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Evening star. [volume] (Washington, D.C.) 1854-1972, July 07, 1940, Image 19

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D.C. Exchange Volume
Far Ahead of 1939
In Six Months
Sales of High-Grade
Bonds Nearly Double
Last Year
Trading on the Washington Stock
Exchange in the first half of 1940
was far ahead of the 1939 period,
both in stocks and bonds. Prices
also made a most satisfactory record. |
a survey of the six months discloses.
Tine demand for high-grade bonds
on the exchange was well toward
double what it was a year ago. total !
dollar volume of trading reaching
*316.500. against only $172,000 in the
lame 1939 months, a gain of $144,500.
Capital Traction 5s led the market
with a volume totaling $246,500.
Prices for the bonds ranged from
96% to 102. Most of the time they j
were below par. but ended the half
year at 100%, to yield 4.99 per cent.
Washington Gas Light first 5s
Were next in investment demand,
registering a turnover of $26,500.
Highest priced bonds on the ex
change. they reached 131 % at one
time and ended June at 126%. giv
ing a return of 3.22 per cent. Wash
ington Railway & Electric Con
solidated 4s were popular, closing
June at 107%, the high for the year,
to yield 3.25 per cent.
Other Bonds Remain Strong.
Potomac Electric Power 4'4s were1
very strong, selling at 110'* at the
end of the half year, yielding 2.50
per cent. Anacostia & Potomac
River 5s closed at 1017R and City <fe
Suburban R. R. 5s closed at par,
both these bonds being much in the
limelight because of the agreement j
reached betwen certain bondholders |
and the Capital Traction and Wash
ington Railway <fc Electric Cos. re
garding liability for the bonds at
maturity. Two other bonds on the!
exchange were strong. Chevy Chase
Club 4>4s selling at 104'» and Co
lumbia Country Club 41, s at 104.
In the stock division there was a
turnover of 11.727 shares in com
parison with 8,520 shares in the first!
half of 1939. Naturally, prices varied
more widely than in bonds. The
largest turnover was in Capital
Transit, 2.521 shares changing
hands. The stock closed at 12.
against 15'4 earlier in the year and
dispite the payment of a 25-cent j
dividend on July 1 and steadily:
mounting earnings.
Turnover in Mergenthaler Linotype
was nearest to Capital Transit. 2.038
shares. The stock closed the half
year at 1434. against the year's high
of 17 and a low of 12. The stock |
has recently displayed more strength I
following a War Department report i
of two more good-sized war orders. |
Lanston Monotype closed the period
at 28 after opening 1940 at 32'». At
recent levels the stock yields 7.14 per
Gas Common Stock Active.
Quotations at the end of the half
year on Potomac Electric Power 6
per cent preferred stood at 112, the
last sale of the 51- per cent preferred
was at 113. and Washington Gas
common, which registered a turnover
of 1.172 shares, closed at 24. Gas
preferred ranged between 99 and
109 and closed at 103. In the six
months one sale of 100 shares of
Washington Railway & Electric com
mon took place at S800 a share,
while W. R. & E. preferred sold
recently at 10814.
Bank stocks made an excellent
half-year record as a group. Na
tional Capital sold recently at 162'2. i
Liberty at 170, Riggs common at
255. Riggs preferred at 102, Ameri- j
can Security at 230. National Sav- j
lngs at 200L'. Washington Loan at j
247'j and Bank of Bethcsda at 30.
During the half year Garfinckel pre
ferred stock was listed on the ex
change and sold at 26 to yield 5.26
per cent, the survey reveals.
Tribute to Prescott Gatley.
President A. M. McLachlen of the
District Bankers Association yester
day appointed the following mem
bers to represent the association at
the funeral of H. .Prescott Gatley
tomorrow afternoon at 2:30 at St.
Alban’s Episcopal Church:
Robert V. Fleming, president,
Riggs National: Corcoran Thom,
president. American Security & j
Trust Co.: Ord Preston, president,
Union Trust Co.; Bruce Baird, presi
dent, National Savings & Trust Co..
and Floyd E. Davis, president, Lin
coln National. Mr. McLachlen will
also attend the services.
Deep regret was heard in the
financial district yesterday over the
passing of Mr. Gatley, who was j
chairman of the board of the Na
tional Savings & Trust Co. He was
president of the bank from 1934
until this year, a period during :
which the bank showed notable
progress. He was a practicing law
ver much longer than a bank of
ficial. No financier ever had more j
sympathy from a host of friends1
during a most trying illness.
Fifth District Trade Climbs.
The Federal Reserve Board an
nounced yesterday that department
store sales in the Federal Reserve
district, which includes Washington,
in the first 26 weeks of this year,
were 6 per cent ahead of last year.
The national average was 4 per
The report shows that retail trade
Jn this territory is moving forward
steadily. Tire gain of 14 per cent
for the four weeks ending June 29
compares with a 2 per cent advance
for the similar period ending on!
June 1 and a 1 per cent upturn
at the end of April.
The weekly report reveals the
same favorable comparisons, the
fifth district gain of 9 per cent over
last year being exceeded only by
the Dallas district with a 10 per
cent upswing. Cleveland tied this
trade area at 9 per cent, while
the average for the whole country
was 5 per cent. As noted yester
day, the Richmond bank r^jorted
Washington sales up 8.5 per cent for
the same week.
Women Heavy Stockholders.
The American Telephone Co. re
ports 635.000 holders of A. T. & T. !
stock, among whom are far more
women than men—362.500 women, i
193.000 men; 44.000 joint acounts
of individual men and women. 29.- 1
000 trustees. 6,500 institutions, cor- !
porations and private firms.
Latest reports state that A. T. <fc
T. has more stockholders than any
other corporation. The company
•ays that for the most part the 1
stockholders are people who have j
put aside small .sums as savings.
More than 210,000 hold from one
to five shares each. The average
number of shares held per stock
holder Is 29.
It has been stated that there are
New Auto Sales in Capital at Best Marks
Since 1937 During June and First Half
Gasoline Consumption
Hangs Up Another
All-Time Record
New automobile sales in the Dis
trict of Columbia during June and
the first six months of this year
reached their highest levels for those
periods since 1937, it was indicated
last night by new car titles regis
tered at the Traffic Bureau.
During June 3.241 titles for new
cji-s were filed, compared with 3,213
In the preceding month and 2.692
in June. 1939.
For the* six months. 16,006 titles
were recorded, against 15,318 in the
same period last year.
Totals for June and the six
months of different years follow:
,, _ June S.x Months.
Hu‘ --.'1.047 19.381
1 *»•'!«-.- 1.791 Id 018
iinti -3.093 is.si8
1940 - . 3.341 Ifi.rtOB
Monthly Totals Oomoared.
With the exception of February
and April, titles in every month this
year have been ahead of the cor
responding 1939 periods.
The moderate increase between
May and June this year contrasted
with a decline for the same time
last year.
Monthly totals for 1940 to date
compared with the same 1939
months as follows:
, 1940. 1939.
January - 1.930 1.078
February- 1.833 3.181
March _ - 3.487 3.089
June -3.241 2.fiP2
On the other hand, registrations
of all motor vehicles In the District
at the end of June, third month of
the 1940 tag season, were well behind
a year ago.
They were above 1938 levels, but
also below comparable dates in 1936
and 1937. Because this downward
trend contrasts sharply with steady
registration gains in adjoining Vir
ginia and Maryland sections of the
Metropolitan Area, observers have
concluded that a shift in population
outward from the limited District
area has been a major factor in the
lower District registrations.
District registrations’ at the end
of June are compared below with
totals for the end of the third month
in other seasons. May in 1939 and
March of prior years:
Gross Trans- Net
fer* total
lO.'.l - 1 '21 ,f*8'2 *2.5*1 T l'*4 Qti
-136.521 3.162 133 359
-- 148.562 6.800 141.163
] - -- 1.19,585 9.864 149.1°1
O’i -tSS'U5 8.361 159 814
lo'io - 103.246 6.395 146 851
J ?'' ! 164.765 11.015 153 750
1949 loP.185 10,393 14S 792
Gasoline Records Set.
From another quarter came word
of additional all-time records in Dis
trict gasoline consumption.
Tax invoices filed for May showed
that 13.817.640 gallons were con
sumed in that month, more than in
any other month in the history of
the Capital.
The May volume compared with
12.912.060 in the preceding month
and was more than a million gallons
ahead of 12.692.281 for Mav, 1939.
It was even ahead of the 1939 peak
of 13.027,904 recorded at the height
of the motoring season last August.
It also was almost double 7.161.787
recorded in the same 1930 month
and more than treble the same 1925
District gasoline consumption in
May and the first five months of
various years follow:
loot; , **»t. months.
lo.Vi *908.115 16.646.816
ion- - 4.6S1.PSJ 19,439.611
9;a - 5 313.832 22.975.432
o.-,o ... .1.642.4,2 23.719.499
- 6493.953 27.430.864
§•*? - 7.161.187 36.576.325
no., ' --- 8.235.566 35.645.765
- --- 9 492.586 4)1.766.73"
o'.ti 9.077.111 42.562.1 14
2:;4 9.382.16.7 46.4 74.163
„::3 - -- 9.911 155 42.640,964
„.;2 - - 16.836.868 46.894.138
J J .755.836 51.735.949
- '••i’v’43 52.919 319
oV, - - - 12.693.381 .56.151.998
1849 13.81, .640 60.898.257
May consumption carried forward
a long series of all-time records ex
tending back for several years.
Totals for every month so far in
1940 have been ahead of a year ago.
Including decimals for fractions of
a gallon, they are given below with
the corresponding 1939 figures:
t ,, 1949. 1939
January . .. 11.018.537.90 10,3"3 894 70
Februaiy 1 o.650.627.40 9,879 189 38
March 12.499.393.20 11.348 774 80
Abril . 12.P12.060.20 11907.878 00
May — 13.817.640.00 12.692 281 60
Express Gains Cited.
Despite a decline from the pre
ceding month, railway express ship
ments during June and the first half
of 1940 set new records for those
periods, the Railway Express Agency
June shipments totaled 154.660,
against 174.471 in May, but were
well ahead of 148.637 in June. 1939.
For the six months, shipments ag
gregated 961.047. against 882.534 in
the 1939 period.
While monthly totals are not
available further back than 1937,
each year with the exception of 1933
has shown large gains since 1930.
and the 1939 total was more than
46 per cent ahead of 1929.
Shipments for June and the first
six months of various recent years
•June. Six Months.
1837 - . . 130.418 80(1.134
1838 _1‘>7.331* 801.884
1833 _ 148.037 88" 534
1340 _ 154.000 801(147
Every month this year has brought
increases over a year ago in this
important barometer of business ac
Monthly totals for 1940 and 1939
are compared below:
1840. 1838.
January _ 140:571 13- 451
February_ 140 448 130 483
March _ 175 658 164.16
Aoril - 163,-37 147.888
May_ 174.47 1 158.783
June _ 154.000 148.637
Postal Trends Similar.
Postal receipts in the District of
Columbia and at four important
post offices in adjoining sections of
the Metropolitan Area also declined
from the preceding month, but for
June and the six months stood in
new high ground for those periods.
District receipts totaling $623,599
were behind $694,092 in May. but
were well ahead of $608,202 in June.
1939. They also contrasted with
only $425.5i8 in June, 1930.
For the six months District re
ceipts reached $4,020,881, against
$3,815,842 in the same 1939 period.
District totals for June and the
about 10.000 A. T. & T. investors in
$136,000 Note Issue Approved.
The Interstate Commerce Com
mission has authorized the Norfolk
Southern Railroad to issue $136,000
of 2's per cent equipment trust cer
tificates. to be sold to the R. T. C.
at par to finance a purchase of new
loud on Invoice* to the Toi Otlice
Each lump
Equals 3.000.000
I chart illustrates the sharp increase over previous years.
first six months of different years
, June H month!
1028 ..._S4.17.0IIM $2.801,084
1870 _ .. ... 425.518 2.030.482
! 1831 44.7.005 2.842.440
18.73 380.720 2.700,083
1823 444,188 3.001.514
18-74 458.103 2.847,748
1835 503.042 3,218.551
18.70 _ _ _ 583 522 3.582.010
1837 504.040 3.014.300
1838 - 588.001 3.571.822
1938 . _ _ 008.202 3.815.842
1940 - 02.7.599 4.020.881
Nearby Growth Shown.
j At Alexandria Post Office, receipts
for June totaled $12,427, against
$13,322 in the previous month and
$10,399 in June, 1939. They were far
above $7,034 recorded in the same
office in June, 1930.
For the six months. Alexandria
receipts advanced lo $80,302. against
$67,718 in the 1939 period and only
$42,252 in the same 1930 period.
At the Arlington office, June re
ceipts reached $11,390, against $12,
791 in the preceding month and
$10,793 in June, 1939. Records do
not go back beyond 1937. first full
year in which the office was estab
lished on an independent footing.
Arlington receipts for the six
months climbed to $76,375, against
$65,951 in the same 1939 period.
At Hyattsville. receipts during
June amounted to $2,639, compared
with $3,199 in the previous month
and $2,599 in June, 1939. They also
compared with only $1,103 in the
same 1930 month.
Hyattsville receipts in the first six
months of this year totaled $16,607,
against $14,662 in the same 1939 pe
riod and only $7,209 in the 1930
Lag at Silver Spring.
At Sliver Spring, June receipts
reached $7,373, compared with $8,313
in the previous month and $9,638 in
June, 1939. Here was the only point
where June receipts failed to better
a year ago. However, growth of the
last decade was clear in comparing
the latest total with only $1,594 for
June, 1930.
For the six months, Silver Spring
receipts reached a new record ol
$52,624 against $49,713 in the 1939
period and only $11,478 in the same
1930 period.
Receipts at the four post offices
during June and the first six months
of different years follow;
lnoA June, month?. j
---=~ f».330 $39,762 ;
1931 6.535 40.H39
J932 - 6.U98 41.121
19.1.3 - 6. ,4*1 4.1.839 '
1934 - 10 395 48.913'
1900 8.313 04.193 1
1936 9-007 58.398 I
}93< 10.618 03.308
1038 - 10.600 011 588
1939 10.399 07 118'
1940 - 13.437 80,302 i
19?? - -$8.OH $41,599 I
1938 9.511 54.101
!&,?, -- 10 193 65.951 !
1940 - _ 11 390 16.315
1939 - _ J1.303 80.038
Hl.lll - 1.103 13*01
1931 - 1.451 7.58!
1933 - 1.349 7.090 i
1933 - 1.54 7 8.989
1934 1.913 9,043
•935 - 1.991 10.035
19.10 - 1.939 10.149
193. - 3.115 13.028
1938 - 2 659 14.488
’939 - 3 599 14.063
1940 - 2.639 10.007
1939 -... $1,348 $7,525
1930 - 1.594 11.478
1931 - 2.018 11.195
932 - 1.599 11,353
1933 - 1.980 11.044
193* - 2,225 10.345
193.1 - 3.153 15,901
1930 - 0 122 30.049
1937 - 5.427 33.454
1938 _ 0.230 40.77°
1939 _ 9.088 49.713
1940 - 7.373 52,824
Tourist Changes Mixed.
Very little conclusion on tourist
trends can be drawn from the
irregular showing of three impor
tant barometers in June and the
first half of this year.
Compared with May and a year
ago. June visitors at Smithsonian
Institution decreased sharply, while
Washington Monument and Wash-j
ington Tourist Camp recorded sub- 1
stantial gains.
For the six months Smithsonian
visitors set a new record for that
period. Monument visitors were
ahead of a year ago, but failed to
equal the same 1937 period. Tour
ist camp cars and persons were well
behind a year ago and were at the
lowest point for the period since
Smithsonian visitors in June to
taled 246.365. against 288,465 in the
preceding month and 295,125 in
June, 1939. For the six months
they totaled 1.143.693. against 1,131,
576 in the 1939 period.
Monument visitors for June to
taled 125,372. against 121,717 in the
previous month and 115,230 in June,
1939. In the first half of 1940 they
totaled 454,423. against 422.573 in
the same period last year.
The tourist camp reported 1,886
cars and 8,740 persons in June, com
pared with 1,433 cars and 7,859 per
sons in the preceding month and
1,945 cars and 10,218 persons in
June, 1939. In the six months, it
reported 5,896 cars and 26.250 per
sons, compared with 6,577 and 30,005
in the 1939 period.
Smithsonian, Monument and tour
ist camp totals for June and the six
months of various years are given
Smith- Wash'ton Tourist camp,
soman M ment. Cars. Per ns.
1929 194,731 74,005
1930. 189.147 72,879 _
1931 198.454 68.289
1932- 109.509 58.546 1.829 8.969
Montgomery Reports
Sharp Increase in
Acacia Business
Gain of 13 Per Cent
Over Last Year Sets
New Records
Pointing to new high records in
the first half of 1940, William Mont
gomery. president of the Acacia
Mutual Life Insurance Co., reported
yesterday that new business totaled
$19,100,000 against $16,800,000 in the
first six months of 1939, an increase
of 13 per cent.
Total insurance in force now
stands at more than $414,220,000.
the largest in the historv of the
company and comparing with $406.
000.000 a year ago. At the same '
time. Mr. Montgomery reported, as
sets have reached a new peak of
$90,000,000. a gain of more than
S6.800.000 as compared with June
30. 1939.
A new high also has been reached
in the volume of first mortgage
loans placed in the greater Wash
ington area, loans now aggregating
more than $28,827,000. Bv far the
greater proportion of these loans
has been placed on single occu
pancy dwellings in keeping with the
company's policy of stimulating
home ownership.
The conservation record was the,
best since the firm was founded,
the lapse rate being less than 4'
per cent, and below the national
average, the report stated.
Turning to June. Mr. Montgomery
reported business the best for anv
June in the comoany's history, a
total of $5,900,000 being an increase
of more than 33 per cent over June,
First Federal Savings
Reports Large Gains
C. H. Ellingson. executive vice
president of the First Federal Sav
ings & Loan Association, announced
yesterday that total assets had
reached $7,616,289. a gain of $2,250.
000 during the past year. During the
week the 10.000th savings share ac- :
count was opened, being issued to
5-year-old Robert Rickman of. Silver
Spring, his parents planning ahead
for his education.
A dividend amounting to $82,750
was paid by the association as of
June 30 on savings accounts for the
six months' period Just passed. Lend
ing activity has also been highly
satisfactory, the statement said.
Noting unusual interest in home
building, the association official said
that in the last six months his firm
loaned a total of $1,630,800 on first
lien mortgages on homes in and
around the Metropolitan Area of
There is a greater demand in
Washington at present for home
financing funds than has been true
for a number of years and home
financing can be carried out at a
lower rate of interest than has ever
been available heretofore, Mr. El
lingson said.
Chicago Livestock
CHICAGO. Julv 6 «.$»• ^United State?
Department of Agriculture.—Salable hogs.
3ou: total. 3.800: no thorough test of
market strength because of limited num
bers: small lots good 230-250 pound
butchers strong to 10 higher than Friday's
average at 0.00-65: few 334-pound butch- J
ers. 6.00: shippers took none; estimated j
holdover. 500: compared we*k ago. good ,
and choice 180-3.30 pound butchers. 65-90 :
higher, heavier butchers and sows. 65-80
Salable cattle. 200: no: calves: com
pared Friday last week, fed steers and
yearlings. 25-50 higher: strictly good and
choice offerings up most: good and choice
grain-fed heifers. 50 higher; common and
medium grades lost part of early advance,
however: very meager supply strictly prain
fed heavy cows, steady but all grass cow*
25-50 lower; bulls. 15-25 lower: vealers
weak: largely fed steer and heifer run:
strictly grass cattle confined mostly to
cows, green” steer and grassy heifer sup
ply being seasonally very small: gra.«s cow
run larger than week earlier: only common
killing steers sold under 9.00: very liberal
supply. 10.25-11.25: numerous loads 11.50
11.15; practical top. strictly choice steers.
12.00: prime specialties, 13.00; best year
ling steers, in load lots. 11.50: short load.
11.65; heifer yearlings. 10.85: numerous
loads. 9.75-10.50: weighty cutter. cows
stopped at 5.50 late in week: stock cr.ttle
strong to 25 higher, meaty kinds up most.
Salable sheep. 1.000: no direct: late
Friday, spring lambs weak to 25 lower:
fed yearlings and fat sheep 25 lower: best
native springers. 10.50: six doubles handy
weight Westerns, lightly sorted 10.25:
compared Friday last week, local supply
mostly spring lambs, largely Western ori
gin: light supply yearlings and fat sheep;
spring lambs around 15 lower, yearlir.us
and fat sheen 50 lower: best native spring
lambs on opening. 11.40: closing. 10.50:
bulk on close. 10.00-10.50: throwouts
mostly 8.25-8.75: fed yearlings. 7.75-8.25;
only light fat native ewes late up to 3.50; (
bulk medium and heavy weights. 2.00-3.25.
Stock Leaders Score
Moderate Gains
In Slow Session
Week's Volume Slumps 1
To 1,385,010, New
Low Since 1918 \
Whmt Storks Dili.
Sat Frl.
Advances _ 1M 243
Declines _ . 123
Unrhanaed __ 122 MT
Total Issues _ 3H5 ft 13
Associated Press Fin«nci»l Writer.
NEW YORK. July 6.—Leading
stocks today ended a typically
apathetic Fourth of July holiday
market week with the majority
pointing slightly upward.
As in yesterday's session, most
traders elected to continue their
outing until Monday in view of
scant speculative inspiration to be
found in either domestic or foreign
While dealings were negligible
throughout, they were ahead of the
corresponding Saturday in 1939.
Turnover for the two hours totaled
131.870 shares, smallest since the
brief post-Independence Day pro
ceedings last year, when the aggre
gate was 113.320.
The week's volume of 1,385.010
was a new low since 1918 and com
pared with 1.442,130 in the same pe
riod last year. In the preceeding
week 3,585.410 shares changed
The day's curb total was around
20.000 shares against 87.000 on the
previous Saturday and was a mini
mum for the junior market in about
two decades.
Scantiness of dealings on the
“big board" was exemplified by the
fact only 365 individual issues were
traded. Of these 154 were up, 89
down and 122 unchanged.
Average I'p Saturday
The Associated Press average of
60 stocks held an advance of 0.1 of
a point at 40.3 on the day, but was
unchanged on the week.
Those customers who appeared in
the financial district still were mod
erately bullish, but most inclined to
keep commitments light in view of
a possible Nazi smash at the British
Isles over.the week end. Restrain
ing factors also, brokers said, were
the approaching Democratic Na
tional Convention and lack of details ;
regarding proposed excess profits
tax legislation
Although some doubts were ex
pressed of a nearby business upsurge,
even under spur of the rearmament
spending program, optimistic indi
cators were to be seen here and
there. With the exception of the!
Pittsburgh district, where furnace!
repairs were expected to limit steel
output next week, predictions were .
made of a sharp snap-back in mill ]
operations elsewhere
Iron in Advance.
Among the day's modest share
gainers were United States Steel,
Bethlehem, General Motors, Chrys
ler. United Aircraft, Lockheed, Ana- !
conda. Southern Pacific. Loft, Brook- i
lytj-Manhattan Transit, Montgom- '
er.v Ward. Sears, Roebuck and New
York Omnibus. A shade off were
Douglas Aircraft. Wcstinghouse, Al- j
lied Chemical, Johns-Manville and
United States Gypsum.
Up a trifle in the curb were Amer- :
lean Gas. Bath Iron Works. Bell
Aircraft. Electric Bond Share,
E. W. Bliss and Brewster Aero.
Stocks had their worst day of the
week Monday, losing .4 of a point
on average, as the Russian-Ruman
ian upset proved a confusing cle
ment for boardrooms The list did
virtually nothing Tuesday, but man
aged to register mild progress
Wednesday. The market exhibited
further modest improvement after
the holiday, with stiffening of the
British war attitude ciedited partly,
for a revival of sentiment.
Dividend Meetings
NEW \ORK. July rt •Special).—Among
the important companies which will hold
dividend meetings this week are Adams
Millis Corp . Best As Co.. Continental Can
Co Interchemical Corp. Phelps Dodge
Corp. and Reynolds <R. J.» Tobacco Co
A list of the meetings of companies defi
nitely scheduled is reported by Fitch In
vestors’ Service as follows:
Monday. July ft.
Adams-Miilis Corp, common. 11 a m.
Tuesday. July P.
Best A* Co., common. 9:15 a m
Interchemical Corp. 6% preferred and
common. \! p m.
Newberry (J. J.» Co.. 5% preferred “A.”
11 am.
Norwalk Tire A: Rubber Co . 7% pre
ferred. II am.
Procter A Gamble Co., common. 1:45
WednesdaY, July |0.
Continent?’ Can Co,, common. 9:30 a m i
Phelps Dodge Corp common. 1*2 noon.
Wooiwortn <F. \V.» Co., common. 10
Thursday. July II.
Colgate-Palmolive-Peet Co. preferred.
10 a m.
Reynolds <R J.i Tobacco Co., common I
and common ' B ” *2 p m.
Friday, July 1*.
American Chicle Co., common. It2:30
Corporate Earnings
NEW YORK. July 6 1/P1.—Corporate
earnings reports issued during the week
showing profits per common share included.
Quarter Ended June I.
1P4P 1P3P.
Wesson Oil S .SP(p) S
Quarter Ended May 31.
Murray Corn .34
Wayne Pump 1.11 .1.17
It Weeks Ended June 15.
Kroger Grocery 1.27 1.25
Wagner Baking PS ___
St* Months Ended May 31.
International Shoe S6 .*4
Flee Months Ended May 31.
Addressograph-Multigraph .51 .46
Nine Month* Ended Marrh 30.
Columbia Picture* .51 _
Year Ended April 30.
Alaoma Steel 1.63 .20
p On preferred stock
Foreign Events and Tax Plans
Reported Clouding Outlook
8pecial Dispatch to The Star.
NEW YORK, July 6.—Despite all
the defense contracts that have been
awarded and despite what happened
at the Republican National Conven
tion, the immediate industrial out
look is filled with uncertainty, D. W.
Ellsworth, editor of the Annalist,
points out in that weekly. In fact,
he says, it seems likely some kind
of business recession is at hand, if,
indeed, one has not already set in.
Contributing to the uncertainty,
he explains, has been the collapse
of France and apprehension over
the outcome of the impending cam
paign in England. These factors
are clodding the outlook for for
eign orders, with which, notably in
the case of steel, have been the
backbone of our business recovery
in recent months.
Fending administration measures,
he adds, also are clouding our busi
ness outlook. The steeply gradu
ated excess profits taxes are likely
to make it difficult, if not impos
sible, for private concerns to do
new financing, so plant expansion
would have to be financed by the
Government or not at all. This, of
course, is not a favorable business
In contrast to what had been ex
pected if the war in Europe became
more intensive and if the United
States went in for an extensive de
fense program, wholesale commodity
prices, Mr. Ellsworth points out,
have been drifting downward.
“There is hardly any doubt,” he
says, “that there is some connec
tion between the action of important
raw material prices within recent
days and the proposed excess profits
taxes. Speculative sentiment Is at
a low ebb.”
A. P. MARKET AVERAGES—Economic barometers were mixed
this week, with small changes predominating, as shown in the
above chart, based on latest Associated Press statistics. Stock
and commodity prices declined a very small fraction. Bonds
advanced. Industrial activity gained for the ninth consecutive
week, but continued to show a tendency toward leveling off.
Wheat Is Depressed
By Scattered Rains
In Spring Belt
Chicago Prices Down
As Much as a Cent
A Bushel at Times
Associated Press Marker Writer.
CHICAGO. July 6. — Scattered
rains in the spring wheat belt, where
moisture is badly needed, and fore
cast of more precipitation possibly
this week end and later next week
depressed wheat prices here today. ,
Chicago wheat fell as much as a
cent at times and closed 3a-ra lower
than yesterday: July, 76',: Septem
ber, 77-77'h. Prices at Minneapolis, ’
the principal spring wheat terminal,
were oft as much as 1‘2 cents at one
Com fell l-Vl58 cents at one stage
and closed l-l3a net lower: July, 60;ia;
September, 57-\-,2. This weakness
was attributed largely to prospects
of loosening up of supplies in view
of the Government offer to permit
farmers to redeem 150.000.000 bush
els of 1937 and 1938 corn under loan
substantially cheaper than the pre
vious redemption rate.
Oats closed ',-a, lower: soy beans,
'i-l’t down; rye. off toup. and
lard. 5 lower to 2 higher.
Grain range at principal markets:
High Low Close Prev.Close
Chic aeo :; >4 76*2 761, 77»«-'*
Minneapolis 7SS, 7T3» 7P* 7S7«
Kansas City 70s* 69>s 6p»a To3*
Winnipeg—Prices at minimums.
Chicago _ _ 773, Tfi’, 77
Minneapolis _ 7S'4 7 Pa 7S 79-: A1*
Kansas Cay 71'* 70S 7<J7* :i»2-34
Chicago 7S'* 7 73* 7* 7S'2-'g
Minneapolis _ 79’* 7 S'* 7A'* 793*
Kansas Cay P-27* P34 P2 7234-73
Chicago op ? Rot 4 «n3* 61'*
Kansas City 6‘2** 6*23» 6*23* 6-2,»
Chicago 583 4 57*4 575*
Kansas City 5534 543* 54s* 56'4
Chicago 31', .31 31 31 3,
Minneapolis _ 30 *29** 30 *29T*
Winnipeg ^ 31 Ta 31 >* 313a 317g
Chicago Cash Market.
Cash wheat. No 2. red. SO: No. *2. red.
garlicky. 76. No. 3. red. resample. 76; No.
1 hard. SO: No. *2. SO. Corn. No. 1. yel
low. fM’j-O.Va. Sov beans. No. yellow.
S*234-S;jP: No 3. 8:2-S*:34. Oats. No. *2. 1
mixed. 3\y2-33 6-4 No. *\ white 34*2- :
3.Vi?. No. 3. 3.31 a-34. Barley, malting.
4S-5*7, nominal; feed, nominal.
Domestic Copper Prices
Lowest Since September
Bj thp Associated Press.
NEW YORK. July 6—Domestic
copper consumers paid the lowest I
price for the red metal this week
since war smashed into Europe last
In the sensitive custom smelter
market copper sold at 107s cents a
pound. Several of the smaller pro
ducers also quoted this price, but
the big primary producers adhered
to the 11'2-cent base which they
held since late February.
Varying explanations were offered
for the price declines:
The French surrender removed a
big customer fi;om the market and
since then overseas demand has
dwindled to the vanishing point.
Leading brass mills shut down for
the week for vacations and the usual
inventory taking.
Domestic consumers have their
regular needs ordered for several
months ahead. Some expected a
lift in new business when tne na
tional defense program gets rolling,'
but until then an attitude of cau
tion appeared the order of the day.
The long Fourth of July holiday
further tempered buying.
Export copper was available at
10.50 cents, roughly one-third below
a week ago.
Lead and zinc also reflected holi
day inactivity. Business was mostly
in carload lots at unchanged prices.
Listed Bond Values
Higher During June
By the Associated Press.
NEW YORK, July 6 —The market
value of bond issues listed in the
New York Exchange rose to $47,
665,777,410 at the end of June ^rom
$46,936,861,020 although total issues
declined to 1,358, from 1,369 a month
Average price per $1,000 bond in
creased to $901.40 from $878.70.
Par value declined to $52,879,297,
534 from $53,413,788,592.
A spoke«man for the exchange
said removal from listing of Brook
lyn-Manhattan Transit liens in
connection with unification of New
York City transport facilities ex
plained the rather large decline in
the total of issues traded in the
New-Crop Deliveries
Swept Higher in
Cotton Dealings
July Contract Drops
As Traders Transfer
Future Holdings
B* the Associated Press.
NEW YORK, July 6—The July
cotton delivery took it on the chin
again today but distant months
forged ahead when offerings came
out slowly. The final range was 11
points lower to 10 higher.
Operations in the spot month con
sisted mainly of further evening up
and transfer of holdings into distant
Strength of new-crop months was
connected with talk in the trade of
a probable loan on the new crop
of about 9’3 cents a pound. Loan
on the last crop averaged around
8'2 cents.
Firmness at Bombay contributed
to a steady start, when domestic
mill buying and a little professional
! covering easily took care of small
Holiday conditions ruled in Worth
Street textile markets. Some dis
appointment was apparent that
more volume failed to develop dur
ing the week, but hope of further
Government buying was a sustain
ing factor.
Export Friday, 211 bales: season
so far. 6.331,017. Port receipts,
5,657; port stocks, 2,467,494.
Range follows:
Open High. Low Clo.se
Jul.v _nun mm mol loo4n
October _ 9 :oi ft 45 ft m 45
December_9 14 ft 14 9.32
January_ ft 11 ft. 11 9 21 ft.lln
March _ ft 0:1 !» 07 ft 00 pul
May - 8.86 8.ao 8 84 S.ftu
July ft 85 ft.85 ft.77 P.tS
n Nominal
Spot, nominal; middling (’a inch), 10.71.
New Orleans Prices.
NEW ORLEANS July 6 ,.7V—Cotton
futures were irregular here today with dis
tant positions supported by trade demands
and July depressed by liquidations. Closing
prices were steady, ft to 10 points net
Open. High. Low. Close.
July __ 9.81 9.81 9.74 9.72b
July (new) _ 9.89b 9 7!tb
October .... ft.40 ft 50 ft 41 ft 48-49
December _ 9.51 P.35 9.31 9.34
January _ 9.12b 9.22b
March _ 9 0 4 9.0 7 9 04 9 I Ob
May _ 8.88 8.97 8.88 8.91
b Bid.
Kertz Elected Chairman
Of Fiduciaries Section
Harold A. Kertz. assistant trust
officer of the National Metropolitan
Bank, yesterday was elected chair
man of the fiduciaries section of
_ the District
Harold A. Kertx.
Bankers Asso
ciation for the
coming year.
Henry K. Dier
koph. assistant
trust officer,
Riggs National,
was elected vice
chairman, and
J. Wesley Clam
pitt, jr.. assist
ant trust officer,
Union Trust Co.,
was named
The remaining
three members
or the Executive Committee elected
yesterday are Aubrey O. Dooley,
assistant trust officer, Hamilton
National; Earl G. Jonscher. assist- 1
ant trust officer. American Security
& Trust Co., and Bernard J. Amiss,
assistant trust officer. Washington
Loan & Trust Co., retiring chair
Mr. Kertz, new chairman, has
been active in the section for the
last six years. He attended George
town College and was graduated
from Georgetown University law
school in 1928. He is a member of
the District of Columbia bar, Dis
trict of Columbia Life Insurance
Trust Council. Board of Trade,
Washington Bond Club. Early Birds
Breakfast Club and Congressional
Country Club.
Murphy Volume
Up 17 Per Cent
From Year Ago
By the Associated Press.
NEW YORK, July 6 —G. C. Mur
phy Co., operators of a national
chain of variety stores, today re
ported June sales jumped 17 per
cent to $4.3*7.795 from $3,758,316
in June last year. Sales for the
first half of the year totaled $22.-1
568.660, or 12.9 per cent more than |
$19,989,489 In the comparable 1939
period. I
U. S. Industry Faces
Busiest Summer
In Ten Years
Huge Defense Orders
And Freer Spending
Assure Activity
Associttea Prets Business Writer.
NEW YORK, July 6—Riding a
rising tide of war orders and retail
trade, the Nation's industry seemed
headed today for the busiest sum
mer in a decade.
Factories and merchants, business
sources reported, faced a powerful
combination of huge Government
orders for battle equipment and
freer spending by Mr. and Mrs.
Average Consumer for clothes,
household goods, automobiles, lux
ury items.
Trade analysts linked the cheerful
ring of cash registers at the retail
counters directly with the stir of
heavy industry at Pittsburgh, Chi
cago. Birmingham, Cleveland and
the war-time production rush in air
| craft, shipbuilding, tool and miscel
| laneous machine making plants.
! Business reports said employment
: in many places was on the upgrade,
with prospects pay rolls would con
| tinue to expand as industry be
comes more extensively engaged on
i the United Stated proposed *10,
000,000.000 defense program.
A quick rebound in steel and other
plants w'as forecast for the coming
week following a holiday let-down
over Fourth of July.
Allowing for the usual Independ
ence Day interruptions of work, pro
longed in numerous factories and
offices through the week end to per
mit workers time off for summer
play, analysts pictured business en
tering the second half of the year at
the highest production level sines
Index Extends Rise.
Up for the ninth consecutive week
! in the recovers’ from the winter and
early spring slump, the Associated
press index of industrial activity
now stands at 105.7 per cent of the
1929-30 level compared with 83 5 a
year ago. It has been climbing from
the year s low’ of 93.6 in April.
Hints of a leveling off in the pace
of improvement, at least for the va
cation period, were noticeable in
late trade data.
Many businessmen were disposed
to move cautiously pending the
heralded German smash against
Peace talk in financial circles, at
its height following the capitula
tion of France, lost much of its
tone of assurance when the Brit
ish Navy pounced on French ships
to prevent them from falling into
Nazi hands.
Business commentators reminded
that a successful German blitzkrieg
against the British Isles might be
felt quickly by American industry
because England's war orders have
| become an important prop for many
plants here.
British Orders Placed.
British purchasing agents an
nounced the placing of $100,000,000
I in additional orders in the United
States, making a total of $1,800,000 -
| 000 since the war began. Most of
this sum is for aircraft, but tha
scope of buying has broadened in
recent weeks, it was indicated. Steel
orders were said to involve about
2.000.000 tons.
The magazine Business Week sug
gested the United States Govern
j ment probably would take over most
British war contracts in event of
a Nazi victory.
j "But the ultimate amount of mu
j nitions business would be diminished
j by the absence of foreign demand,"
' the publication added.
“And with domestic industry abl#
to turn all its attention and re
sources to domestic defense, there
would be that much less urgency
to build new plants and buy new
"Moreover, American business
| men, because of the war in Europe,
have been building up stocks. Once
the end of the war is in sight they'll
change this policy. Businessmen
probably will prefer to let their
stocks run off. So internal orders
within the domestic business struc
ture would drop.”
Tax Plans Feared.
Administration proposals for
steeply graded excess profits taxes
supplemented the German threat
against England in restraining
speculation for the rise in the stock
j market, brokers explained. Trading
I in stocks ebbed to about the lowest
! of the year as the July Fourth
j week-end emptied trading rooms.
' On the other hand the improve
ment in business at home appeared
to have stimulated investment de
mand for bonds. The bond market
j advanced leisurely, but consistently,
while stocks idled.
The rise in rail bonds particularly,
brokers said, acknowledged the defi
| nite turn for the better in that
major industry. With the wheat
! crop moving to market in volume,
rail loadings pushed up to the high
est point since last autumn's spurt
in traffic.
Increased haulage of ore and coal
to meet demands of expanding
heavy industries, notably steel, was
rated the chief force behind the
advance in loadings. The resulting
gain in financial strength enabled
many carriers to plan equipment
purchases and property renovation
in anticipation of industrial needs
when the United States defense pro
gram gets into full stride, probably
some time next year.
Time Element Stressed.
A. W. Robertson, chairman of
Westinghouse Electric & Manufac
turing Co., volunteering his com
pany's services for defense, esti
mated it would take from 4 to 24
months to' get into mass produc
(SeelINDUSTRY, Page B-7.)
Virginia Realty Sales
$1,244,430 for Week
By the Associated Press.
NORFOLK, Va.. July 6—Sales
throughout the State reported this
week by the Virginia Real Estate
Association aggregated $1,244,430,
with a total of 374 deeds recorded.
Richmond led with 128 deeds,
$432,250 consideration; Arlington
had 66 deeds, $373,700 consideration;
Norfolk, 94 deeds. $202,500 consid
eration; Alexandria. 29 deeds, $145,
703 considerations, and Roanoke, $7
deeds. $80,277 consideration.
Although the total in both deeds
and consideration were under the
amounts reported last week, when
426 deeds gave new owners posses
sion of property valued at $1,304,
387. Executive Secretary Otto Hollo
well said business was well up to
the seasonal level.

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