Evening star. [volume], December 05, 1939, Page A-19, Image 19

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

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I ^^pecialists^i
; J^tor Business Records^ ;;
' and Equipment t :::
ttty >:
:
7 VISIBLE RECORDS
/■or Machine Postlno
'■ kWalcoff-Taylor Co. Inei
: MILLS BLDG A
MEtro.5846
:::::: f,:::::::
1111 llfHtftTTnmirrTmlllllllwj
To
Build, Buy or Refinance
Your Home
Long-Term Loans With
Monthly Payments as Low as
$6.60 per $1,000.00
Straight 3-Year Loans
~ EQUITABLE
LIFE INSURANCE .
COMPANY
816 14th St,_MET 3*13
Property Management
7TT HE type of service our Prop
^ erty Management Depart
ment renders to owners of
apartment house and residen
tial properties saves them all the
worrying details.
Ask us about it.
B. F. SAUL CO.
925 15th St. Natl. 2100
Mortgage Loans
Open an Account
9
Lump Sums or
Monthly Installments
•
Liberal Earnings
Withdrawal Privileges
<2
Assets Over
*' $3,000,000.00
PRUDENTIAL
1331 G St. N.W.
Dl. 6270 Suite 304-5-6
LOAN
„ TO BUILD, BUY
OS? REFINANCE!
INTEREST ? Qi
as low as yO
• Lew Monthly Payment*
O Prompt Action
• No Commlnion Charge*
Established 1861
ORIENTAL
Building Association No. 6
800 F St. N.W. NA. 7300
I'nder C. 8. Soecrrliion
Washington Properties
G. M. Income 7% Bonds
1952
i
Interest of $190.50 per
thousand has been paid
in the past four years
averaging $47.62 per
thousand a year.
> Yielding 7%
®68
Secured by a First Mort
gage upon Wardman Park
Hotel and Carlton Hotel
and further secured.
Inquiries Invited
THOS. L. HUME
(EatabUthsd 1899)
917 15th St. N.W. No. 1346
Spring Store Buying
Cautious as Result
Of Early Easter
Experts Forecast Sales
Gain Over 1939 of
About 10 Per Cent
By PAUL D. GESNER,
Associated Press Business Writer.
NEW YORK, Dec. 5—With next
Easter falling the earliest in the
year since 1818, retail merchants
along Main street in towns from
coast to coast are reported gauging
purchases of spring merchandise
cautiously.
But despite conservative store
buying policies trade experts gen
erally agreed that the volume of
spring retail business may run
close to 10 per cent above the pre
ceding year, the gain paralleling
the 10 per cent rise anticipated ui
this year’s Christmas business, if
the Nation witnesses an early break
: ing up of winter.
The outlook for early spring re
: tail sales of women's, men’s and
children's apparel, along with house
hold supplies and miscellaneous
merchandise seemed to hinge on two
vital factors:
1. The customer's pocketbook.
'2. Old man weather.
On the first score, observers ap
peared almost universally in r.c
i cord in the belief the coming of
i spring would probably find ample
funds in the average family’s purse
for new Easter finery and other
seasonal goods.
Starts Spring Season.
Easter, which falls on March 24
next year, the earliest in 122 years,
traditionally is regarded as the first
day for donning new spring ap
parel. The Easter parade from home
to church and back again in thou
sands of communities is a red-letter
occasion.
Should clement weather develop
shortly before Easter, cash registers
should jingle pleasantly in retail
stores as customers crowd the ap
parel departments.
However, if Easter finds bitter
winter winds still blowing, the pace
of early buying might be slowed.
The Easter season, merchants
point out, usually spurs not only
apparel sales, but general trade as
well. People who come to town to
shop for clothes as a rule make it
a “buying day," and sales of other
seasonal goods expand as well.
First spring sales of seeds, shrubs,
garden tools, paint, golf clubs, base
balls, automobile tires, gasoline,
vacuum cleaners, general house
cleaning aids, carpenters’ tools,
bicycles, marbles, shoes, furniture
and a thousand other household
commodities usually begin perking
up during the Easter shopping
period.
inventories v onservauve.
Wholesalers report merchants cau
tious on forward commitments,
i Christmas stocking has remained
conservative, even though it is con
ceded gift shopping should run 10
per cent above last year.
"The policy of the average store
seems to be to order goods gingerly,
then replenish shelves through re
orders as items are sold out," one
wholesaler said. "Merchants gener
ally have been keeping forward or
ders at a minimum for over 18
months now, and unless price rises
threaten or reorder delivery snags!
develop, they're likely to continue
buying only for immediate needs or
the near-term.
The usual practice in trade today
seems to be for the wholesaler, i
rather than the retailer, to bear the
burden of maintaining inventories.
However, recently there has been a
little lightening for the wholesaler.
While retail store inventories in the
New York metropolitan area and
some parts of the East are under a
year ago. many merchants in the
West and Far West are maintaining
heavier stocks of goods.
New York Produce
nkuEW yo?K. Dec. 5 i/P'.—Butter. 951,
c,ream"y- higher than
exira. ~9%-30%; extra (92 scorei. 2P%-%;
!?y*ls„'88-®l*, 263/4-29: seconds (84-871.
-i ‘ 4*40 74.
Cheese 346.589. steady to Arm. Prices
unchanged.
135.nt: steady Mixed colors:
Fancy to extra fancy. 24-25; standards,
—’%■ firsts. 21%; seconds. 18%-Hi'-;
mediums. 18; dirties. No. 1. 17; average
checks. 16%. Refrigerator, fancy arid
heavyweights. 18-20%; standards. 11%:
firsts, 1 O’,-1,: seconds 10-16%; mediums.
15-lo%. dirties. 15-15%.
Whites; Resale of premium marks,
-8%-.K»%: nearby and Midwestern, prem
ium marks. 26-27%; exchange specials.
25%: exchange standards. 24%. Resale
of exchange to fancy nearby, heavier
mediums. 22-25%. Nearby and Mid
western. exchange mediums. 21%: pu.lets
20-20%. Refrigerator, nearby specials!
20-21; nearby and Midwestern standards
17-18: firsts. 16%.
Browns: Nearby, fancy to extra fancy
25-2H. Nearby and Midwestern, exchange
specials. 24%: exchange standards, 23%
24. Exchange mediums, 21%-22; pullets,
20%-21.
Duck eggs: 30.
Short-Term Securities
(Reported by Bmith. Barney Sc Co.)
... . „ Bid. Offer.
Alleghany Corp Cv 5s 44 _ 78% 80
American Tel & Tel 5%s 43 109% 109%
Austin Si Northwestern 5s 41 80 % 88 %
Baldwin Loco Works 5s 40 101% 101%
Central Foundry 6s 41 90 91
Chicago Union Station 4s 44 105 100
Childs Co 5s 43 55% S8%
Colorado Fuel Sc Iron 5s 43. 104%
Container Corp 6s 43 101% 102
Cuba Northern Rwys 5%s 42 29% 30%
Delaware * Hud^n 4s 43 03% 05
Grand Rapids &• Ind 4%s 41 104% lu5%
Illinois Steel 4%s 40 101% 102
Inti Hydro-Electric 6s 44 69% 70%
Intern Merc Marine Hs 41 61 til’,
Laclede Gas Light 6s 42 78 82V,
Lake Erie Sc Western 6s 41 7!Ui 88
Lehigh Valley Term Ry 5s 41 5u
Louisville Sc Nash R R 4s 40 101% 101%
Midland R R of N J 5s 40 11% 12%
N Y Sc Long Branch 4 41. 75
Norfolk X- Southern 5s 41 52% 55
Pennsylvania Co 3%s 41 102% 104%
Penn-Dixie Cement 0s 41 94 95
Penna R R Co 4s 43 107% 109
Peoples Gas Lt Sc C 6s 43 112% 114
Peoria Sc Eastern 4s 40 _ 70% 71V,
Phlla. Balt Sc Wash 4s 43 109V,
Studebaker Corp 6s 45 95 95V,
Texas Sc New Orleans 5s 43 50 84%
Union Oil of Calif Vs 42 112% 112%
Vanadium Corp 5s 41 _ 104 Vi 108
Warren Bros 0s 41 32’i 33%
Western N Y A Pa 43 107% 107%
White Sewing Machine 6s 40 101V* 103
Metal Market
NEW YORK. Dec. 5 <(P>.—Copper steady;
electrolytic, soot. 12.50: export, f a s. New
York. 12.05-13.00. Tin irregular: spot
and nearby. 52.00; forward. 50.50. Lead
steady; soot. New York 5.50-55: East St.
Louis. 5.35. Zinc steadv: East St. Louis,
spot and forward, fl.00 Quicksilver. 145.00
nominal. Pig iron, aluminum, antimony,
plotlnum. Chinese wolframite and domestic
scheeltte unchanged.
Rubber Futures
NEW YORK Dec. 5 Mb.—Crude rubber
futures opened 5 to 1.3 higher. December.
20.00; March. 18.70; May. 18.15._
United States Treasury Positii
By the Associated Press.
The position of the Treasury Deeemb
year ago:
Receipts
Expenditures_
Net balance -----
Working balance Included
Customs receipts for month
Recelnts for fiscal year (July 1)
Expenditures -
Excess of expenditures-—————
gt_oss debt___...—
Investment Concerns
To Get Part of Big
Utility Issue
Willkie Sets Quota
Of $1,000,000 for
Michigan Firms
Br the Associated Press.
| Wendell L. Willkie, utility execu
tive, disclosed during a Securitie
i Commission hearing today that ai
underwriting contract for a pro
posed $28,594,000 bond issue by Con
sumers’ Power Co. had been alterei
to allot $1,000,000 for handling b;
Michigan investment firms.
Willkie testified that the change
had been made last night after Oti
& Co., Cleveland banking house
and others had sought to intejvem
in a hearing on whether Consumers
Power, a Jackson, Mich., utilit;
company, should be permitted t<
sell the bonds and 125,000 shares o:
common stock.
Protest Registered.
Otis & Co. and the others havi
protested that they were not giver
a chance to bid for the privilege o:
handling the securities, pointing ou:
that Morgan, Stanley & Co., anc
Bonbright & Co., large New York
houses, heacied the list of 27 under
writers for the proposed issue anc
had handled most of the businesi
for Commonwealth & Southerr
Corp., parent holding company oi
the half-billion utility system whict
includes Consumers' Power.
Willkie, head of both Consumers
Power and Commonwealth, saic
that the $1,000,000 to be allotted the
Michigan firms would be taken frorr
the amounts previously allotted ir
the contract to Morgan, Stanley &
Co. and Bonbright & Co.
Asked why $1,000,000 of the total
had been set aside for Michigan in
vestment houses, Willkie said that
he had seen in a newspaper a state
ment that Jerome Frank, S. E. C,
chairman, had expressed the view
that he favored regional distribu
tion of utilities securities. He added
that the $1,000,000 was “just an
arbitrary figure.”
Washington Exchange
SALES.
Capital Traction 1st 5s—$1,000 at 97,
$1,000 at 97, $3,000 at 97, $1,000 at
97, $1,000 at 97, $1,000 at 97, $3,000
at 97.
Mergenthaler Linotype—50 at 16, 40
at 16.
Washington Gas Light com.—5 at 29.
Mergenthaler Linotype—15 at 16.
Capital Traetion 1st 5s—$3,500 at 97,
$500 at 97, $1,000 at 97.
BONDS
PUBLIC UTILITY.
Bid Asked.
Anacos-la * Potomac Si .. 96Vk 99
Ana it Pot Guar Si 111 •
Capital Traction 1st Ss OfiVk 97t4
City it Suburban 5s _ 96‘j 99
Georgetown Gas 1st 5s 115 _
Pot Elec Pow 3‘<«s loT'/j _
Washington Gas 5s 1960 120 _
Wash Rwy it Elec 4s 107 -
MISCELLANEOUS
Chevy Chase Club 1st 4><is 103 _
Col Country Club 1st 4'«s 103 _
Ter Rel it Wh Corp 1st 4'iS 100 _
STOCKS
PUBLIC UTILITY.
Bid Asked.
Amer Tel A Tel (9) __ 16944
Capital Transit Co •l.'U* 14*4
N A W 8teamboat (4) , 60 75
Pot Elec Pwr 6G old (Of 114
Pot El Pwr 5*4% Pfd (6.50) 113*4 _
Wash Gas Lt com (1.60) 281, 29Va
Wash Gas Lt pfd (4.501 104*4 _
Wash Ry A El com (g36)_ 680 _
Wash Ry A El pfd (5) ... 113I4 _
BANK AND TRUST COMPANY
Amer Sec A Tr Co (e8)_ 242 265
Bank of Bethesda (.76)_ 30 _
Capital (4) ... 140 -
Com A Savings (ylO.OO)_27o
Liberty (8) _160 1*0
Lincoln (f5) _ 200 _
Natl Sav A Tr (4.00) 175 190
Pr Georges Bk A Tr (.60) 18 22
Riggs (eSl _ 260 272
Riggs pfd (5) _ 100
Washington (6)_123 135
Wash Loan A Tr (e8> 235 250
FIRS INSURANCE
American (t6) _115 _
Firemen's '1.40)_ 27 _
National Union (.75)_ 14*4 18
TITLE INSURANCE.
Columbia (k.30)___ 13 _
Real Estate (m6> 170
MISCELLANEOUS.
Cajrel Corp (2.00) __ 28V% 32
Lanston Monotype (2.00)_ 30 36
Lincoln Serv com (+1.00 > *1744 20
Line Serv 7* pr pf (3.50) *45 62
Mergenthaler Lino (p.50) 15*4 17
Natl Mtg A Inv pfd (d.20) *344 4
Peoples Drug S com (tl.OO) 33 36
Real Est M A O pfd (.45) 5*4 6V«
Security Storage (5)_ 85 100
Ter Ref A Wh Corp (3)_ 68 65
Wdwd A Loth com (s2.00)- 41 52
Wdw A Lothrop Pfd (7) 118
•Ex dividend. tPlus extras, d 20c paid
June 15 1039 e2w, extra. t3%
extra, g $14.00 extra paid December 20.
1938 k EOc extra, m $1.50 extra, p 60c
paid September 20. 1938. aS2.00 paid in
1938. y $5.00 extra.
Boston Wool Market
BOSTON. Dec. 5 UP) (U. 8. Dent Agr.V—
Scattered sales were being closed on the
Boston wool market today. Coed French
combing-length fine territory wools, in
origin* bags, brought 07 cents to #1.
scoured basis. Fine delaine bright fleece
wools were sold in small lots at 30 to 42
cents, in the grease. An occasional lot
of country-packed mixed three-eighths and
one-quarter blood bright fleece wool wes
being offered through Boston house at
43 to 44 cents, in the grease, delivered
to ustrs. Interest in 'hese offerings wes
very limited, a few bids having been
made at 41 to 42 cents.
>n
er 2. compared with comparable date a
December 2. 1030 December 2. 1938.
1
Profit of Royal
Typewriter Co.
Increases
By the Associated Press.
NEW YORK, Dec. 5—Royal
Typewriter Co. and domestic sub
sidiaries today reported net profit
for the quarter ended October 31 of
$506,859.
This was equal to $1.64 a share on
common stock after 7 per cent pre
ferred dividend requirements and
compared with $392,848, or $1.22 a
5 common share, in the comparable
» 1938 quarter. Company’s domestic
. plant is at Hartford, Conn.
J_
i Investing Companies
' i NEW YORK. Dec. 5 ^.—National As
sociation Security Dealers. Inc.:
J Bid Asked
. Admin Fd 2nd Inc __ _ 12.25 13.03
> Affiliated F Jnc _ 3.60 3 04
, ‘Amerex Hold _ _____ 16.00 17.50
. Am Bus Shrs _ _ 3.32 3.07
Am Gen Eq Inc _ .30 44
’ Am Ins Stocks 4 oo 4.60
•Bankers Nat Inv Corp A . 6 626 7.75
r Basic Industry _ _ 3.00
, ‘Blair A- Co _ 1.50 2 375
Boston Fund Inc _ 15.44 16 60
Broad St Inv _ 24 24 25.03
Bullock Fund _ 13.625 15.00
Can Inv Fund _ __ 3.40 4.00
, Chemical Fund _10.38 11.23
Com with Invest _ 3.62 3.83
! ’Continental Sh pf_ 8.50 10.00
Corporate Trust _ 2.40 _
' Corporate Tr AA_ 2.40 -
Corp Tr Accum _ 2 40 _
Corp Tr AA mod _ 2.86 -
Corp Tr Acc mod _ 2.86 _
Cumulative Tr Sh _ 4.85 _
Depos Bk Sh N Y A_ 1 54 _
Depos Ins Shrs A _ 2.07 _
D^pos Ins Shrs B _ 2 60 _
Diversified Tr C _ 3.85
Eaton ti How Fund A-l __ 17 86 19.19
Equity Corp *3 pi . __25.25 25.75
Fidelity Fund Inc _18.so :!<V2:i
•Firs: Boston Corp_15.50 17.00
First Mutual Tr Fd _ 0.92 7,67
Fiscal Fund Bk Sh_ 2.40 2.73
Fiscal Fund Ins . _ 3.29 3.07
i Fixed Trust Sh A _HUH
Foreign Bond Assoc_ 6 97 7.67
; Found Tr Sh A _ 4.10 4.65
Fund Investors Inc_ 3 7.41 18 93
Fund Tr Shrs A _ 5.19 5.88
Fund Tr Shrs B _ 4.09
Gea Capital Corp _ 30.02 32.92
Gen Investors Tr 4.80 5.29
Group Sec Agricultural _ . 5.40 5.95
Group Sec Automobile_ 4 69 5 11
Group Sec Aviation _ 8.01 8 71
Group Sec Building _ 6.97 6.50
Group Sec Chemical_ 0.09 7.2K
Group Sec Foods 4 41 4 81
. Group Sec Invest Shrs 3.21 3.51
1 Group Sec Merchandising- 5.48 5.97
! Group Sec Mining __ 6.09 6 63
i Group Sec Petroleum_ 4 51 4 92
! Group Sec R R Equip_ 4.23 4 01
Group Sec Steel _ 5.00 0.10
i Group Sec Tobacco _ 4 99 5.44
Incorp Investors - 35.99 1,.19
Independence Tr Sh 2.24
tnstl Sec Bank Group 1.07 1.18
: Instl Sec Insurance _ 1.33 1.46
Investors Fd "C" Inc -10.87 11 39
Keystone Custodn B 1 — 28.80 29.2,
Keystone Custodn B 2- 21.10 23.13
Keystone Custodn B 3 - 14 33 15 ,2
Keystone Custodn K 1_14 41 15.so
Keystone Custodn K 2 _ 9 71 10.70
Keystone Custodn S 2 _ 13.61 15.01
Keystone Custodn S 3 — 10.30 11.48
Keystone Custodn 8 4 — 4 08 4.59
Manhat Bond Fund — 6 90 ,.62
Marvland Fund _ 4 95 5.50
Mass Invest Tr_ 20,78 22.34
Mutual Invest - - 10 69 11.08
; Nation Wide Sec -- .. 3.77
Nation Wide Voting_ 124 1.39
l Natl Investors -_ 5.95 6 3.3
New England Fund . 12.83 13.83
N Y Stocks Automobile _ 6.22 5.07
! N Y Stocks Aviation-. ... 10.41 11.26
N Y Stocks Bk Stocks ... 8.54 9.24
N Y Stocks Bldg Supoly 0.21 8.73
, N Y Stocks Chemical _ 8.97 9.70
I N Y Stocks Elec Equip _ 7.67 8.30
N Y Stocks Insurance_ 9.84 10.63
N Y Stocks Machinery _ 7.54 8.16
N Y Stocks Oils .. 7.42 8.03
N Y Stocks Railroad _ 3.51 3.83
N Y Stocks R R Equip 7.10 7.69
N Y Stocks Steel _ 7.21 7.81
North Am Bond Tr Ctfs - 47.875 -
Nor Am Tr Shares 1953 _ 2.39 -
Nor Am Tr Sh 1955 . . 2.91 -
Nor Am Tr Sh 1956 _ 2 86 -
Nor Am Tr Sh 1958- 2.59
Plymouth Fund Inc- .40 45
Putnam (G) Fund _- 14.30 15 29
Quarterly Income Sh - 8.00 8.90
•Schoellkopf-Hut & Pom .50 1.00
Selected Am Sh Inc 9.20 10.03
Selected Income Sh- 4.35
Sovereign Invest - -6,
Spencer Trask Fund -16.29 16.20
Stand Util Inc - .48 .52
Super of Am Tr A - 3.60 -
Super of Am Tr B- 3 ,0 -
Super of Am Tr AA- 2.56 _
Supervised Shrs - 9.9, 10.84
Trustee Stand Inv C- 2.56 — -
Trustee Stand Inv D - 2.51
Trusteed Industry Shrs — _ .87 .97
Wellington Fund — 14.34 15.76
Quotations furnished by National Asso
ciation of Securities Dealers. Inc., which
states they do not necessarily reflect actual
! transactions or firm bids or offers, but
Fhould indicate approximate prices, and
unless otherwise indicated, are as quoted
by the sponsors or Issuers.
•Asterisk Indicates, “Not quoted by spon
sors or isuer.
Insurance Stocks
NEW YORK. Dec. 8 OP).—National
Association Securities Dealers, Inc.:
Bid Asked.
Aetna Cas (4a) -- 1~2% 120%
Aetna Ins (1.00) .- 48% 60%
Aetna Life (1.20a)- 31 33
Am Eqult (1) , %- 21% 23%
Am Ins Nwk (%a)- 12% 14
Am Reins (1.00)-— 42% 44%
Am Reserve (1%)- 23% 2o%
Am Surety (2%)- ol% 63%
Automobile (la)- 34% 3n%
Balt Amer (,20a)- 6% <%
Carolina (1.30) - 28% 30
City of N Y 11.20)- 22% 24
Conn Oen Life (.80)- 2<% 20%
Contin Cas (1.20a) -- 33% 35%
Pid & Dep (4a> _126% 13(1
Pirem's Nwk ( 40) - 9% 11
Prank Pire (la) - 30% 32%
Oen Reinsur (la) _ 42% 44V<
Oeora Home (la) _ 23 25%
Olens Palls (1 00)- 41% 43%
Globe* R’Pt%) -.— - 11% 12%
Oiobe & Rut ... - - 10 18%
Gt Amer Ins <la)- 20 30%
Hanover (1.20) - 27% 28%
Hartford Pire (2)_ 84 87
Home Pire Sec - 1% 2%
Home Ins (1.20a)-- 32% 34%
Homestead (1) - 18% 19%
Knickerbocker (%)- 9% 10% I
Lincoln Pire - 2'/a 2%
Maryland Caa _ 2% 3%
Mass Bond (3%)_ 00 82
Merc Ins Pr- 3 4%
Natl Pire (2) —. 83% 05%
Natl Liberty ( 20a)- 7% 8%
N Hampshire (1.00a)- 45 47
N Y Pire (.80) .— 16% 17%
Nor East Ins_ 3% 4%
Nor River (1)- 20% 28
Phoenix (2a) - §6 84
Prov Wash (1) - 33% 35%
Reo Ins Tex (1.20) _ 25% 27%
Revere (P) In (1.20a)_ 20% 27%
Rh Isl Ins .... 3 4%
St Paul Pire (8) .. 239 243
Springfield (4%a)_125 129
Sun Life (15) _ 300 350
Travelers (10) _ 453 4P3
U S Pid * G (1).. 22 23%
V 3 Pire (21 _ 61% 53%
Westchester (1.20a) -_ 33% 35%
a Also extra or extras.
Quotations furnished by National Asso
ciation of Securities Dealers. Inc., which
states they do not necessarily reflect actual
transactions or firm bids or offers, but
should indicate approximate prices.
U. S. Treasury Notes
NEW YORK. Dec. 5 <4>>.—Prices quoted
in dollars and thirty-seconds:
Per Approx.
Cent. Mo Year. Bid. Asked. Yield.
1’* Dec. 1939_11)0 -
14* Mar 1940_101.9 101.11 —
1*4 June 1940_101.18 101.20
l'/j Dec. 1940_ 102.1 102.3
114 Mar. 1941_ 102.3 102 5
14. June 1941_ 102.2 102.4
1V„ Dec 1941_ 102.16 102.17 ..
144 Mar. 1942_ 103.23 103.25 .08
2 Sept. 1942_ 104.27 104.29 .23
1*4 Dee. 1942_ 104.10 104.12 .30
iy. June 1943_ 102 1/02.2 .53
p *“*=“' gl «
Pepsi-Cola Orders
Dividend of $15
Per Share
One of Largest Melons
Of Year-End Crop
! Is Announced
By the Aseoctmted Prese.
NEW YORK, Dec. 5 —Directors of
the Pepsi-Cola Co., soft drink man
ufacturer, today cut one of the big
gest dividend melons of the year
end harvest, voting a payment of $15
a share out of the company’s re
cently expanding earnings.
The chief benefactor was Loft.
Inc., manufacturer and distributor
of confections and foods, operating !
| retail outlets in the New York :
metropolitan area, Rhode Island, I
New Jersey, Massachusetts, Pennsyl- |
vania and Baltimore.
Loft controls the soft drink unit. |
holding around 78.5 per cent of the
outstanding shares.
The total payment, due next Fri
day to holders of record Thursday,
approximated $3,900,000.
The previous disbursement was
$2 in 1936.
In addition Pepsi-Cola directors
voted a Christmas bonus for em
ployes amounting to two weeks’ ex
tra salary for those employed one
year or more and a week s added
pay for those employed less than a
year
•It V,' • ■ CI1I1CT vv>
Directors of the J. C. Penney Co.,
operating a Nation-wide chain of
apparel stores, declared an extra
dividend of $2 a share, supplement- i
ing a quarterly payment of 75 cents
on the common. Both are payable
December 20 to holders of record
December 8. The previous payment
was 75 cents in September. The
latest disbursements brought divi
i dends for 1939 to $5, compared with
$4.25 last year.
Federal Mining.
Federal Mining & Smelting Co.,!
i operating silver, lead and zinc prop
| erties in Idaho, Oklahoma, Kansas
and Missouri, announced a dividend
of $1.50 a share on the new com- ;
mon stock resulting from the split- I
up of the stock on a basis of five
shares for one. The dividend is
payable December 20 to holders of
record December 15.
On the old common the previous
payment was $5 a share in Decem
ber, 1937.
Mack Trucks, Inc.
Mack Trucks. Inc., directors or
dered a year-end dividend of 50
cents a share, payable December 28
to stock of record December 15.
Previous payment was 25 cents in
March last year.
North American Rayon.
Directors of North American Ray
on Corp. declared a dividend of $2
on the class "A” and “B" common
stock, payable December 20 to hold
ers of record December 14. This
will jump 1939 payments to $2.50 a
share from 25 cents last year. Com
pany's plants are at Elizabethton,
Tenn.
Ingersoll-Rand.
A dividend of $1 a share on com
mon stock was authorized by In
gersoll-Rand Co. directors, payable
December 26 to holders of record :
December 15. Total payments for
the year will now amount to $6,
against $5.50 in 1938. Company
makes industrial machinery at fac
tories in New York, New Jersey and
Pennsylvania.
Seiberling Rubber.
AKRON, Ohio, Dec. 5 OP).—The
Seiberling Rubber Co. announced ,
today a dividend of $1.25 per share
on class A preferred stock, payable
January 2 to holders of record De
cember 13. A dividend of the same
amount was paid on October 30
and, previous to that, a like pay
ment was made for the fourth quar
ter of 1938.
Odd-Lot Dealings
By the Associated Press.
The Securities Commission reported to
day these transactions by customers with
odd-lot dealers or specialists on the
New York Stock Exchange lor December
4: 2.940 purchases, Involving 78.977
shares: 2.811 sales, involving 09.145
shares .Including 43 short sales, Involv
ing 1,277 shares. j
Money for Construction Loans
and
Loans on Completed Properties
FIRST DEED OF TRUST ONLY
GEORGE L BORGER
643 Indiana Aye. N.W.
Nat'l 0300
REAL ESTATE
LOANS
oo improved property in
D. C., nearby Md. and Va.
Low interest rates, easy month*
ly payments, no commissions;
no renewal charges.
NORTHERN LIBERTY
BUILOING ASSOCIATION
SU SEVENTH. STREET. N. W.
Established 48 Years
MEMBER Or
FEDERAL HOME LOAN BANK SYSTEM
0. C. SUILOINB AND LOAN LEASUt
U. 8. SUILOINB ANO LOAN LEASUE
UUUNUMUSL
Columbia Gas Plans
Merger of 14 Firms
Into Three Units
Consolidation to Cut
System's Operating
Companies to 22
By the Associated Press.
NEW YORK, Dec. 5 —Columbia
Gas St Electric Corp., the utilities
system which serves more than 1,500
communities through 33 directly
owned subsidiaries, is about to merge
14 of the subsidiaries into three large
operating units.
- The merger will reduce to 22 the
number of operating companies,
simplifying gas and electric distribu
tion in Ohio, Kentucky and Pennsyl
vania.
Edward Reynolds, president of
the corporation commented today:
"There are a good many jurisdic
tional steps to be gone through with
before the plan can be accomplished.
Inasmuch as it has to be approved
by the various State commissions
and t.hp Securities and Exchange
Commission.
Tried for 10 Years.
"It is something we have been try
ing to do for the last 10 years, but
there were many difficulties in the
way. It was mentioned in' our plan
of Integration laid before the 8. E.
C., but not in detail, as there still
was much to be worked out.”
The merger plan, in its three di
visions, affects companies with as
sets of more than $350,000,000 and
is one of the largest undertaken
under the public utility holding act
which seeks the geographical inte
gration of utilities systems.
First step in the mergers is the
consolidation of Warfield Natural
Gas Co’ of Kentucky with United
Fuel Gas Co. The combined assets
will be $108,508,000, making the
merged organization one of the larg
est operating gas companies In the
United States.
Pittsburgh Area Affected.
Second step will be the merger
of eight companies with combined
assets of $101,979,000, serving Pitts
burgh and vicinity. They are manu
facturers Light St Heat Co., Cum
berland Ss Alleghany Gas Co., Fay
ette County Gas Co., Gettysburg
Gas Corp., Greensboro Gas Co.,
Manufacturers Gas Co., Natural
Gas Co. of West Virginia and Penn
sylvania Fuel Supply Co.
Third step will be the consolida
tion of four Ohio companies, with
combined assets of $146,682,000, serv
ing Cincinnati and vicinity. They
are Cincinnati Gas & Electric Co.,
Hamilton Service Co., Harrison
Electric <fc Water Co., and Love
land Light & Water Co.
Chicago Livestock
CHICAGO. Dec. 5 /A* (U. 8- Department
of Agriculture I —-Salable hogs. 20.000;
total. 28000; market rather slow, gen
erally ft-lo lower than Monday's average;
some weightier butchers and sows steady
to 5 lower: top 5 05. bulk, good and
choice 160-240 pounds. 5.45-85: 240-270
pounds. 5.30-50: 270-330 pounds, butchers,
5.15-95: good. .300-450 pounds, packing
sows. 4.85-5.10: heavier weights. 4.50-75.
Salable cattle 0.500: salable calves.
I. 500: fed steers and yearlings hardly as
active as Monday: mostly steady however:
order buyers and shippers taking strictly
good and choice offerings, but demand not
as broad as Monday and killing quality
improved: sizeable supplies steers and
yearlings sold however at 9.50-10.50; with
best weighty steers 10 75 and yearlings at
II. 00; common and medium grades ,25
8.50: light yearlings again scarce: fed
heifers steady mostly lo.oo down: mixed
yearlings. 10.75: cows slow, steady to weak;
bulls active and Arm to shade higher;
vealers. 25 or more up: weighty sausage
bulls. 7.00-35: selected shipper vealers to
10.00: stockers and feeders slow but
steady.
Salable sheep. 7.000; total 7.500: late
Monday, fat lambs and yearlings steady
to lo lower: sheep steady: lamb top. 9.10:
bulk 8.75-0 oo: 103-107 pounds. 8.65
0.00: yearlings. 7 50 few 7.65; top slaugh
ter ewes 4.5n: today s trade active, fat
lambs and yearlings. 10-25 higher sheep
firm: good wooled lambs upward to 9 00
freely; best held 9 35 and above: good to
choice lambs carrying around 60 to 126
days fleece. 8 00-60: good vearlings. 7.00
slaughter ewes eligible. 3.75-4.50.
Chicago Produce
CHICAGO. Dec. 5 (AV—Poultry, live 35
trucks. Arm; springs. 4 pounds up. col
ored. 121 a: Plymouth Rock. 1.3: White
Rock, 14: geese, over 12 pounds. 11:
turkeys, young toms, under 18 pounds. 15,
hens. 17; other prices unchanged.
Butter. 581610. unsettled, prices un
fhanged. Eggs. 7.113. steady: refrigerator
extras. 16'4: standards. 16: firsts. 15'«;
other prices unchanged.
Potatoes. 57. on track. 276; total TT
8. shipments. 293: Idaho russets dull,
demand slow: Colorado McClures about
Heady for best, other stock dull, demand
ight; Nebraska trlumDhs steady, demand
lght. Northern steady, firm understone
especially for cobblers demand mod
erate: supplies moderate: sacked per
^underweight. Idaho russet Burbanks.
U. S. No. 1, few sales. 1.75-.82'j: D. 8.
Ho. 2. 1.30: Colorado red McClures. U. S.
Ho. 1. burlap sacks best. 1.66-.80: ordt
tary quality. 1.25-.30: cotton sacks. 1.40- I
65 according to color: Nebraska Bliss i
riupiphs. cotton sacks, unwashed. 90
>er cent XJ. 8 No. 1. 1.65: burlap sacks,
cashed. U S. No. 1 fine quality 1.95:
inwashed. 9o per cent U. S. No. 1. 1.60:
dlnnr.sota Red River Valiev cobblers. 06
3ft cent U. S. No. 1. best, few sales j
l .25-.30; North Dakota Red River Vailey '
section, cobblers 75 per cent or better |
3. S. No. 1. 1.10-..30: Bliss triumphs. ,
(0 to 90 per cent U. 8. No 1. 1.15-.35:
■arly Ohlos. 75 per cent U. 8. No. 1.
1.10.
A. T. & T. Phones
Increase 81,000
In November
E? th« Associated Press.
NEW YORK, Dec. 5.—The Amer
ican Telephone & Telegraph Co. an
nounced today an increase of 81.000
telephones In service in November,
compared with a gain of 86,900 in
October and an increase of 60,300 in
November, 1938.
In the first 11 months the net in
crease in telephones in service in
the Bell System totaled 695.300,
compared with a gain of 363.800 in
the comparable period a year ago.
- I
Montgomery Ward
Nets $18,248,488
In Nine Months
Result Contrasts With
$11,500,490 in Same
Period Last Year
I By the Associated Press.
CHICAGO, Dec. 5.—Montgomery
Ward & Co. reported today that net
profit for the nine months ended
October 31 was $18,248,488, equal
after preferred dividend require
ments to $3.29 a share on the com
mon stock.
This compared with $11,500,490. or
$2 a share, on the common for the
nine months ended October 31 last
year.
For the quarter ended October 31
this year net profit was $7,932,680,
equal to $1.45 a share on the com
mon stock, and compared with $6,
360,964, or $1.15 a common share, in
the October quarter last year.
The company reported sales for
November totaled $47,764,241, an in
! crease of 12.93 per cent, compared
I with the total of $42,295,372 in No
vember last year. Sales for the 10
! months ended November 30 totaled
| $405,815,108, on increase of 15.63 per
cent, compared with sales of $350.
960.427 for the corresponding period
! last year.
*
i Egg Futures Trading
j Sets November Record
B> the Associated Press.
CHICAGO, Dec. 5.—All November
I records for egg futures trading were
: broken on the Chicago Mercantile 1
' Exchange last mpnth, Lloyd S.
; Tenny. business manager, said today
Transactions involved 91,968,000
dozens, compared with 89.472.000
' dozens in November last year, and a ,
10-year November average of 63,480,
000 dozens. The previous November
record was established in 1925, when
transfers totaled 90.108,000 dozens. :
For the first 11 months this year
egg futures sales totaled 492.996.000
: dozens, an increase of 7 per cent
over the 461,760,000 total for the
like 1938 period and a new high
for the period since 1933.
Grace Episcopal Bazaar
A turkey dinner and bazaar will
be held in the Parish Hall of Grace
Episcopal Church, Ninth and D
streets S.W., tomorrow from 4:30
until 7 p.m. The Rev. Meade Bolton
MacBryde is chairman of the com
mittee in charge.
—
New York Bar Silver
NEW YORK. Dec. 5 (&).—Bar sil
ver. 34 Jt, unchanged.
Daily Oil Production
Reduced 518,234
Barrels in Week
*
Sharp Decline Due
Mainly to 4-Day
Texas Shutdown
By the Associated Press.
TULSA, Okla., Dec. 5.—The daily
oil production in the United States
dropped 518,234 barrels to 3,297,511
for the week ended December 2,
the Oil and Gas Journal said today.
The sharp decline was due mainly
to a four-day shutdown of produc
tion in Texas, which was off 492,190
to 1,060,439. East Texas production
decreased 196,590 to 299,005.
Oklahoma’s flow declined 3,725 to
423,500; California. 21.600 to 592,250;
Kansas, 7,600 to 177,250, and Eastern
fields, 650 to 102,200.
Louisiana production increased
665 to 272,193; Illinois, 70 to 332.245;
Michigan, 511 to 65,149, and the
Rocky Mountain area, 3,350 to 88,
980.
Freight Loadings
NEW YORK Dec. 5 </p,—Revenue
freight carloading on railroads reporting
today for the week ended December 2.
included:
Previous Year
Dec 2. week, age
New York Central 81.982 75.219 73 *.42
Northwestern 24 94m 24.485 24 353
Southern Railway- 34.397 35.549 33.714
Erie 28.784 24,928 24.478
Burlington 22.983 23.218 25.071
Frisco _ 12.435 12,372 12.258
111 Central _ 30,789 30.995 30 87 5
Missouri Pac 22 858 22.847 22.283
Southern Pac _ 38.149 38,881 35.288
Great Northern 12.282 17.899 14.393
Northern Pacific lol.'>2 1 o 7 1 lo.57t
The Northwestern Federal
Savings & Loan Association
accepts accounts from $1 to
$5,000. Each account in
sured to $5,000. Dividends
paid June 30 and December
31 for past 35 years.
First Trust Loans
Made n Vir- I
ginia, Maryland
and D. C. at cur
rent rates and
long-time pay
ments.
No. I Colorado Bldg.
No. 7335—14th fir G St*. N W.
Branch Offlca Takoma Park
Desirable Space Avail
able in One of the City's
Most Conveniently
Located Buildings
Suitable for offices, stores,
laboratories, etc.
1616 K ST. m
One unit on 1st floor con
t a i n i n g approximately
1,000 square feet; 2 lava
tories; front and back
entrances.
For further information, call
B. F. SAI L CO.
925 15th St. NA. 2100
1
| CM^ Peoples Plan 1
E FOR OWNING YOUR HOME 0
i
^ Small Monthly Payments Ml
f Peoples Life Insurance G). 1
^ A Washington Institution 'JJ
j| 14th & H Sts. N.W. National 3581 ™
on improved or to be improved property in the
District of Columbia and nearby Maryland and
Virginia . .. Interest as low as—
5% 5‘/2% 6%
Payments include interest and curtail... No renewals
•.. No commission ... Sound, fair appraisals
Millions of dollars in Perpetual loans have built
a city of homes in 58 years ... Ample funds now
available for the safe financing of homes by
Washington's largest Building Association.
MTMBfN Bef&re you buy, build or refinance, investigate
W&W^9m8$m9 the advantage! of tecuring your borne witb a
£ AS LOW AS Perpetual loan, and profit by our long ezperi
' ence witb tbe borne owner's problem,
\ '■ .
‘tv-#*?:
t: not MONTH
”* w,m s 88)114888 ASSSS8AT388
11th & E STREETS, N. W. • ESTABLISHED 1881
Largett in Washington—Assets Over $48,000J)00
Arthur G. Bishop Edward C. Baits Marvin A. Custis
Ckeimeae/tMeMemri Meerelmtr__hesMemt