Evening star. [volume], August 06, 1941, Page A-17, Image 19

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

Image provided by: Library of Congress, Washington, DC

                
12 Millions Needed
To Expand V.P. S. Co.,
Board Is Told
Power Company Head
To Confer With Bankers
Today on Refinancing
By thr A>5cnateri Press.
RICHMOND, Va.. Aug. 6.—Wil
liam E. Wood president of the
Virginia Public Service Co., reported
to the Board of Directors yesterday
that population growth in areas the
Utility serves had made imperative
a construction program to cost a
minimum of $4,000,000 for each of
the next three years.
To accomplish this program, he
said, the company needs fresh capi
tal which may be obtained only by
a refinancing plan. One proposal
to this end, by which the company
hoped to refinance its $37,087,000
debt, was rejected by the Securities
ana Exchange Commission last
month.
Criticizes A. G. & E. Interest.
In rejecting the plan, the S. E. C.
criticized the capital structure of|
the company—a sub-holding com
pany in the Associated Gas <fc Elec- |
trie Corp. system—and said it would
order A. Ci fiz E. to show why it
should not dispose of its interest1
in the company.
Mr. Wood explained the conse
quences of the S. E. C rejection to
the directors but reported that the
Federal agency as well as the Vir
ginia Corporation Commission was1
'.'sympathetic" to the needs of the
company. He intends to consult
With a group of New York invest
ment bankers today, he said, in
order to obtain commitments upon
Which a new plan may be submitted
to the S. E. C. for approval.
Reports Earnings Utilized.
Expressing optimism that some re- '
financing plan could be worked out
that would meet with Federal and
State approval, Mr. Wood said that j
the company's earnings at present,
grossed about $1,000,000 a month and
that the service was expanding
rapidly.
He added, however, that all earn
ings above operating expenses were
being poured back into construction
which, even so, was far under re
quirements.
Investing Companies
NEW YORK Aue 6 i.-D.—National As
sociation Securities Dealers. Inc
Bid. Asked.'
Aeronau* See ........ 5 ^ s
Affiliated F Inc _ 2.45 2. HP
•Amerex Hold __ _ 13.25 14 75
Am Bus Shrs _ 2.7 8 3.05
A(n For Inv _ 6.95 7.65
Assoc S*and Oil __ 4 >75 5.625
Axe Houghton Fd 1<*.S4 11.66
•Bankers Nat Inv Corp ... 3.00 3.75
Basic Industry 3.41
•Blair A Co _ .625 1.25
Boston Fund Inc _ 13.62 14 66
British Type Inv _ .10 .20
Broad St Inv _ 21 34 23.07
Bullock Fund _ 12 48 13.6?
Car. Inv Fund __ 2.65 3.3>;
•Central Nat Corp A ' __ 20.oo 22.on
•Central Nat Corp * B"_ 1.00 2 on
Century Shrs Tr _ 23.99 27.95
Chemical Fund . _ 9.52 10.311
Comwlth Invest _ 3.61 3.92
Corporate Trust _ 2.18 _
Corporate Trust AA _ 2.07 _
Corp Tr Accum _ 2.0? _
Corp Tr AA Mod _ 2.47 -_
Corp Tr Acc Mod_ 2.47
•Crum & Forster _2 7 On 29.00
•Crum & Forsr 8'. pf 11 8 • »0
•Crum A- Forst Ins B 39.00 32.00 !
•Crum A* For** ins 7% pf 112 on
Cumulative Tr Sh 4.25
Delaware Fund _ 3 6 49 17.83 1
Diversified Tr C _ _ 3.3«»
Diversified Tr D ___ 4 95 5.60
Dividend Shrs _ 1 no 1.20 i
Eat A How Bal Fd_ 17.82 18 93
Equity Corp ?3 pf _ 19.75 20.50 |
Fidelity Fund Inc _ 16.00 17 22
•First Boston Corp _ 13 375 14.875
First Mutual Tr Fd_ 5.61 6.21
Fiscal Fund Bk Sh _ 2.0? 2.35
Fiscal Fund Ins _ 3.F6 3.57
Fixed Trust sh A _ 8.68
Fdund Tr Sh A .. 3.40 3.90
Fund Investors Inc_15.93 3 7.46 1
Fund Tr Shrs A _ 4 30 5.10
Fund Tr Shrs B _ 3.92
Gen Capital Corp ,_ 26 96 29.01
Ge nInvestors Tr _ 4 43 4.82
Group Sec Agricultural_ 4.91 5.41
Group S^c Automobile_ 3.66 4.04
Group Sec Aviation _ 7.43 8.17
Group Sec Building _ 4.8'.» 5.39
Group Sec Chemical __ 5.92 6.51
Group S"C Foods __ 3.82 4 21
Group Sec M’chandising __ 4.06 5.46
Group Sec Mining 5.17 5.69
Group Sec Petroleum _ 4.56 5.02
Group Sec R R Equip_ 3.55 3.92
Group Sec RR Shrs _ 2.66 2.94
Group Sec Steel 4.70 5 18
Group Sec Tobacco __ 4.23 4.66
Income Found Fd _ 1 W 1 42
Incorp Investors _14.44 lo..»3
Indepedence Tr Sh - 2.05 2.29
Instl Ser Bank Group. _ _ .90 3 .on
Instl Sec: Insurance_ 1.25 1.37
Investment Co Am _3 8.68 20.31
Investors Fd C' Inc _ 9.37 9.5!*
Keystone Custodn B 1 _ 28.60 31.36
Keystone Custodn B 2 - 23.41 25.68
Keystone Custodn B 3 _ _ 3 4.62 3 6.08
Keystone Custodn B 4 _ . 7,18 7.92
Keystone Custodn K l..__ 34.48 15.01
Keystone Custodn K 2 13.54 14 94
Keystone Custodn S 2..__ 11.96 13.16
Keystone Custodn S3 9.22 10.16
Keystone Custodn 8 4_ 3.45 3 81
Manhaf. Bond Fund _ 7.30 8 03
Maryland Fund _ - 71.00 3.90 ,
Mass Invest Tr 38 21 19.08
Mass Invest 2d Fd Inc _ 8.58 9.23
Mutual Invest 8 78 9.60
Nation Wide Sec _ 3.32 I
Nation Wide Voting - 1.08 1.20
Natl Investors __ 5.09 5 48
Natl Sec Ser-Income Ser _ 4.21 4.68
Natl Sec Ser-Bond Ser _ 5.03 5.55
New England Fund _ 3 1.08 3 1 94
N Y Stocks. Automobile __ 4 32 4.77
IY Stocks, Aviation _ 10.40 11.43
[ Y Stocks. Bk Stocks _ 8 06 8.87
r Y Stocks. Bldg Supply.. 5.10 5.62
Y Stocks. Chemical _ 8.28 9.11
1 Y Stocks. Elec Equip . _ 6.81 7.50
i Y Stocks. Insurance __ 10.45 3 1.49
r Y Stocks. Machinery- 7.97 8.77
r Y Stocks. Oils _ 7 72 8 49
\ Y Stork*. Railroad _ 3.37 3.73
7 Y Stock*. R R Equip_ 5 92 6.52
l Y Stocks. Steel . 6.34 6.98
forth Am Bond Tr ctfs __ 40.375 -
:or Am Tr Shares 1953 . 1.95 -
Nor Am Tr Sh 1955 _ _ 2.41 -
Nor Am Tr Sh 1956_ 2.36* -
Nor Am Tr Sh 1958_ 1.94
Plymouth Fund Inc_ .-36 .41
Putnam <G Fund _ 12.33 33.19
Quarterly Income Sh __ . 4*35 5.25
pepub Inv Fund -- 3.34 3. <4
•Schoellkopf-Hut Ar Pom _ .10 .341
Selected Am Sh Inc _ 8.23 8.98
Selected Income Sh - 3 71
Fovereign Invest _ 5.7.5 6.3,
Bpencer Trask Fund_13.15 13.95
S'and Util Inc .20 .23
•State Street Invest_ 62.60 64.50
Super of Am Tr A A - 2.10 -
•Trustee Stand Inv C.- 2.12 -
•Trustee Stand Inv D - 2.01 -
•Trustee St O’l Shrs A- 5.17 -
•Trustee St. Oil Shrs B- 5.27
Trusteed Ant Bk B .45 .50
Trusteed Industry Shrs .7 1 .81
Chlon Bond Fund B _ 16.18 17.69
VS Elec Lt A* Pow A'' 13.625
ITS Elec Lt A- Pow • B” __ 1 53
Wellington Fund 13.05 15.34
'Quotations furnished bv National As- !
goQation of Securities Dealers. Inc . which
state* they do not necessarily reflect actual i
transactions or firm bids or offers, but
should indicate approximate prices, and
unless otherwise indicted, are as quoted by
the sponsors or issuers.
•Not quoted by sponsors or issuers.
Q. What are the tax savings notes
issued by the Treasury?
A. They are direct obligations of
the United States issued in the form
of Treasury notes and are dated in
the month in which payment is
eceived.
Q. Where may tax savings notes
be purchased?
A. Through local banks, from
Federal Reserve banks, their
branches, or direct from the Treas
ury Department.
Note—For complete information
about the new tax savings plan ask
your banker or write direct to the
Treasury Department.
Washington Exchange
SALES.
American Telephone & Telegraph
rights when issued—24 at 1 6-32;
100 at 1 6-32.
Capital Transit Co—100 at 154.
Mergenthaler Linotype—100 at 25;
100 at 25; 20 at 25; 100 at 25.
Mergenthaler Linotype—5 at 24*;;
25 at 24 V
American Telephone & Telegraph
rights when issued—100 at 1 6-32;
11 at 1 6-32; 46 at 1 6-32; 10 at
1 6-32.
Mergenthaler Linotype—26 at 24*;.
Capital Transit Co—113 at 154.
Washington Gas Light common—30
at 21
Reak Estate Mortgage and Guaranty
pld—200 at 7v
Capital Transit Co.—100 at 15'2;
100 at 15 4.
Lanston Monotype—30 at 234.
BONDS
PUBLIC UTILITY.
Bid. Asked.
Am T * T conv deb 3s 56 wi 111) llOVi
Anacostia A Pot ns 1949 __ |ti7U lOSVa
Anacostia & Pot os 1949 _ 113 115
Ana 4 Pot mod 34s 51 . 107 108
Cap Traction 1st 5s 1947. 1044 1054
City <fc Suburban 5s 1948 107 1084
City & Sub Mod 34s 1951 107 109
Georgetown Gas 1st 5s 1961 102 _
Pot Eiec Pow 3Us 1966 108 _
Washington Gas 6s 1960 125 _
Wash Rwy * Eleo 4s 1951 . 108 _
MISCELLANEOUS.
Ter Rf & W Cp 1st 4Us 48- 1004 _
STOCKS
PUBLIC UTILITY
Bid Asked
Amer Tel A- Tel *P) _153*4
Am Tel Sc Tel right wi_1 5-32 1 7-32
Capital Transit (a.50* _15*a 16Va
N & W Steamboat <4) _ *6K _
Pot Elec Pow 6% pf <6)_ 115 _
Pot Elec 5*2% pfd <5.50) __ 115*4
Wash Gas Lt. com (1.50) 2<»3* 211a
Wash Gas Lt pfd <4 50). •K)4,.a
Wash Rv <fe El com <g40) 520 620
Wash Ry A: El pfd <5» 115*4
BANK AND TRUST COMPANY
Ampr Sec & Tr Co <e8> __ 226 233
Bank of Bethesda tt.75) 30 _
Capital <rt> _17<) _
Com A: Savings (y 10.00) __ 32o
Liberty (6> __ __ 1T<» 200
Lincoln <h5) 213
Nat Sav A Tr <4 on) __ 2On 220
Pr Georges Bk A: Tr (1.00) 20 25
Riggs <pK> 26# 280
Riggs pfd «5' loo _
Washington <6) _ 118 _
Wash Loan & Tr <e8) 222 _
FIRE INSURANCE
American (tfj) . _ 125 _
Firemen's (1.40) _ 37 _
National Union (.75)_ 14 _
TITLE INSURANCE
Columbia (k30) 14 _
Real Estate <m6) __ 160 _
MISCELLANEOUS.
Carpel Corp (2.00) _ 18
Garfir.ckel com <70) 10*4 11 *4
Garfin 1 #'# cu cv pfd (1 50) 27*2 29‘-a
Lanston Monotype <1.00» 22*4
Lincol nServ com <U.OO) 17Va
Lincoln Svc 7rr pr pf <3.50) 43*a 47
Mergenthaler Lino «pl.OO*. 24*a . 26
Nat! Mice A: Inv rfd < 35* 434 5
Peoples Dr com new <1.60* 23*4 _
Real Est M A: G pfd (f .50) 6V4 _
Security Storage (4) 73
Trr Ref A: Wh Corp (3) 46*'a 53
Wdwd A: Loth com <s2.00)... 43 50
Wdwd Ar Loth pfd «7) 120
•Ex dividend + Plcs extras, (a) 50c
oai.i so far this vear <e) 2% extra,
(e) 86 00 extra paid December 28. 1040.
(h) 85 00 extra <k> 20c extra <m> 81.60
extra <p> *1 on paid July 25- 1941
<s) 82 on paid in 1040. (y) 810.00 extra,
iw i.) When Issued.
Chicago Produce ’
CHICAGO Aug. 6 <p.—Poultry. live.
12 trucks: hens weak, chickens firm hens.
ov*»r 5 pounds 20; 5 pounds and down.
1 x1 b: broiler 2* 2 pounds and down
Plymouth Rock. 1 f>*2 springs. 4 pounds
uo colored. 18*2: Plymouth Rock. 21:
White Rock. 22: under 4 pounds Plymouth
Rock. 10*3. White Rock. 21; other prices
unchanged
Butter, receipts. 1 316.032: firm cream
ery. 03 score. 35*2.' 92. 35; 91, 34V 90,
centralized carlots. 31V other prices un*
changed. Eggs, receipts. 16.783; firm:
current receipts 25*4: dirties. 24*2:
checks. 23*a storagerpacked extras. 28;
firsts. 27*2; other prices unchanged
(United States Department of Agricul
ture).—Potatoes arrival 31; U S. ship
ments, 243 on track, 142: supplies mod
erate. demand light market steady on
host stock; Colorado Bliss Triumphs. U S. I
No 1 1.90; Idaho and Oregon Bliss
Triumphs U. S. No. 1. 1 00-2.00. Idaho
Russet Burbanks. U S No. 1. 1.80-00:
long white. U. S No 1. 1.70: Nebraska
Bliss Triumphs. U. S No 1. 1.75-85; I
Cobblers. U. S. No 1. 1.25-30: Wisconsin
BliSs Triumphs. U. S. No. 1. 1.50-55.
U. S. Treasury Notes
NEW YORK Auc fi i/Pc—Prices quoted
in dollars and thirty-seconds:
AP.
Pet Mon. Yr. Bid Asked. Yld.
l'« Dec . 1 ‘*41 ___ 102.4 1 02 fi
l3. Mar. 1!I42_ 102.12 102 14 __
2 S*pt., 1042 ___ 103.12 103 14 ..
134 Dec. 1042 103.4 103 fi
•'» Mar 1043 _101 1 101.5
l'a June. 1043 _ 102.3 102.5
1 Sent.. 1043 _ 101.20 101.31 .ofi
1', D“c. 1043_ 102.10 102 12 .11
1 Mar.. 1044 ... 102.2 102 4 .18
34 June. 1044 ... 101.12 101.14 .24
1 Sept.. 1044_ 102.3 102.7 .28
•3« Sept, 10 44 ... 100 15 100 17 .58 i
3« Mar., 1045_101.15 101.17 .32
•34 Dec . 1045 100 13 100.15 ,fi4
• Subject to Federal taxes, but not to
State income taxes.
Boston Wool Market
BOSTON. Aug R </P>.—'United States De
partment of Agriculture*.—Bright fleece
wools were receiving an increased interest
in the Boston market today, but the volume
of business thus far has been rather
moderate. Small quantities of fine delaine
wools have moved at 41 to 43 cents, in the
grease. Scattered carload lots of combing
three-eighths and one-quarter bloods,
bright fleece wools were sold at 45 to 4fi
cents in the grease. A fair demand was
being received on fine territory wools at
steady prices compared with sales closed
earlier in the week.
Federal Land Banks
NEW YORK. Auk. 6 uP).—
Rate—Maturity Bid. Asked.
4s July. 1046-44__ 11 < H * 1103w
3’4s May. 11*55-45_10P'* 1003*
3s July. 1P55-45_ 108** 1087*
3s Jan . 1056-46 _lOf)1* 10934
May 1056-56 IK*1 a ll(*a.«
American Woolen Co. I
Shows 6 Months'
Net of $4,905,625
United Aircraft Corp.
Reports First Half
Earnings of $5,583,350
by the Associated Press.
NEW YORK, Aug. 6.—American
Woolen Co. reported today for the
six months ended June 30 net profit
of $4,905,625 after provision of $4,
648.635 for Federal Income and ex
cess profits taxes, equal to $14.01
a share on 7 per cent preferred
stock on which unpaid dividends
amounted to $79.25 a share.
This compared with $317,851, or
91 cents a share on the preferred
in the like 1940 period.
The company has unfilled orders
totaling over $75,000,000. Presi
dent Moses Pendleton said the
company had awards for $81,215,116
in Government contracts up to
June 30, of which $28,000,000 was
still undelivered.
Sales volume for the first half
of 1941 was $66,000,000, against
$28,000,000 in the same period in
1940.
American Water Works.
American Water Works & Elec
tric Co. showed net income of $3 - j
756.837, equal to $1.09 a common '
share, for the 12 months ended
June 30, against a net of $4,590.
952, or $1.45 a common share in j
the preceding 12 months, explain-1
ing that while revenues were up
greatly increased provision for Fed
eral taxes caused the decline. A 1
company official estimated that |
roughly $6,000,000 in tax provision
had to be subtracted from the $30.
000,000 gross operating revenues of
the first half of 1941. First half
1941 net was $1,890,366, or 55 cents
a common share, against $2,183.
587. or 67 cents a share in the first
half 1940, taxes again explain*
ing the drop, Tie said.
United Aircraft Corp.
United Aircraft Corp. yesterday
reported net income for the first six
months of 1941, after provision of
$20,300,000 for Federal income and
excess profits taxes, of $5,583,350,
equal to $2.10 a share and compared
with first-half 1940 net profit of $6,
228.106, or $2.34 a share.
J. C. Penney Co.
J. C. Penney Co. reported net
profit for the six months ended
June 30 of $7,027,984. equal to $2.56
a share on common stock, compared
with $6,159,511, or $2.24 a share, for
the first half of 1940. Gross sales
for the 1941 period were shown as
$146,727,559. or 17.1 per cent bigger
than the $125,305,223 figure in the
1940 half.
Pure Oil Co.
The Pure Oil Co. and consolidated
subsidiaries reported for the six
months ended June 30 earnings of
approximately $4,900,000 after all
charges, equal to 74 cents a common
share, compared with $4,700,000, or
69 cents a share, in the like 1940
period.
—
Abbott Laboratories.
Abbott Laboratories reported for >
the six months ended June 30 net
profit of $1,018,304, equal after pre- !
ferred dividend requirements to1
$1.31 per share on the common
stock, compared with $1,130,119, or
$1.46 per common share, for the
corresponding 1940 period.
The 1941 figure was after provision I
for $821,587 reserve for Federal In- i
come and excess profits taxes, the j
report stated.
Phelps Dodge Corp.
Phelps Dodge Corp.. copper miners 1
and processors, report net profit
for the first helf of 1941 of $7,014 - '
854. or $1.28 a share, compared with i
$5,804,538, or $1.14 a share, in the j
like 1940 period.
Childs Restaurants.
Childs Co., restaurant chain, re
ported net loss for the first half
of this year of $180,211, compared
with a net loss of $753,647 In the ,
first half of 1940. The 1941 period i
loss was after $80,902 in un- •
amortized cost of improvements ,
to a terminated lease-hold and
after crediting the account with
$57,585 excess principal amount of
debentures reacquired.
Purity Bakeries Corp.'
Purity Bakeries Corp. reported to
day net income for the 28 weeks
ended July 12 was $686,571, or 89
cents a share, compared with $569,
Fifth of Salmon
Pack Will Go
To Military
Bs the Associated Press.
Defense officials announced yes
terday that the salmon industry haa
agreed to make available 1.200,000
cases of salmon, or about 20 per cent
of the current season's pack for the
Army, the Navy and Great Britain.
The agreement was reached at the
conference of salmon canners and
representatives of Office of Price
Administration and Civilian Supply,
the O. P. M„ the Surplus Marketing
Administration and the War De
partment.
223, or 74 cents a share, for the cor
responding 1940 period.
The directors declared a dividend
of 25 cents a share on the com
mon stock, payable September 2
to stockholders August 18.
Directors of Cushman's Sons. Inc.,
subsidiary of the Purity Bakeries
Corp., declared a dividend of $1.75
a share on the 7 per cent cumula
tive preferred stock, payable Sep
tember 2 to stockholders of record
August 18. No action was taken
on the $8 cumulative dividend pre
ferred stock.
Montgomery Ward & Co.
Montgomery Ward & Co. today
reported July sales totaled $48,304,
952, compared with $37,212,720 for
July, 1940, an increase of 29.81 per
cent
Sales for the six months February
through July aggregated $298,089,594,
compared with $241,450,081 for the
corresponding 1940 period, an in
crease of 23.46 per cent.
_ ,
Short-Term Securities
(Reported by Smith, Barney A Co.)
Bid Offer
Ala Gt South "A" fts 43.__ lOR4®
Alleg Corp Cv fts 44 $40 PI
Am Tel & Tel ft‘2s 43 101 5-32 101 12-32
Atl * Char Ry 4>'2s 44 100‘/a J01
Bang Ar Aroostook R R 5* 43- Rft34 *0
Brooklyn Union Gas fts 4ft 11o*4 11«*34
Brooklyn Union Gas fts 4ft 110‘* 110-*
Canadian Pac Ry fts 4 4 3 0ft1*
Central R R of Geor fts 42 4‘»
Childs Co fts 43 _ 41V* 4234
Colo Fuel A Iron fts 43 1 04 1? 104T*
Conn A: Pass Riv R R 4s 43 looJ4
Consolidated Edison 3*4* 40 104‘a 10ft
Suba North Rwys ft1?* 4 2 2114 2212
•elaware A: Hudson 4s 4:$ ft034 ft«7*
Federal L? At Traction fts 42 3 *»1 3«»!T»
Gotham Silk Hosiery fts 40. OR 70
Great North Rv G 4s 4H 302 302*4
Great North Ry H 4s 40 PT1* PR
Inti Hydro-Elec Os 44 3* ;:*J4
Inter Mercan Marine Os 41 RR RP
Lacledp Gas Lieht ft* 42 97** 97‘?
Liggett A: Myers Ts 44 11**4 IIP1*
P Lorillard Co 7s 44 11R3* 1 1R3*
Maine Central R R 4s 4ft R1 R2
N Y Cent A Hud «iv 4s 42 ion3* 101
N Y Trap Rock Hs 40 PH1 a P9
Penr.a R R Co 4s 1P43 10ft>?
PeoD Gas Lr A Coke Os 43 H'0>2 109
Phi la Balt A- Wa*h 4< 43 I071*
Stud*baker Corp Os 4ft 1 «*7 * * li>7‘a
Ter R R Assn S’ L fts 41 IIP7* ll3‘a
Texa* A- N Orleans ft* 43 04 Pft
Untnn Oil of Calif Os 47 103 27-32
Ut*h Power Az Lieht fts 44 inn>2 ini'*
Western N Y & Pa 4s 43 _ 10.V4 10(5*2
Foreign Exchange
NEW YORK Auk « HP —PoreiKn ex
chance noon rates follow ‘Great Britain
In dollars, others m cents):
Canada.
Official Canadian Control Board rare'
for United S’ates dollars buying. 10 per
cent premium: selling 11 per cent premium,
equiva'en* to discounts on Canadian dol
lars in New York of buying 9.01 per cent;
selling. P Op per cent.
Canadian dollar In N*>w York open mar
ker 11 1-10 per cent discount, or KR.93S4
United States cents, down .00*4 cent
Europe.
Great Britain, official ‘Bankers* Ex
change Committee rates), buying 4 02;
selling. 404 open market. Cables. 4 0.1»2.
Latin America.
Argentina, ^official. 29.77 free. 23.93:
Brazii. official, e.Ofin; free, 5.10n; Mexico.
20.70n. '
Far Emit.
Hong Kong. 25 40
Rates in spot cables unless otherwise
indicated
n-Nominal.
Dry Goods Market
NEW YORK Aug 0 up».—’Textile prices
were firmly bid at top levels in restricted
trade today. Demand continued to ex
ceed available yardages
Buyers in Worth Street vainly sought
nearby deliveries as well as forward com
mitments Trade sources said presenf
indications were that caution will rule
cotton cloth transactions for some time
to come
Woolen piece goods manufacturers were
said to have begun shifting considerable
machinery over from fall-winter produc
tion to spring constructions. Capacity
rate of wool was expected to continue well
into the first quarter of 1942.
Rayon sales were curtailed because of
the scarcity of yarn for weaving.
Railroad Net Earnings
CHICAGO. Auk fi <IP.—Railroad? re
porting net earnings for the month of
June today were:
1041. 1040.
Chi . Ind & Louis __ $51,451 $25.630x
-
International Paper
Advances Proposal
For Reorganization
Stockholders Would Be
Proportionate Owners
Of New Company
By the Associated Press.
NEW YORK. Aug. 6—Interna
tional Paper & Power Co. an*
nounced today a reorganization pro
posal under which stockholders >
would become proportionate owners
of a new company. International
Paper Co., with which the present
International Paper Co., a subsid
iary, would be consolidated.
In effect, President R. J. Cullen i
said, shareholders of Paper & Power,!
now a holding company, would own
directly the new paper company and
through it control all assets now!
controlled by the parent firm. The :
new company would be incorporated
in New York.
Mr. Cullen said the holding com
pany's major hydroelectric power in
vestments have been eliminated,
making further existence of Paper
& Power unnecessary.
He called a stockholders’ meeting i
for September 25 to pass on the1
plan, with owners of record August
18 eligible to vote. Approval of
holders of 1,348.218 common stock
purchase warrants also will be nec
essary. Mr. Cullen set their meet
ing for September 24. with holders
of record August 16 eligible to vote.
"No change of substance in the
present interests of any sharehold
ers or warrant holders is involved,
although certain technical changes
are inherent in the change from a
Massachusetts voluntary association
to a New York corporation,” Mr.
Cullen said.
Mr. Cullen said approval of the
program would achieve simplifica
tion of the now-involved corporate
structure and economy in adminis
tration expense and taxes. The
changeover, however, he said, would
involve neither taxable gain nor de
ductible loss insofar as Federal tax
ation was concerned.
-.
Attlee
• Continued From First Page.)
urgent matters connected with the
war."
"Every fresh forward move on
the part of Japan naturally has the
result of bringing China and our
selves closer and closer together.’
.-aid Mr. Eden. "That friendship
and that collaboration with China
will continue and I pray will grow."
He added: "Men and material are
pouring out to strengthen our forces
in the Middle East for their next
forward plunge," and said that these
would “strike their blows for the
independence of the countries in the j
Middle East just as much as for our i
independence."
Britain's one policy toward coun- 1
tries between the Suez Canal and1
the western frontiers of" India, he
said, was a desire to see them “lead
ing their own life in security and
peace ”
Maj. Attlee said Japan's attention
to Thailand "bears ominous resem
blance to that which preceded the
incursion into Indo-China.”
Independent but parallel actions
of the United States toward Japan,
he said, was a reaffirmation of the
coramunity of interests between
Britain and the United States where
liberty is concerned.
“Utmost Vigilance” in East.
Britain is exercising the "utmost
vigilance” in the Far East, he as
serted.
This was especially necessary, he
said, because "the tone of the
Japanese press does not agree with
that of official assurances.”
Maj. Atlee, who is Lord Privy Seal
and sometimes called the deputy
prime minister, declared in his drab
monotone that Britain’s defenses
against invasion were “incomparably
stronger” than a year ago.
Maj. Attlee praised Russia’s “mag
nificent fight,” which he said had
completely foiled German expecta
tions of a quick victory and caused
a postponement but not abandon
ment of plans for an invasion of
the British Isles.
United States material aid is flow
ing to Britain in a stream it never
approached in the World War, he
declared, and terrific blows have
been dealt Axis naval forces and
shipping.
In July 459,000 tons of Axis ship
ping were sunk, damaged or put
out of action, he declared, including
69 ships destroyed or damaged in
the North Sea and Atlantic and 23
ships sunk in the Mediterranean.
He admitted a British convoy had
made contact with German U-boats
in the Atlantic, but declared Ger
man claims of having sunk 116.500
to 140,000 tons were exaggerated by
at. least 350 per cent and perhaps
by 700 per cent.
Maj. Attlee was Interrupted but
once, by former War Secretary Les
lie Hore-Belisha, who inquired
sharply ‘‘Where are the two fronts?”
when the Lord Privy Seal had men
tioned that Germany was now
forced to face both ways in her
battles.
“The east and west,” Maj, Attlee
replied, calmly.
"Where is the one in the west?”
Mr. Hore-Belisha asked. But he
got no reply.
“There are satisfactory features in
the present phase of the struggle
which make it difficult for many of
us to prevent cheerfulness from
breaking in,” Maj. Attlee said. “There
is nothing wrong in being cheerful
provided we do not relax our effort.
We should realize that our better
situation is only comparative * * *.”
Invasion of England. which
seemed imminent last year, has been
"postponed," he said, but added that
"nothing could be more foolish than
to imaging that postponement
means abandonment • *
Claims Not Substantiated.
He referred to the right on the
Russian-German front as a "titanic
struggle.” and said “the Russian
Army and people are putting up a
magnificent fight.”
"It would be very foolish,” he
added, "for any one to attempt to
forecast the outcome of that strug
gle. But I think it abundantly plain
that plans of the German high
command for a rapid victory have
not succeeded.
"As long ago as July 13 the Ger
mans claimed the Stalin Line had
been pierced at decisive points and
that the roads to Leningrad, Moscow
and Kiev were open. This claim
certainly has not been substantiated.
If those roads had been open all
these weeks why have not the Ger
mans marched on their objectives?”
He declared the Russians still held
i the Par North port of Murmansk,
| that attacking forces still had a
' considerable distance to go to reach
the Leningrad-Murmansk rail line
and that the Baltic thrust toward
Leningrad “has made no real prog
ress recently.”
Moscow Road Still Barred.
He declared that despite "tre
mendous fighting now taking place
in the Smolensk area" the road to
Moscow still is barred and Kiev, in
the Ukraine, remains a bastion of
Russian defense.
"It is clear from the communiques
of the German high command that
they have been disagreeably sur
prised by the determination, courage
and fighting quality of the Russian
Army • • It is clear that the
Germans have sustained very heavy
losses In men and material.
we are doing our utmost to give
all possible assistance to our Rus
sian ally • *
Referring to operations a week ago
by British airplanes reportedly based
on an aircraft carrier in the Arctic,
Maj. Attlee said “activities of our
fleet at Kirkenes (Norway) and else
where in the North show how close is
our physical contact with the Russian
forces • • *. An essential feature
of the aid that we can give is not
that it will be spectacular, but that
I it will be effective.”
Of British assistance from the
| United States he said:
“Not only does the stream of
material exceed anything we re
ceived in the last war, but it is
I sent to us under extraordinarily
I generous terms of the Lend-Lease
Act.
I “The visit of Mr. Harpy Hopkins
had for its main purpose the promo
tion of even greater assistance under
this act. '
“Important as is the physical help
we are receiving, no less encouraging
is the sense of spiritual unity be
i tween the English-speaking people.
Atlantic Battle Not Yet Won.
Swinging into a war review of
the battle of the Atlantic, Maj.
Attlee said that it was being fought
“over an immense area extending
far toward the coasts of the United
States and far south in the tropical
seas of Africa," but that Britain's
imports were being “maintained at
a satisfactory figure in spite of all
the enemy's efforts.”
“No one with any Judgment would
contend that we have yet won the
battle of the Atlantic, but we can
say that in this vital part of the
battlefield we are holding our own
• • he said.
“July was a good month. On the
North Sea and Atlantia-Coast we
destroyed or damaged or put out
of action 69 ships totaling 291.000
tons. This does not account for
hits made on small craft, barges,
tugs and the like.
“In the Mediterranean the num
bers were 23 ships totaling 168 000
tons and another 30 ships were hit
and considerabiy damaged."
“Apart from attacks on smaller
units and attacks on warships. 459.
000 tons of Axis shipping were sunk,
damaged or put out of action in
that month.“ he summed up.
He said Britain’s air force in the
Middle East during July "delivered
126 attacks on various targe’s, in
cluding Beirut. Bengasi and Tripoli’’
and “we have lost 285 aircraft v/h’ia
we have destroyed for certain 410
Axis units.”
Depth of Raids Increasing.
In the July air offensive against
the continent “70 attacks were msde
on towns in Germany and 76 on
towns in German-occupied terri
tory” and a “heavy weight of bombs
was delivered with great effect.
These keen blows will be continued
and intensified.”
He said the “depth to which they
penetrate increases as the nights
lengthen.”
Concluding. Maj. Attlee declared,
“the men of many nations now are
fighting alongside us. but there are
millions in Europe who are with us
in a common cause. There is evi
dence of the rising tide of resistance
to Hitler s rule in all the countries
which he has invaded. * • *
"We cannot foresee either the
time or circumstances of our
victory; we cannot tell the trials and
difficulties that we have yet to en
dure. but we known that when
victory comes, as come it will, we
shall have to take a leading part in
helping establish a world of peace
and freedom and social justice.”
Lions Club Holding
Annual Outing Today
1 The Lions Club will hold its an
I nual outing today at Camp Letts,
Central Y. M, C. A. boys’ camp
near Annapolis. George Haines is
chairman of the affair.
A program of outdoor sports will
begin at 2:30 p.m. and supper wd.
be served at 7 o'clock. In addi
tion to medals and gifts award"*
winners of athletic events, ni"
emblems will be given to camjv
—
Man held in Gun Death
John Francis Porter. 43. colorr-’.
400 block of B street S E . died la: - '
night in Casualty Hospital of a bid
let wound in the chest. Police s"id
he was shot yesterday during an
altercation in his home. Another
colored man is being held in con
nection with the case.
Motion picture theaters in Japan
on January 1 totaled 2.086. Tok o
having the greatest number, 317.
London Tin Quotations
LONDON Aug H '/Pi—Tin steady; spot.
£?5fi 15s bid. £257 asked, future. £259 I
35s bid. £2bU 5s asked.
London Bar Silver
LONDON. Aug. « i/P)j—Bar silver, 1
2:iri err . 'Enuivalent. 42 50 cents.'
» *
7/e wM/tuy
2 i TRUST
nd NOTES
APARTMENTS • HOUSES
BISINESS and INVESTMENT
„• PROPERTIES
5a American Company*
80T-15Ui N.W ka.8032
A
It REASONABLE RATES
We Will Buy Sec
ond Trust Notes Se
cured ob Improved
Property. j
TRUST National Mortoafs
UflTFC & Investment Corp. !
nUICu lilt R. T. in. R.W.
NA. MS*
MONEY
for construction loans,
F H A loans and
term loans from 3 to
5 rears in D C and
nearby Virginia and
Maryland
REAL ESTATE MORTGAGE
AND GUARANTY CORP.
1610 K St. N.W.
NAtional 1403
k
Insured
Safety
Plus Liberal Dividends
Open an account here
with as little as $5, and
enjoy the benefits of lib
eral dividends with com
plete safety. Accounts
insured up to $5,000.
Under supervision oj the
United States Treasury
15th. St. and N«w York Avo.
Ml ~~i
.. 1 ■ —
r -- ■■ ■■ ■■ ■
l 1 " ■ J
♦
Mortgage Loans
✓
HOUSES
! APAR TMENTS
BUSINESS PROPERTIES
v
Randall KX. Haoner A Company
tNCORRORATIO ** • /
Nohtoam Loan Cobnmpondint
1321 Connecticut Ave. N.W. Telephone DEcatur 3600
r
1 A
/
HE apartments listed below are under the exclusive
management of the Fred F. French Management Com
pany, famous the country over as owners and operators
of residential properties.
Among the 5,500 apartments operated by the Fred F.
French Management Company there is one to fit every
pocketbook. Whether you wish to live in a penthouse, a
one-room home, a country duplex, or a city apartment
overlooking trees and gardens, you'll find that the Fred F.
French Management Company is readv to serve you.
For your convenience, while u niting to choose your apart- •
ment, there is Hotel Tudor in Tudor City with 600 rooms, each
u ith private bath—transient rates by the day, week or month.
Do this. Clip the coupon below and let us know your
requirements. We will gladly put our representatives to
work selecting an apartment for y ou.There will be se\ eral
to choose from and at a rental specified by you in the
coupon below. There is no obligation—of course.
• •. tA 'ew famous “r€ity
uUtfun a r€ifp”juU3 ead
o^rGtftndr€tm/ut/on 42ndtPlieeJ
This is the self-contained residential develop
ment that offers you private parks . . . quiet
streets ... real country atmosphere ... yet you
are within easy walking distance of Fifth
Avenue shops, theatres, clubs and your mid
town office. Your house phone connects you,
without charge, with a drug store and com
plete market, a circulating library, liquor shop,
beauty parlor, newspaper and tobacco shop.
There are three air-conditioned restaurants.
Maid and valet service available. Eleven fine
buildings offer a wide variety of apartments.
APARTMENTS OF ONE TO SIX ROOMS
FURNISHED OR UNFURNISHED
....Afe.v«.>g£> v ... ...
... a comfUete community
uUtAin ea&y utttt/ciny distance
c^^Hutt ttticct
Located only 3 blocks from Chatham Square,
a short walk from City Hall, Knickerbocker
Village with its twelve story, fireproof build
ings set in gardens and playgrounds, domi
nates the entire section. It is convenient to
all forms of transportation, with residents
enjoying the advantage of traveling, during
rush hours, in opposite direction to the main
flow of traffic. Community activities are
numerous. Designed exclusively for people
of the lower income group, Knickerbocker
Village is under the jurisdiction of the New
York State Division of Housing and rentals
average $12.50 per room.
APARTMENTS OF 2Vi, 3Vi, 4A
AND 5Vi ROOMS
• .. a tnof/ein a/ia tftnrn/
t/eve/c/mten/ on a t-eau/t/it/
94e&/oAe4fai Z£aA* a/
94 oi/c/usUel bounty, iA. 2fl
Every feature of Interlaken Gardens is plan*
ned to give residents greater use of the
countryside. Buildings are only 2 and 3
stories ^tigh, nothing obstructs the lake
view and the sweep of sunlight and air to
every room. Only 14% of the 40 acre prop
erty is built upon thereby leaving 86% or
approximately 34 acres of open country.
Tenants have their own individual garden
plots, the use of the private lake for swim
ming, boating, fishing and skating. You find
in Interlaken Gardens more country life for
less money... more privacy of living ... and
only 32 minutes away from Grand Central.
APARTMENTS OF 2Va ROOMS UP TO fi
ROOMS, INCLUDING 5-ROOM DUPLEXES
i
1010 FIFTH AY E. comer 82nd Street
7 • 9 * 11 • 12 rooms
1140 FIFTH AVE. corner 95th Street
5*6*7 rooms
1160 FIFTH AY E. corner 97th Street
2 • 3 • 4 • 5 • 6 • 7 rooms
16 PARK AVE. corner 35th Street
3 • 4 rooms
17 PARK AVE. rorner 35th Street
1*2* 2V4 rooms
55 PARK AVE. at 37th st. • 4 rooms
34 EAST 518T ST. at Park Avenue
3 rooms
59 EAST 54th ST. at Park Avenue
4 • 5 rooms
125 EAST 63rd ST. at Park Avenue
4 • 6 rooms
....- - -.- ~»
T’. iJ^^i’^.^VV'i.'i'i.N iji.jcujy- J'.j»''. .';■?£ ■'lidw ^t^Oi^ilNV.'"1; Crentlemen: l am interested in an apartment in Ness York.
|MHpinH|Hp S t-€ ”5 I B 3 II ■llll ■■ ■ Number of people in family.
S^t^cA>r,'|WM's^lj|fflg r i* '/'X 1 "* ’' »*V?, ' V •*' y.^i Number of rooms.Rental. !
i kT}T<Tj jiTTulTM niTi7i7r?TiT9H
IfcvTaXSy’: . Location.
M> name is.
Ml address is.
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