Evening Star Newspaper, April 22, 1940, Page 17

FINANCIAL. FIRST TRUST MONEY ©® Low Rates ® Prompt Service Monthly Payment Loans as low as $6.33 per $1,000, per month. Y, CONSTRUCTION LOANS F. H. A. LOANS Steel Rate fo Drop To 60 Per Cent, New 1940 Low Institute Report Cites 48.6 Per Cent Pace Of Year Ago THE EVENING STAR, WASHINGTON, D. C, MONDAY, APRIL 22, 1940. BOSS & PHELPS MORTGAGE CO. Loan Correspondent {5hn Hancock Mutual Life Ins, o 417 K St NW NA 0300 LARGE OR SMALL ACCOUNTS INVITED Come in and letus give you complete facts. Every ace By the Associated Press. NEW YORK, April 22.—Steel pro- duction in the United States will fall to 60 per cent of the industry's ca- pacity this week, lowest rate thus far in the year, the American Iron & Steel Institute estimated today. Last week’s rate was 60.9. Steel ouput has been on the de- cline, with only two exceptions, since the start of the year. Current schedules are the slowest since Labor Day week last year. A month ago productibn was at 60.7 per cent of capacity, previous low for the year, and a year ago at 48.6 per cent. Foreign buying of steel products has been rated a big factor in sus- taining mill operations at even the present rate, but domestic consum- count up to $5000 is fully | and liberal dividends are credited semi-annually Under Supervision of the United States Treasury Indenslate BUILDING ASSOCIATION Washington Building 15th St. & New York Ava. District 8300 Be Prudent | Save Safely At Prudential | When you open an 1 investment-savings account here it is in- sured against loss up to $5,000.00 by an agency of the U. S. Govt., while earning LIBERAL DIVIDENDS A LUMP monthly installments. Withdrawal Privileges. Assets Over $3,000,000 IPRUDENTIAL Building Association 133 G ST.NW, DI-6270 Suite 304 Current ; Rates Are You Needing Money —to refinance a trust? —or with which to buy or build a home in the Dis- trict or in nearby Maryland or Vir- ginia. We are mak- ing FIRST MORT- GAGE loans on ap- proved applications —arranged to suit your requirements— either as 3-Year Straight Loans 22222, | | or Monthly Payment Loans Also F. H. A. Facilities Prompt Consideration Given All Applications. B. F. SAUL CO. 925 15th St. Na. 2100 Morigage Loans ] SPRING home financin principal. 716 11th Street, N. | Nation Wide Voting HAS BEGUN E are busy arranging loans for people planning to build, buy or refinance homes in D.C. or nearby Maryland and Virginia. Arrange your eral "Direct Reduction” loan —each equal payment reduces the amount of interest and ap- plies a greater payment on DLUMBIAFEDERAL SAVINGS L LOAN ASSOCIATION ers have adopted conservative buy- ing habits for several months. Comparatively large inventories in the hands of domestic users of steel have operated to keep buying down. Recently another deterrent peared in nervousness over possible price revisions which culminated in | g, a $4 a ton cut in rolled steel prices. Bank 75 Years Old RICHMOND, Va., April 22 (®.— The First & Merchants’ National Bank of Richmond will observe its 75th anniversary Wednesday. was organized April 25, 1865, three weeks after Richmond had been evacuated in the War Between the States. was Gen. Robert E. Lee. Failures Total Down NEW YORK, April 22 (#).—Busi- | N ness failures in the United States|N y dropped to 262 during the week ended April 18 from the previous week’s new year’s record of 344, Dun & Bradstreet reported today. A year ago the tota! was 316. Investing Companies NEW YORK Asscciation Securities Dealers. Inc.: (Noon” quotations) Admin Fd 2nd Inc Aeronaut Sec Inc Affiliated ¥ Inc__ *Amerex Hold - Am Bus Shrs Am For Inv 5 Am Gen Ea Inc air & Co, Boston Pund Inc Broad St Inv Buliock Fund . Can Inv Fund Chemical Pund Comwlith Invest *Continental Sh ot Corporate Trust Corporate Trust AA Corn Tr Accum Corp Tr AA mod Corp Tr Acc mod Cumulative Tr Sh _ Depos Bk Sh N ¥ A Depos Ins Shrs A Diversitied Tr C Dividend Shrs Eaton & How Fund A-1 Equity Corp §3 pf Fidelity Fund Inc TIRIGER-E% 3 12910 2131212190 i3 n DD mp Ak S [y St S5 @ 5 <100 D U S SR} D P e S P SRS583380% - Group Sec R R Equip Group Sec Steel s Group Sec Tobacco .- Incorp Investors Independence Tr Sh Sec. Bank Group Fd “C" Ind Custodn Custodn B Custodn B i Custodn B 4 Custodn K 1 Custodn K 2 Custodn S Custodn S Keystone Keystone Keystone Keystone Keystone Keystone Keystone Keystone Keystone Manhat Bond Fund Maryland Fund _ Mass Invest Tr Mutual Invest Nation Wide Sec 22222, Stocks Bldg Suppl. Stocks Chemical Stocks Elec Equip Stocks Insurance Stocks Machinery Stocks _Ooils Stocks Railroad r Am Tr Sh_ 1958 Plymouth Fund Inc Putnam (G) Fund Quarterly Income Sk Selected Am Sh Inc Selected Income Sh Sovereign_Invest Spencer Trask Fund Btand Uil Inc Super of Am Tr A Super of Am Tr B Super of Am Tr AA Supervised Shrs *Trustee Stand Inv C. As- sociation of Securities Dealers, Inc. which 426 15 Quotations_furnished by ~National states they do not necessarily reflect ac- tual transactions or firm bids or offers, but should indicate approximate prices, 'and unless otherwise indicated, are as quoted by the sponsors or iss uers. *Asterisk indicates, “Not quoted by spon- sors or issuers.” lNew York Bar Silver NEW YORK, April 22 (#).—Bar silver, 34%, unchanged. BUILDING g with a Columbia Fed- w. NAtional 6543 A ap- | A One of its early depositors | April 22 i —National | * | ciation of Securities Dealers, Inc.. which First Quarter e 1940 B Ths s sy 8tock Exchange were the smallest for that period since 1921. STOCK VOLUME DWINDLES—The above chart shows that first-quarter sales on the New York Short-Term Securities (Reported by Smith, Barney & Co.) Insurance Stocks NEW YORK. April 22 (.—Nationai Association Securities Dealers. 1 Bid offer. Aetna Cas B0 A% | Alabama G South “A” 5s 43 110 110% 80% 52% | Alleghany Corp cv bs 44 821 83 30 321 | Amer Tel & Tel 5%s 43~ 107% 107% 20 21% | Austin & Northwestern 65 41 87% RRla 13% 14% | Central Foundry 6s 41 07l 43%2 473 | Cent R R of Georgia bs 42 55% _623¢ 16 20% | Chicago Union Sta 4s 44 1047% Automobile (1a) 33 3 olorado Fuel ron bs 41 Yy | alt Amer (.20a. 7% _ 8% |Conn & Pas Riv R R 45 43 R5la &9 Boston (18a) 613 Container Corp 55 43 Carolina (1.30) 201 ' | Cuba Northern Rwys 545 42 City of N ¥ (1.20) % Delaware & Hudson 4s 43 Conn Gen_ Lif Federal Lt & Traction bs 42 102Y% Contin_Gas (1.20) 4 | Grand Rapids & Ind 4'2s 41 10415 Fid & Dep ( 1284 {Intl’ Hydro-Elec ‘6s 44 Firem's Nwk (.40) Prank Fire (1) Intl Mercantile Marine 6s 41 Laclede Gas Light 5s 42 Gen Reinsur (1 42% | Lake Erie & Western bs 41 Georg Home (1. 21 2 Lehigh Val Term Rwy 55 A} Glens Falls (1.60) 4 441 | Liggett & Myers 7s 44 It | Globe & Rep (ia) 1 1 N Y Cent & Hud River 45 42 Globe & Rut 1 17% | New York & Long Br 4s 41 Gt Amer Ins (1a) 2 28% | Norfolk & Southern 5s 41 Hanover (1.20a 2 2614 | Pennsylvania Co %s 41 Hartford Fire (2a) " & 87 . | Benn-Dixie Cement 65 41 Home Fire Sec | L1 2% | Penna R R Co 4s 43 Home "Ins (1 20 #8112 3312 | Peoples Gas Lt & Coke 65 43 Homestead (1) 17% 19% | Phila Balt & Wash 4s 43 - Knick'bk'er (¥ 9% 100 | Studebaker Corp Bs 45 Lincoln Fire R 3¢ | Texas & New Orieans 5s 43 1% Union_Oll of Calif 6s 42 et Utah Power & Light 5s 44 9% Warren Bros 6s 41 G AT o i Western N Y & Pa 45 43 N H'pshire (1.80a) TV N ¥ Fire (80xd) 4 4 or East Ins avy . . Nor Kiver 11) a3 Crude Oil Prices oenix 21 Y Prov Wash (1a) 36" . April 22 (#.—Base crude ol TULSA. Rep Ins Tex (1.20a) prices: Mid-continent area. Illinois—$1.03 Revhere (P) In (1.20a) Oklahoma-Kansas. gravity scale. 80c to | Rh Isl Ins §1.10: ‘North. North Central and West | 8t Paul Fire () __ entral Texas, eravity scale. 71 cents to | Sprinefleld (4'2a) _ : | Sun Life (15) East Texas, §1.10: West TeXas. gravity Travelets (16) = scale. 53 cents to 95 cents: North Louis- | & USPd &G (1) Arkansas. gravity scale cents to | @ iang 1.05: Rocky Mountain area. Salt Creek, Wyo.. gravity scale, 86 cents to $1.10. Eastern area, Pei ford-Alleghany). 7 Southwest Pennsylvania 1is §*de in Eureka lines, re (2) Westchester (1.20a) 8 Also extra or extra: , Quotations furnished by National Asso- states they do not necessarily Teflect actual transactions or firm bids or but should indic offers, approximate prices. North China now has a Japanese population of 177,000. Chicago Produce CHICAGO. April 22 (#.—Poultry. live, 28 Aruck! steady: hens over 8 d: : 5 pound: under, 18: Leghorn hens. broilers, 21z pounds and down. colored, 0 Flymouth Rock 21: White Rock. 21ia: LOANS springs, 4 pounds up. colored, 20; Plymou! Rock, 44: White Rockc 24, v colore ymou i k bareback ® D. C. AND MD. CON- STRUCTION ® MONTHLY PAYMENT |{| PLANS ® REFINANCING steady: creamery, 93 score. 27: 92. 261a: 91. 28Y,: ). 28V: KRG, 36:,58 26%: 0 centralized’ carlots, 26%- 51,651, fresh graded, ex- tra firsts. local, 16% . 17; firsts. local. 16%: cars, 16'%2: current receipts. 15%: PHILLIPS & CANBY, INC. Ational ¢600. 1013 15th 8t. N.W storage packed extras, 18%; frsts, 18; dirt- ies 14%: checks, 14%. Potatoes. 218; on track, 570; Jotal 0. b ay. 53: Sia SRt eavy Tor 138m et o ies_hea: Burbanks: “demand. moderate. for. NoFthe ern stock demand weak: sacked per cwt. Idaho Russet !nrhn‘u. . 8. No. 1, 1.85-2.00. mostly 1.85: Col- orado R 2&(«)3«_:%... U B0 L few B No T waad in ed. 2.50; Mi Red River Vi Cobblers. no_early sales fumphs, per_cent quality. few sales. 1.20-40: per cent U S.No. 1 guality. few }.20:40, Early Ohios. . No. . 8. No. 1. North Dakota FOR CONSTRUCTION in 8. No. 1. car fine quality. 2 X commercials. 14215 New stock—8upplies liberal for Texas Bliss_Triumphs. demand | [ ®ood. market steady. For California Long | Whites. demand fair. market : carlot track salez and 5 0: one car, 1.2714 e one car mixed. U. §. No.'1 and U mercial. showing ‘decay and spotted 75 cents per sack: 100-pound sacks. No. 1. size A. 250: U, 8. No. 1. showing come spotted " sacks. '2.20. 8. No. 1. size B, a few at 2.00. WEAVER BROS ¢ it WASHINGTON BUILDING DISTRICT 8300 Visible Grain Supply NEW YORK, April 22 (#).—Visible supply of American grain showed the following changes from a week 8go (in bushels): Wheat increased 510,000, corn decreased 1,557,000, oats decreased 367,000, rye decreased 84,000, barley decreased 314,000. THE BALTIMORE AND OHIO RAILROAD COMPANY SUMMARY OF ANNUAL REPORT FOR YEAR 1939 The Company's annual report of its operations and affairs for the Year 1839 is being mailed to stockholders. The following presents a CONDENSED COMPARATIVE STATEMENT OF OPERATING RESULTS Air Express Shipments And Revenues Rise Special Dispatch to The Star. NEW YORK. April 22—Nation- wide air express for February, 1940, increased 255 per cent in shipments | and 27 per cent in gross revenue over February, 1939, the Air Express Di- ¥ vision of Railway Express Agency reported today. Shipments for the month totaled 71,373. REAL ESTATE LOANS 4%2% Fred T. Nesbit 1010 Vi. Ave. bl 9392 Hoffman Machinery Reports $51,413 Net By the Associated Press, NEW YORK, April 22—United States Hoffman Machinery Corp. and all except European subsidi- aries, reported March quarter net profit of $51413, equal to 15 cents on common, against revised net loss of $28288 in the March quarter of cleaning ‘and pressing clothes at plants in Syracuse, N. Y., and Tor- onto, Canada. Money for Comdtmcl.ion Loans an Loans on Completed Properties (Owner occupied or rental) Favorable Rate FIRS1 DEED OF TRUS1 ONLY 643 indl .J".lll.l 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, D. 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 Evening Htar principal. Increase 1989 Over 1088 1990 1938 Amount % Total Railway Operating Revenues. ..$161,080,252 §134,7223%0 $2630792 1353 Total Railway Operating Expenses... 119,901,075 104984021 14917,054 1421 Net Rallway Operating Revanus......§ dLI9ITT § 278309 $1308%8 5830 Railway Tex Accruals. ............. $10760991 § 04274 § 327 341 Equipment and Joint Facility Rents.. 4,836,086 4413740 362345 810 Net Railway Operating Income.......$ 25,525,100 $ 14,851,794 $10,673,306 71? Income from Investments, etc. (Net).. 4,647,564 4,207,959 439,605 1045 Income available for Fixed Charges..$ 0,172,664 § 19,059,753 $11,1129M 5!——31 Interest and other charges remaining Fixed under the Plan (referred to below) .. . 2421656 32,184,288 Income Available for Other Purposes.$ 9,751,008 Other Interest Accrued but not paid— Secured Contingent Interest.......$ 7,111820 Unsecured Contingent Interest....$ 4,2613%5 Total Contingent Interest Accrued. ...§ 11373215 Net amount by which total interest charges were not earned.......... $ 1622207 § 13,124,530 Net Income Available for Interest and Other Charges for 1939 is $30,172,664, compared with $19,058,753 for 1938, an increase of $11,112,911 or 58.31 per cent, and shows income for the year only $1,622,207 short of covering entire interest charges. From the Net Income Available there was deducted $20,42165 for interest and other charges remaining fixed under the Plan, leaving AWailable Net Income for other purposes of $9,751,008. Pursuant to the provisions of the Plan, the President and Board of Direc- tors, in the exercise of the discretion vested in them, determined to apply $2,000,000 of the Available Net Incame to Capital Fund, and the remaining §7,751,008 to increase Net Working Capital. By reason of these appropriations, no contingent interest is payable on May 1, 1940, out of the income of 1939, ‘The contingent interest accrued in 1939 and not paid is $11,373,213, and that for 1938 $383,337, a total of §$12,256,552, which is carried to Deferred Liabilities in the balance sheet. The Plan herein referred to is that for the Modification of Interest Charges and Maturities, dated August 15, 1938, which, after being accepted by the holders of $476,489,925, or 81.79 per cent. of the $542,810,628 of securities affected, ‘was submitted to and, after hearing, was approved by the District Court of the United States for the District of Maryland on November 8, 1939, acting under Chapter XV of the Bankruptcy Act, entitled “Railroad Adjustments.” Under the Plan $166,270421 of near-by maturities were extended for a period of from five to ten years, and fixed interest charges of the Company and its subsidiaries, which had been $31,421,742, were modified so that $19,644,~ 679 remains fixed and the payment of $11,376,435, for the period of eight years, ‘becomes contingent on earnings as ascertained and applicable pursuant to the Plan. The deferred charges continue as an obligation of the Company and are payable at or before the maturity of the respective obligations. T B et £ & S ¢ ‘equipmen - - s o e D MEMBER: ANNOUNCEMENT We Take Pleasure in Announcing That ROLAND A. WADDILL Is Now Associated With Town and Country Motors, inc. Distributors Lincoin-Zephyr and Mercury SHOWROOM 1636 CONN. AVE. PHONE MICH. 3524 ON_IMPROVED D, C. AND NEARBY MARYLAND PROPERTY For buying, rebuilding or refinancing et prevailing rates of interest. Loans repayable monthly. No charge for appraisal if loan is not made. Interest charged only on unpaid balance of Equitable Co-operative - 915 F ST. N.W, FEDERAL Association ORGANIZED 1879 FOR FINANCIAL “PIRST AID" SEE US American Security welcomes loan applications of any justifiable size. If you have a sound personal or business reason for borrowing, we wel- come the opportunity to be of service. Just talk with an Officer at any of oxr convenient offices. He will gladly explain the loan plan best suited 1o your meeds: AMERICAN SECURITY & TRUST COMPANY RAIN OFFICE: FIFTEENTH STREET AND PENNSYLVANIA AVENUE CENTRAL BRANCH: FTH AND MASSACHUSETTS AVE., N. W. SOUTHWEST BRANCH: SEVENTH AND E STS., 5. W. DEPOSIT INSURANCE 1939, Company makes equipment for “.7 e fialiona/ per'.narunt e LOANS ARE BASED UPON A CORPORATION o FINANCIAL. »a% A—1T 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. NORTHERN LIBERTY BULLDING ASSOCIATION Established 49 Years 511 SEVENTH STREET N.W. NA. 8171 Federal Home Loan Bank System. MEMBERS 10" Building and Losn League U.S. Savingt and Loan League Under Supervision U. 8. Treasury REFINANCING AND CONSTRUCTION LOANS— Frederick W. Berens, Inc. 1627 K St. N.-W. Phone NAtional 8279 Direct Reduction Plan Interest is charged only on the ACTUAL BALANCE DUE at time payment is made When buying, building or refinamcing a home every item of expense must be given consideration. Our plan of financing offers many decided economies. First: we do not charge a’ commission. Second: you are saved all costly renewals. Third: you pay interest ONLY ON THE ACTUAL BALANCE DUE EACH MONTH. Come in at your convenience ‘and = let us tell you more about it. NATIONAL PERMANENT BUILDING ASSOCIATION UNDER SUPERVISION OF UNITED STATES TREASURY 719 TENTH STREET, N. W. NATIONAL 0254 MEMBER OF: Home Loan Bank System e United States Building and Loan League e District of Columbia Building and Loan League NORTHEAST BRANCH: EIGHTH AND H STREETS, N. E. NORTHWEST BRANCH: 1140 FIFTEENTH ST., N. W, FEDERAL RESERVE SYSTEM