Evening Star Newspaper, May 6, 1940, Page 19

FINANCIAL. ' securrries sacesuzn || S1€€l Rate fo Rise Salesmen 1o our weuaiy saiee| | 10 05.8 Per Cent Mark in Week THE EVENING STAR, WASHINGTON, D. MAY 6, 1940. Douglas Aircraft Co. Reports $1,804,877 Net in Quarfer FINANCIAL. Sales of Sears, Roebuck Top Year Ago By the Associated Press. C, MONDAY, Thompson Products Increases Dividend By the Associated Press. CLEVELAND, May 6—Directors of Thompson Products, Inc., manu= facturer of airplane and automobile Quarters Ended SO December 31 salesmen in our retail sales department. Live leads fur- nished; intelligent co-npem- tion; complete tradlnfi‘ statistical services; beral (Government, commission basis. Phonc.or Write for Appointment McKnew, Fairfax & Co., Inc. Municipal, and Real Estate Securities) 719 Fifteenth St. N.W. District 3160 Corporation 1010 Vi. Ave. REAL ESTATE LOANS . 42% Fred T. Nesbit Dt 9392 REALTORS SINCE 1888 Need a RENTAL AGENT? )22 WEAVER BROS ¢ M WASHINGTON BUILDING DISTRICT 8300 Save . .. Your Money It’s a Fine Habit Getting started is the hardest job of all! invest- ment shares can be opened with a LUMP SUM, or monthly in- They divi- Prudential stallments. earn liberal dends. Each occount is insured up to $5,000. Withdrawal privileges an added feature. Your money is safe and secureable here. Assets Over $3,000,000 | PRUDENTIAL . Building Association 1331 G STNW. DI'6270 Suite 304 LARGE OR SMALL Savingd ACCOUNTS INVITED Come in and letus giveyou complete facts. Every oce count up to $5000 is fully Indwred and liberal dividends are credited semi-annually Under Supervision of the United States Treasury Interstaite BUILDING ASSOCIATION Washington Building 15th St. & New York Ave, District 8300 Helpful Financing If you have a problem for buying or building a home—or if you want to refinance an existing trust—in the District, or in nearby Maryland or Virginia —let us have your application for a First Mortgage Loan. Money available at prevailing rates — and choice of these plans: 3-Year Straight Loans or Monthly Payment Loans Also F. H. A. Facilities ny required amount ready for approved loans. > B. F. SAUL CO. 925 15th St. Na, 2100 Increase of 4 Points In Activity Reported , By Institute By the Associated Press. NEW YORK, May 6.—The Amer- ican Iron & Steel Institue estimated today the steel industry would operate this week at 658 per cent of capacity, an increase of four points from last week to the highest production level since February. Except for the first week of January, when mills were resuming after a year-end curtailment, it was the widest weekly advance of the year., On a reaction from the autumn industrial boom, caused partly by a great wave of buying at the outset of the war, the steel operating rate dropped from 86.1 in mid-January to a low of 60 per cent two weeks ago. This week’s rate compared with | 61.8 per cent the previous week, 61.3 | a month ago and 47 a year ago. Trade sources attributed the ex- | pansion partly to resumptio® of | buying by miscellaneous consumers as inventories acquired in the au- tumn buying rush became depleted. A recent temporary cut in prices of | antomobile sheets was counted am influerice in the revival of buying. Investing Companies | . NEW National Anoclmon Recurities Destersy 'fne.: (Closing flllollnunsnlm Admin Fd _2nd Inc | Sec | AR T Stocks | *Bankers Nat Inv Corp A Basic Industry - d Comwith Invest *Continental Sh pf Corporate Trust Corporate Trust AA-- Corp Tr Accum Fund Investors Inc Fund Tr Shrs A Fund Tr Shrs B Gen Capital Corp Gen Investors Tr Groun Sec Chemical . Group Sec Foods Group Sec Iinvest Shrs Group Sec Merchandising Group Sec Mining Groun Sec Petroleum Independence Tr Sh Instl Bank Group. Instl Sec: Insurance Investors Fd “C" Z, Keystone Custodn B 1 Keystone Custodn B Keystone Custodn B Keystone Custodn B 4 Keystone Custodn K 1 Kevstone Custodn K Keystone Custodn S Keystone Custodn § Keystone Custodn § 4 Manbat Bond Fund _ yland Fund d Fund Y Stocks. Automobile N Y Stocks, Aviation s. Bk Stocks Bldg Supply ks, Chi .4 o g 73 6cks, Railroad Stocks. R R Equip | N Y Stocks. Steel E | North Am Bond Tr ctfs _ Nor Am Tr Shares 1053 19 ZZZZ2ARZZAZ '<-<‘<»<.< e Selected Am Sh T Sovereign_Invest 94 Wellington Fund ln M Quotations furnished by Nati ciation "of Becurities Dealers.. Incs ! oton states they do not necessarily refiect act- ual transactions or firm bids or offers, but should indicate gpproximate prices. and gnleihu otherwise rnr‘-‘llc‘:ud. are as quoted v the sponsors or issue! *Asterisk _indicates, “Not aquoted by sponsors or issuers.” Dry Goods Market NEW YORK. May 6 (#.—Spun rayon and filament sheers were purchased at firm prices today for spot delivery. Shark- skins and sport weaves were more active. and demand for dress goods is expected as weather hecome% more favorable. Buying orders for cotton goods were limited and came chiefly Trom converiers and printers. for print cloths was iehtty better with a Tew salés mmade on_sheetings and coarse yarn fabrics. Spring_silk_prints sold at_con and volume was small. Dnlen e 0 arments are awaiting lower pi W oolen "oods were fairly sctive with clothink manufacturers and chain stores govering fall requirements. Frices held rm. By the Associated Press. Receipts Expenditures Net balance 5 Working balance ~incl & Customs receipts. for mon Receipts (ur fiscal year (.Yul! - Expenditure Excess of :xmnd\turex s 5 principal. United States Treasury Position The position of the Treasury May 3 oompared with gu’murlhlo date 3 year aso: 1930 '83 38 37 19'40 2 9. Cbw GENERAL ELECTRIC CO. EARNINGS—The above chart compares profits of various years by quarters. U. S. Steel Chairman Points fo Upturn In Mill Activity Stettinius Says Firm's' Operations Now at 63.1 Per Cent By the Associated Press, HOBOKEN, N. J., May 6.—Indica- tions the steel industry has turned | upward again following recession | of the last few months were cited today by Edward R. Stettinius, chairman of United States Steel Corp., at the annual stockholders’ meeting today. The chairman said “Big Steel's” current operations are estimated at 63.1 per cent of ingot capacity, against 43.3 per cent in the same period last year and 20.9 per cent for the similar period of 1938. It is understood the present operating rate is well above that of a montn | N ago. The meeting attracted nearly 300 stockholders, a near record attend- ance that taxed the capacity of the drab narrow assembly hall in which “big steel” has held its annual meet- ing for the last decade or more. Key Executives Present. The corporation, in line with its | custom had many key executives on hand to greet stockholders. Sitting at the center of the presiding group of officers at the long table were Stettinius and Benjamin F. Fair- less, 49-year-old president. Also on hand were veteran executives or di- rectors, and former Presidents James A. Ferrell and William A, Ir- vin. Other officers on the dias in- | cluded E. M. Voorhees, chairman of | the Finance Committee and Nathan | 1 L. Miller, general counsel. Stettinius said that while war has boosted the corporation’s export sales, the management believed that “war orders represent only a fleeting prosperity and war business is cer- tain to result in a disruptive shifting of our economy.” The youthful chairman asserted export business thus far this year has run around 13 per cent of the corporation’s total tonnage, com- pared with 9 per cent in all 1939. In the last four months of 1939 export shipments were 582,000 tons. In the first three months of 1940 exports have accounted for 462,000 tons. Stettinius declared the corpora- tion was not planning to alter or enlarge its facilities for war business. Modernization Planned. However, he disclosed a decision to round out a modernization program in tin-plate production. At Pittsburgh the plan calls for installation of another cold reduc- tion mill and processing equipment | to increase production of cold re- duced black plate at the Irvin works. In the Chicago and Birmingham districts installation of additional processing and finishing equipment is planned at the tin mills. Commenting on the United States Government’s naval armament pro- gram, Stettinius said that if the cor- poration were to receive orders for the entire amount of steel required t'ew Zear, the tonnage would amount to only about 1 per cent of the United States Steel’s nnhhed pro- duction in 1939. Crude Oil Prices ‘TULSA. rth - Ce: Texas. rlvlt mu 7! tol('H ut"l‘exl: 10: it Texas, gravity gllnwul;!? Salt Creel lt vity Eastern area. Penn: mlm- srade (Brad- fora-Alcenany), -m' “srade Southwes| ania nn 0 ame grade in I\mh.{mu %341 Gorning. 113, scale, 53 .75 BT 087, nso 38 930 1084.281.63 iz Washington Exchange SALES. Capital Traction 1st 55—$1,000 at 1011, $1,000 at 101%. Washington Gas Light common— 5 at 27%, 10 at 27%. Lanston Monotype—10 at 2714, 40 at 27%, 8 at 27%. BONDS PUBLIC UTILITY. Bid, Anscostis & Pob 55 1040 102 Y Pot Guar B08ie8 Tactlonr1er 65 1M7 oot City & Buburban 5s 1 Georgetown Gas 15t o Ther 1% Rwy & Elec 45 1951 108 MISCELLANEOUS. Chevy Ch Club 1st 4%s 1057 104 Col Country Cl 1st 414s 1957 103 Ter R{ & W Cp 1st 4%s 1948 103 STOCKS PUBLIC UTILITY Amer Tel & Tel (9)___ L Vons. Wash Gas Lt pfd (4.80) ~ Wash Ry & El com (236) Wash Ry & El pfd (5)_____ 17% BANE AND TRUST COMPANY Amer Sec & T 260 Bank of Bethesds (15) Capital (v4) gom & Savings (v10.00)- Liberty (6) Ko, (’& Tr (400) " In at] Sav T Pr Georses Bk & Tr (1.60)- Rigss (e®) .~ 71 Riggs pfd (5) Washington (6) - Wash Loan & Trust (e8) - FIRE INSURANCE American (1) S eall Firemen's (1.40) ‘ National Union (.75) TITLE INSURANCE, Columbia (k.30) Real Estate (m6) XBCII.LANIOU! Carpel Co fanaton Wonotype o0 Linc Serv com (+1 nc Sepv 7% or 500 50 Beeeaaler 1 fip 8] Nl'l Mtge & Inv pfd (d.35) People Drug Str RS o) :‘... oe poveen B Shanat 3 orp (3) Wdwd & Loth com 1‘.; nm Wdwd 4 Loth ofd *Ex dividend. +Plus extras.' d 35¢ paid in 1939 eon 0 cxirs paid December 3. 1haR ra. D B50c 5500 patd mber 20. 1939, t 50c Decer Sl 00 exu’l pn Jlnunn 1940, ¥y $5.00 xtra U.S. Treasury Notes NEW YORK. May 0 U —Prices uoted 1n’do0Ars and thIFLy-seconds: Bid. Askedsion, 100.4 101.14 101.16 101223 10 =223 e RSPEES 2, - > 33 ROttt & I3 Tea is being grown on 123,000 acres in Russia. Insurance Stocks YORK, Ma; ciation Bevarities Aetna Cas (4a) 8 (7).—National Asso- alers, Inc.: Am Reserve (1%2) Am Surety (212) Automobile (1a) Balt Amer (20a Boston (16a) Carolina (1% Citv of N Y (1.2 Conn Gen Lif tnm Contin id & Dey Prov Wash (1a) Ren Ins Tex (1.2 Revere (P) In (1. Rh_Ts Elpaut Fire %) c Soringfleld. (412a) Sun Life (15) Traveers (1) Westehester (1.20a) . 8,Also extra or extra uotations ‘furnished by National Asso- ciation of Becurities Dealers. Inc. which states they do not necessarily reflect mct- ual transactions or firm bids or offers, but should indicate approximate prices, .| 984 on May 1. Result Contrasts With Only $771,521 in Same 1939 Period By the Associated Press, SANTA MONICA, Calif,, May 6— Douglas Aircraft Co., Inc., reported today for the three months ended February 20 net profit of $1,804,877, equllwtaguhueanthemm shares of capital stock outstanding. The profit compared with net earnings of $771,521, equal to $1.35 a share on the smaller number of shares then outstanding, in the first three months of the previous fiscal year. Donald W. Douglas, president, said deliveries in the period amounted to $12,920,904, the largest in history of the company. The El Segundo and Santa Mon- ica divisions, he reported, added 3, 238 employes to pay rolls in the three months, making a total of 16,- Unfilled orders on April 30 totaled $113,744,398, includ- ing nearly $18,000,000 for commer- cial air transpor Boston Edison Plans Vote on Stock Split By the Associated Press. NEW YORK, May 6.—Directors of Boston Edison Co. have called a spe- cial meeting of stockholders for May 28 to vote on a proposal to split the company'’s capital stock four shares for one and to reduce the par value from $100 to $25 a share, it was an- nounced today. The company cur- rently has 617,161 shares outstand- ing. 4| Upon preliminary approval by the % | Securities and Exchange Commis- . | slon stockholders will be asked to vote on a petition to the Massachu- . | setts Department of Public Utilities for approval of the change. Sears Calls for Bids On Store Addition By the Associated Press. CLEVELAND, May 6.—Sears, Rce- buck & Co. has asked for con- struction bids on an addition and alterations to its East Side store. and $900,000. Short-Term Securities (Reported by 8mith, Barney & Co.) . Offe 1003, 0% 714 o 55'a Central” Poundry 65 1941 Cent R R of Ga 55 1942 Chicaso Union Bta'4s 1044 Childs Co 55 1041 Colo Fuel & Iron hs 1043 C & Passu Riv RR 45 1043 Container Corp 55 1943 Cuba Nor Rwys 5las 1942 Dela & Hudson 45 1943 | Bea LU & Troction s 1042 Gr Rap & Ind 4 Intl Hydro-Elecitic u< e Intl Mer Marine fis 1041 Laclede Gas Light 55 1942 Liggett & Myers 7s 1944 NYSopt & Hud & 45 1842 N Y & Long Branch 41 Nortolk & Southern 35 1641 Pennsyivania Co 3las 1941 Penn-Dixie Cement s 1941 penna RR Co 42 1941 1 0 Gas Lt & Coke 65 1043 BRI Bl o ok 5, 1043 110 Studebaker Corp 6s 1945 Tex & New Orleans 5s 1043 Union Oil of Calif fs 1942 Giah Pow & Light 5s 1044 Warren Bros 6g 1941 o N ¥ & Pa 48 1943 108% Money Market NEW YORK. May 6 steady; 1 per cent. _Prime commercial paper. 'z per cent. Time loans steady: 60-00 days, 1%; 4-6 months. 112 per cent. Bankers' acceptances urchanged; 60-00 13- per cent: 4 months, %-l2 per Rediscount rate, New York Reserve 1 per cent. (. —Call money 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 ASSOCM’I‘I('N Established 49 Years 511 SEVENTH STREET N. W. NA. 8171 . MEMBERS Federsl Rome Loan Bank 8ystem Buildin l: l. Savingh Losa League League Onder Supervision U. 8. Tresswry $15,800,705.884.71 ON IMPROVED D. C. AND NEARBY MARYLAND PROPERTY For buying, rebuilding or refinencing 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., Association ORGANIZED 1879 T ”ah'ana[ permancnl o WILL FINANCE HOME BUILDING IN NEARBY VIRGINIA as well as in the District of Columbia Loans are made without @ commission charge ‘and are based upon small monthly payments — extending over a period of years — free from all costly renewal expense. Our officers will be pleased to discuss this matter with you. NATIONAL PERMANENT BUILDING ASSOCIATION UNDER SUPERVISION OF UNITED STATES TREASURY 719 TENTH STREET, N. W. NATIONAL 0254 MEMBER OF: Home Loan Bank System o United States Building and Loan League e District of Columbia Building and Loan League = 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 . e lfimm Lite Ins_Co NA. 9300 John 1417 K St NW. Total cost will be between $800,000 | CHICAGO, May 6.—Sears, Roe- buck & Co. reported today for April sales of $5£,372,006, compared with 451,235,767 in the like 1839 period, an increase of $5,136,239, or 10 per cent. For the first three months of the company’s fiscal year, Feoruary through April, the company had sales of $148 100149, compared with $135903898 in the corresponding 1939 period, an increase of $12,202,- 851, or 9 per cent. Decline Is Revealed In Sugar Deliveries B5"the Associated Press. The Agriculture t re- ported that sugar delivered to the American market under the quota system totaled 1,273,921 short tons, raw value, during the first three months of this year. Deliveries in the same period last year totaled 1,389,804 short tons. The department said stocks of sugar held by refiners, beet sugar factories, importers and domestic cane factories on March 31 totaled 2/427,156 short tons, compared with 2,076.541 on the corresponding date last year. ! United States Lines Shows $7,275 Loss By the Associated Press. NEW YORK, May 6—United States Lines, Inc., reported 1939 net loss of $7,275, compared with net loss of $6,920 in 1938. Consolidated net profit of Unifed States Lines Co., of which United States Lines, Inc, owns 600,000 shares of junior preferred stock, totaled $3,051,055, against net profit of $1,021,993 in 1938. London Bar Silver LONDON. May 6 (P.—Bar silver, 21 4d. unchanged, (Equivalent 3818 cents based on_the doilar at $4 Bar gold. 1 hclansea. = (Bquivalen, s35 88 NO COMMISSION ... REFINANCING and CONSTRUCTION 1627 K parts, have voted an increase in the common stock dividend from 25 to 50 cents a share. The company re-. ported net profit of $522,167 for thie first quarter ended March 31, eom- pared with 3825,22 for the corre- it year, sponding period Money for Comumnd jon Loans an Loans' on Completed Properties- (Owner occupied or rental) Favorable Rate FIRS1 OEED OF TEUS1 ONLY 43 . s Your Savings + Dividends Security An investment of your sav- ings here provides the best kind of returns — safety, earnings and availability. Your savings insured up to 85,000 by aw agency of the FIRST TRUST LOANS Made in Virginia, Maryland and D. C. at current rates on long time payments. NQRTHWESTERN SAVINGS & LOAN ASSN. No. 1 Colorado Bldg. NA.7335 G5t ac L N.W. Branch Takoma Pk. S'I' W, ”. . YIS « . and Jim's New Equipment will help the whole Neighborhood” Every city is “many cities in one”—the various business and residential neighborhoods that comprise it. What benefits one business or individual in the neighborhood, is bound to help general prosperity in the whole community. For fifty years American Security has aided in the growth of our many fine neighborhood businesses of all sizes and types by extending business loans for sound purposes. If you need a loan for new equipment, to make seasonable purchases, to carry accounts receivable, to replenish inven- tories—for any justifiable business reason—we will appre- ciate your consulting with us. nuxmcnu SECURITY & TRUST COMPANY MAIN OFFICE: FIFTEENTH STREET AND PENNSYLVANIA AVENUE CENTRAL BRANCH: 7TTH AND MASSACHUSETTS AVE., N. W. SOUTHWEST BRANCH: SEVENTH AND E STREETS, S. W, NORTHEAST BRANCH: EIG.NTH AND H STREETS, N. E. NORTHWEST BRANCH: 1140 FIFTEENTH ST., N. W. MEMBER: FEDERAL DEPOSIT FEDERAL INSURANCE RESERVE SYSTEM CORPORATION