Evening Star Newspaper, May 15, 1940, Page 16

Extension of War Expected fo Boost Steel Demand British to Look to U. S. For Supplies, Says Iron Age Review By the Associated Press. NEW YORK, May 15.—Extension of the European war to Holland lnd Belgium promises to bring immed- iate demand for steel made in the United States, Iron Age said today in its weekly review of the industry. “Great Britain,” the review said, “probably cut off from supplies of steel from Belgium, upon which she ‘; depends to a considerable extent, .Yul & will look to the United States to|gctober, Inquiries | JAnusrs for about 100,000 tons are being make up the deficiency. quoted on and others are expected to follow shortly. France is inquiring for shell steel, of which a large|8-11 quantity may be bought as soon as complications arising from very rigid specifications are straightened out. Britain is expected to hurry the placing of additional shell and other munitions contracts that have been under negotiation here. * * * It is estimated that about 4,500,000 tons | } of steel a year previously sold by Belgium in world markets may be added to American sales, which would approximately double the volume of recent months.” Meanwhile, the trade publication stated, domestic consumers of steel, “although not rushing into the mar- ket in the manner in which they did last fall when the war started” have been increasing their takings for nearly all products the past few days. Most tin plate makers, the review | stated, have supplies sufficient for several months “and unless the Far East becomes a war zone, additional | 3] shipments will not be stopped.” Steel operations this week were estimated at 70 per cent of capacity. Scrap markets, the publication said, “Resemble ‘the runaway situa- tion of last fall.” This week's rise in the Scrap Iron Age scrap composite Fi was 83 cents, bringing it to $17.58 a | ton, within a few cents of the aver- age at the start of 1940. Chicago Livestock - CHICAGO. May 15 (#.—(United States Deplrlmem of Asriculture) —Salable hogs, ,000; total, 19.000: generally 25-4 cho:ez 1 80- 71 50 78: 1’0 W\md( 500 50 3 early: luz.er bids off ‘more: %00 eeD. 2.000: total. 4,500: late “Tuesday: Fed wooled lambs around stead v clippers strong to 15 higher: one double and _part hlnd!wellhl ‘woolskins. 10.25-50: 0: bull y's trade: Fat lambs fully steady: one double So0d to, choice handy- | 9.8 ing upward toiRh : one double medium | St .50: one double h-ndv. weight medium ‘to good woolskins, 10.00; emall lots mative springers, 11. 7532280 B0 or more_dow top. 10.75; with few loads “common. and me- : but hardly enough T cmn to make a mar- ins! 0 25 lower early: most feed lot mates of 10.60 At 1 these cattle considerably ghter however: best light heifers. 10.28; liberal heifer run here: cows weak: b er: vealers steady to veut 00 down: heavy sausage bulls to !ockers and (eederl, 25 lower in athy with fed steers. Freight Loadings 'ORK, May 15 (P).—Revenue 01 400-850 | N 50 down: erers Tucaany | New York Cotton B the Assoctated Press. NEW YORK, May 15.—War ner- vousness again permeated the cot- ton futures market today. Prices moved in wide ranges and after breaking $2 a bale recovered a good part of the losses. An early rally in stocks and wheat encouraged active short covering and technical support. A carry over of yesterday’s urgent foreign and do- mestic liquidation was witnessed early as a result of sharp declines abroad, but selling subsided at the extreme lows. Midafternoon prices were 8 to 17 points lower, except new May at 19.82 was off 28 on an early sale; May (old), 9.71; July (old), 9.40; January, 8.98. A tresh wave of selling in grains near the close lnnuenud mnm cotton losses in the final half h Last prices were 23 3’ 20 voints dows. ontra Cl 3 £ Berexod ©on o ARRDAR & o 2 3 —=33 a . & Cottonseed cotionseed nlel ll- Oil, oll futures closed . July, ber, 6.54: Bleachable 4 T, Decemlu?we gl‘?b New 0rlnlu Prices. NEW ORLEANS. May 15_(#.—Cotton tutures declined $1.30. 15 3175 & balg. tor day under war news and weakness in grain. Prices rallied somewhat from the lows and She close was steady at net losses of 20 to 2 points. March May (1914) _ ‘W »xX»TTo 3 Cotionseed Cottonseed oil closed stei able brime summer yello B5b: crude. nominal. .90b: July. 5.93b; September, 6.02; October, 603, December, b Bid. | Insurance Stocks NEW YORK. May 15 (#).—] sociation Security Dealers, Inc. Aetna Cas (42) __ Aetna Ins (1.60a) Aetna Life 200) Eaquit (1) Am Surety (212) Automobile (1s) Balt Amer (2 Boston as % Carolina '(1.30) City of N ¥ (1.20)~ eorg Siens Fastc b Globe & Rep (i Home Ins (1308) Homestead (1) Knickerbocker (‘m InFire Revere (P) In umn s Ins Travelers (16) U S Fid U 8 Fire (2) = Westchester (1.20a) A Also extra or extri Qllatltlons furnished by National Al- sociation of Securities Dealers. Inc. which states they do not necessarily reflect actual transactions or firm bids or offers. but should indicate approximate prices. New York Produce By the Associated Press. NEW YORK. May 15. easier: creamery. higner 29: ‘extra (92 score), 7Y conds ( Butter, 866.414: an extra, 2Rl 28 ‘lxénl (88-91). steady. Prices un- Mixed colors: 15 remium marks, < 1ouEY canondings o railroads reporting | Mi included: " for the week ended May 11 Ml!]l Prev. vk Yr. ai W8089 47138 33051 455 507 Balt. & Ohlo __. Banta TFe a = Chesan. & Ohio_ Nickel Plate - Pere Marauetts lll,rlln' Missour]” Pacific _ Chicugo Produce ICAGO. May 15 (P.—Poultry. live, 28 tru'z:ks fir [ . White Rocks, 261%: under 4 pounds. eolnredv 23: White' Rocks, ‘54 1h: capons. 7 povhds snd up. 24: under 7 pounds. 24: other prices unchanged. Butter. $47.871, creamery, 03 23 25%: 90. 25%: !ntrllued carlots, welk urrent receipts. 18: dirties. : storage packed extras United States Treasury Position By the Associated Press The position of the Treasury May 13 compared with comparable date a year ago: Receipts _ e Belanc W bal forking bal ncluded Clllwml reellxn s for mon! ndllllrn of expenditures _. mr.c'u"‘ ver Imvmu day Gold assets yoo—= ET us and Applications There are no Censult any of §\unmumuIimm'mmmlmmlmlmmmmmnuu||uummunmlmlmmnu = ( C L § et Office Hours 9 to 4— 2. ea; western premium rnmu . 20-21%; clals, “10%: standards. 18% Resaies_ of exchange to fancy heavier mediums. 18- 20%, Nearby and Midwestern mediums. 1 Browns: fancy. 20-21%: nearby and ;psechl.l. 18%: standards. 18%. g8s. 17-19. ‘mediums, Presh, boxes, Frozen. boxes, i 1; old Toosters. 13%-15%. Other fresh and frozen brices unchanged. poultry firmer. By freight. fowl 18-19; Leghorn. 15-16. Turkeys, 18. B . chickens. Rock: Financial Barometer NEW YORK. May 15 (P.—Chain store | sales {n April. _after adjusting for the change in the Easter holiday. were 4.55 per, cent ‘greater than the same month ast year. Chain Store Age, trade publica- tion, reported. "Eain over a_ year ago was %0 proxlml!ely the same that show; Previous ‘months "this year. the public tion stated. May 13. 1940, 5179688'35 3438 418, 262,462,083 D May 12, 1930 llLbB7.747 7; ' 10.134,361 14 4, 908,387 056 47 Crude Oil Production Registers Increase During Week Daily Output Boosted To 3,835,450 Barrels; Refinery Operations Up * Ex the Associated Press. NEW YORK, May 15.—Daily aver- age crude oil production in the United States increased 146,400 bar- rels during the week ended May 11, the American Petroleum Institute reported. Large increases in Texas, Cali-| 2 fornia and Illinois bogsted daily out- Hfll put to 3,825,450 barrels,. compared | Hu; with 3,679,050 barrels the previous week and 3,402,500 & year ago. Refinery operations rose sharply to 85.8 per cent of potential capacity from 83.6 per cent the week before. . | Runs of crude oil to stills for she industry as a whole averaged 3,620.- | 000 barrels a day, compared with 3,505,000 the previous week and 3,412,000 a year ago. Rising gasoline consumptiod re- duced finished and unfinished stocks to 101,317,000 barrels at the end of the week from 102,063,000 a week earlier. A year ago gasoline stocks were 86,349,000 barrels. Gasoline production during the week rose slightly to 11,401,000, bar- rels, compared with 11,370,000 the previous week. Imports of crude and refined oils at principal ports during the week totaled 1,462,000 barrels, against 1,- 634,000 the week before. The complete report showing daily average crude oil production (in barrels) follows: (The figures indicated below do not include any estimate of any oil which might have been surreptiti- ously produced.) Week ended May 11, with changes from previous week: North Texas _____ West Cent. Texas__ West Texas _ 1 89, fion 3300 3650 1,050 = 39! 0 Indlom 11,100 1.5 Eegtern (ot fnclud- oo 4 | Total Eascor California . Total U 8. 138400 Refinery operations for the same period were reported as follows, on Bureaus of Mines basis: Crude runs to stills (daily average), 3,620,000; increase, 115,000. Total United States gasoline production (week), 11401,000; increase, 31,000. Total finished gasoline stock, 94,747,000: decrease, 812,000. Unfinished stocks, 8.570,000; increase, 66,000. Total fin- ished and unfinished stocks, 101,317,- 000; decrease, 746,000. Gas oil and distillate fuel, 26552,000; increase, 864,000. Residual fuel oil, 103,985,000; increase, 942,000. Short-Term Securities (Reported by Smith, Barney & Co.) Bid. Ala Gt South “A" 5x 1943 4 O Alleghany Corp Cv 55 1944 Amer Tel & Tel 5las 1943 Austin & Northwest 58 194 h Rwys 8lan 1042 Bete &' Hudson 4s 1943 Fed 1% & Traction 381042 Gr Rapids & Ind 4%s 1041 Intl Hydro-Elec 6s 1944 Interna Mercan Mar 6s 1941 Laclede Gas Light 55 1942 Lake Erfe & West 55 1941 Lehigh Val Term Rwy 5= '41 Ligrett > Myers 75 1944 N Y Cen & Hi Pennsvivania Co 3as 1941 Penn-Dixie Cement 82,1941 penna R R Co 43 109 Prop Gas Lt & Coke 8 1943 15 Fhih Bt Wash 45 1943 Studebakex Corn Finland has twice as high a per- centage of pupils in secondary schools as England for LATEST NEWS The Night Final Star, containing the latest news of the day during these dramatic times, is de- livered every evening throughout the city and suburbs between 6 P.M. and 7 P.M. Telephone National 5000 handle your real estate home loan financing. considered on improved property, not only in Washington but in nearby Maryland and Virginia. commissions or renewal charges. Interest only on unpaid balance of principal monthly. Many savers have accumulaied substantial balances by regular additions to their share accounts with us. owr officers for information. Ne obligation, of ceurse. AMERICAN BUILDING ASSOCIATION 300 PENNSYLVANIA AVENUE S.E. MILTON H. PROSPERI, CHARLES M. KINDLE, Assets are now in excess of i A JOHN . Coalrman of Beerd JOHN E N for immediate delivery. RNARD I, oM, A "IG NALL g $ n.uun.n WIIIIIIIIIIIIIIIIIIIIIIIIIIIIF Foreign Exchange PR R o ::‘uv ‘o\fnu' y%'-wu:’y“a' Hoerine o ohe xd e ol the most .ml‘. of men! 'urlln lel‘lm espite tl mn kant ucur l.! nng g“nfl ty mu iy rln al -oz( thun 5" cents t sales were Ya_cent uch frane (JQreat Britain in ll':‘ olllr l to 81 l lnd the added 0"‘h cf , tes ollo' te dollars. uth:u in cents) Cana Contl’fll lolrd rllll mmn per 12 disconnte” o "“‘.5‘1"‘“&"’." o s on Canadian dol- 8 In New York of buyins, GBI clnti cent. oll!rl in New York open l %Lr{et 18% ‘per cent discount. or §1.877 18. llllln. unquoud nmnrk nnnuated nd, 2.00n: France, 153!% (benevolen: eese, ngary. 17.65n: Italy. 5.0 nquo Norway. m:}nd. 21’%& Latin Amerie: Argentina. official. 29.77: fre d il ‘officiall 6.08: Tréa. '5.10;" Mexico, 40.1 Par East, .Ylbl:l 23.48: Hong Kong. 20.26; Shang- ha Reiss tn spot_cabl 1 indicated. "' Nominaly® |"\ee# otherwise Dividends Declared NEW YORK. May 15.—Dividends de- clared. Prepared by Fitch Publishine Co. Accumulated, Pe- Stk of Pa Rate. riod. record. -bi’- Green Mt Pow 86 bt $1.50 —- B-18 Initial, Gold Belt Mining Lid 2¢ _. Extra. 28¢ .. Increase. Pitts & Lake E R R $2 __ Regular. Bohn Alum & Brass 25¢c Borne Scrymster Co “$2 TG&Co Lud 7hsc ¢ r Estate 40c 40¢ 6-15 6-20 Masonite Corp 6-10 6-25 Lib S35 an G Jaeger Machine Lessings Inc Masonite Corp ~ Do pf Mission Dry New 'Bedtord Botasue ‘.!54: 3 Pudlel Sounfl P &T. AOKRUOR UL ONOL Contin U 8 Tobacco o | Sales of Pig Lead NEW YORK. May 15 (®.—8t. Joseph Lead Co reported 475 tons of Southeast Missouri pig lead sold yesterday at $4.55 per 100 pounds East St Louis. 725 tons At $5.05 New York, 175 tons at the New York average. New York Bar Silver CRUIRABIIBIDADSNDIRY and NEW YORK, May 15 ().—Bar | $50512 silver, 343, unchanged. ORD TRUCKS give operators one big advantage in providing the V-8 engine size needed for any particilar job. They also give another advantage. These trucks are “tailor-made” to the needs of the job, with a wide variety of wheelbases and body- Power Qutput Rises Sllghlly for Week, 10 Pct. for Year All Major Areas Show Increase Over 1939; Industrial States Lead By the Associated Press. NEW YORK, May 15. -—-Electflc Power production in the week ended May 11 totaled 2,387,566,000 kilowatt hours, a minor rise over 2,386,210,000 kilowatt hours in the preceding week, | but a gain of 10 per cent over 2,170, 150,000 kilowatt hours in the com- parable week a year ago, the Edison Electric Institute reported today. All major areas of the country contributed to the increase over 1939 with the best showing in the Central industrial States of 158 per cent ahove a year ago. ‘The slight rise over the preceding | 8ev. week was in line with seasonal ex- pectations and the Associated Press index of electric power production | Se® was unchanged at 122.1. This com- pared with 1132 a year ago. The index is adjusted for seasonal and | ° long-term trend, as 100. 4 0. 19 13 121 based on 1929-30 1939, 1205 112.3 High._ Low.. 0. 5 4 New York Sugar YORK. May 15 (#.—World sugar tutures prices. tumbled nbrumlr today as general ‘liquidation and doss selling auces coverine. | Midatterneon prices Seve Lo 5 points lower: July. 1.49: Decem- r 1.57 Domestic futures were relatively steady. Prices recovered from early lows on trade and refiner buying. Quotations held 1 polnt lower to 3 higher; July, 1.97: May, "The raw market was slightly easier. Philippines for late May and early June shipment sold at_2.90 cents to Eastern refiners. Puerto Ricos were offered from 2.00 to 2.95. but Cubas were nomini Refined withdrawals were fairly brlsk Eastern cane prices remained 4 3 Putures Nn, 3 closed 1-5 lower; sales, 32,050 to May _ auy 3 Dt 3 No. 4 futures 6'2-11 lower: £00 tons. July Bent. D5 mia.” Odd-Lot Dealings By the Associated Press. The Securities and Exchange Commis- sion reported today these transactions by customers with odd-lot ~dealers “or spe- cialists on the Mew York Stock Exchange for May 14: 3 re 5. involving 512 sh: involving short sales. types and also optional gear ratios. Test one of these units on your job, and you'll discover a third advantage: Ford V-8 money-saving, profit-building economy that includes both operating and maintenance! Arrange for this “on-the-job” test Clllcm Graln By the Associated Press. ¢ CHICAGO, May 15.—Wheat prices collapsed again today, dropping 10 cents & bushel for the second con- secutive session as traders dumped millions of bushels of grain because of the pessimistic war news coming | ¢ from Europe, Prices closed as low as trading rules would permit in today’s ses- sion and were the lowest since early last winter. of rallying earlier in the session, but renewed selling in the final hour caught the pit without sup Wheat finished 9%-10 cents loker ‘lg:‘n yuterd-y, my, 85%-86; July, Corn’ closed 2%-314 lower; May, 59%4-59; July, 50%-s; oats, % lower to % higher; soy beans, 2%-3% off; rye, 8%-9% down, and lard, 7-15 lower. WHIAT— Omn. Hl(h' la !8 8% May Scan duly "855u-7p ?=§_° 4% Led il bad Py 53 oo i S FER s oo oo, »on 3 & Cash Market. Cash wheat. No. 3 hard (weevily), a1v. mixed. No. [d e, AR o nal: No. 2 mamnl, 6 8oy beans, No. 2 yellow. 97%. v Winnipeg_Prices. 1oV INNIPEG, May 15’ —Grain ranse Prev. Close. close. T4 87 8% 31% R4%a 8574-86 88 32% Baltimore Quotations. BALTIMCRE. May 15 (# —Wheat. No. 2 red winter, garlicky. spot, domestic, 1.05. Federal Land Banks NEW YORK. May 15.—Federal Land hlnk bonds. July, 1946-44 _ s May. 105048 July. 1955-45 193648 Japan's 1939 silk cocoon crop was valued at mare thar $200,000,000. Fowerful mn’ pram— 10 YOUR HAULING NEEDS The market had shown some signs | C: Foreign Markets LONDON, May 18 (P .—Rallying efforts veloved in the securities market todey fter sherp opening declines. Price To- cessions were far out of pgoportion to ac- tual sales. British funds trimmed outside s wi and mu stiffe het.ded down- firs ward. Japanese and Brazilian bonds weak- ned. Authoritative quarters said proposals to close the exchange Or 1o extend current st | of minimum prices were not under con- sideratios urse prices cracked all along the line Mly !olln'lnl M'l { Holland's itulation A r lost 15 Der cent, Royal Dutch 7 per cont. and. Bucs 1 700 francs. Rentes closed 150 to B R SSms Dry Goods Market l'l'l YORK, Ill{ 15 m-—lln ul de- pand, fof radoe 8 o8 lor _activity in this mthn - 8 | mer ‘u s were in demand pri ture delivery of woods u of yer Gaceriainties aetra st 4y #00ds_proceeded n h" prices a shade unde ds _continued _dul. muulh rics met occasional demand e B L Men’ clothing mum(lel.ul’ Dromln;nt buyers Ly '.01.. sl reporied. Tra slow n-u nlmkz Drices n grlcil remained steady. lankets and hosiery was s A DUDE RANCH Zis YEAR! Discover a new kind of vacation by sending for our free Ranch Album! 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