Evening Star Newspaper, May 28, 1940, Page 18

A—18 #¥¥ FINANCIAL. FINANCIAL. Pepco Net Declines Moderately Below 1939 in April Month’s Earnings Dip 9.66 Per Cent Under Period Year Ago By EDWARD C. STONE. ‘Total net income of the Potomac Electric Power Co. in April amount- ed to $325,644.96, compared with 360,475 in April of last year, a modest decrease of $34,830.04, or 9.66 per cent, according to the monthly statement filed with the Public Utilities Commission today. Heavier operating costs, including & large amount of maintenance work in the Capital, were the chief reasons for the earnings slump, the report showed. Operating revenues totaled $1,- 850,262.87, an increase of $59,515.34, | or 461 per cent. At the same time operating revenue deductions called for $917,989.96, up $88,365.56, or 10.69 per cent, leaving net operating reve- nues of $432,272.91, which was $29,- 120.22 less than last year. Income deductions from gross called for $106,643.52, an increase of $5,582.50, the review said. In the first four months of this year the power company had net operating revenues of $5,580,702.87, & gain of $350,932.63. Operating de- ductions took $3,699.372.13, an in- crease of $373972.79, leaving net revenues from operations of $1,881,- 330.74, off $23,040 from the like 1939 period, or 121 per cent. While operating revenues were up 6.71 per cent, operating costs were up 11.25 per cent. Separated into items, operating expenses were up $303,- 99047, depreciation charges ad- vanced $5,073.86, and taxes moved up $64,908.46. Deductions for in- terest payments, etc., required $32,- 000 more than last year, leaving a net income for the four months of $1.444,713.49, compared with $1,500,- 94435 a year ago, a decrease of $56,230.86, or 3.75 per cent, the state- ment revealed. Test for Saturday Closing. President Hugh Leach of the Fed- eral Reserve Bank of Richmond has otified member banks that the San Francisco Federal Reserve Bank ‘Wwill be closed Saturdays during July and August because of the closing of the San Francisco Clearing House, as p “test.” The notice is given the banks here because of Saturday transfers of funds to the coast. | President Leach also announces | that member banks in 16 North Carolina counties will come under the Charlotte branch after June 1. Their reserve funds will be trans- ferred to Charlotte. Virginia Mortgages Expand. Virginia savings and loan asso- | ciations which are members of the Federal Home Loan Bank of Win- ston-Salem accounted for home | financing totaling $4,556,000 during | the first four months of 1940, it was | stated today by officials of the Federal Home Loan Bank Board shere, compared with $3988000 in the same period of 1939. All types of home-financing in- stitutions, including savings and Jdoan associations, insurance com- panies, banks and trust companies .in the State, reported home mort- gages amounting to $15,874,000 in the January-April period this year, as compared with $14,147,000 in the opening four months of last year. Maryland Loans Increase. Maryland savings and loan as- sociations which are members of | the Federal Home Loan Bank of ‘Winston-Salem accounted for home financing totaling $4,910,000 during the first four months of 1940, it ‘was stated today by officials of the Federal Home Loan Bank Board here. This figure compares with $3,722,000 in the same period of 1939. All types of home-financing in- stitutions reported home mortgages amounting to $14,241,000 in the January-April period this year, as compared with $13,458,000 in the opening four months of last year. Similar loans in the District of Columbia in the four months to- ‘taled $15,327,000, & gain of $720,000 over 1939. Nickson Addresses Bankers. Theodore B. Nickson, controller of the Federal Housing Administration, opened today’s session of the Amer- fcan Industrial Bankers’ Association at the Wardman Park Hotel with an address on “The Effect of Volume of Business on Efficiency of Opera- tion.” Otto C. Lorenz, New York, expert on installment credit, was the next speaker, followed by Dr. Ralph A Young, Wharton School of "inance. who discussed management roblems. The luncheon speaker was %r. James S. Thomas, president of larkson College of Technology; Potsdam, N. Y., and his subject, ®New Frontiers for Smart People.” ® C. & P. to Expend $1,782,000. + Expenditures amounting to $1,- 2,000 for the rearrangement of acilities and installation of addi- onal equipment in three Washing- ton central offices were authorized by the directors of the Chesapeake & Potomac Telephone Co. at their May meeting, C. A. Robinson, vice president and general manager, re- Pported today. § To date a little over $5,347,000 Bas been authorized for the con- ction of telephone plant and gl;ltlallation of equipment in the istrict of Columbia this year. % Exchange Trading Improves. # The Securities and Exchange Com- ission reported today that the arket value of total sales on the ashington Stock Exchange in pril amounted to $120,651, against 103.974 in April, 1939, The market value of stocks imounted to $50,474, against $60,141 & year ago, while 1930 shares changed hands, compared with 2,708 in April, 1939. * Bond sales totaled $70,177, against only $43,833 in .April a year ago. Total principal amount of bonds %d was $61,500, compared with $43,- a year ago. é' Prices Steady on Exchange. ¥ Prices held well on the ‘Washing- fon Stock Exchange today, consid- ering the tension on other ex- ehanges. The market opened with apital Traction 5s selling at 9814, ;nd closing at 98. National Savings & Trust Co. ltock registered 200% on a small le and 10 shares of Liberty Na- ional Bank stock moved at 170. ton Monotype came out at 26 nd Potomac Electric Power 6 per t preferred at 1121. At the close 10 shares of Security High, Lot T0% 52% 9 27% 19% 584 5 K] 14% 121 17% 261y 123 THE EVENING STAR, WASHINGTON, D. C, TUESDAY, MAY, 28, 1940, TRANSACTIONS ON THE NEW YORK STOCK By Private Wire Direct to The Star. Prev. lM l"ocl d Sales— Nt 50 Abbott Lab (1.60a). 34% Acme Steel (3)_ 4% Adams Expres: 17 Adams-Millis (1) 13 Addresograph 1.40.. 86% Air Reduction (1a). 4 Alaska Juneau .60 . % Air Way Elec Appl. 5% Allegh’y $30 pf ww._ - 4% Alleghany pf xw __ 7 Alleghany prior pf. 15% Alleg-Ludlum .25e 7% Allen Indust (.25¢) 182 1381 Allied Chemical (6) 4 112% 100 1405 115 93 8l 154 9y 3% 28, 24y 281 501 65 66% 109%¢ 8% Allied Kid (.80) ___. 104 Allied Mills .75e 4% Allied Stores _ 563 Allied Stores pf (5) 21% Allis-Chalmers .50e 11% Alpha Port .50e___. 1% Amalg Leather____ 9% Amalg Leather pf__ 39% Amerada (2) - 124 Am Ag Ch Del. 41% Am Airlines _ 6% Am Bank Note__ 43% Am Bank N pf (3) % AmBosch ________ Am Brake Shoe .30e Am Brake S pf 5.25_ Am Can (4) . Am Car & Foundry Am Car & Fdry pf _ Am Chain &2C .80e Am Chain&C pf (5) Am Chicle (4a) 5% Am Colortype 4% Am Comec’l Alcohol 8 Am Crystal Sugar 75 Am Crystal S pf66) 1% Am Encaustic Til . Am & Foreign Pwr Am&F P 6% pf.60k Am & F P 7% pf.70k Am-Hawai'n SS(1) A\ Am Hide & Leather. 4 Am Home Pr 2.40__ Am Ice Am Ice pf (.50e)__ Am International Am Locomotive Am Loco pf (1k) _ Am Mach & Fy .80__ Am Mach & Metals_ Am Metals (le) .__. Am News (1.50) Am Power & Light _ AP&L $5 pf 2.8125k AP&L $6 pf 3.375k Am Radiator Am Radiator pf (7) 4 Am Rolling Mills Am Safety Raz 120 Am Seating (.50g) Am Shipbuilding Am Smelt & R (1e) Am Smelt&R pf (7) Am Snuff (3a) 2 Am Steel Fdry .50e._ Am Stores (.25e) Am Stove (50e) Am Sugar Refining. Am Sugar R pf (7) - Am Sumat Tob (1) Am Tel & Teleg (9). Am Tobaceo (5) .- - ‘\m Tobacco(B) (5). Am Tobacco pf (6). % Am Type Founders_ Am Water Works _ Am W W 1st pf (6). Am Woolen Am Woolen pf (3k)- Am Zinc & Lead ___ Anaconda (.75e) Anaconda Wire & C 4 Anchor Hoc Gl .15e Andes Copper .50e A P W Paper Arch-Pan-Mid .70e Armour (Del)pf(7) Armour (111) Armour (Il pr pf Armstrong C'k .50e Arnold Const .375e Artloom Corp Assoc Dry Goods Assoc Invest pf (5). Atch T & Santa Fe _ 4 Atch T&SF pf 2.50e % Atl Coast Line 3 AtIGulIf & W Ind _. Atl Gulf&WInd pf Atl Refining (1) ___ Atlas Corp (.25e) Atlas Corp pf (3)- Austin Nichols _ Austin Nichols pf A Aviation Corp s % Baldwin Loco ctfs. Balto & Ohio . Balto & Ohio pf Bangor & Arssook _ 5 Barber Asphalt.50e Barker Bros __ 20 Barker Bros pf 2.75. 7% Barnsdall Ofl .30e ._ 20% Bayuk Cigars .50e - 181, Beatrice Cre (1a) _ Batr Cr pf ww (5) _ 7' Belding-Hem .40e _ 2514 Bendix Aviat'n(le) 17% Beneficial Loan.45e 50 Beneficial Ln pf 2.50 2214 Best & Co (1.60a) 63% Beth Steel 2.25e = % 109 Beth Steel pf (7) 119 124 26% 3% 118 6 41% 8% 36% 21% 29% 42% 2% 15 Black & Decker .25e 5% Blaw Knox - - 138% Bliss & Laugh .25e_ 15% Boeing Aeroplane 19% Bohn Alum'n .50e _ 99 Bon-Ami (A) (4a)_ -51% Bon-Ami (B) 2.50a_ 175% Borden Co (.60e) ___ 127% Borg-Warner .50e 1 Boston & Maine __. Bower Roller B (3). Brewing Corp (.60). Bridgeport Brass ._. Briggs Mfg (.50e) . Briggs & Strat (3) _ Bristol-Myers 2.40 BKIyn-Man pf ctfs_ % Bklyn & Queens BKIyn & Qu pf ctfs Bklyn Un Gas .50e . Bucyrus-Erie Bucyrus-Erie Budd Mfg pf__ Budd Wheel . Bullard Co (.75e) _ Bulova Watch (2a). Burlington M (1) __. Burr's Add M .20e. Bush Terminal __ Bush T Bldgs pf __ Butler Bros (.15e) . Butler Bros pf 1.50_ Butte Copper Byers (Am) Co . Byers AM pf 4.33k _. Byron Jackson (1)_ Calif Packing .25e.. Callahan Zinc_ Calumet & Hec .50 Campbell Wy .65e. Canada Dry = Canadian Pacific Cannon Mills 550e_ Cap Admin pf A (3) Caro-Clin & O (5) .. Carpenter Stl .50e _ Carriers & Gen .05e_ Case (JI) Co Case (JI) Co pf ). “aterpillar Trac(2) Celanese Corp .50a_ 105% Celanese pr pf (7) 5 Celotex Corp = 18 Cent Aguirre 1.50_ 1% Central Foundry 4 Central ViolettaS__ 3 Century Rib Mills . 22% Cerro de Pasco(2e). 8% Certain-teed _ 15% Certain-teed pf_ 16% Chain Belt (.60e)__. 11 Checker Cad Co 80% Ches & Ohilo (2.50)_ 3 Chi Grt West pt (r) 6% Chi Mafl Order____. hChi MStP&P (r)_. 8% Chi Pneu Tool ... %ChRI&EP (M __. 9 Chickasha Cot Ofl_ 54 Chrysler Corp 2.560e 10% City Ice & Fuel .60e 5 24 Clark Equip 1.25e_ x 26 Clev Graphite(.40e) 56 Coca-Cola (A) (3)_. 10% Colgate-Pai-P (.60) 20 112‘/. 108 Collins & Atk pf (5) l% 5% 26% 26% T 1 e sold at 80 and 60 Lhnresnfl ‘1:* thaler Linotype at 12%. } 124% Colo Fuel & iron . 1% Colo & Southern__ 2 Colo& So1stpt_ 16 Columb B C(A) .90 16 Columb B C (B).90s 4% Columb G & El .20 70% Col G&E pf (A)(6). 70% Col G & E pf (6)... 28 Comcl Credit (¢)... 33 Comel Inv Tr (4)._. 974 Comel Inv T pf ¢.36. Comel SBolvents. ... “ Comwith £4 (1.80). 36% ~1% 4% - % 1T% = % 4% + % 38% —1% - % 1 lOBV. 108% -1% - ZK + % 2% 16% =1 16% -1 2% 16% Prev. High. Low. 1% 3% 6% 24% 13% 314 9% 32% 23% 94% 171 30 10 18914 126 118% 104 5% 84 117% 41 49% 118% LA 101 130% 6% 127% ™ 58% 10 19% # 33% 15% 311 24% % 76% H 133% 35% Th 16% 601 16% 12% 2% 38 191% 62% 5% 14% 7 133 21% 3 5% 3Tw 36 4% 10% 8% 28 17 62 1% 132 69 16 38% 1040 Divaend Rate, % Comwith & lontl'- 42 Comwith &8 pf (3). 2% Conde Nast Pub.... 14 Congoleum (1)..... 23 Consol Edison ( 974 Consol Bdis of (8) 5% Consol Film pf .50k 2% Consol Laundries.._ 5% Consol O11 (.80) 1% Consol RR Cubs pt. 2% Consoldation Coal 9% Container Corp .50e T Contl Baking (A).. % Contl Baking (B) 73 Contl Baking pf (8) 83 ContlCan (1e) . _. 4% Contl Diamond .25e. 27% Contl Lnsur 1. 2 Cont! Motor 16% Contl Oil (.50e) 181 Contl St 47 Copperweld pf 3. so. 42% Corn Exchange (3). 44% Corn Products (3).. 4 Coty Ine (.350).... 13% Crane Co c 25 Ctream of Wheat(3) lflVg Crown Cork & Seal. Crown Zeller (le).. 25 Crucible Steel 64 Crucible »t. 1% Cuba RR p! 3% Cuban Am Sugar... 9% Cudahy Packing 20% Cuneo Pre: 1.50). Curtis Publishing Curtis Pub pf (2k) o Curtiss- Wright Curtiss-Wr (A) 1o Cutler-Hamm'r .50e Davison Chemical. Deere & Co " 117% Deisel- Wem-G .375¢ 8% Del & Hudson ..... 2% Del Lack & Wn . 9815 12% 25% . 32 Diamond M pt 1.50. 4% Diam T Motor.._... 121 Distill-Seagr (3) .. 30! Dixie Vor(A)(2.60). 14 Doehler Die C .25 114 Dome Mines (2) 1% Douglas Afr (3g) ... 138% Dow Chemical (3).. 14% 5 148% Du Pont (3.50e) __. 114 Du Pont pf 14.50) 112% Duquesne 1st pf(5) 26'; Eastern Afr Lines . 3 Eastn Roll Mills 125 FEastman Kodak ¢6) Eaton Mfg (1.50e) Edison Bros 8 1) __ Elec Auto-L 1.50e__ Electric Boat .40s__ Electric & Music__. Elec Pwr & Light Elec Pwr & Lt 36 pf Elec Pwr & Lt $7 pt Elec Stor Bat (2) _. El Paso Nat G (2).. Endicott-J pf (5)__. Eng Pub Service Eng Pub Sve pf 5.50 % Erie RR (r) Erie RR 1st p! Evans Products. Ex-Cell-O (.40e)... Fairbanks Co pt. Fairb’ks Morse(1a) Fajardo Sugar (le) Fed Lt & Trac (le). Fed Lt & Tr pt (6). Fed Motor Truck Fed Water Svo (A) Y% Federat Dep St .75e Federat'd DS pf 4.25 Ferro Enamel (1a 27 Fidelity Phoe 1.60a 12% 32! First Natl Strs 2.50 10% Flintkote (1g) 251 Florence Stove .50e. 11 Follansbee Bro (r). 19 Food Mach (.25e)_.. 9% Foster Wheeler___. 2% Francisco Sugar... 256 Freeport Sulph (1). 115 Gabriel (A) 2% Gair (Robert) 12 Gamewell Co(1.50e) 98 Gannett Co pt (6) .. 4 Gar Wood Indust 9% Gaylord Cont (.20e) 3% Gen Am Invest 100 Gen Am Inv pf (6).. 35% Gen Am Tra 2.376g. 5% Gen Baking (.15e)_. 102 Gen Cigarpf (1) . 26% Gen Electrio (.70e)_ 36 Gen Foods (2) 111% Gen Foods pf (4.50) Y% Gen G El (A) 77% Gen Mills (42) __ 119 Gen Mills pf (5) 37% Gen Motors (1.75e¢) 116 Gen Motors pf (5) 3% Gen Outdoor Adv 35% Gen Out Ad(A) 2k._. 5% Gen Print Ink 10 9% Gen Rwy Signal __ % Gen Realty & Util__ 20 Gen Refractor .50e. 11% Gen Shoe (1.20) 7% Gen Thea Equ .20 14% Gen Time Inst.26e. 10% Gen Tire & R .60e. 4% Gillette Saf R (.60). 33% Glllette S R pt (5).. 4% Gimbel Bros - 11 Glidden Co (.30e) 30 Glidden cv pf (2.25) 2 Gobel (Adolf) __.. 2 Goebel Brew (.20).. 10 Goodrich (BF) __. 45 Goodrich(BF)pf(5) 121 Goodyear T&R .75e 72% Goodyear of (5) 1% Gotham Silk Hose . 14 Graham-Paige 4% Granby Consol .50e 10 Grand Un war ctfs 10 Granite City 8 - 26 Grant (WT) 1.208__ 15Y% Great North'n pt . 113 Grt Nor O ctfs .75e. 18% Great Wn Sug (3 hound (1) 9% Greyhound of (.65). 16 Grumman Aircraft. 1% Guantaname Sugar. 11 Guantanamo Spf... 30 Hacken Water 1.50_ 9% Hall (WF) Prtg (1) 96 Hanna(M)pf(5).._ 16% Harb-Walker (. 50.) 90 Hat Corp pf ( 2% Hayes Mfg Co 7% Hecker Prod 12% Hercules Mot .: ules Powd 60 1281 Hercules P pf (6) _ 19 Holland Furn (le)._. 4% Hollander (A) 8 Holly Sugar = 35 Homestake (4.50) _ 8% Houd-Her (B) .75e_ 3% Houston Of) 20 30 Howe Sound (3) 12 . Hudson Bay (1e) % Hudson & Manha 3 Hudson Motor % Hupp Motor 5% [llinots Central __ 12 Illinois Central pf.. 72 Ingersoll-Rand (2e) 66'% Inland Steel (2e).__. 7% Inspiration Cop 5 Insurshares (.20g). 2% Interboro R T (r)._ 24 Interchemical(.80e) 6% Interlake Iron . ___ 1 Intl Agricultural... 18% Intl Agricul pr pf_. 140 Intl Bus Mach (6a2). 88 Intl Harvester 1.60.. 1% Intl Hydro-El (A 5% Intl Mercantile Ma._ 3% Intl Mining (.20e) . 20 Int! Nickel Can (3). 116 Intl Nickel pf (7) ._ 10% Intl Paper & Power. 40% Intl Pap&P pf 1.25¢ 1% Intl Ry Cent Am_ 27 Int] Salt (1.60) 25 Intl Shoe (1.50) 4% Interstate Dept Str. 5% Intertype Corp .40g. 20% Island Crk Coal (3). 9 Jarvis (WB)(.376¢) 84% Jewel Tea (2.40) 45 Johns-Manville .75e 122% Johns-Manv pf (7). 48% Jones & Lau pf (1k) 10 Ealamazoo Stov .50. 11 11% 50 76% 5 139'% 10 17% 2 6% 25 1507 5 118% 60s 113 « 4T 29% 2 3 22 127% 7 25% 4 11% 27 2% 60 12% 2 - - ANAMmBraOASNO® wpeBRE 1 104 10% 10% 208 ll;flt 11"1“ 117% ~l% 4 T 10% 9% 10 +! L L1+ Pm l‘l% |':i 1040 h. Low ~ mnd Rate 8% Kelsey-Hayes (A). 4% Kelaey-Hayes (B) 24'% Kennecott Cop (1e) 10 Keystone Ste 1% Kinne: 88) 1. 24% Kress (8 H)(1.60).. 23% Kro 12 Lambert (.760)._. 3% Lane Bryant _ 16% Lee Rub & T (. ‘l“). % Leh Valley Coal ... 2 Leh Valley Coal pt. 1% Leh Valley RR (r). 15% Lehman Corp (.40e) 9% Lehn & Fink (.50e) - 184 Lerner Stores (2) _ Libbey-Ow-F (le)._ Libby McN & Lib, _. Life Savers (1.60) .. Ligg & Myers (4a). Ligg & Myers(B)4a Lima Locomotive. Link-Belt (1) ____. Lion O1I Ref (1) _ 10% Liquid Carbonie (1) 27% Lockheed Atro____._ 20% Loew's Ino (3) 97 Loew’s [no pf (6.50) 15% Loft ino 29% Lone Star Cmt (3) 156 Loose-Wiles .75e 18% Lorillard (.60e) 25% MacAnd&Forb (2a) 17 Mack Trucks 20'% ‘Macy (RH) Co (1e) 21% Magma Copper (1le) 2 Manat) Sugar 1414 Man Ry mod gtd(r) 1314 Man Ry m gtd et(r) 24 Man Ry gtd ct(r) __ 1 Maracaibo Of1 31 glrln. Midl'd«.20e) 2% Market St Ry pr pf. 83 Marshall Field ¢0.. 29% Martin (Glen) 6% Martin-Parry . 22 Masonite Corp ( 21% Mathieson Alk 1.60. 36% May Dept Strs (3). 2% MaytagCo 98 Maytag 1st pt ( 10% McCall Corp (1.40). 10 McCrory Strs (1)_.. 17% McGraw Eleo (1) _ 5% McGraw-Hill (.: xn-) 27 Mcintyre Pore (2a) McKeesport Tin __. McKesson & Rob Mead Corp Melville Shos (2)__. Mengel Co 4 Mengel (0 69 pt Mesta Mach (1.50e) Miami Copper 20e Mid Cont Pet (.40e) Midland Stl P(le) . Miqd Sti 1st pf (8) Minn-Hon Ros (2a) Minn-Moline Imp Misston Corp (.65g) Mo-Kan-Tex: 1% Mo-Kan-Tex pf._. Mo Pacifie (r) _ Mo Pacific pf (r) 9% Mohawk Carpet .50e 8915 Monsanto Ch (2) 1211 113% Monsanto pf B 4.50 14% T1% 31% Montg Ward 2.25e . 22% Morris & Es (3.876) Motor Products.50e Motor Wheel 11.60) % Mullins Mfg (B) ___ Mullins Mfg pt _ Murphy (GC) (4).. Murray Corp Nash-Kelvinator Nash Chat&StL le. Natl Acme ( 50g) 4 Natl Auto Fib.40e Natl Auto Fibres pf Natl Aviation Natl Biscuit(.80e) atl Cash Reg (1) atl Cyl Gas (.20e) atl Dairy «.80 1 Dept Stor¢ Natl Distillers (2)_ Natl Gypsum Natl Leaa « 60) Nat Malleable .50e_ % Nat! Pwr & Lt 60__ Natl Steel (.60e) 4% Natl Supply . Natl Tea Co Newmont Min Newport Indus __. N Y Air Brake (le). 9% N Y Central 8% 15 20% 3% % W % W nt & Wn (r) .. 13% Shipbilding 92 N Y Shipbg pf 1.75k 2175 Norfolk & Wn (10) 15 Nor Am Aviation 145 Nor Am Co (1.20) 47% No Am 6%% pf 2.876 47% No Am Co 6% pf (3) 4's Northern Pacific 27 Northwest Tel (3). 2% Norwalk ™re 14 Norwich Pharmacal 5% Ohto Ofl (.20e) .. 10% Oliver Farm qulln_ 7% Omnibus Corp 1.20_.. 2% Ovpenluun Collins. z - o5 : S 'h1& St Lpf _ Omnibus (3)_ N N O 22222222 45 Owens-I11 G (1e] 5% Pac Am Fisherte: 2 Pacific Coast 8 Pac Coast 1st pi 3% Pac Coast 24 pf 25% Pac Gas & El (2) 33 Pac Lizhting (3) 8 Paoc Mills 3% Pac Tin Consol .20e 2Y% Packard Motor 12 Pan-Am Afrways _ 4 Panhandle 29 Paraffine Inc 1.25e . % Paramount Pic .15e. Param t 2d pt « 60). Park Utah M .10e _. Parke Davis (.80e) . Parker Rust (1a)__ Parmelee Tran: Pathe Film P-tlno Mines ney (JC) (.76e). Parm Dixie Cement Penn Raildoad .50e Peop G L&C (1.50e) Pere Marquette _ Pere Marquette pf_ Pere Marq pr pt Petrol Corp (.70g) Pfeifter Brew (1 Phelps Dodge .50e. Phila Co 6% pf (3)._. Phila Co pt (6) Phila& RC& 1 (r)_ Philip Morris (3a)_. Phillips Petrol (2)_ Phoenix Hoslery Phoenix H pf 2.625k Pilisbury Fl (1.60) Pitts Coal Pittsbgh Screw .160 5 Pitts Steel 16Y% Pitts Steel pf YB).. 224 Pitts Steel prpf __. 10 Pitts Steel 5% pf__ 7 Pitts& W Va - 15% Plymouth Ofl 1.40 6% Poor &Co (B) ___ % Port R Am To A(r). 6% Preased Steel Car__ 53% Proctor & Gam (2a) 1181 112% Proctor & G pt (5) 43% 324 Pub Sve (NJ) 1.20e. 115% 100 Pub Sve(NJ)pf(5)._ 82y 16% Pullman (.50e)_. 7 Pure Ofl 74 Pure O1l pf (8) moo.mm clou.ehn 9% 9 9% -1 Eead& 5C 8- N = G0N N IO 1 D 390 e 0D - EY 8 54% 113% 113 118% + W 9% Purity Baking .50s. 4% Radio Corp (.20e) .. 48% Radlo Cov pf(3.50). % Radio-Keith-Ur (r) 16% Raybest-man .50e. 13% Rayonter inc -- 24% Rayonier pf (1k) 10% Reading Co (1) 6% Ref 42 Rem R'd pfww ¢.50 521% Renssalaer & S (8). 1 Reo Motor vic ctfs. 14 Republic Steel .. New York Sugar mrou. May ing nvunbh futures lower today. Domes limited and July tlemtnmmnd M' nmunun.m e, | A sy 28 m—w sell- mms.m-dnux 10%+M 6%+% 6% 40 =21 50 -2% 17 1% = % 207 15% - % | 100 EXCHANGE Prev. 1040 Stock and Huh low Dividend Rate 14% 7% Revere Copper 61% 43 Revere Cop 6%% pr 16% 96% Auaoo flm: hw Close. cl-n -5 Sl'll 40 40 8% Reynolds Metals 9%, 81% Reynolds M pf 6.50. T5% 4 Reynolds Spring 52 Reynolds Tob (le). 35 Reyn Tob (B) (le). 6% Richfleld O1) (.50g) 12% Ruberoid (1.10g) .. 34 Safeway Strs 75e . 96 Safeway S pf (5 29 St Joseph Lead(1a) 814 8t L-So'wn pt (r) 17 Savage Arms (.50e) 7% Schenley Distillers 65 Schenley pt 15.60) 1% Schulte Retail 8 (r) 2% Schuite R 8 pf (r)_. 34 Scott Paper (1.60)_ % Seaboard Afr L (r) % Seaboard A L pf (r) 11 Seaboard Ofl (1) __ 61% Sears Roebuck (3)_ 8% Servel [no (1) 8% Sharon Steel 3 Sharp & Dohme 4% Shattuck (FG)(.40) 34% Sheaffer Pen 2.25e_. 8 Shell Un O1l (.50g) 3% Bllver King (.10e)_ 12'% 8itmmons Co o 1% Simms Petroleum._ 13 Skelly O1) (.26e) 70 Sloss-Sheffield 1.50e 105 Sloss-Sheff pf (6) 10% Smith (AO) __ 15'% Snider Pkg T% Socony-Vao 25e 1% So Am Gold (.10e) . 16% So Porto Sug (1) . 152'/: 130 South P R pf (8) 30% 23% Southh Cal Ed 1.60a 15% 20% 34% 6% Southern Pacific 8 Southern Rajlway. 13% Southern Rwy pt 1% Sparks Withington 17'4 Spencer Kell (1.60) 33 Sperry Corp (2g) ... 19 Spicer Mfg (le) Mg nfr 53} Ine (.30e) Stand Gas & Ele 2Y% Stand GEE $4 pt __ 9% Stand G&E $6 pr pf 1214 Stand G&E $7 pr pt 17% Stand Oll of Cal (1) 207 Stand OMl {nd (1) _ 30 Stand Ol N J (1a) 23 Starrett(LS) 1.25 56 Sterl g Prod 3.8 415 Stewart-War (.25) 4% Stokely Brothers _ 5 Stone & Webster 5% Studebaker 47 Sun Ofl (1a) 7% Sunshine Min 160__ 12 Superheater « 50) _ 1% Superior Ol = 94 Superior Steel - 20 Suther!'d Pap 1.20 .. Swift & Co (1.20) _ Swift Intl (2) 4« Syming-Gould ww_ Syming-Gould xw_ Tennessee Corp ... Texas Corp (2) Tex Gulf Prod(.10e) Tex Gulf Sul (2a) . Tex Pac C&O (.40) Tex Pac LA Tr.10g. ‘The Fatr pf__ Thermotd Thermoid pf 1.75k Third Avenue Thompson (J R) 4 Thomp Prod(.75e) Thompson-Starrett Tide Wat As O .40e Tide W A O pf 4.50 Timken-Det Ax (1) Timken R Brg 1.25e Transamerica (.60) 4 Transcont! & W Alr Transue & Will 15e Tri-Continental Truax Traer C .25e 20th Century Fox « Twin City Rap Tr 7% Twin City Rap T pf Twin Coach 5 Underw-EI-F(le) _ 4 Un Bag & Pap .156) Unlon Carb (1.10e) 116% 108% Union El(Mo)pf(5) 17% 12 Union Oil(Cal).50e 98 7 29% 22% LI+ Union Pacifio (6) Un Tank Car (1.80) Unit Aircraft 1.50e. Unit Afr Lines 13% United Biscuit .50e Unit Biscult of (1) Unit-Carr Fast .60e 4 Unitea Corp United Corp pf (3) United Drug United Dyewood Unit Dyewd pf (7) Unit Electric Coal ¢ Unit Eng & Fy (1e) United Fruit «4) United Gas Imp (1) Unit Gas Imp pt (5) Unit Mer & Mfg .60e United Paperboard 4 US & For'n Secur U S Freight (.25e U 8 Gypsum (2) S Leather (A)___ 8 Pipe & Fdry (2) S Realty & Im(r) S Rubber . __ S Rub 1st pf (8)_ S Sm & Ref (2e)_ S Steel (1e) _. 124% \03’-4' U S Steel pf (1) _ U S Tobaeco (1.28) 32 7"- 5‘1 Unit Stockyds pf.70 5% 2 Unit Stores (A) 1 437 25 Vanadium 26 49'% Vick Chemical (2a) 3 35'% 31 Victor Chem (.30e)_ 19 313, Va-Caro Chem pt i 145 -1 18 Va Elec Pwr pf (6) & 111 15 Va lron Coal&C pt 6% 1 Vulcan Detin 4.50e 5 T -3 Vulean Detin pf (7) 1281 Waldort System .60 * 6% Walker (H) (4) 19 Walworth Co 4« Ward Baking (A) .. Warner Bros Pict. Warner Bros Pic pf Warren Bros (r) _ Warren Fy & P (2) . Wash’'ton G Lt 1.50. Waukesha Mot (1)_ 14 Wayne Pump (le) 2% Wel -y iy 4 West Penn E pf (6) 96% West Penn E pf (7) 11 WV 5 4% West'n Md 2d pf. 14% W.est'n Union Tel__ 15% Westh'se A B .60e _ 76 Westhse Elec 1766 138 110 Westhse El pf(3.50 37% 26 Weston El Inst (2)_ 27% Westvaco (1.40) __ 60 Wheel & L K (le)_. 18% Wheeling Steel 7% White Motor 314 White Sewing Mch_ 1% Willys-Overland _. 3 Willys-Overl'd pf. 3% Wilson & Co 15% Woodward Iron _ 30 Woolworth (3.40)_. 18% Worthington Pump. 95 Wright Aero (2g) .. 16% Yale & Towne (.60). 9% Yellow Truck . 6% Young Spg & Wire. 28% Ygstwn Sh & T .25e 86 Ygstn S&T pf 6.50 12% Ygstwn Steel D.50e 8% Zenith Radio (1e). 18 Nfi = 'A 2~ Zonite Products..... Approximate Sales ot S'ock.tonfh.hL Y Srod:bu:ham 11:00 AM.. 640,000 12:00 Noon. - 790,000 1:00 P.M. 880,000 :00 P.M -- 990,000 ‘Total Sales for the day 1,260,000 sUnit of trading 10 enares rIn bANKrubtey Or recelvership or being reorsanised under Act. or securities assumed by such eqmpanies Rater of dividend in the foregoins table are annual dis- bursements based on the last quarterly or semi-annusl declars. tion Unless atherwise noted svecial or sxtrs dividends are not % Bx dividend Aceumuated mldmn this m! stock ’LE"" includea eai hoabie I m'::‘_z'l"- ":Ymm 1 to 3% points: July, 1.10: Septergber, | 45,700 tons. 1.09%. R-v mr m::::;! u&“" support # polal; | e * privares Mo, "' } Vv basis on stimt o-m w.mrflnn ml]!t Puerto Ricos_for | Jul: re offered at 2.80 June ent HEe P i 7 | 000 Early Stock Declines Ranging fo $7 or More Reduced Many Issues Recover More Than Half of Sharp Losses Stock Averages Indlst. Rajis, 9. S0 Net change —n‘" 'A' —28 !:8 135 Today, close 53.9 Prev. day.. 55.0 139 Month ago. ’720 18.8 337 169 (Compiled by the Associated Press.) By VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, May 28.—Traders dumped stocks in today’s market, as war bearishness revived with the surprising capitulation of Belgium to Germany but bought some of them back later and substantially reduced early losses running to 7 or more points. The forenoon shock to sentiment was subsequently offset to some ex- tent by Prime Minister Churchill's speech to the House of Commons declaring that, while the situation was exceptionally serious, the Brit- ish and French would fight on to the finish. Blocks of 1,000 to 10,000 shares were turned over at the start as frightened holders scurried to neu- tral territory. Several pivotal steels, aircrafts and motors were nearly 15 minutes late in making their ap- pearance owing to difficulty of spe- cialists 1n co-ordinating bid and asked prices. Offerings quickly dried up and a recovery move got under way. Deal- ings, however, slowed to a crawl. At the close many issues which had slumped to new 2-year lows more than halved their early declines. Transfers were around 1,300,000 shares, with volume picking up a bit in the final hour. The belief that the domestic re- armament program, already huge, would be greatly accelerated if the Nazis won, acted as a sustaining in- fluence, notably for steels which were among the first to convalesce. Announcement of the adminis- tration’s plan to finance defense expenditures by new taxes, special bonds and an increase of $3,000,000 in the national debt limit, | brought new market repercussions although some inclined to interpret it as mildly inflationary. Conspicuous on the forenoon slide were United States Steel, Bethle= hem, Chrysler, General Motors, Douglas Aircraft, Glenn Martin, Sperry, Du Pont, Eastman Kodak, American Smelting, Anaconda, American Telephone, Sears Roe- buck, United States Rubber and Great Northern. Washington Exchange SALES. Capital Traction 1st 55—$1,000 at 9813, $1,000 at 98. | National Savings & Trust Co—3 at 2007 Lanswn Monotype—10 at 26. Liberty National Bank—10 at 170. Potomac Electric Power 6% pfd.— 10 at 11213, 1 at 112%5. Security Storage Co.—10 at 80. Mergenthaler Linotype—60 at 1214. BONDS . PUBLIC UTILITY. Anscostis & Pot 55 1040 Pot Guar bs 1949 &5 Fraction 1ak 3¢ 147" City & Suburban 55 1948 Georgetown Gas 1st 5s 1961 115 Pot Elec Pow 3Vis 1966 __ 103 6 - 108 06% 973, 9 Washington Gas 55 196072 Wash Rwy & Elec 45 1951 __ MISCELLANEOUS. Chevy Ch Cl 1st 4%s 1957 103 Col Country C 1st 4¥as 1957 103 | Ter Rf & W Cp 1st 4%4s 1948 100 STOCKS - PUBLIC UTILITY. Amer Tel & Tel (9) 145% Gapttal Transit (t.30) ~~~_" "12 N & W Steamboati (4) Eot Elec Pow 6% bld (6) Pot El Pw §la% 0) Wash Gas Lt com ( Wash Gas Lt pfd (4500 Wash Ry & El com (g36) | Wasa Ry & El ofd (5) BANK AND -mus'r COMPANY. Amer Sec & Tr Co ( Air of Bfinesda (8- Capltal (vi) 5 om & Savings (y10.00) - : En e cavim Lincoln (v5) & Nat] 8av & Tr 13.00) ~ Pr Georges Bk & Tr (1.60)_ Rigrs (eR) 250 Riges pfd (5) Wuhln(mn ®) - Wash Loan & Tr (e8) FIRE INSURANCE. American (16) Firemen's (1.40) National Union (.75) TITLE INSURANCE. Columbia (k.30) Real Estate (m6) Carpel Corp (2.00) Garfinckel com (.70) G'finckel 6 cu ¢v pf (1.50) Lanston Monotype (2.00)_ Lincoln Serv com (t1,00) Linc 8ve 707 pr pf (3. '»m Mergenthaler Lino (p.3i Natl Mice & 1nv or Ca9s) Peop Drug com new (1.00) Real Est M & G pfd (.50) Security Storage (5) =8 Ter Ref & Wh Corp (3) _ Wawd & Loth com (52:00) Wdwd & Loth ptd (7) *Ex dividend. a3 & o ¥$1.00 extra paid Jlnulry. Toad."y extra. Commodity Prices - NEW YORK. May 28—The Associa Press welghicd Wholesale price index 35_commodities lodnv decl Ined 71. Previqus day. 71.97: week month d¥o. 7387 y;argnu. 87.94 Hih ____ 75629 78, 7146 6378 o386 (1926 ‘average eauais 100.) aneo 3 Adrlmonll e Sork areets plied by the Associated Bress: TOP—Futures closed ints lower. —July, 85.5; December. ~ §3.4b; spot, standacd D—Futures closed unchanged. Sales, Dounds: all switches. IC—Putures closed & higher. 240, 0,000 pounds. Msy. 5.88n. 22 to tober, ‘%3 7} tops, LEA 96004 -Futures clo.d Jows 8al No. tandas 50 contracts. :f-rly. lnl.uw P W '—mlum No. 1 ¢ e d lower. 4 oy 3 “ to 2 lower. Sales, 420 u ;i 552»4.: ber. aum n-m-vm Ko, Weaters u’a’fi."“"