Evening Star Newspaper, May 7, 1940, Page 17

FINANCIAL. Loew's, Inc., Reports $6,789,328 Profit For 28 Weeks' Result Compares With $6,368,847 Recorded In 1939 Period By the Associated Press. NEW YORK, May 7.—Loew’s, Inc., producer, distributor and exhibitor of motion pictures, for the 28 weeks ended March 14, reported net profit of $6,789.828 after charges, equal after preferred dividend require- ments to $379 a common share, compared with $6,368,847, or $3.68 a common share in the like 1939 period. ‘Due to war conditions abroad, Loew's, Inc., has revised its table of amortization of film costs, applicable to all pictures eleased subsequent to August 31, 1939, by re-allocating such costs in the proportion of 70 per cent to domestic and 30 per cent to foreign, instead of the pre- vious respective allocations of 65 and 35 per cent,” the company said. “In addition,” it was added, “the company has accelerated the amor- tization rates on such pictures. As & result of such revision and re- allocation, approximately $865,000 more has been charged off to amor- tization expense during the 28 weeks ended March 14, 1940, than would have been deducted had the com- pany's amortization procedure not been revised.” Life Savers Corp. Life Savers Corp. and subsidiar- fes reported March quarter net profit of $223.673, equal to 63 cents @ share, against $220,706, also 63 cents, in the 1939 March quarter. Company makes packaged confec- tions. Walworth Co. Walworth Co. and subsidiaries earned net profit of $69,678 in the March quarter, compared with net loss of $48368 in the similar 1939 period. Company makes valves and fittings at plants in Massachusetts, Illinois, Pennsylvania and Alabama. Amerada Corp. Amerada Corp., oil-producing company, earned approximately the | equivalent of 58 cents a share in the March quarter, A. Jacobsen, president, told stockholders at the annual meeting today. This com- pared with net income of $319.761, or 41 cents a share, in the similar 1939 period. Fairchild Aviation. Fairchild Aviation Corp. reported | March quarter net profit of $209,012, equal to 62 cents a common share, against $56254, or 16 cents, in the same 1939 quarter. Company makes | navigation instruments, aerial cam- eras and conducts aerial surveys. Plants and laboratories are in Long Island and an additional laboratory in Los Angeles. United Gas Improvement. | United Gas Improvement Co. and subsidiaries earned net income in the March quarter of $7.706,645, equal to 29 cents a common share, compared with revised net income of $7,519,082, or 28 cents on common, in the corresponding 1939 period. John E. Zimmerman told stock- holders at the annual meeting: “I expect we will be able to pay the quarterly dividend of 25 cents (on common) at least for .the re- maining quarters of the year, pro-| vided the unforeseen does not hap- | pen.” The quarterly dividend pay- | able June 29 has been declared. | Washington Exchange SALES. Lanston Monotype—20 at 27%3. BONDS PUBLIC UTILITY. Anacostia & Pot 5s 1038 Ana & Pot Guar 55 1049 Caital Traction 15t 58 104 ty & Suburban 5s 19 Cereeonn Gas 1t 55 1961 ot Elec Pow 3%s 1966 vashington Gas 55 1960 Wash Rwy & Elec 45 1951 MISCELLANEOUS. Chevy Ch Club 1st 4Y%s 1957 104 Col Country Cl 1st 4Yas 1957 103 Ter Rf & W Cp 1st 4%s 1948 103 STOCKS PUBLIC UTILITY. er Tel & Tel (9) eg‘z:m Transit (t.50) Lt dom (1.50)" Wash Gas Lt pfd (4.50) Wash Ry & El com (£36) Wash Ry & El pfd (5) BANK AND TRUST COMPANY. Jmer 8ec & Tr Co (eR) nk of Betnesda (75) . Santial ¢ Com & Snlnn (y10.00) 4% pld (5.50) 114 o b Washiagton (6, Wah Tomn & Trust (en) FIRE INSURANCE merican (16) remen’s (1.40 ational “Unton {.75) TITLE INSURANCE. lumbia (k.30) al Estate (m6) 7 MISCELLANEOUS. 'arpel Corp (2.00) pe!l [onotype "’00',, inc Serv :nm (11.00) inc Serv 7% pr pid (3.50) Mzrten(hllar Lino (p.50) il diee & Tav ord 35) e Brus 8t com Rl e M a G oid (30) urity Storage (5) “Rel & Wh'Cor @) o0 ™ com (52 :Jgid & Loth Dfl M 2 dlvidenflv d 35¢ paid in 1939 A ste St ieR i) =i =73 BREEgl fELOF e2% Chicago Livestock CHICAGO, May 7 (#.—United States De- partment _of Annculmu)——-"lllble hogs, 14.000: total. 20,0003 rket generally fuily steady with Monday's average on all weizhts and choice, 18 = weights 0od. 400-550 pound best light weights, 5.00- Salable cattle, 7.500: salable calves. 1.500: medium weight and weighty steers weak to 15 lower. "very slow: bulk top scalins over 1150 pounds unsold; ail Erades yeariines ‘and Tehi steers. sieady but good to choice kinds more active than ommon and. medinme: tob. 13,00, paid or, strictly cholce 1.UG0-potind yearlines st Colorado _fed steers, 11.50: Poads, WEnt wnd smcdivge weleht “Western fed steers 11.00: most vearlings and Mght Steers, 8.50-10.00. little under 8.00: fed eifers fully steady: best weighty offerings. 0.50: light off 10.10; cows steady; ulls * steady vealers weak at 1,50 down® heavy sasage bulls & 5. Balable. shech 3.000. totan6000; 'iats onday, lambs weak to 10 lower: best andy and medium weights fed Western wooled lambs, 10.70: 10.40-50: best yooled clippers, 075: Buik, 500:40: "tor day's trade fed lambs and sbringers barely eady: one double handyweight fed clip- K:n '3.50: few cholee Kinds held higher: st 89-pound wooled lambs. 10.40: smali Tot mative sbringers. 110050+ fal sheep 5 %5.-50 lovtr odd lots good clipped ewes, 5. bi 00; | Illinois 14,440 to 422,028 and Eastern | fields 1,100 to 107,200. ing shares in this division. |. M. M. Co. Reveals $637,308 Net Loss In 1939 Operations $868,000 Deficit Shown By U. S. Lines Co. in First 1940 Quarter By the Associated Press. NEW YORK, May T7—Interna- tional Mercantile Marine Co. and consolidated wholly owned subsidi- aries today reported 1939 net loss of $637,308 compared with net loss of $551,840 in 1938. The report in-| cluded operations of Roosevelt Steamship Co. and American LmeS‘ Co., which were not consolidated | in 1938, | United States Lines Co., con- trolled by I. M. M., not included in | of $3,051,055 compared with with $1,021,993 in 1938. Because all ships owned by United | in December due to the Neutrality Act, and not put into operation again until March, 1940, net results of operations of I. M. M. for the first | of about $868,000, John M. Frank- report, Mack Trucks, Inc. quarter net profit of $111448, equnl‘ to 19 cents a common share, com- | pared with net loss of $94,869 in the | first quarter last year. Plants are in Allentown, Pa.; Plainfield and New Brunswick, N. J. American Water Works. American Water Works & Electric Co. and subsidiaries reported March quarter net income of $1,200414, equal to 38 cents a common share, compared with $682,820, or 16 cents | on common, in the 1939 quarter. Daily Oil Production Cut 164,408 Barrels in Week By the Associated Press. TULSA, May 7—Daily crude oil production in the United States de- clined 164,408 barrels to 3,683,169 barrels for the week ended May 4, the Oil and Gas Journal said today. While East Texas increased 98 to 396,646, all Texas decreased 147,949 to 1,367,787. Oklahoma was down | 2,075 to 412975, California 750 to 589,750, Kansas 4950 to 147,650, Louisiana increased 5410 to 293,- 975, Michigan 396 to 62,274, and the Rocky Mountain area 1,870 to 88,190. | Bank Loans Show Drop 0f $10,000,000 in Week BY the Associated Press. ‘The Federall Reserve Board said yesterday that commercial, indus- trial clined $10,000,000 in banks of 101 leading cities in the week ended May 1. The reduction, the second in as many weeks, reduced the total of business loans in these cities to $4,409,000,000, bu this figure still was $568,000,000 more than a year ago. General .Motors Names New Vice President By the Associated Press. NEW YORK, May 7.—Harlow H. Curtice, general manager of the Buick motor division of General Motors Corp., yesterday was elected a vice president of General Motors. Paul Garrett, director of public relations, also was elected a vice president. BUTTER—03 score. tubs, prints, 30%: Y-pound prints, tul 1-pound prints, "n 91 score, tubs, 2 I ine priate 2R . tubs. 27%: 1-pound prints. 2 Ve-pound prints. 28%; 89 score, tubs. 2 1-pound prints, 27%: Y-pound prints, 2 88 score. tubs, 1-pound prints, 27 Ya-pound prints. 27% —Calves. 10; foring lambs, 120-140 pounds, 4.00-4.25; 1 00; 189 pounds, 0; 210- 30 1-pound 1: pigs, 150 pounds, 4 3.40-4. 25-3.75; 50ws, 3.50-4.00; whole undressed uxves 9-111. o R From Agricultural Prices paid net f.0.b. a8 Marker ‘about s wn 19 ims, U s trades. T4ty For Rarns ing eggs. current receipts. whites, Bigher: i lors, 16%; few FO! sizes, 17: No. Rootters, §-10. hgofler‘: ‘andl_fryers, and up, i7. £, 1 o}f Righ DR toms. 10 hens and. toms. unds, 15-16. . 12; few ns, 12-14; the report, earned net profit in 1939 | A ro States Lines Co. were laid up early | ¢, | lin, president, said in the annual B | Eauity ‘C Mack Trucks, Inc., reported March F March | & and agricultrual loans de- |8t Washington Produce :Qm:« ind in¢ WOQ 30- | H nds, 0 o R50. oumas, | B . Travgers (8 ;|08 ma ) " | Wentenester Qaom No. THE EVENING STAR, WASHINGTON, D. C, Exports of U. S. Zinc Revived in April Bs the Associated Press. NEW YORK, May 7.—Domestic producers of slab zinc shipped 386 tons out of the country in April, first export business since 1938, the American Zinc Institute said today. In that year only 20 tons were sold to foreign buyers. Domestic shipments fell to 46,978 tons from 51,095 in March. Production was cut to 54,601 tons from 57,620, but stock at the end of the month increased to 81,234 tons from 73,611 at the end of March. Investing Companies P —National NEW _YOR! Astociation Beeirities Dealers: oo (Closing quotations.) ™ Admin Fd_znd Ine Aercnaut | Amtiltated % me *Amerex Hold Am Bus _Shrs Basic_Industry | $Blair & Co | Boston gund Inc £ Chemical *und Comwlith TInvest cContinental 8h of” $aumaoen RussatIEd quarter this year showed net loss go gia 193 S NO- P hopren ERBe3353 ) @223 @ [ERAIZR BRILLNDBIZRGASDR AFBEIISTRBLZ3368 3R Py 2m EEnaa SRR eS8 e GookaanusIaSeant ane 8ec Chemical Foods Sec Invest Shrs D 1D AN A AR A DAD MDD AR - 3Dt KOOI 19 W I NI DRI 3D DB 29D R RO SN BATA R DI BB BIIE BB AT i s b i3ige Keystone Keystone_Custodn Manhat Bond Fun Maryland Fund _ Mass Invest Tr Mutual Invest Nation Wide Sec Nation Wide Voting Nati Investors New England Fund N'Y Stocks Automobile ___ Stocks Aviation N ¥ Stocks A Stacks N Y Stocks Bld: Stocks Elec Equip Stocks Insurance Stocks Machinery_ Stocks Oils S e AN IR N D i BIBIITOBDAD N BB o 2 2227 222! Quarterly Income Sh aSchoellkopt-Hut, & Porn - Selected Am Sh I Am Bk B Trusteed Industry Shrs. Wellington Fund Suotations furnish National As- sociation of T S AR g RO SReten thed do nat | neul rily reflect actual transactions or firm or offers, but Hhou iotieale Spproximate. pricen. wad inless otheryise indicated. ‘are as quoted r_issuers. 7 o AsterioR | hsmcnm “Not quoted by spon- sors or issuers.” Insurance Stocks YORK, May 7 sodiation Securities Dealers, Aetna Cas (42) Aetna Ins (1.608) Aetng Lite (i 208) " Am Equit (1) Am Ins Nwk (%a Am Reins (1.60a) Am Reserve (1%2) ret & ] BB F AR DS D D & F - @ ismtoms Buiniains coa a3 ¥ RER FRRE FEPE 1scs amsio S82,38035858 # 5 F & SEESFEFS Homestead (1) nickerbocker (%) Lincoln Pire 100 SRR B1 I B2 IDRBD A FE R F R ORR 19200819 bt onD Rep Ins Te 1.20a) Revere ]’:\ In (1.208) _. " 33573 |un Tife WRRR_ Bema L o 19k G (1) fl 8 Pire 52 31% 33% A Also or Gntations” Rursished bv National As- sociation of Securities Dealers. Inc.. which states they do not necéssarily reflect ac- tral transsetions or firm bids or but should indicate ximate United States Treasury Position By the Associated Press. eceipt: Expenditures Net balance 3 | Working balance included London Tin Prices m&'fih’u&"’ spot. lfibi 188 Gustoms receipts f The position of the Treasury May 4 compared vltlh comparable date 3 Hl! ‘&% CHANGES IN INDUSTRIAL STOCKS—The above chart traces the Dow-Jones average of 30 lead- lEuropean Purchases In U. S. Far Above 1939 in Quarter Record 67 Per Cent Gain; Imports From Abroad Decrease By the Associated Press. The Commerce D-partment said today that the war increased Euro- pean purchases here the first quar- ter of 1940 by 67 per cent, but de- creased United States purchases| from Europe by 14 per cent. The department reported mer- chandise exports to Europe in Janu- ary, February and March totaled $498,441,000, compared with $298,- 987,000 in the similar months last year. At the same time, imports from Europe declined from $151,194,- 000 in the first quarter of 1939, to $131,221,000 1n the three months of this year. In Latin America, however, the United States increased both exports and imports, as the war blocked | those nations from some of their normal European markets. Trade with the Far East also increased in | both exports and imports. In March, the last month before | the Scandinavian invasion, Norway was shown to have nearly quad- rupled its purchases in the United States, buying $5,515,000 worth, as compared with $1467,000 in March, 1939. Norwegian sales to the United States dropped from $2,019,000 in March, 1939, to $974,000 this March. Comparisons of the first quarters of 1939 and 1940, in order, follow: United States exports to Europe, $298,987,000 and $498,441,000; North America, $155,289,000 and $220,642,- 000; South America, $67,583,000 and $117,888,000; Asia, $132,417,000 and $168,105,000; Oceania, $16,975,000 and $29,904,000; Africa, $28,157,000 and $33,792,000. United States imports from Eu- rope, $151,194,000 and $131,221,000; North America, $129,396,000 and $153,757,000; South America, $74,~ 343,000 and $101,673,000; Asia, $148,- 172,000 and $234,446,000; Oceania, $6,486,000 and $7,493,000; Africa, $17,207,000 and $29,834,000. March exports this year and last | d year by geographic divisions and principal countries were: 1949 Total North America Canada Mexico South America Europe __ Belgium France Germany Netherlands Un. Kingdom 4 Russia Ttaly 2 Asia Philippines _ China _ Japan Oceania 000 Africa _ 11,560.000 March imports were: Total North America _ Canada " 26,089,000 §.402.000 Souzh Amerlcl 34.850.000 41.160.000 All gendarmes in Paris have been ordered to carry steel helmets and TUESDAY, §. S. Kresge Co. Sales| Lag 11.5 Per Cent Behind Year Ago April Volume Smaller, But 4-Month Total Shows Increase By the Associated Press. NEW YORK, May 7—~8. 8. Kresge MAY 7, 1940. Railroad Scrap Steel Advanced 50 Cents a Ton B the Associated Prer- PITTSBURGH, May 7—No. 1 heavy melting railroad steel scrap has been advanced to $18-$18.50 & tou from $17.50-$18, thus wlmlu the spread between this regular heavy melting mhrnl to more than $1.50,"trade sources re- POteel men said the spread, usually $1, might be eliminated in the near Co. today reported April sales were | future. $11,148,172, against $12,505,508 in April last year, a decrease of 11.5 per cent. Sales for the first four months totaled $43,707,608; up 2.7 per cent from $42,548,022 in the correspond- ing 1939 period. The April decline from last year, noted in the reports of many other variety stores, was due largely to the fact Easter fell in March this year and in April last. Montgomery Ward. Montgomery Ward & Co. reported sales for the three months to April 30, the first three months of the company's current fiscal \year, totaled $115,228534, compared with $102,289201 in the corresponding 1939 period. 8. H. Kress Co. 8. H. Kress Co. reported April sales of $6,401,020, a gain of 1.4 per cent from $6,314,616 in April last year. Sales totaled $24,201,600 for the first four months of the year, an increase of 7.6 per cent over $22,501,- 349 in the corresponding 1939 period. WholesaTeCommodity Index Moves Down The wholesale commodity price index compiled by the National Fertilizer Association declined last week, after advancing in each of the three preceding weeks. It was T7.3 in the week ended May 4, com- pared with 77.8 in the week immedi- ately preceding, 762 a month ago, and 72.7 a year ago, based on the 1926-28 average as 100. Lower prices for farm products and foods were primarily respon- sible for last week's decline in the all-commodity index. With quota- tions for small grains, cattle, hogs, poultry and eggs all moving down- ward, the farm product average registered a moderate decline for the week. The general trend of foodstuff prices was towards lower levels, with 15 items included in the food group declining and only three advancing. Changes in other commodity groups were small, with the general average for all commodities other than farm products and foods show- ing a slight drop, which took it to the lowest point reached since last fall. The textile price index has remained at the same level for the past three weeks. A new low point for the year was recorded by the metal index, a de- cline in copper more than gffsetting an increase in steel scrap. The only other group index to register a change last week was that repre- senting the prices of miscellaneous commodities, with a slight decline due largely to a fractional drop in rubber prices. British Pound Sags To New Low for War Period Open Market Quotation Skids as Wall Street _ Follows Debate By the Assoctated Press. NEW YORK, May 7—The Wall Street open-market quotation of the British pound skidded to the lowest of the war period today as financial circles followed closely the House of Commons debate on the govern- ment’s conduct of the struggle. On top of a wide decline yester- day, the British currency in the so- called “free” market, determined by local supply and demand, at one time showed a further loss of about 3 cents. It was quoted around $3.38, compared with the British exchange control's officlal buying rate of $4.02%. The gold value of the British currency, exchange dealers said, was the lowest in modern times. Before the dollar was revalued in gold in 1934, however, the pound sold as) low as $3.14%. The French franc, tied to the pound as part of allled economic strategy, dropped to a record low of 1.911; cents, off nearly 0.02 of & cent from the previous day’s close. The Prench currency, exchange men noted, was under the previous low of 196 cents reached in 1926 before the post-war stabilization of the franc. In the foreign bond market, some British Empire bonds declined to new lows for the war period, no- tably in the Australian division. The British defeat in Norway, to- gether with criticism of the govern- ment’s war policy, caused many traders to stand aside to await de- velopments and deprived the British and French currencies of their nor- mal support, dealers explained. The threat of war in the Mediterranean also was rated an important in- fluence. The “free” market was described | as relatively thin and therefore sub- Jject to quick swings. London Bar Silver LONDO! ay 7 (P.—Bar silver, off . tlamumu $6.08 sonts Daced. o the _ dolls $4.03.) wold. 168s. Boston Wool Market 7 (@ (U. 8. Deot. Agr.) — Busiacas was vers auiet Jon - ive Bosiad wool market today. Scattered sales wers being closed on three-eighths and quart blood. “bright. fleece wools. offered for shipment from accumulation voints in pro- ducing areas at 36 cents. in the grease. delivered to mills Prices were firm at this level, but buvers were resisting higher asking prices. Territory and Texas wools were mostly very auiet. Dealers were re- ported moderately active in the territory States and Texas. despite the limited de- mand in Boston. Metal Market NEW YORK. May 7 (A).—Copper steady: electrolytic. spot. Conn. Valley, 11 124500 export, a5, i ron, sl . piatinum. Chinese wolf- Tammite "And domestic. seheclise Mmehanbed: ———— for LATEST NEWS The Night Final Star, containing the latest news of the day during these dramatic times, is de- livered eyery evening throughout the city and suburbs between 6 P.M. for immediate delivery. HOME DELIVERY f @he Star ASK for CIRCULATION DEPT. The Evening & Sunday Ster-..........75¢ par month The Evening Ster_________________45¢ :v month The Night Final & Sundey Sta l!'l -'-mhu ot g The Night Final Ster_ ... mu.lm 1331 G S NW. MEL. 20956 ON'T_burden yourself with the details of management of your apartment house ma residential properties — but them in the care of our Lrny Management Department—wi long experience and efcient organization. Ask us about it. B. F. SAUL CO. 925 15th St. Natl. 2100 Mortgage Loans Iatorest as low a8 5% §1%8% commission. . . . {air apprais- FINANCIAL. April Reports Show Further Expansion In Auto Sales Chevrolet and Pontiac Divisions Disclose Increased Demand B7 the Associsted Press. DETROIT, May 7.—Consumer demand for new and used motor vehicles apparently still is moving upward, according to first of the April retail reports. . Chevrolet division of General Mo- tors Corp. reported its retall sales of new passenger cars and trucks during April numbered 108,362 units, & gain of 33.7 per cent over the same last y i M‘lms of Am mg u'l)o{: numbered 39976, an increase of :.m units over the preceding 10- gonmc division of General Mo- tors reported retail sales of 22,741 cars during . April, compared with 16,010 in April last year, and an increase of 1,040 units over March this year. Sales of the last 10 days of April were 17,855, compared with REALTORS SINCE 1888 ° i You Have a REAL ESTATE Problem 2 WEAVER BROS ¢ WASHINGTON BUILDING DISTRICT 8300 7,716 during the preceding 10-day period. ———————— Money for Construction Loans nd a Loans on Completed Properties (Owner occupied or rental) Favorable Rate VFIRS1 OEED OF TRUS1 ONLY €43 (adiana A Nat? 6350 ds and Equipment POSTURE CHAIRS Reduce Fatigue MILLS BLDG. MEtro. 5846 14th&HStn.NW n BUILDING A Pass ® All monthly Books show new loon balance after each ance. newal charges. T16 11th Street N.W. INTEREST AS LOWAS ©® Low Monthly Payments ® No Commissions © Friendly Sorvi © Full Prepayment Privileges Established 1861 ORIENTAL Building -Association No. 6 NA. 7300 Washington's Oldest Building Ass'n. Under U. 8. Supervision First Mortgage Loans e, Peoples Plan FOR OWNING YOUR HOME Small Monthly Payments Peoples Life Insurance (. A Wasntngton Imstitution National 3581 BUYING FEF?NAN(_‘[ Columbia Federal Loan will solve your Spring building problems. payments applied directly to loan bal- ® No commissions or re- ® No red tape or waiting. Loans Available in D. C. or Nearby Maryland and Virgi \/ JLUMBIAFEDERAL ' SAVINGS L LOAN ASSoCIATION nia NAtional 6543 Unlimited Funds Amzlablo for REAL ESTATE LOANS Millions of dollars in Perpetual loans have secured thousands of homes in 59 years, through Washington's largest Building Association. Loans on improved or to be improved property in the District of Co- lumbia and nearby Maryland and Virginia. AS PAYMENTS LOW AS §750 PER MONTH PER $1000 renp%ui 11TH & E STREETS, N.W. @ ESTABLISHED 1881 . Largest in Washington—Assets Over $50,000,000 * ARTRUR G. BISHOP. Chatrnan of e Board EDWARD C. BALTZ Secretary MARVIN A. CUSTIS Presideat \ NS AN NS NSNS NSNS