Evening star. [volume] (Washington, D.C.) 1854-1972, January 15, 1940, Image 19

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Evening star. [volume], January 15, 1940, Page A-19, Image 19
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume] (Washington, D.C.), 15 Jan. 1940. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1940-01-15/ed-1/seq-19/>

Newspaper Page Text

A. T. & T. Net Income
For 1939 Climbs to
$172,446,000
Total Compares With
$152,428,028 for
Previous Year
By the Associated Press.
NEW YORK, 3an. 15.—Preliminary
statement of American Telephone &
Telegraph Co. for 1939 today showed
net income of $172,446,000. equal to
$9.23 a share on the capital stock, i
This compared with $152,428,028, or
$8.16 a share in 1938. The December
Income was partly estimated.
The report of the Bell System and
Its principal subsidiaries for three
months to November 30 showed net ■
Income applicable to stock of the
parent company of $55,522,349, equal
to $2.97 a share, compared with
$42,754,694. or $2.29 a share in the
comparable period a year ago.
For the 12 months ended Novem
ber 30 the Bell System reported net
income applicable to stock of Amer
ican Telephone & Telegraph Co. of
$188,905,562, equal to $10.11 a share,
compared with $153,385,512, or $8.21
a share in the preceding 12 months.
The statement for American Tele
phone & Telegraph Co. only for the
quarter ended December 31 with
December figures partly estimated,
showed net income of $47,410,000,
pmifll tn £2 F»4 n sharp APAinst. £40 -
877,607, or $2.19 a share in the final
quarter of 1938.
A. G. Spalding & Bros.
A. G. Spalding & Bros., sporting
goods firm, reported for the fiscal
year ended October 31 net profit of
$168,368. equal to 27 cents a share
on the common stock, compared with
loss of $1,054,392, in the preceding
year.
Washington Exchange
SALES AFTER CALL.
Capital Transit Co.—25 at IS3!.
BONDS
PUBLIC UTILITY.
Bid Asked.
Anacostia A- Pot 5s_ . 96'* 100
Ana A- Pot Guar 5s _111
Capital Traction 1st 5s 07 PS «
City A- Suburban 5s 96'* 100
Georgetown Gas 1st 5s _ 118
Pot Elec Pow .V«s 108 _
Washington Gas 5s 1960._ 124 -
Wash Rwy A Elec 4s 108 -
MISCELLANEOUS
Chevy Chase Club 1st 4'-4S. 104 _
Col Country Club 1st 4'4S 103 -
Ter R1 A Wh Cp 1st 4Us 100 -
STOCKS
PUBLIC UTILITY.
Amer Tel A Tel (91 - 168’*
Capita! Transit Co it.50) .. 13Va 16
N A W Stramboat <4) 53 TO
Pot El Pow O') pfd cfi> 115
Pot El Pwr 51*', pfd (5 50) 114
Wash Gas Lt com (1 50)— *28’* 293a
Wash Oas Lr pfd (4.60) loti 109
Wash Ry A El com ig.'lO) _ 750
Wash Ry & El pfd (5) . 11514 -
BANK AND TRUST COMPANY. •
Amer Sec A Tr Co (eS)— 247 265
Bank of Bethesda (.75) jlO —
Capital (v4) — loO l.o
Com A Savings (ylO.OO) - 270 —
Liberty (6) . . . — 162 180
Lincoln (y5) 200
Natl Sav A Tr (4.00• 185 -
Pr Georges Bk & Tr (.60).. 18'a 22
Riggs (eSi _ ... 265 -.a
Riggs Pfd (5) ._ .... . *100
Washington (6' - 1*1 ■ -
Wash Loan A Tr <eS> - 238 2o0
FIRE INSURANCE.
American (*6) .. .. 115
Firemen's (1.40) 2. —
National Union (.75)- lo lev*
Columbia (k.30> - 12*« -
Real Estate imd) 165 Vh -
MISCELLANEOUS.
Carpel Corp (2.00) -- 27 30
Lanston Monotype <2.00) 30*a 36
Lincoln Svc com ( + 1.00) 1834 lov»
Lncoln Sv 777 pr pfd (3.50) 45 52
Mergenthaler Lino <p.o0*__ In1* lb*.4
Natl Mtge Sc Inv pf <d.35\ 3*4 4V4
Peoples Drug S com (+100) 34
Real Eat M A* G pfd (.50) 5*/a "V*
Security Storage (5) So ion
Ter Ref & Wh Corp (3> —. oS 65
Wdwd A: Loth com <s2 0()) 48 oo
Wdwd A Lothrop pfd (7) 118
•Ex-dividend. 0/w
tPlus extra, d 35c paid in 1939 e
extra, g $14 on extra paid December 23.
1939. k 20c extra, m SI.50 extra P oOc
paid September 20. 1938. s £2-00 paid in
1939 150c paid December 20. 1939.
v$l oo extra paid January, 1940. y $5.00
extra.
Investing Companies
NEW YdAK. Jan 15 p —National As
sociation Securities Dealers. Inc.:
(Noon auotations.*
Bid. Asked. !
Admin Fd 2nd Inc - 11.90 12.66
Affiliated F Inc __ 3.40 3. < 2
•Amerex Hold _ lo *•»
Am Bus Shis - 3.19 3.53
Am For Inv _ 6.80- < 49
Am Gen Eq Inc 3r> 40
Am Ins Stocks » 3.50 3.<»
•Bankers Nat Inv Corn A 6.75 <.8<o
Basic Industry 3.79
•Blair AC" __ 1 625 2.50
Boston Fund Inc _ 153*5 16.40
Broad St Inv _ 23.75 25 40
Bullock Fund _ 13.25 14.625
Can Inv Fund _ 3.40 4.00
Chemical Fund __ 1<» 44 11.30
Com with Invest _ 3.51 3.82
•Continental Sh pf _ 9.on 10.00
Corporate Trust 2.44
Corporate Trust A A _ 2.35 -
Coro Tr Accurn _ 2 35 -
Corp Tr A A mod _ 2 78 -
Coro Tr Acc mod _ 2.78 _
Cumulative Tr Sh _ 4 89 _
Depos Bk Sh N Y "A”_ 1 54 _
Depos Ins Shrs "A’* _ 2 94 _
Depos Ins 8hrs “B ’ __ 2.55 _
Diversified Tr C ....... 3.75
Dividend Shrs _ 1.19 131
Eaton A How Fund “A-1M_ 17.79 19 10
Equity Corp $3 of . 23.75 24.25
Fidelity Fund Inc _ 18 48 19.89
•First Boston Corn_ 14 625 16.125
First Mutual Tr Fd _ 6 62 7.34
Fiscal Fund Bk Sh _ 2.51 2.78
Fiscal Fund Ins _ 3.37 3.76
Fixed Trust Sh A _ 9.73
Found Tr Sh A _ 4 no 4.55
Fund Investors Inc _ 16.94 18.41
Fund Tr Shrs A __ 5.09 5.77
Fund Tr Shrs B _ 4.58
Gen Capital Corp _29 79 32.03
Gen Investors Tr 4.88 6.31
Group Sec Agricultural __ 5.27 5.74
Group Sec Automobile . 4 47 4.87
Group Sec* Aviation _ 8.12 8.83
Group Sec Building - . 5.86 6.38
Group Sec Chemical_ 8.64 7.22
Group Sec Foods 4 43 4.83
Group Sec Invest Shrs _ 3.14 3.43
Group Sec Merchandising- 5.30 5.77
Group Sec Mining 5.76 6.27
Group Sec Petroleum_ 4.33 4 72
Group Sec R R Equip 3.88 4.23
Group Sec Steel _ 5.21 5 67
Group Sec Tobacco 5 18 5.64
Incorp Investors _15.76 16.95
Tnrtpn* nrlpnrp Tr Qh ? 2.3
Instl Sec. Bank Group---- 3.00 12"
Instl Sec, Insurance _ 1.3.3 1.46
Investors Fd "C" Inc _10.43 11.12
Keystone Custodn B 1_26.58 20 OR
Keystone Custodn B 2_ 21.15 23.17
Keystone Custodn B 3_13.64 15 02
Keystone Custodn K 1_14.64 16.03
Keystone Custodn K 2_ 0.58 JO.56
Keystone Custodn S 2_13.65 15.04
Keystone Custodn S 3_ 0.76 10.78
Keystone Custodn S 4_ 3.92 4.41
Manhat Bond Fund _ _ 6.70 7.40
Maryland Fund _ 4.00 5.45
Mass Invest Tr_ __ 20.40 21.04
Mutual Invest 10.45 11.43
Nation Wide Sec 3.85
Nation Wide Voting _ 1.22 1.37
Natl Investors _ 6.80 6.27
Naw England Fund . _ 12 32 13.28
N Y Slocks. Automobile _ 5 06 6 40
N Y Stocks. Aviation_ 10 46 11 30
N Y Stocks, Bk Slocks_ 8 65 0 35
N Y Stocks. Bldg Supply _ 6 to « 71
N Y Stocks, Chemical _ 0 no 0 73
N Y Stocks. Elec Equip 7 57 8 10
N Y Stocks. Insurance — in 12 in 04
N Y Stocks. Machinery - 7 38 -'ng
N Y Stocks. Oils_ 7 38 7’gg
N Y Slocks. Railroad - 327 3 55
N Y Stocks. R R Equip ti 45 i gg
N Y Stocks Steel.-- 6 69 S S4
North Am Bond Tr ctfs_48 nn
Nor Am Tr Shares 1963— 2 37
Nor Am Tr Sh 1055_ 2 84
Nor Am Tr Sh 1956 2 79
Nor Am Tr Sh 1958_ 2.54
Plymouth Fund Inc_ 38 "44
Putnam tO.i Fund-._13.86 14 «■>
Quarterly Income Sh _ 8 00 990
•Sehoelikopf-Hut. * Pom__ .50 1.25
Selected Am Sh Inc_ 8.76 9.55
Selected Income Sh_ 4.28
Sovereign Invest __ .66 .72
Spencer Trask Fund_15.28 16.18
Stand Util Inc_ .46 .51
Super of Am Tr A_ 3 64 _
Super of Am Tr B_ 3.82 _
Super of Am Tr AA_ 2.52 _
Supervised Shrs _ 9.98 10.75
Trustee Stand Inv C_ 2 46 2 56
Trustee Stand Inv D_ 2.41 2.51
Trusteed Am Bk Shrs B— .56 .62
Trusteed Industry Shrs_ .85 .95
Wellington Fund_14.11 15.51
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, and
unless otherwise indicated are as quoted
by the sponsors or issuers.
•Asterisk indicates “Not quoted by
Jponsors or Issuers." |
POSTAL SAVINGS VOLUME—The above chart shows little change in the last three years.
- —-* . . _
Rail Wage Hearings
Set for February
By the Associated Press.
The Railroad Industry Committee
authorized to recommend a mini
mum wage up to 40 cents an hour
for the some 100,000 rail employes
not getting that. much, will meet
here February 12. Public hearings
will begin two days later.
Chicago Livestock
CHICAGO Jan. 15 i/P' < United States
Department of Agriculture).—Salable hoes,
ll.OOO: total. 80.000: opened active: fully
2ft higher than Friday’s average: spots
up more: later trade unevenly 10-25 up;
top. 800: bulk good and rhoice 180-240
pounds. 5.75-800: 240-270 pounds gen
erally 5.50-85; most 27 0-8.0>-pound butch
ers. 5.85-85; strictly good and choice
180-1 lin-pound averages. 5.25-75: eood
880-550-pound parking sows. 4.50-5.00
Salable cattle. 7 500. salable calves. 500;
receipts sharply abridged because of storm
conditions: few truck cattle here: run
mostly medium to good steers, yearlings
and short-fed heifers: general market 25
higher: fairly active a: advance; most
steers R.75-10.75 but 12.00 bid on several
loads; salesmen attempting to beat 12.00;
early top. 11.75: several loads 11.00-50;
stockers scarce, slow, best heifers. 10 25.
with numerous loads 7 75-0,25: weighty
cutter cows up to 5.75 and better: canners
strong to 15 higher at 4.25-5.on: no out
standing weighty sausage bulls here: these
quotable to 7 75, with 7.5n and 7 80 paid
for ir.eaty-beef type offerings, practical
top vealers. 12.50: 50 higher
saiaDie sneep. h.imiu; torai n.mm: iat
lambs and yearlings slow undertone
steady to easier, early bids and sales
good to choice wooled lambs downward
from 9.00: best held 9.10-25 and upward:
five decks cood slaughter yearlings. 8.00;
best held higher, sheep steady, few native
ewes. 4 00-50.
New York Produce
NEW YORK Jan. 15 *,P>.—E«BS. 12.
792: steady to firm Mixed colors: fancy
to c-xtra fancy. 21*4-23: standards. 21;
firsts. 20: seconds. 17*4-18*4. mediums.
17: dirties. No. 1. 17: average checks,
15*2-16 Refrigerator fancy and heavy
weights. 17-10*2 standards. 16*2: firsts,
16-16*4: seconds. lo*4-,2; mediums. 15;
diritie*, 14*2
Whites: Resale of premium marks.
25-27*2: nearby and midwestern premium
marks. 23-24*2 specials 22*2: standards.
21*2. Resale of nearby heavier mediums.
20*2-73 Nearby and midwestern me
diums 20: pullets is*2 Refrigerator,
nearby and midwestern standards. 18*2
10: firsts. 17*2-18
Browns. Nearby fancy to extra fancy.
22%-23*2 Nearby and midwestern spe
cials. 22*2: standards. 21’y; mediums.
1034'. pullets 17.
Duck eggs 22-25.
Butter 484 037. easier Creamerv
higher than extra 31*4-32: extra <02
score*. 30*4-31. firsts <88-91> 30-30*4;
seconds <84-87*. 27*2-20*2
Cheese 72.918. steady State whole
milk flats, held 1938. 21-22: June. 1934
20: other fresh. 18-18*2
Dressed poultry steady: fresh, boxes,
fowls. 36 to 42 pounds. 11-16: 48*54
pounds. 13*2-18* 2 60-65 pounds. 14*2
19*2. Old roosters 11-13 Turkeys.
Northwest, hens. 16-23: toms. 14* >-20‘.-:
Western, hens. 15-23: tom*. 13*2-20:
Southwest, hens. 14-19*2: toms. 13-18*2.
Frozen, boxes, chickens, broilers. 15-26;
frvers. 16-19: roasters. 16-21. Fowls.
36-42 pounds, 1 1-16: 48-54 pounds. 13* 2
18*?: 6<*-65 pounds. 14* 2-19*2. Old
roosters. 11-13 Ducks. 15*2-16.
Live poultry slow: bv freight, chickens,
colored. 10. Fowls, colored. 15-16: fancy.
17: Leghorn. 1<*. fancy. 12 Pullets.
Rocks. 18-H). Old roosters. 8. Turkeys,
hens. 15-16: young toms. 12 By ex
press: Chickens. Rocks. Southern. 13: col
ored. Southern, in-11. Broilers. Rocks.
16-17. crosses. 14-15. Fowls, colored.
15-17: Leghorns 13-14: Southern. 11.
Pullets. Rocks. 19-21. crosses small. 16;
Reds. 19. Old roosters, 10.
Metal Market
NEW YORK. Jan. 15 </P —Copper,
steady, electrolytic soot. 12 50; export,
f a. New York. 12.50. Tin. steady;
snot and nearby. 47.25: forward. 46.12*2.
Lead, steady: snot. New York, n 50-55:
Eas* R< Louis. 5 35. Zinc, steady; East
Si. Louis, spot and forward. 5.75. Pig
iron. No 2 f o b Eastern Pennsyl
vitnia. cunaio, u.v'mi; Aiaoama.
19.38. Aluminum virgin 00 per cent, 20.00
Antimony. Chinese spot. 14 25. Quick
silver 157.00-160 00. nominal. Platinum,
nure. 40 00. Chinese wolframite duty
paid. 22.00-24 on nominal. Domestic
scheelite. 23.00. nominal.
Cure Oil Prices
TULSA. Jan. 15 iT —Base crude oil
prices. Mid-continent area. Illinois—$1.05.
Oklahoma-Kansas—Gravitv scale 80 cents
to 81.10. North. North Central and West.
Central Texas—Gravity scale 71 cents to
$1 05.
Texas—$1.10. West Texas—Grav
ity 53 to 05 cents North Louisiana -
Arkansas—Gravity sculp 73 cents to $1 05
Rocky Mountain area Salt Creek. Wyo.—
Gravity scale 88 cents to $1.10.
Eastern area. Pennsylvania grade <Brad
ford-Alleghany)—82.75. Same grade In
Southwest Pennsylvania lines—$2.40. Same
grade in Eureka lines—$2.09. Corning—
$1.12 .
Paris Exchange Rates
PARIS. Jan. 15 i.tpt.—Pinal Quotation
for the United States dollar was unchanged
at 43.80 francs (2.283 cents to the franc)
in foreign exchange trading today. The
rate compared with the franc at 2.252 cents
In New York over the week end. Exchange
on London. 176.625.
Three per cent rentes In the Bourse were
74.15 francs: 4'as "A." 83.70: 4^s 1937.
216.75.
Money Market
NEW YORK. Jan 15 Call money;
steady: 1 per cent. Prime commercial
paper: per cent: time loans steady; 60
90 days. 1)4: 4-6 months, l'a per cent;
bankers' acceptances unchanged; 60-90
days. <2-i\ per cent: 4 months. J.-Vj per
cent: 5-6 months. "»-,*• per cent. Redis
count rate. New York Reserve Bank. 1
per cent.
Patman Denounces
Chain Stores as
Jobless Cause
Texan Declares Big
Systems Are Doomed
By High Costs
By the Associated Press.
NEW YORK. Jan. 15.—Repre
sentative Wright Patman. Demo
crat, of Texas told 40Q delegates to
the Association of Buying Offices
convention today that the chain
store system in the United States
was responsible for unemployment
to "at least 7,000,000 or 8,000,000
people.”
The convention w^as held in con
nection with the 29th annual meet
ing of the National Retail Dry
Goods Association, opening tonight.
Patman told the delegates, who
make the New York purchases for
hundreds of retail stores through
UMU luv (.WUiUI J , UiHl/.
| "The interstate chain store sys
i tern will not in the end succeed in
this country. Two things will
cause the hastening of the day of j
widespread consumer co-operative I
movements.
"One is monopoly in retail distri
bution by interstate chains and the
other is high cost of distribution.'’
Patman advocated passage of his
chain store tax bill to limit opera
tions of "more than 7.000 chain store
concerns in the United States."
“I do not believe." said the Con
gressman, "in the regimentation of
business by the Government in
Washington; neither do I believe in
the regimentation of business by a
few executives in one city. One is
just as bad as the other.
"It is an illusion that man is effi- |
cient only as he moves in regimented 1
groups at the bidding of a few dic
tator New York executives."
Chicago Produce
CHICAGO. Jan. 15 i/P*.—Poultry, live,
seven trucks, steady, hens, over 5 Dounds. i
! 141 *; 5 pounds and under. 15: Leghorn |
hens, lo: broilers. 21 z pounds and down,
colored. 14; Plymouth Rock. IbV White •
Rock. 1»>V Leghorn springs. 9V springs.!
4 pounds up. colored 15: Plymouth Rock.
16V White Rock. 16: under 4 pounds,
colored. 14; Plymouth Rock. 16V White
Rock. 161a; bareback chickens. 10; roosters.
!»V Leghorn roosters. 9'a ducks. 4'2
pounds up. colored. 10V white. 12: small,
colored, b: white. 8 V geese, over 12
pounds. 11'a: 12 pounds and down. 15;
turkey^, old toms. 11; young. 18 pounds
up. 12V under IK pounds. 15. hens 15V
capons. 7 pounds up. 18. under 7
pounds, lb.
Butter. 525 059 steady, creamery, 95
score. 50V51. 92, 50; 91. 29V 90.
29V 89. 29V 88. 28V 90. centralized
carlots. 50-50'4. Eggs. 9.214 firmer;
fresh graded, extra firsts, local. 19V cars.
19V firsts, local. 19: cars. 19V current
receipts. 17V refrigerator extras. 15V
standards. 15V firsts. 14V
Potatoes, receipts and U. S. shipments
not available: market dull, slightly weak
er undertone, supplies liberal, demand
slow: sacked per hundredweight. Idaho
Russet Burbanks. II «?. No. 1 few sales
1.80-95; mostly 1.82*2-85: Colorado Red
McClures. II S No t. few sales. 1.60
70: Nebraska Bliss Triumphs. 90 per
cent or better. U S. No. 1. washed. 1.95
2.00: 80 to 85 ner cent U S No 1. nn
washed. I.fi0-fl2,» Michigan Russet
Rurals. U. S No 1, late Saturday car.
1.45: Minnesota Red River Valley section
earlv Ohios. U S. commercials. •1.25:
North Dakota Red River Valley section
cobblers. 75 tn 85 per cent U S. No. 1.
few sales 1.2712-371 a; Bliss Triumphs. 85
per cej*t U. S No 1. 1.30: Early Ohios.
unclassified. 1.15: Wisconsin round whites,
unclassified. 1.10: new stock dull, weak
undertone, supplies light, demand slow;
less than carlots. bushel crates Bliss Tri
umphs. Florida. U. 8. No. 1. washed, few
sales. 1.75-82 V*.
Foreign Markets
LONDON. J»n. 15 ‘IP.—The stock mar
ket opened lower. Tried a comeback un
successfully. and closed with a weak under
tone today. Political developments in
Europe caused prices to be marked down,
but actual selling pressure was only mod
erate. British government?. dropped
sharply and foreign loans eased. Indus
trials retreated and home rails closed at
the day's lows. Kaffirs and oils displayed
b little resistance, but losses were never
theless substantial.
PARIS.—Fresh rumors of possibility of
German invasion of Holland and Belgium
undermined Bourse quotations today.
There was evidence of a recovery near
the close, since few sellers appeared, but
closing prices were near the bottom for
the day.
AMSTERDAM—Bourse prices were
trimmed a bit today. Traders showed no
Inclination to rush the market, however,
despite new defense preparations under
way.
London Bar Silver
LONDON. Jan. 15 ‘IP>.—Bar silver 21 V4d.
off Si. iEquivalent 30 44 cents on the dol
lar basis $4.03'. Bar gold. 168s. un
changed. (Equivalent $33 85).
-—
I
Let Us Refinance
That Expiring Trust
About this time each year, many trusts
come up for renewal, and in such cases
OUR PLAN of financing offers many
advantages.
For example—WE MAKE NO CHARGE
FOR PLACING THE LOAN, and by
spreading the loan over a period of
years the monthly payments (which
include both principal and interest)
are comparatively small — frequently
as low as $7.50 per thousand.
As an additional feature, you save all
future costly renewal expense. Our
officers will be pleased to discuss this
matter with you.
NATIONAL PERMANENT
building association
719 Tenth St, N.W. (Just North of G) NAtional 0254
Building Association
Elects Officers
Special Dispatch to The Star.
UPPER MARLBORO, Jan. 15 —
At the annual meeting of the share
holders of the Prince Georges Build
ing Association, Inc., directors were
chosen for the year 1940 as follows:
T. Van Clagett, Samuel A. Wyvill,
Adrian P. Fisher, Le Roy Pumphrey,
William T. Davis, W. Carroll Beatty,
T. Van Clagett, jr.; Charles A. Ryon,
James S. Heal and A. Douglas Par
ran. Officials: T. Van Clagett,
president; Samuel A, Wyvill, vice
president; T. Van Clagett, jr„ sec
retary; Matilda W. Duvall, assistant
secretary; Mildred Buck, assistant;
Lansdale G. Clagett, treasurer.
Insurance Stocks
NEW YORK. Jan If* t/P».— National As
sociation of Securities Dealers. Inc.:
Bid Asked.
Aetna Cas Ma) . _ 32**2 J.TJ’a
Aetna Ins il.t»na)_ ______ 5o’< 5212
Aetna Life < 1.20a)_ .'{112 3H1*
Am Equit »1> _ 20*4 22‘«
Am Ins Nwk (*2a) __ Lt 14'2
Am Reins (1.00)^*_ 4** 4*
Am Reserve (1 *2> ___ 2;i*4 24 3 4
Am Surety rl'ja) __ 4!»‘2 5112
Automobile <la» __ M.l12 Mf*1 a
Balt Amer < 20a) _ ^ *
Carolina 11 ..‘to» __ 203* .'U34
City of N Y a.20) _ 24 25*2
Conn Gen Life < #0)___ 2H 2#
Conlin Cas •! 20a» _____ .4514 4? *4
Fid A Dpd <4a> vd _ 325 320
Firems Nwk L40) . ______ O'* 1<»34
Frank Fire «1 a » _,_ 4234 44 34
v*rn rvriiiMii 'in’ ____ » - 4 t •»
Georg Home (la* _ _ _ 231« 25'«
Glens Falls il.HO). 4134 43*4
Globe A Rod (4) _ l"1* 12*4
Globe A: Rut . __ It* 21
Gt Amer Ins (la) . 2k 21*12
Hanover <1 2(>* . _ 27 284
Hartford Fire (2a) _ 82’'i* 85*2
Home Fire Sec _ ___ 134 234
Home Ins (1.20a) _ 34 30
Homestead *1) -_ 20 21JS
Knickerbocker (’a) _.. 8% 8*4
Lincoln Fire - _ 2 3
Maryland Cas .. 2% %
Mass Bond <34) _ 63*2 05’a
Merc Ins Pr _ 3 4'2
Natl Fire (2) . 61% 66%
Natl Liberty ( 20a) 8 !*
N Hampshire '1.00a) _ 4 7 4t*
N *Y Fire ( SO) _ 15% 17*4
Nor East Ins * - 3% 43g
Nor River <1* _ . _ 2 7 28%
Phoenix (2a) 82 8«
Prov Wash 'la* _ _ 33’2 354
Rep Ins Tex <1.20* _ 28*4 2.'*34
Revere (P) In < 1.20a). _ 2»> 274
Rh Isl Ins _____ 3 4*2
St Paul Fire (8)_ 242 247
Springfield (44a) 1224 120
Sun Life (15* *’80 330
Travelers (10) 433 443
U S Fid & G (1)_ 2 1 34 23*4
U S Fire (2* _ __ 53% 5534
Westchester (1.20a* 34 4 304
a Also extra or extras.
Quotations furnished by National Asso
ciation of Securities Dealers. Inc ^hich
states they do not necessarily reflect ac
tual transactions or firm bids or offers,
but should indicate approximate prices.
United States Treasury P
By the Associated Press.
The position of the Treasury Janua
year ago:
Receipts _
Expenditures _
Net balance ____ __
Working balance included _
Customs receipts for month_
Receipts for fiscal year (July 1)_
Expenditure* _
Excess of expenditures__
Gross debt __ _ _
Increase over previaus day_
Gold assets _ ... __ _
IP==^^=s=^===^==tI
BUILDERS
LET WEAVER BROS.
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WASHINGTON BUILDING • DISTRICT 8300 j
|L,r i ..r™
British Mobilization
Of U. S. Securities
Reported Near
Brokers Are Inclined
To Minimize Effects
Of Such Action
By SMITH REAVIS,
Associated Press Financial Writer.
NEW YORK, Jan. 15 —Possibility
Great Britain might soon requisi
tion all United States securities held
by her subjects to provide funds
wherewith to finance war purchases
acted as a week end drag on the
stock market, which in the last six
working days witnessed the widest
break since last April.
At the same time brokers with
connections in London were in
clined to minimize the effects of
such mobilization of stocks and
bonds, even if it is actually done
soon. Britain, it was said, would
be unlikely to dump large blocks
on the market in such a way as
to depress prices—she might even
withhold selling at all until they
had a chance to work higher.
As a matter of fact, Col. Llewellin,
parliamentary secretary to the min
ister of supply, was discussing Fri
day the means by which England
f_—_1__ 1_1
wuau pu J *v/» aivi pui VIIHOVO awlUQU
and the mobilization of securities
was only one of three methods he
mentioned for raising the necessary
funds. The others, he said, were
through payment by gold or by
foreign exchange held abroad.
Holdings Are Small.
That selling by Britain, particu
larly of the restrained character not
likely to upset the market, would
be of negligible effect, some brokers
said, was indicated by the fact that
as of the end of August, just before
war began, British holdings of ne
gotiable securities amounted to only
about $735,000,000. a small figure
compared with the $46,467,616,372
value of all listed stocks on the New'
York exchange and $49,919,813,386
in bonds as of January 4 of this
year.
In the meantime there has been
persistent selling by British subjects,
French citizens and foreigners since
the outbreak of war which might
have amounted to something like
$130,000,000. The French, bankers
here say, have not sold as heavily as
the British. And the Dutch and
Swiss have bought shares probably
as much as they sold.
Therefore, at least part of the po
tential $735 000.000 in British-held
securities has already been liqui
dated, since subjects have not been
permitted to buy here «ince hos
tilities began. That doesn't leave
a great deal to be dumped.
Cash Balances Large.
Total holdings of negotiable se
curities by the allies prior to the
war, the Federal Reserve Board es
timated, were $1,420,000,000.
In addition they held cash dollar
balances of $1,265,000,000, which
many assume they would employ
. before they pooled securities for
sale.
Allied purchases in this country,
including war planes, have run so
far to nearly half a billion dollars,
it has been estimated unofficially.
But in the meantime, allied imports
Dsition
*y 12. compared with comparable date a
January 12. 1040 January 13. 1030
*7 041.51146 *7.886.854.30
28 245.404 77 23.066 480.50
_ 2 41 1.704,035.06 3.006 508.583.41
_ 1.702.746 527.08 2,366.327.273.51
17.824 782.70 1 0.484.080.85
2 877.1 03.048 81 3.066.555.008.13
5.087.207.8O0.00 4.867.015.748 65
_ 2.210 104 752.18 1.800,460.7 40.52
. 42.072.028.056 34 ,30 534.184.840.08
11.530.327.81 __
1 7.776.023.601.20 1 4.586.274 01 6.47
into the United States have pro
vided much foreign exchange for
the payment of these items.
Another reason that the allies
might withhold security sales here
is that they have huge balances in
their own empires, and are confining
as much as possible their pur
chases to them. The Australia, New
Zealand and South African wool
crops were commandeered, huge
quantities of Canadian and Austra
lian wheat have been bought, Ca
nadian copper mines are supplying
the needs of armaments and French
Indo China is supplying much re
quired drug materials.
Up to the present the British, while
not requisitioning securities, have
permitted the private sale of them,
generally through British banks
which rationed the selling to pre
vent sudden fluctuations in the
American markets. Should the
government take over the sale,
brokers here believe, an even more
careful feeding of stocks and bonds
to the trading place will be guaran
teed.
American Co. Reports
Best Net in Five Years
Stockholders of the American Co.
re-elected the following directors at
the annual meeting: Charles G. Ab
bott, George W. Harris, James M.
Johnston, Harry King, Frank T.
Mitchell, Vernon G. Owen, John
Poole, James Brown Scott, Leon
Tobriner and L. Perry West.
At the organization meeting the
following officers were re-elected:
John Poole, president; Leon To
briner, vice president and general
counsel; John W. Fisher, secretary
and treasurer, and Nathan Poole,
assistant secretary and assistant
treasurer.
President Poole reported the
largest net earnings in five years
and an increase in every depart
ment of the firm's business.
Competition Is Urged
In Power Offering
Bj the Associated Press.
DAYTON, Ohio, Jan. 15,-City
Commissioner Harry J. Munger has
asked the State Utilities Commission
to order competitive bidding on a
proposed $25,000,000 refunding bond
issue of the Dayton Power «fe
Light Co.
Mr. Munger said in a telegram to
the commission that present plans
called for Morgan Stanley & Co. of
New York to handle the issue “with
out competition" and said substan
tial savings could be effected on the
open market.
REAL ESTATE
LOANS
on improved property in
D. C, nearby Md. and Va.
Low interest rates; easy month*
ly payments, no commission!;
no renewal charges.
NORTHERN LIBERTY
BUIIDINO ASSOCIATION
ill SEVENTH. STREET. N. W.
Established 48 Years
MEMBER OF
FEDERAL HOME LOAN BANK SYSTEM
0 C. BUILDING AND LOAN LEAGUE
U. S. BUILOING AND LOAN LEAGUE
1 --
Durability of Trade <
Revival Uncertain, j
Ayres Declares
\
Economist Predicts ,
Fairly Good First
Quarter, However
By lb* Associated Press.
CLEVELAND, Jan. 15 —Col. Leon- '
ard P. Ayres says there are “justi- 1
liable doubts about the probable ]
durability” of, the current business !
expansion.
Pointing to the ‘‘disproportionate
ly great increase in the demand for >
iron and steel,” th£ economist wrote *
last night in his monthly business 1
survey for the Cleveland Trust Co.: <
"Apparently these products are ;
mostly being paid for out of cor- i
poration working capital, and from ’ 1
reserves set aside for depreciation.
Clearly they are not being financed
in large degree from bank borrow
ings, or from money received from
the sale of new securities.
“This condition raises justifiable
doubts about the probable durability
of this expansion.”
Col. Ayres noted, however, some
optimistic factors.
He declared increased iron and
steel inventories "do not at present
represent potential threats of sud
den drastic curtailment of ordering"
because “firms having built up their
stocks will almost surely maintain
them while the European war con
tinues.”
Furthermore, “present levels are
so relatively high, and existing un
filled orders so considerable, that
tr4de and industry can confidently
look forward to at least a pretty good
first quarter. * • •
"Recent advances in general busi
fH UBER*1 I
m pividehds ,
B 1
m insured
® safety 1
■ «>—r^sn:
B fully insured »n • 1
H liberal dividend* th*t (
A «. cfdit.d i
W nually Hundred, ®t
■ WhinstonUn. now
IflB ’‘V# a‘,l.n,l*invit.d.
i|||!| Inqv-ii'O* »«
'll SS2S^**,
'■I *****"
ess activity have been mostly du#
o Increases in the production of
ura’ole goods, which until last au
umn had been making laggard
irogress.” He added that the ex
iansion in this output "has not been
ccompanied by any important in
rease in the issuing of new capital
ecurities,” making the present sit
lation "unusual.”
idles of Gasoline
}umps Show Gain
ly the Associated Press.
The Commerce Department says
hat shipments of gasoline pumps
n November totaled $1,838,764, com
>ared with $1,792,950 in October and
1,828,672 in November, 1938.
There are many superstitions
ibout the praying mantis. The
Japanese, when sleeping, tie them
tear to eat the troublesome mos
luitos. The female is very brave
ind often eats her much smaller
nate.
Money for Construction Loans
and ;!
Loans on Completed Properties
(Owner occupied or rental)
Favorable Rate
FIRST DEED OF TRUST ONLT
GEORGE I. BORGER
643 Indiana Art. N.W.
Natn 0350
NEED
A BANK^i
LOAN
I Mr. Business Man? I
We will be glad to have you come to American Security
if you are considering a commercial loan.
Whether funds are required for taking advantage of cash
discounts ... seasonable purchases ... advantageous prices
... to buy new equipment.;. to carry accounts receivable
—any sound business transaction—we invite you to call i
upon us to help you finance the matter.
We have ample funds available, and are always ready to
consult with you. For Half A Century American Security
has assisted business men in solving their financial prob*
l leras.
Your conference with any of our officers will be held in strict
confidence. One of our Five offices is convenient to you.
American Security
* TRUST COMPANY
MAIN OFFICE i FIFTEENTH STREET AND PENNSYLVANIA A VENUS
;! CENTRAL BRANCH: 7TH AND MASSACHUSETTS AVE., N.W. ; ]
SOUTHWEST BRANCH: SEVENTH AND E STREETS, S. W.
NORTHEAST BRANCH: EIGHTH AND H STREETS, N.E.
| NORTHWEST BRANCH: *140 FIFTEENTH ST, N.W, ! i
V} '
#
MEMBER! PSDERAC DEPOSIT INSDRANeE CORPORATION
FEDERAL RESERVE SYSTEM
I^^^^^^^^HS5SH555SSS5SSS5^p5SHSBHH^S!SH^H5yS52^2552SI

Evening star. [volume], January 15, 1940, Page A-19, Image 19
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], January 15, 1940, Page A-19, Image 19
About Evening star. [volume] (Washington, D.C.) 1854-1972