Evening Star Newspaper, May 10, 1940, Page 21

FINANCIAL. THE EVENING STAR, WASHINGTON, - Grain Trade Choppy INEW Y ORK STOCK EXCHANGECoflonPncesBreak As Profit-Taking Follows Rise Chicage Wheot Closes '3 to 4% Cents Per Bushel Higher- “By FRANKLIN MULLIN, Associsted Press Pinancial Writer. CHICAGO, May 10.—Heavy deal- ings in the grain pits in the wake of ‘Germany’s western attack to- day caused an immediate price rise of 2% to 5 cents for principal cere- als, after which the market fluc- tuated nervously and without defi- nite direction. The choppy trade that followed the early price advance was a re- sult of profit-taking, which at times cut gains about in half. Except for speculative buying due to the physi- ological effect of the war's spread and some purchasing credited to the wheat market demon- strated that many dealers were con- fused by developments and the un- certainty of the European situation. Wheat closed 3-413 cents higher than yesterday, May, $1.08%-$1.08%; July, $1083%-$1.08%. Corn, 1Y2-2% . higher, May, 68%-68Y%; July, 60- 687. Oats, Y-1% higher, and Rye, 3 higher. asss 335 83333 aawm (Gomtnued From Page A-20) Bales— Add 00, Hish, 2% mvu- Rate. 28% Warren Fy & P (3). 28% . 25% Wash'ton G Lt 1.50. 17 Waukesha Mot (1). 22 Wayne Pump (1e).. 34 Webster l1ohr. M 21 Wesson Oil & Snow. 68 Wesson O&S pf (4)- non 106% West PennE(A)(T) 108 1021 West Penn E pf (§) 115 111 West Penn Epf (1) 25% 131 W Va Pulp & P.15e. 40% 32% West'n Auto 8 (3).. 5 3% West'n Maryland... 1 % West'n Pagific 28% 21 West'n Onion Tel 284 22% Westh'se A B .50e 118 105% Westhse Elec 1.7 138 120 Westhse Kl pf(3. 37% 26 Weston Kl Inst 331 Westvaco (1.40) 35% Westvaco pf (1. 94Y% Wheel&L B pf 6.50. 25% Wheeling Steel 661 Wheel 8tl pr pf (l). 10% White Motor 4% White Rock e 4' White Sewing Mch 19% White 8 M pr pt (2) 2% Wilcox 01l & G 108 1% Willys-Overland __ 3 Willys-Overl'd pf_. Auto Production Sags to 98,480 Units in Week By the Associated Press. DETROIT, May 10.—Ward’s Re- ports, Inc., estimated today that this week’s output of the automobile factories would be 98,480 units, com- pared with 99,305 last week and 72, 375 this week a year ago. ‘The survey referred to production activity as continuing “in firm ground,” and said that this week’s slight dip might be followed by somewhat of a rebound in the forth- coming production period. Pullman, Inc., Discloses Big Gain in Profits By the Associated Press. CHICAGO, May 10.—Pullman, In- corporated, and subsidiaries, large railroad equipment manufacturing and sleeping - car transportation concern, yesterday reported con- solidated net earnings of $2,655816 2 | for the first quarter of 1940. o. i Soy bean: sellow, "100%: 150714 No. 4. 1.04 Winnipeg Prices. WINNIPEG, May 10 (P.—Grain range today: This was equal to 69 cents a share - | on 3.820.194 shares of capital stock | Co., outstanding, and compared with $735,764, or 19 cents a share, in the like 1939 period. Operations of the manufacturing subsidiaries continued favorable in the- first quarter, said George A. Kelly, vice president. The Pullman Co., sleeping-car subsidiary, reported net revenue from transportation operations dur- ing March of $408,755, compared BAM 3| with $268471 in March, 1939. For Baltimore Quotations. ;TIMORE, May 10 (P. —-Wl\e-t No. 2. red, winter, garlicky, spot, domestic, 116%. lnveshng Compumes NEW May 10 P ——Nl!lunl] Anoeunnn Secuntlu Dealers, Inc. (Closing tuoll!ionl,}m Admin Fd 9nd Inc . _ Aeronaut Sec Aftilinted P Inc_ *Amerex Hold 3 5 2 123198 =103 BAZRBRAR3 E] Basic Industry *Blsir & Co poston Fund ot Broad St Tnv Bullock s 3332333, ) aanSamaden 523333822 33253332 Grout - Giroun Sec Tobaceo Incorn Tavestors Independence Tr Sh 8ec Rank Group Instl Sec Tnstrance Investors Fd C Inc Keystone Custodn Keystone Custodn Keystone Custndn Kevstone Custodn Kevstone Custodn Keystone Cnstodn Keystone Custodn Keystone Custodn Keystone Custon Maryland Puna _ Maze Tnvest Tr Mutusl Tnvest Potion Snre mec lon Wide Voting | Fotl Tnventore New Pngiand Wind = N Y Atocks Automabile _ N ¥ Stocks Avis N T Avocks o Bineks ™ MO ABADDONI RS TS ORANIAANY: 321221293322+ 3332333323335 333 = 332338738% 223257 DmgzanezzaNzyn W53 3 it 13 92 Stocks Tngurance ___ 8tocks Marhinery_ olle Stocks Pailroad 2222 AZL - '!e)memnnl-rmz s Pom Selected Am Sh Inc - Selected Income sh Trusteed Am Bk B Justeed Industry Shrs’. states they do not necessarily reflect actual transactions or firm bids or offers, but should indicate lnnroxlmu'e prices. and unless indicated. by the $Donsors or issvers. 'Not aquoted by sponsors or issuers. Short-Term Securities (Reported by Smith, Barney & Co.) ' Als Gt Southern “A™ Alleshany ‘Corn' v 55 44"~ Tel & Tel ustin & mrfl-u'i;’" 4 cemnl | ER o Gearsid e 42 Georgi TR S",“fu"‘dc“,;,:?‘!mh 444 olorado Fuel & Iron 55 43 e Ttgn s 43 10, mm Bid. Offes . 107! 41 87% 55% Grand Rav & 1nd i »f.’:»""’l'in"“u":% 4 can ki :x;}. arine fix “ ,;v. rie um:n Valiew “‘"’é Ex her o lt mmylvnnl. Co Alas Penn-Dixie cmm"s.‘:) "fem(:"hLFR 4s 43 - % Gas & Coke 6s 43 ll" Phila Balt & Was !tudehnk" Corp 0 445> 118 s & New Orleans Trion il el Cali $un Poger & Lieht the first three months this year net was $1319,754, compared with $1,182,461 in the like 1939 period. Savings Bank Group Elects New Chief By the Associated Press. BOSTON, May 10—Myron PF. Converse, who rose from office boy to president of the Worcester Five Cents Savings Bank, was elected president of the National Associa- tion of Mutual Savings Banks to- day, Converse went from Warcester’s ‘public schools to a job as office boy in the bank he now heads and wss promoted steadily. In an address prepared for a clos- ing session of the association con- vention, the new president said he regarded the fact that mutual sav- ings banks of the Nation had more depositors and a greater total of de- positors than ever before in history as an encouraging sign for the future. Shift of Follansbee Assets Is Ordered By the Associated Press. PITTSBURGH, May 10—Federal Judge R. M. Gibson today ordered transfer of assets of the Follansbee Bros’ Co. to the new Follansbee Steel Corp. as provided in a plan of reorganization. The new firm will have assets of approximately $10,000,000 after writ- ing off nearly $3,000,000 for obso- lescence of equipment. The assets include a 936 per cent stock own- ership of the Sheet Metal Specialty Co. at Follansbee, W. Va., where the corporation’s main plant is located. Bank Loans Decline Again at New York By the Associated Press. NEW YORK, May 10.—Commer- cial, industrial and agricultural loans of New York City Federal Reserve member banks declined $3,000,000 this week, the third suc- cessive weekly decrease. Holding of United States bonds, which had declined in the two pre- ceding weeks, increased $1,000,000. Government guaranteed securities showed a larger rise, holdings in- creasing $18,000,000. Dividend Increased By Technicolor, Inc. BY the Associated Press. NEW YORK, May 10—Directors of Technicolor, Inc. today declared a dividend of 50 cents a common share, payable June 15 to holders of record June 3. The dividend, first this year, compared with last year’s payments of 35 cents in July, 25 cents in October and 40 cents in December. Metal Market ‘YORK. May 10 (). —Conoel’ firm: electrolytic. spot, Conn. Valley, Y3-50; e 350 y; lMt glt !E lfl\lll. 4!5 8t mn:w ot anid”"for mény. Q "l nflll&‘ fl“" ominal, | Chingie ‘um_ xnlnn ‘nu domu‘tfn nhul Odd-Lot Dealings By the Associated Press. urities Commission reported to- ln:hl!l:c"lnutm by customers with ists_on %r “!t%’:i“" °{-me for M y involvi :m 426 shares; 4.50% lll.t Inflflvlnl 119,026 shares. including 37 short sales lnnlvlnt 1,142 shares. 28% -la 18% % Mu % l!% liv. -l!t Zonite Produets ... ”' o A w“sfl-fi Stocks on the N. Y. Stock Exchonge. 11:00 A.M. 1:00 P.M: | Dvvidand ate, = ,a"fl":n Wilsos & Co ... s ok 004! e o0, High, Low. Close. Py 84 J 6% 6% + % (3 o 264 -1 3% ~2% 22% -1% 6 -8 40 -2 53% —1% 'lo- mn xms 1234 +1% 22 22 - !6 16% 16% =1 10% 10% —1% 42 42% -1w 93% 93% + % 20 20 ~-1% 14% =1% 3 ~-% 18 12 108 4% 1 93% 21 . 15 14% ll 8% 3 670,000 1.600,000 13:00 Noon 2:00 P.M .- 1,880,000 -. 1.650,000 Total Sales for the day 2,080,000 sUnit of trading 10 ehares rIn bankruptcs or receivership Or beins reorsanised under Act. or_securities essumed by such combanies Rates .of dividend in the foregoins table re annusi dis- ts based on the last guarterly or semi-annual deciars. bursemen 5% — % | tion Unless otherwise oot “""...T"%"’W.: Bl Tt D, lated 4! —1%4 “Rock Cash Copper Quofations Of 11 Cents Withdrawn By the Associated Press. NEW YORK, May 10.—Cash cop- per quotations of 11 cents a pound posted by outside and custom smel- ter quarters today were withdrawn as the Eurcpean war widened. Primery producers continued to quote 11 cents a pound, Connecti- cut Valley, for electrolytic metal. In futures markets prices indi- cated a basis of around 113 cents a pound. delivered in the valley. ¥ Acoumulsa Steel Institute Fills Vacancies on Board By the Associated Press. NEW YORK, May 10 (#.—The American Iron & Steel Institute filled five vacancies on its board yesterday. The new members were: Thomas | pr R. Akin, president of Laclede Steel Co., 8t. Louls; Elton Moyt, 2d, man- aging partner of Pickands, Mather & Co., Cleveland; W. H. Som- mer, president of Keystone Steel & Wire Co., Peoria; John T. Whit- ing, president of Alan Wood Steel Conshohocken, Pa., and D. A. Williams, president of Continental Steel Corp., Kokomo. The annual meeting of the insti- tute will be held May 23. Chicago Stock Market CHICAGO, Hly () —Pollowing 18 the u—* the Chicago Stoc! hange o Aot ::.:. 25 Acme 300 Adams Oil & Gas 150 Advance Alum___ 5 ip 100 Asbestos Mfg ~__ 50 Assoc Invest 100 Athey Truss Whi_ 1300 Aviation _Corp 1550 Avia C 'hlnl Z Bel 1 o Belmont mano 400 Berehon” Brew - ] ;30Biise & Laughlin 130 Bore "Fraron Rt rd Pis n 280 Butler " ¥ 1‘0 cun'lfhell o‘vum 1850 Gen m s'e’:'" P 200 668 Bl AL 'f pursen ey oty 1B RS D FREFSE - . - Bas SEEZZa. FFEF FSRRFRR & i SRyt ¥ SFF » 238 - 33332]: P& PR RREREE, gy BuaBd B :fl 85 ATttt et TR PPN = & = 8% 100 5 SEEIPFFEIEEE SEFFNE FERF ) 233852335 0 3reza3e: oy Dren B Ias nH=ED & e 11313 e & 33 » 25,0285 o shz O ) gy 3. 3 BooSinBad! Beomiinsad: REFFETH EBEI Bpess F- SaS5E , o DL auas SaDHIAR a ansess o & SSPRREERS 3485532 » FEFSRITE FREFS RETERFR B ¥EXE TR FRESPIER FEFEE #SFROEE I S8 §F g e e & g s DR R & s WRE PSR @ FOREIES 19 1 FRLER w0 Ty & 3 Somen=n SORASLS AR A 2§ DRSS R SIXVECSLHBEE a man onRen=y i - e m 852! SRR RRSEE PME S 2S5 %e BBl a3z B58 B! R FREFSEFRRS S8 R OSPR PROESRR F S L EEETEES ey »a.» o —MMH“ feecen RO ot Swno > - #SonaR: & ESS 4 2B BB 83253, a3, =% - - & = o 3 & —54.000 shar Reichsbonk Statement :‘&.q‘ ln! 10 m.—'nn m Gold and foreisn 77.258 United States Treasury Position By the Associated Press nemm»tmmmv&mmdfin‘m-nmun Receipts _ bdlm:re- alance Working balance inel Customs receipts 31D B3~ FESEEFR S ted special or extra dividends are not lPlIn Illl !lll 0;8“ E stock e ividends Saia Rubber Boosted 3.08 Cents a | Pound By the Associated Press. NEW YORK, May 10.—Rubber for_delivery this month bounded up 3.08 cents a pound to 2350 cents in the commodity exchange today. Contracts for delivery in future months climbed the 2-cent-a-pound | Octobe: limit permitted in a single day’s trading. ‘Watching the German invasion of the Netherlands, traders were reminded that the United States, which grows no rubber itself, takes ‘55 per cent of the world's output, and that around 40 per cent of the More Than Dollar At New York Foreign and Domestic. Liquidation Follows Slump at Bombay B the Associated Press. NEW YORK, May 10—Cotton fu- Foreign and domestic liquidation and Southern selling followed the break in Bombay and the weakness in sterling. Buying was limited to trade cov- ering and professional abso: Midafternoon prices were 15 -to 23 points lower; May (old), 10.41; July (old), 10.07, and 9.63. wurn closed 30-45 lower. contract, h. 64 0 4 10.20 Cottonseed Oll Bleachable cottonseed 25-20" Righer; “sales 592" con "m'm 7.00b: July. 7, 14: Septel mhfl. 7“-24 ember, 7.30b. New Orleans Prices. NEW ‘ORLEANS. May 10_(#.—Cotton futures declined more than $2 s bale Ve ll :n:;filnllm‘glnnl. of l'" news losin; ces wi unu steads ot e oases g1 27 o 41 ,::.:, ot world’s production of the staple| Decem! comes from the Dutch East Indies. Commodity Prices NEW YORK. May 10.—The Associated Press welghted 'holenj orice lndex o! 35_commodities today nced te Previous day. 73.67; Wi month aso, 73.11; year ago. 1940, High Low Miscellaneons Markets. Additional New York markets. as com- plled bv the Associated I’l rorrl!—c 4. 7-7%: Rl ks cul .nd !rellht ofl!nnta mluded lnnu» Bourbon 3s and it 6.40-° tos No 4 “D" futures "aales. ‘10 000 bues. temi M fulures (aew); 835 lower: tures closed 32 to 1: Ak ‘pounds. ay. Jul; d Ocmbrr 97.3. 8pot. Nndlrd lovl. 675 o 3n & CRUDE RUBBER-_Putures closed 200- 1 standard. 686 T acotember. 51 47n: Binoked: Fibved spot. Putures_closed 17-20 hisher: + m.)lly 6.04n: July, 6.10: ber. 6. Bepigmsir S8 ures, closed 20 higher: sales. 120.000 onun Rm T -m 2INC—Futures 32-33 his 000 pox?m st e pounds:, Ma uly, em| 2.2 ?umru- closed %’;’!l ”.. "1 Western light native Su—rulurel No. 1 closed 25-27 ', dalen. 3,170 bales: Jane. " 2.800; 14 cops: hmm IulE New York Bank Stocks Hzfl October, fl:‘b Dlunhr "bBld. nNominal. Member mnces Decline at New York BY the Associated Press. NEW' YORK, May 10.—Reserve balances of member banks declined | Blls for the second successive time this wesk, falling $92,000,000, the weekly condition statement of the New York Federal Reserve Bank disclosed. from United States Treasury de- creased $86,000,000, the first de- cline in four weeks. The United was about $8,000,000 smaller, and Federal Reserve notes in circula- The condensed statement follows: YORK. May 10 uP).—National As- | Deposits: NEW sociation Securities Deslers, Inc.: (Quotations a3 of 2 o'clock.) premi; 22 2% Nearby ang umefl e premi marks, 20-21%:" specials” 10%: standards, j8%, Remies o cxchange o “‘faner Midwestern m:.xl;:-? i to Reards and ' Midwestern " peg: : standards. 18%: m 7-19. Afirm. Creamery. higher =00 @3 searer. 28%; secon( Browns, 20-21%. clals. 19%: altimore Stocks Bpecial Dispatch to The Star. TIMORE, My 10 8al Bl . 420 Ar\mfle 20 Baltimore. Ttlmlt A8 ‘_':n Balt Transit pfd 1.75 1 Pow cnm 50 100 Houst o1l pf Vi¢ 50 Northern Dcemr 00 New Amster T & @ MOU l Hflel & Guar 20% $5000 45 A 33Y% 3000 Balto ‘Trans Bs A 387 Dry Goods Market NEW YORK. May 10 (9.—Indecision on ‘vart of cotton lofldl buyers as to what the extended war front will have on le_demand llnt Worth Street activity at * nlov pace today. len goods, on the other hnnd. moved at » mcn active rate. - take the initiative in moderate e ivances. particularly for woolens in ! ; llfl"l!’,fll\’" ihed Juginess in rayon fabri rem: et eers maintained steady prices, Littls ‘was done in silk moods. Argentina has ordered 200 railway tank cars in the United States. 18! »‘a’z Ratio of total Teserves 4| P. R. note habilitie S 8l les eumbm& nn Dlt Brokers’ Loans Gain $1,000,000 in Week By the Associated Press. The Federal Reserve Board re- ported that last week's loans to brokers and dealers on securities held by reporting member banks in New York City totaled $477,000,000. For the week ended Wednesday the total represented an increase of $1,000,000 when compared with the previous week. Loans for the corresponding week & year ago totaled $517,000,000. Traffic Gains Hailed On Great Northern By the Associated Press. ST. PAUL, May 10.—Business of *| the Great Northern Railway thus far this year is 10 per cent ahead of the same period in 1939, Prank J. Gavin, president, reported yes- terday to the annual meeting of stockholders of the road. He said he anticipated an iron ore movement for 1940 of approxi- mately 14,500,000 tons, compared with 13,250,000 for 1939. A Polar bear in the Paris 200 has died from bronchial pneumonia. REAL ESTATE LOANS 4% Fred T. Nesbit 1010 Vi Avi Dt 9392 Money for C::s;:m Loans Loans on Completed Properties (Owner occupied or rental) Favorable Rate GEORGE I BORGER o s MORTGAGE LOAN CORRESPONDENT Metropolitan Life Insvrance Co. =L WEAVER BROS n 7t WASHINGTON BUILDING DISTRICT 8300 :3 in Treasury cash, $22,000,000 Gold certificates on hand and due | o, £ States Treasurer's general account |amansy’ tion tkm declined approximately $3,000,- |y D. C, FRIDAY, MAY 10, 1940. April Shipment Lag Reported By U. S. Steel Register Increase 0f $20,000,000 Board Reports Rise Is Due to Treasury Gold Purchases By the Associated Press. total of u.uo,noom the week ended May 8. Treasury purchases of gold. The board's statement said: “During the week ended May 8 ‘mgmber bank reserve. balances in- { creased $7,000000. Increase in mem- ber bank reserves arose from in- creases of. $64,000,000 in gold stock, $4,000,000 in Treasury currency, off- set in part by increases of $19,000,000 in money in circulation, 316,000,00;; Treasury deposits with Federal Re- serve Banks and $9,000,000 in non- member deposits and other Federal Reserve of member banks on May 8 were estimated to be approximately $6,- mm.o:o”;‘n increase of $20,000,000 Changes in member bank reserve balances and related items during the week and the year ended May 8, 1940, were reported as follows: e Ul 1 itlons . H Bills discounted u. 50 aedhw + ot 4+ A+ REAL ESTATE MORTGAGE AND GUARANTY CORP. 1610 K St. N.W. NAtional 1403 E’UIA.I FOR Insuwred “Hundreds of Weshingtonians now enjoy the benefits of saving here. Every account vp te $5,000 is fully INSURED And liberel dividends BUILDING ASSOCIATION Washington Building 15th St. & New York Ave. District 8300 3-Year Straight Loans or Monthly Payment . Loans : Alse ¥. W A Paeilities You can count wpom considerstion prompt of your application. - 92515th St. Na.2100 Mortgage Logns The board attributed the rise to | $7,000,000 in reserve bank credit and | accounts. Excess reserves | j Blaiklock Elected President of A. . B. +_enmmens| CaDIET Here Member of Washington Loan & Trust Staff Receives Honor / Edward M. Bl of the Wash- ington Loan & "Trust Co. was unanimously elected president of Washington Chapter, American In-|- stitute of Bshking, at the annual election yester- # day. He succeeds Francis E. f Robey of the Bank of Com- merce & Sav- was born in London, Eng- land, and receiv- ed much of his education there. He has been a resident of Washington since 1926 and E. L. Biaikleck. i o craduate of the American Institute of Bank- ing. He was married in 1931, The new president has been con- nected with the trust company ever since his arrival in the Capital. Stariing as a bookkeeper he has held many important positions, now being one of the head tellers. During the past year Mr. Blaik- 14th & H Sts. N.W. PASS 800KS . show new loen balonce after retes. S First Mortgage Loans % Peoples Plan FOR OWNING YOUR HOMB fits are obtained without red or waiting. @ Small monthly payments. ® No commissions or re- ‘newal charges. s [ ) Prevmlmg interest ilton National, and Paul J. Beltur American Security & Trust Co. The last two members are formeér presi- dents of the chapter. Rarely has a chapter election aroused more interest. Almost every bank president in the city atterided and cast his ballot as an encourage- ment to the junior bankers. About 50 chapter members waited at insti- tute headquarters until the ballots had been counted and the results announced. Hosiery Production Drops During March By the Associated Press. The Census Bureau says manu- facturers of hoslery knit 8641920 dozen pairs in March, compared with 8975925 in February and 10586,102 in March, 1939. Smell Monthly Peyments Peoples Life Insurance Co. 4 Wasnmgtos Institution olumbia Federal’s " Home Financing bene- tape Loans Available in D. C. or N{uby Maryland and -~ SAVINGS L LoAN AssociaTion 716 11th Street N.W. NAtional 6543 ON IMPROVED D. C. AND NEARBY MARYLAND PROPERTY principal. Equitable Building Association 915 F ST. N.W. . For buying, rebuil or refi ot il “dmg - e inancing Loans repayable monthly. No charge for appraisal if loon Is not mode. Interest charged only on unpaid balance of Co-operative ORGANIZED 1879 "The National pcmml”— WILL FINANCE HOME BUILDING IN NEARRBY VIRGINIA as well as in the District of Columbia Loans are made without a commission charge and are based upon small monthly payments — extending over a period of years — free from all coslly renewal expense. Our officers will be pleased 10 discuss this matter with you. UNDER SUPERVISION OF UNITED STATES TREASURY mmm N W. NATIONAL 0254 .