Evening Star Newspaper, May 28, 1940, Page 19

FINANCIAL. Machine Tool Firms Fill Big Part of Current Needs First Consideration Reported Given to U. S. Customers By the Associated Press. CLEVELAND, May 28.—The ma- chine tool industry has “succeeded | in fulfilling by far the major share” of current requirements of United | States aircraft engine builders, J. E. Lovely, president of the National Machine Builders’ Association, told the organization's spring meeting today. “Special consideration” was paid these requirements and “delivery preferences have been given Amer- ican customers,” said Lovely, vice president of Jones & Lamson Ma- chine Co., at Springfield, Vt. “Whereas, at the end of last year two-thirds of our production was going abroad, today foreign ship- ments represent considerably less than half of the output of the in- dustry * * * New Problems Faced. “I do not mean to imply that the machine tool industry has me tomorrow’s demands for tomorrow aircraft engines or airplanes,” Love- ly continued. “That whole problem still lies before both the aircraft and the machine tool industry. But I do say that today the machine tool industry has met the challenge which has confronted it.” “To lighten the demand for new machines and spread the load in our industry over a longer period, the Government might well buy any equipment available in private in- dustry not now virtually needed and utilize this in plants for vital needs, rather than demanding that all of the equipment for any new plant should be brand-new and made im- mediately by our industry.” Lovely suggested private industry “co-operate with the Government in this manner, should the need for equipment for national defense be- come great enough to follow this plan. Our own industry could then replace this other equipment at a later date.” NEW YORK, May 28 (#).—A higt of things to come in general industry as the Government speeds Its giant national defense program has been given in the war -stimulated machinery and machine_ tool busi- ness, where managements are struggling to cope with deliveries. Tool factories are said to have enough orders on hand to keep them operating at top capacity well into next year, and still new contracts pour in from both domestic and foreign sources. Pay rolls and hours of work have leaped ahead as the tool business has expanded. Latest figures show top operations have lengthened the work week around seven hours be- yond that in general industry. Here are some of the results for men with jobs: 1. Machine tool workers, skilled and unskilled together, are working an average of 448 hours a week, contrasted with an average of 37.7 hours in 25 key American indus- tries, according to the National In- dustrial Conference Board. 2. Machine tool workers, skilled and unskilled together, are earning an average of 772 cents an hour, compared with an average of 73.1 cents in 25 representative industries. The trend of output, wages and hours of work may be the same in many industrial lines now preparing part of their peacetime plant for the manufacture of armaments and other war supplies needed by the Federal Government under its de-, fense expansion plans. Actual what has happened in the machine tool business the past | year may be the pattern of defense- | stimulated general American indus- A try, for it was just about a year ago that the shadows of war began mak- ing themselves sharply felt in ma- chine tools. London Tin Prices NDON. May_ 28 () —Tin irregular; pot, £268 bid, £968 10s asked: future, 385 55 bid, €385 108 asked: exchange. Kroger Grocery Sales Increase 9 Per Cent By the Associated Press. CINCINNATI, May 28.—Kroger Grocery & Baking Co. reported to- day a nine per cent increase in sales for the fifth four-week period of 1940 over the same part of 1939. To- tals were $21,048,261 and $19,244,492 respectively. Cumulative sales ag- gregated $97,965762, or 7 per cent above $91,660,359 in 1939. Short-Term Securities (Reported by Smith, Barney & Co.) Ala Gt Sou “A" 5s 1043 Alleshany Corp, ox Amer Tel & Central Foundry 6s Central RR of Ga 55 1942 Chicago Union Sta 4s 1944 Childs Co 5s 1943 Colo Puel & Iron 5s ]l.“ Conn & Passu R RR 4s 1943 Container Corp ’7‘ Cuba Nor Rt Dela & 94 Fed LI & Traction 5s 1042 Gr Rap & Ind 4'as 1941 Intl Hydro-Elec 6s 044 Intl Mer Marine 63 1141 Laclede Gas Light’ 55 1042 LHKEVEY‘MTL Wabstn 5‘ 1941 | Ten er R Bs LRt o favere N Y CEY\ & Hud R“’ 4s 1042 & Long Branch 4s 1941 NDanlk & Southern 5s 1041 Pennsylvania Co 3'2s 1941 Penn-Dixie Cement 8s |9‘l Penna RR Co_4s 194 Peo Gas Lt & Coke 6s lul" 1108 Phila Balt & Wash 4s 1943 Studebaker Corp 6s 1045 Tex & New Orleans 5K 1043 Union_Oil of Calif 6s 1942 Utah Power & Lilht ’H ]1‘44 Warren Bros fs - 17 Westn N Y & Pa 4! l"M'\ - 108 113% 87 100, Boston Wool Market OSTON. May 28 (P Department “of Agriculture).—Very _little demand was being received for wool in Boston today. ~An occasional small lot was taken by mills to cover emergency require- ments. Prices varied considerably. de- pending upon whether the wools needed were available in lots hedged by opera- tions in the wool tops futures exchange. been moved at R0 to R5 cents. basis, "to worsted manufacturers, hedged lots of 1 offered at Metal Market NEW YORK. May | steady: electrolytic_spot, v 3715-50; exXport. t whiie 2-months Texas wools were to 73 cents. scoured basis. 28 (#).—Co Connecticut fas New A York, Zinc steady: East St Louls, Fara,HON ESuicksiver” 195 00197 00, Pig_iron, aluminum. antimony. platinum, Chinese wolframite and domestic acheelite unchanged. % Dry Goods Market NEW YORK. May 28 (.—Dry goods— Dealings in cotton gray goods limited to price checking by converters and the in- dustrial trade: mill prices held steady favorable war news. Silk—Q or fair business in hosiery. Woolen— Prices held up well despite slow conditions. |Federal Land Banks NEW YORK. May 28 (#).—Federal Land Bank bonds Asked. New York Bar Silver YORK, May 28 (#.—The price of forelgn bar silver in New York was augted 353 cents an ounce today, up 4. This ¥ the thira consecutive fractional {nereass in as many days. United States Treasury Position By the Associated Press. The position of the Treasury May 25, Customs receipts for month_ Receipts for fiscal year (Juiy 1). Expenditures Excess of expe Gross debt Decrease ui compared with comparable date a year ago: 15,931,00,241.25 - NATIONAL 5(7)260 HOME DELIVERY f he Star ASK for CIRCULATION DEPT. The Evening & Sundoy Star........_75¢c per month The Evening Star_ . 186 ver week SEESCRR . LT Lot mfll The Night Finel & Sunday Shr.-...lSG‘:v il ver The Night Fingl Ster. 60c month per 1de ver week The Sunday Ster____.2eeeeooo o .__10c ‘por copy The Evening & Sundap Star (United States | Small lots of 12-month Texas wools have | scoured | Ravon—Activity sharply curtailed on less | uiet except | THE EVENING STAR, WASHINGTON, D. C, TUESDAY, MAY 28, 1940. AIRCRAFT STOCKS SINCE START OF WAR—The above shows price changes on the New York Warner Bros. Reports Earnings Slightly - Below Year Ago $1,518,497 Net Compares With $1,665,889 in Same 1939 Period By the Associated Press. NEW YORK, May 28.—Warner Bros. Pictures, Ind., and subsidiaries today reported net profit for the 26 weeks ended February 24 of $1,518,- 497, equal after dividend require- ments for the period on the $3.85 preferred stock (in arrears) to 35 cents a common share. This com- pared with $1,665,889, or 39°cents on common, in the comparable period a year earlier. Last dividend on the preferred was paid in 1932, Check Volume Shows Gain Over Year Ago By the Associated Press. ‘The Federal Reserve Board re- ports that the volume of checks cashed by banks of 274 leading cities increased to $9,233,000,000 in the week ended May 22, compared with $7.431,000,000 in the corresponding week last year. Wushmgton Produce : 1-pound prin 8K score, tubs. LrvEdound prints. ESTOCK —Calves, und prints, 1-pound orints, e s(lnu‘ 3.00-3.25; Marketing Bervice. Prices paid net f.0.b. Washington: EGGS—Markei about steady. Prices| paid for Federal-State graded feas 1o | ceivad from_grading atations (N 28): | Whites. U. 2 5.10: U & standards, mediums, 1417, Browns U. 8. % e. extras. me- . 17-18: U. 8. lllndlrds lare, 18- . 8._standards. medfum: U. 8 -17. For ne- \£4gs, current receipts, white |BiEher: mixea_cotors. 15%a. few hishe POULTRY—Market_steady. colored. all sizes. 17: No. 2s. horns. "12-14. Roosters, Virginia Rock. _broilers sizes. 23-2. 0. 2s. Rocks and crosses. broilers ‘and fryers. all sizes. 20; No, Ba. 410, Leghorn Brotiers. S Pounds wnd up. 17-18: dnder 3 pounds. 15-16. Turkeys. old. toms, ol 11 hens, 13; No. 2s. hens and toms. 8- | Insurance Stocks NEW YORK. May 28 (P). —National As- | soctation Securities Dealers, Inc Bid 0615 381 | Asked. | Vet 2002 B Aetna Cas (48) Aetna Ins (I o | Atha tife (i T0a) [ Am Equit_ (1) Am Ins Newark (iaa) Am Reins (1.608) _ | Am Reserve " (112) | Am Surety (215) | Automobile (1a) Balt Amer (.20a) Boston (16a) Carolina_(1.30) City of N ¥ (1.20) Conn Gen Life Contin Cas (1. Fid & Dep (4) Firmen's Newark (.40) Franklin Fire (1a) Gen Relnsur (1a) Georg Home (1a Giens Falls (1. rm) Glol Ins North River (1) Ehoenix (%2) G Tov Wash (1a; Rep Tns Tex (1.208) Revere (P) In (1.208) Rhode Island Ins _ St Paul Pire (8) Springfleld (412a) Sun Life ¢15) Trayelers mh(l) &G U 8 Fire (2 Westchester (1.20 a Also extra or exts Quotations furnished by National Asso- ciation of Securities Dealers. Inc. which States they do not necessarily refiect ac- tual transactions or firm bids or offers, but should indicate aporoximate prices. —_—— Foreign Exchange; NEW YORK. May 28 (). —Shock of Belgian surrender Testited in s fresh drnp in the free British pound today. Sterling at one time broke more than 7 cents in relation to.the doilar. but later the decline was pared to around ¢ . The Pranch franc dropped . "The Canadian doliar followed sterling & lead with a decline of a little more than %4 of a cent. At 7811 ted States cents. Rowever. ihe Dorminion_cursancy was & Al gent above the record low hit late last Late rates follow (Great Britain in dol- lars. others in cents). 39 41 26% 28Y a: Official Clnldhn Control Board rates for United States dollars—Buying 10 per cent premium. Sehing 11 per Cent sremim: equivalent to discounts on Canadian dollars in w‘:v York of buying 9.1 per cent, sell- ng ent Clllldlm dfl“ r in New York open mar- ket 214" per cent dlscoupt, or 78.81% Vnét“ed !t‘u s cents. Great Britain, demand, 3.14; 3.15; nm:' "1;;;/‘-"'?;’6-« i Pintand, 3000 France’] §ables. iu’ly.a?s)hs. mi&h rlai nflmm £ Yuloll vis, Q 35n. 22.60; Mexico, Baltimore Stocks Special Dispat® to The Star. 5. Pund mvmon Inc” Shrs A e | Group Sec Petroleum | Mutual Invest GLENN MARTIN TR I"IIF’ (i 1HE Exchange Seat Brings $42,000, New Low By the Associated Press. NEW YORK, May 28.—The low- est price for a New York Stock Ex- | change seat in 25 years was re- corded today when the exchange an- nounced arrangements had been made for sale of a membership at $42.000, down $1,000 from the previ- ous sale. In 1915, before the World War bull market in stocks and commodities boomed trading, a seat sold as low as $38,000. The high for memberships this year was $59,000, and in 1929 a peak of $625,000 was made. Before the heavy selling on the German invasion of the Low Coun- tries and France, dealings on the ex- change had shrunk to the smallest volume in many years. I Investing Companies NEW YORK. May 28 (#.—National As- sociation Securities Dealers, Inc. (Closing Quotations.) Admin Pd 2nd Inc _ Acronaut Sec Affiliated F Inc *Amerex Hold o E ks *Bankers Nat Inv Corp A_. '!Alulc lnduc'{t E & C Chemical Fund Comwlth Invest SContinental 8h pf Corporate Trust Corporate Trust A A Corp Tr Accum Corp Tr A A Mod _ Corp Tr Acc_Mod Sumulstive Tr 8h Depos Bk Sh N Depos Ins Shrs “A" Diversified Ty 0 Dividend Shrs Enton & How Fund Equity Corp $3 nf Pidelity Fund Inc SFirst Boston Corp First Mutual Tr Fd _ Fiscal Fund Bk Sh Fiscal Fund Ins __ Fixed Trust Sh A Found Tr 8h A BESS RN Sombaman 8ISABZRT 32553 1901 .n'v'vs-)':';;a»i-q 22 EEEERSEEE R PR 2321k Find Tr snrs 8 Gen Capital Corp _ Gen Inyestors Tr Group Sec Agricultural Group Sec Automobile Group Sec Aviation Group Group Group ds Group Sec Invest Shrs Group Sec uehandmnz = Group Sec Minin w2 Liz= D= o SRARBRA LA NSRRE BRD BERERSR- | (220 5 oA SN 2 i Sec R R Equip Sec Bteel _ Group Sec Tobacco_ Incorp Investors Independence Tr Sh Instl Sec: Bank Group Instl Sec: Insurance Investors Keystone Custodn Keystone Custodn Keystone Custodn Keystone Custodn Keystone Custodn Keystone Custodn Keystone Custodn Keystone Custodn Keystone Custodn Manhat Bond Fund Maryland Fun, Mass Invest RSt Tt SRR e e 237 o PYT T Nation Wide Sec Nation Wide Votin Natl Investors New Entl 1919015016 e 153 2 201 e 11 0 D PP ESITRE fob A St i D5L DD v s ity 2A3RIRZRRILBRGS Wellington Fund SpTh ] Quotations furnished by National Asso- ciation of Securities Dealers. Inc.. which States they do not necessarily refiect actus] transactions or il should indicate approximate vrices. and unless otherwise indicated. are as quoted by SPONSOTs or issuer: *Asterisk indicats “Not auoted by sponsors or issuer: Foreign Morkets y 28 (7 —Trading was a tiation in the securi- ter Jobbers had sharply rices. e ‘business was_don while the “city” tried to adjust itsell to the Belgian surrender. Business in industrial leaders lessened a bit near the close at declines averaging scl British government bonds showed losses 1 around 2 ber cent at the opening, but later these were halved. Gelds and” base metals were particularly weak. PARIS. May 28 (# ljosses of 2 to 4 per cent were general in LONDON, mator o7 direct’ ties market today lowered_prices rately. a8 Brient soote wieh s of more than 2 e | ince Postponement Talked For Eastern Air Lines Offering Decline in Market Prevents Sales at Scheduled Price By the Associated Press. NEW YORK, May 28 —Under- writers debated today the advis- ability of temporarily withdrawing a new issue of Eastern Air Lines, Inc., common stock from public offering. They said the present depressed state of the market prevented sales at the prearranged offering price of $30.75 a share. Eastern Air Lines stock opened in today’s market at $28.75. . The offering is part of 104,545 shares remaining of 110,909 origi- nally offered up t Friday to stockholders at'$32.” The small sub- scription by the stockholders caused the reduction in price when the shares were offered publicly. The stock has ranged from $26.50 to $44.50 this year. New Issues Finance Steel Modernization By the Associated Press. NEW YORK, May 28—The re- cruiting of public savings through sale of new security issues was an important factor in financing the extensive ‘modernization programs of steel companies in recent years, the American Iron and Steel Insti- tute said today. A recent study by the institute of a group of companies representing nearly 90 per cent of the industry showed that expenditures for new equipment during the four years 1935-1938 were $222,000,000 greater than funds provided through in- ternal sources such as depreciation charges and retained earnings. During this period, the institute reported, these companies spent $794,000000 for new equipment, while depreciation charges and re- tained earnings totaled only $572,- 000,000 Dividends Announced NEW YORK. May_28.—Dividends de- clared—prepared by Pitch Pablishing Co. Initial. Rate inqSock of Pay- ate riod. record. abie. Honey Dew Ltd ___ 80¢ o 615 528 Accumulated. Great Lakes Paper Ltd A pte pf._ Do B pet p) o Southwestern Lt & P $6 pf i Remington Rand Aero, Bupply 1ol Bridae Berl off Brewing Clearing Machine Cor, Detroit Gasket & Miz Degey & Almy Chem | Ex-Cell-0 Corp Heileman G Brewing Holland Furnace Hoskins Mfg Kern County Land Co Wa Southw ~_Engineering Stewart-Warner Corp Sundstr Machine Tool Alleg Tudium Steel Chicago Livestock CHICAGO, May 28 ( (United States Department of Agricuiture).—Salable hogs, 23.000; total, 34,000; slow, generally 25. Jower Phan Monday sverase; 1op. 55! ®ood _and ice 200-270 _pound: HE -300 pounds. butchers, 5.10- most 300-580-pound ofterings, 5.00:207 and choice. 170-200 pounds, ' lights, 50; bulk good 400-500-pound pack- ing sows. 4.15-50; lighter weights to 4.75. Salable sheep. 3.000: total. 6,000; late Monday, no choice fed lambs; market steady; best handyweight clippers 9.40; ers’ 025 sorted; medium wool sKins, five decks good California 5. today's fed and springer 5 hikner o week: fow decks fed clipvers. 9.75: han weight native soringers, 12.15: Rve double California springers. with around 10 per cent sorts. 11.25: fat sheep scarce, steady. Salable cattle, X.000: salable calves. 2,000 receipts exceeded expectations: gen- eral trage steers.and yearlings. inciuding Jght heifer and mixed vearlings, weak to 25. mostly 10 to 15 off: all others stead; sieers predominated; kiling quality mostly medium cholce offerings s order buver and shipper demand broad: ood to choice packers going slo 8nd decline in hide prices bearish influ- ence: most fed steers 8.7 ; very fittle under 0.00. however: top uoo. on part load 950-pound yearling s weighty _bullocks 10.75; stockers steady; stock calves 11.50 down to 10.0« Jearlings 9.36-10.00 mostly; Tausage. bulls 7.00; cutter cows to 6.00; vealers to 11.00. 0st o', U.s. Treusury Notes NEW YORK, May 28 (#.—Prices quoted in dollars lnfl thirty-seconds: ARESE th. Pct. Year. ked. %fln Bt Year Aske: erch., Jure Dec. Marc 0290005050000, TOOS Sty Maren Odd-Lot Dealings By the Associated Press The Securities Commission reported to- y these transactions by customers " with 105 short sales, involving Rnilwoy Income May 28 NEW YOI ~—Net operat- ing income. before Fxed 'ges and other ome. of railroads xmnln: today for Avril included: siosins 563,675 per cent. Rentes ehed Dot 105 centimes BALTIMORE. M 28.— s High. Tow. Close. S 13% 12% ‘13% Small Monthly Paymests Peoples Life Insurance Co. A Wasntmgton Institution 14th & H Sts. N.W, NSNS NN NS NSNS NS NENA NSNS\ = @ First Mortgage Loans e Peoples Plan FOR OWNING YOUR HOMEBE NSNS NS NEA NS NSNS NSNS NSNS NS NSNS\ : National 3581 LA A AL TS g S Santa Fe Yotes $2.50 a Share On Preferred By the Associated Press. NEW YORK, May 28.—Directors of Atchison, Topeka & Santa Fe Railway Co. authorized a dividend of $250 & share on the 5 per cent non cumulative preferred stock, payable August 1 to holders of record June 27. The same amount vas paid in February. Westinghouse Develops Iron Ore Process By the Associated Press. PITTSBURGH, May 28.—Dis- covery of an electrostatic process of recovering iron ore from low-grade ore deposits was reported yesterday by the estinghouse Electric & Manufacturing Co. Pointing out that under present methods of recovery commercial iron ore must contain at least 50 per cent iron to justify its trans- portation and use, G. W. Penney, research scientists, declared experi- ments with the new process “indi- cated that an appreciable percent- age of iron still remaining in dis- carded ore can be economically separated.” He declined to disclose details of the developments, but stressed “the possibilities of increasing the pro- ductive output of the Nation's ore | deposits.” | At a science symposium and the | first meeting here of the Westing- house Board of Directors since 1936 the company also disclosed the de- velopment of a new metal known only as “K-42-B.” Heated to a temperature of around 1,100 degrees Fahrenheit, a bell made of this metal still retained its ability to ring %ith a brilliant tone, while an ordinary steel bell gave off only a dull thud. “This demonstrated that the new metal retains its elastic qualities even at high temperatures,” it was reported. Osto Foreign Exchange Market Is Reopened By the Assoclated Press. today with the United States dollar quoted at 440 kroner (making the | krone equal to 22.72 cents). The only other foreign currencies quoted were those of Germany, Italy, Sweden, Switzreland, Den- mark, Finland and Czecho-Slovakia. (Foreign exchange experts in New York said the lack of quotations in Oslo of British and French curren- cies was significant in showing the complete German domination of the Norwegian capital's market. There has been no trading in the krone in New York since the German inva- sion of Norway.) 5 COPENHAGEN, May 28 (#)—The Danish Stock Exchsnge reopened today after seven weeks' war inter. in bonds, but it was said stock sales would be permitted later. price fluctuations to 1 point. New York Produce NEW YORK, May 28 (P.—Egus, 46.477; weak., Mixed colors. fancy to extra fancy 8%20%: 18%: storage packed sts, 17 current re- flnts 1 celpts, 15%: mediums, 143%: dirties, No. 1, 143 e checks, 14-141 te: sales of premium marl 24%2; nearby ‘and Midwestern, pr marks, 20-21%: specials. 19%2: standards, 17%: resales of exchange to fancy heavier mediums, 1'17:19% nearby and Midwestern, Nearby fancy to extra fancy, by and Midwestern, 7)e: mediums. 167 9 .709; steady: creamer: extra firsts ( )y 247 hicher | scorer. 2 | onds (8%- than eggs to other countries last yi Money for Construction Loans and Loans on Completed Pn;prniel (Owner occupted or rental) Favorable Rate FIRS1 UEED OF TRUS1 ONLY Interest as low as 5% 5% 8% Payments_include in- terest, and curtail. ... No renewals. . . . No commission. fair OSLO, Norway, May 28 —The for- | Vi T eign exchange market was reopened | come increasingly difficut. France ruption. Trade was permitted only | A six months’ old law limits bond | specials, | Denmark shipped 142,700,000 dozen | remflrj%fl" 11TH & E STREETS, N.W. Largest in Washington—Assets Over $50,000,000 . ARTHUR G. BISHOP Chairman of the Board FINANCIAL Trebling of Foreign Iron, Steel Orders Is Predicted 1940 Exports Expected To Total 8 to 9 Million Tons Ty the Associated Press. NEW YORK, May 28—Iron and steel exports aggregating hetween 8,000,000 and 9,000,000 tons this year were forecast in informed metal cir- cles today as incoming foreign or- ders mounted and private dispatches indicated part of French production had been disrupted by the German invasion. Predictions of widened British and French takings came shortly after United States production was stepped up to 769 per cent of ca- pacity, a rise of 3.9 points over last week and 163.9 points above the 1940 low of 60 per cent touched five weeks ago. The latest advance in mill schedules was the fifth conse- cutive weekly rise. Exports of between 8,000,000 and 9,000,000 tons would be around three times bigger than the 2,799,000 tons shipped abroad in 1939. While British and French metal needs have been climbing sharply since the start of the war last Sep- tember, the United States has be- come the sole important steel ex- porting source for the Allies. Both Great Britain and France | were buying substantial metal from Belgium-Luxembourg mills last month at this time. The two tiny countries had been exporting steel to foreign customers at a rate of over 3,000,000 tons annually. But the German invasion of Lowlands May 10 eliminated Belgium and Luxembourg as export suppliers to the Allies. In France, steelmen say, some plants have been forced to slow be- cause of loss of access to coal from mines in Northern France, where heavy Allied-German fighting is now taking place. Many mills, it was said, from this time on will have to rely to a greater degree on imports of British coal. With ship- ping disorganized by the war, de- liveries, it was feared, might be- produced around 8,400,000 tons of steel last year. | As usual, however, the prosperity | of the American steel industry will depend upon steady domestic busi- ness, metal executives said. Last year exports accounted for only 6 per cent | of total mill production. “‘If a man bites a dog, that's news,’ provided the Ministry of In- formation releases it,” declares a newspaper in Australia evidently fed up with censorship. pecialists tor Business Record: and Equipment FOUNTAIN PEN FILLERS HE efficiency of our Prop- erty Management Depart- ment has been demonstrated over a long period. Let it take charge of your apartment house and residential properties—at a fee you'll approve. B. F. SAUL CO. 925 15th St. Natl. 2100 Mortgage Loans K **x A_]9 Bank Loans Regisierd $20,000,000 Drop During Week ! Decrease of $9,000,000 At New York City Is Largest *»¥ the Azsociated Press. The Federal Reserve Board sald yesterday that commercial, indus- trial and agricultural loans of banks in 101 leading cities declined $20 000,000, to $4,394,000,000, in the week ended May 22. The sharpest decrease was $9,000,« 000, in New York . City. The board’s statement gave the following summary of assets and liabilities on May 22, together with changes for the week and with the same week last year, in millions of dollars: May 22. May 18, Loans and invest- ments—total Loans—totalé Gommercial. induss trial and agricul- tural loans Oven markef Loans to brokers and dealers in se- May 24, 1939. 23.544 8.562 e +1.871 + 437 4,304 + 587 + 18 curities Other loans for pur- chasing or carm- ing securities Real estate loan: Loans to banks Loans to banks Other_loans 8. bills _ HH ] +] Fully xusranteed Government obli- gations Othersecurities Reserve with Fed- eral Rescrve banks 2 Cash 1n vault Balances with do- mestic banks Demand deposits— adjusted =Te Time _deposits Government depos- s Interbank _deposits: domestic banks_ Foreign bank: Borrowings Sales in Small Towns, Rural Areas Drop By the Associated Press. The Commerce Department says sales of general merchandise in smadl towns and rural areas declined dur- |ing April in all the major parts of | the country, because of the fact that Easter boosted March sales. REALTORS SINCE 1888 FOR LONG TERM MORTGAGE LOANS EE~ WEAVER BROS in¢ ’ WASHINGTON BUILDING DISTRICT 8300 @ Low Monthly Payments @ Friendly Service Established 1861 Orimint Building Association No. 6 €00 F St. N.W. NA. 7300 Washington’s Oldest Building Ass'n Under U. . Supervision Unlimited Funds Available for REAL ESTATE Millions of dollars in Perpetual loans have secured thousands of homes in 59 years, largest Building Association. Loous on improved or to be improved property in the District of Co- lumbia and nearBy Maryland and Virgtnia. AS through Washington's PAYMENTS LOW AS §750 PER MONTH PE EDWARD C. BALTZ Secretary R $1000 Ssociation ® ESTABLISHED 1881 MARVIN A. CUSTIS President