Evening star. [volume] (Washington, D.C.) 1854-1972, May 31, 1940, Image 23

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Evening star. [volume], May 31, 1940, Page A-23, Image 23
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume] (Washington, D.C.), 31 May 1940. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1940-05-31/ed-1/seq-23/>

Newspaper Page Text

. British Orders Spur
Domestic Buying
On Copper Market
London Is Reported
Seeking 25,000 Tons
For Quick Delivery
By the Associated Press.
NEW YORK, May 31—Reports
the British government was in the
local copper market for around
25,000 tons for immediate delivery
unleashed a flood of orders from
domestic buyers, trade sources re
vealed today.
Britain has ordered about 10,000
tons of copper at a shade above
11H cents a pound.
Additional tonnages at least equal
to that amount and probably run
ning to another 15.000 tons were
expected to be ordered soon, it was
said.
. The metal was bought in the local
market, trade experts said, probably
because of diversion of .shipping
facilities by English authorities.
African producers have supplied
most of the Allied nations’ war
needs.
Domestic consumers’ business was
done at lUi cents after they learned
of the British order.
The concerted demand from do
mestic and overseas buyers practi
cally cleaned out the outside, or re
sale, market, dealers reported.
Traders said no one producer of
copper was In position to handle
the huge British order and it prob
ably would be divided among three
or four major interests.
Independent consumers were
goaded into action, they added, by
the possibility of Allied orders would
sweep the market of prompt ship
ment metal at a time when our
own national defense needs were
likely to make new demands.
The British orders were in addi
tion to a 75,000-ton purchase by the
1 French earlier this week. Metal
for the French, however, will be sup
plied by American-owned foreign
mines.
The British also were believed to
have taken nearly all immediately
available supplies of brass in the
local market in the last few weeks.
Chicago Produce
CHICAGO. May 3* opi.—Poultry, live,
36 trucks :easy; hens. 5 pounds end over,
14%; 5 pounds and under. 14%: Leghorn,
hens. 12; broilers. 2’- pounds and down,
colored. 20: Plymouth Rock. 22: White
Rock, 22; springs. 4 pounds and up. col
ored. 24: Plymouth Rocks, 27: White
Rock. 27'2: under 4 pounds, colored. 22:
Plymouth Rock. 24: White Rock 25: bare
back chickens 17-20; roosters, l <)>a; Leg
horn, 10; ducks. 4’a pounds and up, col
ored. 11: white. 12: small colored. JO;
small white. 10; geese. 10; turkeys, toms.
10: hens. ] 212
Butter. 1.683,488: steady: creamery. 9.3
score. 26%: 92 score. 26; 91 score. 25%;
■PO score. 25%: 69 score. 24%; 68 score.
23%: 90. centralized carlots. 25%.
Eggs. 64.096; steady: fresh graded extra
firsts, local, 16',. cars. 16%: Arsis, local.
10; cars. 16%: current receipts. 14:
dirties, 13: checks. 12%; storage-packed
extras. 17%: firsts. 17%.
Potatoes. Wednesday's receipts. 1.047:
Thursday's receipts. 807; on track. 236
total U. S shipments. .337. New stock,
supplies rather liberal, demand slow, mar
ket slightly weaker. California Long
Whites. U. S. 1. washed, a few sales under
initial ice at 2.75-2.85. mostly 2.75: un
der ventilation. 2.65-75: U. S. 1. size B.
washed under ventilation. 2 00-10: Missis
sippi Bliss Triumphs, mixed car. unwashed.
U S 1, 2.65: D. S. 1. size B. 1.50: South
Carolina Cobblers. U. S. 1. unwashed.
2 80; Alabama Bliss Triumphs. U. S. 1,
washed, a few sales. 2.75-80. mostly 2 75:
unwashed. 2.65-70: Louisiana Bliss Tri
umphs. U. S. 1. washed, a few sales. 2.75:
unwashed. 2.60-70: u. S. 1. size B. un
washed. 1.35. Old stock, supplies light,
demand light, steady: Idaho Russet Bur
banks. IT S 1. 2 75: Minnesota Red River
Valiev section Early Ohios, car fairly good
duality. 1.85.
United States Treasury Position
By the Associated Press.
The position of the Treasury May 28 compared with comparable date a year ago:
Rprr}ntc M?y 194°- May 27. 1939.
- $7,700,920.06 $7,048,493.24
Expenditures- 17.572,900.85 17,022.510.10
Net balance-------- ° o ’ l 709 004 01 ° 040 517 505 ok
Working balance included.._ZZ. r.295 5‘>7 540 8-t .rS?? 4?
Customs receipts for month_ *,4 470 ,'75 10 ",'*’0,’'o7109o'oi
Receipts for fiscal year (July 1)_ 5.119.232.105.42 5.029.802 731.93
Expenditures -- 8.550.380.275.88 8! 242,279.213.32
Excess of expenditures- 3.437.154,1 70.40 3.212.470 481.39
Gross debt-:- 42.791,612.199.52 40.278,737.237.63
Increase over previous day _ 4.805.041 *’l
Gold assets- 19.144.032.833.49 15.937.685.175.97
DOLLARS
W SHARI
140 i it*
DOOMS
t* SHAM
_i aa
earnings
’ Amounted to
$8.07 Per Share
-. in 1935. Stock
Sold Between
3.84 and 11.63
Times Earnings
.III!
Earnings
Amounted to
$4.32 Per Share' *
in 1938. Stock
Sold Between
8.19 and 20.49
Times Earnings
« I I 8 I I I I I
Earnings
Amounted to
$8.48 Par Share
in 1939. Stock ' '
Sold Between
6.32 and 11.13
Times Earnings
iii iii i ir
MINIMI
In 1929 Earnings
Amounted to
- $4.93 Per Share. -
Stock Sold
Between 5.27
and 27.3B Times
Earnings
I I I I I I I I I
Earnings
Amounted to
$14.25 Per Share
in 1936. Stock
Sold Between
6.12 and 9.74
Times Earnings
Earning! IL
Amounted M
to $11.66 Hi
Per Share in I li|
1937 Stock Sold'I
Between 3.96 I
and 11.60 Timet
Earning!
I II I I II I I I
I
riticfc ut* lhkyslek CORP. SHARES—The above chart shows changes on the New York
| Stock Exchange since the start of 1935.
Aufo Sales in April
Highest in 3 Years
In Fifth District
Registrations Advance
32 Per Cent Over 1939,
Bank Review Reveals
Reviewing business conditions in
the fifth district, the Federal Re
serve Bank of Richmond announced
today that the automobile registra
tions in April exceeded the same
month last year by 32 per cent, and
were the highest for any month in
exactly three years.
Construction permits in this dis
trict were up 28 per cent, but con
tracts awarded declined 25 per cent,
the review said. Department store
sales were 3 per cent above last year,
even though the occurrence of April
in Easter last year swelled wearing
apparel sales. Trade continued on
a level substantially ahead of last
year. Retail furniture sales showed
a 28 per cent increase and whole
| sale sales by 205 representative firms
i averaged 14 per cent above April,
I 1939.
Textile mills were operating ap
proximately 19 per cent ahead of
April last year Rayon yarn mills
produced about 20 per cent more
yarn than in the previous April, and
tobacco manufacturers turned out
more of all products in April than in
either the preceding month this year
or the corresponding month last
year
Frequent rains and cold weather
have delayed the crop year, but the
soil “is in excellent condition for
rapid growth of crops when warm
weather comes, and no serious dam
age appears to have been done by
late frosts and freezes except to
peaches and early truck,” the report
said.
Dividend Is Ordered
CHICAGO, May 31 (/P).—Directors
of the Wisconsin Public Service
■ Corp. have declared the first com
mon stock dividend the company
j had paid in six years when they
ordered 20 cents a share paid June
I 10 to stock of record May 31. All
I directors were re-elected.
Washington Exchange
SALES.
Capital Traction 1st 5s—$3,500 at 98
1 $2,000 at 98.
i Washington Gas pfd.—10 at 99%.
National Mortgage & Investment
pfd—30 at 3%. 20 at 3%.
Peoples Drug Store com.—20 at 15%.
AFTER CALL.
Potomac Electric Power 6% pfd —
20 at 112%.
Woodward & Lothrop pfd.—10 at 118.
Potomac Electric Power 6% pfd —
1 4 at 112, 1 at 112.
Woodward & Lothrop pfd.—10 at
118, 5 at 118, 10 at 118.
Potomac Electric Power 6% pfd.—
21 at 112.
Notice—Beginning tomorrow, June
1, this exchange will be closed on
Saturdays during June, July and
August and until September 7, 1940.
BONDS
PUBLIC UTILITY
Bid. Aikad.
Anacostia & Pot 6s 1040 .. 08 101
Ana ft Pot Quar 6» 1040.. 106)4
Cap Traction 1st 5s 104? .. 078. P8>4
City ft Suburban 6s 1048 98 102
Georgetown Gas 1st 6s 1801 115
Pot Elec Pow 384s 1006 . 103
Washington Oas 6s I960 122
Wash Rwy ft Elec 4a 1951.. 105 ZZZZ
MISCELLANEOUS
Chevy Ch Cl lit 4V.8 1957 103
Col Country C 1st 4‘/.a 1957 103 _
Ter Rf ft W Cp let 48«s 1048 100 _I
STOCKS
PUBLIC UTILITY.
Amer Tel ft Tel m> _ _ 14884
Capital Transit <t.50) 12 13
N « W Steamboat <4> _ 65 70
Pot Elec Pow HV p(d (0) .*111 H3
Pot El Pw 5'a'r pfd (5.50).*110 112
Wash Gas Lt com U.50)_. 2084 22
Wash Gas Lt pfd (4.6m . 00V« 100V4
Wash Ry ft El com ig30)„ 010
Wash Ry A El pfd (5) *107 _
BANK AND TRUST COMPANY.
Amer Sec ft Tr Co (e8>_ 225 235
Bank of Bethesda (.76) . 30 40
Capital (v4) .150 175
Com A Savings (ylO.OO).. 300
Liberty (6) ... _ 108 iso
Lincoln (yo> loo
Natl Sav ft Tr (4.00) _ 104
Pr Georges Bk A Tr <t.60> ID 25
Rlg-s (e8) 250 870
Riggs pfd (5) 101
Washington (6) . 121
Wash Loan & Tr (e8)_I._ 225 171.
FIRE INSURANCE
American (tfl) _110 _
j Firemen'* (1.40) ..._ 27 _
National Union (.75)_ 1284 18
TITLE INSURANCE.
Columbia (k.30)___ 14
Real Estate tmU)_ISO 188”
MISCELLANEOUS
Carpel Corp (2.00) _ 24 30
Garflnckel com (.70) 884 10
G'flnckel 074 cu cv pf (1.50) 2384 2584
Lanston Monotype (2.00) _. 20 30
Lincoln Serv com (*1.00)*17 22
Line Svc V, Dr d( (3.50) _. *4084 52
Mergen(haler Lino (p.50) 12)4 15
Natl Mtge ft Inv Df (d.35) :(8« 4
Peon Drug com new (tl.00) 15'4 10)4
Real Est. M ft O ofd (.50).. 584 08*
Security Storage (5) 75 90
Ter Ref ft Wh Corp (3) _ 53 58
W-*wrt A Loth com Is2 00) 36 65
Wdwd ft Loth Dfd (7) 115 ....
•Ex dividend.
+ Plus extras, d 35c paid in 1930 e 2ri
extra g $14.00 extra paid December 23.
1030. k 20c extra m$1.60 extra, p 50c
paid Sept»mber 20 1938 s $2.00 paid in
1939. t 50c paid December 20. 1930.
vJl.OO extra paid January. 1940. y$5.00
extra.
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%: 91 score, tubs, 27%:
1-pound prints. 28%: %-pound prints.
28%: 90 score, tubs. 2(1%: 1-pound prints,
27%: %-pound prints, 27%: 89 score, tubs.
28%; 1-pound prints. 27: '%-pound prints,
27%: 88 score, tubs. 28; 1-pound prints.
28%: %-pound prints. 27.
LIVESTOCK—-Calves. 10: spring lambs.
11. Other livestock prices unavailable.
From Agricultural Marketing Service.
Prices paid net l.o.b. Washington:
EGGS—Market about steady on graded
eggs: weaker on current receipts. Prices
paid for Federal-State graded eggs re
ceived from grading stations (May 31):
Whites: U. S. extras, large, 21-23 cents: U
S. extras, mediums. 17-19 cents: U. S. stand
ards. large. 18-20 cents: U. S. standards,
mediums. 18-17 cents; U. S. trades 16-17
cents. Browns: U. 8. extras, large, 20-22
cents; U. 8 extras, mediums. 17-18 cents;
U S. standards, large. 18-20 cents: U. 8.
standards, mediums. 16-17 cents: U. 8.
trades, 14-17 cents. For nearby un
graded eggs: Current receipts: Whites. 16
cents, few higher. Mixed colors. 15 cents
few h->her.
LIVE POULTRY—Market about steady.
Fowl: Colored, all sizes. 17 cents: No. Is,
12-13 cents- Leghorns. 12-14 cents.
Roosters. 8-10 cents Chickens: Virginia
Rocks: Broilers and fryers, all sizes. 23-24
cents; No. 2s, 14-16 cents. Delaware Rocks
and crosses: Broilers and fryers, all sizes,
23 cents; No. 2s. 14-16 cents. Leghorn
broilers. 2 pounds and up. 17-18 cents,
some higher; under 2 pounds, 15-18 cents.
Turkeys: Old: Toms. 10-11 cents: hens,
13 cents; No. 2s. hens and toms. 8-10
cents.
New York Produce
NEW YORK. May 31 m.—Eggs. 27.003;
v.«,¥ixed colors, fancy to extra fancy.
18/4-20V*; extras. I8V4-V2; storage-packed
firsts, 17^4-18; graded firsts. 17-17V4: cur
rent receipts. 15*/a; mediums. i4*A-*4;
ditties, No. 1, 1444: average cheeks, 14
HV4.
-.Whites, resales of premium marks. 22
-4V2 Nearby and Midwestern premium
marks. 20-2144: specials. 19V,; standards.
1 (44: resales of exchange to fancy heavier
mediums. 17.19Va. Nearby and Midwest
ern mediums. 1644.
_ Browns, nearby fancy to extra fancy,
20-2144. Nearby and Midwestern specials.
194; standards. 1744; mediums, 1044.
Duck eggs. 17-19.
Butter 1,192.805; steady. Creamery,
higher than extra. 27-2744: extra (92
score). 2644: firsts (88-91). 25-2644; sec
onds (84-87). 24-2444.
Cheese. 37,373; steady. Prices Un
changed.
Dressed poultry steady; all fresh and
frozen prices unchanged.
Live poultry Arm. By freHfct: Fowl,
colored. 18-1844. some !>•: Leghorns. 16.
Old roosters. 13. Turkeys, hens. 17-18.
By express: Chickens. Reds. 24. Broilers,
Rocks. 25-26; crosses. 23-24. few 2444;
small. 22-23; Reds. 22-23; Leghorns, large.
19-21; small. 17-18. Fowl, colored. 18
19; Leghorns. 17-18: Southern. 16. Old
roosters. 12-13. Turkeys, hens. 18. Dueks.
Southern. 10.
Boston Wool Market
BOSTON. May 31 (94 (United Statea De
partment of Agriculture).—Little buainesa
was being transacted in the Boston wool
market today. Country packed three
eights and quarter blood bright fleece woola
offered for shipment from the country were
quoted at 34 to 36 cents, in the grease,
mostly 35 to 36 cents, delivered to users.
Spot good French combing length fine ter
ritory wools In original bags were quoted
at 80 centa and above, scoured basis, al
though an occasional hedged lot was avail
able at 75 to 80 cents. Choice 12 months
Texas wool was sold for future delivery to
a mill at 80 to 83 cents, scoured basis.
Metal Market
Investing Companies
NEW YORK. May 31 MV—National As
sociation Securities Dealer*. Inc.:
(Closing quotations.)
Bid. Asked.
Admin Pd 2nd Inc_ 9 17 9.76
Aeronaut Sec _ 8 43 9.16
Affiliated P Ine_ 2.01 2 21
•Amerex Hold _ 11.875 13 375
Am Bus Shrs_ 2.48 2.74
Am Por Inv _ 5.82 6.43
Am Qen Eq Ino __ _ 23 27
Am Ins Stocks __ 2.875 3.25
•Bankers Nat Inv Corp A _ 5.025 6.75
Basic Industry ______ 2.99
•Blair & Co _ .71 1.625
Boston Pund Inc_ 12 06 12.97
Broad 8t Inv_18.33 19.82
Bullock Pund _ 10.375 11.75
Can Inv Pund _ 2 25 3 05
Chemical Pund _ 8.04 9.38
Comwlth Invest _ _ •> 78 3 02
•Continental Sh pf_ 6.50 7.50
Corporate Trust _ 1.97
Corporate Trust A A_ 1.93 _
Corp Tr Accum _ 1.93
Corn Tr A A Mod_ 2.26 _
Corp Tr Acc Mod _ 2.26 _
Cumulative Tr Sh _ 3 89 _
Depos Bk 8h N Y "A"_ 1.20 _
Depos Ins Shrs “A”_ 2.29 _
Diversified Tr C_ 2.95
Dividend Shrs _ .92 1.01
Eaton & How Pund ‘•A-l". 14.81 15.90
Equity Corp $3 pf_10.25 19.75
Fidelity Pund Inc_ 14.29 15 38
•First Boston Corn_11.50 13.00
First Mutual Tr Pd_ 5.20 5.77
Fiscal Fund Bk 6h_ 2.01 2.25
Fiscal Pund Ins_ 2.63 2 97
Fixed Trust Sh A_ 7.62
Pound Tr Sh A _ 3.25 3.75
Pund Investors Inc_13.08 14.22
Pund Tr 8hrs A _ 4.04 4.75
Pund Tr Shrs B_ 3.67
Gen Capital Corp_ 22.95 24.88
Gen Investors Tr _ 4.03 4.39
Group Sec Agricultural_ 4.01 4.37
Oroup Sec Automobile_ 3.28 3.58
8roup 8ec Aviation_ 7.62 8 29
roup Sec Building_ 4.24 4.63
Oroup Sec Chemical_ 5.83 6.13
Oroup Sec Poods _ 3.54 3.88
Oroup Sec Invest Shrs __ 2.28 2.50
Group Sec Merchandising _ 4.08 4 45
Group Sec Mining .___ 4.45 4 85
Broup Sec Petroleum _ 3.29 3.59
roup Sic R R Equip_ 2.85 3.11
Group Sec Steel _ 4.19. 4.57
Group Sec Tobacco_ 4.43 4.83
Inr.orn Inv#stnrt 1 •> 1
Independence Tr Sh _ 1.7ft 1.97
Instl. Sec: Bank Group_ .84 .93
Instl Sec: Insurance_ 1.02 1.13
Investors Fd "C" Inc_ 7.75 8.28
Keystone Custodn B 1_ 24.39 2H.03
Keystone Custodn B 2_17.25 18.92
Keystone Custodn B 3_11.58 12.70
Keystone Custodn B 4_ 5.54 ft.10
Keystone Custodn K 1_12.01 13.20
Keystone Custodn K 2_ 0.88 7.58
Keystone Custodn S 2_10.01 11.08
t Keystone Custodn S 3_ ft.74 7 47
Keystone Custodn S 4_ 2.72 3.0ft
Manhat Bond Fund_ 5.52 ft.10
Maryland Fund_ 3.35 4.30
Mass Invest Tr_lft.oo 17.20
Mutual Invest _ 8.22 8.99
Nation Wide Sec_ 3.04
Nation Wide Voting_ .92 1,0ft
Natl Investors _ 4.78 5.00
New England Fund_ 9.48 10.22
N Y Stocks Automobile_ 3.72 4.03
N Y Stocks Aviation _ 9.91 10.71
N Y Stocks. Bk Stocks ... ft.77 7.33
N Y Stocks Bldg Supply.. 4.13 4.48
N Y 8tocks Chemical _ 7.35 7.9H
N Y Stocks Elec. Equip_ 5.87 ft 37
N Y Stocks. Insurance_ 7.76 8.40
N Y Stocks Machinery_ 6.42 6.9ft
N Y Stocks Oils _ 5.40 6.8H
N Y Stocks Railroad _ 2.10 2.28
N Y Stocks. R R Equip_ 4.44 4.82
N T Stocks. Steel _ 5.20 6.65
North Am Bond Tr ctfs .. 42.375 _
Nor Am Tr Shares 1953.. 1.80 __
North Am Tr 8h 1955_ 2.28 _
Nor Am Tr Sh 195H_ 2.24 __
Nor Am Tr Sh 1958_ 2.02
Plymouth Fund Inc_ .29 .34
Putnam (G > Fund _11.35 12 14
Quarterly Income Sh _ 5.60 ft.45
•Shoellkopf-Hut. & Pom... .25 1.00
Selected Am Sh Inc ... ft.9ft 7.58
Selected Income Sh_ 3.4ft
Sovereign Invest _ .51 5ft
Spencer Trask Fund_12.2o 12.95
Stand Util Inc _ 19 29
Super of Am Tr A_ 2.84
Super of Am Tr B _ 2.99
Super of Am Tr A A_ 2.05
Supervised Shrs 7.53 s is
•Trustee Stand Inv C_ 2.00 2.10
•Trustee Stand Inv D_ 1.94 2.04
Trusteed Am Bk B .. 4ft 51
Trusteed Industry Shrs .65 .73
Wellington Fund 11.29 12.45
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, and
unless otherwise indicated, are as auoted
bv the sponsors or issuers.
• Asterisk Indicates. "Not ouoted by
sponsors or issuers.'’
Chicago Livestock
CHICAGO. May 31 t/pi.—iUnited States
Department of Agriculture).—Salable hogs.
8.000; total. 11.000; mostly lo higher
than Wednesday's average on 250 pounds
and down; heavier weights and sows, slow,
steady: top. 5.H5: bulk 180-270 pounds
5«?-60: .-70-300 pounds. 5.10-36: 300
350 pounds. 5.00-20: bulk 4OO-50O pound
sows. 4.15-50: light weights to 4.75;
heavy roughs to around 4.00.
Salable cattle, 1,500; salable calves.
500: good and choice fed steers and
yearlings steady: medium grades weak;
all she stock scarce and strong; bulls fully
in»hdy: y.ealer? largely steer run;
with medium to good grades predominat
-jAgi f6.70 paid for choice 1.417
wyomings: several loads 10.00 and
10.50 but moat steers sold at 10.00 down
to 8.60. cows at 8.56-9.50 occasionally. 10
15 lower; all interests In market, however;
£ ,V*nc* heavy cutter cows up to
«.16: very few canners under 4.50; heavy
sausage bulls to 7.00; most vealers, 10.00
but handpicked selects still
bringing 11 00: replacement market
steady; Ohio finishers buying light South
western yearling* up to 10.60.
—3.000: total. 9.000: fairly
active trade on fed and spring lambs,
mostly steady: fed native springers early
L«?*0:a.*lpfJed 5E,llfornla springers. 10 90:
™2*t fed clipped lambs. 9.25-75; one load.
n'.8Mi..shSrfn CUtfornla ewes, 4.26; most
natives, 3.50 down.
Dividends Announced
NEW YORK. May 31.—Dividends de
clared. Prepared by Pitch Publishing Co.:
Regular.
Pe- Stock of Pay
, Rate. riod. record, able.
Black * Decker Mfg__25c Q R-14 R.-’R
El Paso Nat Gas ___50c O fl-15 R-30
Tamous Players Can
Coro Ltd 25c Q fl-19 fi-29
Geo W. Helme Co $1.26 Q fl-R 7-1
Hinde Ac Daueh Paoer 25c __ R-10 7-1
Indlanap Pw Ac Lt._ 40c __ 7-1 7-10
Island Creek Ooal___60e .. fl-14 7-1
Parke Davis Ac Co_40c __ R-13 R-29
Pond Creek Pocah_25c_ R-14 7-1
United Carbon _76c __ 6-15 7-1
Arrears.
Am R Mil! 4V4% nf $2.12'/i 6-10 7-1
Decrease.
Bucyrus-Erle .. _ .25c.. R-1'2 7-1
.L.II....L.
| REALTORS SINCE 1888 !
I To CUT I
Your MORTGAGE
COSTS
WEAVER
BROS inc
WASHINGTON BUILDING
I DISTRICT 8300
Bank Clearings Score
Sharp Gain Over
1939 Levels
Comparison With 5-Day
Period Last Year
Emphasizes Rise
By the Associated Press.
NEW YORK, May 31.—The Me
morial Day holiday does not figure
in this week’s bank clearings but
the corresponding 1939 week was
reduced to a five-day period due to
the holiday observance. To a large
degree this accounts for the un
usually sharp increase in the cur-,
rent total as compared with the
similar week a year ago.
Aggregate clearings for 22 lead
ing cities for the six business days
ended May 29, as reported to Dun
& Bradstreet, were $5,717,548,000, or
32.5 per cent more than the $4,314,
948.000 for the comparative five-day
period a year ago.
Clearings thif week were $236,
926.000 less than the total for the
week preceding. Because of the
holiday last year, the decline be
tween the two similar weeks of 1939
amounted to $674,840,000.
The turnover at New York
equaled $3,457,114,000, against $2.
603.557.000 for the same 1939 week,
or a gain of 32.8 per cent. Trans
actions for the 21 cities outside of
New York totaled $2,260,434,000, as
compared with $1,711,391,000 last
year, representing a rise of 32.1 per
cent.
Among the largest gains reported
over a year ago at the outside cen
ters were: Portland, Oreg., 58.3 per
cent; Baltimore, 54.5 per cent;
Dallas, 53.2 per cent; Cleveland, 45.9
per cent: Detroit, 44.6 per cent;
Seattle, 42.3 per cent; Pittsburgh,
40.8 per cent, and Richmond, 40.5
per cent.
Bank clearings at leading cities
with percentage changes from 1939
and daily average clearings for
March, April and May to date fol
low;
WEEK 'Six Days).
May 29. 1940.
(000 rr
omitted.' change
Boston _ $215,925 +25.6
Philadelphia _ 426.000 + 30.7
Buffalo _ 34.500 4 36 4
Pittsburgh _ 136.359 - 40.8
Cleveland _ 105.848 45.9
Cincinnati _ 59.359 - 25.1
Baltimore_ 83.331 54.5
Richmond _ 38,718 - 40.5
Atlanta _ 67,700 +37.3
New Orleans_ 38,033 4-19.1
Chicago _ 336.50(1 +28.3
Detroit _ 120,4.36 44 6
8t. Louis _ 07.340 +26.1
Louisville _ 32.046 + 23.5
Minneapolis _ 69.2.35 22.7
Kansas City _ 92,638 .. 27 5
Omaha 27.416 17 3
Dallas _ _ 59.845 + 5.3.2
8an Francisco _ 140.723 25 5
Portland. Oreg._ 37.873 +58.3
Seattle _ 39.700 -+423
Total _*2,260.434 . 3° 1
New York _ 3.457.114 32 8
; Total all _*5.717.549 +32.5
Average daily:
May (to date!_ _ $912,796 +54
I April -,- 899.333 +3 1
March - 908.267 —1 9
Insurance Stocks
NEW YORK. May 31 (Pi.—National As
sociation Securities Dealers. Inc :
. ,, i Bid. Asked.
Aetna Cas (4a' i)!t 103
Aa-'na Ins (1.60a)_ 40'» 4°'.
Aetna Life (1.20a)__ 25 °ti>i
Am Equit (1) __ 15 fm'
Am Ins Nwk (12a>_ n>i it
Am Reins (1.6Qa>_ 35'» 371/.
Am Reserve il'i)_ 15 in#
Am Surety (2Vi)_... 42 44 *
Automobile (la) _ 3212 34‘i
Balt Amer i.2ua>_ 51, iiit,
Boston (16a) 64o 56u
Carolina (1.30) 33 ->5
City of N Y (1.20)_ Is 1914,
Conn Gen Lif (.80) .. o-ii Sag
Contin Cas (1.20)_.” 28 30
Fid tr Deo (4 > _ 99 ■, ] n->
Firem's Nwk (.40)_ H3, 8
Frank Fire 11 a> . .. 051' o.-.s.
Gen Relnsur (la) .. . 341, 3,11:
Georg Home (la). _ ->;t 1 , -511
Glens Falls (1.60) 34 3 5,-a.
Globe A- Rep (Va)_Hi:: 7 8
Globe A Rut _. ]] t.<
Gt Amer Ins < 1 m)__ _ "is ->-m
Hanover (1.20) " ' -’u .mi,
Hartford Fire (2a)_1*1 on1, 71*.
Home Fire Sec ... 11, m.
Home Ins il.20a) _._I. ”53 ot.
Homestead (1) ji; 1-1I
Knick bk'er (':) " 7 s
Lincoln Fire _ 13, ->i
Maryland Cas " is, -75:
Mass Bond (3'2)_ ~ 511' 55
Natl Fire (2) .- J,;.3 2J,
! Natl Liberty ( 20a) _ u 3 - 3
- New Amst Cas (3-4) ~ i-u-. ,-u
j N iTpshir* <i.«oi) As4 i: 4
N Y Fire 1.80)_ i'll, 14
Nor East Ins _ I 3 ■>
'Nor River il) __ ; " on o',i
Phoenix (2a) 711, ~\,2
Prov Wash (la) -- -n.--- .,1 3 .Vi,?
Rep Ins Tex (1.20a) _ ~ 331; Si *
Revere ,‘P| In <l-20»)..:: 19'* 21
Rh Isl Ins 01*
St Paul Fire (8) “ "ion o„o
Sprinefleld <4Vaa)____i::: A\£i2 lJJ5
Sun Life (15> _ _ "in
Travelers (16) . ----- j"'
u b rid & od)..:;:::-" 4y5,.
U 8 Fire (2). ----- JJJ « l-la
Westchester U.20a):;_;;. 263i 28%
» Also extra or extras.
Quotations furnished by National A<so
c anon of Securities Dealers Inc . which
states they do not necessarily reflect ac
tual transactions or Arm bids or offers, but
should indicate approximate prices.
Foreign Markets
• May 31 ,/p>-—Securities prices,
aside from government bonds, headed
downward from start to finish today. With
’odustrial leaders depressed by possibility
of additional taxation, investment money
was driven into the gilt-edged list, where
fractLonally higher. Anglo
Iranian was a weak spot among eenerailv
stocks. Domestic rails and
law thJ .downward pattern,
wefl* shocks held up comparatively
v.,P*RlI^~I‘reEUlar brice currents de
the bourse today after opening
n« ot the month settle
i??,1!1 5!s?'d wRhou( shock, since specu
reeenH?°5ltv?rrti(h*Ve hcen steadily reduced
n .Mediterranean Issues fluctuated
l!,oc«rtalnly. Belgian bonds hit new lows,
but other foreign securities tended upward.
London Bank Report
LONDON. May 31 l/P).—Bank of Eng
as -day 29 showed (In
thousands of pounds); Circulation. 650
864; increase, 10,367. Bullion. 1.644; in-I
3~- Reserves- 24.781; decrease,
•j®;'.!:?4- „PubIic deposits, 36.115: increase.
Private deposits. 145.391: decrease.
3.<39. Government securities, 148.903;
increase. 11.025. Other securities. 25.
u1iii,.d,ecrea;s.?-„1'077- Ratio of reserve to
15 a 1 .*■ 13.8 per cent, compared with
19.3 last week. Bank rate. 2 per cent.
—
London Bar Silver
London, May 31 (/Pi.—Bar allver.
21 lid; off A. (Bquivalent. 39.33 cents,
based on the dollar at $4.03.) Bar gold,
163s; unchanged. (Equivalent. $33.85.)
SMART MONEY
isn’t idle
money —
| those who
have it
make it
work for them. Go
thou and do likewise.
Invest $1.00 to $10,
000 here, we’ll put it
to work earning divi
dends for you. It’ll
be insured up to
$5,000 by an agency
of the U. S. Govt.
NORTHWESTERN
SAVINGS & LOAfTASSN.
No. 1 Colorado Bldg.
NA. 7335 o fit. at 14th n.w,
3 Branch TakomaPk.
New Financing
Near Standstill
During Week
Br the Associated Press.
NEW YORK. May 31—Public
offerings of new securities came
to a vital standstill this week. New
offerings during the week ended
yesterday, reported today by Poor's
Publishing Co., totaled only $2,
081,332, the smallest since the second
week of the war.
Underwriters have been hesitant
about testing the market with issues
of any size because of the unsettle
ment rtf stock and bond prices since
the Invasion of the Low Countries.
It marked the second successive week
that new offerings have been ex
tremely small.
Comparisons follow:
Municipal.
Thin week Previous week Year ago
*1,352.600 *4.342,000 #17,469,112
Miscellaneous.
1.773.000 600,000
Stocks.
728.732 300.000 522,318
Total.
2.081.332 0.416,000 18,481,428
Rail Loadings Rise
10.3 Per Cent Ahead
Of Last Year
687,490-Car Volume
1.3 Per Cent Above
Preceding Week
Br the Associated Press.
The Association of American Rail
roads reported today 687,490 cars of
revenue freight were loaded during
the week ending last Saturday.
This was an increase of 8519 cars,
or 1.3 per cent, compared with the
preceding week; an increase of 63,
948, or 10.3 per cent, compared with
a year ago, and an increase of 125.
414. or 22.3 per cent, compared with
1938.
The report classified the loadings
as follows:
This wk. L*st wk. Yr. a so
Miscellaneous 279.434 — 3.238 —27.87 2
Less than car
lot _148.908 — 10 — 3,953
Coal 118.557 + 3.925 +20,316
Grain and
products 29.432 — 1,322 — 4.478
West dists 18.777 — 827 — 4.409
Livestock 10.608 — 1.355 — 200
West, dis ts 7,578 — 1.403 — 291
Forest prod. 34.885 — 112 + 4.908
Ore ... . 50.019 -10,117 +15.349
Coke 8.971 - 514 - 4.137
The gain in total loadings was of
slightly larger than seasonal pro
portions. Increases in ore. coal and
coke shipments more than offset j
minor declines in other classiflca- j
tions.
The Associated Press seasonally-1
adjusted Index of loadings, based on
1929-30 as 100, advanced to 72.1,
compared with 72.0 the previous
week and 64.4 a year ago.
1940. 1939. 1038. 1937 1034-30.
Hieh . 77.2 78.0 71.3 82.2 84.5
Low ._ 07.8 57.0 55.7 82.6 58.0
U. S. Treasury Notes
NEW YORK May .31 t/P>.—Prices Quoted
In dollars and thirty-seconds:
Approx.
Pet. Month. Year. Bid Asked, yield.
lH June. 1910_100-1
1V* Dec.. 194(1... 101-1 104-3
IV; Mch., 1941... 101-9 101-11 _ .
Ha June. 1941... 101-11 101-13
IV. Dec., 1941.^. 101-2.3 101-25 .09
Hk Mch.. 1942... 102-24 102-20 .10'
2 Sept.. 1942... 104 104-2 .22
Hi Dec.. 1942... 103-15 103-17 .35
Ha June. 194.3... 101-7 101-9 .To
lVa Dec.. 1943.__ 101-8 101-10 .78
1 Mch.. 1944... 100-12 100-14 .87
44 June. 1944 .. 99-12 99-14 89
1 Sept.. 1944_ 100 11 100 13 .89
44 Mch.. 1945... 98-29 8b-3i .87
Dry Goods Market
NEW YORK. Mnv 31 «7P».—Dry Goods:
Cotton cloth—Buying confined to fill-in
needs Rayon goods—Routine business.
Silk fabrics—inactive: disappointing ho
siery sales due to poor weather. Wool
gccds—Buying interest at low ebb.
CONSULTANT
ON
Insurance Protection
<AI.L BRANCHES)
AND ANNUITIES
FULL INFORMATION—NO OBLIGATION
LEROY GOFF
10.30 WOODWARD BLDG. NA. 0310
Insurance Exclusively—Over_tH Years.
Money for Construction Loan*
and
Loam on Completed Properties
(Owner occupied or rental)
Favorable Rate
nui DEED OF HWl ONLY
GEORGE I. BORGER
043 Indiana A»« N.W
NaCl OSAO
I MONEY
for construction loans
and term loans from
3 to 5 years In D C
and nearby Virginia
and Maryland.
REAL ESTATE MORTGAGE
AND GUARANTY CORP.
1610 K St. N.W. !
NAtional 1403
Convenient
Financing
If you require funds
with which to buy,
build or refinance a
home in the District
or in nearby Mary
land or Virginia—
we are making First
Mortgage Loans on
approved applica
tions in any amounts
—at prevailing
rates — and choice
of these plans:
3- Year Straight Loans
or
Monthly Payment
Loans
AIm F. H. A. Facilities
Let us know your
requirements—
B. F. SAUL CO.
92515th St. Na. 2100
Mortgage Loang
Auto Output Drops
To 64,277 Units
In Holiday Week
Most Plants Limited
To 3-Day Schedule,
Magazine Reports
By the Associated Press.
DETROIT, May 31.—Automotive
News in its weekly survey of pro
duction activity in the Nation’s
automobile plants places output for
the current holiday-shortened week
at 64,277 cars and trucks. Most of
the motor plants were on a three
day week schedule this week because
of the Memorial Day shut-downs.
Assemblies last week numbered
98,115. For this week last year they
totaled 32,806.
The trade publication placed the
total production for May at 415,821
units, compared with 458,425 in April
this year and 313,248 in May, 1939.
In its estimate of the current
week's activities, Automotive News
placed General Motors’ output at
27,333, compared with 44,676 last
week; Chrysler division's at 14,272.
compared with 19,494 last week, and
Ford's at 13,390, against 19,109 units
last week.
Ward’s automotive reports placed
the week's output of the automobile
plants at 60.980 units, compared
with 96,810 last week and 32,445
this week a year ago.
Ward's said June operations would
rebound after this week’s curtail
ment, but would not reach the levels
attained during the work weeks of
May.
■ *** "" ■ ■ ■ .. ■■ ■ ■■ ■ ■
Federal Land Banks
NEW YORK. May 31 (A”).—Federal Land
Bank bonds:
Bid. Aaked.
4s July. 1049-44- 100 109%
.’}'/«» May. 1065-45 _1Q3 103%
3s July. 1956-46_102 102%
3* Jan,. 1059-49_ 103 102%
3s May. 1969-49 .IT". 102 103%
SAVINGS ACCOUNT
AT INTERSTATE
loin tha hundrads of
Washingtonians who
anjoy tha bonofits of
saving horo. Every ac
count is fully insured
up to SS.000. Stop
/ in and lot us givoyou
complete facts today.
INTERSTATE
SUILDIN0 ASSOCIATION
Washington Building
15th Bt. A Mow Yotlt Asa.
Open a Checking Account
and Make the Second National" Your Bank”
*
Its facilities are equal to every business require
ment—and each service is rendered in that spirit
of co-operation which has given it the title of the
"Friendly Bank."
|
The Second National Bank
Of Washington
1333 G St. N.W. 509 Seventh St. N.W.
Organized 1X7::
Member Federal Deposit Insurance Corporation
jL __
| First Mortgage Loans |
S cMe, Peoples Plan |
; FOR OWNING YOUR HOME j
\
^ 7
^ SmoD Monthly Payment! J
| Peoples Life Insurance G).
A Washington institution j
14th & H Sts. N.W. National 3581 0
ON IMPROVED D. C. AND
NEARBY MARYLAND
PROPERTY
For buying, rebuilding or refinancing at
prevailing rates of interest.
Loans repayable monthly.
No charge for appraisal if loan is not made.
Interest charged only on unpaid balance of
principal.
Equitable Co-operative
Building Association
915 F ST. N.W. ORGANIZED 1879
^he ^FJatlonai f^ermanent*A
, Direct Reduction Plan
MEANS A SUBSTANTIAL SAVINGS
IN INTEREST CHARGES ALONE
Each Month Yon Pay Interest Only On
The Actual Unpaid Balance Of Your loan
For nearly a half century this company
has been making "home loans'' orr prop*
erty within the District of Columbia. . . .
Recently we extended our service to per*
sons wishing to buy or build in nearby
Virginia.
WE INVITE
YOUR CONSIDERATION
NATIONAL PERMANENT
BUILDING ASSOCIATION
UNDER SUPERVISION OF UNITED STATES TREASURY
719 TENTH STREET. N. W. NATIONAL 0254
MEMBER OF: Home Loan Bank System e United States Building and
Loan League • District of Columbia Building and Loan League

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Evening star. [volume], May 31, 1940, Page A-23, Image 23
About Evening star. [volume] (Washington, D.C.) 1854-1972