Evening Star Newspaper, April 30, 1940, Page 17

FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, TUESDAY, APRIL 320, 1940, FINANCIAL. A A—17 . . . - (Y Iprlm:rly a railroad builder, as one [ ——————————————————————— Curfiss-Wright Net | Washington Exchange 581,602,000 Issue | [ Electric Bond Bankers Negofiafing |=et o irneie i ' & [ Dasily Oil Flow Money for Costruction Loans A es which he could bring to the Eastern and ’Advances fo Record |z == = ssm o Of Union Pacific || Given Second |/ For Newport News | & e sz | Down 20,328 T o e . largest and best equipped in the (Owner occupied or rental) Extension - AFTER CALL. country with great shipways large| | Barrels Of 52,414’196 Riggs National Bank common—10 Puf on Ma[ke' BY the Associated Press. Shipbuilding S'ock enough for the building of battle-| o\ "o © " | Favorable Rate hips as well as merchant ships. | VIRS1 UEED OF TBUS) ONLY at 278, 1 at 278. Electric Bond & Share Co., the s { LS, i ) Capital Transit Co.—3 at 134', Nation's largest utility holding m?i&id'Jng"?fii"f}fflfifl'fifii?fifil c“:g m‘:‘inlAymiln soékl‘!x::;;hec:fi ! GE"RGE l' Bunain : >7100 at 30, : ; s . Cal- Result Contrasts With | Lanston M°“;°3’;‘DS 8y Proceeds of 32 Per Cent Een B e Bl Policy and Management | a: Newport News, are understood to| fornia and Kansas, daily crude oil| 43t $1,698,157 Reported Bonds Will Refund answer to the Securities Commis-| Will Be Unchanged, be large holders of the yard's stock | production in the United States| B PUBLIC UTILITY. 3 sion’s integration order issued on | For 1939 Period Bid Asks First Mortgage Rebruary 48, Ferguson Declares j decreased 20,328 to 3.847,5T barrels BY the Associated Press. Anacostia & Pot 55 1040 _ 10 for the week ended April 27, the| A Do uar N T o 5 The bond and share reply was due Mon'gomery ward PlanS pril el Busi By the Associated Press. ER5E Bbparoan 5 Tadkt” 10 BILhY ARenc RRd ErDRS) on April 6. It filed a partial answer Ofl and Ges Journal said today. | or Business Record NEW YORK, April 30.—Guy | Georgetown Gas 1st 58 1061 13 2 NEW YORK, April 30—A new | at that time and got an extension to | , NEWPORT NEWS, Va, April New common S'ock California's flow was off 21,000 to | and Equipment Vaughan, president of Cumssjwgs?ug‘mn&cg;fic‘:“ 1960 13 z issue of $81,602000 Union Pacific| April 27. Subsequently it asked for 32-9—&5?925%1& sthseh?wmxl"smp ?é isao.soo: Oklahoma, 5625 to 415,050; Wright Corp., announced today the| " " e e L ANEOUS Railroad Co. refunding mortgage | an extension of 60 days but the com- | ¢ "o b kel uncha:ged By the Associated Press. : Kans:;;é ’1,3060l ;“713“2'600‘ and Michi- TELKEE first three months of 1940 resulted | Chevy Chase Club st 445 57 104 31, per cent bonds was offered for |mission cut this to one week. the yard's policy, management and | ontgomery Ward & Co., Chicago | 8an, 535 to 61,878 2 | i Col Country Club 1st 4%ss 57 103 sale late yesterday by Kuhn, Loeb ] merchandising firm, filed with the| While the East Texas produc- | KEY CABINETS in the largest net profit of any!Ter Rf & W Cp 1st 4%s 48 103 & Co., underwriter, at $1,030 per G T organization, Homer Ferguson, pres- | Securities Commission yesterday a | tion was down 149 to 396,548, all of quarter in the aircraft company’s STOCKS $1.000 bond. i New York Produce ‘n"l‘;’;“l of the company, said ‘“‘:propesalwseu 772,910 shares of new | Texas increased 5350 to 1515,736. ry—4 i imi | . - yi | Louisiana incre: 7 H history 52.414.396. equal, after T The o‘?erli)rixg wlas preliminary to S STe, Pl 61 e i Wall Street investment bankers.iggg]:‘nz’}:;zm‘(' of no par value, n'.‘ et “5; ;a:ezissslssst‘o %filfiss charges, to 25 cenls a COMMON| .. 1 & Tal (i 172% | one of the biggest refunding opera- | o:y:easy > Mixed colors. 'fancy (o extra ; B s 468, ern | s £ 0% i | it was legrned in New York yester- | 9 S | MILLS BLDG. e ] 2 > s | tions by a railroad in recent years. | fancy. 20-21%: specials. 20%: extras. 19- 9 : Present stockholders would be | fields, 2200 to 108300, and the| DG. share. Capitel Transit (1:30) 14%2 13 Proceeds will be used by Union | A% acked ftsts, 1812: oraded | day, are negotiating with the heirs permitted to buy one of the new Rocky Mountain area 2830 to MEtro. 5846 Yy 3 current. receipts o 1) 4 q ot B ] o 1612 me- 3 | This compares with net profit in| Pot Elec Power ti, pfd (1) Pacific, with other moneys, to re- 5 ties. To: "average | Of Collis P. Huntington for owner- | shares for each six and three-quar- | 86,320, the March quarter, 1939, of $1698,- | SoL.El EuF 'ars BId (550 i Lt com (1500 s |deem $85902,000 outstanding -first | 5okl premium marks, ~2. | STUP Of the big plant, which covers | ters old shares they owned. 157, or 15 cents a common share. b : HA lien and refunding mortgage 4 and | 2 Midwestern premium | 140 acres and has assets of more| of the proceeds, $6,000,000 would | Wright Aeronautical Corp., con-|Wash Ry & El pfd (5) 17 | 5 per cent bonds, due 2008. [matke Soasaat BN Jand Midwesiem | than $70,000,000. be spent in the next two years for trolled by Curtiss-Wright. reported BANK AND TRUST COMPANY. The 4s and 55 will be redeemed | jiandards 1%%. Res of exchange (0| Ferguson Confir{ned the report, | additions to capital assets. The for the March quarter net income | AMer See & Tr Co (eh) .. 245 at $1,075 per $1000 bond, plus ac- | taa M iaeesers e, 4. © NearoY | adding, however, that not “all of | palance would be added to working of $1237.001. after depreciation, | Capitap (vay o o® 7O crued interest to September 1 of | Brown: nearbs fancy o cxira fancy. the details of the sale (of the ship- | capital. e Vi 3 03,21, Nearby and Midwestern spe- | y. ¥ i f taxes and reserves, equal to $2.06 a | £om & Savings (v10.00) this year. loinin 101 ata ums, | YArd's - capital stock) have been | REALTORS SINCE 1888 n standards, 1815 mediums, 4 al | common share. In the like period | L 5 The offering was the first Union | 16}z agreed upon. i | g | of the previvous year profit was| B & 25 | Pacific public financing, other than SN T arf” creamery. highe [ ";;: g}';‘::{'; ‘"?F';"“."x i ‘McCrory Stores Issue | LOOKING $1,231725, or $2.05 a share. Riges () . 273, equipment trust obligations, since | ,/han extra. 22 S0 %" | can aseure the pmmpcl-e e dix X‘I Pl d Mark = = i for an 8 ’ y g s i 1936. onds (8- 61 S ship- e Studebaker Corp. i N O ecae. 307 " Prices un-| yard and in the community that in | s Flaced on Market < : APARTMENT? Studebaker Corp. and subsidiaries | FIRE INSURANCE i S A | BHecSed poultry fm. Frozen, boxes. | the event of transfer of ownership B the Associated Press today reported March quarter net Amcrican (i 1y -Freight Loudings | kens broil (25-50 :3-| there will be no change in the, NEW YORK, April 30.—Public profit of $511,503. equal to 23 cents | Rugmen's (140, i Sl ey P _Rflmu" & policy, in the management or in|offering was made today of $3.000,- a share, compared with $56.914. or 2 TITLE INSURANCE. | young' t | freight carloadings on_ railroads reporting | youn® ‘oS Lhoutewesiern Toune the organization at.the yard. We | 000 of 31, per cent debentures of i ” cents a share, in the corresponding Golumpla (k.20) 28 - | todey, for the week ended April 27 in-| Gther fresh and frozenm prices unchanged | Shall all carry on under the new | McCrory Stores Corp. by a syndi- 1939 quarter. Real Estate (m() ] -- g | corbive, poultrs, by freicht sicady: fuwl. | owners in the future as we have in | cate headed by Merrill Lynch, E. A. " MISCELLANEOUS North Western RE y ynch, E Yellow Truck and Coach. Carpel Corp (2.00) NOY Centra, hens, o 5. the past. I can state that the sale.| Pierce & Cassatt at 102!3. Pro- Yellow Truck & Coach Mfg. Co. | Lansion Monotype 2.00) i Southeyn Rwy y | Cxpress QUi mrolers. Rocks Yamey | 1 it materializes, will not be no- | ceeds will be used to retire $2,922.- S ) WEAVER showed March quarter net profit of | L Servcom 111 am ) Greal Northern ~ 15 1819, others 17 ‘i d. 1%- | ticeable as far as any effect upon 500 of the company's 5 per cent WNERS of apart M B ment Y: s 9 "L | 5 $1.023.751. equal to 26 cents a share | M v Lino (b5 314 | Ghes & “onio R e e o A our people and our operations are | sinking fund debentures a% 104 per 7 houses and residential prop- on combined class B and common | pgap 2 I3 Nickel Plate # crosses, small. 25: old roosters, 11- concerned. cent of face value. erties will find the services of INC stock. against $388.779. or 4 cents on : Pere Marauette 312 v S P > Léhman brothers was named in | our Property Management De- ‘ | Burl e _— he’ combined steok in ‘the 1039 Stor 9 Euhngons New York as the leader of one m-l partment very helpful—with the | efficiency of long and varied ’ experience. March quarter. Manufacturing ac- & Loth com (5200) 38 | LI Central it Boston Wool Market | Yestment group planning to bid with Mich SRS 4 e oua i inan. 02 Rock Islan of “Agriculture). —The volume of business | O 1938 s ) oald 10 - F = . Zht | Mellon interests of Pittsburgh in an- Calumet & Hecla Consolidated : t 20 P 6sh *Reflects last quarter blood brizht ficece wools. but bf- | 1 5 5 - ity packed | |Used Exclusively 925 15th St. Natl. 2100 WASHINGTON BUILDING o 3 ! i tations were firm at last week's levels, period. Mines are in the West and (Reported by Smith. Barney & Co.) Vs export. fas. New Yor g o Ease S1° Louts. « 85 2ine | New York Sugar Pig_iron. aluminum. antimony. platinum. | futures No. i Wawd W 3 fd (7) isco 7 g : g tivities are concentrated at Pontiac. ‘1‘;&3‘.;3;}; e | Missoury Pacific 2 BOSTON, April 30 (4 (U_S. Department ,lht:fli_nter}uon of 1ec:flermg stock for i \ chtras, d 35c vald in 1939, o0 3% | Wabash ; in_wools on the Boston market todas was | PUPUC = Other Wall Street houses | g Calumet & Hecla | T8 K d0c extrar’ i S8 extra. °p gtc | Southern Pacifc o et T At o nied wete Ssaid B iolibe Haltienlwitite | B. F. SAUL CO Al SCPLINEC o2ld ' Dacembrr e Lbut ot | Copper Co. earned net profit of | vS1.00 exira paid January, 1940, v 35.00 | Lol i e by (gre amited, | Country-packed | other group. | S e e e | Metal Market et Ihihgandjoneaustier blucdibr Started 64 Years Ago. ! i e OS o oatee ™ DISTRICT 8300 March quarter. compared with - a e1a) drke n ke “rense delivers i THE vard was started 64 years ago 4 Mortgage Loans $30.010, or 1 cent. in the like 1939 Short-Term Securities g Wi Bot. Connceticu Val: | \Western growa wools were auiet. and auo- | DY Collis Huntington. who was' WI7I6 I4™SENW. NORTH 1583 ady, spot and nearby Michigan ofter vard. 46,871, " Lead steady spot. New | Cities Service Co. ; ¢ g | steady.” East St Louis spot and forward. | Cities Service Co. and subsidiaries & s Quicksilver. 171.00-17:3.00. nominal NEW YORK. April 30 v\’(‘h;‘nl;(ran'.\ e, reported net income for the March ' ¢ e t Chinese wolframite and domestic scheelite, | 3 Sentember. 0 0% Janu- | The Shares referred to below have been disposed of. quarter of $6.265613, compared with | & RR of Georgia 55 42 55! Soima e 203 March 2 0fb d This announcement appears as a matter of record only S ek e -Union Station 45 44 ! — and is not to be construed as an offer to sell or as a solicitation of an offer to buy the securities mentioned the first quarter last year. Sohn - Pl “0".5;.”- :{United States Treasury Position 3 neral Telephone. & Siv, By the Associated Press General Telephone Corp. reported & Huds : 3 3 The position of the Treasury April 27 mmAmrr:d with comparable n;n« 1.Jear ago: & Hudcon i B net income for the March quarter & Tr._\tucfx e : A | Recetpts Bl 24 400 Sh of $448.831, equal to 53 cents a com- i s ixi, | Expenditures = : 4 arits 5 ares 351 62 arine 6 113 | Net balance mon share. compared with $351620, PR A 2 | Morkne Satance eluded TR i e the Mar« 7 & Western: bs 41 | ustoms receipts for mont or 43 cents on common. in the March _"M\En\afi” i e | ERatots ot Aesl yearanty o quarter last vear. Company serves s o oo Sy7a | Expenditures = 5 4 49 4 | W I communities in 16 States. NY_C | Excess of expenditures S & 2 KA 052 144 .6 A g § N Y ne Branch 4s 41 | Gross debt = 2 i 5 f N 5 i 5 924 %5 3 e : 5 1, | Increase over previous day New Jersey Zinc Co. Somherln’ 3s :1 Y | Gold aesets lk & Pennsylvania_Co March quarter net profit of New o § 8 ; ] ) T ann o b a SRR i ‘ $4.50 Cumulative Convertible Preferred Stock 112, or 90 cents a share, agains' . ) sh 4s 43 | A B 266. or 55 cents a share. in the £ ker Corp ks . = oxas & | 3 i - v ponding 1939 period. Mines are | Unian :0 e S;L,t,”:. J i i P A ew Jersey, Virginia, Colorado U 0";[;5&“‘ 15;' e Checkmg Account and New Mexico. Walier K2 a"ea s 43 Symington-Gould. e 7A - d— The Symington-Gould Ci . rail- Dividends Announce 1B g i way cquipment manufacturers. re- o T o O i ae | Price 103 and accrued dividend ported net profit of $499.970.74 for ciarcd. Prepared by Publishing Co. » o Athe first 1940 quarter. compared with Accumulated. You'll find our service competent to meet . $18765.80 net profit for the similar e ekt Ear] every requirement of business—and al- 1939 period | Phnix H 3% Ist pf &i'ac - 5 Il ways rendered with a friendly smile. Celanse Corp. Decre: | Tw - £ . teaic il 15 6 wo offices for your convenience. Cel o - 1 an- S c Sea! C 5-175 1! ;. Celanese Corp. of America an-; Stnd Cap & it Copies of the prospectus describing these shares and the terms upon which nounced its profit of $2419414 for ... wie 5 : the first three months of this year Aliegheny Ludivm Steel were the largest quarterly earnings . , inerDaniels Midl i in history. 3 to $1.60 Atiantic Refining 5 " ror the st quarter Tct_year SRR e gl § 3 The Second National Bank S : 1333 G St NW. 509 Seventh St. N.W. | . RRUNERE e AUCHINCLOSS, PARKER & REDPATH Archer-Daniels. s Glass £1 I el i QTN ot 3 R ! Archer-Danich-Midiing Co. re- Bait % Alison 8 ‘ e e e st [ corpatsins JOHNSTON, LEMON & CO. BROWN, GOODWYN & OLDS HERT R s e s G ; L . . FOLGER, NOLAN & CO., INC. W. W. MACKALL & CO. to $1.21 a common share, compared o ios D with $892.761, or a share, in Inland Steel Co -3 Abei 0 the preceding qua and $401.089, ~ | S pril 30th, 1940 or 64 cents, in the comparable 1939 Foreign Markets quarter. Company processes linseed T Al e T e and soybeans at plants throughout British sovernment bond: i d . e dit N First Mortgage Loans Commonwealth Edison. 1 5 ;‘g::; (er\‘]f\nlntl;'\)x‘y:?&s:;)dmné%\,gggi‘lé Commonvealth Edison Co. and | raile” selective demand 1iied some Tnjus: | % Peo les Plan 5 s, report irials a few pence Aside from setbacks in subsidiaries, nnm..ed _consolidated | Hiot, 8 eN e oreign Toane held aesdn p net income of $9.146.256 for the first Speculative forces remained passive in view h three months of 1940, equal to 75 O WAT nows not considered encourasing. FOR OWNING YOUR HOME cents a share on 12119312 shares of | PARIS —Prices fluctuated nervouslv to- | ik outstanaing Mareh s av in a bourse dominated by the unfavor- stock outstanding March 31, 1940, able reaction to the appointment of the pro- This compared with $i 439, or | German DB\HG(A\flrél () nlewllulliln ?mh!li- = sador 1 i ents los t “ %4 cents a share on 9,105.791 shares | §afor 10 Berlin e e o, 5 0 ;.«mx and ended 40 centimes lower to 50 | D\lx»\lfi_nflmfl ir the corresponding \{(;‘TERDA.\‘I _American stocks recov- | period a year ago e \Xlxh({vfinixlt*r a lower aw;m. in the | National Steel. bourse. but final prices were still uneven. | . | Domestic rubber. shipping stocks and in- nl Paymen nal Steel Corp., foufth austrials improved | S ety rges dent producer, report- —— es - e . ed net earnings for the first quarter nd Bank: e( )p U an of 1940 of $4,009.193.23. equal to $1.82 Fie:-m:onL: ‘Aj uu 259 J | T ce * el For D900 167 NE . April 30 (P).—Pederal | a share for 2202167 outstanding | NEW YORK 4 Wasnimgton Institution $81,602,000 eheresioticapiial stock o) l4s gu i Atk 14th & H Sts. N.W. National 3581 Union Pacific Railroad Company sl 10 S0 L e, e ol £ | s R Refunding Mortgage 3%% Bonds, Series A :or,:- En:w;ip'gl“;:xkl)olxmyl’:xhaql‘xl:m To be dated June 1, 1940 To be due June 1, 1980 from an operating standpoint.” Value) they were offered may be obtained from the undersigned. This ariwflixffnml is not, and is under no circumstances to be construcd as, an offering of these Bonds for sale or as a solicita*ion of an offer to buy any of such Bonds. The ofiering is made only by the Offering Circular. N N N N TN TN TN SNSNENENSNNS NN Inland Steel Co. Redeemable as a whole at any time and in part (but only in amounts of $5,000,000 or multiples thereof, except for the sinking Inland Steel Co. and subsidiaries | fund) on any interest date, at redemption prices beginning at 106% to and including June 1, 1950, and scaled down- reported fi: consolidated ward thereafter. Redeemable for sinking fund on June 1, 1951, or any interest date thereafter at redemption net profit $3,059.844 after all | ' prices beginning at 102%% to and including June 1, 1935, and scaled downward thereafter. charges, or the equivaient of $1.83| § | a share. Th compares with $2,024,601, or $1.23 a share in the first quarter of 193 The company also declared a dividend of $1 a share, payable June i to stock of record May 14. A similar dividend | was paid March 1. RSP S I n Enl Esrn' E ln n n s : THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, Trustes London Tin Prices | f (- LONDON, Aprst 5 0 —Tin encier: spoy Millions of dollars in Perpetual loans 's asked. future. £248 | The proceeds of the sale of these Bonds will be used, with other moneys, to redeem $85,902,000 principal amount of the Com- pany’s First Lien and Refunding Mortgage 4% Bonds and 5% Bonds. The Company advises that such bonds will be redeemed at 107%5% plus accrued interest to September 1, 1940, upon surrender thereof, promptly after the Refunding Mortgage Bonds, Series A, shall have been delivered. _ The issue and sale of the above Bonds to the undersigned is subject to the approval of the Interstate Commerce Commission have 8ecured thousands of homes in and all legal proceedings in connection with the issue and sale thereof are subject to the approval of counsel for the undersigned. 59 years, through Washington's largest Building Association. . . . Tnterasemstion oy Loans on improved or to o be improved property 5% 51%8% in the District of Co- PAYMENTS Payments_include in- lumbia and nmby AS LOW AS g Copies of the Offering Circular dated April 29, 1940, describing these Bonds and iving information o6 regarding the Company may be obtained from the undersigne: No renewals. . . . No commission. - . o Maryland and s Sound, fair apprais- Virginia g i OFFERING PRICE 102% AND ACCRUED INTEREST TO : PER $1000 : DATE OF DELIVERY In the opinion of counsel these Bonds are legal investments for savings banks under the laws of New Yor/-. New Jersey, Pennsylvania, Massachusetis, Rhode Island, New Hampshire and Vermont. Monthly Payments ® No Comnmis- - JJ’W aione Temporary Bonds, exchangeable for definitive Bonds, when prepared, may be delivered in the first instance. The Company will ® Friendly 11TH & E STREETS, N.W. ® ESTABLISHED 188} make application 5 dueh course for the hsgng fif tshese B‘omiéxon the New York Stock Exchange s:"i;'d | ] o i () P ) and for their registration under the Securities Exchange Act of 1934, #stablished 1861 if commenced, may not be discontinued at any time. [ ] | ' Acti To facilitate the offering it is intended to stabilize the.price of these Bonds. This statement is not an assurance that the price ©® Congrnient PEBPE'““I’ these Bonds will be stabilized or that the stabilizing, FocgoL ARTHUR G. BISHOP EDWARD C. BALTZ MARVIN A. CUSTIS ORIENTAL| e Kuhn, Loeb & Co. Building -Association No. 6 600 F St. N.W. NA. 7300 % - Washington’s Oldest Building Ass’ New York, April 30, 1940, Under U. S. Supervision