Evening star. [volume], November 17, 1939, Page A-19, Image 19

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
Mission Corp. Orders
40 Cents a Share
On Common
New Disablement
Lifts Year's Total
To 65 Cents
By the Associated Press.
NEW YORK. Nov. 17.—Mission
Corp. directors yesterday voted a
dividend of 40 cents a share on com
mon stock, payable December 15. to
holders of record November 24. The
disbursement lifts to 65 cents a
share the total paid this year, con
trasted with $1 a share in 1938. The
company has large investments in
Tide W'ater Associated Oil Co., Skelly
Oil Co. and Pacific Western Oil
Corp.
Merck & Co.
Merck & Co. directors declared a
dividend of 25 cents a common
share, also an additional common
dividend of 75 cents a share, both
-payable December 22 to holders of
record December 12. On October 1
last a dividend of 25 cents was
voted. Manufacturer of chemicals
for medicinal and household pur
poses. the company's domestic plants
are at Rahway, N. J. and Philadel
phia, Pa.
Atlantic Coast Line.
Directors of the Atlantic Coast
Line Co. (Connecticut) declared a
dividend of $1 on the common stock,
payable December 21. to stock of
record November 28. A similar divi
dend was distributed last December.
The company owns approximately
27 per cent of the outstanding shares
of Atlantic Coast Line Railroad Co.
Colt's Patent Firearms.
Colt's Patent Firearms Manufac
turing Co. announced an extra
dividend of $2.50 and a regular quar
terly dividend of 50 cents on the
• capital stock, both payable Decem
! ber 20 to holders of record December
i 1. Employes were voted a special
payment of 7 per cent of earnings
in 1939. This compared with 6 per
cent last year.
i racinc western uu.
| Pacific Western Oil Co. declared
a dividend of 40 cents on capital
stock, payable December 19 to hold
| ers of record November 27. The
previous payment was 50 cents in
December, 1938.
Scott Paper Co.
- Directors of the Scott Paper Co.
| of Chester, Pa., ordered an extra
common dividend of 25 cents, in
| addition to the regular quarterly of
: 40 cents, both payable December 15
j to stock of record December 1.
Great Lakes Dredge.
! Directors of Great Lakes Dredge
„ & Dock Co. declared an extra divi
! dend of 50 cents a share on the
capital stock, payable December 15
I to stock of record December 2. An
extra and regular quarterly of 25
i cents a share each was paid No
vember 15.
| South Bend Lathe.
| Directors of the South Bend Lathe
j Works of South Bend. Ind.. have de
| dared an extra dividend of 40 cents
j a share, payable December 20 to
| stock of record December 5. bringing
i total dividends this year to $1.75 a
| share.
Belmont Radio.
| Directors of the Belmont Radio
^ Corp. declared an extra of 15 cents
a share in addition to the regular
quarterly of 15 cents a share on the
| common stock, both payable Decem
ber 15 to stock of record Decem
ber 1.
Furniture Mart.
Directors of the American Furni
ture Mart Building at Chicago de
clared a dividend of $1 a share ac
cumulated for 1939, plus an addi
tional dividend of $1.25 a share on
the no-pai preferred stock, both
? payable November 27 to stock of
record November 18. Last year the
- company paid $1 accumulated, plus
an additional disbursement of $1.50
\ a share.
Washington Exchange
SALES.
Mergenthaler Linotype—50 at 155g.
American Telephone & Telegraph—
5 at 16938.
Capital Transit Co—50 at 147s.
BONDS
PUBLIC UTILITY.
Bid. Asked
Anacostia & Pot 5s _ 96 981-2
Ana & Pot Guar 5s 111
Can Traction 1st 5s_ 96 98
City 4c Suburban 5s !IH
Georgetown Gas 1st 5s 115 _
Pot Elac Pow 3V«s_ 107 _
Washington Gas 5s 1960__ 120 _
Wash Ry & Elec 4s_107 _
. MISCELLANEOUS.
Chevy Chase Club 1st 4'4S. 103 _
Col Country Club 1st 414S 103 _
Ter Ref Si Wh Corn 1st 4V«s 100 _
PUBLIC UTILITY.
Pin Asked
Amer Tel & Tel (8) . 1693a
Capital Transit Co ... 14Va 15’/4
N & W Steamboat (4) BO 75
Pot Elec Pow 0% Dfd (6)_*112'/a _
Pot Elec Pw 5‘i% pf <5.50).*112 _
V'ash Gas Lt com (1 50) 28'a 29‘/a
Wash Gas Lt nfd (4.50)_103 _
Wash Ry 4 El com (g.36)_*650 _
Wash Ry & El pfd (o) *112
BANK AND TRUST COMPANY.
Amer Sec 4- Tr Co (e8)_ 240 260
Bank of Bethesda (.75)_ 30 _
Capita) <4) 140 _
Com 4: Savings (ylOOO). 270
Liberty (6)_170 lbo
„ Lincoln (fo> 200
Natl Sav & Tr (v4.00>_178 195
Pr Georges Bk & Tr (.60) IS 21
Riggs (eS) . 260 272
Riggs pfd (5> 100
Washington 16) _124 135
Wash Loan 4- Tr (e»> .. _ 235 250
FIRE INSURANCE.
American (*6l 115
Firemen’s (1.40) _ 27 .II
National Union ( 75) 14V4 T.8
« TITLE INSURANCE.
Columbia (k.30> _ 13 _
Real Estate (mS) ... 170 _
MISCELLANEOUS.
Carpel Corp (2.00) 28‘k 32
Lanston Monotype (2.00) *321k 35
Lincoln Serv Com ( + 1.00) 18 20
Line Serv pr pfd (3.50) 45 52
• Mergenthaler Lino ip.50) 15 16
Natl Mtg & Inv pfd (d.20)_ 3»4 4
Peoples Drug St com (*1.00) 32 36
Real Est M Si G pfd (.45) 5 6i/4
Security Storage (6) 85 100
Ter Ref & Wh Corp (3) 58 65
Wdw & Lothrop com <s2.00) 40 a"
Wdwd 4- Lothrop pfd (7) 118
’Ex dividend, d 20c Bald June 15. 1939.
tpius extras e 2*» extra r 37, extra
g S14.00 extra paid December 20 1038
k 20c extra. m$1.50 exira d 50c Bald
September 20. 1938 s S2.00 naid In 1938
. v $4.00 paid so far this year, y S5 on
k extra.
Foreign Markets
LONDON. Nov. IT OPt.—Buyers got busy
in the stock market in late dealings today
after uncertain early price changes. De
mand was mostly from investment sources
and concentrated on gilt-edged issues.
Brazilian loans were favorites among for
eign bonds Gold shares and rubbers at
tracted fair inquiry while oils tended lower.
International Issues moved decisively
against the main trend Industrial lead
ers kept in the background.
PARIS—111 brisk trade Bourse securities
slanted higher today Buying centered on
domestic equities while foreign shares
shifted unevenly. Rentes closed 20 to 205
centimes higher.
AMSTERDAM.—The Bourse broke out of
■ recent trading rut with substantial gains
today.
All motion pictures entering Swit
■ serland are now subject to military
censorship.
m-.
NICKEL SHARE PRICES REVIEWED—The above chart traces changes In the market value of
stock of International Nickel Co. of Canada, Ltd.
$1.50 Dividend Voted
By General Aniline
On ’A' Shares
Payment of 15 Cents
Also Declared on
Class 'B' Stock
By the Associated Press.
NEW YORK, Nov. 17.—Directors
of General Aniline & Film Corp.,
formerly American I. G. Chemical
Corp.. declared additional divi
dends of $1.50 a share on class "A"
common stock and 15 cents on class
'‘B" common, payable December 18
to holders of record December 15.
Company paid $2 on the “A" and
20 cents on “B'’ in August.
Lehn & Fink.
Lehn & Fink directors ordered a
final dividend for the year of 62,j
cents a share, payable December 14
to stock of record December r. This
will bring total payments for the
year to $1.37!2, against $1.25 in 1938.
Associates Investment.
Directors of Associates Invest
ment Co. declared an extra dividend
of 50 cents, in addition to the regu
lar quarterly dividend of 50 cents
on common stock, both payable De
cember 30 to holders of record De
cember 9.
Pyrene Manufacturing.
Pyrene Manufacturing Co. an
nounced a dividend of 50 cents a
common share, payable December 15
to holders of record November 29
This brings the total payments for
the year to 90 cents.
Investing Companies
NEW YORK. Nov. 17 rf..—National
Association Securities Dealers. Inc.:
(Noon Quotatkms. >.
Bid. Asked.
Admin Fd 2nd Inc 12.H4 13.45
Affiliated F Inc_ 3.78 4.14
•Amerex Hold_ 16.00 17.60
Am Bus Shrs _ 3.46 3.82
Am Gen Eq Inc .41 4 7
Am Ins Stocks_ 4.00 4.50
•Bankers Nat Inv Corp A 6.375 7.50
Basic Industry_ 4.04 __
‘Blair & Co 1.7 5 2.625
Boston Fund Inc_ 16.04 17.25
Broad St Inv___ 24.81 26.6o
Bullock Fund_ 14 125 15.50
, Century Shr* Tr_ 24.51 26.35
l Chemical Fund_ 10.46 11.32
I Comwith Invest _ 3.66 3.98
; “Continental Sh pf_ 9.75 10.75
Corporate Trust _ 2.6^ _
Corporate Trus AA_ 2.44 _
Corp Tr Accum _ 2.44 _
Corp Tr A A mod_ 2.93 _
Corp Tr Acc Mod _ 2.93 _
Cumulative Tr Sh_ 5.13
Depos Bk 6h N Y "A”._ 1.56 _
Depos Ins Shrs A"_ 2.90 _
1 Depos Ins Shrs B"_ 2.55 _
i Diversified Tr C_ 3.95 _
Dividend Shrs _ 1.26 1.38
Eaton & How Fund “A-l** 18.16 19.51
Equity Corp $3 pf_ 25.50 26.00
Fidelity Fund Inc_ 19.44 20.93
•First Boston Corp- 14.60 16.00
First Mutual Tr Fd_ 7.22 7.99
I Fiscal Fund Bk Sh_ 2.53 2.80
Fiscal Fund Ins_ 3.27 3.64
Fixed Trust Sn A-r 10.36 -
Foreign Bond Assoc- 7.14 7.86
Found Tr Sh A_ 4.15 4.75
Fund Investors Inc- 18.13 19.71
Fund Tr Shrs A_ 5.26 6.00
Fund Tr Shrs B--— 4.78
Capital Corp- 31.30 33.66
Gen Investors Tr_ 4.97 5 41
Group Sec. Agricultural. 5.79 6.30
Group Sec. Automobile.- 4.95 5.39
Group Sec, Aviation.- 8.59 9 34
Group Sec. Building- 6.12 6.66
Group Sec. Chemical. _ 6.76 7.35
Group Sec Foods- 4 4/ 4.8/
Group Sec Invest Shrs _ 3.38 3.69
Group Sec. M’chandising 5.63 6.13
Group Sec. Mining .♦ 6-16 »>. , *
Group Sec. Petroleum 4.6• o.jm
Group Sec. R R Equip.. 4.pb 4.9,'
Group Sec Steel »-J! • -
Group Sec Tobacco - 4.9 j o-4
•Huron Holding - .!<» -.{J
Incorp Investors — 1 <
Inriependence Tr Sh - *~.30
Instl Sec. Bank Group __ I 12 1-4
Instal Sec. Insurance 1.30 1.43
Investors Fd "C Inc 1116 LI ?f,
Keystone Custodn B 1 -6.93 -9 4
Keystone Custodn B 2 2171 ‘-3.8.
Keystone Custodn B 3 — 14 8- 16.2,
Keystone Custodn K 1 14./-- 10-/J
Keystone Custodn K 2 10.-.8 ] 1 -38
Keystone Custodn S 2 _ 14.4*» 1
Keystone Custodn S 3 _ 11.16 12 36
Keystone Custodn S 4- 4.58 o.lb
Manhat Bond Fund - /.)>/ j-gJJ
Maryland Fund - ,5.*{o o-JJO
Mass Invest Tr -21.34 --
Mutual Invest -ll-0? 1-.04
Nation W*de Sec - 3.85
«auon wiae vuuuk- l.-’-j
Natl Investors -_g.t)4 0.43
New England Fund . 13.3»> 14.40
N Y Stocks Automobile_ o.oO o.9<
N Y Stocks Aviation 1123 12.13
N Y Stocks Bk Stocks - 8.71 9.42
N Y Stocks Bldg SuPDly 8.35 0.88
N Y Stocks Chemical 9.12 9.80
N Y Stocks Elec Equip . 8.04 8.,0
N Y Slocks Insurance _ 9.74 10.i>3
N Y Stocks Machinery_ 7.90 8.81
N Y Stocks Oils 7.82 8.46
N Y Stocks Railroad - 3.80 4.20
N Y Stocks R R Equip __ . 7.78 8.42
N Y Stocks Steel _ 7.81 8.45
North Am Bond Tr ctfs . 47.875
Nor Am Tr Shrs 1953 .. 2.42 -
Nor Am Tr Shrs 1955 2.97
Nor Am Tr Shrs 1950 . 2.92 -
Nor Am Tr Shrs 1958 2.87
Plymouth Fund Inc .42 .48
Putnam tGi Fund 14.15 15.52
Quarterly Income Sh 8.4o 9.30
*Schoel)kopf-Huf A Pom .50 1.00
Selected Am Sh Inc 9.54 10.40
Selected Income Sh _ 4.49
Sovereign Invest _ .70 .77
Spencer Trask Fund_15.85 16.79
Stand Utl! Inc _ .53 .57
Supe rof Am Tr A_ 3.67 -
Super of Am Tr B - 3.84 _.
Super of Am Tr AA_ 2.60
Supervised Shrs __10.29 11.18
Trustee Stand Inv C _ 2.61
Trustee Stand Inv D_ 2.66
Trusteed Am Bk "B" - .58 .64
Trusteed Industry Shrs . _ .89 .99
Wellington Fund 14.70 10.15
Quotations furnished by National Asso
ciation of Securities Dealers. Inc., whlcl
states they do not necessarily reflect actua:
transactions or firm bids or offers, bul
should indicate approximate prices and
unle's otherwise indicated, are as quotet
by the sponsors or Issuers.
•Not quoted by sponsors or issuers.
Federal Land Banks
NEW YORK. Nov. 17 uPi.—Federal Lane
Bank bonds: _ , . , .
Rate. Maturity. Bid. Asked
4s July. 1040-44 . .... Ill 112 JS
ay4s May. 1055-45 _ 107 10/Vs
:is July. 1.955-45 _ 100 100'.
Os Jan., 1058-40 _ 100 108V:
Os May, 1950-40 __ 100 108V:
New Securities
Show Signs of
Revival
By the Associated Press.
NEW YORK, Nov. 17.—The new (
capital market showed signs of re- j
vival this week, public offerings of '
new securities reaching $41,462,500, |
the largest amount since the period j
ended August 24, Poor's Publishing !
Co. reported today.
The total, covering the week ended
yesterday, was approximately three
times as large as any other since
the beginning of the war In Europe
put a damper on activity. A $30,
000.000 issue by New York City was
mainly responsible for breaking the
stalemate.
Latest offerings were 97 per cent
for obtaining new capital rather
than for refunding existing obliga
tions.
Comparisons follow:
Municipal.
This week Previous week. Year ago.
$39rO35.OO0 5*4.; 59.020 $57,649,500
Railroad.
- _ 639.000 _!
Miscellaneous.
2.000.000 290.000 960.000
Stock.
427,500 95.000 2.754.000
Total.
$41,462,500 $5,783,020 $61,353,600
Dividends Announced
NEW YORK. Nov. 17.—Dividends de
: dared. Prepared by Fitch Publishing
Co.
Accumulated.
Pe- Stk. of Pay
_ , Rate nod. record eble.
Am Pub Svc 71 pf_$2 11-30 12-20
Am Central & South West '
Util $7 pr pf-$1.75 .. 11-30 12-20
Do $0 pr pf-$1.50 „ 11-30 12-20
Strawbridge & Clothier
7r» pf-$1 __ 12-13 12-30
Extra.
Abbott Lab-loc _. 12-7 12-23
Bon Ami Co A_$2.5(1 12-1 12-15
Oj S -$1.25-. 12-1 12-15
Chesebrougli Man_otic __ 11-24 12-18
Gatineau Pow _5c __ 12-1 12-30
Merck & Co_75c 12-12 12-22
N Y Merchandise_16c .. 12-1 12-15
Progress Laundry_2uc __ 11-20 12-1
Schiff Co -25c .. 11-30 12-15
I Scott Paper -25c 12-1 12-15
I Associa.es Invest 50c 12-9 12-30
Gt Lakes Dr A Doc1/* 50c 12-2 12-15
I Neisner Bros 25c 11-30 12-15
Additional.
Gen Aniline & Film
Corp "A” $1.50 12-15 12-18
Do "B" - 15c 12-15 12-18
Increase.
Interstate Nat Gas $1.25 11-30 12-16
Final.
Lehn <fc Fink Prod OC'zC 12-1 12-15
Initial.
Dresser Man-75c „ 12-1 12-16
Regular.
Abbott Laboratories __4oc Q 12-7 12-23
Do pf -$1.12*2 Q 1-2 1-16
Am Laundry Mach_20c Q 11-20 12-1
Beneficial Loan Soc_12*2C Q 11 -piI i“_i
Boss Manufact _S6 __ 11-14 ll-°5
Chesebrough Man_$1 Q n-24 12-18
Commercial Credit_$i Q 11-38 1"-15
Do pf -$1.00*4 Q 11-28 12-15
Conn Lt & Pow_75c Q 12-15 1-1
De Vilblss _ _$1.25 „ 10-31 11-15
Eagle Picher Lead_2l*c _ 11-24 12-8
Oatineau Pow_20c Q 12-1 12-30
Do 5V pf-$1.25 Q 12-1 1-1
i „ Do o'.gC pf-$1.38 Q 12-1 1-1
Haverty Furniture Cos-5c__ 11-18 11-25
j Hazeltine Corp-$1.25.. 12-1 12-15
! Int Harvester-40c Q 12-20 1-15
Int Pete Reg-75c S 11-20 12-1
Do bearer _75c S _ 12-1
Roger Groc & Bak.__40c __ 12-1" 12-21
1 Lily-Tulip Cup Corn_.30c.. 12-1 12-15
Louville & Nash RR_$2.T5_11-27 12-22
Merck & Co-25c .. 12-12 12-22
Do *>,r pf-$1.5(1 Q 12-20 1-1
Mission Corp _40c_11-24 12-15
Penn Salt Mfg-$2 11-30 12-15
Pitts A Lake Erie_11-22 12-15
Progress Laundry_10c Q 11-20 12-1
SchifI Co-25c Q 11-30 12-15
Do pf -#1.3714 Q 11-30 12-15
Scott Paper pf $1.1214 Q 1-20 2-1
Do -40c Q 12-1 12-15
Swift & Co-3l(c Q 12-1 1-1
United Elec Corp_loc Q 12-1 12-23
Associates Invest 50c Q 12-9 12-30
Calamba Sugar Estate 4(lc Q 12-15 1-1
Inti Safety Razor "A" one Q 11-24 12-1
Neisner Bros 25c Q 11-30 12-15
1 Scranton Lace 75c Q 12-1 12-14
* Selbv Shoe 12t2c 11-25 12-5
Foreign Exchange
NEW YORK Nov. IT 1T1 ■.—A new weak
strain developed In the British pound to
day after several days of narrow fluctua
tions in relation to the dollar.
Soot sterling lost a little more than 3
cents while the discount on sterling dut
in no days widened to 6 cents from 614
cents yesterday.
The French franc moved sympathetically
lower with q drop of .02 of a cent, but
other leading European monies were ap
parently unaffected. The belga and Swiss
Irene were unchanged, while the guilder
added a little.
Late rates follow:
Great Britain in dollars, others in cents.
Great Britain, demand 3.80: Great Bri
tain. cables. H.RlOc 60-day bills, 3 8534;
00-day bills. 3.833<: Canada. Montreal In
New York 87.50: Canada. New York In
Montreal. 114 25; Belgium, 16.40: Den
mark. 10.33; Finland. 2 non; France. 2.21;
Germany 40.26n: benevolent. 17.75;
travel, unquoted: Greece. 7312n; Hungary.
IT.HOn: Italy. 5.05; Netherlands. 53.10;
Norway. 22 75: Portugal 3 H5n: Rumania.
73n: Sweden. 23.83: Switzerland, 22.46:
Argentina (official i. 20 77; Argentina
•freei. 23 40; Brazil (officiali. fl.05; Brazil
(free). 5.10: Mexico. 20.00n. Japan. 23.40;
Hong Kong. 24.02; Shanghai, 8.75; Yugo
slavia 2.30n
Rates in snot cables unless otherwise
Indicated, n Nominal.
1 U. S. Treasury Notes
NEW YORK. Nov. 17.—Prices quoted
in dollars and thirty-seconds;
Approx.
Pet. Month. Year. Bid Asked, yield.
1% Dec.. 1930 100-2
14. Mar.. 1940 101-0 101-8 _
l>/2 June. 1040 . 101-14 101-16 ...
1Dec.. 1940 101-26 101-28 _
Ha Mar.. 1041... 102-1 102-3
l3, June. 1041. 102-1 102-3 .04
IV, Dec.. 1041.. 102-11 102-13 .09
134 Mar., 1942... 103-20 103-22 .15
2 Sept.. 1942 . 104-27 104-20 .26
H, Dec. 1942. 104-11 104-13 .31
IV, June. 1043 . 10* 102-2 .54
Hi Dec., 1043 101-27 101-20 .66
1 Mar.. 194 4 _ 100-28 100-30 .78
% June. 1044. 90-28 99-31 .76
Paris exchange Kates
PARIS. Nov. 17 (/p\.—The United States
dollar was unchanged at 43.80 francs
(2.283 cents to the franc) in final foreign
exchange transactions today. In compari
son the franc was 2.230 cents n New
York overnight. Exchange on London,
17« 325
Three oer cent rentes in the bourse
w°re 72 20 francs: 4VaS "A.” 81.25: 4 Vis.
1937 197.95.
United States Treasury Position
By the Associated Press.
The position of the Treasury November 15, compared with comparable date a
year ago:
November 15. 1939. November 15. 1938.
Receipt!_ _ $12,714,715 05 $5.970,1H5.18
Expenditure!_I ZZZZZ~ZZZ I 21.811,822.00 15,017,775.29
Net balance _ 2.280,318,834.25 2.553.553,008.05
Working balance Included- '_ 1.678,508.355.70 1,941.732,303.20
Customs receipts for month" " '_ 14.103.807.54 13.045,315.12
Receipts for fiscal vear (JulVIT__ 2,040.058.115.09 2.096,730,573.80
Expenditures - - 3,553.831,075 97 3.337.928,114.81
Excesi ol expenditures_” " __ 1.513,772.960.88- 1.242,191.540.75
Gross debt -- ~ _ 41,210.150,462.20 38.527.824,089.81
Increase over previous day”" ~rr_I 3.754.522.68 _
Gold asset!- 17.234,097,127.34 14,160.130,128.65
jA .
Standard Gas Shows
$3,465,911 Profit
For 12 Months
Result Compares With
$1,462,651 Recorded
In Previous Period
By the Associated Press.
NEW YORK, Nov. 17.—Standard
Gas & Electric Co. and subsidiaries
reported for the 12 months ended
September 30 net income of $3,465,
911, compared with $1,462,651 in the
preceding 12 months.
The net Income includes approxi
mately $724,000 for the year ended
on September 30. 1339, and about
$461,000 for the preceding compara
ble period representing undistrib
uted earnings of subsidiaries, which
are not available to the parent con
cern because of preferred dividend
arrears of certain subsidiaries.
Thatcher Manufacturing Co.
Thatcher Manufacturing Co., mak
ing milk bottles in New York, Illi
nois and West Virginia, reported net
income for the September quarter of
$257,699, or $1.05 a common share,
compared with $258,521, also $1.05 a
share, in the like 1938 period.
Member Bank Deposits
Drop at New York
By the Associated Press.
NEW YORK. Nov. 17— Member
bank deposits for reserve account
with the Federal Reserve Bank of
New York declined around $43,000,
000 during the past week, the bank s
condition statement disclosed.
The United States Treasurer's ac
count with the bank rose about
$37,000,000. Gold certificates on
hand and due from the United States
Treasury fell around $27,000,000.
Federal Reserve notes in actual
circulation were about $2,000,000
fewer.
The bank’s holdings of United
States Government securities was
about $14,000,000 lower.
The condensed statement follows:
Gold certificates on hand
and due from U. S Treas
ury $6.971,039,000
Total reserves 7.059.718.000
Bills discounted:
Secured by C. S. Govt, obli
gations 309 000
Total bills discounted 1.809 000
Bills nought in open mar
ket:
Industrial advances 1.974,000
Total U. a. Govt, securities 833.091.000
Total bills and securities _ S37.474.000
Uncollected items 244.816.000
Federal Reserve notes in
in actual circulation _ 1.203.510.000
Deposits:
Member bank—Reserve ac
count 6.006,910.000
Total deposits_ 6.636.962.000
Ratio of total reserves to
deposit and Federal Re
serve note liabilities com
bined 90<5i
New York Banks Favor
Short Week All Year
By the Associated Press.
NEW YORK, Nov. 17.—The bulk
of New York's banks not only are in
favor of shutting up shop on Sat
urdays during the summer, but also
the year around, replies to a ques
tionnaire circulated by the New York
State Bankers’ Association revealec
today.
The association sent the question
naire to 303 banks which closed on
Saturdays during July and August
this past summer and got 251 re
plies. Of the 251. a total of 214
said they would, favor an amend
ment to the Quinn Bill making Sat
urday closings during July and Au
gust mandatory. Only 26 were op
posed. while 11 were undecided.
In answer to the question oi
whether they favored an amend
ment making Saturday a full holi
day throughout the year, 147 re
plied in the affirmative, 78 were op
posed and 26 undecided.
Virginia Tobacco Prices
Hold Steady Levels
By the Associated Press.
The Virginia old belt tobaccc
markets yesterday chalked up aver
ages of from $15 to $17.65 a hun
dred pounds for the flue-cured leaf
In general, prices on all types were
maintained at even level.
South Boston, pending a com
plete count, appeared to have han
dled approximately the same
amount of leaf as it did Wednes
day, when 510,000 pounds went for a
$16.76 average.
An average of $15 was bid for
53,774 pounds at Martinsville; $17.01
for 93,841 pounds at Rock Mount
$15.34 for 43.088 at Lawrenceville
$15.25 for 49,914 at Kenbridge, $17.65
for 85,952 at Chase City and $15.52
for 216,624 at South Hill.
Chicago Produce
CHICAGO. Nov. 17 <.4*'.—Poultry, live, I
cars, 44 trucks: springs Arm: young ton
turkeys easy; others steady; springs, 4
pounds up. Plymouth Rock. 14*6: Whitt
Rock. 14m bareback chickens, 11: geese
12 pounds and down. 14: young tom tur
keys. 16*6: other prices unchanged.
Butter. 612.156: steady: prices un
changed. Eggs. 3,807: steady; prices un
changed.
Potatoes 101: on track. 395: total U. S
shipments. 596: steady: Northern, all va
rieties. demand fair: Idaho Russets ant
Nebraska Bliss Triumphs, demand slow
supplies liberal. Sacked, per hundred
weight. Idaho Russet Burbanks. U. S. No. 1
few sales. 1.75-85: U. S. No. 2. 1.32*6
Nebraska Bliss Triumph*. 90 per ceni
u. S. No. 1. cotton sacks, unwashed. 1.55
burlap sacks, few sales. 1.35-55: washed
1.75: Minnesota. Red River Valley Section
Early Ohios. U. S. commercials. 1.05-10;
North Dakota. Red River Valley section
Cobblers. 85 to 90 per cent U. S. No. 1
1.05-10: Bliss Triumphs. 90 per cent ot
better. B. S. No. 1. 1.10-25; Early Ohios,
90 per cent 0. 8. No. I. 1.16.
U. S. October Exports
Gain on Purchases
By Latin America
dales More Than Make Up
For Europe's Decline
In Buying
By the Associated Press.
Secretary of Commerce Hopkins
announced last night that increased
purchases from Latin America, which
has been cut off from some European
markets by the war, caused an in
crease in total American exports last
month.
He said preliminary figures on
October shipments showed they were
worth $323,000,000, which was 14 per
cent more than in September and 18
per cent more than in October of
last year.
October shipments to Cuba,
Mexico, Argentina, Brazil, Colombia,
Shile and Venezuela aggregated $47,
017,000, or more than $11,000,000 in
excess of the value of merchandise
sold those countries in September.
British Purchases Down.
England, Belgium and the Nether
lands decreased purchases • here,
il'hlle nothing could be shipped to
Germany or Poland. Canada. Japan,
Denmark, Norway and Sweden in
creased purchases here.
Purchases of the three Scandi
navian countries totaled $24,673,000,
compared with $13,201,000 in the
same month last year.
Among commodities, increased
exports were reported for raw cot
ton, fruit, automobile, trucks, ma
chinery, chemicals and iron and
steel products. Decreases included
leaf tobacco, airplanes and copper.
The arms embargo interfered with
airplane exports.
Britain Buys Less Tobacco.
England, normally the No. 1 cus
tomer of America, dropped its pur
• chases here from $60,049,000 in Sep
, tember to $51,939,000 in October by
| decreased purchases of tobacco,
i petroleum, steel scrap and copper.
I Russia's $5,455,000 of purchases
here in October were about four
times the size of the preceding
month, but were less than the aver
age for the first 10 months of the
year.
Contributing to the $23,313,000
total of Japan s purchases in Octo
ber was a resumption of buying of
American cotton. Japan usually
has been one of America's best cot
ton customers, but has been inten
I tionally restricting such purchases
j in the last few years.
—--—
California Oil Award
To U. 5. Is Affirmed
By thf Associated Press.
SAN FRANCISCO, Nov. 17.-~The
United States Circuit Court of
Appeals affirmed vesterdav an award
of about $7,000,000 to the Federal
j Government against the Standard
Oil Co. of California In connection
with oil fields in the Elk Hills dis
trict of Kern County, now a naval
oil reserve.
The case grew from the action of
Secretary of Interior Ickes, who held
in 1935 that the Elk Hills land never
should have been deeded to the State
of California as a school gr^nt In
1903, and subsequently, never should
have been acquired by Standard Oil
Secretary Ickes contended the
original deed was not legal because
it was known at that time the land
was rich in mineral deposits.
The court yesterday held, in eflect,
that Secretary Ickes’ decision was
correct, and that Federal Judge ijeon
R. Yankwich of Los Angeles held
rightfully in awarding the Govem
i ment $6,214,102, but plus interest
Irom date of judgment, nearly two
years ago.
Mousel Hereford Sale
Brings Good Prices
By the Associated Press.
CAMBRIDGE, Nebr., Nov. 17.—
Mousel Bros., nationally known
Hereford breeders, started their two
day sale here yesterday, with
breeders from 20 States present to
bid for the prize cattle.
William McSpaden of Amarillo,
Tex., paid $4,000 for Lamplighter,
the herd bull. The average price
on 20 top sales was $911. The top
for young bulls was $1,675 and for
young heifers, $1,525.
The average on young animals was
j $550.
Approximately 50 of a total of
| 200 on the auction block went to
high bidders.
Two Named to Board
Of Chicago Reserve
By the Associated Press.
CHICAGO, Nov. 17.—Walter J.
Cummings, chairman of the board
of the Continental Illinois Bank
& Trust Co. of Chicago, and Max
Wellington Babb, president of Allis
Chalmers Manufacturing Co. of
Milwaukee, Wis., yesterday were re
elected directors of the Federal Re
serve Bank of Chicago.
Both were chosen for three-year
terms, beginning January 1, 1940.
New York and Chicago
Bank Loans Climb
By the Associated Press.
The Federal Reserve Board says
New York City banks increased
their commercial, industrial and
agricultural loans by $8,000,000 to a
total of $1,682,000,000 in the week
ended November 15.
Chicago banks boosted similar
loans $4,000,000 to a total of $399,
000,000.
Chicago Livestock
CHICAGO. Nov. 17*OP).— (United States
Department of Agriculture).—Salable hogs
7.000; total, 13.000; light hogs fairly ac
tive: mostly 10-15 lower than Thursday's
average: others and packing sows gener
ally 15-25 off: extreme top. 6.05 sparingly
for choice lightweights; bulk. 160-220
pounds. 5.80-6.00; 220-270 pounds mostly
5.65-85: few 270-330 pounds butchers,
o. 50-65; good 330-450 pounds packing
sows. 4.00-5.40: few lighter weights to
5.50; extreme heavies. 4.50-85.
Salable cattle, 500; salable calves. 300:
slow; generally Friday cleanup trade: prices
on all grades and classes around steady:
best 1.0.36 pounds fed steers. 10.10; other
loads odd lots. 8.25-9.15: no choice fed
hellers offered; small lots up to 9.65: beef
cows draggy: canners and cutters In fair
demand: bulls slow; most sales light and
mediumweight sausage offerings. 6.00-75:
odd head best vealers, 10.50; most smali
lots. 8.60-9.50.
Salable sheep. 3.600: total. 6.000; late
Thursday fat lambs, 15-25 lower: other
classes steady; lambs, top, 9.25; bulk. 8.90
9.10: yearlings. 6.75-7.76: few. 8.00: near
choice deck. 8.25: native slaughter ewes.
3.75-4.50; today's trade fat lambs slow,
steady to weak with Thursday: good to
choice fed Western lambs to packers, 9.00
16: best now held 9.25 and above: sheep
about steady: natives slaughter ewes. 3.75
4.50.
War threatens to cause a shortage
of medicinals in Portugal.
British Trade
Gains Slightly
In October
By the Auociated Preu.
LONDON, Nov. 17.—British for
eign trade in October showed a
slight gain over the first month of
the war, but declined in comparison
with a similar period last year.
Imports totaled £61,841,464 (about
$247,365,856), an increase over Sep
tember by £11517,197 (about $47,
668,788), but £17,237,439 (about $68,
939,756) below that of October, 1938.
Britain exported goods valued at
£24,622,840 (about $78,491,360). an
increase of £1,535,595 (about $6,142,
380) over September, but £17,937,156
(about $71,748,624) under that of
October a year ago.
Goods re-exported during October
came to approximately £1,990,000
(about $7,960,000), in addition to ex
ports of British products. Excess of
imports for the month was around
£35,230,000 (about $140,920,000).
Excess Bank Reserves
Decline Further
During Week
Total Still at High
Levels Despite Lag
In Recent Periods
By the Associated Press.
Lendable excess reserves of banks
dropped again last week, falling
$360,000,000 in three weeks to $5,170,
000,000.
The total, however, is still so high
that Chairman Marriner S. Eccles
of the Federal Reserve Board last
week advocated a tax program
which, he said, would help reduce
the excessive supply of idle money.
In the week ended November 15,
the decrease amounted to $180,000.
000, due primarily to governmental
borrowing through the Reconstruc
tion Finance Corp.
The board also disclosed that the
12 regional Federal Reserve banks
decreased their holdings of Federal
bonds by $9,000,000, of Federal notes
by $8,000,000 and of Treasury bills
by $21,000,000 during the week.
The board's statement said:
•'During the week ended Novem
ber 15 member bank reserve bal
ances decreased $162,000,000 Re
ductions in member bank reserves
arose from increases of $216,000,000
in Treasury deposits with Federal
Reserve banks and $78,000,000 in
Treasury cash, and a decrease of
$6,000,000 in Reserve Bank credit,
offset in part by decreases of $25,
000,000 in money in circulation and
$7,000,000 in non-member deposits
and other Federal Reserve accounts,
■ and increases of $103 000,000 in gold
| stock and $4,000,000 in Treasury
currency. Excess reserves of mem
; ber banks on November 15 were
j estimated to be approximately $5,
' 170.000.000, a decrease of $180,000,
| 000 for the week.
me principal change In holdings
of bills and securities was a de
crease of $38,000,000 in United States
Government securities, direct and
guaranteed: holdings of bills de
! creased $21,000,000. of bonds $9,000.
$$$ and of notes $8,000,000."
Changes in member bank reserve
balances and related items during
i the week and the year ended Novem
ber 15, 1939, were, reported as fol
j lows:
Nov 15 Nov. 8 Nov. 16
193ft 1939 1938
, . 'In millions of dollars.)
, Bills discounted d _ i
•Bills bought . •* _
i United States Gov
ernment securi
ties direct and
guaranteed 2.649 — 38 + 85
Industrial advances
(not i n c 1 udire
10.OOO.noo com
mitments—No
vember 15> 12 _ — 3
Other Reserve bank
credit 48 4- 32 4- 45
Total Reserve bank
credit 1.715 — « + 115
Gold stock 17.135 4-103 - 3,073
Treasury currency 1,939 + 4 + 183
Member bank re
serve balances 11,587 —162 -t- 2,860
Money in circula
tion 7,384 — 25 + 662
Treasury '.ash 2.341 + 78 — 380
Treasury deposits
with Federal Re
serve banks 564 +216 + 20
Non-member del
posits and other
Fedpral Reserve
accounts 1,013 — 7 + 229
Dry Goods Market
NEW YORK Nov. IT (/Pi.—Some busi
ness in osnaburgs and heavy sheetings for
burlap and jute substitutes was reported
in Worth street s cotton goods market to
day Prices on osnaburgs were firmer,
while heavy sheeting quotations held tight
at recently advanced levels.
Rayon market business was confined to
routine demand for standard fabrics. In
terest in silk fabrics was restricted. Tlw
market for woolen textiles remains spotty.
New York Bar Silver
NEW YORK, Nov. 17 UP).—Bar
silver, 34?4, unchanged.
1 i
Southern Pacific Net
Totals $1,724,389
In Nine Months
Result Contrasts With
$9,293,444 Deficit
For T938 Period
ay tne Associated press.
NEW YORK, Nov. 17.—Southern
Pacific Co. and transportation sys
tem companies, excluding opera
tions of solely controlled affiliated
companies, reported today net in
come for nine months ended Sep
tember 30 of $1,724,389, or 46 cents
a share, compared with net loss of
$9,293,444 in the like 1938 period.
Union Pacific.
Union Pacific Railroad, for the
nine months ended September 30, re
ported net income of $9,487,884 after
charges, equal after preferred divi
dends to $252 a common share,
compared with $8,746,408, or $2.59 a
common share, in the like 1938
period.
For September alone, net income
was $3.352 551, against $2,404,729
in September last year.
Illinois Central.
The Illinois Central Railroad re
ported net income for September
totaled $1,106,553, compared with
$439,865 last year. For the first
nine months this year the railroad
had a net loss of $957,772, compared
with a loss of $1.352 668 for the like
1938 period. Figures were exclusive
of the Yazoo & Mississippi Valley
Railroad.
Chicago Great Western.
The Chicago Great Western re
ported net income of $142,700 for
September, compared with $23,129 a
year ago. For the first nine months
this year the railroad had a net
loss of $350,811 against a loss of
$1,320,611 for the corresponding
period in 1938.
Short Hours Retained
In U. S. Bond Market
3y the Associated Press.
NEW YORK, Nov. 17—A war
time emergency rule which short
ened the hours for trading in United
States Government securities in the
“outside market” will become a per
manent fixture, it was disclosed yes
terday.
Trading will continue to end at
4 p.m., or one hour earlier than
was the custom before the European
war. Other restrictions on trading
effected by the Federal Reserve
Bank to steady the market during
the heavy war selling in September
were removed early this month.
The trading period for Govern
ment bonds in the stock exchange,
which ends at 3 o'clock, w’as not
affected by the Reserve Bank con
trols.
700 Tons of Lead Sold
NEW YORK, Nov. 17 <&).—St.
Joseph Lead Co. reported 75 tons of
Southeast Missouri pig lead sola
yesterday at $5.35 per 100 Dounds
East St. Louis, 500 tons at $5.55 New
York and 125 tons at the New York
average.
—
.. ..
Consumers Power Board
Approves Financing
By the Aseocleted Pre»«.
NEW ORK, Nov. 17.—Directors
of Consumers Power Co. at a spe
cial meeting yesterday authorized
the issuance of $28,594,000 of addi
tional first mortgage bonds and
125,000 shares of common stock.
Wendell L. Willkie. chairman of
the board, announced that proceeds
will be used for “refunding and con
struction purposes.” The Michigan
Public Utility Commission had pre
viously authorized the financing.
The bonds, Willkie said, will be
offered to the public and the com
mon stock will be sold to the Com
monwealth & Southern Corp., also
headed by Willkie, which controls
the Consumers Co.
It was expected the bonds would
be registered with the Securities and
Exchange Commission tomorrow.
Steel Due From Japan
MANSFIELD, Ohio, Nov. 17 OP).—
The Empire Sheet & Tin Plate Co.
shortly will begin shipment of a
$500,000 order of sheet steel to Japan
for farm implements, diverted here
from Germany, where it had been
placed before the war began.
LOANS
On Washington
Real Estate
Prompt Decision,
Current Rates and
Courteous Treatment
17311 K STUrr N.W.
Desirable Space Avail
able in One of the City's
Most Conveniently
Located Buildings
Suitable for offices, stores,
laboratories, etc.
1616 K ST. N.W.
One unit on 1st floor, containing
approximately 1,000 square feet: 2
lavatories; front and back en
trances; limited parking space in
rear.
Entire 2nd floor containing ap
proximately 3,000 square feet; 2
lavatories; separate rear entrance;
well lighted and ventilated by large
windows and skylights.
Suite of 2 rooms and lavatory on
3rd floor. (Automatic elevator to
upper floors.)
For farthor information, call
B. F. SAUL CO.
925 15th St. NA. 2100
OPEN AN ACCOUNT
Where Your Savings
ARE INSURED
Save at Interstate
and enjoy the advan
tages of high earning
power and utmost
safety for your invest
ment (every account
up to $5,000 fully
insured). Ask for
the complete facts.
INTERSTATE
BUILDING ASSOCIATION
Washington Building
15th St. & Now York A*a.
District 8300
Lun9mUi2J.huUJI
mmHE&m
mmmtmmmMKKmmmm
S c7!kJ Peoples Plan \
^ • FOR OWNING YOUR HOME \
| ■
^ Small Monthly Payments yjl
t Peoples Life Insurance G). \
\ A Washington institution 2
| 14th & H Sts. N.W. National 3581 ]
ON IMPROVED D. C. AND
NEARDY MARYLAND
PROPERTY
For buying, rebuilding or refinancing ot
prevailing rates of interest.
Loans repayable monthly.
No charge for appraisal if loan is not made.
Interest charged only on unpaid balance of i
principal. J|
Equitable Co-operative 1
Building Association
915 F ST. N.W. ORGANIZED 1879