Evening star. [volume] (Washington, D.C.) 1854-1972, June 05, 1940, Image 21

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Evening star. [volume], June 05, 1940, Page A-21, Image 21
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume] (Washington, D.C.), 05 June 1940. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1940-06-05/ed-1/seq-21/>

Newspaper Page Text

REALTORS SINCE 1888
To Rent
your
PROPERTY
WEAVER
BUDS inc
WASHINGTON BUILDING
DISTRICT 8300
SAVE
'tour Money Safely
I
\
Here you can safely invest
$i to $10,000.. We II pay
you dividends semi-an
nually. Every account
insured up to $?,090 by a !
U. S. Government agency. !
NipjlWESTEKN
-rectebaA
SAVINGS & LOAN ASSN.
Na. 1 Colorado Bldg
NA 7335<3 m. «t i4» n.w
' • '“'-'■'Brar.cii T*komc P*
_____
WASHINGTON
PROPERTIES
G, M. 7% INCOME BONDS
A first mortaaqe upon
V/ardmon Park Hotel and
Carlton Hotel, and fur
ther secured.
Each $1,000 bond has re
ceived in interest the fol
lowing: 1936, $45; 1937,
$51.50; 1938, $49.50;
1939, $44.50. BaseH upon
these payments the bonds
yield over 9% at 52.
The trustee recently
bought for retirement
over $1,000,000 of these
bonds at an average price
exceeding 63.
Inquiries Invited
THOS. L. HUME
(Est. 1899)
917 15th Street NA. 1346
flnmHnMni
INTERSTATE
INSURES
YOUR SAVINGS
Dividend* on your
savings increase prin
cipal rapidly. Insur
ance up to $5,00 0
means lull protection
of that principal. Let
u* give you complete
information today.
INTERSTATE
BUILDINC ASSOCIATION
Washington Building
13th St. & Naw York Ava*
District 8300
Let Us
Help
You
to buy or build that home
—or to refinance that
maturing trust—with a
First Mortgage Loan—
Money available in any
required amounts for
these purposes, in the
District or in nearby
Maryland and Virginia.
Prevailing rate of interest
—and either of these
plans which you may
choose:
3-Year Straight Loans
nr
Monthly Payment
Loans
Also F. H A. Facilities
Inquiry imposes no
obligation.
B. F. SAUL CO.
925 15th St. NA. 2100
Mortgage Loans
Sears Roebuck Sales
10.7 Per Cent Above
Year Ago in May
Four Months' Volume
9.5 Per Cent Ahead
Of 1939 Mark
By the Associated Press.
CHICAGO, June 5.—Sears, Roe
buck & Co. today reported May j
sales totaled $65,978,370. an increase
of $6,364,902 or 10.7 per cent over
the $59,613,468 reported in May, 1
1939.
The four months’ total (Sears
starts its fiscal year February 11, j
was $214,085,119, an increase of
$18,567,753 or 9.5 per cent over the
$195,517,366 sold in the same four
months a year ago.
.Montgomery Ward.
Montgomery Ward & Co reported
May sales amounted to $45,904,511,
an increase of 8.46 per cent com
pared wait a year ago. For the four
months period ending May 31 sales
totaled $161.133 045, an increase of
11 42 per cent compared with the
corresponding 1939 period.
F. W. Woolworth Co.
NEW YORK, June 5 (TP).—F. W
Woolworth Co. today reported May
sales increased to $26,067,164 from
$24,725,427 in May last year, a gain of
5.4 per cent. Sales for the first five
months of the year totaled $120,014,
889, or 5.2 per cent more than $114,
087.325 in the comparable 1939
stretch.
Investing Companies
NEW YORK. June 5 .■?>.—National As
sociation Securities Dealers. Inc.;
'Closing Quotations !
Bid. Asked.
Admin Fd 2nd Inc __ 9 15 9.79 j
Aeronaut Sec . ._ . 8.98 9 11 !
Affiliated F Inc __ 2.00 2.19
•Amerex Hold _ _ . 11.00 12.50
Am Bus Shrs _ _ 2.48 2.78
, Am For Inv _ . o.64 6.29
| Am Gen Eq Inc __ _ 29 .2 7
Am Ins Stocks 9 no 9.50
'Bankers Nat Inv Corp A 5.025 6 625
Basic Industry _ _ 3 oi
'Blair A* Co _ 15 1.625 j
Boston Fund Inc ___ _ 12.in 19.01 i
Broad St Inv _ . 18 19 19.60 I
Bullock Fund _ _ lo.5o 11.625 1
Can Inv Fund __ _ 2.25 9.o5
Chemical Fund _ s 67 9.98 !
Comwlth Invest _ _ 2 17 9."1 |
•Continental Sh pf 6 75 1.15
j Corporate Trust _ 2.no
Corporate Trust A A 1.94
Corp Tr Accum . _ 1 94
! Corn Tr A A mod 2 27
Corp Tr Acc Mod . 2.27
Cumulative Tr Sh 9.92
Depos Bk Sh N Y A" 121
Depos Ins Shrs A" 2 92
Diversified Tr C 2 95
D v den i Shrs in i ni 1
! Eaton A' How Fund "A-l” 14.19 15 88
| Equity Corn v; pf 2n.no 21.50
Fidelity Fund Inc ! l 29 15 91
First Boston Corp _ J! 25 1215
i F:r Mutual Tr Fd _ 5.15 5.79
Fiscal Find Bk Sh _ 2 on 2.29
Fiscal Find Ins __ 2 59 2 91
! F xrd Trust Sh A _ 7 ns
! Found Tr Sh A _ 5 25 9.75
Fund Investors Inc 2;: iij 14 i; j
Fund Tr Shrs A _ __ 4 "5 4.16
I Fund Tr Shrs B _ 9 68
Gen Capital Corp 22 76 24 47
G»n Investors Tr I 09 4 99
Group Sec Agricultural 9 99 4 29
Group Sec Automobile 9 29 9.59
Group Sec Aviation _ 7 50 8 16
Group Sec Building __ 4 18 4.56
Group Sec Chemical _ 5 69 6.19
Group Sec Foods _ _ 9.54 9.86
Group Sec Invest Shrs __ 2 27 2.48
Group Sec M'chandising _ 4 05 4 42
Group Sec Mining _ 4 97 4 77
Group Sec Petroleum.. . 9 28 9 58
Group See R R Equip _ 2.85 9 11
Group Sec Steel _ 4 91 4 70
Group Sec Tobacco _ 4 91 4 70
Incorp Investors _ 12 02 1° 92
Independence Tr Sh _ 1.17 1.99
j Instl Sec Bank Group_ 84 99
Instl Sec Insurance _ 1 114 1 15
! Investors Fd *•C" Inc_ 7.So 8 90
Keystone Custodn B 1 _ 24 61 26 87
Keystone Custodn B 2_ 17 49 19 11
Keystone Custodn B 9 _ II 66 12 79
Keystone Custodn B 4_ 5.54 6 10
Keystone Custodn K 1 __ 12 24 19 42
Keystone Custodn K 2 __ 7 02 7 74
Keystone Custodn S 2_10.09 11 06
Keystone Custodn S 9_ 6.75 7 47
Keystone Custodn S 4_ 2.79 3.08
Manhat. Bond Fund _ 5.59 6.19
Maryland Find _ 3.10 4 20
Mass Invest Tr _ 15.95 17 15
Mutual Invest _ 8.14 8.90
Nation Wide Sec _ 3 <»4
Nh i ion Wide Voting __ 92 1.06
Natl Investors _ 4 79 5 10
| New England Fund _ 9 45 10 19
N Y Stocks Automobile 9.68 9.99
N Y Stocks Aviation _ 9 80 10.59
; N Y S'ocks Bk Stocks 6.90 7 47
N Y Stocks B'.dcr Supply 4.11 4 46
1 N Y Stocks Chemical _ 7.99 s.oo
| N Y S ocks Elec Equip 5 85 ♦;.:{4
N Y Stocks Insurance . 7.19 8.97
j N Y Stocks Machinery_ 6.57 7 12
N Y Stocks Oils _ 5 95 5 81
N Y Stocks Railroad _ 2.08 2.26
N Y S’ocks R R Equip 111 4 18
N Y Stocks Steel 5 90 5.75
North Am Bond Tv c-fs 42.50
Nor Am Tr Sh 1059 1 .89
Nor Am Tr Sh 1955 _ 2.28
N - \m T Sh 1956 2.24
Nor Am Tr Sh 1958 _ 2 02
Plvmou*h Fund Tnc _ 29 .34
Putnam <G> Fund 11.92 12 11
Quarterly Income Sh 5 10 6 45
*Schoellkopf-Hut A- Pom . 25 1.00
Selected Am Sh Inc _ . 6.94 7 56
Selected Income Sh . _ 3 47
Sovereicn Invest _ .51 .06
Spencer 't'rask Fund __ 12 05 12 19
Stand Util Inc ... 18 .28
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 51 8 16
•Trustee Stand Inv C _ 1 98 2 08
•Trustee Stand Inv D 1.93 2 09,
Trusteed Am Bk B .47 .52
Trusteed Industry Shrs .65 79
Wellington Find 11.26 12.41
Quotations furnished bv National Asso
ciation of Securities Dealers. Inc., which
states thev do not necessarily reflect ac
tual transactions or firm bids or offers,
but should indicate approximate prices,
and unless otherwise indicated are as
quoted bv 'he sponsors or issuers.
•Indicates "Not quoted by sponsors or
issuers."
Foreign Exchange
NEW YORK. June 5 (<P'.—Allied cur
rencies declined today in the wake of re
ports a new German drive in Prance had
-taried rolling.
Turnover in the foreign exchanged mar
; ket was slim as operators waited for
further news from the war front.
Sterling lost 1 cm* in relation to the
dollar and the French franc .00% of a
cent. The Canadian dollar dipped .18%
o’ a c°nt *o 18.31% United States cents.
The market for the Swiss franc was dis
urhed by reports the neutrality of Switzer
land had been violated hv aircraft. The !
unif declined .02 of a cent.
late rates follow 'Great Britain In dol- !
i lars. others in cents)).
Canada.
Official Canadian Control Board rates
for United States dollars: Buying 10 per
cent premium selling ll per cent pre
I mium, equivalent to discounts on Canadian
: doilars in New York of buying 9 01 per
cent. sr”in<? 0.00 per cent.
Canadian dollar in New York open mar
ket 211’ per cent discount, or 78.31%
United States cents.
Europe.
Belcium unquoted: Denmark unquoted;
Finland 2.00n: France. 1.803*: Germany.
40 05n ''benevolent). 17 40: Greece. ,62n:
Hungary 17.70n: Italy. 5.05: Nether
lands unquoted Norway unquoted: Portu
gal 3 25n; Rumania. .52n: Sweden.
23 82n; Switzerland. 22.40; Yugoslavia.
2.35n.
Latin America.
Argentina official. 20.77: free. 22.45;
Brazil, official. 6.05; free. 5 10: Mexico.
16.85.
Far East.
Japan 23.48; Hong Kong. 20.00; Shang
hai 5.35.
Rates in spot cables unless otherwise
Indicated, n Nominal.
Federal Land Banks
NEW YORK. June 5 (£*>.—Federal Land
Bank bonds:
Rate. Maturity. Bid. Asked.
4s July. 1046-44 _100 10p3/4
3%s May. 1055-45_ 3 03% 104%
3s July. 1055-45_102 % 103
I 3s Jan 1056-46 _102% 103
3s May. 1056-46_102% 103%
London Tin Prices
LONDON June 5 '/P>.—Tin easier: spot,
I £215 ms bid. £275 15s asked, future.
1 £273 10s bid. £273 15s asked.
COPPER CONSUMPTION—Above chart shows relative amounts of copper consumed by the British
Empire and by Germany in the period from 1916 through 1938.
Federal Price-Fixing
Regarded as Strong
Possibility
Purchasing Agents Told
Action Likely in Case
Of War or Not
By the Associated Press
CINCINNATI, June 5—The Na
tional Association of Purchasing
Agents was told by Executive Sec
retary George A. Renard of New
York today that there is a strong
possibility of Government price
fixing “whether or not this Nation
enters the war.”
Reporting to a national convention
of the organization, Renard said
prices will become one of this Na
tion's major problems if the conflict
in Europe continues or spreads.
“Tin. rubber, burlap and other
strategic materials which must be
imported into this country present
a problem which may rapidly get
beyond control of the individual
buyer,” Renard asserted.
“Some of these commodities are :
already the subject of negotiation
and barter between our Government
and the producing countries. That
development may spread.
"It is not improbable that fixed
prices and allocated supplies of such
materials will be seen if war con
tinues beyond this year—even
though the United States does not
become a participant.”
Renard said the most destructive
feature of war. aside from loss of
life, is the inflation of prices, labor
rates and governmental costs.
He declared artificial and un
necessary advances of prices must
be restrained by good business sense
or they will be controlled by the
government, adding:
“We must face the facts. All
other important nations now control
production, prices, exchange, etc.
How can the individual in this coun
try deal with those governments ex
cept through his government? If
we are to have rubber, tin, burlap
and other strategic imports, it will
be through arrangements made be
tween governments and not through
individuals.
“Some of our highly developed
individualists may call that govern
ment interference: it would be more
reasonable to call it government
assistance and protection ”
Renard asserted that all facilities
of the nation must be turned to the
maximum for development of ma
terials and equipment required for
the military and economic conflict
confronting democratic nations, “al
though this may be hard to swallow
—as it. was for England and
France.”
Washington Exchange
SALES.
Potomac Electric Power 5^% pre
ferred, 4 at 110",.
BONDS
PUBLIC UTILITY.
Bid. Asked
Anacostia & Pot 5s 1949__ PR 100U
Ana At Pot Guar ns 1949-, 106 Vi
Cap Traction 1st 5s 1947 98 101
City A: Suburban 5s 194K 98 101
Georgetown Gas 1st 5s 1961 115
Pot Elec Pow :i V,s 1966 103
Washington Gas 5s I960 __ 115
Wash Rwy At Elec 4s 1951-- 105 _
MISCELLANEOUS
Chevy Ch Cl 1st 4V4s 1957 10.3
Col Country C 1st 4 Us 1957 103
Ter Ri At W Cp 1st 4 Us 1948 100 *_
STOCKS
PUBLIC UTILITY.
Amer Tel Ar Tel (9) __ 14RU
Capital Transit (a.50)- lo'.j 13
N At W Steamboat (4> - 55 70
Pot Elec Pow 6',, pfd (6i 111
Pot El Pw 5'iU pfd (5.50)- J I 1 112
Wash Gas Lt com (1.50 lou 21'i
Wash Gas Lt ptd (4.501 loo 102
Wash Ry At El com (g.36) H30
Wash Ry At El pfd (5) _J((8
BANK AND TRUST COMPANY.
Amer Sec At Tr Co (eS>_ 223 235
Bank of Bethesda (.75)_ 30 40
Capital (v4> __ 150 175
Com & Savings (yl0 00)__ 300
Liberty (fii _ 168 190
Lincoln (y.o) __ - 200
Natl Sav A: Tr (4.00) 195 210
Pr Georges Bk At Tr it.60). 19 25
Riggs (eS) _ _ 252 270
Riggs pfd (6) -_ __ _ __ 101
Washington (8( _120 _
l Wash Loan At Tr (e8)_ 223 _
FIRE INSURANCE.
American ft6)_ 110 _
Firemen's (1.40) __27
National Union (.75)_ 12V4 18
TITLE INSURANCE.
Columbia (k.30> _ 14
Real Estate (m6)_160 185
MISCELLANEOUS.
Carpel Corp (2.00)_ 24 30
Garflnckel com (.70). _ _ *844 10
G'flnckel 6% cu cv pf (1.50) 23 25V«
Lanston Monotype (2.00)_ 26
Lincoln Serv com ( + 1.00)-. *17 22
Line Svc 7% or of (3.50) *46*/4 62
Mergenthaler Lino (p.50>-_ 124« 15
Natl Mtge At Inv pfd (d.35) *3Va 4V4
Peop Drug com new (tl.OO) 15 .
Real Est M At G pfd (.50).- 5V4 6V«
Security Storage (5). _ 80 .
Ter Ref At Wh Corp (3) ... 53 58
Wdwd At Loth com (s2.O0)._ 40 52
Wdwd At Loth pfd (7)_115 _
•Ex dividend.
t Plus extras, d 35c paid in 1939. e 2%
extra g $14.00 extra paid December 23.
1939. k 20c extra. m$1.50 extra p 50c
paid September 20. 1938 s $2.00 paid in
1939. 1 50c paid December 20. 1939.
v$1.00 extra paid January, 1940. y $5 00
extra.
London Bar Silver
LONDON. June 5 i/P'.—Bar silver. 2234d.
off >4. ‘Equivalent 41.25 cents., based
1 on the, dollar at $4.03.) Bar gold. 168s,
unchanged. (Equivalent $33.85.)
United States Treasury Position
By the Associated Press.
The position of the Treasury June 3. compared with comparable date a year ago:
June 3. 1940. June 2, 1939.
Receipts - S35,624,192.29 $21,005,655.56
Expenditures - 39,194,711.59 20,829,383.51
Net balance 2.019.923,52835 2.905,352,230.96
Working balance Included _ 1.293.355,729.89 2,234.797,935.36
Customs receipts for month _ _ 2.757.731.91 1,500,197.19
Receipts for fiscal year (July 1)_ 5.185,620.950.18 5,084,247,949.64
Expenditures 8.653,095,320.39 8,399,535,128.18
Excess of expenditures- 3.467.474.370.21 3.315.287,178.64
Gross debt . _ 42,809.700,139.47 40,332,961,107.87
Increase over previous day_ 1.0,35.238.49 __ _
Gold assets _ 19,229,746,395.48 15,961,37&.479.i3
t k
W/7/ys Sales
Up 131.5 Pet.
Over Last Year
By the Associated Press
TOLEDO. Ohio. June 5.—Sales of
Willys cars and trucks in the United j
States lor domestic use totaled
22,346 units to May 31. This was j
a gain of 131.5 per cent over the I
comparable portion of the 1939
model year and 99 4 per cent higher
than domestic sales for all last
year, Willys-Overland Motors, Inc.,
announced. Export shipments in
May were 36 per cent over April
and were the highest for nine
months.
Status of Machine
Tool Trade Hinges
On Vinson Bill
Measure Is Expected
To Delay Foreign
Shipments
By the Associated Press
CLEVELAND, June 5 —A spokes
man for the machine tool industry
said today the status of its exports
“is unchanged and will remain so
pending final action on the Vinson
bill."
“This measure will establish pri
ority of delivery to the United
States Navy in its defense pro
gram,’’ said Tell Berna. general
manager of the National Machine
Tool Builders' Association
“It will not abrogate existing con
tracts between builders and foreign
buyers. It will only defer de
liveries.”
Berna said the bill would author
ize the Navv to purchase existing
tools, though made on foreign oi -
der, through direct negotiation with ,
the manufacturer.
“If a manufacturer should receive. •
meanwhile, Government inquiries
concerning tools awaiting shipment,
he probably would delay export
pending developments," Berna said
Berna’s comment resulted from a
Washington dispatch saying tne ad
ministration, “in effect,’’ is embar
going machine tool expoits needed
for defense. The State Department. I
it said, responded to inquiries with
a statement that sucn exports
should not be made, explaining the
action was not directed at any par
ticular country.
Short-Term Securities
• Reported by Smith. Barney A Co >
Bid. Offer.
Ala Gt Sou "A” 5s 43 _ - llo%
Alleghany Corp cv 5s 44 - 70% 73
American Tel Sc Tel 5%s 43 100% 106%
Austin A Northw 5s 41 _ 88 90
Central Foundry Os 41 - - - 90
Central R R Georgia 5s 43. . - 54%
Chicago Union Stat 4s 44 . . 103 104
Child* Co 5s 43 __ 38 47
Colorado Fuel A Iron 5s 43 104% lo4%
Conn & Passu Riv R R 4s 43 .. _ 88%
Cuba Northern Rvs 5%s 43 33 34%
Delaware & Hudson 4s 43 . 39% 40%
Federal Lt A Traction 5s 43 100% 103
Grand Rap A Ind 4%s 41 103% .
Inti Hydro-Elec Os 41 -_ 41 4 ’%
Intern Merc Marine Os 41_ 58
Laclede Gas Light 5s 43 80% 83
Lake Erie A Western 5s 41__ 94
Lehigh Val Ter Ry 5s 41 __ 30 4 7
Liggett. & Hyers 7s 44_133 134
N Y Cen A Hud Riv 4s 43 _ 83 80%
N Y A Long Branch 4s 41. 35 7 4
Norfolk A Southern 5s 41__ 50 59%
Pennsylvania Co. 3%s 41 -- 101% lo3%
Penn-Dixie Cement 6s 41 __ 90s# 96
Penna R R Co 4s 43__ 108
Peoples G Lt A Coke 6s 43. 110% Jll^
Steudebaker Corp 6s 45_ 87% 88%
Phil Balt A Wash 4s 43 - 109% _
Texas Sc New* Orleans 5s 43 63% . _
Union Oil of Calif 6s 43_109% 111%
Utah Pow A Light 5s 44_ 97 98
Warren Bos. 6s 41 _ 19% 30
Western N Y ft Pa 4s 43-- 107% K>8%
Foreign Markets
LONDON. June 6 </P>.—Initial gains
were wiped out in the securities market
today following news of the fresh German
offensive in France. Earlier the market
responded to announcement the dividend
limitations bill had been abandoned. Kaf
firs and oils weakened and government
bonds ended unchanged to around 14 point
lower Industrial leaders reacted to open
ing levels or below after a morning spurt.
Losses of l to 2 points were general among
Far Eastern stocks.
PARIS.—Lower prices were posted for
virtually all issues traded in the bourse
today. Rentes closed unchanged to :i50
centimes lower. Suez Canal, however,
struck against the main trend in Medi
terranean issues with a 1 per cent gain.
Quotations were still lacking on a num
ber of issues, especially those with prop
erties in war areas.
U. S. Treasury Notes
NEW YORK, June 5 (Pi.—Prices Quoted
In dollars and thirty-seconds:
Ap.
Pet. Mon. Yr. Bid. Asked. Yld
l'/j June, 1940_100.1
I1/, Dec.. 1940_101.1 101.3
1 Vi Mar. 1941_101.9 101.11
IV, June. 1941_101.12 101.14
IV, Dec., 1941_ 101.25 101.27 .04
l3/, Mar . 1942 _ 102.20 102.28 .13
2 Sept., 1942 _ 104.1 104.4 .18
14, Dec., 1942_ 103.17 103.20 .31
IV, June. 1943_101.10 101.13 05
IV, Dec , 1943_101.10 101.13 .72
1 Mar, 1944 _ 100.14 100.17 .80
% June. 1944_ 99.13 99.10 .88
1 Sept.. 1944_ 100.10 100.13 .91
y. Mar . 1945_ 98.28 98.31 .97
Dry Goods Market
NEW YORK, June 5 (£V—Dry goods:
Standard print and broad cloths sold at
slight concessions. Spun rayon snort
weaves and sharksln prices hold steady.
Full-fashion silk hosiery sales improve.
Woolen goods market stimulated by re
ports of intended Government purenases.
i
Nearly 6,000 Banks
Need More Capital,
F. D. I. C. Reports
Sale of Additional
Stock to Protect
Depositors Suggested
By tlnp Associated Press.
Nearly 6.000 American banks were
rated by the Federal Deposit Insur
ance Corp. today as having "in
adequate capital."
Without suggesting methods, the
corporation implied in its annual
report that these banks should raise
more capital by selling stock or other
means in order to protect depositors
If these banks fail, and their
capital does not cover losses, the
F. D. I. C. must make good claims
of depositors up to $5 000 each.
The corporation said it "believes
that every bank should have a
minimum net sound capital equal to
at least 10 per cent of the appraised
value of its assets.' but that "ex
aminations in 1939 revealed that
2.884 insured banks # had net sound
capital below this minimum."
"It is estimated that in addition
to the 2.884 banks mentioned above,
approximatelv 3,000 banks have a
capital below the reasonable min
imum when considered in the light
of the nature and quality of the
assets held and other qualifying
factors."
The report said that in 1939 the
corporation found 10 banks which
had no net sound capital at all. and
7.8 others which had less than 8 per
cent.
More careful supervision by State
and Federal examining authorities
was mentioned as one method of
improving the capital position of
banks, but the corporation urged
against placing too much respansi
bility on examiners.
Maryland Job Service
Sets Placement Record
By the Associated Press.
BALTIMORE. June 5 —The Mary
land Employment Service smashed
all its previous records for private
job placements last month. Director
David L. B. Fringer reports.
Mr. Fringer announced 4.421 in
dividuals found private jobs through
the service, topping by a wide mar
gin the previous high mark of 3,371
placements reported last October
The May figure was 56 per cent
ahead of the same month last year.
“We're now 3.000 placements
; ahead of our last year's record,''
j Fringer said, explaining that the
j service had placed 9,649 persons in
| private industry since January 1,
! compared with 6,494 placed during
: the first five months of 1939.
Most of the jobs are being found
j in industrial establishments, records
I showed, and Fringer noted that
“should the anticipated pickup in
heavy industries materialize, still
greater numbers should be reported.’
Reproductions of c?"’iSP
Advertising Matter,
Books, Maps, Etc. f
Photo-offset process In t ' 3
black and white or colors ABflMjtK
Li '*UST
We Will Buy 2nd Trust Notes Be.
slrablv secured on Residential
Property, Reasonable Rates.
National Mortgage &
Investment Corp.
1312 N. Y. Are. N.W.
WAHonal SM3 /Q»
»
Select Your
Investment
Your sovings should
only be invested
where there is PROFIT
ond SECURITY.
Prudential invest
ment shares insured
up to $5,000 earn
liberal dividends.
START WITH LUMP
SUM ... or monthly de
posits—SAVE SAFELY.
Withdrawal privilege.
PRUDENTIAL
1331 G ST.N.W.
DI-6270 Suite 304
Irving Olds Named
Board Chairman
Of U. S. Steel
53-Year-Old New York
Lawyer to Succeed
Stettinius
By the Associated Press.
NEW YORK, June 5—Irving S
Olds, 53-year-old New York lawyer,
today was elected chairman of the
board of. the huge United States
Steel Corp., succeeding Edward R.
Stettinius, jr., who resigned to de
vote his entire time to the National
Defense Commission to which he
was appointed recently by President
Roosevelt.
A statement. by the corporation
said:
"The Board of Directors of the
United States Steel Corp., at a spe
cial meeting held this afternoon,
accepted the resignation of Edward
R. Stettinius, jr., as chairman of
the Board of Directors and as a
member of the Board of Directors
and Finance Committee. Mr. Stet
tinius presented his resignation in
order to serve as a member of the
recently appointed National Defense
Commission.
"At yesterday's special meeting
Irving S. Olds was elected chairman
of the Board of Directors to succeed
Mr. Stettinius. Mr. Olds has been a
director and a member of the
Finance Committee of the steel cor
poration since October 27, 1936. He
is a member of the law firm of
White & Case.’’
While Olds and other officers of
the commission did not go further
than the official statement in com
menting on the change in top-rank
ing personnel of the largest concern
in the steel industry, it was pointed
out by others that Stettinius had
been placed in charge of raw mate
rials in the defense commission and
as such would have the responsi
bility not only of buying steel, but
would also have to deal with indi
vidual companies in many other
phases of the defense program. It
was felt, therefore, that it would be
embarrassing to Stettinius in han
| dling such matters with United
States Steel Corp. had he remained
j in his official capacity with the cor
i poration
Olds was described as having
taken an active part in the affairs
' of the corporation since he became
1 a member of the board in 1936. It
i was said he had served in an ad
I visorv capacity with other officers
in many vital matters that have
| come up since that time and brings
to the office an intimate knowledge
of the corporation's physical proper
ties.
Boston Wool Market
BOSTON. June 5 ~P . — (United Sta'e*
Department of Agriculture ».—Wool prices
in Boston were showing a strengthening
tendency today Orders for country-packeo
; three-eighths and one-quarter blood bright
fleece wools have Increased and sales have
been closed at 3H-37, in the grease, de
i livered to users Good French combine
; length fine territory wools, in original
bass, were selling in moderate quanti
ties at around 80 cents, scoured basis,
with asking prices on similar wools rang
ing up to 85 cents.
II MONEY I
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
*1! = === , . .
CHEVY CHASE CLUB
First Mortgage Four and One-Quarter Per
Cent Bonds
NOTICE IS HEREBY GIVEN that pur
j suant to the provisions of an Indenture
dated January 1 1937. between Chevv
Chase Club and National Savings anc
Trust Company. Trustee, and America!
Security and Trust Company. Registrar
under which the above bonds wpre issued
; Chevy Chase Club has elected to exercise
I its option to and will pay and redeem all o
i its outstanding First Mortgage Four and
One-quarter Per Cent Bonds, due Januarj
, 1. 1957. issued under said Indenture, viz
’ , Bonds in the aggregate principal amoun
, of $3:M.OOO.OO. on July 1. 1940 at the
redemption price of 104'T, of the principa
thereof, together with the accrued interesi
thereon to said redemption date.
Accordingly upon surrender to the saic
Registrar American Security and Trus
Company at its principal office. 15th Streei
and Pennsylvania Avenue N.W.. Washing
ton D C. of the aforesaid bonds callec
for redemption as aforesaid, together wit!
al1 unmatured coupons appertaining thereto
the principal amount of said bonds, witl
the premium of 4*7, provided in said in
denture will be paid on July 1 1940. anc
the interest payable on July 1. 1940. oi
said bonds will be paid to the holders o
the coupons appertaining to said bond
maturing on such date Said bonds wil
become due and payable on July 1. 1940
at the place and at the redemption prici
above provided, and from and after Juh
1. 1940 will cease to draw' interest, anc
the coupons maturing subsequently to saic
date will be void.
Registered bonds must be accompaniec
by duly executed instruments of assign
ment and transfer.
Dated May 31. 1940
CHEVY CHASE CLUB.
Bv G. Thomas Dunlop, President.
REM ESTATE LOAKS
/ ET us handle your real estate
\j and home loan financing.
Applications considered on improved
property, not only in Washington but
in nearby Maryland and Virginia.
There are no commissions or renewal
charges. Interest only on unpaid
balance of principal monthly.
★
Many savers have accumulated substantial
balances by regular additions to their share
accounts with us.
Contult any of oar off icon for information.
No obligation, of eoarto.
I
mBII'K BUILBIIC ESSOfllTHI
300 PENNSYLVANIA AVENUE S. E.
Offico Hottrt 9 to 4—
Saturday! 9 to 12
OFFICERS:
MILTON H. PROSPER!, Chairman of Board
CHARLES H. KINDLE, President
ARTHUR C. BALSER. Tie*• Proaidm*
WILFRED H. BLANZ. Secretary
HOWARD B. KRAMER. Treaiuror
GUY M. NEELY, Consultant Ann raiser
LINCOLN 1131
DIRECTORS:
JOHN E. MER8NER
CHATHAM M. TOWERS
BERNARD J. OOYLE
THOMAS S. SER6E0N
CHAS. A. R0S8ITER
W. DUDLEY SPICKNALL
DR. WM. C. PARMER
iinBmMi
Amamta arm now in mxemmm of $12,900,000.00
Power Output Lags
After Rising for
Three Weeks
Production Remains
10.3 Per Cent Ahead
Of Year Ago
Bv the Associated Press.
NEW YORK, June 5.—Electric
power output in the United States
broke a three-week rising trend
during the week ended June 1 by
dropping to 2,332,216.000 kilowatt
hours, the Edison Electric Institute
said today.
The latest total, which covered
the Memorial Day holiday, was 4.8
per cent less than 2.448,865,000 kilo
watt hours in the preceding week,
but 10.3 per cent more than 2,133 -
887.000 in the comparable 1939 week,
which also included Memorial Day.
The decline was more than sea
sonally expected. The Associated
Press weighted power index, based
on 1929-30 as 100, dipped to 123.5
from 124 6 in the previous week. A
year ago the index, which is ad
justed for seasonal and long-term
trend, stood at 1142
umo. man. mas. mar mamas
Hieh mo 5 129.5 I 17.7 1752 11-.K
Low 1214 117. :l 102.S 1118 919
Percentage gains over a year ago,
| according to major geographic areas
I were reported as follows by the in
stitute:
New England. 7.8 per cent: Mid
j die Atlantic, 6.7; Central industrial,
15.8; West Central, 5.2; Southern
States, 8.2; Rocky Mountain, 16.1;
Pacific Coast, 5.7.
Wholesale Commodity
Index Moves Down
By the Associated Preaa.
The National Fertilizer Associa
tion’s index of wholesale commod
ity prices declined last week to
75.6 per cent of the 1926-1928 aver
age, compared with 75.7 the pre
ceding week, 77.3 a month ago and
72 a year ago,
Money for Construction Loans
and
Loans on Completed Properties
(Owner occupied or rental)
Favorable Rata
rtKSl DEED OS TKliBl ONLT
GEORGE I. BORGER
MS ladlan* At* N.W
N»t-I 03M
Insurance^
No matter what type •! \
policy you need, wo ean \
•erro you most efficiently. \
I & CO. .
| 1700 Eye St. N.W. ME 3996 |
Mortgage Loans
HOUSES
APARTMENTS
BUSINESS PROPERT IES
Randall H. Hagner Ac Company
'NCO!»»OI»AT£0 •
NotroAOB Loan Cobb—pour put
^t%u*r-an<x
1321 Connecticut Ave. N.W. Telephone DEcatur 3600
^Columbia Federal
Loan will solve your
Home financing problems.
Poss
Books • AI1 monthly payments
applied directly to loan
s^ow new balance,
loan ba!on'e _ k,
• No commissions or re
a ter eazn , ,
payment. newal chor9es
• No red tape or waiting.
Loant Available in D. C. or
Nearby Maryland and Virginia
BUINBIAFEBERU
_ asiyitt.-HI’>?il,liHt t.l'TTTTrS
716 nth Street N.W. National 6543
ON IMPROVED D. C. AND
NEARDY MARYLAND
PROPERTY
For buying, rebuilding or refinancing at
prevailing rates of interest.
Loans repayable monthly.
No charge for appraisal if loan is not mode.
Interest charged only on unpaid balance of
principal.
Equitable Co-operative
Building Association
915 F ST. N.W. ORGANIZED 1879

Evening star. [volume], June 05, 1940, Page A-21, Image 21
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], June 05, 1940, Page A-21, Image 21 About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], June 05, 1940, Page A-21, Image 21
About Evening star. [volume] (Washington, D.C.) 1854-1972