Evening star. [volume] (Washington, D.C.) 1854-1972, July 22, 1940, Image 17

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Evening star. [volume], July 22, 1940, Page A-17, Image 17
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Evening star. [volume] (Washington, D.C.), 22 July 1940. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1940-07-22/ed-1/seq-17/>

Newspaper Page Text

Store Sales Reflect
Using Industrial
imployment
Volumes at Factory
Centers Boosted by
Defense Drive
By PAUt D. GESNER.
Assocltted Press Financial Writer.
NEW YORK, July 22.—Cash reg
isters In retail stores in scores of
Industrial towns throughout the
Nation are jingling louder these
days, taking in dollars from ex
panded pay rolls in industries pro
ducing or getting ready to turn out
defense materials and products for
the Government.
Some plants are working on in
itial orders in connection with $13,
1)00.000,000 of projected Federal de
fense spending, but most peace
lime heavy industries are speeding
nutturn of non-defense orders—
baring down the unfilled contracts
bn corporation books so that the
“green light" may be given Gov
“mment business in the busy days
looming for fall.
Inventories Go Down.
^Merchants by the score have been
Pught asleep at the switch and,
n men’s wear especially. New York
wholesale houses report frantic re
quests for goods to fill rapidlv
emptying shelves. Walking the
bear track of hand-to-mouth pur
chasing since they overbought in
1937. key retail proprietors on every
hand are admitting they under
guessed current demand.
Retail merchants are not the sole
beneficiaries of expanding indus
trial pay rolls, however. All work
and no play makes Jack a dull boy,
the old saying goes, and new pros
perity in factory centers is reflect
ing itself in doubling and tripling
Df receipts at amusement parks,
3og tracks, motion picture theaters,
auto salesrooms, gasoline stations’
beer stubes and ice cream parlors.
Movie Attendance Up.
Especially welcome to film execu
tives has been the quickening of
motion picture attendance. On top
of loss of a large part of the foreign
export market because of the Eu
ropean war, radio and other at
tractions lately had been cutting
Badly into the film business.
Samuel Goldwyn, motion picture
executive, recently estimated movie
attendance had dropped to around
65,000,000 admissions weeklv, con
trasted with 80,000,000 a few years
ago.
Collections of old bills are re
ported improving in some towns
booming under heavier orders for
machine tools, airplanes, merchant
and warships, armor plate and mis
:ellaneous munitions. A large num
ber of recipients of fatter pav en
velopes use part of their first extra
iollars in boom periods to reduce
personal indebtedness.
Credit Sales Watched.
The great fear ol many economists,
however, is that bigger industrial
pay rolls may expand to a dangerous
leak load of installment purchases
:arried by many industrial workers.
When a slight recession follows a
joom period in a town where time
purchases are large, consumer
’redit often not only abruptly col
lapses, to the detriment of stable 1
:rade, but a wave of reclamation of
•efrigerators, vacuum cleaners and
lutomobiles follows.
. Some added pay roll dollars con
tinue to pour at a rapid rate
nto residential construction. Home
luilding for the first half of the
rear ran 7 per cent ahead of last
rear and the biggest since 1929, with
ndications the second half of the
rear will be equally favorable. More
)ver, building of new F. H. A
nsured homes under title II in the
iecond week of this month was 48
ter cent above the like week last
rear, indicating in part the rising
mpetus that heavier pay rolls
lave given residential construction
•ecently.
Retail sales for the year to date
iveraged about 4 per cent above the
ike 1939 period. At industrial cen
ers the past week they ranged from
i to 25 per cent above the cor
•esponding week a year ago.
Jnited States Treasury Position
ly the Associated Press.
The position of the Treasury July la compared with comparable date a year aao
>erlnf, July m. i»4o. July 20, loan.
Bftu-rer:::::—
forking balance lncluded_l_.-_- P70.5.211.20.2.02 2007.740 400 04
ustoms receipts for month_____ 17,701 450 50 ' 1« •» vi <i*>4 4?
teceipts for fiscal year (July 1)_ 221,177.’17.2 02 10.2 doo':>H ?u
xpenditures _501..244..V>1 57 kii ' i 8 270
iroesSSH°pMeXDPndltUreS- ;!4"-1 «7.:«i:55 :0ll.'SI H,"l<i.5 00
nrreadeboviJ'BTevious'day-":'"”::::; 40.«l».052.B7i:«5
rOld assets . . . . . . - . 20.U48.704.100.5010,2<11~,.12ars’io"H7
The Evening and Sunday Star
pii/vivx' brings to your finger tips ac
* xlv,r,IEi curate and complete news of
NAtional local arid world events. Whether
near or far, happenings vital to
;>uuu you Qre brought into your home
with each copy of THE STAR.
ASK for CIRCULATION DEPT.
The Evening fr Sunday Star-75c per month
__ m _ 18c per week
The Evening Star-45c per month
, _ 10e per week
The Night Final & Sunday Star_85c per month
__ 20c per week
The Night Final Star-60c per month
14e per week
The Sunday Star --10c per copy
Wtjt €oentng& £>unbap is>tar
PRICE OF STERLING REVIEWED—The above chart' shows changes since the start of 1930.
Cotton Futures Sag
13 to 15 Points in
Slow Week
Spot Price Declines
More as Harvesting
Season Approaches
By the Associated Press.
NEW YORK, July 22.—Old and
new type July cotton futures con
tracts fluctuated widely before trad
ing in them ceased last Wednesday
but the price movements of new
crop futures calling for deliveries in
October and subsequent months
were much more moderate. The
prices for new crop futures showed
net losses for the week from 13 to
15 points. Spot cotton declined
more in consequence of the near
approach of the harvesting of the
new crop.
Trading interest was low in both
spot and futures markets, reflecting
i the slowness of domestic cloth mar
I kets and the very limited volume
1 of cotton sales for export. Specu
lative interest was restricted by
the European war and uncertainty
j as to Government loan rates on the
new crop.
Loan Rates Awaited.
I The trade has been hoping for
an early announcement of new crop
i loan rates, but it is not likely to be
made until Congress passes the Dill
providing for an increase in the
borrowing power of the Commodity
Credit Corp. It is reported that
there has been pressure from the
South for a loan rate much higher
than that last season, but that au
thorities in Washington have re
sisted such pressure. However, in
view of the political situation the
thought persists in numerous quar
ters that a rate somewhat higher
than last year will be named.
The greatest fear in the trade is
that a large crop or an increase in
the Government loan rate would
bring price control by Government
loan operations rather than by
supply and demand factors.
Tlie domestic crop is entering its
most critical stage. The trade
generally inclines to the view that
the outlook is for a yield per acre
below the average of recent years.
However, it is recognized that if
the weather should be favorable in
the next few weeks yield prospects
could rise to the average level or
even higher. j
Cotton Cloth Lower.
With spot cotton prices tending
downward prices of unfinished cot
ton cloth tended to work lower
last week, but business done in un
finished cloths was hardly sufficient
to test values. It still is thought
generally that a sufficiently large
volume of cloth business will come
forward in the next few months to
maintain mill activity at a very
high level, but users and distribu
tors have not placed large orders.
Bituminous Output
Up Sharply in Week
The National Coal Association,
from incomplete carloading reports
from the railroads, estimates bi
tuminous coal production in the
United States for the week ended
July 17 as approximately 8,200,000
net tons. Production for the cor
responding week, 1939, 7,007,000
tons; 1938, 5,732,000 tons. Percentage
of increase, 19^9, 17 per cent; 1938,
43.1 per cent.
The teport of the bituminous
coal division of the Department
of the Interior shows production
of 8.132,000 tons for the week end
ed June 29 and 7,120,000 for the
week ended July 6, 1940.
Production calendar year to July
13—1940, 235,896,000 tons (subject
to revision; corresponding period
1939. 174,188,000 tons; increase, 35.4
per cent.
Washington Exchange
SALES—AFTER CALL.
Capital Traction 1st 5s—$500 at
101'2.
BONDS
PUBLIC UTILITY.
Bid Asktd.
Anacostia A Pot 5s 1949 _ lOO'j 102
Ana & Pot guar 6s 1949.. 107 _
Cap Traction 1st 5s 1947.. lul'a
City &- Suburban 5s 19H1 101‘j 103
Georgetown Gas 1st 5s 1961 115
Pot Elec Pow 33*s I960 .. lOH’a _
Washington Gas 5s 1900 124
Wash Rwy * Elec 4s 1951. 10734 1o8',2
MISCELLANEOUS
Col Country C 1st 4'/«s 1957 103
Ter R1 A W CD 1st 41,4i 1948 100 „_I
STOCKS
PUBLIC UTILITY.
Amer Tel & Tel (91_ 159'j
Capital Transit (t 25) _ 12 13V4
N & W Steamboat (4) _ 55 70
Pot E! Power Hr„ pfd (6) _ 113 115
Pot E] Pwr 5'»'<■ Pfd (5.50) 113
Wash Oas Lt pfd (4.50)__ 104 105
Wash Gas Lt com (1.5n>__ *24 26
Wash R* * El com (g3ti)__ 750 _
Wash Ky & El pfd (5) ... 110 _
BANK AND TRUST COMPANY.
Amer Sec & Tr Co (.8) _ 225
Bank of Bethesda (t75)_ 30 38
Capital (v4> 165
Com & Saving* tylO.OO)_ 300 ~ __
Liberty (61 168 180
Lincoln (y6) _ 200
Natl Sav & Tr (4 00) 195 220 "
Pr Georges Bk it Tr (t.60) 19 25
Riggs <e8) __ _ _ 240 285
Riggs pfd (5) _ *100'a
Washington (6) _ 120
Wash Loan A Tr ((8)_*223 ZZZZ
EIRE INSURANCE
American (till __ _ »no
Piremen's (1.40) _ 26'/«
National Union (.75)_14 III.
TITLE INSURANCE.
Columbia (k.30)__ 14 li
Real Estate im6)_160 _
MISCELLANEOUS.
Carpel Corp (2.001_ 24 29
Garflnckel com (.70) 8% 10
Garfinckel 6 . cu cv pf (1.60) 24 . .
Lanston Monotype (2.00) . 28 30
Lincoln Serv com (tl.OO)_ 18 22
Line Svc 7(7> pr pf (3.50)__ 48 52
Mergenthaler Lino (.50) 15 15'a
Natl Mtee A Inv pf id.20). 3J« 4'<
Peop Drug com new (tl.OO 17'a
Real Est. MAG Dfrt (.50). 5y« 6V«
Security Storage (5)_ 84 . _
Ter Ref Sc Wh Corp (3) 53 80
Wdwd A Lo»h com (s2 00) 40 62
Wdwd it Lothrop pfd (7).. 112 _
•Eg dividend.
vPius extras, d 20c paid June 15. 1940.
6 $14 no extra paid December 23. 1939. k
20c extra m $1.50 extra, p 50c paid
September 20. 1938. s $2.0(1 paid in 1939.
t 2oc paid July l. 1940. v$l.oo extra paid
January. 1940. y $5.00 extra.
Short-Term Securities
(Reported by Smith. Barney & Co >
Bid Offer.
A! Gt South "A'’ 5s 43.. 109% 11(1%
Alleenany Corp cv 5s 44 ._ 83% 87',
Amer Tel * Tel 5%s 43 . 106% 106%
Austin & North 5s 41_ 91 % 95
Central Foundry Hs 41_ 97 190
Cen' R R of Ga 5s 42 „ _ 54%
Chicago Union Sta 4s 44. 105 106
Childs Co 6a 43 ___ 41% 44%
Colo Fuel & Iron 5s 43 103% 104%
Conn Ac Pass Rlv R R 4s 43. . _ 8R%
Cuba North Rwys 6%s 42. 24 28
Dela & Hudson 4s 43_ 49% 50*4
Fed Lt Ac Tract 5s 42 .. . 102 103%
Grand Rapids Ac Ind 4%s 41 103 103%
Inti Hydro-Elec 6s 44 __ 49 49%
Inti Mer Marine 6s 1941__ 62% 64%
Laclede Gas Light os 42 . 82 % 85
Lake Erie Ac Western 5s 41. 91 94
Lehigh Val Tm Rwy 5s 41. 4! 48
Liggett Ac Myers 7s 44 123% 124
N Y Cent Ac Hud Riv 4s 42 92 93
N Y & Long Branch 4s 41_ 25 72
Norfolk At South 5s 41 ... 72% 74%
Pennsylvania Co 3%s 41 — 101 10]%
Penn-Dixie Cement 6s 41_. 100% 100%
Penn R R Co 4s 43 107%
Peo Gas Lt At Coke 6s 43— 112% 114%
Phila Balt At Wash 4s 43 ... 109% 109%
Studebaker Corp 6s 45 ... 95% 97
Texas Ac New Orl 5s 43 ... 76
Union Oil of Calif Rs 42— 109% 111%
Utah Power Ar Lt 5s 44.__ 101 101%
Warren Bros 6s 41 _ 30 34
West N Y At Pa 4s 43_ 108 108%
Foreign Markets
LONDON. July 22 Mb.—The stock mar
ket continued to mark time today as
traders awaited tomorrow's important mes
sage to Parliament on the budget. Such
activity as there was centered on home
rails and African golds. In rhe rail group
some price gains ranged to 5 joints. Sup
port for golds came both from London
operators and from Cape Town. Industrials
showed a few small gains. The gilt-edged
list was oulet and slightly lower.
Liverpool cotton futures finished un
changed to 11 points lower toaay on scat
tered liquidation and hedging against
outside growths. Easiness in overseas
markets tended to restrict buying.
Prices Remain Steady
In Quiet Foreign
Exchange Market
Pound, Swiss Franc
And German Mar1;
Are Unchanged
By the Associated Press.
NEW YORK. July 22.—Trading
was quiet and prices steady in the
foreign exchange market today as
dealers awaited the expected Ger
man thrust at Britain. The free
pound was unchanged, as were the
Swiss franc and the German mark.
The Canadian dollar held at 88.75
United States cents.
Late rates follow (Great Britain
in dollars, others in cents).
Canada:
Official Canadian Control Board rates
lor United States dollars: Buying. 10 per
cent premium: selling. 11 per cent pre
mium equivalent to discounts cn Cana
dian dollars in New York of buying. 9.81
per cent: selling. 9.09 per cent
Canadian dollar in New York open mar
ket 11'4 per cent discount, or 88.7 5 United
Sta'es cents.
Europe:
Great Britain, official (Bankers' Foreign
Exchange Committee ratesi. buying. 4.02:
selling. 4.04: open market, cables. .190:
Germany, 4O.10n: (benevolent). 18 80
Finland. 2.05n: Greece. .88: Hungary,
17.85n: Italy. 5.05: Portugal. .7,78: Ruma
nia. .52n; Sweden. 2.'l.88; Switzerland,
22.7.7: Yugoslavia. 2..75n.
Latin America :
Argentine official. 29.77; free. IS
Brazil, official. 8.05; free, 5 05; Mexico.
JO.SOn.
Far East:
Japan. 2.1.48; Hong Kong, 2,7.90: Shang
hai.
(Rates in spot cables unless otherwise
indicated.) n Nominal.
Insurance Stocks
NEW YORK. July 22 Mb.—National
Association Securities Dealers, Inc.:
a . „ , Bid. Asked.
Aetna Cas (4a> 112 116
Aetna Tns (l.HOa). _ 45s. 473,
Aetna Life (1.20a)_ 28 2«>4
Am Equit (1 1 18', ]u34
Am Ins Nwk ('2ai_ ]2la 14
Am Re-Ins (l.HOa)_ 41*4 43>a
Am Reserve (le)_ 15 lii>.
Am Surety (2’a) __ . __ 453, 473,
Automobile (lai _ 331* 3514
Balt Amer (,20a)_ o3* 73
Boston (1 Hai _6811 508
Carolina (1.30) _ _ 28 "pii
City ol N Y (1.20)_ 2P* •”314
Conn Gen Llf ( 80)_ 24', 26',
Conltn Cas (1.20). 3"), ;tii.
Fid A Dep (4» 107 113
Firepi s Nwk (.40)_ 8 Ht4
Frank Fire (lai _ 2« 20 Vi
Gen Reinsur (la) _ 3714 30'a
Gcor* Home (lai __ 22'a "5
Glens Falls (1.60)__ 4()V* 42U
Globe A Rep (M _ fl 10
Globe. A Rut _ 11 14
Gt Amer Ins (la)__ 25 V* 26*4
Hanover (1.20) _ 25 26',
Hartford Fire (2a)_74 76
Home Fire Sec _ 1'4 2<4
Home Ins (1.20a)_ 203* 3P4
Homestead (1) _ 17 I8>a
Knickerbocker Cj)_ 834 p3,
Lincoln Fire _ p* •>(_
Maryland Cas _ p, 25*
Mass Bond (354) _ 50 61
Natl Fire (2) _ 61 '4 6 3 Vi
Natl Liberty (20a)_ 7*4 S'i
New Amst Cas (5*i _. isva 17
New Hampshire (1.60a).. 44 46X4
N Y Fire (.80)- 13V4 15
Nor East Ins _ 25* 33i
Nor River (1) _ 2354 25V4
Phoenix (2a 1 _ 75 70
Prov Wash (la) _ _ 3.7 35
Rep Ins Tex U.20a)_ 24 25V4
Revere (Pi In (1.20a)_ 23*4 25
Rh Isl Ins __ _ 2Va 4
St Paul Fire (8)_ 220 230
Sprinxfleld (4'aa) _lnPVi 113
Sun Life (15) _ 170 220
Travelers (16) . _ 407 417
ti S Fid A G (1)_ 1834 20
U 8 Fire (2) _ 4534 475*
Westchester (I.20a) _ 3154 3354
a Also extra or extras.
e Declared or paid so far this year.
Quotations furnished by National Asso
ciation of Securities Dealers. Inc., which
states they do not necessarily reflect actual
transactions or firm bids or offers, but
should indicate approximate prices.
Money Market
NEW YORK. July 22 OPi.—Call money
steady. 1 per cent. Prime commercial
paper. *i per cent. Time loans steady
60-00 days. 1V4; four-six months. 1*4 per
cent. Bankers' acceptances unchanged,
60-00 days. Va-,T4 per cent; four months.
1 * - Va per cent; five-six months. »«-,*. per
cent. Rediscount rate. New York Reserve
Bank. 1 per cent.
Free to
Executives
and Investors
21 Bank and Trust
Company Statements
A reprint of reports of con
dition of 21 Banks and Trust
Companies of Washington,
D. C., and vicinity as of
June 29, 1940, which ap
peared in The Evening Star.
Invaluable reference book
let. Free on request to Ex
ecutives and Investors. Ad
dress Advertising Director,
atyf Etmttttg &tar
s
:
!
ON IMPROVED D. C. AND
NEARDY MARYLAND
PROPERTY
For buying, rebuilding or refinancing at pre
vailing rates of interest.
Loans repayable monthly.
No charge for'appraisal if ioan is not made.
Interest charged only on unpaid balance of
principal.
Equitable Co-operative
Ruilding Association
915 F ST. N.W. ORGANIZED 1879
Money Circles Wait
In Suspense Over
Battle of England
• Vast Economic Fortunes
•.
Seen at Stake in
Coming Fighting
By Frederick Gardner,
Associated Press Financial Writer.
NEW YORK, July 22.—Seeing
vast economic fortunes at stake in
the battle of England, Wall Street
has waited with anxious suspense
for a decision in the test of strength
between the two greatest industrial
powers of Europe.
The stock market—regarded in
financial circles as the best barom
eter of shifting economic currents
—has had an air of breathless ex
pectation the last month.
Since the fall of France share
prices have varied little in contrast
with a strong climb in retail trade
and factory production under the
stimulus of the $10,000,000,000 de
fense program and British war pur
chases in this country.
While many factors enter into
stock speculation, most market
commentators seem to agree the
chief cause of the suspense is the
desire of traders to wait for the
threatened Nazi lightning blow
against the British Isles.
Sharp Contrast Seen.
Rarely has the financial district
seen such contrast between stock
market and business trends. Lead
ing industrial indices have risen to
the highest levels for this season
since 1939.
At a time when industry usually
is curtailing for the vacation in
peripd. payrolls and employment
have been gaining at many indus
trial centers.
Actual or expected increases in
Federal taxes on corporate profits
are blamed in part for the re
luctance of investors to buy stocks
on the climb in business. But these
are held to be secondary compared
with the prime importance at
tached to the battle of England.
The financial district —closely
tied since Colonial days to the
financial system centering at Lon
don—senses that history-making
economic changes may be in store
for the world if England goes down.
Chancellor Hitler’s speech last
week, forecasting a war of anni
hilation unless England came to
terms, kept the attention of the
market focused on the struggle be
tween two mighty industrial pow
ers. Even such an historic event
at home of the nomination of Pres
ident Roosevelt for a third term
took a back place in Wall Street
comment compared with the em
phasis placed on the battle of Eng
land and the economic stakes in
volved.
Just as one item of immediate
consequence, business analysts cited
the scope of British war purchases
in the United States. England's
buying agents were estimated to
have placed more than $2,000,000,
000 in orders here, largely for air
craft, since the start of the war.
Trade Future Debated.
However, from a longer term, the
contest was discussed mainly in
light of what might happen to the
United States’ foreign trade and
the system of free exchange of goods
and services on a broad scale in the
world markets built up before to
talitarian regimes rose to challenge
old trade concepts.
Taking first place among the
United States’ foreign markets and
sources of supply have been Eng
land and her dominions and posses
sions, comprising the British em
pire trade area. Since the closing
of the European continent to Amer
ican trade, exports to England, Can
ada and other empire markets have
assumed an even larger relative
place in Uncle Sam’s trade.
Also taken into consideration
were the United States’ big invest
ments in Canada and other sec
tions of the empire and the organ
ization of the Western Hemisphere's
economy to supply raw materials
and food to industrial Europe.
There has been a lot of talk in
Wall Street of a few highly self
sufficient economic areas emerging
from the proposed “new orders’’ in
Europe and Asia, including a con
tinental system dominated by Ger
many. But such talk Is qualified
with the big “If” of the moment
in the financial district—If Hitler
wins the battle of England.
Defense Helps Business.
Whatever the outcome of the
fight, many Wall Streeters assumed
business in the United 8tates for
many months would be dominated
by large-scale defense spending.
Trade reports indicated hundreds of
millions of dollars In military con
tracts for construction and supplies
placed in recent weeks have begun
to stimulate trade in many places,
with the peak yet to come.
A quick decision in the battle of
England, analysts forecast, might
precipitate an abrupt letdown in
production in the United States by
checking further inventory accumu
lation and interrupting British war
purchases here.
In the long run, analysts argued,
the slack may be taken up as the
defense plans move ahead. But few
were good enough to speculate on
what may happen to post-war for
eign trade trends, particularly if
England bows to the totalitarian
sway.
Brokers said the smallest stock
market dealings in many years
while business climbed toward 1929
levels reflected this puzzling over
what the future holds for the open
market place after the battle of
England has been decided.
Defense Drive Creates
Problem for Invesfors
Sped?! Dispatch to The Star.
NEW YORK. July 22.—A serious
enigma confronts investors in con
nection with the huge preparedness
program to which the Government
is committed which makes it im
perative for them to increase their
incomes in sufficient measure to
absorb the higher costs of living and
higher taxes, both of which are un
avoidable certainties, writes Louis
Guenther in the current issue of the
weekly Financial World.
Mr. Guenther predicts a coming
industrial boom based upon a 14
billion-dollar defense expenditure.
Investors’ incomes can be adjusted
to the future situation by choosing
equities in the form of dividend
yielding stocks in the country’s
soundest corporations with well
establsihed earnings records, he says
—corporations with enterprising and
aggressive managements and which
are engaged in industries that should
directly or indirectly benefit from
defense preparations.
Thus, investors would best guard
themselves against capital deprecia
tion and fortify themselves to meet
the increased taxes with which they
will be assessed.
Early Apple Demand
Is Strong in South
Special Dispatch to The Star.
WINCHESTER, Va„ July 22.—
Large quantities of yellow trans
parent and other early apples have
been shipped by truck to Florida
and other Southern States from
this area the past two weeks, and
those of the commercial growers
who gave space to such varieties In
planting orchards some years ago
feel quite well repaid for the ven
early crop this year has been
one oi the largest in many years,
and excellent prices have been ob
tained for the fruit. It was the first
time in recent years, growers said,
that so many apples had been sold
during July in the Far South. There
was also a large and active demand
for the summer fruit in the Middle
West and Northern States.
• Prompt Sorvieo
Monthly Payment Loans as
low as $6.33 per $1,600, per j
.month. k
L CONSTRUCTION A
^ LOANS
^ F. H. A. LOANS
BOSS Gr PHELPS
MORTGAGE CO.
Loan Correspondent
Jonn Hancock Mutual Life Ins Co
1417 K St- N W NA. 0300
LOANS FOR
NOME BUYING
BUILDING AND REFINANCING)
A MANGE a Colambia Federal
long-term loo* end hove
immediately tke koma financial
fund* yaw need.
Loan available in D. C. er
* Prevailing noorby Maryland and Virgin!*.
Interest ,
Rote • Small monthly pay
merits.
• No red tope or wait*
ing.
■UHlIAHDBil
716 11th Street N.W. NAtional 6543
real estate LOANS
We Have ample funds to advance on
Improved property In the District of
Columbia and nearby Maryland and
Virginia. Interest rates are low; easy
monthly payments. No commissions
or renewal charges.
IIIT1EKI LIBERTY
mum ASSOCIATION
Eitabliihtd 49 Ysmrt
511 SEVENTH STREET N.W.
NA. S1T1
i Mfnntrn« radar* 1 h«m a*»ir
MX.flUU.HB „ c B,|Mtag Lom Lm|W
V. 8. ■>▼!>(* and Lmi Ua|M
Vnier SuptrvMen V. S. Trfnry
Steel Rate to Jump
To 88.2 Per Cent
In Current Week
Institute Report Cites
60.6 Per Cent Pace
Of Year Ago
By the Associated Press.
NEW YORK, Julji 22-Steel
operations in the current week will
be at the rate of 88.2 per cent of
capacity, the highest since last De
cember 18, and an increase of 1.4
points from last week’s rate of 86.8
per cent, the American Iron and
Steel Institute reported today.
A month ago operations were at
the rate of 86.5 per cent and a year
ago 60.6 per cent. This is a third
consecutive weekly rise since oper
ations were resumed after the
Fourth of July shutdown.
CLEVELAND, July 22 <;P>.—Orders
for certain steel specialties have
slackened somewhat, but unfilled
business still is enough to sustain
heavy production for an “extended
period.”
This was the appraisal today of
the magazine Steel, which noted:
“Domestic buying still is active,
but in some cases—principally in
lighter products—previous heavy
coverage is causing consumers to
withdraw at least temporarily from
the market.
“Improved, demand from several
sources is indicated for coming
weeks. These include the automo- I
tive industry, railroads, building and !
heavy engineering construction and
the defense program.
“Large lots of plates, shapes and
pilings will be required for pending
and prospective construction work,
an important part of which has
some relation to preparedness meas
ures.
“Orders for manufacture of de
fense equipment still are relatively
light, although aircraft builders
and Government shops continue
important outlets for certain steel
products, particularly specialties.
“British purchases continue to
dominate export business, orders
having expanded further so far
this month. Demand from South
America has been sluggish lately.
"Iron ore shipments continue
close to the carrying capacity of
lake vessels. Mills continue inac
tive in scrap buying, pending ab
sorption of material on previous
orders The steelworks scrap com
posite was off 41 cents last week
to $18.42.”
Federal Land Banks
NEW YORK. July 22 (JP).—
4s July, 1946-44_110%
3V«« May. 1955-45_ 106* 107*
3s July. 1955-45.. 195* 106
3s Jan.. 1956-46_ 105* 106*
3s May, 1956-46_ 105* 106*
Money for Construction Loans
and
Loans on Completed Properties
(Owner occupied or rental)
Favorable Rata
nui oun os rnusi onli
GEORGE I. GORGER
OPEN AN ACCOUNT
Where Your Savings
ARE INSURED
Save at Interstate
and enjoy the advan*
tages of high earning
power and utmost
safety for your invest*
ment (every account.
up to $8,000 fully
insured). Ask for
the complete facts.
INTERSTATE
■UILDIN9 ASSOCIATION
Washington Building
IStfc Si. a Mow York An.
Tobacco Farmers Cheery
By Vote for Control ^
■r the Associated Press.
ATLANTA, July 22.—Bright-leafr
tobacco farmers looked today ‘ t*
their better than 4-to-l approval^
of Federal control of their crops to
help bolster prices from last year’s
sag. -t
Producers in six Southeastern
States expressed themselves Satur
day overwhelmingly in favor of
Government restriction for three
years.
In Georgia, 84.7 per cent of those
voting favored control; in North;
Carolina, 86 per cent; South Caro
lina, 88.7; Virginia, 76.5, and
Florida, 87.9.
Eighty-four farmers in seven •
Alabama counties where the crop is
still in the experimental stage were
unanimous for the Government
plan.
In a pre-balloting statement, Sec
retary of Agriculture Henry A.
Wallace told the growers that
quotas would not likely be set be
low the current figures if they ac
cepted the long-range program.
Still more welcome assurance
came from J. B. Hutson. Agricul
tural Adjustment Administration
executive, who said Federal aid
would be directed towards main
taining prices at or above last year's
14.9-cents-a-pound average.
The program adopted consists of
setting up a national quota after it
is determined how much tobacco
may be produced without glutting
markets or creating unsaleable sur
pluses. Land needed to produce
that much tobacco will then be ap
portioned among the growers.
Farmers must remain within their
acreage allotments, but they may
sell all the tobacco they grow on the
allotted land without penalty.
500 Tons <Jf Lead Sold
NEW YORK, July 22 (/P).—St.
Joseph Lead Co. reported 200 tons
of Southeast Missouri pig lead sold
Friday at $4.85 per 100 pounds East
St. Lo^iis, 150 tons at $5.05 New
York and 150 tons at the New York
average.
SAVE MONEY
Her* you cor start with $1.00
to $10,000. It will earn divi
dends payable semi-annually.
Ivery account insured up to
$5/100.00 by a U. S. Govern
ment agency.
SAVINGS & LOJ
No- 1 Colorado Bldg.
NA 7335 o at. at itth it
t*. Branch Takoma Pk.
Convenient
Financing
Arranged
for buying or building ■
home; or taking care of o
maturing trust — in the
District, or in noarby
Maryland and Virginia
through our First Trusts.
Let us know your needs—
and we'll give you prompt
report. Choice is offered
of these settlement plans:
3-Year Straight Loans
or
Monthly Payment
Loans
Also F. H. A. Facilities
All applications confi
dentially considered.
B. F. SAUL CO.
925 15th St. Na. 2100
Mortgage Loans
save Money
r BUyln8 V«» Home on
*lL «*«■ BASIS
«££? ’*'^TiSr* ■of h°«»
a reosonjg^^y omazlna. PereoJS w*
- sS^bSSS
SS^“«fns0l£r«*
,f you have a a'
b onuwc juia^VEWT
Member O?*?1 STREET' N. W. SjJISl,iEASURv'
^ L*°iu??*ry?n Bank *v«*m • ?ATlaNAL 0254
--—

Evening star. [volume], July 22, 1940, Page A-17, Image 17
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], July 22, 1940, Page A-17, Image 17 About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], July 22, 1940, Page A-17, Image 17
About Evening star. [volume] (Washington, D.C.) 1854-1972