Evening Star Newspaper, April 18, 1940, Page 21

FIN FIRST MORTGAGE MONEY aysilable in large amounts at low ot interes: on"business ang TRvestment properties, D0 vicinity. Prompt consideration &iven to all aplications. H. CLIFFORD BANGS 200 Investment Bldg. Met. 0240 Mortoaoe Correspondert Home Life Insurance Co New FIRST %§ TRUST MONEY ©® Low Rates ® Prompt Service Monthly Payment Loans as low as $6.33 per $1,000, per month. CONSTRUCTION LOANS F. H. A. LOANS " BOSS & PHELPS MORTGAGE CO. Loan Correspondent {3hy Hapcock Mutual Life, Ins, Co WITK St NW NA 0300 The Northwestern Federal Savings & Loan Association accepts accounts from $1 to $5,000. Each account in- sured to $5,000. Dividends paid June 30 and December 31 for past 35 years. First Trust Loans Made in Vir- ginia, Maryland % and D. C. at cur- rent rates and long - time pay- ments. No. | ColoradoBldg. Na. 7335—14th & G Sts. N.W Branch Office Takoma Park 70 BUYBUILD RE\‘I\\R e Prompt Action ® No Commissions ® Low Monthly Payments ® Full Prepayment Privileges Established 1861 ORIENTAL.| Bui'ding Association No. 600 F St. N.W., NA. 'IGM Washinston's Oldest Building Ass'n. Under U. S. Supervision Free to Executives and Investors 16 Bank and Trust Company Statements A reprint of reports of con- dition of 16 Banks and Trust Companies of Washington, C., and vicinity as of March 26, 1940, which ap- peared in The Evening Star. Invaluable reference book- let. Free on request to Ex- ecutives and Investors. Ad- dress Advertising Director, The Zuening Star Made at lowest available interest rates, commen= surate with type of se= curity offered—plus the following features: @ All initial costs are definite, and there are no renewal charges at any time. Monthly may be made fo con= form to borrowers’ family income. payments Borrowers have the satisfaction of deale ing h their own local ‘institution dur- ing the life of the loan. ““Home Pro= Special tection Poli (op- tional with borrower) pays off mortgage in case of death. Consult our Loan Department for Further Information. [ Fcoraacty insureo SAVINGS & INVESTMENT: ) DlIstrict 2340 FIRST FEDERAL savinGs anb Loan as$sOCIATION Conveniently Located: 610 13th St. N.W. (Bet. F & G) (No Branch Offices) N $11,976,000 as of the vear end. | cents a share, in the March quarter | Industry is going to have a reason- ANCIAL. Shell Union Qil Corp. Shows Quarter Net 01 $5,314,158 : Result Contrasts With | | Only $478,266 in Same 1939 Period THE EVENING STAR WASHINGTON, D. C, THURSDAY, APRIL 18, 1940. SOURCE OF DATA: COMMERCIAL & FINANCIAL CHRONICLE 7 Refunding lssues By the Associated Press. NEW YORK, April 18.—Shell Un. ion Oil Corp.. American unit of the ! | Royal Dutch-Shell group, reports ' | for the three months ended March 31 a profit of $5,314,158 after charges | and Federal income taxes, compared | with a profit of $478,266 in the like 1939 quarter. The 1940 income, after preierred dividends, was equal to 37 cents a | share on the common stock. | The showing, officials said, rep- | resented a return to more “normal” | profit levels after reduced earnings | in the early months of 1939. Gross | sales for the quarter expanded to $67.006,321, compared with $57,524,- 951 in the 1939 period. Columbia Pictures Corp. Columbia Pictures Corp. reported for the six months ended December 30 net profit of $215,582, after de- | duction of an extraordinary reserve | | of $100,000, equal to 31 cents a share {on common stock. This compared | with net profit of $34.597 for corresponding 1938 half year. Ha Cohn, president, told stock- holders in a letter Columbia “con- tinues in a strong net quick asset position,” with working capital of the | Magma Copper Co. Magma Copper Co., Arizona pm-\ ducer, reported net profit for the March quarter of $341306 before provisions for mine depletion, equal | to 83 cents a share on capital stock. This compared with $245895, or 60 last year. Columbia Broadcasting System. Columbia Broadcasting System and subsidiaries reported net profit | for the 13 weeks ended March 30 of $1.552,031, equal to 90 cents a share on combined class “A” and “B"| stock. This compared with $1,163- 947, or 68 cents on combined shares, in the comparable 1939 period. American Agricultural. | American Agricultural Chemical Co. of Delaware and subsidiaries reported for the nine months ended March 28 a net loss of $104.083 arter‘ depreciation of plants, depletion | and other charges, compared with net loss of $152955 in the corre- sponding period a year earlier. The company, a_fertilizer manufacturer, has plants throughout the South, East and Midwest. North American Rayon. North American Rayon Corp. re- ported net earnings for the 12 weeks ended March 23 of $530.287, equal after preferred dividend require- ments to 90 cents a share on the combined class “A” and “B"” stock. This compared with $324458, or 56 cents on the “A” and “B.” in the comparable period last year. Owens-Illinois Glass. The Owens-Illinois Glass Co. re- ported its net profit for the i2- month period ended March 21 were $8.884.066. This is equivalent to $3.34 on each of the 2661204 shares of stock outstanding as compared to $5.948,560 net earnings in the previ- ous corresponding 12-month period, or $2.24 per share. At the annual meeting yesterday, directors voted a dividend of 50 cents a share payable May 15 to holders of record April 29, a dis- tripution of $1.330.602. American Brake Shoe. American Brake Shoe & Foundry 0. and subsidiaries rcported March quarter net profit, of $582,562, equal 10 66 cents a share on common stock compared with $408 . or 44 cents a share in the 1939 period. Beech-Nut Packing. Beech-Nut Packing Co. for the March quarter had a profit after estimated Federal income taxes of $608.540, equal to $1.39 a share on n stock. This compared with 6, or $1.20 a share in the 1939 first quarter. McGraw-Hill Publishing. McGraw-Hill Publishing Co, ported March quarter net income of $233.580. equal to 39| cents a share, compared with $155,- 723, or 26 cents a share for the same period last year. The company is a national publisher of trade papers and technical books. Granby Consolidated. Granby Consolidated Mining, Smelting & Power Co. reported March quarter profit of $204.848, equal to 45 cents a share, against $102,748, or 23 cents a share in the 1939 March quarter e company'’; properties are in British Columbia. Atlantic R ing. Atlantic Refining Co. and subsidi- aries in a report today for the | Ma quarter showed net profit of $3.1 00. equal to $1.12 a share on | common stock, compared with $538,- | 453, or 15 cents a share, in the 1939 first quarter. Caterpillar Tractor. Caterpillar Tractor Co. reported March quarter net profit of $1,470,- 046, equal to 78 cents a share on the common stock. This compared with $928.118, or 41 cents a share, re- | in the first quarter last year. |Head of Seuboord Oil | Predicts ‘Better Year’ By the Associated Press, NEW YORK. April 18.—The oil | ably good year, “a little better than last,” John M. Lovejoy, president | of Seaboard Oil Co., prophesied at the annual meeting of stockholders | yesterday. “There is a bad statistical situa- tion at the moment in gasoline in- ventories,” Mr. Lovejoy added, “but I do not believe that is going to result in breaking down the price.” | Seaboard Oil net income for the | firsy quarter will approximate that | $ for the same period of 1939, which equaled 32 cents a share on capital stock outstanding, if a non-recur- ring item is excluded, Lovejoy said.l Erie Railway Reports Net Below Year Ago By the Associated Press. CLEVELAND, April 18—Erie Railroad reported today March net railway operating income of $778,- 650, against $939,943 for March, 1938, although operating revenues in- creased to $6,617.673 in the latest month from $6,445535 in March a year ago. An increase of $239,238 in the item “operating expenses and taxes” was responsible for the smaller net. Net operating income for the first three months was $2,458,983, against $2,- 048,733 A New Capital ‘31 'R ‘B First Quarter Oomrrien: 1840 By The Gimen Bobma ) ‘34 '35 SECURITY ISSUES—Chart shows new Ssecurity issues in first quarter of each year by Purpose. New York Capitalists Buy Inferest in Willys-Overland Group Headed by Elisha Walker Acquires Empire Shares By the Associated Press. NEW YORK, April 18.—A group of New York capitalists headed by | Elisha Walker, a partner in the in- vestment banking firm of Kuhn, | | Loeb & Co., have acquired an in- direct interest in Willys-Overland Motors, Inc., it was announced today. Ward N. Canaday, chairman of the board of Willys-Overland, and president of Empire Securities Co., announced that Walker interest in Empire Securities Co., which owns control of Willys-Over- | | land common stock.” Terms of the transaction were not revealed. Neither Canaday nor Walker would amplify the brief an- nouncement. Canaday said it was his personal opinion “that this would be of defi- nite constructive benefit to Willys- Overland stockholders, management and field organization.” Latest available data on Empire are those of the Securities and Ex- ange Commission as of September | 30, 1937, at which time it owned 59 | cent of the common and bre- fe red stock of Willys-Overland Principal stockholders of Empire securities and percentage of Empire capital stock owned by each as of that date were as follows: Ajax Investment Co. (controlled by C. O. Miniger, a Willys director, and daughter)—12.04 per cent Claytona Co. Ltd. (controlled by Isabel van Wie Willys)—15.05 per cent. Hydeborn Corp. (controlled by Empire Securities)—12.04 per cent. Ward M. Canaday (chairman of | Willys board) —8.26 per cent. Ward M. Canaday, as trustee un- der various trusts—25.82 per cent. George W. Ritter (Willys secretary and counsel)—10.24 per cent. Investing Companies NEW YORK sociation Secur il 18 P - Dealers, Fa0 11.81 391 10.50 un Can‘Tny Fund Chemical Fun Comwith Iny Corporate Trust Corporate Trus Corp Tr Accum Gorm consolidated | “and some | | of his associates have purchased an | Customers’ Men Ask Revision Of S.E.C. Act By the Associated “ress. NEW YORK, April 18 —Review and possible revision of the Secur- ities Act of 1933 and the Securities and Exchange Act of 1934 was sug- gested in a petition to Congress to- day from the Association of Cus- tomers’ Brokers of New York, Phila- delphia and Columbus, Ohio. The organization is made up of | the “customers’ men” who serve as liaison between the public and | ‘bmkex age firms employing them. “We are expressing our views as | employ said Albert C. Beeson, president of the New York group. “So many of the legislators consider any one in Wall Street as a man | of money, whereas there are many | thousands of financial employes‘ throughout the country who are merely trying to earn a living just as the workers in industry and | agriculture.” National Dairy Net Is Smaller Despite 'Sales Increase | First Quarter Volume Rises 9 Per Cent | . Above Year Ago BY the Associated Press. NEW YORK, April 18—Thomas | H. McInnerney, president of Na- | tional Dairy Products Corp., told stockholders today the company’s | sales* in the first three months of | this year ran 9 per cent ahead of the like 1939 period, but that profits were slightly lower, due largely to higher raw material costs and the unusually severe winter. He asserted high prices paid in | some areas tor milk and cream were caused by “uneconomic mumcxpal‘ county and State trade barriers, | masquerading in the guise of sani- tary regulations.” i McInnerney said the New York | | City bulk cream market pays 7| cm‘(t a pint more than is paid in Boston and m uprmze Nm\ Ym-k cities “for cream of equally wholesome quality.” The milk company head asserted that a health department.should | accept the inspection of other health authorities, and added: “Only when | this principle of reciprocity in sani- | | tary inspection is adopted will milk and cream sell at open-market de- lermmpd prices. “Some health departments are ‘allmd' following this progressive | policy. which saves milk consumers | In their cities millions of dollars a year. These lower prices stimulate |comumpnon and provide farmers | | | | | | with correspondingly larger markets for their milk production.” g |Foreign Exchange Gr Groun iroup Gronp Group Sec Perroleum Sec P_R Equip Sec ‘Tobacco Tncorp Tnvestors Independence Tr Sh _ Inst] Sec: Bank Group Instl Sec Investors Kevstone Kevetone Keystone Kevstone Kevstone Koy<tone Edctodn Custodn Custodn Custodn Custodn 3 Custodn S 2 Custodn § ! Cuctodn S Bond Fund Automobile Aviation B S Supply Chemical FElec Equip Insurance Machinery |N Nor Am Tr Shares Nor Am Tr Sh 19 Quarterly Income Sh = “Schoellkopf-Hut & Pom Selected Am Sh Inc elected Income Sh._ Sovereign Invest Spencer Trask Fund _ Stand Util Inc Super of Am Tr A T Thittecd Industry Shrs Wellington Fund 147 Quotations furnished by Na clation of Eecurities Dealers, Al Asso- which | 1< but should indicate approXimate prices. and un- less otherwise indicated, are as auoted by the sponsors or jssuers. * Asterisk indicates, “Not SPONSOrs or jssuers.” auoted by JNEW YORK —The much. L pou iy in_terms of the n today's foreign ined by the French franc. 01V of a cent and the t. The s and the o101 0f B cent ((Great Britaln 1 Canada. tficial Canadian Control Board rates | Unlied State: dollars: Buving 10 per | inz 11 per cent pre- | nt to discounts on C: in New York of buyinz 91 9.09 per cent in New York open 1414 per cent discount. or United States cents. Europe. demand, Great Britain 1 bills, 3.50; 3.51%: cables, 60-day | 00-day bills, | " 5076, Denmark ‘Fm].md 1.90n: ‘France, 1 40.20 (benevolent. 16.50) Hungary. 17.65n; Ttaly. 513.08: Norway. unauote Sweder Yugoslavia, B Bel Latin America. official. 29 official, .05 | _ Areentina | Brazil, | T6:80n. | Japan, hai._ 6 (Rates in_snot indicated. . 21.86; Shang- | cables unless otherwfse | n Nominal.) Short-Term Securmes (Reported by Smith, Barney & Co.) Austin & Northw Central Foundry 6s Ceniral RR of Ga 55 1942 Chicago_Union Sta 4s 1941 Childs Co s i Colo Fuel & Iron 5s Conn & Passu R RR 4s Container Corp s Guba Northern K 3 9 S Hpats Bt or ro4d Intl Mer Marine 6s 1941 Laclede Gas Light 55 1942 Lake Erie & Westn 5s 1941 Lehigh Val Ter R 55 1941 Liggett & Myers 7s 1044 N Y Cen & Hud Riv 4s 1042 N Y & Long Branch 4s 1041 Norfolk & Southern 5s 1941 Pennsylvania_Co Penn-Dixie Cement yPenna R R Co 45 1 Peo Gas Lt & Coke | Phiia _Balt & Wash Smd!‘haknr Corp h! 19 v Otlea 126% [3E 721y 74 Werta N°Fa"Pa 45 1043 10874 United States Treasury Posi By the Associated Press. The position of the Treasury April 16, Receipts Expenditures _ Net balance Working balance included Customs receipts for month Beceipts for fiscal year (July 1).. Expenditurs e Excess. o( enendltures = Gross dent nrrease over przv\ous day Gold assets tion mpared with comparble date a vear ago: e April 16, 1940 April 17, 1939, 130771 5 40.030.682.500.01 15,552,380,308.39 1 Estimate of May Oil Demand Is Larger Than for April Mines Bureau Points To Large Gain in Gasoline Stocks By the Associated Press. The United States Bureau of Mines today estimated the May av- erage market demand for domestic crude oil at 3,601,000 barrels daily or 111,630,000 for the month. This was 51,000 barrels a day more than the estimated April require- ments, but about the same as the actual demand last May. Estimated daily average crude oil demand by States: State Texas = California "~ April 300,000 413000 | 494,000 recorded a year ago. | 06 | Bittshurgh Bank Clearings Top Levels of Year Ago For Third Week FINANCIAL. United Light & Power Re-elects Officers By the Associated Press. BALTIMORE, April 18—William G. Woolfolk of Detroit was re-elect- *¥ A—-21 Power Co. at-its annual meeting today. Mr. Woolfolk became presi- dent a year ago when C. 8. McCain resignéd. . F. L. Conrad, also of Detroit, was re-elected vice president, a post which he assumed last November. The company is incorporated in Maryland. ed president of the United Light & ——— Volume in 22 Cities Climbs 4.8 Per Cent Above 1939 Mark By the Associated Press. NEW YORK, April 18—For the third week in succession the volume | of bank clearings both in New York and for the rest of the country rose above the level for the corresponcuns week a year ago. Total clearings for 22 leading cmes of the United States for the week | ended April 17, as reported to Dun & Bradstreet, totalled $5,650,686,000. This compared with $5,391,203,000 last year, an increase of 4.8 per cent. The rise of $619,209,000 which took place between this week’s aggregate and the total for the week preceding contrasted with a gain of $864,771,000 between the two like weeks of 1939. | New York transactions amounted | to $3,358,295,000, or 1.2 per cent more than the $3,318,709,000 for the 1939 week, while the 21 outside citiés con- tributed $2,292,391,000, an increase of 106 per cent above the $2,072,- PROPERTY MANAGEMENT A GOOD INVESTMENT FOR INCOME —that has a definite interest earning rate— FIRST MORTGAGES —and they have back of them im- proved real estate securing the princi- pal. B. F. SAUL CO. REAL ESTATE National 2100 925 15th St. N.W. Over Forty-Five Years of Experience —— First M ortgage Investments M OR TG A G E L O AN S A Checkin g Ac;:;),uni' Is a Modern-Day Business Necessity Except for a slight decline a( Atlanta, larger clearings than last vear were shown at all outside cen- | ters. The more important advances | included: Boston, 29.3 per cent; Seattle, 184 per cent; Baltimore, 176 per cent; Detroit, 17.1 per cent; Minneapolis, 15.9 per cent; Chncago 125 per cent; Pittsburgh, 11.3 per‘ cent; Ponland Oreg., 10.8 per cent, | | and Cleveland, 10.4 per cent. } Bank clearings at leading cities, | | together with percentage changes | from a year ago, follow; also the | daily average bank clennngs for the months of February, March and Apm to date: And we render to our depositors a most complete and effi- cient service—with two Bank- ing Offices conveniently located. The Second National Bank Of Washington 1333 G St. N.W. 509 Seventh St. N.W. Organized 1872 _Member Federal Deposit Insurance Corporation ‘Vl‘fk of Per cent Ap ‘ 4‘"1 ¢h €. \'2 0,000 Pmlndrlnhlu 0 Buffalo | Cleveland _ Sincinnaty 000 | Baltimore #6000 64,500 | aation 51.000 7600 14900 15800 rest 11000 Ohio Indiana Mississipp! Colorado Totals Crude Exports Down. The bureau estimated May crude exports at 5,000,000 barrels or 3,643.- 000 barrels less than the abnormally | ‘m,m",,y high exports last May. Domestic motor fuel markets, lhe bureau said, likely would demand 52,400,000 barrels or an increase of | 1939, de- | It estimated exports at 2.-| 6 per cent over the May, mand. 800,000 or 1590000 less than May exports last year. This, it said, re- flected difficulties in obtaining tank- A Mergenthaler Linotype--10 at 15 | ers, the risk of oversea shipments, and curtailment of consumption through rationing and diversion of | purchases to other sources of world supply. Officials said that stocks of fin- 000 | New York ished and unfinished gasoline prob-' a ably totaled 102,000,000 barrels as of March 31, or 15,000,000 more than a year before. Reduction of these stocks to a normal point by fall, it added, will ! require the maintenance of a mod- est level of refinery operation dur- ing this spring and summer with | particular attention to the accum- ulation of heating oil stocks for the fall demand. The bureau estimated that finished gasoline stocks would be reduced 4,200,000 barrels during May. Extess Supply Seen. It said that domestic crude oil stocks had increased about 5,400,000 barrels between March 9 and April 6. The increase, added to high runs to stills, was taken to indicate that crude oil was being produced far in excess of current needs. If the decline in exports of crude oil continues. the bureau said, refinery crude required and result in only a minor gain in the total market demand for domestic crude petroleum in the summer months, as compared with last year. Due to the combined effect of these various factors. officials said, the bureau does not anticipate that the forecast of market demand for domestic crude will be increased greatly either in June or Jul}'. u.s. Treasury Notes NEW YORK. Abril 18 /P.—Prices quoted in dollars and thirty-seconds Rate, Mo. 1 Approx Asked. Yield! 101,18 4 June, Sept.. for LATEST NEWS The Night Final Star, containing the latest news of the day during these dramatic times, is de- livered every evening throughout the city and suburbs between 6 P.M. and 7 P.M. Telephone National 5000 for immediate delivery. ‘15' WE TRADE 8 ,. Money for Construction Loans and Loans on Completed Properties (Owner occupied ot rental) Favorable Rate FIRS1 ODEED OF [RUS1 ONLY 643 (ndl Ni it | | may offset the expected increase in Peoples Drie Richmond Lousville Minneapolls Kansas City Omaha Dallas &'Ra | San Francisco 7800 | Portland. Ores. Seattle Total all Average daily: Aoril (to date) Washington Exchafi;e SALES. Capital Traction 1st 55—$1,000 at 102 b | | REFINANCING AND CONSTRUCTION LOANS— National \mrtqnge and Investment pfd—100 at 415 BONDS PUBLIC UTILITY, Frederick W. Berens, Inc. 1627 K St. N.W. Phone NAtional 8278 Wath Rws & Elec 3¢ 1051 104 MISCELLANEOUS Ter Rf & W Cp 1st 4%s 48 102 STOCKS PUBLIC UTILITY Tcl & Tel (9) Trs N Pot 7 pfd (550 Wkl Car ) o 50) e Wash Gas Lt pfd (4.50) Wash Ry & F) com (236) Wash Ry & El pfd (5) 117 BANE AND TRUST COMPANY Amer Sec & Tr Co (eR) Bank of Bethesda (75) ‘apital () Com & Savings (v10.00) Liberty fincoln v 2 Natl Sav & Tr (4.00) 19: Prince Geo Bk & Tr (1.60) Riggs (eX) 25 Riggs pfd (5) Washington (8) =3 Wash Loan & Tr (eR) FIRE INSURANCE American (18) Firemen's (1 40) National Union (75) TITLE INSURANCE Columbia (k 30) Real Estate (m6) MISCELLANEOUS UNDER THIS LONG TERM MORTGAGE PLAN For a loan on your improved property in the District of Columbia or nearby Maryland o Interest charged monthly only on unpaid principal. e Each month, interest paid decreases and principal payment increases. o Other plans available with interest payable quarterly or semi-annually. Mige & Inv pfd St fom rew Fst M & G pfd (500 com (8¢ Loth ofd i) *Ex-dividend tPlus extras S51400 K 20c extra paid September 20, 1930 "t 50c pald December v §1.00 extra paid January, 1940. extra. e-r EX-Tights also. Wdwd * 1001 FIFTEENTH ST. NATIONAL 8100 d 35¢ paid tn 2% 0% “5lo December” 33 m $1 50 e 1938 s §2 | | Loan Correspondent, Prudential Insurance Company of America Established 1889 o 20 v $5.00 11 Years Old Today! WE THANK YOU! With no little pride do we watch the passing of our eleventh milestone, and with no_little gratitude do we say to our hundreds of friends: “THANK YOU.” To you we owe our steady growth that has boosted our assets to more than $3,250,000, with a net undmded profit and surplus in excess of $180,000. _It pays to “‘save and grow with us.” When you buy or build a_home, let us aid you with our financing—and when you have money to invest, we offer you safety for your savings. Every account is insured up to $5,000 by an agency of the United States Government. Interest as low as 5% Terms as low as $6.67 PER MONTH PER $1,000 OFFICERS LUTHER C. STEWARD President CURTIS WALKER Vice-President JOHN B. COLPOYS Vice-President E. J. CARLSON Secretary-Treasurer DIRECTORS JOHN B. COLPOYS T. HOWARD DUCKETT HARVEY L. COBB THOMAS E. HAMPTON CURTIS WALKER LUTHER C. STEWARD THOMAS D. LEWIS E. J. CARLSON F. ELIOT MIDDLETON WILLIAM P. AMES PRUDENTIAL BUILDING ASSN. 1331 G St. N.W. . “Save and Grow With Us” C. H. BOYCE Asat. Secretary-Treasurer HARVEY L COBB Attorney DI. 6270 Suite 304