Evening star. [volume], July 17, 1940, Page A-19, Image 19

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

Image provided by: Library of Congress, Washington, DC

                
Office Equipment
Sales in U. S. Rise
To Meet Export Loss
Earnings for Most
Large Firms to Top
Last Year, Sources Say
By JOHN L. BECKLEY,
Associated Press Statistician.
NEW YORK, July 17.—Earnings
of office equipment makers are dis
pelling fears of investors over the
loss of important foreign markets
by this industry.
At the outbreak of the war the
loss of export sales, which ac
counted for 25 or 30 per cent of
the industry’s volume, loomed as a
very serious obstacle in the path
of future profits. Since then, how
ever, the rise in domestic demand
for office appliances of all types
has more than counterbalanced the
decline in foreign sales, trade circles
say.
According to information avail
able in trade sources, earnings of
almost all major manufacturers of
office equipment for the first six
months will br larger than a year
ago. Underwood Elliot Fisher Co.,
the only one which has reported so
far, showed net income for the* six
months ended June 30 of $1,073,384,
compared with $860,919 in the first
half of 1939.
For the first five months of 1940
Addressograph Multigraph Corp.
reported profits of $386,006, against
$346,631 in the same period last
year.
The slump which usually hits sales
of office equipment in the hot
months is not as marked this year,
makers say. Usually the second
quarter of the year is the best period
for selling accounting, calculating
and other machines, with the de
mand for typewriters hitting its high
spot in the fall.
This year, however, demand has
been usually well sustained. June
sales of several companies were the
best of the year, and gains are re
ported to be continuing into the cur
rent month.
Exports of the office equipment
Industry have, in the past, accounted
for an unusually high proportion of
total volume. In 1937. the peak year,
foreign sales amounted to approxi
mately $37,500,000, or one-quarter of
production. Last year, however, this
business fell off to slightly more
than $29,000,000 and this year has
dropped another 15 to 20 per cent.
Some analysts wonder whether
office equipment exports will hold
to their present level, which is not
at all bad in view of the extent to
which international trade has been
disrupted. If they should fall, the
benefit of increased domestic orders
would be offset to a greater degree.
C. & 0. June Net
Gains $276,405
By the Associated Press.
CLEVELAND, July 17.—Chesa
peake & Ohio Railway had June net
income of $2,833,730, an increase of
$276,405 over June, 1939, the road
reported yesterday. Net railway op
erating income of $3,528,291 was
up $181,430, and net income the
first six months was $15,714,751, a
jump of $10,315,341 over the same
period last year, when the wide
spread mine shutdown curtailed
loadings for a month.
Carloadings.
NEW YORK, July 17 GP).—Penn
sylvania Railroad handled 114,289
loaded cars of freight in the week
ended July 13, compared with 101.248
in the previous week and 98,750 in
the same period last year, the com
pany announced.
Other loading data:
Prev. Year
July 13. week. ago.
Illinois Central 27,548 23.247 27.247
Southern Pac. 34.611 30,193 34,683
Ches. & Ohio.. 37.268 34.047 34.422
Nickel Plate.. 14.858 14,697 14,365
Pere Mar- 9,414 9,517 8.996
United States Treasury Position
By the Associated Press.
The position of the Treasury July 15, compared with comparable date a year ago:
Recein*q July 15< 194°- July lo. 1939.
fTs!S"~—~:==—-- . itpws assitts
feS'S.iErKaiaa::::::;—;;;;; ■•tfSMStt# U&BMttB
Bs*5}fr*Kflscal year iiS$S:ffi:28
55“™"-“t8 --j7r- 4H6.018.509.8S 481,460.973.69
JK^ iiV.eXDndltUrts- 280,650,062.84 335,390.490.20
SI2rf.cfbt -5-;--- 43,052,366.475.61 40,612,116,666.77
Decrease under previous day_ 8.502.878.40
Gold assets - 20,239,658.416.61 16,179,454.757.13
Keep informed... have The
STAR follow you. Mail or
leave your address at The
Star’s Business Office and
The Evening and Sunday
Star will be mailed to you
with the same dispatch as if
you were in your home.
RATES BY MAIL
Payable in Advance
Daily and Sunday Dally Sunday
» Month.. $1.00 .75 .50
1 Week.. .30 .25 .15
Telephone NAtionol 5000
®fje Cbentng Sc feuttbap fttat
r WHEAT CORN HOGS CATTLE """^OTTON™""
n t _____ Ptt
&— -mu L POUND
*
H39 1940 4939 1940 4939 W* 1939 1940 1939 1940
„«S* *UTI« „HI0ES «»»»
ma. A m
"HOWAtf POUND
ISfc
I'j “ l?39 —I'WT "1939 *9401 ,71939 1940
IQotrNrtl: HU, » ft. OfcMt IWim | 'l7 CVA^-r
COMMODITY PRICES COMPARED—The above chart shows quotations on July 1 and a year ago.
Investors Advised
Not to Hold Money
For Higher Interest
U. S. Could Fight War
On 23A Per Cent,
Harvard Economist Says
B*- the Associated Press.
PALO ALTO, Calif., July 17.—In
vestors were advised today by a
Harvard economist not to hold
money in anticipation of interest
rates going up on a war boom.
Dr. J. Franklin Ebersole told
bankers attending the Stanford
business conference he did not ex
pect to see 5 or 6 per cent interest,
or even 4 per cent.
“I believe the United States could
fight a war on 2?; per cent interest,"
Dr. Ebersole said.
He added that on a basis of sup
ply and demand, he could see no
need to expect an advance in inter
est rates. %
Defense might take a few billion
in extra funds, he said, but Re
serve banks have around $10,000.
000.000 in excess reserves; member
banks another $7,000,000,000, and
the public has about $11,000,000,000
in bank deposits above the amount
needed, even with increased busi
ness activity.
Should prices rise, the Govern
ment might fix rates. He said Eng
land had decided to fight her war
on a 3 per cent coupon rate and the
United States, a richer country,
could get better terms.
Dr. Ebersole said the whole eco
nomic structure—money, plants and
manpower—could be made subject
to conscription, if necessary, and he
advised bahkers to buy long-term
bonds now, co-operate freely and
avoid pressing the Government into
hard-handed action.
-. i
Iowa Southern Utilities
Offers Refunding Issues
By the Associated Press.
NEW YORK, July 17.—Two re
funding bond issues of Iowa South
ern Utilities Co. of Delaware totaling
$12,660,000 were publicly offered yes
terday by a syndicate headed by
W. C. Langley & Co. and Halsey,
Stuart & Co.
They consisted of $10,000,000 first
mortgage^ 4s. due in 1970, and
$2,660,000 general mortgage 412S, due
in 1950. Both issues were priced
at 101.
Radio Exports Gain
Exports of radio sets increased
from $655,679 in April to $779,732 in
May.
British Ordering
400,000 Tons of
Steel Monthly
By the Associated Press.
NEW YORK, July 17.—British
demands for American steel have
risen to around 400,000 tons a month
and orders are expected to continue
at this level for some time, it was
reported in informed quarters today.
A large part of the tonnage will be
shipped to England, but some of the
steel will be sent to Canada and
to manufacturers here which have
contracts for finished articles for
England.
The British purchasing commis
sion is said to have taken over some
of the French contracts for steel,
and makers in Chicako and Pitts
burgh have been given releases on
part of these tonnages.
Allied and British demand boosted
United States exports of steel in May
to over 471,400 tons, valued at $31,
217,379, a record tonnage and value
for the last 20 years. April ship
ments were 391,754 tons, valued at
$29,223,257. In May, 1939, exports
were only 147,760 tons, worth $11,
166,926.
Insurance Stocks
NEW YORK. July IT OP).—National As
sociation Securities Dealers. Inc.:
Bid. Asked.
Aetna Cas (4a) 112 110
Aetna Ins (1.60a) _ 46 48
Aetna Life (1.20a) _ 28 20%
Am Eault (11 xd _ 18% 20%
Am Ins Nwk i%a>_ 12% 14%
Am Re-Ins (1.60a) _ 41% 43%
Am Reserve (1%)__13% 15
Am Surety (2%) _ 46% 4T%
Automobile (la) _ 33% 35%
Balt Amer (.20a) _ T 8
Boston (16a) 583 600
Carolina (1.30) _ 28 30
City of N Y (1.20) _ 22 2.3%
Conn Gen Life (.80)_ 24% 26%
Contin Cas (1.20) _ 32% 34%
Fid & Deo (4) 110 115%
Firemen's Nwk (.40) __ 8% ()%
Frank Fire (la) _ 28% 30
Gen Reinsur (la) _ 36% 38%
Geora Home (la) _ 22% 25
Glens Falls (1.00) _ 40 42
Globe & Ren (%)_ o% 10%
Globe A- Rut _ 11 14
Gt Amer Ins (la) _ 25 26%
Hanover (1.20) _ 25 26%
Hartford Fire (2a)__ 74% 70%
Home Fire Sec _ 1% 2%
Home Ins (1.20a) _ 30 32
Homestead (1) -- _ 17% If)
Knickerbocker <%) xd_ 8% 0%
Lincoln Fire _ 1% 2%
Maryland Cas _ 1% 2%
Mass Bond (3%) _ 50 61
Natl Fire (2) 52 54
Natl Liberty f.20a) _ 7% 8%
New Amster Cas (%)_ 15% 17
N Hampshire (1.60a) _ 43% 46%
N Y Fire (.80) _ 13% 15%
Nor East Ins _ 2% 3%
Nor River (1) ___ 23% 25
Phoenix (2a) 76 70
Prov Wash (la) _ 32% 34%
Rep Ins Tex (1.20a) _ 23% 25%
Revere (P> In (1.20a)_ 24% 25%
Rh Isl Ins _ 2% 4
St Paul Fire (8) 220 230
Sprlnafleld (4%a) _110 113%
Sun Life (15) _ 170 220
Travelers (16) 416 425
U 8 Fid A G (1)_ 18% 10%
U s Fire (2) 46 47
Westchester (1.20a) _ 31% 33%
a Also extra or extras.
Quotations furnished bv National Asso
ciation of Securities Dealers. Inc., which
states they do not necessarily reflect actual
transactions or firm bids or offers, but
should indicate approximate prices.
Chicago Livestock
CHICAGO. July 17 i IP).—Hogs sold
steady to 10 cents lower today with prac
tical top at SO.TO. Cattle were steady to
25 cents lower. Sheep and lambs were
fully steady.
Best wholesale pork loins rose % cent to
17% cents a pound
Choice, weighty steers were again under
pressure and the bulk of the run re
mained unsold.
(United States Department of Agricul
ture).—Salable hogs. 12,000; total. 10,000;
slow; generally steady to 10 lower than
Tuesdays average: practical top, 0.70;
good load. 6.75: bulk good and choice
180-270 pounds. 6.25-65; mostly, 6.50-65;
for 200-250 pounds butchers 270-300
pounds. 5.00-6.35: 'some heavier weights,
5.50-75: most good packing sows, 360
pounds down, 5.30-65; few 6.75.
Salable cattle. 8.500: calves. 1.000: good
and choice medium weight and weighty
steers again under severe pressure; sup
ply liberal; market, on kinds scaling 1.200
Pounds upward, weak. 25. mostly 15-25
down; top. 1.300-pound steers. 11.50: few
loads 10.75-11.40- but bulk weighty steers
unsold: Eastern dressed beef market and
buyers bidding down on strictly good and
choice long yearlings and light steers in
tended for Eastern shipment but general
yearling market fully steady; all trade
light steers meanwhile getting dependable
action; best yearlings. 11.25: heifer year
lings. 10.75; numerous loads, 10.25-50:
cows draggy. especially cutter and com
mon beef cows, weighty sausage bulla firm:
up to 7.40; light bulls dull: vealers, 25
higher at 10.26-75: few selects. 11,00;
stock cattle slow: demand broadened for
heavy fleshy feeders.
Salable sheen. 2.000; total, 3.500: late
Tuesday s spring lambs around 25 lower;
best sorted natives and Westerns, 0.40:
bulk lightly sorted or straight. 9.00-25:
throwouts Western to feeder dealer 8.65
<o: double Texas lightweights in feeders
fresh SJ*9,: today’s trade, all classes fairly
active, fully steady; bulk gaud to choice
"»tlve springers, 0.25-40: new odd lots.
9.50; throwouts ma—i* 7.00 down: one
dotPle Western springers arriving late still
tw? dofble.s. fed Texas yearlings
without sort. 7.50: odd lots fat native ewes,
2ii5"52: bulk with weight, 2.00-60: light
kinds downward. 1.50.
Short-Term Securities
(Reported by Smith, Barney & Co.)
Ala Gt South “A" 5s 43._ 109% ?uf%
Alleghany Corp cv 5s 44 __ 77 78%
Am Tel & Tel 5%s 43 „ 106% 106%
Austin & Northwest 6s 41._ 01% 100
Central Foundry 6s 41 _ 99% 102
Central R R of Ga 5s 42.. _ 54%
Chi Union Station 4s 44__ 105 106
Childs Co 5s 43 _ 41 % 44%
Colo Fuel & Iron 5s 43 . 103 103%
Conn & Pass Rlv R R 4s 43 . . 88%
Cubg North Rwys 5%s 42.. 24 24%
Delaware & Hudson 4s 43.. 49% 51 %
Federal Lt & Trac 5s 42 101% 103%
Grand Rapids & Ind 4%s 41 103
Inti Hydro-Electric 6s 44 49 49%
Internat Mer Marine 6s 41 60% Hi’/,
Laclede Gas Light 5s 42 . 81 82
Latte Erie & Western 6s 41 . 91 94
Lehigh Val Term Rwy 5s 41 46 48
Liggett & Myers 7s 44 123% 124%
JJYC& Hudson River 4s 42 92 93%
K Y & Long Branch 4s 41.. 26 72
Norfolk & Southern 5s 41__ 72% 73%
Pennsylvania Co.. 3%s 41._ loiV,
Sf2n‘Di?1£, Cement 6s 41__ 100% 100%
Penna R R Co 4s 43 _107%
Peoples O LAC 6s 43- 112% 115
Ph>>» Ban & Wash 4s 43.. 109% 109%
Studebaker Corp 6s 45 96 96
Texas A New Orleans 5s 43 74
Union Oil of Calif 5s 44.. 101 101%
Warren Bros 6s 41 . ._ 29 34
Western N Y A Pa 4s 43.. 108 108%
Odd-Lot Dealings
By the Associated Press.
The Securities Commission reported to
day these tiansactions by customers with
odd-lot dealers or specialists on the New
York Stock Exchange for July 16: 2,620
purchases Involving 66.610 shares: 2.606
sales Involving 65.010 shares, including 31
short sales involving 864 shires. *
Coffee Futures
NEW YORK. July 17 OP)_Santos cof
fee futures opened quiet. July. 5.55b;
September. 5.88b: December. 6.88b: March.
8.01b; May, 6.10b. Rio futures inactive.
July, unquoted: September, unquoted: De
cember. 3.98b: Maieh. unquoted. bBld.
6 A,
Cotton Growers Face
Unfavorable Export
Situation
Improvement in Domestic
Business Is Major
Strengthening Factor
By J. G. DONLEY.
(Released by Consolidated News Features.)
NEW YORK, July 17.—Cotton
naturally attracts more attention at
this time of year because as one
season ends another is about to
begin. The cotton year runs from
August 1 to July 31 and all statisti
cal information conforms to the so
called “crop year.”
The outlook is not bright for the
new season, if we take it from the
latest monthly crop comment from
the Bureau of Agricultural eco
nomics, which says: "Cotton grow
ers, soon to harvest a new crop, face
an unfavorable export situation.
Principal strengthening factor is the
prospect of improved domestic busi
ness conditions during the last half
of this year. Domestic cotton mill
activity has increased some from the
low point in late May, and current
ly is at a higher rate than it was
last summer.”
In an earlier release, the B. A. E.
pointed out that, if great Britain
succeeds in preventing shipments
to the areas now under German and
Italian control, practically all of
continental Europe will be lost as
an export market for an indefinite
period. Belgium, Holland, France
and Italy, now included in the
blockaded area, “utilized 2,500,000
bales of cotton in each of the two
years prior to the beginning of the
war last September,” the B. A. E.
estimates.
Min Forwardings Up.
For the cotton year now drawing
to a close the figures on the demand
side of the ledger are more en
couraging than Otherwise. With
only two and one-half weeks of the
1939-40 season to be heard from,
there has been an increase of 1,389,
000 bales in forwardings of domestic
cotton to mills of the United States,
as compared with the like period
of the previous season.
Total forwardings to our mills up
to the end of last week, as reported
by the New York Cotton Exchange,
have amounted to 7,517,000 bales.
That is the heaviest movement on
the domestic mills since the 1936-7
season, which was a record one for
cotton on a number of counts.
Since the war began, comolete
figures have not been available on
forwardings of American cotton to
foreign mills, but figures on exports
to date make good reading. Total
exports have amounted to 6.038.000
bales, as compared with only 3.298,
000 bales at the corresponding stage
of last season—an increase of 2,740.
000 bales. But it is an unfortunate
fact that the increase in exports
during the season drawing to a
close is not to be set down as so
much gain in foreign consumption
of American cotton. In large part it
has been due to the building up of
port stocks in Great Britain and on
the continent, necessitated by the
drawing down of such stocks to ab
normally low levels during previous
seasons.
The cotton problem is accentuated
by the fact that the loss of
blockaded European markets has
come as the climax of a period of
years during which the share of
American cotton in total war con
sumption of all cotton has been
dwindling. And we have lost our
grip on foreign markets at a time
when total world consumption of all
cotton has been rising to new all
time high records. Previous to the
1935-36 season, for instance, the
world had never consumed as much
as 26,000,000 bales in any one season.
But for the past four seasons, total
world consumption of all cotton has
averaged slightly more than 28,600,
000 bales per season.
Foreign Staple Helped.
What has happened is that foreign
grown cotton has reaped the benefit
of increasing world consumption.
In the 1938-39 season, for instance,
world consumption of 11,281.000
bales of American cotton was less
than 4 per cent of the total world
consumption of 28,518,000 bales of
all cotton, with foreign growths ac
counting for more than 60 per cent.
Back in the good old days for our
cotton growers, when the world used
only about 25,000,000 bales of all cot
ton annually, the proportions were
reversed, with American cotton lin
ing 60 per cent of the world’s needs,
and foreign growths content to sup
ply the 40 per cent.
Although our own consumption of
American cotton set a new all-iime
high record during the 1936-37 sea
son, It has yet to push above the
8,000,000-bale mark. Unless we are
going to scale down our production
drastically, therefore, ways and
means must be found to increase
our domestic use of cotton by at
least 20 to 25 per cent. That is the
job king cotton is delegating to
science, and to the merchandiseers
and marketers.
< ■ “
New York Metals
NEW YORK. July 17 m.—Copper
steady; electrolytic spot, Connecticut Val
ley, 10.75-11.50: export, l.a.s. New York,
10,25. Tin steady: spot and nearby. 51.00:
forward. 50.05. Lead steady: spot, New
York, 5.00-5.05: East It. Louis. 4.85.
Zlne steady. PK iron, aluminum, anti
mony. Quicksilver, platinum. Chinese wolf
ramite and domeetic aeheellte unehansed.
Federal Taxes Yield
$5,339,583,925 for
Gain Over 1939
Individual Income
Returns Show Drop
Of About $50,000,000 *
Federal Internal revenue collec
tions for the fiscal year 1840 totaled
$5,339,583,925.46, an increase of
$158,009,972.88 over 1939, a Treasury
Department report made public to
day revealed.
Declines of about $50,000,000 in
individual income tax receipts and
$9,000,000 in excess profits levy re
turns were shown, however. Gains
over the preceding year of approxi
mately $2,000,000 in corporation in
come taxes, $93,000,000 in employ
ment taxes, including the levies on
carriers, and $122,000,000 in receipts
of all other classifications were
noted.
No figures for the District of Co
lumbia, included within the Mary
land district, as yet are available.
The Maryland district reported
total collections of $134,443,137.48,
as against $136,924,366.78 in the 1939
fiscal year, a $2,000,000 decrease.
Component figures were; Corpora
te nincome tax, $21,096,303.48, down
$5,000,000; individual income tax,
$30,919,369.59, down $3,000,000; ex
cess profits, $351,697.56, down $42,000;
all employment taxes, $21,957,047.06,
up $3,000,000; all other taxes, $60,
118,719.79, up $4,000,000.
The Virginia district, on the other
hand, registered an increase in its
total receipts of approximately
$12,000,000 over 1939. It reported
collections of $224,523,066.47, with
subtotals as follows: Corporation in
come tax, $17,110,936.52, up $3,000,
000; individual income tax, $10,082,
795.02, down $734,000; excess profits,
$303,667.62, up $237,000; all employ
ment taxes, $11,306,646.10, up $1,
000,000, and all other taxes, $185,
719,021.21, up $8,000,000.
S. E. C. Admits Evidence
OnW.R.&E. Holdings
The North American Co. has been
given permission by the Secur
ities and Exchange Commission to
present evidence as to its holdings
in the Washington Railway & Elec
tric Co., parent of the Potomac Elec
tric Power Co. A commission ex
aminer now is conducting hearings
on the proposed plan of the company
to divorce itself from some of its
holdings.
The introduction of evidence was
allowed over the objection of Ralph
C. Binford, commission counsel, who
contended that the company in its
integration plan, submitted to the
commission May 16, indicated that it
was interested only in retaining the
system around St. Louis and an
other around Cleveland.
After objection of commission
counsel, the trial examiner recessed
the hearing to present the matter
to the full commission which or
dred that the company be allowed
to present testimony regarding its
local holdings. Later, it was said,
the company will present evidence
regarding all of its holdings in all
parts of the country.
The presentation of this evidence,
it was indicated, may be the fore
runner of a plan of the top company
to fight in the courts the “death
sentence” clause of the holding com
pany statute. It was indicated that
the company has not disclosed
whether it proposes to amend its
original plan, which provided for
holding the St. Louis and Cleveland
systems and disposing of the re
mainder.
Union Council Requests
D. C. Rent Commission
Expecting a housing shortage
here because of the influx of Fed
eral employes engaged in the pre
paredness program, the Industrial
Union Council has called on Con
gress for creation of a rent com
mission to “protect tenants from
unjustified rent increases," it was
announced today.
A resolution passed by the C. I. O.
central body at a meeting Monday
declared that a housing shortage
here is being “exploited by land
lords and real estate agents at the
expense of the people of Washing
ton.” The construction of new
dwellings is not going forward
quickly enough to relieve the short
age, it was said.
The proposed rent commission
would operate similarly to the one
created in 1919 to cope with the
post-war housing shortage. It
served until 1925.
Customs Chief Resigns
To Return to Business
By tbe Associated Press.
Basil Harris of New York resigned
yesterday from the position of Com
missioner of Customs to return to
the shipping business.
Treasury circles expected Secre
tary Morgenthau to promote W. R.
Johnson, present deputy commis
sioner, to the job. Mr. Johnson
previously was general counsel.
Mr. Harris was appointed Com
missioner of Customs last fall so
that the Government could use his
broad shipping experience in meet
ing customs problems arising from
the European war. He accepted the
position on the condition that he
could return to business later.
He was one of the founders of the
company now known as the United
States Lines, of which he will be
again an officer.
Noonan Estate Settles
Tax Suits for $17,242
The estate of John J. Noonan,
pioneer motion picture theater man,
fighter , for reduced streetcar fares
for District school children and hotel
and resort operator, who died here
March 6, 1935, has just settled a
tax controversy with the Federal
Government for $17,242.13, it was
learned today at District Court.
Assistant United States Attorney
William S. Tarver handled the case
for the Government, which disposed
of two suits pending against Mrs.
Alice E. Noonan, executrix of the
estate.
Attorney Martin F. O’Donoghue,
who represented the estate, nego
tiated with the Government for dis
missal of these suits upon payment
of $17,242.13.
I The office of the Secretary of War
must be filled within 80 days after
it is vacated.
Orders Placed
For Speed Train
For Florida Run
By the Associated Press.
CHICAGO, July 17.—Orders /or a
$730,000 streamlined passenger train
for service between Chicago and
Florida, beginning about December
1, were announced today by the
Illihois Central System.
A 2,000-horsepower Diesel-electric
locomotive was ordered from the
Electro-Motive Corp. of Chicago and
seven passenger cars from the Pull
man-Standard Car Manufacturing
Co., Chicago.
The train will be part of a Joint
undertaking of the Pennsylvania
Railroad, the Chicago & Eastern
Illinois Railroad and the Illinois
Central to provide daily high-speed
service between Chicago and Miami.
Government Buying
Given Full Credit
In Steel Survey
National Defense
Program Creates
Bulge in Orders
By the Associated Press.
NEW YORK, July 17.-Award for
49,000 tons of fabricated structural
steel, largest week in more than a
year, is a foretaste of what Govern
ment buying means to the steel in
dustry, “Iron Age” said today in a
weekly survey.
“Not all of this, of course,” the
survey said, “is national defense
work, but a considerable part of the
bulge is accounted for by such proj
ects.
“The bulk of new business now is
running to the heavier products
including semi-finished steel, shell
billets, plates, bars and structural
steel. This trend is likely to con
tinue as the national defense pro
gram unfolds.”
Some steel companies, the survey
noted, particularly those which con
centrated on lighter products, re
ported a slight flattening out in
orders in the past week. Output
for the industry as a whole, how
ever, held unchanged at 87.5 per
cent of capacity.
"For most companies orders have
been moderately in excess of ship
ments and backlogs are not being
reduced except in sheets and strip,”
the publication said.
"Augmenting other expected busi
ness, the British Purchasing Com
mission will henceforth place reg
ularly each week orders for 100,000
to 150.000 tons of steel with Ameri
can mills. Export business with neu
tral countries is dull.
“Electric furnace steel making
capacity, described as ‘the keystone
of the arch' in the defence program,
is undergoing a considerable expan
sion to provide armor plate for
tanks, special quality steels for air
planes, etc. • • * By fall the
electric furnace capacity of the
country will have been enlarged by
at least 300,000 tons annually.
“While scrap prices are showing
more resistance, the decline has not
been checked. The Iron Age scrap
composite price is down 33 cents
from last week to $18.38.”
Foreign Exchange
NEW YORK. July 17 dPI.—The free
British pound dropped another 8 cents to
day In addition to Tuesday's losses follow
ing the sharp run-up at the start of the
week.
Foreign money dealers said the relapse
appeared due to uncertainty concerning
the exact status of the free rate under
latest London rulings establishing the
official price as the only one at which ex
ports can be naid
The Foreign Exchange Committee, mean
while. said it would recommend to the
local money market that when business
in official sterling starts tomorrow it shall
be on the basis of $4.02 buying. $4.04
selling The Bank of England's range is
$4 (13*2-$4.031 j. The lree price is $.'1.7(1.
The Swiss franc hit the year's top price
with a gain of .01 of a cent.
The Canadian dollar remained at 877»
V. S. cents.
Late rates follow (Great Britain in dol
lars. others in cents);
Canada.
Official Canadian Control Board rates for
C. S dollars: Buying. 10 per cent
premium: selling. 11 per cent premium;
equivalent to discounts on Canadian dol
lars in New York of buying 9 91 per cent,
selling. 9.09 Der cent.
Canadian dollar in New York open mar
ket. 12H per cent discount, or 87.62Va U.
S. cents.
Europe.
Great Britain, cables. 3.76: Finland.
2.05n: Germany. 40.10n: (benevolent.
18.05): Greece. .68: Hungary. 17.65n;
Italy. 6.05; Portugal. 3.78: Rumania. .52n;
Sweden. 23.88; Switzerland, 22.72; Yugo
slavia, 236n.
Latin America.
Argentina, official. 29.77: free. 21.75;
Brazil, official. 6.05; free. 5.05: Mexico.
20.35n.
Far East.
Japan. 23.48: Hong Kong. 23.75: Shang
hai. 6.25.
(Rates in spot cables unless otherwise
indicated, n Nominal.
The population of the British Em
pire is about a half billion people.
i
Daily Oil Production
Shows Decline for
Third Week
Institute Also Reports
Drop in Refinery
Operations
By the Auociated Press.
NEW YORK, July 17. —Dally
average crude oil production in the
United States decreased 41,650 bar
rels during the week ended July 13,
marking the third decline in as
many weeks, the American Petro
leum Institute reported. Output
averaged 3,560,750 barrels a day,
compared with 3,529,700 in the cor
responding week a year ago.
Refinery operations and gasoline
production also were down for the
third successive week. Reporting re
fineries operated at 82.3 per cent of
potential capacity, compared with
82.4 per cent the previous week.
Runs of crude oil to stills for the
industry as a whole were estimated
at 3,565,000 barrels daily, against 3,
575.00 the week before and 3,448,000
a year ago.
Gasoline production during the
week totaled 11,368,000 barrels, com
pared with 11,469,000 the previous
week. Gasoline stocks continued
their decline, falling off to 92,372,000
barrels from 93,275,000 a week ago.
At the same time last year gasoline
stocks totaled 79,263,000 barrels.
Imports of crude and refined oils
at principal ports during the week
amount to 1,769,000 barrels, against
2.140.000 the previous week.
Retail Sales Gain
4.7 Per Cent in June
By the Associated Press.
ST. LOOTS, July 17.—The Na
tional Retail Credit Association
reported today total June sales in
30 cities, representing 8537 retail
stores in the United States and
Canada, increased 4.7 per cent over
June, 1939. Credit sales and col
lections also were up 45 and 1.0 per
cent, respectively.
Today's Financial Barometer
NEW YORK, July 17 UP).—Chain
stores shared in the general im
provement in retail trade in June,
Chain Store Age said today.
The index of chain store sales
computed monthly by that publica
tion indicated that June sales
reaohed a level equal to 119 per cent
of the 1929-1931 average for that
month.
This compares with a level of 117
per cent for May and 111 per cent
tor June a year ago.
Washington Produce
BUTTER—93 score, tubs. 29*4: 1-pound
prints. 3qV4: ‘-4-pound prints. 30*,: 92
score, tubs. 28*.; 1-pound prints. 29>.;
V.-pound prints. 29*.; 91 score, tubs.
28*.: 1-pound prints, 29 V,: ‘.-pound
Prints. 29*,: 9n score, tubs. 271.: 1
pound prints, 27*4: ‘,.-pound prints. 28'/,:
89 score tubs. 27V.: 1-Dound prints. 27*4;
V.-DOund prints. 28V«: 88 score, tubs. 27:
1"?rVr'ii-fAiSi5' 2 '<-Pound prints, 28.
LIVESTOCK — Calves. 9; spring lambs,
ri; Pigs. 120-139 pounds. 5.00-5.25: 13o
1 pounds. 5.15-5.30: 140-150 pounds.
?;25-5.50; 150-180 pounds. 5.50-6.00:
i <0-210 pounds. 8.00-8.50: 220-,M0
popnds. 5 75-8.00: 240-300 pounds 6 °5
iimVl0.50?il°w 501 CalVCS' 9-50*10-00:
P “wash i ng ton »y for^Federa I ?S: a tc
graded eggs received from grading sta
}'°ns 1~,: Whites. U. 8. extras.
large_ 20-29; U. 8. extras, mediums, 20V4
-3: U. 8. standards, large. 22-24; U S
standards, mediums. 18-20; U. 8. trades.
OO J?r°wns. u- s. extras, large. 25
-8: U. 8. extras, mediums. 20-23; U. 8
standards, large, 22-24: U. 8. standards,
mediums. 18-20; U. 8. trades. 15-18. For
nearby ungraded eggs: Current receipts:
Whites. 17*4: mixed colors, 18'<j.
LIVE POULTRY—Market steady
FOWL—Colored, all sizes. 15-17: No.
2s. 11-12; Leghorns, 11-12. Roosters. 8-9.
Chickens. Virginia Rocks, broilers and
fryers, all sizes. 17-18; No. 2s. 12-13:
Delaware Rocks and crosses, broilers and
fryers, all sizes, 18-17: No. 2s 11-1°;
Leghorn broilers, all sizes. 14-15. Turkeys,
old: Toms, 10-11: hens. 13; No. 2s. hens
and toms. 8.
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
LvJ Expert Photo Oft wet
|j|Lx Reproductione in
lrPLANOGRAPH
IHI We reproduce advertislnx unt
il II ter. books, maps. etc.. In Mack
■III *?* . white or colors. Ask
■til about our reprint and extra
|Tmp» serriee.
Money for Construction Loans
and
Loans on Completed Properties
(Owner occupied or rental)
Favorable Rata
rmsi deed or tklbi only
GEORGE I. BORGER
643 Indiana At* N.W.
Nan 030#
>-'BUST *0*^
We Will Buy 2nd Trust Notes De
sirably -> Secured on Residential
Property, Reasonable Rates.
National Mortgage &
Investment Corp.
1112 N. T. Aeo. Jt.W.
^ WAMonnl Mil A
INTERSTATE
INSURES
YOUR SAVINGS
•
Dividends on your
savings increase prin
cipal rapidly. Insur
ance up to $ 3,000
naans lull protection
ol that principal. Let
us give you complete
information today.
INTERSTATE
BUILDING ASSOCIATION
Washington Building
13th St. & Now York Ava.
District 8300
Confer
With Us
on the matter of a
First Mortgage Loan
if you are contemplat
ing buying or building
! a home in the District
or in nearby Maryland
and Virginia—or if you
have a maturing trust
to refinance. Loans
will be made on choice
of these plans: §
3-Year Straight Loans
or
Monthly Payment
Loans
Also F. H. A. Facilities
Applications confiden
tially considered—with
prompt report.
B. F. SAUL CO.
; 925 15th St. Na. 2100
Mortgage Loans
HOUSES
APARTMENTS
BUSINESS PROPERTIES
Randall. H. Raonbr a Company
INCOAPOAATIO •* . •
Nomoaob Loan Cobbbto bpbwt
1321 Connecticut Ave. N.W. Telephone DEcatur 3600
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 Ce-operative
uiMiugJlsseciation
P ST. N.W, ORGANIZED 1179