____ 52%
Third Ave 4s 60_ 53%
West Md 4S 52_ 80%
FOREIGN
Australia 5s 65_ 43
Australia 4%s 56_ 38%
Ger Govt 7s 49 __ 23%
Italy 7s 51_.. 58%
Closing Stock Quotations
(By the Associated Press)
Adams Exp_ 5%
Adams Millis_ 18%
Air Reduct_ 39%
Alaska Jun _ 4%
A1 Chem and Dye_148 -
Alleghany _ %
Allis Chal Mfg_ 27%
Am Can - 96%
Am Car Fdy_ 23
Am Pow and Lt_ 3%
Am Rad and St S_ 6
Am Roll Mill _ 11
AT and T-160%
Am Tob B_ 77%
Anaconda _ 19 %
Arm 111_ 4%
AT and SF_ 16
ACL_ 11%
Aviat Corp _ 5%
Baldwin _ 14%
Barnsdall_ 8 %
Bendix Aviat_ 28%
Beth Stl_ 75%
Boeing Airpl_ 13%
Borden _ 19
Borg Warner_ 15
Briggs Mfg-_ 17%
Budd Wheel_ 5
Bur Add Mach___7%
Calumet and Hec_ 5%
Can Pac_ 3
Caterpil Trac_ 45%
Ches and O_ 36%
Chrysler_ 62%
Colum G and El_ 6%
Coml Credit- 28%
Coml Solv_ 9
Comwlth and Sou_ 1%
Consol Edis_ 28%
Con Oil.. 6%
Cont Can_ 39
Corn Prod _ 49%
Curtiss Wright_ 7
Davison Chem_ 4%
Doug Aire_ 68%
DuPont_ 158
Eastman Kod_120%
Elec Auto Lt_i_81%
Elec Pow and Lt__ 57s
Freeport Sul_ 30%
Gen Elec_ 31%
Gen Foods _ 41
Gen Mot _ 43%
Gillette _ 4 %
Goodrich _—-—-i 12%
Goodyear _ 14%
Grahar.i Paige- %
Gt Nor Ry Pf - 22%
Hud Mot- 3%
111 Cent_ 7%
Int Harvest_ 43
Int Nick Can_ 23
-r i. rr» _ i 3 rn^.1
Kennecott _____ 25%
Kroger Groc___ 30
Libby O F G1_ 35
Ligg and Myers B —- 98%
Loews___—- 24%
Loft - 23%
Lorillard_ 21%
Mack Truck - 20%
Mont Ward___—- 38%
Murray Corp -.- 5%
Nash Kelv- 4%
Nat Biscuit- 18%
Nat Dairy Prod- 13%
Nat Dist- 19%
Nat Pow and Lt- 7%
NY Cent- H%
No Am Aviat- 16%
North Am_ 20%
Nor Pac_ 6%
Pac G and El_ 29%
Packard - 3%
Param Pix- 5%
Penny J C- 80%
Penn Dix- 2%
Penn RR- 19 *
Phillips Pet- 31%
Pub Svc N J- 37
Pullman - 20%
Pure Oil_ 7 k
Radio -
Rem Rand- 7
Rep Stl_ 16%
Reynolds B- 37
Seab A L- 4
Sears - ‘2%
Shell Un - |%
Socony Vac- 8 4
Sou Pac - ° ,s
Sou Ry --- 11%
Sperry- %
Std Brands -- 6
Std Oil Cal-—.- 18
Std Oil Ind- 22%
Std Oil N J- 33
Studebaker _ 6%
Swift -j- 19 ^
Tex Corp - 38%
Tex Gulf Prod- 2%
Tex Gulf Sul- 30%
Timken Det Ax- 23
Transamer_ 4%
Trans and West Air- 18%
Un Carb- 68%
Un Pac- 78%
Unit Aire_ 34%
Unit Corp- 2%
Unit Gas Imp--— 12
US Pipe- 25%
US Rub _ 19%
US Smelt and Ref- 51
US Steel _ 52%
Vanadium_ 30 4
Warner Pic_ 2%
West Mary_ 3%
Western Union _ 17%
West Elec and Mfg_ 91%
Wilonn 4^/4
Woolworth_ 30%
Yell T and C. 12%
Young S and T_ 31%
Total sales, 170,130.
CURB
Asso G and El A- %
Cities Service_ 5%
El Bond and Sh_ 6%
NEW YORK COTTON
NEW YORK, June 29.—(<P)—Cot
ton futures fell back to net losses
of 1 to 8 points today after a half
hearted try at higher prices fell
through.
The list started lower in the wake
of a decline at Bombay and mild
hedging pressure.
Trade and local support soon ap
peared and a spattering of plus
signs dotted the quotation board.
This demand was apparently based
on unfavorable interpretation of the
weather forecast for the coming
week which called for further un
wanted rains through most of the
belt.
Last-minute liquidation in July
&nd hedging by a leading spot in
terest accounted for a setback and
final prices were around the day's
lows.
Worth street ended the week in
a little more optimistic frame of
mind as several million yards of
print and broad cloths sold to con
verters at steady prices. Total sales
for the week, however, were esti
mated at below current output.
Exports Friday 5,318 bales; season
so far 6,287,732. Port receipts 6,050:
port stocks 2,505,354.
Range follows:
New:
Open High Low Close
July ~ 10.12 10.42 10.42 10.42 off 8
Oct_ 9-20 9.24 9.17 9.19 off 1
Dec __ 9.05 9.10 9.02 9.04 off 2
Jan 8.92 8.92 8.92 8.94N off 2
Mch .. 8.76 8.81 8.75 8.77 off 2
Mav __ 8.60 8.62 8.58 8.61 off 3
Old:
July __ 10.25 10.26 10.19 10.20 off 7
N-Nominal.
Spot nominal; middling (%Mnch)
1 A <70
COTTONSEED OII
NEW YORK, June 29—UB—July
liquidation and switching opera
tions made up most of 24 contracts
traded in cottonseed oil futures to
day. Final prices were 2 lower to
1 higher; July 5.98B; October
6.14B; December 6.18B; January
6.21B. (B-Bid).
Crude oil in the southeast and
valley was 5 3-8 cents nominal;
Texas 5 1-8 nominal.
METALS
NEW YORK, June 29—W—Cop
per steady; electrolytic spot, Conn,
valley, 11.12 1-2 to 11.50; export, fas
NY, 10.80. Tin steady; spot and
nearby 52.75; forward 50.25. Lead
steady, spot, New York 5.00 to 5.05;
East St. Louis 4.85. Zinc steady;
East St. Louis spot and forward
6.25. Pig iron, aluminum, antimony,
quicksilver, platinum, Chinese wolf
ramite and domestic scheelite un
changed.
NEW ORLEANS COTTON
NEW ORLEANS, June 29.—(JP)—
Cotton futures traded quietly over a
narrow range here today. Closing
prices were steady, 2 points net
lower.
Open High Low Close
July .. 10.17 10.17 10.15 10.12B
Jlv (N) 10.21B-.- 10.16B
Oct 9.23 9.27 9.20 9.22 off 2
Dec 9.05 9.07 9.05 9.0GB
Jan „ 8.93 8.93 8.93 8.93 off 2
Mch „ 8.78B_ _ 8.79B
May — 8.G6 8.66 8.66 8.63B
B-Bid.
AVERAGE
NEW ORLEANS, June 29.—(S’)—
The average price of middling 16-16
inch cotton at 9 designated south
ern spot markets today was 3 lower
at 10.61 cents a pound; average for
the past 30 market days was 10.39.
Middling 7-8-inch average was 10.42
cents a pound.
LARD
CHICAGO, June 29.—<A>>—Lard
tierces 5.77: loose 5.00: bellies 6.00.
U. S. INDUSTRIAL
BAROMETER RISES
With Arms Spending Still To
Come, Index Reaches
New High
By FRANK MACMILLEN
NEW YORK, June 29—(Ah—With
vast United States defense exi>endi
tures still to come, the nation’s in
dustrial barometers today were the
highest for mid-year in a decade.
For the June-end, the Associated
Press index of industrial activity
stood at the best level since' 1929
after recovering the last two months
the greater part of the loss in the
winter and early spring slump.
Rising Steadily
While short of the ten-year rec
ord attained on the initial war-time
upsurge last autumn, this gauge of
factory operations has risen steadily
since the German blitzkrieg in the
west quickened arms spending and
defense plans on both sides of the
Atlantic.
In part, analysts said, the rise
has been traceable to anticipation
of a war industry boom, causing
buyers to lay in stocks before gov
ernment orders occupy factory ca
pacity.
The Associated Press index has
risen to 105.4 per cent of the 1929-30
level compared with the year’s low
of 93.6 late in April and with 88.6
a year ago. The December peak was
112.1.
Fourth of July holidays in 3teel
and other industries may halt the
expansion trend in the coming week,
analysts said, but in many machine
and metal-working shops vacation
schedules were adjusted to expecta
tions of an increasing flow of arms
orders from Washington and a ,busy
summer for the heavy industries.
The belated spring upturn showed
signs of tapering the past week as
the Nazi conquest of France closed
to American trade the biggest re
maining continental market in Eu
rope.
Financial and commercial rela
tions with the continent were prac
tically at a standstill, except for a
trickle of business by way of Spain
and Portugal. The tie-up in trade
with the continent surpassed any
thing comparable in the memory of
veteran business observers, exceed
ing World War disruption of Euro
pean trade.
Hardest hit by loss of European
markets were farm products, notably
cotton.
POTATOES
CHICAGO, June 29.—(iP)—(U. S.
Dept. Agr.)—Potatoes 915; on track
413; total U. S. shipments 1131; new
stock—supplies heavy; Missouri
cobblers demand very good; Califor
nia long white demand slow; offer
ing other sections demand fair;
about steady; sacked per cwt.
California long white U. S. 1,
2.05-2.10; California bliss triumphs
U. S. 1, 2.26; North Carolina cob
blers U. S. 1, 1.50; Arkansas bliss
triumphs generally good quality
1.60-65; Oklahoma and Arkansas
cobblers fair quality 1.16-20; Ala
bama bliss triumphs U. S. 1, 1.70
2.05; Missouri cobblers fair quality
.90-1.40; Missouri bliss triumphs
fair quality 1.00-25.
BOND ISSUE
WASHINGTON, June 29. — CP) —
International Paper company, New
York, filed with the securities com
mission today a registration state
ment covering $32,000,000 of first
mortgage bonds, due in 1955. The in
terest rate will be filed later.
N. O. COTTONSEED OIL
NEW ORLEANS, June 29.——
Cottonseed oil closed steady. Bleach
able prime summer yellow 5.96n.
prime crude nominal, July 5.50b,
ept. 5.62b, Oct. 5.64b, Dec. 5.70b.
b—Bid; n—nominal.
BLEACABLE
NEW YORK, June 29. — (£>> —
Bleachable cottonseed oil futures
closed 2 lower to 1 higher. Sales
24 contracts. July 5.98b; Oct. 6.14b;
Dec. 6.18b; Jan. 6.21b.
b—Bid.
NORFOLK SPOT
NORFOLK, Va„ June 29.—<A9—
Spot cotton: Middling fair 11.20;
middling 10.65; good ordinary 8.50.
Sales none; receipts none; ship
ments none; stock 33,799.
Answers To
Cranium Crackers
(Questions on Comic Page)
1. Michelangelo.
2 Peter Paul Rubens.
3. Jean Francois Millet.
4. Rosa Bonheur.
5. Leonardo da Vinci. 1
East Indies Rubber Vital
To Defense Of America^
BY WILLIAM FRYE
WASHINGTON, June 29. —(*)—
The Netherlands Indies, straddling
the equator on the opposite side of
the world, are more important in
the life of the average American
than many a territory closer home
and better known.
When the peril of the Nether
lands in Europe was becoming evi
dent, Secretary Hull notified the
world that any change in the sta
tus of the Dutch East Indies would
jeopardize the peace of “the entire
Pacific area.”
Why?
One reason may be found in the
army-navy list of strategic war
materials. One of its most impor
tant items is rubber—rubber for
adhesive tape and hot water bot
tles, battery cases, raincoats and
machine belting, engine mountings
and insulators; rubber, above all,
for automobile tires and inner
tubes.
This country is by far the largest
consumer of rubber in the world,
but 97 per cent of world production
is concentrated in the East Indies
—Dutch, British and independent.
The tree which supplies the bulk
of the world supply, hevea brasil
iensis, is a native of tropical Amer
ica. But two events changed the
history of the rubber trade: far
sighted British took seedlings to
the Asian islands by way of Lon
don’s Kew gardens, and a disease
unknown in the East attacked He
vea in tropical Arperica.
President Roosevelt asked con
- , i __e 1
000,000 program of intensive re
search and experiment looking to
reestablishment of Latin American
rubber production. But it takes
rubber trees five years to begin
producing, so new plantations in
tropical America cannot be de
pended on in an emergency.
What would happen if this coun
try were deprived of its East In
dian supply?
E. G. Holt, expert of the bureau
of foreign and domestic commerce,
says that by rationing, -by reclaim
ing from ditches and junk heaps
our old tires and other used rubber
articles so that crude rubber con
sumption could be cut down, “we
could save a lot of rubber for a
year.”
The United States, said Holt,
uses an average of approximately
500,000 tons of rubber a year. Last
year the figure was 592,000 tons.
Reclaimed rubber in 1939 amount
ed to 170,000 tons; synthetic rub
ber production was 1,700 tons “as
far as we’re able to judge.”
Production in Latin America last
year amounted to about 19,000 of
the world’s 1,104,000 tons. Holt said
the best production which could be
expected from Latin America un
der present conditions is about 35,
000 tons a year, even then, it takes
a year or two of sustained high
prices—with the news slowly seep
ing back to natives in the interior
who will go out and tap wild trees
—to achieve this level. So "Latin
America is out of the question for
an emergency.”
The process of reclamation, how
ever, could be stepped up consid
erably if necessary, Holt said. Last
year the reclaimed product repre
sented about 28 per cent of the
United States’ consumption. But in
past crises—"scarcity of r u b b e r
and resulting high prices — tms
country’s use of reclaimed rubber
was over 50 per cent. This was
true, he said, in 1928-29.
Presumably, also, the output of
synthetic rubber could be stepped
up enormously if necessary. Un
der normal conditions, Holt said it
cannot compete in price with the
natural product. Unless costs were
reduced sharply through mass pro
duction of synthetics, the price
might force people to give up using
rubber for some things.
The production cost of plantation
rubber from East India is approxi
mately five cents a pound. Nor
mally, the planter makes a profit
when the New York price is 12 to
14 cents a pound. Against this, the
government estimates a cost of
about 30 cents a pound for syn
thetic, or for production from such
plants as guayule and goldenrod
which grow in the United States.
Even with such added costs as
increased ocean freight rates re
sulting from the war, the highest
price this year was 24 cents on
May 10.
The agriculture department
which has been experimenting with
western hemisphere rubber pro
duction for many years, has no in
tention now of trying to develop an
American supply that would sup
plant East Indian rubber. 1
“That,” says Loren G. Polha
mus, “is neither necessary nor de
sirable."
But as a matter of common
sense, he adds, the world and par
ticularly the United States, should
not denend on a single comnact
region for its supply of an essen
tial raw material.
Polhamus has direct charge of
the bureau of plant industry’s rub
ber experiments, and that has been
his work for 18 years. Pleased
that something has directed atten
tion once again to the possibility,
of developing American rubber, he
maintains that everyday business
judgement lends more support to
the undertaking than the possibility
of a military emergency.
“Anyone who has had anything
to do with tropical agriculture
knows that the possibility of plant
disease is a reality just as menac
ing as war,” he explained. “So
ar the East Indies seem to be
free of disease which attacks he
vea seriously, but a new blight
might appear which inside of a
year would threaten the existence
of the entire East Indian rubber
industry.”
For example, he said, Ecuador
lost her position as a leading pro
ducer of cacao when a brief at
tack of witches broom disease
wiped out the cacao plantations de
spite the work of the most eminent
pathologists.
Lost Colony* Opens
For Fourth Season
MANTEO, June 29—UP)—1The 353
rd aniversary celebration of the
settling of Roanoke Island opened
tonight with the first performance
of the fourth season of Paul
Greene’s historic extravang'anza,
“The Lost Colony.”
On the program of ceremonies
formally opening the celebration
was a prayer by Bishop W. W.
Peele of Richmond, Va., presiding
bishop of the Methodist church in
Virginia and Eastern North Caro
lina, and a talk by Greene on the
significance of his production in
the light of the international situa
tion.
The opening night crowd includ
ed numerous notables. 2
FOREIGN EXCHANGE
NEW YORK, June 29.—(£’>—'The
free British pound declined 7 cents
in relation to the dollar today. The
loss, secon din a row, wiped out all
but 6 cents of Thursday's abrupt
Jump.
Foreign money dealers said the
spasmodic fluctuations of the past
week were largely the result of ru
mors and counter-rumors concern
ing peace efforts between England
and Germany.
Closing rates follow (Great Brit
ain in dollars, others in cents.)
Canada: Official Canadian con
trol board rates for U. S. dollars:
Buying 10 per cent premium, sell
ing 11 per cent premium, equiva
elnt to discounts on Canadian dol
lars in New York of buying 9.91
per cent, selling 9.09 per cent.
Canadian dollar in New York open
market 16 7-8 per cent discount, or
83.12 1-2 U. S. cents.
Europe: Great Britain, demand
unquoted, cables 3.80, 60 day un
quoted, 90 day unquoted.
Belgium unquuiea, uenmarK un
quoted, Finland 2.05n, France un.
quoted, ermany 40.10n, (benevo
lent) 18.95, Greece .69 l-4n, Hun
gary 17.65n, Italy 5.05, Netherlands
unquoted, Norway unquoted, Portu
gal 3.92n, Rumania .52n, Sweden
23.89, Swtizerland 22.64, Yugoslavia
2.35n.
Latin America: Argentine official
29.77, free 21.65, Brazil official 6.05,
free 5.10, Mexico 20.35n.
Far East: Japan 23.48, Hongkong
24.18, Shanghai 6.25.
(Rates in spot cables unless oth
erwise indicated.)
n—Nominal. ,
N. C. HOGS
RALEIGH, June 29.—(A>>—(N. C.
D. A.)—Hog prices ruled steady at
Rocky Mount today with a top of
5.SO, which was up 30 cents from
last Saturday. RM unquoted).
RUBBER
NEW YORK, June 29. — JJP> —
Crude rubber futures closed 3-5S
higher. Sales No. 1 standard, 44
contracts.
BUTTER AND EGGS
CHICAGO, June 29.—(AO—Butter
1,234,010; firm; market unchanged.
Eggs 16,701; steady; market un
changed.
PEANUTS
SUFFOLK, Va., June 29.—(AO—
Peanut quotations: Jumbos 3.90 to
4; bunch 3 1-2 to 3.60; runners 3 1-4
to 3 3-8. Market quiet.
CHARLOTTE SPOT
CHARLOTTE, June 29—UP)—Spot
cotton 10.55.
CLASSIFIED DISPLAY
Feed-U-Need
FEEDS
Starting Mash, 100 lbs. __$2.76
Growing Mash. 100 lbs. .—.$2.60
Laying Mash, 100 lbs. _$2.85
Baby Chick Scratch, 100 lbs $2.25
Medium Scratch, 100 lbs._$2.15
Hen Scratch, 100 lbs._$2.00
Broiler Mash, 100 lbs. _$2.70
18% Hog Ration, 100 lbs. ._$1.85
16% Dairy Ration, 100 lbs. $1.75
20% Dairy Ration, 100 lbs. $1.90
24% Dairy Ration. 100 lbs. $2.00
See Us For Sour Feed Needs
J.J. ALLEN & SON
Dock & Water Sts. Dial 5762
Open Today 9:00 A. N. To 6:00 P. N.
709 Central Blvd., Snrisei Park
Home has been remodeled and is in the very best con
dition. Contains 6 large rooms; garage. Situated on large
lot.
Inspect This Home Today
MARSHALL REALTY CO.
216 PRINCESS STREET DIAL 5093
NOW IS THE TINE TO
CLEAN
REPAIR
INSTALL
heating equipment
hanover iron works
H. T. KING & SON
1]1 N. Water St. Dial 3257
Paint a single room or an
entire home on our ,
EASY PAYMENT PLAN
Becker Coal & Bldrs. Supply
DIAL 7761
I BB—
Electrical Contracting. We carry a complete line
of Electrical Fixtures and Supplies and are equip
ped to do nil classes of Electrical Work. Get our
estimate on your next job.
A. B. BLAKE & COMPANY
123 MARKET ST. DIAL 5189
——a
Atlantic Paint
& Varnish Works
WILMINGTON, N. C.
Manufacturers
tenacity
40 - 40 ■ 20
"The White Paint That
Slays White"
jj? Marlin St. Dial 4576
Rebuild
Inside and Out
with L 0 M B E B
We Handle Only Tbe Best!
CASTLE HAYNE
LAND & LUMBER CO.
Plant at Hilton Dial 9675
MOON MULLINS ★ ★ ★ ★ By Willard
->
I DON’T KNOW THAT
EITHER/ MY DEAR.
I WAS MINDIM6
MY OWN BUSINESS/
THE FELLOW WALKED OP
MD~PO W) J
liiilitlll .1111111
T RIDICULOUS! !
perfectly preposterous! j
A UTTER STRANGER
SOCKIN' YOU IN THE »1
EYE AND YOU DIDN’T
EVEN ASK HIM WHY!
NATURALLY NOT'. ^
WHY SHOULD I BUTT
INTO A STRANGER'S
BUSINESS?
\ Rtf. U. S. Pat OH.:
i \ Copyrifht, 1940, by News Syndicate Ct. Inc.

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