Evening star. [volume] (Washington, D.C.) 1854-1972, May 28, 1940, Image 19

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Evening star. [volume], May 28, 1940, Page A-19, Image 19
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Evening star. [volume] (Washington, D.C.), 28 May 1940. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1940-05-28/ed-1/seq-19/>

Newspaper Page Text

Machine Tool Firms
Fill Big Part of
Current Needs
First Consideration
Reported Given to
U. S. Customers
By the Associated Press.
CLEVELAND, May 28.—The ma
chine tool industry has “succeeded
in fulfilling by far the major share”
of current requirements of United
States aircraft engine builders, J.
E. Lovely, president of the National
Machine Builders' Association, told
the organization's spring meeting
today.
“Special consideration” was paid
these requirements and “delivery
preferences have been given Amer
ican customers,” said Lovely, vice
president of Jones & Lamson Ma
chine Co., at Springfield, Vt.
“Whereas, at the end of last year
two-thirds of our production was
going abroad, today foreign ship
ments represent considerably less
than half of the output of the in
dustry * • *
New Problems Faced.
"I do not mean to imply that
the machine tool industry has met
tomorrow's demands for .tomorrow’s
aircraft engines or airplanes,” Love
ly continued. "That whole problem
still lies before both the aircraft
and the machine tool industry. But
I do say that today the machine
tool industry has met the challenge
which has confronted it,”
“To lighten the demand for new
machines and spread the load in our
industry over a longer period, the
Government might well buy any
equipment available in private in
dustry not now virtually needed and
utilize this in plants for vital needs,
rather than demanding that all of
the equipment for any new plant
should be brand-new and made im
mediately by our industry.”
Lovely suggested private industry
“co-operate with the Government in
this manner, should the need for
equipment for national defense be
come great enough to follow this
plan. Our own industry could then
replace this other equipment at a
later date.”
—
NEW YORK, May 28 VP).—A hiijt
of things to come in general industry
es the Government speeds its giant
national defense program has been
given in the war - stimulated
machinery and machine tool busi
ness, where managements are
Struggling to cope with deliveries.
Tool factories are said to have
enough orders on hand to keep them
operating at top capacity well into
next year, and still new contracts
pour in from both domestic and
foreign sources.
Pay rolls and hours of work have
leaped ahead as the tool business
has expanded. Latest figures show
top operations have lengthened the
work week around seven hours be
yond that in general industry.
Here are some of the results for
men with jobs:
1. Machine tool workers, skilled
end unskilled together, are working
an average of 44.8 hours a week,
contrasted with an average of 37.7
hours in 25 key American indus
tries, according to the National In
dustrial Conference Board.
2 Machine tool workers, skilled
end unskilled together, are earning
an average of 772 cents an hour,
compared with an average of 73.1
cents in 25 representative industries.
The trend of output, wages and
hours of work may be the same in
many industrial lines now preparing
part of their peacetime plant for
the manufacture of armaments and
other war supplies needed by the
Federal Government under its de
fense expansion plans.
Actually, what has happened in
the machine tool business the past
year may be the pattern of defense- j
stimulated general American indus
try, for it was just about a year ago
that the shadows of war began mak
ing themselves sharply felt in ma
chine tools.
London Tin Prices
LONDON. May 28 (/P>—Tin irregular;
spot. £268 bid, £268 10s asked: future,
£265 5s bid, £265 10s asked.
PW SHARI DOUGLAS AIRCRAFT
lAAr- ... ■■■■■■ , . .
UNITED AIRCRAFT
-- . --
imshau GLENN MARTIN I
M- - - - __ K
I PER SHARE LOCKHEED
I 45r i "i i i H'i-T~rn
DOLLARS _
EER SHARE BOEING
35 T—I—I—P”l' I I I ■<—l-l—l
iSmhme CURTISS.WRIGHT 1
14 r i’ T i i i ■■■ i ■ ■■ i ■ I
AIRCRAFT STOCKS SINCE START OF WAR—The above shows price changes on the New York
exchange.
Kroger Grocery
Sales Increase
9 Per Cent
By the Associated Press.
CINCINNATI, May 28.—Kroger
Grocery & Baking Co. reported to
day a nine per cent increase in sales
for the fifth four-week period of
1940 over the same part of 1939. To
tals were $21,048,261 and $19,244,492
respectively. Cumulative sales ag
gregated $97,965,762, or 7 per cent
above $91,660,359 in 1939.
Short-Term Securities
(Reported by Smith. Barney & Co l
Bid. Offer.
Ala Gt Sou “A” 5s 1943 . - - 110%
Alleghany Corp cv 5s 1944 70 7!
Amer Tel A Tel 5%s 1043 10(1% 100%
Austin A Northw 5s 1941 ._ 83 90
Central Foundry 6s 1941 . 90
Central RR of Ga 6s 1942 55
Chicago Union Sta 4s 1944 102% 104
Childs Co 5s 1043 38 39%
Colo Fuel * Iron 5s 1043 104'% 105
Conn & Passu R RR 4s 1043 _ __ 88%
Container Corp 5s 1043._ . 101 (a
Cuba Nor Rwys 5%s 1042 .. 20% 25%
Dela A Hudson 4s 1043 41% 43
Fed Lt A Traction 5s 1042 100 103%
Gr Rap & Ind 4%s 1041. 103%
Inti Hydro-Elec 6s 044 38 30
Inti Mer Marine 6s 1 141 58
Laclede Gas Light 5s 1042 79 83
Lake Erie A Westn 5s 1041 . 04
Leh Val Ter R 5s 1041 30% 47
Liggett A M/ers 7s 1044 123% 124
N Y Cen * Hud Riv 4s 1042 . . 88
N Y A Long Branch 4s 1941 75
Norfolk A Southern 5s 1041 55 65
Pennsylvania Co 3%s 1041 101% 102%
Penn-Dixie Cement 6s 1941 88 04
Penna RR Co 4s 1043 108%
Peo Gas Lt A Coke tts 1043 110% 113%
Phila Balt A- Wash 4s 1043 109%
Studebaker Corp Hs 1045 86% 87
Tex A New Orleans 5s 1043 62% 100
Union Oil of Calif Hs 1042 100% 11 l>i
Utah Power A Light 5s 1944 00 08
Warren Bros Hs 1041 ... 17 22
Westn N Y A Pa 4s 1943 __ 108 108%
Boston Wool Market
BOSTON. May 28 </P) (United States
Department of Agriculture*.—Very little
demand was being received for wool in
Boston today. An occasional small lot was
taken by mills to cover emergency require
ments. Prices varied considerably, de
pending upon whether the wools needed
were available in lots hedged by opera
tion? in the wool tops futures exchange.
Small lots of 12-month Texas wools have
been moved at 80 to 85 cents, scoured
basis, to worsted manufacturers, while
hedged lots of 12-months Texas wools were
offered at 72 to 73 cents, scoured basis.
Metal Market
NEW YORK. May 28 I/P).—Copper '
steady: electrolytic spot. Connecticut Val
ley. 11.3712-50; export, f a s New York.
11 ,;?712. Tin steady, spot and nearby.
63.50: forward. 51.00. Lead steady; spot.
New York. 5.00-5.05: East St. Louis. 4.86.
Zinc steady; East St Louts, spot and for- :
ward. 6.00. Quicksilver. 195.00-197.00. !
Pig Iron, aluminum, antimony, platinum. :
Chinese wolframite and domestic acheelite
unchanged.
Dry Goods Market
NEW YORK. May 28 {&).—Dry goods—
Dealings in cotton gray goods limited to
price checking by converters and the in
dustrial trade: mill Drices held steady.
Rayon—Activity sharply curtailed on less
favorable war news Silk—Quiet except
for fair business in hosiery. Woolen—
Prices held up well despite slow conditions.
Federal Land Banks
NEW YORK. May 28 (^.—Federal Land
Bank bonds:
Rate. Maturity. Bid. Asked. !
1 July. 1946-44 _ __ 109 109»/2 ,
314 May. 1955-45 _103 H»33/4 5
3 July. 1955-45 _ 102 102%
3 Jan. 1950-4 6 _ 102 102%
3 May. 1950-40 _ 102 102%
New York Bar Silver
NEW YORK. May 28 I/P.—The price of
foreign bar silver in New York was quoted
at 35H cents an ounce today, up V«. This
is the third consecutive fractional Increase
in as many days.
United States Treasury Position
By the Associated Press. •
The position of the Treasury May £5, compared with comparable date a year ago:
_ May £5. 1940 May 25, 1939.
Receipts- *7,119,132.63 $7,805,399.64
Expenditures- 18.196,241.80 24.982.207.83
Net balance_ 2.032.266,269.82 2.061.888,499.85
Working balance Included- 1,306,027,507.07 2,293,098.577.59
Customs receipts lor month_ 22,004.805.07 21,016,933.92
Receipts for fiscal year (July 1)_ 5,099.410.309.17 5.014,094,893.77
Expenditures- 8.499,721.120.02 8.199.904,301.53
Excess of expenditures_ 3.400.310,720.85 3.185.809,497.76
Gross debt- 42.788.602,992.83 40,277,822,345.72
Decrease under previous day_ 726.128.52
Gold assets- 10.125.408.231.82 15,931,900,241.25
HOME DELIVERY
°f
ASK for CIRCULATION DEPT.
Tha Evening ft Sunday Star—..._75c par manth
18. per week
Tha Evaning Star-..._45e par manth
10b BOf wBck
Tha Night Final & Sunday Star-85c par manth
Tha Night Final Star-60c par month
1 14. nr week
Tha Sunday Star_If-10c par copy
©be Ctoentng Sc &uni>ap &tar
Warner Bros. Reports
Earnings Slightly
Below Year Ago
$1,518,497 Net Compares
With $1,665,889 in Same
1939 Period
By the Associated Press.
NEW YORK, May 28.—Warner
Bros. Pictures, Ind., and subsidiaries
today reported net profit for the 26
weeks ended February 24 of $1,518,
497. equal after dividend require
ments for the period on the $3.85
preferred stock (in arrears) to 35
cents a common share. This com
pared with $1,665,889, or 39 cents on
common, in the comparable period a
year earlier. Last dividend on the
preferred was paid in 1932,
Check Volume Shows
Gain Over Year Ago
By the Associated Press.
The Federal Reserve Board re
ports that the volume of checks
cashed by banks of 274 leading cities
increased to $9,233,000,000 in the
week ended May 22, compared with
$7,431,000,000 in the corresponding
week last year.
Washington Produce
BUTTER—93 score, tubs. 28%: 1-pound
prints. 29%: %-pound prints. 29%: 92
score, tubs. 27%; 1-pound prints. 28%: %
pound prints. 28%: !»1 score, tubs. 27%:
]-Pound prints. 28%: '%-pound prints,
28%: DO score, tubs, 20%: 1-pound prints.
27%: %-pound prints. 27%: 8!) score, tubs.
20%: 1-pound prints. 27: %-pound prints,
2. %: 88 score, tubs. 20; 1-pound prints,
27: %-Dound prints. 27%
LIVESTOCK—Calves. 10: spring lambs,
11; Pies. 120-130 pounds. 3.75-4.00: 130
14o DOunds. 4.00-4 25: 140-150 pounds.
4.25-4.50: 150-100 pounds. 4.50-4.75: 170
210 pounds. 4.80-5.10: sows. 3,00-3.25:
whole undressed calves. D-ll
From Agricultural Marketing Service.
Prices Dgid net f o b Washington:
EGGS—Market about steady. Prices
paid for Federal-State graded eggs re
ceived from grading stations (May 28):
Whites. U. S extras large. 21-23: U 8
extras, mediums. 17-19. u 6 standards,
large. 18%-20: U S. standards mediums,
1H-17: U. S. trades, 14-17. Browns. U. 8.
extras, large. 20-22: U S extras me
diums. 17-18: U. 8. standards, large, 18
20: U. 8 standards, mediums. 10-17; O 8.
trades. 14-17. For nearby ungraded
■eggs, current receipts, whites. 10%: lew
higher: mixed colors 15%; few higher.
LIVE POULTRY—Market steadv Fowl,
colored, all sizes. 17; No. 2s. 12-13- Leg
horns. 12-14. Roosters. 8-10. Chickens.
Vtrginla Rock, broilers and fryers, all
sizes. 23-24: No. 2s. 14-10. Delaware
Rocks and crosses, broilers and fryers, all
sizes. 23: No. 2s. 14-10. Leghorn broilers.
2 pounds and up, 17-18: under 2 pounds.
15-10. Turkeys, old. toms, 10-11; hens
13; No. 2s. hens and toms. 8-10.
Insurance Stocks
NEW YORK May 28 uPi.—National As
sociation Securities Dealers. Inc.:
. . _ . , Bid Asked.
Aetna Cas (4a> 90% 100%
Aetna Ins (l'.HOa) _ 38% 4o%
Aetna Life (1.20a) _ 23% 25%
Am Equit (1) _ 15% 17%
Am Ins Newark (%a) __ 9% 10%
Am Reins (1.00a)_ 34% 3(1%
Am Reserve (1%) _ 15% 17%
Am Surety (2%) _ 40 4"
Automobile (la) _ 31% 33%
Balt Amer ( 20a) _ 5% 0%
Boston (10a i _ 640 503
Carolina (1.30) _ 23 25
City of N Y (1.20)_ 18% 19%
Conn Gen Life (.80)_ 23% 25%
Conttn Cas (1.20) _ 27 29
Fid & Dep (4) _100 110
Firmen s Newark (.40)_ 0% 8
Franklin Fire (la) _a. 24% 20
Gen Relnsur (la)_ 33V, 351/.
Georg Home (la) _ 23% 25%
Glens Falls (1.00) _ 34% 30%
O obe & Rep (%)- 7% 8Vi
Globe & Rut _ 11 14
Gt Amer Ins (la) _ 21 22%
Hanover (120) _ 19V4 20%
Hartford Fire (2a) _ 08% 70%
Home Fire Sec _ 1% 2%
Home Ins (1.20a) _ 25 20%
Homestead (1) _ _10% is
Knickerbocker (%) .1_ 7 8
Lincoln Fire _ 1% 2%
Maryland Cas __ 1% **%
Mass Bond (3%) _ 52% 55%
Natl Fire (2) _ 45 4?%
Natl Libertv (,20a) __ 0 7
New Amst Cas <%) _ 11% 13
New Hampshire (1.00a)_ 40 4,4 %
New York Fire (.80) _ 12% 14
Nor East Ins ___ 1% 0%
North River (1) _ 19% "1
Phoenix (2a) _ 71 % 73%
Prov Wash (la) _ 25% 27%
Rep Tns Tex (1.20a) _ 23 -'4%
Revere (P) In (1.20a)_ 19% 21
Rhode Island Ins _ _ 2% 4
St Paul Fire (81 _ 195 208
Springfield <4%a) _ 98% 103%
Sun Life 415) _ 230 280
Travelers (10) _ 386 395
U S Fid * Q (1)_ 10% 173%
U S Fire (2) __ 39 41
Westchester (1.20a) _ 26% 28%
a Also extra or extras.
Quotations furnished by National Asso
ciation of Securities Dealers. Inc., which
states they do not necessarily reflect ac
tual transactions or firm bids or offers, but
should indicate approximate prices.
Foreign Exchange;
NEW YORK. May 28 OP).—Shock of the
Belgian surrender resulted ln a fresh drop
*n the free British pound today.
Sterling at one time broke more than
7 cents In relation to the dollar, but later
Hie decline was pared to around 4 cents.
Tt!JLFranch franc dropped .031/4 of a cent.
The Canadian dollar followed sterling’s
iPad with a decline of a little more than %
of a cent. At 7811 United States cents,
however, the Dominion currency was a full
cent above the record low hit late last
week.
Late rates follow (Great Britain ln dol
lars, others in cents).
Canada:
Official Canadian Control Board rates
for United 8tates dollars—Buying 10 per
cent premium, selling 11 per cent premium,
equivalent to discounts on Canadian dollars
in New York of buying 9.91 per cent, sell
ing 9.09 per cent
Canadian dollar in New York open mar
ket. 21A per cent discount, or 78.81 Vi
United States cents.
Europe:
_ Great Britain, demand. 8.14; cables.
3.16; 60-day. 3.12%: 90-day. 3.11%.
Belgium unquoted Denmark unquoted,
Finland. 2.00n. France. 1.77%; Oermany,
40.05n (benevolent. 19.36); Greece, .61%;
Hungary. 17.65n: Italy. 5.65; Netherlands
unquoted. Norway unquoted. Portugal.
3.26; Rumania. ,52n: Sweden. 23.83;
Switzerland. 22.42; Yugoslavia. 2.35n.
Latin America:
_ Argentina, official. 29.77; free. 22.60;
Brazil, official, 6.06; free, 6.10: Mexico.
16.90n.
Far East:
Japan. 23.48: Hong Kong, 19.80; Shanghai.
5.50.
(Rates ln spot cables unless otherwise
Indicated, n Nominal.)
Baltimore Stocks
Special DispatJh to The Star.
BALTIMORE. May 28.—
Sales. STOCKS. High. Low. Close.
582 Arundel Corp . 13 Vi 12 Vi 13 Vi
31 Consol Pow com. 69 69 69
20 Consol Pow pf . 112 112 112
320 East Suz As VT 6% 6% 6%
00 East Bug pf VT, 10% 16% 10%
117 Fidelity ft Dep._ 100 99 % 99%
100 Nor Amer Oil - 1.05 1.05 1.06
150 New Amster Cas 13 13 13
385 uS’Sid & oSirer a# m
_ _ BONDS.
*7000 Bal Tr deb 4a ft. 27% 28% 27%
rfiaus. ^1,8 4.1^ i*o* ji
'
—
Exchange Seat
Brings $42,000,
New Low
By the Associated Press.
NEW YORK, May 28.—The low
est price for a New York Stock Ex
change seat in 25 years was re
corded today when the exchange an
nounced arrangements had been
made for sale of a membership at
$42 000, down $1,000 from the previ
ous sale.
In 1915, before the World War bull
market in stocks and commodities
boomed trading, a seat sold as low
as $38,000.
The high for memberships this
year was $59,000, and in 1929 a peak
of $625,000 was made.
Before the heavy selling on the
German invasion of the Low Coun
tries and France, dealings on the ex
change had shrunk to the smallest
volume in many years.
Investing Companies
NEW YORK. May 28 (/Pi.—National As
sociation Securities Dealers. Inc.
I Closing Quotations i
Bid Asked.
Admin Ed 2nd Inc _ 9 25 0.84
Aeronaut Sec _ 8.511 0 34
Affiliated F Inc_ 2.05 2.25
•Amerex Hold _ 11.375 12.875
Am Bus Shrs_ 2.51 2.77
Am For Inv _ 6.87 d 48
Am Gen Eq Inc _ 24 .28
Am Ins Stocks __ 3.00 3.60
•Bankers Nat Inv Corn A_. 5.875 6.875
Basic Industry_ 3.01
•Blair & Co _ 75 1.625
Boston Fund Inc_12.13 13.04
Broad St Inv_ 18 40 19.89
Bullock Fund _ 10 375 11.75
Can Inv Fund _ 2.30 3.10
Chemical Fund _ 8.69 9.41
Comwlth Invest _ 2.70 3.03
•Continental Sh pf_ 6.00 7.00
Corporate Trust _ 1.99
Corporate Trust A A_ 1.95
Corp Tr Accum _ 1.95
Corp Tr A A Mod_ 2.28
Corp Tr Acc Mod _ 2.28
Cumulative Tr Sh _ 3.93
Depos Bk Sh N Y •'A"_ 1 22
Depos Ins Shrs "A" __ 2 29
Diversified Tr C _ 3.00
Dividend Shrs _ 92 1 01 •
Eaton A How Fund “A-l"- 14 86 15 96
Equity Corp $3 nf_ 20.00 20 50
Fidelity Fund Inc _ 14.38 15 48
•First Boston Corn _ 11.375 12.875
First Mutual Tr Fd_ 5 24 5 8°
Fiscal Fund Bk 8h_ 2 06 2 28
Fiscal Fund Ins _ 2.65 2 99
Fixed Trust Sh A_ 7 68
Found Tr Sh A _ 3.30 3.80'
Fund Investors Inc_ 13 23 14 38
Fund Tr Shrs A_ 4.07 4.79
Fund Tr 8hrs B_ 3.70
Gen Capital Corn_ 23 16 24 90~
Gen Investors Tr _ 4.06 4 43
Group Sec Agricultural_ 4 19 4 57
Group Sec Automobile_ 3.29 3 69
Group See Aviation _ 7 78 8 46
Group Sec Building_ 4 22 4 60
Group Sec Chemical_ 5.68 6 18
GrouD Sec Foods _ 3 57 3 90
Group 8ec Invest 8hri_ 2.32 2 54
Group Sec M'chandlsint_ 4.15 4 63
Group Sec Minin* _ 4 54 4 95
Group Sec Petroleum __ 3 37 3 68
Group Sec R R Equip_ 2.88 3.16
Group Sec Steel _ 4 28 4 68
Group Sec Tobacco_ _ 4 47 4 87
Incorp Investors __ 12.14 13 05
Independence Tr Sh _ I 77 1 99
InstI Sec: Bank Oroup_ .86 95
Insti Sec: Insurance_ 1.02 1 12
Investors Fd "C” Inc_ 7.80 s.33
Keystone Custodn B 1 _ 24 52 "6 77
Keystone Custodn B 2_ _ 17.20 18 92
Keystone Custodn B 3 _ _ ll.no 12 73
Keystone Custodn B 4. . 5 58 6 14
Keystone Custodn K 1_12.14 13 Sj
Keystone Custodn K 2 . _ 6 85 ; 55
Keystone Custodn S 2 __ loos 11 12
Keystone Custodn S 3 6 91 7 66
Keystone Custodn S 4_ 2 77 3 13
Manhat Bond Fund_ 5.53 6 12
Maryland Fund___ . 3 40 4 35
Mass Invest Tr_16.14 17 35
Mutual Invest ___ 8 23 8 99
Nation Wide Sec _ 3 08
Nation Wide Voting_ .93 1 07
Natl Investors _ 4 86 513
New England Fund _ 9.53 10 28
N Y Stocks Automobile_ 3.78 4 10
E X S,oc*s Aviation _10.18 11.00
N Y Stocks Bk Stocks_ 6 85 7 42
N Y Stocks Bid* Supply_ 4 18 4 54
N Y Stocks Chemical _ 7.45 8 06
N Y Stocks Elec Equip_ 6.81 6.30
N Y Stocks Insurance_ 7.80 8 44
N Y Stocks Machinery_ 6.37 6.90
N Y Stocks Oils _ 5.54 6 01
N Y Stocks Railroad _ 2.12 2.30
N Y Stocks R R Equip_ 4.49 4 87
N Y Stocks Steel 5.30 5.75
North Am Bond Tr ctfs_42.75
NOr Am Tr Shares 1963_ 1.85
Nor Am Tr Sh 1955 __ 2.29 I
Nor Am Tr Sh 1956_ 2.24 _ “
Nor Am Tr Sh 1958_ 2 04 'I
Plymouth Fund Inc_ .29 34
Putnam (G.i Fund_1140 12 19
Quarterly Income Sh _ 5.65 6 50
•Schoellkopf-Hut & Pom_ ,25 1 00
Selected Am Sh Inc. _ 7 04 7 67
Selected Income Sh _ 3.49
Sovereign Invest _ .61 57
Spencer Trask Fund _12.31 13 06
Stand Util Inc _ 18 28
Super of Am Tr A_ 2.88 . _
Super of Am Tr B_ 3.03
Super of Am Tr A A_ 2 06
Supervised Shrs _ 7.70 8.37
•Trustee Stand Inv C_ 2.02 2 12
•Trustee Stand Inv D_ 1.96 2 06
Trusteed Am Bk B _ .47 52
Trusteed Industry Shrs_ 66 74
Wellington Fund 11.39 12.65
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 sponsors or issuers.
•Asterisk indicates. "Not auoted by
sponsors or Issuers."
Foreign Markets
LONDON. May 28 UP).—Trading was a
matter of direct negotiation in the securi
ties market today after jobbers had sharply
lowered prices Little business was done
while the “city" tried to adjust itself to
the Belgian surrender
Business in industrial leaders lessened a
bit near the close at declines averaging
1 schilling
British government bonds showed losses
f around 2 per cent at the opening, but
later these were halved. Golds and base
metals were particularly weak.
PARIS. May 28 14b.—Losses of 2 to 4
per cent were general in the Bourse today
in the wake of latest war news. Steel,
chemical and base metal stocks declined
still further Coal mining Issues affected
by war operations in mining areas could
not be Quoted. Mediterranean issues de
clined moderately. Royal Dutch was a
bright soot, with a gain of more than 2
per cent. Rentes ended 90 to 105 centimes
lower.
ssssss^ tpr
First Mortgage Loans
% Peoples Plan
FOR OWNING YOUR HOMB
Small Moatfety Payamati
Peoples Life Insurance Go.
A Watntngton iwtttvtton
14th & H Sts. N.W. National 3581
Postponement Talked
For Eastern Air
Lines Offering
Decline in Market
Prevents Sales at
Scheduled Price
By the Associated Press. ,
NEW YORK, May 28.—Under
writers debated today the advis
ability of temporarily withdrawing a
new issue of Eastern Air Lines, Inc.,
common stock from public offering.
They said the present depressed
state of the market prevented sales
at the prearranged offering price
of $30.75 a share. Eastern Air Lines
stock opened in today’s market at
$28.75.
The offering is part of 104,545
shares remaining of 110,909 origi
nally offered up fc^last Friday to
stockholders at $32. \The small sub
scription by the stockholders caused
the reduction in price when the
shares were offered publicly.
The stock has ranged from $26.50
to $44.50 this year.
New Issues Finance
Steel Modernization
By the Associated Press.
NEW YORK. May 28—The re
cruiting of public savings through |
sale of new security issues was an |
important factor in financing the j
extensive modernization programs |
of steel companies in recent years,
the American Iron and Steel Insti
tute said today.
A recent study by the institute of
a group of companies representing
nearly 90 per cent of the industry
showed that expenditures for new
equipment during the four years
1935-1938 were $222,000,000 greater
than funds provided through in
ternal sources such as depreciation
charges and retained earnings.
During this period, the institute
reported, these companies spent
$794,000,000 for new equipment,
while depreciation charges and re
tained earnings totaled only $572,
000,000.
Dividends Announced
NEW YORK May 26—Dividends de
clared—prepared by Fitch Publishing Co.:
Initial.
Pe- Stock of Pay
„ _ . . Rate rlod. record, able.
Honey Dew Ltd 50c . (j-15 7-2
Accumulated.
Oreat Lakes Paper
Ltd A ptc pf_ 25c_6-20 7-2
Do B pet pf . . .25c __ 6-20 7-2
Southwestern Lt A P
S8 pf - $2.60 .. 6-20 7-1
Interim.
Remington Rand 20c_6-10 7-1
Regular.
Aero 8upply A 37'ic Q 6-14 7-1
Am Toll Bridge . 3c 6-1 6-15
Berghofl Brewing 25c Q 6-5 6-16
Clearing Machine Corp 20c Q 6-15 7-1
Detroit Gasket & Mfg 25c 7-5 7-20
Dewey A Almy Chem 50c 5-31 6-1.7
Do B 50c 5-31 6-15
Ex-Cell-O Corp one "6-12 7-1
Helleman O Brewing 25c Q 6-1 u-ij
Holland Furnace Sue 6-14 7-1
Hoskins Mfg 25c 6-11 6-26
Kern County Land Co 20c __ 6-5 6-2o
Keyst Watch Case $150 __ 7-1 7-10
Mich Seamless Tube 25c __ 5-31 6-5
Myers F E A Bros .. .75c 6-15 6-25
New Idea 1.6c Q 6-14 6-’0
Penn Traffic _10c 8 7-in 7-25
Peo G Lt A Coke_ SOc _ 6-21 7-15
8angamo Elec 25c __ 6-15 7-1
Southw Engineering 6c __ 5-10 5-15
Stewart-Warner Corp 25c __ 6-7 6-30
8undstr Machine Tool SOc_6-10 6-20
Alleg I.udlum Steel...25c __ 6-17 7-1
Chicago Livestock
_ CHICAGO, May, 28 (United States
Department ol Agriculture).—Salable hogs,
23.000; total. 34,000; slow, generally 25
40 lower than Monday average; top. 5.55;
bulk good and choice 200-270 pounds,
5.25-50; 270-300 pounds, butchers. 5.10
35: most 300-550-pound offerings. 5.00-20:
good and choice. 170-200 pounds, lights,
5-25-50: bulk good 400-500-pound pack
ing sows. 4.15-50: lighter weights to 4 75.
Salable sheep. 3.000; total. 6.000; late
Monday, no choice fed lambs; market
steady; best handyweight clippers 9.40;
others 9.25 sorted; medium wool skins.
4) sorted: five decks good California
springers. 11.25; today’s fed and springer
lambs 15-25 higher for week; few decks
handyweight fed clippers. 9.75: handy
weight native springers. 12.15: five double
California springers, with around 10 per
cent sorts. 11.25: fat sheep scarce, steady.
Salable cattle. 8.000: salable calves.
2.000: receipts exceeded expectations: gen
eral tra^e steers and yearlings, including
•ight heifer and mixed yearlings, weak to
25. mostly 10 to 15 off all others steady;
steers predominated: killing Quality mostly
medium to good: choice offerings absent;
order buyer and shipper demand fairly
broad: good to choice packers going slow:
and decline in hide prices bearish influ
ence: most fed steers 8.75-10.25: very
little under 9.00, however; top 11.00, on
part load 950-pound yearling steers; most
weighty bullocks 10.75: Stockers slow,
steady; stock calves 11.50 down to 10.00;
yearlings 9.26-10.00 mostly: sausage bulls
to ^7.00; cutter cows to 6.00, vealers to
U. S. Treasury Notes
. YORK, May 28 (PI.—Prices Quoted
in dollars and thirty-seconds:
Approx.
Month. Pet. Year. Bid. Asked. Yield.
June __ lti 1940 100.2 _
Dec. -- l‘«, 1940 100.31 101.2
March— l*/i 1941 191.9 101.12
Jure — 13. 1941 101.11 101.14 0.08
Dec. — I1/. 1941 101.23 101.20 0.18
March.. H« 1941 102.23 102.26 0.24
Sect. — 2 1942 103.30 104.1 0.32
Dec. — Hi 1942 103.17 103.20 0.35
June — lVi 1943 101.10 101.13 0.68
Dec. . it, 1943 101.11 101.14 0.65
March - 1 1944 100.18 100.21 0.83
June __ 1044 99.18 99.21 0.84
Sent. — 1 1944 100.15 100.18 0.87
March _ »i 1045 99.8 99.11 0.89
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 tor May 27: 8,393
nurchases. Involving 160.907 shares: 3.#e7
sales. Involving 96.801 shares, Including
105 short sales. Involving 2.743 shares.
Railway Income
NEW YORK. May 28 UP.—Net operat
ing Income, before fixed charges and other
Income, of railroads reporting today for
Aoril included:
1940 1939
Central of N. J. __ •$61,212 $105,198
Del. Lack & West— 437.367 563.675
♦Deficit.
Santa Fe Votes
$2.50 a Share
On Preferred
i y the Associated Press.
NEW YORK, May 28.—Directors
of Atchison, Topeka & Santa Fe
Railway Co. authorized a dividend
of $250 a share on the 5 per cent
non cumulative preferred stock,
payable August 1 to holders of
record June 27. The same amount
v,as paid in February.
Westinghouse Develops
Iron Ore Process
By the Associated Press.
PITTSBURGH. May 28.—Dis
covery of an electrostatic process of
recovering iron ore from low-grade
ore deposits was reported yesterday
by the Westinghouse Electric 6t
Manufacturing Co.
Pointing out that under present
methods of recovery commercial
iron ore must contain at least 50
per cent iron to justify its trans
portation and use, G. W. Penney,
research scientists, declared experi
ments with the new process “indi
cated that an appreciable percent
age of iron still remaining in dis
carded ore can be economically
separated.”
He declined to disclose details of
the developments, but stressed "the
possibilities of increasing the pro
ductive output of the Nation’s ore
deposits.”
At a science symposium and the
first meeting here of the Westing
house Board of Directors since 1936
the company also disclosed the de
velopment of a new metal known
only as "K-42-B.”
Heated to a temperature of
around 1,100 degrees Fahrenheit, a
bell made of this metal still retained
its ability to ring tvith a brilliant
tone, while an ordinary steel bell
gave off only a dull thud.
“This demonstrated that the new
metal retains its elastic qualities
even at high temperatures,” it was
reported.
Oslo Foreign Exchange
Market Is Reopened
By the Associated Press.
OSLO, Norway. May 28—The for
eign exchange market was reopened
today with the United States dollar
quoted at 4.40 kroner (making the
krone equal to 22.72 cents).
The only other foreign currencies
quoted were those of Germany,
Italy, Sweden, Switzreland. Den
mark, Finland and Czecho-Slovakia.
(Foreign exchange experts in New
York said the lack of quotations in
Oslo of British and French curren
cies was significant in showing the
complete German domination of the
Norwegian capital’s market. There
has been no trading in the krone in
New York since the German inva
sion of Norway.)
COPENHAGEN, May 28 UP).—'The
Danish Stock Exchange reopened
today after seven weeks’ war inter
ruption. Trade was permitted only
in bonds, but it was said stock sales
would be permitted later.
A six months’ old law limits bond
price fluctuations to I point.
New York Produce
NEW YORK, May 28 MPV—Eggs, 46 477;
colors- fancy to extra fancy.
18%-20%; extras, 18%: storage packed
firsts. 18: graded firsts. 17 Vi; current re
ceipts, 15%: mediums, 14%: dirties. No. 1,
14%: average checks. 14-14%.
Whites: Resales of premium marks. 22
24%; nearby and Midwestern, premium
marks, 20-21%: specials. 19%; standards.
!/%• resales of exchange to fancy heavier
mediums, 17-19%: nearby and Midwestern,
mediums. 16%
Browns: Nearby fancy to extra fancy,
20-21% nearby and Midwestern, specials,
19%: standards. 17%: mediums, 16%.
Duck eggs. 17-19.
Butter 1.248.799: steady: creamery,
higher than extra. 27-27%' extra (92
scoro. 20% firsts (88-91), 25%-20%; sec
onds (84-87), 24%-25%.
Denmark shipped 142,700,000 dozen
eggs to other countries last year.
I
BRAKefft*
Used Exclusively ^
MIIIEiDUDLEYS
■ 1716 Wr».N.W NORTH I583|J
Money for Construction Loans
and .
Loans on Completed Properties
(Owner occupied or rental)
Favorable Rata
nui used os rttn onl>
GEORGE I. BORGER
*48 Indiana Ave * «9
Nat^ OSAO
_«_
Interest at low at
5% SiXBX
Payments include in
terest, and curtail....
No renewals. ... No
commission. . . .
Sound, lair apprais
als.
CueJ Ifpj,Unlimited Funds Available for
REAL ESTATE LORAS
Millions of dollars in Perpetual loans
have secured thousands of homes in
59 years, through Washington's
largest Building Association. . . .
Loons on improved or to _
be improved property
in the District of Co
lumbia and neaxBy
Maryland and j "1 I HI
Virginia.
JUW
11TH & E STREETS, N.W. • ESTABLISHED 1881
Large* in Washington—Assets Oyer S50J)00,000 .
ARTHUR G. BISHOP
Chairman of th* Board
EDWARD C. BAJLTZ
Sacra tary
MARVIN A. CUSTIS
Prnidant
Trebling of Foreign
Iron, Steel Orders
is Predicted
1940 Exports Expected
To Total 8 to 9
Million Tons
Jiy the Associated Press.
NEW YORK, May 28—Iron and
steel exports aggregating between
8.000. 000 and 9,000,000 tons this year
were forecast in informed metal cir
cles today as incoming foreign or
ders mounted and private dispatches
indicated part of French production
had been disrupted by the German
invasion.
Predictions of widened British
and French takings came shortly
after United States production was
stepped up to 76.9 per cent of ca
pacity, a rise of 3.9 points over last
week and 163.9 points above the 1940
low of 60 per cent touched five
weeks ago. The latest advance in
mill schedules was the fifth conse
cutive weekly rise.
Exports of between 8,000,000 and
9.000. 000 tons would be around three
times bigger than the 2,799.000 tons
shipped abroad in 1939.
While British and French metal
needs have been climbing sharply
since the start of the war last Sep
tember, the United States has be
come the sole important steel ex
porting source for the Allies.
Both Great Britain and France
were buying substantial metal from
Belgium-Luxembourg mills last
month at this time. The two tiny
countries had been exporting steel
to foreign customers at a rate of
over 3,000,000 tons annually. But
the German invasion of Lowlands
May 10 eliminated Belgium and
Luxembourg as export suppliers to
the Allies.
In France, steelmen say, some
plants have been forced to slow be
cause of loss of access to coal from
mines in Northern France, where
heavy Allied-German fighting is
now taking place. Many mills, it
was said, from this time on will
have to rely to a greater degree on
imports of British coal. With ship
ping disorganized by the war, de
liveries, it was feared, might be- i
come increasingly difficult France j
produced around 8,400,000 tons of
steel last year.
As usual, however, the prosperity
of the American steel industry wiil
depend upon steady domestic busi
ness, metal executives said. Last year
exports accounted for only 6 per cent
of total mill production.
Fed up With Censorship
•“If a man bites a dog, that's
news,’ provided the Ministry of In- I
formation releases it,” declares a!
newspaper in Australia evidently
ted up with censorship.
'MapMiiilltlllllHIiml
Specialists*'**^:::::::
J^ror Business Records'! : I
'.If and Equipment >;;;
\:f Y\ ;
: 1 !
FOUNTAIN PEN !
: FILLERS
i^WalcotMaylor Ca IncJ
: MILLS BLDG 2: !
; j: W MEtro. 5846 X |
fflmmnBmttmrntffiW
Property Management
7\T HE efficiency of our Prop
el'' erty Management Depart
ment has been demonstrated
over a long period. Let it take
charge of your apartment house
and residential properties—at a
fee you'll approve.
B. F. SAUL CO.
925 15th St. Natl. 2100
Mortgage Loans \
Bank Loans Register^
$20,000,000 Drop i
During Week (
Decrease of $9,000,000
At New York City
Is Largest
\y tbe Associated Preaa.
The Federal Reserve Board aald
yesterday that commercial, indus
trial and agricultural loans of banka
in 101 leading cities declined $20;«
000,000, to $4,394,000,000, in the week
ended May 22.
The sharpest decrease was $9,000,
000, in New York City.
The board’s statement gave the
following summary of assets and
liabilities on May 22, together with
changes for the week and with the
same week last year, in millions of
dollars:
May 22. May 15. May 24.
t „ 1939.
Loan* and Invest
. menta—total ... 23.544 — 48 4-1,871
Loans—total* . 8.562 — 81 4- 437
Commercial, Indus*
trial and airlcul
_tural loans 4.394 — 20 4- 557
Open market paper 327 — 1 4- IS
Loans to brokers
and dealers In se
curities 544 — 68 — 173
Other loans for pur
chasing or carry
ing securities __ 474 4- 1 _ 87
Real estate loans.. 1,183 4- 2 4- 39
Loans to banks_ 44 4- 1 — 39
Loans to banks_ 44 4- l _ 12
Other loans_ 1.586 — 6 4- 76
U 8. bills_ 673 4- 23 4- 279
U. 8. notes_ 1.919 t+ 10 — 118
U S. bonds 6.513 — 16 4- 675
Fully guaranteed
Government obli
gations . 2.389 4- 2 4- 343
Other securities 3.488 4- 14 ■+■ 250
Reserve with Fed
eral Reserve
banks _ 11.196 4-146 4-2,720
Cash in vault 485 4- 13 4- 51
Balances with do
mestic banks 3.269 — 15 4- 562
Demand deposits—
adjusted ... 20.201 4-273 4-3.246
Time deposits _ 5.312 — 3 + 65
Government depos
, Its 577 — 3 4- 3
Interbank deposits:
domestic banks. 8.486 —128 4-1,839
Foreign banks.. 692 — 17 4- 53
Borrowings _ 1 Uneh. Uneh.
£>(
Sales in Small Towns,
Rural Areas Drop
By the Associated Press.
The Commerce Department says
sales of general merchandise in small
towns and rural areas declined dur
ing April in all the major parts of
the country, because of the fact that
Easter boosted March sales.
i i
REALTORS SINCE 1888 I
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MORTGAGE
LOANS I
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Washington's Oldest Building Ass’a
Under U. S. Supervision

Evening star. [volume], May 28, 1940, Page A-19, Image 19
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], May 28, 1940, Page A-19, Image 19
About Evening star. [volume] (Washington, D.C.) 1854-1972