Evening star. [volume] (Washington, D.C.) 1854-1972, May 29, 1940, Image 17

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Evening star. [volume], May 29, 1940, Page A-17, Image 17
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume] (Washington, D.C.), 29 May 1940. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1940-05-29/ed-1/seq-17/>

Newspaper Page Text

CONSULTANT
i ON
Insurance Protection
< ALL BRANCHES)
AND ANNUITIES
FULL INFORMATION—NO OBLIGATION.
LEROY GOFF
1036 WOODWARD BLDG. NA. 0340
Inixiraxxce Exclusix’elv—Over t!i Years.
(Insurance)
/ .^
/ No mattei whai type ol \
/ policy you need, we can \
/ serve vou most efficiently \
l We are o/epared to a 1
H budget your Insurance ^ J
costs and finance your /
\ premiums /
\ Investigate this servlet] /
ii Jt
&"ca r~T‘
1700 Ey« St. N.W. ME 3996
LIBERAL
DIVIDENDS
PLUS
INSURED
SAFETY
At Interstate every ao
count up to $5,000 is
fully insured and earns
liberal dividends that
are credited semi-an
nually. Hundreds of
Washingtonians now
save at Interstate.
Inquiries are invited.
INTERSTATE
BUILDING ASSOCIATION
Washington Building
15th St. & New York Asa*
District 8300
7 Save . ..
Your Money
It's a Fine Habit
Getting started is the
hardest job of all!
Prudential invest
ment shares can be
opened with a LUMP
SUM, or regular
monthly install
ments. They earn
liberal dividends.
Each account is insured up
to $5,000. Withdrawal
privileges an added fea
ture. Your money is safe
and securable here.
Ateetg Over $3,000,000
PRUDENTIAL
Building Association
1331 G ST.N.W.
Di-6270 Suite 304
REALTORS SINCE 1888
FOR
CONSTRUCTION
LOANS
WEAVER
BROS inc
WASHINGTON BUILDING
DISTRICT 8300
Ample
Funds are
Available
—through our conveni
ent First Mortgage Loans
—for buying or building
homes; or refinancing a
maturing trust in the
District or in nearby
Maryland or Virginia.
Loans are made at cur
rent rates—and arranged
on either of these con
venient plans:
3‘Year Straight Loans
or
Monthly Payment
Loans
Also r. H. A. Facilities
Your application will
receive prompt atten
tion.
B. F. SAUL CO.
925 15th St. Na. 2100
Mortgage Loans
U. S. Leather Co.
Six Months' Net
Is $206,807
American Safety Razor
Profit for Quarter
Reported as $136,072
Bv the Associated Press.
NEW YORK, May 29—United
States Leather Co. today reported
| net income for the six months ended
i April 30 of $206,807, compared with
net loss of $33,659 in the comparable
period a year earlier.
American Safety Razor.
American Safety Razor Corp.
earned consolidated net profit of
$136,072, equal to 26 cents a share,
in the March quarter, compared with
$206,673, or 39 cents a share, in the
March quarter last year.
Directors authorized a quarterly
dividend of 20 cents a share, payable
June 29 to holders of record June 11
The company has paid 30 cents in
previous quarters.
Mission Corp.
Mission Corp. reported March
quarter profit of $290,849. equal to
21 cents a share on common stock
against profit of $247,717, or 18 cents,
in the 1939 March quarter. The
company derives main share of its
income from holdings in Tide Water
Associated Oil Co. and Skelly Oil Co
Investing Companies
NEW YORK. May to —National
Association Securities Dealers, Inc.
Admin Fd 2nd Inc_ 9 01 ’ q 50
Aeronaut Sec _ " ~ £ 3.. i, ;V
Affiliated F Inc __ - ? ql 5 ,0
•Amerex Hold_11 "815 13373
Am Bus Shrs _ - •> 44 " 7,1
Am For Inv ~ g jo ;i.
Am Qen Eq Inc Z- ",3 b
Am Ins Stocks Z "'875 a'2S
•Bankers Nat Inv Clorp A.. 5.025 eifs
Basic Industry "ok
‘Blair & Co ZZ'Z" " 75 1 o"5
Boston Fund Inc_Z ILSl 1276
Bullock Fund _ 10 1"5 11 50
Can Inv Fund . . _ZIZ o.i,) n o!!
Central Nat Corp "A”-2<>.(io 23.00
•Central Nat Corp - B-_ 1.00 2.00
Century Shrs Tr 2o 07 "1 5s
Chemical Fund _ ~ h'so o'™
Comwith Invest . ZZ-'" "'73 ” 07
•Continental Sh til-ZZZ~ 6"5 7 "5
Corporate Trust _ “ i«s
Corporate Trust A A- l'»T
Corp Tr Accum __ 1 jit
Corp Tr A A mod _ •> ->4
Corp Tr Acc Mod " ->4
Cumulative Tr Sh _I_ 3 85 -
Drpos Bk Sh N Y "A"_ 117 -
Depos Ins Shrs "A'’ " "3 “
Diversified Tr C Z ZZ "’•id
Diversified Tr D_Z 4 55 5 "0
Dividend Shrs jltl jin
Eaton A How Fund "A-l” 14 59 15 05
Equity Corp $3 pf _ loot) 19 50
Fidelity Fund Inc _Z~Z 14 00 15 07
•First Boston Corp_ 1150 1.3 00
First Mutual Tr Fd_ 5.IT 5 08
Fiscal Fund Bk Sh __ _ I 99 ••'•>•{
Fiscal Fund Ins _ 2 59 " 94
Fixed Trust Sh A__ I” 7 54
Found Tr Sh A _ZZ 3"5 3 70
Fund Investors Inc-IT.84 13.90
Fund Tr Shrs A__ 4 00 471
Fund Tr Shrs B _ _ .303
C.en Capital Corp Z 4<i "4 is
Gen Investors Tr ___ 4 tut ~436
Group Sec Agricultural __ 3 sti 4 ->4
Group Sec Automobile_ 3.17 340
Group Sec Atiation _ 7,5T 8 18
Group Sec Building 4 ns 4 45
Group Sec Chemical_ 5.54 O 0.3
Group Sec Foods __ 3 51 3 S3
Group Seo Invest Shrs _Z 2/2.3 2 44
Grom Sec Merchandising . 4.05 4 4-’
Group Sec Mining 4..'19 4 79
Group Sec Petroleum _ 3/;t! 3 50
Group Sec R R Equip 2 7 0 .3 0"
Group Sec Steel _ 4 Id 4^7
Group S°c Tobacco _ 4 40 4 80
Incotp Investors _118" I" 71
Independence Tr Sh _ 1.73 Yns
Inst] Sec Bank Group _ .84 io.'l
Insti Sec: Insurance __ 1 01 1 11
Investors Fd “C" Inc 7.01 8.1.3
Keystone Custodn B 1 _ 24 18 "0 40
Keystone Custodn B 2 17.0.3 18 07
Keystone Custodn B 3 11 40 1" 51
Keystone Custodn B 4 5 40 o'oi
Keystone Custodn K 1 _ lino 1305
Keystone Custodn K T __ o.OT 7 30
Keystone Custodn S T _ it Hn 10 xt
Keystone Custodn S .3 _ 0 58 7
Keystone Custodn S 4 _ 2 05 " 98
Manhat Bond Fund _ 5 45 «0.3
Maryland Fund _ _ .3 "5 4 "n
Ma.*s Invest Tr -35.76 16.95
Mutual Invest _ 8.06 8 81
Nation Wide Sec _ 3.11.3
Nation Wide Voting __Z_ .91 105
Natl Investors 4.71 VO"
New England Fund 9.31 lit 114
N Y Stocks Automobile __ 3.UT .3 OT
N Y Stocks Aviation _ 9.ST In 01
N Y Stocks. Bk Stock* __ 0.05 7 "n
N X Stocks Bldg Supply _ 4 03 4.38
N Y Stocks Chemical _ 7.TS 7 88
N Y Stocks Elec Equip 5 73 0
N Y Stocks. Insurance __ 7.00 8 29
N Y Stocks Machinery 0 17 0 0‘1
N Y Stocks Oil _ 5..34 3 go
N Y Stocks Railroad " 03 ""o
N \ S-ocks. R R Equip.. 4.T8 4 05
N Y Stocks Steel 5 10 5 54
North Am Bond Tr ctfs 4" 375
Nor Am Tr Sh 1953 f 80
Nor Am Tr Sh 1955 _ ~ ••'••0
Nor Am Tr Sh 1950 _
Nor Am Tr Sh 1958 _Z 2 00
Plymouth Fund Inc _ "8 3.3
Putnam 1G1 Fund _ 11 -mi 11 os
Quarterly Income Sh 5 45 0 30
•Schnellkopf-Hut A- Pom "5 1 00
Selected Am Sh Inc __ fi.su 748
Selected Income Sh _ .3 44
Sovereign Invest _ 50 55
Spencer Trask Fund _12.04 12 78
Stand Util Inc _ 18 "8
•State Street Invest _51.’50 54T5
Super of Am Tr A 2 8T
Super of Am Tr B Z_ "98
Super of Am Tr **Z _ 2 03
Supervised Shrs 7.50 815
•Trustee Stand Inv C _ _ 1 90 "do
'Trustee Stand Inv D_ 1 93 2 03
•Trustee St Oil Shrs A 4 50
•Trustee S* Oil Shrs B _ 4.00
Trusteed Am Bk B _ 45 50
Trusteed Industry Shrs .04 ’.7"
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.
i«suerIs<"CateS’ "no^ ouoted by sponsors or
Chicago Produce
CmCAGCI May 29 1JF1.—Poultry, live.
45 trucks; easy; hens. 5 pounds and over.
It 2: 5,.?,0l'nds and under. l5Vi: Leghorn
gfns- 12Vbj springs, under 4 pounds.
Plymouth Rocks. 24Vi; other prices un
changed
Butter 1.161.609; steady; creamery. 91
score o%: other prices unchanged: eggs.
V steady: prices unchanged.
(United States Department of Agricul
at°es. 65: on track 228: total
U. S shipments. 945: supplies rather light;
California, long whites, demand good and
market stronger: Southern Triumphs, de
r *air anc* market sliehtlv stronger:
California, lont* whites, washed. U. S No
1. under initial ice. 2 70-90; TT S No 1.
under ventilation 2 60-80: U S. Com
mercials under ventilation. 2 50: U S
No 1. size B under ventilation. 2 00
Alabama BM*s mriumnhs. U 8 No
1. gashed °.75-85- U S No. 1. size B.
washed 1.70: Louisiana Bli*s Triumphs.
U. 8. No. 1 wa**ed. 0 75. u. s. No. 1 some
washed 2 65-75: U. S. No 1. size B.
washed l 55-75- old stock, supplies light,
demand moderate and market strong:
I6»ho Russett Furbank*. U S No. 3. 2.75
85: car chnwin" sprouts *V45 Minne
sota. Red Fiver Valiev section, few sales,
mixed car Cobble*-*. EarW Ohio* and Bliss
Triumphs, fairly good quality. 185.
U. S. Treasurv Notes
NEW YORK Mav 29 (/rv—Prices quoted
in dollars and thirty-seconds:
Ap
PG. Mon. Y- Bid. Asked. Yld!
m June, 1940 _100.1
l'/j Dec. 1940 _101 00 1013
m Mar, 1941_101.9 10112
G-1 .Tune. 1941_101.11 10K14
m Dec . 1041_101."4 101.27 .05
1 H Mar . 194T_10T.23 10" "6 18
2 Pept.. 1942_ 103.31 104 " 2"
13« Dec 19*2_ 103.15 103 18 32
1*4 June. 1943_101.7 101.10 09
IVg Dec. 1943 _101.8 10111 74
l Mar.. 1944_ 100.15 100.18 .85
5/< June. 1944 _ 99.15 99.18 8ft
1 Sept. 1944_ 100.13 100.18 .87
>9 Mar., 1945 _ 99.0 99.9 .89
Boston Wool Market
BOSTON. May SB </Pi.—(United States
Department of Agriculture'.—A few sales
were closed today on spot medium fleece
wools. Graded combing bright quarter
blood bright fleece wools brought '17 :18
cents, In the grease. Country packed
three-eights and quarter blood bright fleece
wools were sold on arrival at Boston at
Hi cents in the grease. Other similar
offerings for shipment from the country
at :i4-:i(i cents, in the grease delivered to
uses, were not wanted A few worsted
manufacturers were placing orders for good
French combing length fine territory wools,
in original bags, for future delivery at
7'l-75 cents scoured basis.
United States Treasury Position
By the Associated Press.
The position of the Treasury. May 27. compared with comparable date a year ago.
May 27. 1.940. May 26. 1939.
- $12,060,785.50 $8,659,344.02
Expenditures-----— 3M.H48.699.01 24.725.405 63
Net balance--.tww. ,. 2.0*27.°‘Ift 4ft;t 78 o oik oao
Working balance Included—-'_ 1.300.983:517.29 2^27 16ff’738 95
Customs receipts for month_ . 23 339:706 01 "l is” 197 09
Receipts for fiscal year (July 1)- 5.111:471.184.76 5.022:754:23869
Expenditures - 8.538.81.3,269.03 8,224.6.31.397.18
Excess of expenditures- 3.427.342.084.27 3.201.877.158:47
Gross debt ----....-- 42,786,846.558.41 40.277.177,051.92
Increase previous day_ 53.565.48
Gold asset!- 19,129.026.076.88 15,936,088.083.25
i A
[Percentage Loss in Stock Prices from PealHi^^ „ m®
Fall of 1939 to Blitzkrieg Low in May, 1990 *
_ I. U.S. Rubber
2. Southern Ry.
3. Atchison, Topeka, Sente Fe
4. New York Central
“ 5. American Sugar Refining
4. Anaconda Copper
7. U. S. Steel
“8. International Harvester ~
9. Montgomery Ward
10. Chrysler
11. Curtiss-Wright ->_
12. Bethlehem Steal
13. TeiesCorp.
14. Union Carbide
15. General Motors
16. Sears Roebuck
17. American Can
18. General Foods
19. du Pont da Nemours
20. Amer. Tel. & Tel.
EXTENT OF RECENT STOCK DECLINES—The above chart compares percentage losses of lead
ing issues from the 1939 autumn peak.
Net Operating Income
Of Carriers Rises
Well Above 1939
$148,929,974 Compares
With $101,283,692
Year Ago
By the Associated Press.
Class 1 railroads of the United
States had a net railway operating
income of $148,929,974 in the first
four months of 1940 compared with
$101,283,692 in the first four months
of 1939. and $233,942,444 in the same
period of 1930.
The Association of American
Railroads, reporting this, yesterday,
said gross operating revenues for
the first four months this year to
taled $1,307,421,578 as compared with
$1,179,891,873 in the same period of
1939, and $1,761,623,106 in the same
period of 1930.
Washington Produce
BUTTER—93 score, tubs. 2834: 1-pound
prints. 29V«: U-Pound prints. 2934 92
score, tubs. 2734: 1-pound prints. 281«
14-Pound prints. 2834: 91 score, tubs. 2734:
1-pound prints. 28*4 14-pound prints.
283-4; 90 score, tubs. 2634 1-pound prints.
27V4; 14-Pound prints. 27 34: 89 score, tubs.
2rtV2: 1-pound prints. 27: 14-pound prints.
27*2: 88 score, tubs. 20: 1-pound prints.
201 >• 14-Pound prints. 27.
LIVESTOCK—Calves. 10: spring lambs.
11. Other livestock prices unavailable.
(Prices paid net f o b. Washington >
EGGS—Market about steady. Prices
paid for Federal-State graded eggs re
ceived from grading stations (May 29*:
Whites U S extras, large 21-23: U S.
extras, mediums. 17-19: U S. standards,
large 18,.^-19,2: U. S. standards, me
diums. 10-17: U. S. trades 14-17. Browns.
U. S extras, large. 20-22. U S. extras,
mediums. 17-18; U S. standards, large
18-19: U S. standards, mediums. 10-17:
U S. trades. 14-17. For nearby un
graded eges current receipts, whites. 3H1 ^:
few higher; mixed colors. 15 Va; few
higher
LIVE POULTRY—Fowl. colored. all
sizes. 17: No. 2s. 12-13: Leehorns. 12-14.
Roosters. 8-10 Chickens Virginia Rocks,
broilers and fryers, all sizes. 23-24 cents:
No 2s. 14-16 Delaware Rocks and
crosses, broilers and fryers all sizes. 23:
No. 2s 14-10. Leghorn broilers. 2 pounds
and up. 17-18: some higher; under 2
pounds. 15-10 Turkeys, old. toms. 10-11;
hens, 13. No. 2s. hens and toms. 8-10.
Insurance Stocks
NEW YORK May 20 VPi.—American
Association ol Securities Dealers Inc.:
, _ Bid. Asked.
Aetna Cas (4a> _ _ 98 m2
Aetna Ins (1 dual __ 40 42
Aetna Life (1.20a) __ 24% 26
Am Eauit (T) _ is1. 16%
Am Ins Nwk i%h>_ _ o3. 11%
Am Reins < 1 (»(>«) _ 34% 36%
Am Reserve f 1 %) __ 15% 17
Am Surety (2%> _ _ 4(1% 4"3.
Automobile (1 a l _ ;)•>% 34%
Balt Amer (,20a) _ 5% 6%
Boston (16a1 _ 51n 56(1
Carolina (1.30) _ _ 23 25
City of N Y (1.2(0 _ _ IK 19%
Conn Gen Lif (.80) _ 2 13< 25'.
Contin Cas (1 20) _ 27' . 29%
Fid A- Den (4) _ _ 99% 10°
Firem's Nwk (.40) 7 8%
Frank Fire (la) __ "5 "fi>2
Gen Reinsur 11 a >_ 34 36
Georg Home i|»l.__ 23% ”5%
Glens Falls (1 60) _ 34 % 3i;%
Globe & Rep (%) _ 7% 8%
Globe A Rut _ 1 1 14
Gt Amer Ins (la) _ ”i3, •>;(%
Hanover (1 20) 2104 21%
Hartford Fire Ola) _ 7c 7°
Home Fire Sec _ l'i n,
Home Ins H 20a) _ _ °n "7%
Homestead il) _ _ 16% 17%
Kmck’bk'er <%)_ 7 8
Lincoln Fire . 1% 0%
Maryland Cas _ _ _ 1% •’%
Mass Bond <3%)_ _ _ 51 54
Natl Fire f2i _ _ 46% 48%
Natl Liberty f.20a> _ 6'4 7'4
New Amst Cas (%> __ ln% 1:1%
N H nshlre (1.60a) 40 44%
N Y Fir<‘T '-80)- 12% 13%
Nor East Ins 2 3
Nor River <1)_ZlZim 1934 21 >4
Phoenix (2a) 7p4 73r4
Prov Wash (la) _ Z_ 2434 ‘‘*7,2
Rep Ins Tex (1.20a> Z~_Z 2.2*4 2434
Revere (P) In <I.20a)_Z_ 19Va 21
Rh Is! Ins _ _ 2Va 4
St Paul Fire (8) __ZZ_Z_ 195 208
Springfield (4*aa)_ 97 102%
Sun Life < 15> __ _ 220 °7o
Travelers (lfi> _ Z_ 392 40°
U S Fid A' G (1)__ZZ_ J0*/4 173/4
U S Fire (2) - 39 41
Westchester (1.20a) ZZZZZZ 27 28*/a
a Also extra or extras.
Quotations furnished br National Asso
ciation of Securities: Dealers. Inc., which
states they do not necessarily reflect actual
transactions or flr mbids or offers, but
snouid indicate approximate prices.
Short-Term Securities
(Reported by Smith, Barney A Co.)
.. _ _ Bid. Asked.
Ain Gt South -A" 5s 1943 11(1
Alleshany Cp Cv 5s 1944 70 71%
Amer Tel A Tel 5%s 1!I43 106% 106%
Austin A orthwest 5s 1941 83 nil
Central Foundry Hs 194! pn
Cent RR of Ga 5s 1942 55
Chi Union Sta 4s 1044 102% 104
Childs Co 5s 1943 37% 39
Colo Fuel A Iron 5s 1943 104 104%
Conn A Pas Riy rr 4s 43 88%
Container Corn 5s 1943 102
Cuba North Rwys 5!/as ’42 20’/a °3
Dela A Hudson 4s 1943 40% 42%
Fed Lt A Trac 5s 1942 100 103%
Or Rapids A- Ind 4%s 1941 103%
Inti Hydro-Elec 6s 1944 36 39
Interna Mer Mar 6s 1941 54%
Laclede Gas Lt 5s 1942 80 S3
Lake Erie A West 5s 1041 94
r Val „Term R 5s 1941 30 37
Ligaett A Myers 7s 1944 122>/a 124
S Y, c.ent. * Hl,d Riv Vs '43 86%
2 Y & l4)na Br 4s 1941 74
Norfolk A South 5s 19481 50 66
Pennsylvanlo Co 3%s 1941 101% 102%
Penn-Dixic Cem Hs 1941 87 94
Penna R R Co 4s 1943 108
g£°P Oas Lt * Coke 6s '43 110% 113%
gh ‘o- Balt A Wash 4s '43 109'i
Studebaker Cp 6s 1945 86 87
Texas A N O 5s 1943 62% 100
Si11?"™0'1 of Call{ 0s 109% 111%
Utah Power A' Lt 5s 1944 95% 97
Warren Bros t>s 1941 lfl1/* °77/*
Western N Y A Pa 4s 1943 108 108%
Jersey City Livestock
JERSEY CITY. N. J.. May 29 UP, (United
State Department of Agriculture).—Cattle.
J90 salable: total. 550. Steers in light
supply: one load Canadians unsold early.
Demand for cows fairly broad and active,
market steady to strong; good strong
weights, (.50; bulk of offerings generally
t>.,5 down: few fat cows. 0.50-7.25: cutter
and common, 5.75-6.25; canners down to
4.25: bulls steady: strong-weight sausage
bulls to i 2o: mediums down from 6.25■
cutters low as 5.25.
Vealers 140 salable: total 140: market
moderately active, fully steady: selects to
12.06; good and choice 10.50-11.50; com
mon to medium. 8.00-9.50: culls 5 50
7.50.
Hogs. 60 salable on the New York mar
ket; total. 1.900. Market 30 lower than
Tuesday; good and choice 179 pounds
tnpDfd 5.70.
Sheep 220 salable; total. 1.880: spring
lambs steady: nearby 68-70 pound good
and choice 12.85-13.00.
Eastern Air
Stock Syndicate
Is Dissolved
By the Associated Press.
NEW YORK. May 29.—The under
writing group formed to market a
new issue of Eastern Air Lines, Inc.,
common stock has been dissolved
and the unsold portion of the se
curities distributed among the par
ticipants of the syndicate, it was
learned today.
The underwriters absorbed in the
■ neighborhood of 100.000 shares of
the original 110.909 shares first of
fered to existing stockholders of
Eastern Air Lines at $32 a share,
financial circles reported.
The present depressed state of se
curity markets was given as the rea
son for dissolving the syndicate and
apportioning the unsold shares to
i the group rather than publicly offer
them at this time. It was the in
tention at the outset to offer publicly
the unsold part of the stock, if any,
at the same price stockholders paid.
Then the drastic drop in stock prices
upset plans and the underwriters ar
ranged to lower the offering price
to $30.75 a share. Before these plans
could mature a fresh wave of selling
still further unsettled markets yes
terday, and. it was reported, finally
induced the offering group to with
draw the issue.
Washington Exchange
SALES.
Washington Gas Light pfd—3 at
99'2, 2 at 99!a, 10 at 99, 5 at 99.
Lanston Monotype—10 at 27.
Capital Transit Co.—10 at 12.
Capital Traction 1st 5s—$7,000 at 98.
Washington Gas Light pfd—10 at
9914.
Notice—This exchange will be
closed tomorrow, Memorial Day.
BONDS
PUBLIC UTILITY.
Bid Asked.
Anacostia A Pot 5s 1949 . 971.; 101
Ana & Pot Guar 5s 1940 106'2
Can Traction 1st 5s 104 7 07’« loo
City & Suburban 5s 1948 OR 102
Georgetown Gas 1st 5s 1061 115
Pot Elec Pow :t'■<s 1066 lo.l
Washington Gas 5s 1060 _ 122
Wash Rwy ft Elec 4s 1051 __ 105
MISCELLANEOUS
Chevy Ch Cl 1st 4’«s 1P5T lo.'l
Col Country C 1st 4'«s 1957 10:i
Ter R1 ft W CD 1st 4 Us 1048 100 _
STOCKS
PUBLIC UTILITY.
Amer Tel A Tel <91_ _ 140
Capita! Transit (t.5o> _ 12 1.1
N ,c W Steamboat 14) 58 70
Pot Elec Pow old (61 •110 U2'/a
Pot El Pw 5V' bid 15 50) *110
Wash Gas Lt com (1.50) 20 21
Wash Gas Lt Did (4.50) 99>«
Wash Ry ft El com ig36) •610 _
Wash Ry & El old (5) *107 _
BANK AND TRUST COMPANY.
Amer Sec & Tr Co <eR)_ 225 2.95
Bank at Bethesda (.75) 30 40
Capital (v4) 150 175
Com & Savinas (yl0.00)._ 300
Liberty (61 _ 168 175
Lincoln (yol 190
Natl Sav ft Tr (4.00) 190
Pr Georges Bk A Tr (t.60>_ 19 25
Rig-s (eR) _ 250 270
Riags Did (5) _ 101
Washington (6) _ 121
Wash Loan ft Tr (e8)_ 225 IL_L
FIRE INSURANCE.
American (+6) _ 110
Firemen’s (1.40) _ 27
National Union (.75) _ 12U 16
TITLE INSURANCE.
Columbia (k.30) _ 14 16
Real Estate <m6)_■_ 150 185
MISCELLANEOUS.
Carpel Corp (2.00) 24 30
Garflnckel com (.70) 8>/« lo
G’flnckel H', cu cv pi (1.50) 23 26
Lanston Monotype (2.00) *2614 30
Lincoln Serv com (*1.00)._ *17 °2
Line Svc 7(r Dr Dl (3.501 _ ‘461/4 go
Mergenthaler Lino (p.oO) 12*4 13'4
Natl Mtge & Inv dI (d.35) 3J,« 448
Peop Drug com new (tl.00) 15
Real Est M ft G Did (.50) 5>4 6V4
Security Storage (5) _ 75 90
Ter Rel ft Wh Corp (.3) __ 53 58
W->wd ft Loth com (s2 00) 35 55
Wdwd ft Loth Did (7) HR
•Ex dividend.
+ Plua extras, d 35c paid in 1939 e 2e;
extra, a $14.00 extra paid December 23.
1030. k 20c extra, m $1.50 extra d 50c
PRid September 20. 1938 s $2.00 paid in
1939. t 50c paid December 20. 1930
v $1 -00 extra paid January, 1940. y S5.00
cxtr&i
Maryland Tobacco
Average prices for tobacco sold on the
Southern Maryland auction markets on
May 2, and 28 were generally steady as
compared with the previous week, reports
the Agricultural Marketing Service. Slight
fluctuations occurred in fair and low dual
ity dull and tips with very little change in
averages. Granulating seconds continued
to decline slightly from previous levels.
.5SlesJ fre reP°rted for this period
and fair and low quality dull and tips con
tinued to predominate.
flrst*l’and sales for week end
ing May 24 amounted to 1.232.217 pounds
bringing the season's net total to 2,072 171
pounds.
Average prices per inn pounds bv oual
la!es*“oll0”DrOXim>te r8n,es 00 bulk of
Dull crop:
Medium. Avg ‘Range
Choice quality —$30.00 $39.00 to $40.00
Fine quality ... 38.00 37.00 to 39.00
Good quality _. 37.00 36.no to 38 00
w.°i°rd -.yVA17' red 2122 33.00 to 36.00
Fair quality ... 32.00 30.00 to 34.00
Duff q y — 2350 18-°0to 27:00
Sir qlttdiS 29 00 35 0010 33 00
TlJf:*""811^'8"4 ™0° to 10.00
Fair quality, red I^SO 1*00 to 20.00
Ixiw quaUtyX dark 8 75 7'00 t0 10 00
Nondescript:- 6'80 8 0010 8 00
Thhi To°medium.r6en 5 35 4 78 to 8 00
Bright crop:
Choice quality.. 40.00 40.00 to .
f™e quality- 39.00 38.00 to 40.00
Good qqu“am£ red 36.00 3I.00 to 38 00
Si? qSSuty. me- 35 00 33 0010 36:00
dlum green... 22.no 20.no to 25 00
Stemming* seconds ' 33 00 ^.00 to 29.00
Choice quality 30.00 35.00 to 37 00
Fine quality- 31.00 30.00 to 33:00
Good quality _ 27.00 24.00 to 30 00
Granulating seconds:
Good quality .... 21.50 19.00 to 24.00
Fair quality- 13.50 10.00 to ^7.00
Low quality- 9.00 7.00 to iroo
•Ranges quoted do not represent extreme
jrlr* range in each quality, but only on
Bu x or sales (approximately two-thirds of
Dry Goods Market
NEW YORK, May 29 i/P>.—Dry goods:
Cotton *ood|—dealer* renort sales neglig
ible. Silk—Fabrics move In small volume.
Rayon—Pigment taffetas meet some de
mand. Woolen foods—Limited buying in
men's wear fabrics.
▲
Industrial Bankers
Hear Reilly Today on
'Credit Machinery’
Association Elects
M. W. Moore President;
Last Day of Session
John A. Reilly, president of the
Second National Bank of this city,
was to address the American Indus
trial Bankers’ Association at Ward
man Park Hotel today on "Credit
Machinery in the Modern Bank.”
“Consumer Credit Studies by Fed
eral Banking Authorities” was to be
discussed by Woodlief Thomas, as
sistant director of the Division of
Research and Statistics of the Board
of Governors, Federal Reserve Sys
tem. Abit Nix of Athens, Ga., also
was to speak.
Close Convention Today.
The bankers planned to close their
convention today with discussion by
several guests. C. M. Eisele. presi
dent of Southeastern Industrial
Banker, Inc., of this city, presided.
The association late yesterday
elected officers for the year. They
include: D. T. Simpson of Savan
nah, Ga., retiring president, to be
chairman of the board; M. vV
Moore. Wheeling. W. Va., president;
Mr. Eisele, Carter B. Cordner, Los
Angeles, and B. J. Barnes, Boulder,
Colo., vice presidents: John J.
Mason, Mobile, Ala., treasurer, and
Myron R. Bone, Fort Wayne, Ind.,
executive secretary.
Other Board Members.
These other members of the board
also were elected:
Bennett Baldy, Seattle; N. A.
Batchker, New York; J. E. Blair,
Baltimore; Clifton Bourdelais,
Worcester. Mass.; E. R. Campbell,
Shreveport, La.; Frank E. Card, Lin
coln, Nebr.; Ross M. Carrell. Des
Moines. Iowa; C. C. Dutton, Parkers
burg, W. Va.; Robert D. Fenton, jr.,
Little Rock, Ark.; W. J. Fischer. New
Orleans; M. H. Folger. High Point,
N. C.: Ralph Francis. Kankakee,
111.; Alex J. Jex, Salt Lake City; R.
G. Kirschman, Johnstown, Pa.; Har
ry J. Klein. Louisville, Ky.; John
Mason. Mobile, Ala.; E. L. Murphy,
Birmingham, Ala.; T. B. Reynolds,
Cincinnati; Alfred B. Rose, Toronto,
Canada; R. E. Sanders, Neenah.
Wis.; C. Herbert Schenck, John W,
Seaberg, Minneapolis; C. V. Sursa,
Muncie, Ind.; A. D. Todd, Greenville
N. C.; Alfred H. Vieira, Honolulu,
Hawaii; Harry B. Walls. Wilming
ton Del.; J. H. White, Jackson,
Miss.; Wiley W. Wood. Norfolk, Va.,
and W. E. Yeager, Warren, Pa.
Yesterday's sessions were closed
with a dinner dance at the Ward
man Park Hotel. The next conven
tion will be held at Colorado Springs,
Colo.
Chicago Livestock
CHICAGO. May 79 OPi.—The genera
hog market was steady with Tuesday ;
average Drices today. The top price pait
was $5.55 and that only sparingly, Th<
best liiht-weight butchers were picked ui
at $5 *15 to *5.60.
Cattle prices were 10 to 25 cents highei
at the start, but later ruled uneven with
well-finished medium weight and weight!
steers in liberal supply and mostly unsold
Prime heavy steers were held at $12. whi
ttle best selling early at *10.75. An earij
bid of $11.40 was refused for such kinds
Sheen were generally steady with tradins
fairly active Native springers topped at
*12 with California springers makinf
$11.75
<United States Department of Agricul
ture Salable hogs 10.000; total 10.000
general market around steady with Tues
day's average; top. 5 55 sparingly: bulk
good and choice. 1*0-210 pounds. 5 75-50:
270-500 pounds. 5.10-50: most 500-550
pound butchers. 5.00-20: good 400-500.
pound packinc sows- 4 15-50; lighter
weights. 4.00-*n
Salable cattle. 7.00- salable calves,
1.200: early steer tradp. 10-25 higher:
later very uneven: uneven advances fea
turing medium to good grades rather than
strictly good and choiC" offerings: these
steady to strong: liberal supply well fin
ished medium weight and weighty steers
here: bulk unsold: numerous loads sold,
however, at 9.75-10.75 with medium to
good grades 9.50 down to s.50 and be
low: earlv too. 10 75. but 11.40 hid on
strictly choice steers and prime offerings
held around 12.no; stockers fully steady:
all she stock. 10-15 higher: best light
heifers. 10 25: cows scarce bulk selling
on early rounds: bulls steady to strong at
7.00 down: vealers 25 lower at 10.50
down: 11.00 paid sparingly
Salable sheen 1.000: total. 4.000: trad
ing fairly active on all classes: around
steady; small tnts native springers. 17 00;
others. 11.50-75: throwouts. mostly 9.00
50: one double 95-pound California
springers 11.75: best fed clipped lambs.
9.25: others. R 75-9.10: bulk native fat
ewes, medium weight and weighty kinds.
2.75-5.50: onlv few lightweights above
3.50: with culls 2.50 down.
New York Bar Silver
NEW YORK May 29 Iff).—Bar silver.
35A«. unchanged.
Your Savings \
+ Dividends
= Security
An investment of your sav
ings here provides the best
kind of returns—safety,
earnings and availability.
Your savings
insured up to
$5,000 by an
agency of the
U. S. Govt.
FIRST TRUST LOANS
Made in Virginia, Mary
land and D. C. at current
rates on long time pay
ments.
No. I Colorado Bldg.
NA 7335 ° st. at 14th i
\ Branch Takoma
I. B. A. Pushes Drive
Against Obstacles
To Financing
Investment Bankers
Rush Questionnaire
As First Step
By J. G. DONLEY,
Released by Consolidated News Features.
NEW YORK, May 29. — When
business men get ready to do some
thing, they can, and do sometimes,
move pretty fast. Rapid progress
being made on the Investment
Bankers Association program for
opening up the capital markets by
blasting the log-jam of ill-consid
ered impediments and dictatorial
rules is an instance in point.
It is only a little more than two
weeks ago that the I. B. A. met in
convention at White Sulphur
Springs, W. Va., and adopted some
' suggestions for a public relations
program. Already, as this is writ
ten, the mails are loaded with a
questionnaire to members which is
part of the first step in that pro
gram.
In reporting to members on action
taken at the recent convention, the
man who has become the first paid
head of the I. B. A., re-emphasized
a statement made last October.
“The most important contribution
this association can make toward
preparedness,’’ said Emmett F.
Connely, “is to remove, so far as
| it lies in our power, every obstacle,
every bottle-neck, every restraining
influence that stands in the way
of the free flow of investment funds
into industry.”
Fear Intervention.^
Mr. Connely also reminded mem
bers that a guest speaker said, "un
less private finance breaks down
barriers and provides the new cap
ital necessary for the industrial
side of national defense, the Gov
ernment is surely going to take
over the job.”
Realization of the truth of that
admonition is the spur that has set
the I. B. A. off at a fast clip on that
assignment of breaking down bar
riers. At the White Sulphur Springs
meeting, the association retained a
public relations counselor who, to
quote Mr. Connely again, "outlined
to the board a plan of approach
to our problem that was so obvious
ly practical and worth' while that
it was adopted with spontaneous
enthusiasm.”
Putting first things first, the I. B.
A. plans to load its guns with facts
dug out through research. It is the
first step in this research program
that is now being taken. As out
lined by Bronson Batchelor, now
installed as public relations adviser :
to the association, “The first step i
is factual research within the I. B
A. membership itself. This is the
collection of necessary evidence to
support the arguments for change i
in present administrative practices.” ,
Search for Facts.
In this first step of self-analysis,!
the I. B. A. evidently intends toj
get right down to brass tacks, for]
the questionnaire blanks, running,
to several pages, are designed to do;
a searching job of faot-finding.
Members are being asked to pro
vide, confidentially, an X-ray picture
of their business as of May 31, 1940,
and a historv of their operations
over the last five years. The ques
tionnaire aims to get facts never1
before assembled about the invest- 1
ment banking business. Included
will tje figures on oapital employed, j
volume of business, profits and
losses, the number of employes and 1
executives and their compensation
in aggregate figures and by income
groups.
•rw.iu coverea is participation of
I- B. A. houses, as underwriters or
members of selling groups, in the |
j issuance of new securities. A five- i
■ year history- is requested in this
phase of the business. Members are
also asked to show whether activi
ties in this connection contributed
to business expansion or recovery
and increased employment. Speciff
call.v, the questionnaire asks “In
what way the financing contributed
i to the building up of the Nation's
factors of production or useful cap
ital equipment—did it result in the
construction of a new factory' cre
ating employment? A new railway
train? A new bridge? A new road?
New airplanes? Or. otherwise con
tribute to the Nation's supply of
useful and effective capital goods?”
The second step in the I. B. A. re
search program will be concerned
with the ‘over-all problem of a
planned economy versus the free
enterprise system,” and the third
step will dig into "Government ac
tivities in the fields of finance.” It
is a broad program of “know your
self: know your enemies.” Only in
that way can the strongest argu
ments be brought to bear upon the
weakest points in the opposition.
Crude Oil Production
Remains Relatively
Steady in Week
Refinery Operations
Reduced to 84.1
Per Cent Mark
B* the Associated Press.
NEW YORK, May 29.—Daily
crude oil production in the United
States held relatively steady during
the week ended May 25, totaling
3,835,650 barrels compared with 3,
835.100 barrels the previous week
and 3,585,250 a year ago, the Amer
ican Petroleum Institute reported
yesterday.
Reporting refineries slowed oper
ations during the week to 84.1 per
cent of potential refining capacity
from 86.3 per cent the week before.
Runs of crude oil to stills for the
industry as a whole were estimated
at 3,580.000 barrels a day compared
with 3,665,000 ibarrels the previous
week and 3,412,000 a year ago.
Stocks of finished and unfinished
gasoline continued their seasonal
decline, falling to 1001297,000 bar
rels at the end of the week from
101.015.000 the previous week. A
year ago stocks totaled 84.845,000
barrels. Gasoline production tapered
slightly during the week, totaling
11.498.000 barrels against 11,523,000
the week before.
Imports of crude and refined oils
at principal ports amounted to 1.
088.000 barrels for the week, down
sharply from 1,605,000 barrels the
previous week.
Argentine Establishes
Minimum Grain Price
By the Associated Press.
BUENOS AIRES. May 29—The
Argentine government established
minimum prices in the grain futures
markets today, forbidding further
transactions in cereals and linseed
at prices below the closing quota
tions of two days ago.
Its decree came a week after it
had fixed a maximum range of
fluctuation permissible in any day's
trading.
Prices declined sharply yesterday
in the local and Rosario markets,
reflecting capitulation of the Bel
gians in the European war.
This drop apparently motivated
the drastic decree, which stated that
the rapid succession of unforeseen
events was having an adverse
psychological effect and causing
quotations to drop to an unjusti
fied extent.
Finland's gasoline supply is far
below normal.
--— r
Settlements Offered ^
On German Bonds
A r
By the Associated Press.
NEW YORK. May 29 —The Ger
man consulate general announced
yesterday that American holders of
51/2 per cent International Loan
Bonds of 1930 (Young Plan) would
be paid settlements on their coupons
June 1.
"The purchase price,'’ said the
consulate, “will be $20 per $27.50
face amofint of the coupon.”
The previous payment was last
December 1.
Payments will be made. It was
announced by J. P. Morgan & Co.,
Inc., or by any of the American
offices of the Hamburg-American
Line.
*
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GEORGE I. BORGER
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for construction loans
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For buying, rebuilding or refinancing at
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Loans repayable monthly.
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Applications considered on improved
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There are no commissions or renewal
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Many savers have accumulated substantial
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OFFICERS:
MILTON H. PROSPER I. Chairman of Board
CHARLES H. KINDLE. Praaldent
ARTHUR 0. OALOER. Vlto-Praildanl
WILFRED H. BLANZ. Doentary '
HOWARD O. KRAMER, Traaiurar
BUY M. NEELY, Conan lust Appralaor
DIRECTORS:
JOHN E. MER6NER
CHATHAM M. TOWERS
BERNARD J. COYLE
THOMAS S. SEROEON
CHAS. A. R08SITER
W. DUDLEY SPICKNALL
DR. W*. C. FARMER
j. Atatta art now in txettt of 112,600,000,00

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

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Evening star. [volume], May 29, 1940, Page A-17, Image 17
About Evening star. [volume] (Washington, D.C.) 1854-1972