Evening Star Newspaper, May 31, 1940, Page 21

TINANCIAL. Corporation Bonds Maintain Gains In Late Trading Foreign Loans Veer Erratically; Federal Section Down Bond Averages 20 10 10 10 Rails. Indust. Util F'gn, Net change +3 +.1 +.1 +2 ‘Today, close 488 99.1 90.8 36.6 Prev. day.. 485 99.0 90.7 364 Month ago. 5851034 97.1 46.7 Year ago___ 570 999 962 624 1940 high__ 59.9103.6 97.5 53.5 1940 low 48.3 990 903 36.1 1939 high.. 6491020 975 64.0 1939 low_._ 534 958 90.4 417 10 Low-Yield Bonds. Close____ 108.7 Prev.day. 108.6 M'nthago113.1 Year ago. 1123 1940 high1132 1940 low. 1085 1939 high1126 1939 low. 103.6 (Compiled by the Associated Press.) By the Associated Press. NEW YORK, May 31.—Advances ranging to 2 points or more pre- dominated in late bond trade today. Foreign loans veered erratically on only a handful of sales. United States Governments tended down- ward. German government issues fell back narrowly in comparatively brisk trade. Also lower were Bel- gian, Canadian and selected Italian loans. Norwegian, French and Jap- anese issues inclined higher. Price changes among United States Federals were confined to around % point. Marked up in the domestic list were Western Union 5s of '60, Stand- ard Oil of New Jersey 2%, New York Central 5s, St. Paul 5s and Canadain Pacific perpetual 4s. Local traction bonds traded in lively fashion at advances of a point ! or more as unification plans ap- proached completion. The market fell back a bit from the day’s top marks in the last hour. Especially vigorous in the upturn, . however, were Canadian Pacific Per- petual 4s, which closed 4 higher, at 4013, Paper Pulp Quofations Boosted in Canada MONTREAL, May 31 (Canadian Press).—Increase of $11 a ton in the price of bleached sulphite pulp to $72.50, effective for the three months beginning July 1, was announced today by Canadian International Paper Co. The announcement said the price was for 2,000 pounds of air-dry weight, based on United States At- lantic ports. An increase of $1.50 a ton had been made at the start of the current quarter, It was understood the increase was prompted by increased United . States demand, which resulted when the ‘war cut off supplies from Scandinavia. Also announced was an increase of $5 per ton in the price of rayon pulp, effectivé during the same pe- riod. Rayon pulp prices will range from $75 a ton up. , New York Cotton By the Associated Press. NEW YORK, May 31.—Continued quiet in textiles, increasing mill cur- tailment and settlement defaults in Bombay depressed cotton futures today. Offtake was poor, limited to small- scale down trade and local buying Chief pressure in hedging through a leading spot interest and outside liquidation. Late in the day the list was 6 to 14 points lower; July (old), 9.48; October, 8.64; March, 841, Futures closed 10-20 lower. Old contract: Oven. High. .60 5 Y July New contract: July S B December January 20 222 o 5 0% onb & S5 823 84 Phanms W 858333 &2 T mpmmen © 8y Middling~ spot Cottonseed Oil. Bleachable cottonseed ofl futures closed 9-12 “Jower. Sales. 90 contracts. July, 5.06b: Sepiember. 6.00: October, December, 6.04b; ' January, 6.07b. i 5 6.00b; b Bid. New Orleans Prices. NEW ORLEANS. May 31 (#.—Cotton Jutures were quiet today. declining on war Tews and easiness in other commodity markets. Closing prices were steady, 9 to 20 polnts net lower, D July R41 R4 ay B.37 RIRb Cottonseed oil closed steady: bleachable prime summer vellow. 5.80 nominal crude pominal Iy. 5.46b: Seotember, 5.50b: October. 5.53b; December. 5.62b. bBid. n Nominal. Commodity Prices NEW YORK, May 31—The Associated Press weighted wholesale price index of 85_commodities today advanced to 3 Previous day, 71.62; week H month ago, 73.95; year ago. 1940." 194 1 High - 7529 7 w 7146 6378 63! (1926 average equals 100. Miscellaneous Markets. Additional New York markets piled by the Associated Press): ZINC.-Futures closed 11 higher. Sales, 60,000 lbs. - September, 6.00. STRAITS TIN—Futures 100-150 higher, Bales. 100.800 lbs. July, 53.50: September, 82.00. No sales in lead futures ot _auiet; Santas No. 4. 7%: Rio No. 7. 5%. Cost and freight offerings »included ' Bantos Bourbon 40-7.00. Santos No. 4 (as eom- uture December, 4.08b. Futures closed 3 to points higher, July. 88.6b; October; 86.6: ber. §6.2, ~ Spot, ndard tops, UDE KUBGER—Futures closed 43- 100 higner.” Sdles o, 1, standard, 13D ontracts. uly, .35-368; T, 887, December, 18.35b. Sinoked, Tibbed, n. 21.25 RAW HIDES—Puf 14-24 higher, .es.i:lb:ssnlgno‘; ggunflx. e-'\:,!;e, b: g .02-05; December, S098n. PBpor- No. 1. Western, Tene na: closed 5-6 higher. gl'l;ly. 4775 !'Dtu%hber. losed 6 e, T65e New York Bank Stocks NEW YORK, May 31 (P —National As- sociation Securities Dealers, Inc.: (Quotations as of 2 o'clock.) res closed tures No. bales. Jui Bk of Am NTS (SF) (2.40)_ Chem Bk & Tr Commercial (8) Cont Bk & Tr orn EX 2 L < rst Nat (Bos) (2) t National (100) Gusrants (12 rvi) anufacturers kL . 8 Also extra or extr: % BONDS ON By private wire direct to The Star, Approximate Transactions Today. Domestic Bonds.___. 3,470,000 Foreign Bonds U 8 Govt Bonds_ TREASURY. High. Low. Close. 101.14 101.14 101.14 103.10 103.6 103.8 106.26 106.26 106.26 105. 104.28 104.28 103.29 103.29 103.29 108.24 103.24 103.24 103.26 103.22 103,22 105.8 105.2 1052 107.28 107.28 107.28 108,26 108.26 108.26 107.16 107.16 107.16 108.4 108.4 108.4 107.16 107.16 107.16 111.22 111.22 111.22 48 1944-54 111.24 111.24 111.24 438 1947-52_ 117.9 1179 117.9 FEDERAL FARM MORTGAGE. 35 1942-47 103.26 103.26 103.26 HOME OWNERS' LOAN. 21481942-44____ 103.2 103.2 1082 351944-52._____ 1058 105.4 105.4 NEW YORK CITY BONDS 351980 B w.i. o 91y 91K 91k 351980 I wii - 90% 90 90% FOREIGN BONDS. High. 210,000 2148 1951-53 2145 1949-53_ 1945-47_ 1951-54 - 2%s 195 2% s 1958-63 235 1960-65_ 3% s 1946-56. Low. Close. 8 8 8 T it 3% T4 Antioquia T8 45 B __ Antioquia 7s 45 D Antioquia 1st 7 Antioquia 3d 7s Argentine 4s 72 Feb_ Argentine 4s 72 Apr_ Argentine 44s 48 Argentine 4%s 71 Australia 415 56 Australia 5s 5 Brazil 6%s 1927-57 Brazil C Ry El Brazil 85 41 Brisbane 6s 50 - Buenos Aires 38 & Buenos Aires 4%s 77_ Buenos Aires 43 T5_ Bulgaria 7s 67 Canada 2%s 45 Canada 3s 67_ Canada 3s 68 Canada 3% 61_ Canada 4s 60_ Canada 58 52___ Chile 6s 6s Jan assd__ Colombia 6s 61 Jan Cuba 41%s 77 Denmark 4145 62 Denmark 5%s 55 Denmark 6s 42_ Estonia Ts 67 French Gov 7s 49 Ger Govt 5145 65__ Ger G 5%s 65 un st German Govt 7s 49 Ttaly 7851 ___ 1tal P U Crd 7s 52 Japan 51%s 65 Japan 6%s 54 __ Medellin 616s 54 Milan 6%s 52__ Norway 4s 63 Norway 4% Norway 4% 20 40% 32 61 ki 33 61% 1% 8 8 2815 28% 267 257 27 27 30 284 5012 501 562 56 6 5% 3 3% Oriental Dev 6s 53___ Peru 1st 6s 60 Poland 43s 58 asd_. Rio de Jan 6= 53 Rio Gr do Sul 6s 68 Rome 6%s 52 Sao Paulo St 6s 68_ Sao Paulo St 7s 56 Sao Paulo St 8s 36 Sao Paulo St 8s 50 _ Tokyo City 5%s 61 Tokyo E1 Lt 6s 53 ____ Ujigawa EIP7s 45 __ Uru 33 -4-4%s adj 79 Uruguay 414s-41,s 78 Yokohama 6s 61 35 6% % 14% Ty 58 57% 80 407y 408, 56 DOMESTIC BONDS. Abitibi P&P 58 53_ 30% Alb Pen W P 6548 50 Alleg Corp 55 44_ 70 70 Alleg Corp 5550 std_. 81 29% Alleg Valley 48 42____ 104% 104% Allis-Chalmers 48 52_ 108 107 Am & For Pw 55 2030. 51% 51% AmIGChb%s49___ 102 101% AmT&T3%s61____ 105% 105% Am T& T 3% s 66____ 1047 104% AmT& T 5%s 43 10645 10648 Anaconda db 43%s 50_ 102% 1021 Arm'r(Del) 1st 4s55_ 96 95% Armour Del 4s57___. 95% 95 A T&S Feadj 4s 95 st 761: 76% A T&S Fe gen 45 95__ 102 1015 AT&SFe4%s48 _ _ 100% 100 AT&S Fe CA 4%s62_ 105 104% Atl Coast L 1st 4552 651 65l AtlCoast Lclt4s52_ 55 55 AtlCoast L 41es 64 _ 41 41 | Atl& Dan1st4s48__. 2815 284 | Atl & Dan 2d 45 48 26 25 Atlantic Refin 35 53__ 104% 104% B&O1st4s48 __ 5812 58 B&O cv60sstd_ 9 B & O 95 A stamped __ B & O 95 C stamped B &0 96 F stamped. B&OSWH0sstd ___ Bang & Aroos 5s 43 Bell Tel of Pa 55 48 B Bell Tel (Pa) 55 60 C_ Beth Steel 314559 F_ 35% 6 ™ 14w T 58 57% 80 40% 40% 56 30% 50 1120 112% 129 129 100% 100% - 105% 105 49 49 45% 4715 441, 46% 45% 441 105% 105% 868, 86% 86% 86% 108% 108% 104 104 107% 107% 281 28 4T 4T% 1001% 100% 6615 6615 4% T4 74 8 781 75 79% 78 95% 95 40% 3715 51 51 59 57 104 104 2, 2 10% 10% 18/ ta3 1057% 105% 59 58% 37 36 69 69 - 1047% 104% 941, 94 118% 118 9% 9% 85% 85% 91 90% 11% Bos & Me § Boston & M. Bklyn Ed cn 3%4s 66 Bklyn Man 414s 66 ct. Bklyn Un El 55 50 et Bklyn Un Gas 5s 45__ Bklyn Un G 7B Buff Niag El 3%s 67 Buff Roch & P 57 std.. Bush Ter Bldg 55 60 . Calif Oreg Pwr 4s 66 Canada South bs 62 _ Canadian NR 41,5 51_ Can NR 4%s 56 Can NR 4%s8 57 Can NR 43,8 55__ Can NR 5s 69 July._. Can Pac db 4s perp_ Can Pac 4348 60 Can Pac 58 54 _ Caro Cl & Oh 65 52 Cent of Ga 515 59_ Centof N J 4s 87 Cent of NJ gen 55 87_ CentN'Y Pw 3% 68_ Cent Pac 1st rf 45 49_ Cent Pacific 55 60 Cert'd deb 5% 48_ Ches&Ohio 3%s 63 Ches & O 335 96 D_ C& O gen 414s 92 Chi & Alton 3s 49 Chi B&Q gen 45 58 C B&Q Ill div 335 49 Chi & E I11 65 61__ Chi Grt West 45 69_ Chi Mil & St P 45 89 CM&StP 43%589C_ Chi M&St P 4%s 89 Chi Mil & St P 58 75__ CM&StP adj 55 2000__ Chi Rwy 58 27__ Chi RI&P rf 4s Chi RI&P rf 4s 34 c: Chi RI&P gen 4s 88 Chi RI&P cv 418 60 104% 104% 88Y% 88 88 87% 106% 105% 38% 38% 107% 107% 62 60 Chi & W Ind cv 48 52 Clev Un Term 58 73 Clev Un Ter 5%s 72 Colo F & Ir 5s 70 ColG&E s 52 May_. ColG & E 5s 61 Comw Ed 31558 Comw Ed 3;s 68 Cons EA N Y 3%s46_. Cons E NY db 3% 48 Cons EAN Y 3%s56._. Cons EAN Y 8%s58. Consol Vil 3% s61___. 103 102% 108 Consum Pwr3%s 86_ 105 105 105 Consum Pwr 31,8 69_ 104% 104% 104% Consum Pwr 3%s 65_ 106 105 105 Consum Pwr 3%s 70 107 106% 106% Contl Oil 2% s 48_____ 104% 104% 104% Crane Co 314851 103% 103% 103% Crucible Steel 4148 48 101% 101 101 Cuba Northn 5%s 42_ 22l 22% 22% Fl / 100% 98% 97% 9 111% 111% 111% 107% 107% 107% 104% 104% 104% 106 105% 105% 104% 104 104 106% 106% 106% Del & Hud ref 4s 43__. Den & R G con 4s 36 Den& R G 4%s 36 Den & RGW rf b8 7 Duquesne Lt 33 Elec Auto Lt 45 52 Eriecv4sis B Erie gen 45 96 Erieref 55 67 Erie ref 58 75 Firestone T 3%s 48__ FlaECRy5s74 Goodrich 4%s 55 Grt Nor Ry 4s 46 G Grt Nor Ry 4s 46 H__ Grt N Ry 1st 435 61_ Grt NRy4%s76D _. Grt NRgn4%s77E_ Grt Nor Ry 58 73 _ Grt Nor Ry 5%8 52 Gulf St Utll 3%s69__ Har Riv & P 45 54_ Hock Val 435 99____ Houston Oll 4% s 54__ Hudson Coal 55 62 A _. Hud & Man inc 55 57_. Hud & Man ref 65 57_. 111 Bell Tel 3% 579 B 111 Cent 4%s 66 3 ICC&StL NO 5363 A_. IntRT Istrf5s66 _ Int R T 1st rf 5s 66 ct IntR T 7s 32 ctfs Interlake Iron 4s 47__ Int Hydro El 6s 44 Int Merch Mar 6s 41_. Int Paper 1st 58 47 Int Paper ref 65 55.._ Int T&T 4%s 62 Int T&T 5855 ______ Kans C FtS&M 4s 36 K C FS&M rf 4s 36 ct. Kans City St rf 53 50_ Kan City Term 4s 60_ Keith's 6546 _______ Kings Co El 4s 49 cfs. Koppers Co 4s 51__ Laclede Gas 5%s 53 Lake E&W 35 47__ Lake E&W 3d 55 41 Lautaro Nitrate 75 Leh C&N 4%s 54 A Leh C&N 43554 C Leh Val C 6s 43 std Libby McN&L 48 55_ Ligg & Myers 55 51__ Ligg & Myers 7s 44__ Lion Oil 415852 __ Liquid Carbon 4s 47 Loew's 3135 46 Long Isl ref 4s 49 st_ Lorillard 7s 44 __ La & Ark 53 69 L&NG5s2003B______ McKesson&R 5%s 59 Me Central 4%s 60__ Manhat Ry 4s 90____ Manhat Ry 4s 90 ct__ Metrop Ed 4155 68 Met West Side Mich Cent 31 Mich Cons Gas 4s 63 __ MStP&S MStP&SSM 5145 49__ Mo K & T 1st 45 90 Mo K&T 55 62 A_ Mo Pac 4s 75 Mo Pac 55 65 A Mo Pac 55 77 F Mo Pac 55 78 G _ Mo Pac 5s 80 H. Mo Pac 5381 1 Mo Pac 5% s 49 __ Mob & Ohio 41 77 ct Mob & Ohio 5538 _ _ Mob & Ohio 5s 38 ct _ Monong P S 6s65____ Mont Pwr 33566 __ Morris & Es 418 55__ Morris & ES 5s 55 Mutual Fuel G 58 77__ Nassau El 4s 51 ctfs Nat Dairy 3% 551 ww Nat Steel 3865 ___ _ NewET&T 4%s 61 New E T&T 1st 58 52 New Jer P&L 4% 60_ New Or PS5s52 A NewOrl PS6s55B _ N Y Central 3%s52__ N Y Central $%s 46__ N Y Cent 4382013 A N Y Cent rf 55 2013 _ Y Chi&StL 3148 47_ Y Chi&StL 435 78_ Y C&StL5%874 A_ NYChi&StLésdl . N Y Conn 1st 4%s 53_ N YConn 55 53 __ N Y Edis 335 65 D NYGEH&P 4s 49 _ NYGEH&P 5s 48 __ NY NH & Hel 6s 40 NY NH &H cv 6s 48 N Y O&W ref 4s 92 _ N Y Queens 3145 65 _ Y Rich 6s 51_ Y Steam 3%8 63 Y S & W gen s 40 N Y Tel 33567 Niag Falls P 3%s 66 Niag L& O 5855____ Niag Sh51%550 __ Norf Southn 58 61_ Norf Southn 5s 61 ct_ orf & W 1st 45 96 North Am 3% s 54_ North Am 4s 59_ Nor'n Pac gn 3s 20 Nor'n Pac 48 97___ Nor'n Pac 6s 2047____ Northn Sta Pw 314 67 Ohio Edison 4s 65_ Ohio Edison 45 67_ Okla G&B 3% s 66_ Ont Pwr Niag 68 43__ Oreg Sh Line 5s 46 Oregon W RR 43 61__ Pac Coast 55 46_ PacG&E3%s61_ PacG & E 4s 64 - Pac T&Trf3%s66 B Pac T&T 3%s 66 C___ Panhand ET 4s 52 Penn Co 45 63 Penn Dixie C 6s = Penn Gl & Sd 4145 60 Penn P&L 31,8 69___. Penn P& L 4%s 74__ Penn RR 3%s 52 Penn RR 3%s 7| Penn RR 4s 43 - Penn RR cn 4s 48 stp Penn RR 43 81 ___ Penn RR 4% 84 _ Penn RR gn 4% s 65 Penn RR gen b8 68___ Peoria Pek U 5148 74 Pere Marq 4%s 80 __ Phelps Dodge 315 52 Phila B&EW 41,881 D Phila Co 58 67_ PhilaRC & Ir 3. Phillips Petrol 3s 48 PCC&StL 41%5 53 1. PCC&StL 4%s77_ PCC&StL5sST0A____ Pitts C& Ir 4348 52__ Pitts&WVa 413859 B Pitt&W Va 41%8 60 C_ Pitts Y& As 4548 __ Port Gen El 4%s 60__ Porto Rico A T 6s 42_ PortoRA T 6s42st__ Postal Tel & C 55 53__ Potomac EP 3% 66_ Press Steel Car 6s 51. Pub Sve N1l13%s 68 Reading Jer C 48 51__ Reading R 414897 A_. Rem R'd 4%5 56 ww. Rep Steel 4% 66 Republic St 4%s NG STAR, WASHINGTON, D. C, FRIDAY, MAY 31, 1940. N. Y. SLOMCK EXCHANGE |Scramble for Steel . Low. Close. (405 40 40% 6% 6% 64 ] 5% b% 5% b4 B 108% 108% 108% 108% 108% 108% 106 106 106 107% 106% 106% 106% 106 108 15 4% 4% 19% 19% 19% 9% 9% 9% 9% 9% 9l 104% 102 104% 102 102 102 104% 104 104 5 4% 4% 101 101 101 98 8 105 8% 106% 106% 58 58 116% 116% 98Y% 98% 26% 26% 10% 10% 39% 39% 109% 31% 36 5% 5% 1Y% 100% 100% 1215 1218 122 9215 106% 1 104% 53 108% Ropublic Stl 5348 54_. 1 Richfield Oil 4s 52___ Roch G&E 3% s 69_. Saguenay Pw 4%s 66 St L IMS R&G 4s533__ St L Pub Sve 55 59 St L-San Fr 4148 78__ StLSF 4%s 78 ct st. StLSanFr5s50 B__ San Antonio P S 45 63 San Diego CG&E 4885 Seabd A L con s 45__ Seabd A L 6s 45 ct Shell Un Oil1 2% s 54 Socony Vac3s 64 __. So Bell T&T 3%s 62_ Southn Cal G 45 65 _. So Colo Pwr 6s 47 A _ Southn Kraft 43(s 46 So Natl G 4%s 51 SoPac3%s 46_ So Pac col 4s 49, 8o Pac ref 4s 55, So Pac 4%s 68_ So Pac 415 69_ So Pac 4148 81._ 105% 105% 105% 109% 109% 109% 4 4 4 8% 3% 8y 94% 943 94% | 108% 103 103 105% 105% 105% 1081 108% 108% 101 101 101 99% 99% 99% 104% 104 104 45 45 High. Low. Close, Staley 4s 46__ 1038% 108% 103% Stand O1INJ - 1013 101% 101% Stand OIINJ 38 61___ 102 101% 102 Studebaker cv 6= 4§. 90 89 89 Tex Corp 38 69.. 103% 103% 108% Texas Corp 3%s 51__. 103% 103% 103% Third Av ref 4s 60. AT% 4T% 4% Third Aveadi 5860 _ 14% 14 14% Tide Wat Ofl 3348 52. 105% 105 105 Un El (Mo) 3% 862__ 106% 105% 106% Union Ofl (Cal) 9 101% 101} 101% UnPacific3%s 71 __. 93% 93% 93% Un Pacific st 4s47__. 111 110 110 United Drug 5s 63 77 8% 17 Utah L&T 6s 4 Utah Pwr & L 65 44._ Va Ry 1st 3% 66 ‘Wabash 1st 55 39____ Walker H&S 435 45_ Warner Bros 65 48___ ‘Warren Bros cv 6s 41 Westch L gn 3145 67 West Penn P 3% 66 West VaP&P354__ West Md 1st A 52 West Union 4%s 50_ West Union 58 51_. West Union 55 60 Wheel Steel 4145 66 Wilkes B & E 55 52__ Wilson & Co 48 65 Wis Cent 1st gn 4s 49 Wis El Pw 315 68 _ Wis Pub Svc 48 61__ Youngst'n S&T 4s 48 Youngst'n S&T 4s 61 567 55% 993 10% 1023 102% 15% 15% 106% 106% 107% 1075% 1018 102% 102% 102% 10% 102% 15% 106% 107% 1021 102% $1 Dividend Ordered On Vanadium-Alloys Steel Co. Shares’ New Action Compares With Payment of 75 Cents Tomorrow By the Associated Press. NEW YORK, May 31 —Vanadium- Alloys Steel Co. announced today a dividend of $1 a share, payable June 28 to holders of record June 15. On May 2 a dividend of 75 cents, payable June 1, was declared. Bath Iron Works. Bath Iron Works directors de- clared a dividend of 25 cents a share, payable July 1 to holders of record June 15. The previous payment was 3 per cent in stock on Decembe? 30, 1937. Willlam S. Newell, president, sald it was not deemed advisable at this time to attempt to establish a dividend rate in view of possible increased demands on working cap- ital due to anticipated larger volume of work. U. S. Wages and Income Rise $1,147,000,000 By the Associated Press. American wages and other income were $1,147,000,000 higher in-the first four months of 1940 than in the same period of 1939, the Commerce Department estimated yesterday. A department statement noted, however, that the rate of increase over last year had been declining since the first of the year. In Jan- uary and February, for instance, in- | come was about 6 per cent higher than in the same 1939 months, while March and April income was about 4 per cent higher than the corre- sponding months last year. Wages and salaries made the big- gest gain compared with a year ago, but, after allowance for seasonal factors, a slight decline was indi- cated since the first of this year. For the first four months total income from all sources was $23,- 478,000,000, the department calcu- lated. Of this figure, it reported, $14,871,- 000,000 was paid out in wages and salaries, an increase of $699,000,000; $2,944,000,000 was paid out in divi- dends and interest, an increase of $152,000,000; $4,703,000,000 was paid out in rents royalties and profits from unincorporated businesses, an increase of $248,000,000, and $960,- 000,000 was paid out in relief and similar payments, a gain of $48,000,- 000 over a year ago. Mercury Mines fo Reopen As War Boosts Prices By the Associated Press. MORTON, Wash.,, May 31.—Be- cause of the war and the resulting rise in mercury prices, cinnabar mines in the Morton region will re- open June 16 with prediction that 2400 pounds of the shiny metal will be produced daily. Quicksilver, which has risen to $192 per 75-pound flask, is used for surgical instruments and dressings and in the manufacture of explo- sives. The cinnabar properties here have been acquired by the Mercury Corp. of America, a New York concern. R. C. Rowen of Chicago, super- intendent, said production would start with a force of 60 men. He predicted the number of workers would be doubled within a month. A grinding house, ball mill and got.ab(on plant were under construc- lon. The Morton cinnabar mines have been idle several years. Officers of the corporation—which is not issu- ing stock—are: President, D. E. Knowles, New York; vice president, John W. Sutherland, Chicago, and mining engineer, F. E. Pegg, Seattle. Commercial Credit Votes Dividend of 75 Cenfs By the Associated Press. BALTIMORE, May 31.—Directors of Commercial Credit Co. have de- clared a dividend of 75 cents a share on the common stock, com- pared with $1 a share paid in pre- vious quarters. Lower financing rates in recent months which kept net income from rising in proportion to in- creased gross business was the rea- son given by the directors for lower- ing the dividend. The board said, however, that the previous $1 quar- terly dividend had been earned but it had been decided to add to sur- plus a larger portion of current net _income. The latest dividend, together with & regular quarterly payment of $1.08%, on the preferred, is payable June 29 to stock of record June 10, Imports of Chemicals Slump During April 'By the Associated Press. Imports of chemicals and related products, the Commerce Depart- ment says, dropped in April to the lowest point since the outbreak of the European war. April imports amounted to $13,66000, compared with $15900,000 in March and $19,000,000 in April, 1939, 4 Develops as Result 0f Defense Plans Export and Domestic Purchases Reported Climbing Shurply_ By the Associated Press. NEW YORK, May 31—A scram- ble to get steel—comparable with the excited burst of buying at the outset of the war last Septem- ber—was reported today by Dow, Jones & Co., financial news agency. Both export and domestic buying, it was said, had been stimulated by the urge to lay in stocks before heavy industries feel the force of the United States’ big armament program. With steel operations already up to about 76 per cent of capacity on the belated spring upswing from the year’s low of 60 per cent, the agency said trade sources looked for further expansion in June. “Predictions of a rate exceeding 90 per cent of capacity are general,” it added. “The high mark during the bulge last fall was a scheduie of 944 per cent for the week be- ginning November 27. “More than one observer believes this figure will be approached and perhaps even passed unless there is a sudden change in conditions. “Foreign buyers are asking for shipments as soon as possible and domestic consumers are taking ton- nages in excess of their requirements because of the growing fears that they will not be able to get the steel later on when it will be needed in their own manufacturing activities.” Netherlands Officials Take | Credits Info Custody By the Associated Press. The Netherlands government in London has assumed protective custody of Dutch citizens' credits in the United States. The announcement, sent here in the form of a royal decree, said the action was designed “to safeguard the property of Netherlands indi- viduals and companies against dis- posal contrary to their interests.” It applies to gold deposits, bills, securities, rights under credit ar- rangements and the like belonging to individuals or companies in the Netherlands which may be disposed of outside the European part of the Netherlands. The same message, dated May 24, has been communicated to The Netherlands Minister at Ottawa, Canada, : The Netherlands action is regard- ed as an additional step to that of the United States Treasury “freezing order” to prevent Ger- many from getting possession of Dutch credits here. Bituminous Output Climbs During Week . The National Coal Association, from incomplete car loading reports Irom the railroads, estimates bi- tuminous coal production in the United States for the week ended May 25 as approximately 7,900,000 net tons. Production for the corre- sponding week: 1939, 6,124,000 tons; 1938, 5,324,000 tons. Percentage of increase, 1939, 29.0 per cent; 1938, 484 per cent. The report of the Bituminous Coal Division of the Department of the Interior shows production of 7,950,- 000 tons for the week ended May 11 and 7670000 for the week ended May 18, 1940. Production calendar year to May 25: 1940, 180,933,000 tons (subject to revision; corresponding period 1939, 129,951,000 tons; increase, 39.2 per cent. | Riverside, Dan River Mills to Be Closed By the Associated Press. DANVILLE, Va, May 31—The Riverside and Dan River Cotton Mills announced that the plants would close for a week beginning June 7 as a temporary measure. The shutdown will affect about 10,- 000 textile workers. The poor condition of the cotton goods market was described as the reason for the company’'s action. The policy of the mills has been to guard against the accumulation of large inventories and the adjust- ment of production to the general pace of mbsorption. G. E. Camp Canceled For Defense Work By the Associated Press. SCHENECTADY, N. Y., May 31.— The General Electric Co. has can- celed a two weeks' camping period for executives at Thousand Islands because, a spokesman sald, “we want to keep key men on the job in case of Government emergency defense program demands.” Company executives from through- out the Nation have attended the camp in recent years. This sum- mer’s period was to have begun July 6. . Mead Sells Interest In St. Joe Paper Co. By the Associated Press. NEW YORK, May 31.—Mead Corp. informed stockholders it had dis- posed of its interest in St. Joe Paper Co., which operates a Kraft liner board plant at Port St. Joe, Fla. The announcement did not state to whom the interest had been sold, but said of the price received that it was “a cash amount which would cover the investment, plus a profit.” Financial manuals indicate that Mead, whose headquarters are at Chillicothe, Ohio, and Almours Se- curities, Inc., each owned a 50 per cent stock interest in the St. Joe concern and that each had con- tributed $1,000,000 to its stock cap- italization. Lionel Corp Reports Sharp Gain in Net By the Associated Pregs. NEW YORK, May 31. — Lionel Corp., model trainmakers, for the FINANCIAL. s A-21 NEW.YORK CURB MARKET |Socony-Yacuum Oil By orivate wire direct to The Star. Stock and Sales— Dividend Rate. Add 00. High, Low. Close. Aero Sup B.20g- 3 5% 5% AlaGtSou(3a).. 2bs 64 64 64 10s 82 92 92 Ala Power pt (1) Alum Co Am (2e) 360s 161 160 150% Alum Co pf (6) .. 280s 110% 109% 109% Alum Ltd (3¢)... 50s 55 65 65 Am Book (4) 87 Am Cap pf (.25k) 13 Am Centrifugal Am City P&L(B) Am Mfg (.26e)._. Am Maracaibo... Am Republics._. Am Superpower_ Appal E P pf (7). Ark Nat Gas(A) Art Metal W .30e. Ashland O&R .40 Ass0 G & Elec(r) Asso G&E (A)(r) Atl Coast Fish __. Atlas Corp war Atlas Drop F .20e Austin 8ilv M (r) Aviation & Trans Axton Fisher A_. Baldwin Lo war Barium Stain Stl Basie Dol .125 Bath Iron Beech Air Bell Afreraft Bell T Pa pf 6.50. Bickfords (.60e). Bliss (EW) Brazilian TrL&P Breeze Corp .60g. Brewster Aero__. Brill (A) - Br'n Fence A .65e Brown Rubber Buckeye P L (2e) PR N&EP pf 1.60 Bunker Hill .50 Burry Biscuit Can Col Atrways Cap City Pro .15e Caro P&L pt (7). Carrier Corp.. Catlin (Am)._. Celluloid pf._ Cent NY Pwpf b Cent P & L pt (7) Cities Service Cities Service pf. CitiesSve P& L L (6) 13.50k__ CitiesSve P& L (7) pf 15.76k __ Clev Elec 111 (2a) Colon Develop... Col Fuel & | war.. ColG& Epf (5). Comwith & 8 war Community Wat_ Compo Shoe (1) Conn Tel & Elec_ Cons G&E Bo 3.60 Contl Roll & Stl_. Cosden Petrolm.. Creole Petr .60a Crocker-Wheeler Crown Drug .05e.. Darby Petroleum Dayton Rub .50e. Decca Rec .60 | Duro-Test Bagle Pitch Lead | Eastn G&F 3 | E G&F prpf 2.25k Elec Bond & Sh Elec B & S ot (8) Emp G&F €% pf. Emp G&F 7% pf Equity cv pf (3) Esquire (.60) Fairchild Avi: Fairchild E& A Fedders Mfg .15¢ Fidelio Brew Fla P&L pf 3.94k Ford(Can)A(1)_. Ford Ltd (.16g) .. Fruehauf T .60e_ Gen WatG&E.25e Ga Power pf (6) Glen Alden .125e. GA&PnvV(5e). Gulf Otl of Pa(1) Hall Lamp (.80e) Hazeltine (3) Hecla Min .20e_ a R(A)(1 Hollinger G .65a. Humble Oil .75e_. Hum'l-Ross .15 llinots-la Power Ill-1a Pwr div ct. Imp Of] Ltd .60a_ Indus Finan vtc. InsCoN Am 2a | Int Hydro El pt | Int Pa&Pwr war. | Int Petrolm 1.50 Int Products .25e Int Vitamm (.30) Interst H Eq .60 Interst P Del pf Inv Royalty (.04) Iron Fire vte 1.20 Jacobs Co = Jones & Lau Sil. Lake Sh M (le)_. Lakey Fdry & M_ Lehigh Coal . Line Material.16¢ 150s Lone Star .20 __ 2 Loudon Packing - La Land&Ex .20e Lynch Corp (2)-. Majestic Radlo_. Mead John (3a) Mesabi Iron._.._ Mich Sugar. 1 Midl'd O cvpf.60k 100s Minn M & 8 .60e_ 3008 Mock Jud V 26e . 2 Molybdenum .25e 5 Mon LH&P 1.50_. 1508 Mount City C. 1 Mount Prod (.60) 1 Mount Sta P (1e) 2 Nat Cont (.45e) . Nat Fuel Gas (1) Nat P& L of (6) Nat Rubber Mach Nat Sugar Refin Nat Tranp't .60e NEPA 6% pf (3k) 25 New ldea (.60) N J Zine (1e) Niag Hudson Niles-B-P 1.25e__ Nor Am Lt & Pwr N A Rayon B .50e Nor A R prpf (3) Novadel-Ag (2) . Ohio Pwr pf (6)_ Oldetyme Dist_ . Pao Ga.s6%pr1.50 Pantepec Ot} Parker Pen (.50e Pennroad 1o Pa-Cent Airlines Penn Traffic.20__ Pharis T&R .30e_. Phoenix Secur Ploneer Gold .40, Pitney-Bow. 0 Pitts Forg (.25¢) Pitts& L E (2¢). 20s Pitts Metal .25¢ 2 Pitts Plate G(2e) 8 Premier Gold .12 -8 Pb Svo Ind $6 pf 1008 PSinAs7prpf 75s PugSdPulp1.25. 2 Quaker Oats (5). 10s ¥ % T 4% % b iy SR 308 1094 109% 109! 3 2 1% 1 % % % W 1% b4 2% & 3l 35 5% * 4 12 34 35 5% b 4 11% 4% 4 19 18 19 258 115% 115% 115% 001 1 1% 11% 11% b5 15% 15% 1b6% 4 4 3% 5% 5% b4 10% 10 9% 2% 2% 10 10 1% 1% 334% 17 9% 9% 1 19% 12% 3 1% 8 8 1% 44 22% T 8 1% 4% 4 4% 21 2008 3 & U 10s 128 128 128 1 & &% & % 5 46% 5% 6ly 164 27 5 13% 913 251 1 2 s 2 1 2 s 8 1 9 508 2 6 Relianc E&E .25e 50s Republic Aviatn 9 Royal Ty (2e 508 Rustless 1&S .30e St Regis Paper . St Regis Pap pt 26 508 Schiff Co (1)-. 3 Steel Plant Pay Rolls Off Slightly in April By the Associated Press. 1, | Tubize Chatillon. Stock and Bales— Dividend Rate. Add 00. High. Low. Close. Scovill Mfg .60e.. 26% 26% Scullin Steel war % Begal Lock .. Kl Shawin W&P .90 Sher-Will 1.60e_. 150 Simmons H& P . .60_.. 1 Stand Of] Ky (1). Stand 8tl Sp .60e. Stetson (J B) ... 22! ‘Technicolor .50e. ‘Thew Shovel Tilo Roof (.56a).. & OO T B RONE RO Unit Atrc't P .10e Unit Cgr-Whelan nited Gas __ Unit Gas pf 4.50k Unit L& P (B) _ Unit Lt&Pwr pf_ Unit Sh M 2.60a Unit 8h M pf 1.50 U 8 Plyw'd .60e_. U 8 Plyw pf 1.50. Utah 1daho Sug. Van Norman .40e Waco Atrcraft__. West VaC&C 1 1% Wilson-Jones.25¢ 1 6% T In bankruptcy or receivership or being reorganized under Bankruptcy Act, of securities assumed by such companies. tes of dividends in the foregoing table 1 disbursements based on the Quartes declara- n. Unless otherwise noted, special or extra dividends are not included. a Also extra or extras. d Accumulated dividends paid last year. e Declared or paid so far this year. {Payable in stock. & Paid last year. hCash or stock. kAccumu- lated dividends paid or declared this year. ur Under rule. ~ww With warrants. xw Without warrants, war Warrants. New Orders Increase; Drop in Shipments Is Checked Industrial Conference Board Finds Trend Reversed in April By the Assoclated Press. NEW YORK, May 31.—Increased new orders to manufacturers for the first time since September, 1939, and a checked recession in ship- ments which began in January were 3% 1% rly or semi-annual b noted in the preliminary indexes for April compiled by the Division of Industrial Economics of the Na- tional Industrial Conference Board. The finding of the Research Bureau, which is supported chiefly by industry, was announced yester- day. New business booked by manu- | facturers in April was 10 per cent above that of March and 21 per cent greater than in April, Manufacturing activity was 3 per cent lower in April than in the pre- ceding month and 7 per cent under the average for 1936. Manufacturers’ inventories, after allowing for seasonal changes, re- mained the same in April as in March and 18 per cent above April. 1939, according to reports made to the board of manufacturers. Standard of Jersey Will Redeem Notes By the Associated Press. ard Oil Co. of New Jersey has called for redemption July 2 its $35,000,000 of notes in five series sold in 1938. They would have matured from 1943 to 1947. The interest rate was maturity to 215. The call price ranged from a short series to 2%, per cent for the | interest. | Lumber Exports Drop During Four Months By the Associated Press. Exports of lumber, the Commerce to 326,174,000 board feet. Shipments included 279,585,000 feet of sawed and hewn timber, including railroad tles. Chicago Stock Market CHICAGO, May 31 (®.—Following the complete list of Chicago Stock Exchange Sales. 247% 24 1477 1483, 4% 4% 5% 27 83 2 2 ff_Brew _ 87 Laushlin® 15, A 0D B Bros 50 Campbell Wyant 40 Cen T Pub Sy pf 10 Cen & 8 W $7 pt 1000 Chi Corp & Chrysler Corp _ 500 Com'with Edis 50 Compr_Ind Gas_ Cons_Ofl 39% b FeOREI=ED D3, EEFFeE Mfg = Denver_ ince 2 Bt S DL Py S EFFEIFESEE F8E Senai FEE S 2 REF IS SSNIE RS o Eat -, ey oo 195, F IS S 9 Sowotiutsoms ! I 10 &, % & 832:22:;5}.“5?5%#« S RREE FEES = " B 55T RS R B e nalBand Jns onaZen o5 & P r FFEF coiirs DuBan ! i Baltimore Stocks €pecial Dispatch to The Star. BALTIMORE. May 31.— Be3535 Arundey cm%’ ™ o e 18 Bulto Transie pta 186 188 1586 Consol Pow 70 70 com . _ 70 1 112 BERE Rk 75 Fidel .r 100 1t 108 all e 1 +3270U B Fidel & Cuar 17 16% #4080 Balia Trada 26 4= 3w 3w 3w ), Profits Climb Far .| Above Year Ago Brown Reports Damage To European Plants Remains Uncertain By the Associated Press. NEW YORK, May 31—J. A. Brown, president of the Socony- Vacuam Oil Co., world-wide mar- keter of petroleum products, told stockholders today profits of the company in the first four months this year improved substantially over the like 1939 period despite war-time disruption of foreign trade. He estimated net income for the four months ended April 30 at $19,~ 500,000, equal to about 62 cents a share of capital stock, exclusive of earnings from subsidiaries in Ger- many, France, England, Norway, Denmark, Holland and Belgium. “We do not know ‘whether any of our European properties have suf- fered any substantial damage to date,” he said in the annual meet- ing. “We cannot tell what provis- ions might have to be made by the close of the year for losses or dam- ages or for any other causes affect- ing our foreign assets. 1939, | NEW YORK, May 31.—The Stand- | AT6,% from 13, per cent for the earliest o premium of 3 of 1 per cent for the | &i¢ $7,000,000 due in 1947, plus accrued | Gon: Department says, declined 15 per | ae cent in the first four months of 1940 material and 46,589,000 feet of logs HE transactions on- the | L SRESE IS § Jogaeagan S EER g < s 1 “The position of the oil industry at home is less profitable than it was in the earlier months this year. Exports are lower than they were before the war. Prices have weak- ened and gasoline inventories are more than they should be for & healthy statistical position. “The encouraging factors seem to be that domestic consumption was increased and that inventories of products other than gasoline are probably not too large.” Armco Declares Back Dividend On Preferred By the Associated Press. MIDDLETOWN, Ohio, May 31.— American Rolling Mill Co. yesterday announced a dividend of $2.12'%; a share on the 4% per cent cumulative preferred stock, payable July 1 to holders of record June 10. The dis- bursement pays up arrears to March 31 of this year, the announcement } said. Blast Furnace Started | PITTSBURGH, May 31 (#.—The Pittsburgh Steel Co. yesterday starte ed a second blast furnace at its Mo- nessen works, bringing to five the | number of steel company blast fur- | naces added to the active list in this district due to greater demand for | steel in recent weeks. :Curb Bonds | DomEsTIO. | Ala” Power 4135 67 | Ala Power bs 46 A Ala Power 58 51 _ Am Bald Loco Bell Tel C 5s 57 B Bell Tel C 5s 60 C. Birm H & Birming Gas 5s 59 Can Nor Pwr 3s b: Pw & Lt s O3 SEEFISTIER PE FHSETE S 55255, o 3338 IRI SRR 2RI 2000 D 108 100 100 100 00100 1011 100% 101% 80" 80 . 60 90 89 99 201 90% 904 94 93" 94 104% 104% 104% 88 ' 68 ' 68 & L 58 56 C Ind Hyd Elec 5s 58 Indiana 8ve 5s 50 A_ Indiana Ser 5s 63 A . % 31 108% 108% M% 104 231 0312 93V 913 991 90% 9%z 99% 3E20Ees s 01 D50RBBT 2RO VDD SFERSEEEF R B LS RIS F SR EFINER §EF §W w1 aoeSSaaa: SRIRARER22222 SR SR EE3 ol & F oS 5 g B8 B 5 P 232,532 & wror » & At D A DA S AN R KA BB 00 s M SIcoad ternoon were unchan lawer, with July at b i it 1.23. Domestic contracls' wore inactive. ~ Tne delivery art100 ana 153 HaDeciny prige up 2 bolnts. w sugsar market remained nominsl S T Vol Rt for June shipment, S A e £ NSRS