Evening Star Newspaper, May 31, 1940, Page 22

A—22 w¥xx D. C. Bank Clearings Reach Best May Mark Since 1929 Total for Five Months Also Rises Sharply Above Year Ago By EDWARD C. STONE. Bank clearings In Washington in May were the highest for the month since 1929, it was learned today from Genrge H. Bright, man- ager of the Clearing House Associa- tion. Clearings in the first five months of this year were also far ahead of the like 1939 period and for a much longer time. May clearings in the Capital to- taled $118940,25696, as compared with $96,395.809.22 in May, 1939, a| gain of $22,544,447.74. In being the | highest for the past 10 years, they compare with May, 1929, clearings of $126,836,188.71. FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, FRIDAY, MAY 31, 1940. FINANCIAL. TRANSACTIONS ON THE NEW YORK STOCK EXCHANG E|Steels and Aircraff Stock and Balis— High. Low. Dividend Rate, Add 00. High. Hm: Lo Divia Hizh u m u H ' Dividend Rate, Add 00, High 28% 8% Del & Hudson ... 7 10% '% NY t: Hen: z.:t (r) 26.% l'l'% Stand Uil of Cal (1) ose o lon o 347 Acme Steel (3)_ 2 37w 5% 214 Del Lack & Wn 7 2w 26’6 13% N Y Shipbllding 29 20% Stand Ofl ind (1). . 4% Adams Express _ 2 6 125% 981 Detroit Edison (3e) 5 99% 134#; 92 N Y Shipbg pf 1.76k 46'% 30 Stand O NJ (1a . 13 Addressograph 1.40 2 13 36% 257 Diam'd Match 1.50. 2 29% 226'% 175 Norfolk & Wn (10) 34% 23 Starrett(LS) 1.25e_ Early Galns Many Issues Close Day About Even to A Shade Lower Prev. 1040 High. Low 524 Close. ehu. 94 ~ W 2% + % 99 29% +1% 5% 13% + % S1% + ¥ 16% = % 12 -3 7 41 140 41 184% + % 6% + 1 156% +24% 120% + % 114 +1% 28% Auoo High lfl' Close. c\'lr c 14 18% 18% + % 18 21% 21% 64 30% 30 .« 31% 31% 6 6% Net. Low. Close chge. 37% 37% +1% 4h 4+ W 13 18 - & 39 39 + 1 o+ % i Addm) Hizh Low Close m- 5 B % H+w 15 19% 18% 19% + % 508 1344 1344 1344 2 183 10s 105 38 18% 11 16% 6 408 6 9 191 5814 36% Air Reduction (1a). 3 39 4% Diam T Motor. ___ 3 b4 113y 105 Norfolk & W pf (4) 4% Stewart-war (35). 7 4 AlaskaJuneau.60_. 13 4% 1214 Distill-Seagr (2) 6 26% Nor Am Aviation.. 5 Stone & Wel Alleghany Corp - 30's Dixfe Vor(A)(2.60) 30s Nor Am Co 11.20) 5% Studebaker Allegh'y $30 pt ww_ 14 Doehler Die C .25e-. No Am 6%% pf 2.876 Alleg-Ludlum .50¢ 11% Dome Mines (2) __. North'n Central (4) Allen Indust (.25e) 71% Douglas Alr (3g) 4% Northern Pacific. . Allied Chemical (6) 137 Dow Chemical (3)_. 21 Norwalk ™ire ALie1aniis e Dissrrei 14% Norwich Pharm (1). Allied Stores ___ Dunhill internat] x Allis-Chalmers .50e Du Pont (3.50e) 18.,: 8::',,".?2.‘;,’,?&‘,“;‘ Alpha Port .50 Du Pont pf 14.60) 7% Omnibus Corp 1.20 . Amerada (3) Duquesne 1st pf(5) 24 Am Ag Ch Del .30e Eastern Afr Lines_. 1% Am Airlines Eastn Koll Mill; 7 Am Bank N pf (3)__ Fastman Kodak 16) 21 Eaton Mfg (i.50e)._. 4 Edison Bros 8 (1)__ Eitington Sentla __ Elec Auto-L 1.50e Electric Boat .40s__ Eleo Pwr & Light Elec Pwr & Lt $6 pf Elec Pwr & Lt $7 pt Elk Horn Coal Eng Pub Service Eng Pub Sve pf (6) Eng Pub Sve pf 6.50 Eureka Vacuum Cl. Evans Products 1% 14% 5% 26% 15% 128 Ty 182 136 16% 10% 4l 213 11 38% 124 4l 1 H'K 4T% 19% + % 86 e Nl +1 10% — % 5 25W + % 11% 40 + % 131 = 3% 52% + Wi 9% Superior Steel 17% Swift & Co (1.2 17% Swift Int) «2) __. 4% Syming-Gould ww._. 4% Talcott (J) .30, 4% Tennessee Corp-.. 33 TexzasCorp(2) . 2% Tex Gulf Prod(.10e) 26% Tex Gulf Sul (2a)_. 5% Tez Pac C&O (.40). 5 Texas & Pac Rwy.. 3 Thermoid 20% Thermoid pf 1. 75k . 2% Third Avenue 37y 25% Thomp Prod(.75e) 30s 115 4 1 Thompson-Starrett 2 3% “ 2 8% Tide Wat As O .40e. 14 2% 18 Timken-Det Az (1) 22 14% 35% Timken R Brg 1.25¢ 4% Transamerica (.60) 10% Transcont! & W Alr 1% Tri-Continenta) 3% Truax Traer C.25e. 5 20th Century Fox . i71 189% 146% 126 114 118% 1121 26% 3 4 08 s @ Stock Averages Otis Steer Otis Steel 1st pt_. Pac Am Fisherie; Pac Coast 18t pt Pac Coast 24 pf PacGas & El (2)___ Pue Lighting «3) Pac Tel & TeleR (1) Tin Consol .20e Packard Motor PAR-Am Alrwave Pan-Am Petroleum Paramount Pic .15e Paramount 18t (6)_ Park Utah M .10e _ 4 Parke Davis (.80e)._ Am Bosch Am Brake Shoe Am Brake S pf 5.25. Am Can (4) Am Car & Foundry Am Car & Fdry pf __ Am Chain & C .80e Am Crystal Sugar . Am & Foreign Pwr Am&F P 6% pf.60k Am&F P 7%.pf.70k 4 Am & F P 2d pf Am-Hawaiian (1a) Am Hide & Leather. Am Home Pr 2.40 _ Indus Net change +.3 Today, close 54.8 Prev. day.. 545 Month ago. 713 Year ago___ 669 1940 high__ 742 © S 1939 high 1939 low- 157 4186 ® 60-Stock Range Since l927. - ‘While May clearings usually show & falling off from April, this was not true this year, the May results revealing a gain over April of more than $3,000.000. Clearings in Washington in the first five months of this year totaled $545,094,929.42, against $479,201,131.05 in the same month last year, or an increase so far in 1940 of $65,893,- '798.37. This sharp advance indicates teady business improvement in the Capital. The five-month clearings were the highest since 1930, when the total stood at $559,969,862.61. Clearings by months in 1940 com- pare as follows with the like months in 1939: 1940. - $107,137,093 93,153,189 110,284,000 - 115,580,390 99,730,563 118,940,256 96,395,809 Blanton New Bankers’ Chief. Thomas H. Blanton, president of the Union Bank & Trust Co., Bowl- ing Green, Va., has assumed his new duties as president of the Virginia Bankers’' Association following his election at the Roanoke con- vention. He suc- &3 ceeds Giles H. § Miller of Lynch- burg. Mr. Blanton is & lawyer as well as banker. Born i in Caroline? County, Va., Oc- tober 18, 1895, he & received his law degree from the University of Virginia in 1921, was admitted to the bar and be- Thomas H. Blanton. came Commonwealth attorney in his home county in 1923. He has been active in banking for the past 15 vears, having been elect- ed president and director Union Bank & Trust Co. at Bowling Green on January 15, 1925. Actively identified with the Virginia Bankers’ Association during the same period. Mr. Blanton was vice president of the organization last year. Southern’s Earnings Jump. Ernest E. Norris, president of Southern Railway Co., stated that 109 per cent of the company’s fixed charges were earned in the first four months of the year, compared with coverage of 94 per cent in the same months of 1939. Earnings in the period were the best since 1931 with the one exception of 1937. Net income in the four months was $399,454, against a net loss of $355,482 last year. In April net in- come was $122,758, compared with a loss of $83.819 in April, 1939. Net income of the Virginian Rail- way in the first four months of 1940 were equal to $1.78 per share on the common stock, against only 73 cents & share in the like 1939 period. 17 to Attend Banking School. Seventeen Washington bank offi- cers will attend the June session of the Graduate School of Banking at Rutgers University, taking the highest courses in their line which ere available. The list: Paul J. Seltzer, American Security & Trust Co.; John E. Monk and Francis E. Robey, Bank of Com- merce & Savings; Samuel R. Carpen- ter, John F. English, John E. Horbett and Frederic Solomon, with the Board of Governors, Federal Reserve System; Kenneth O. Hulse, Hamil- ton National; John M. Christie, Henry K. Dierkoph, Charles R. Fadeley, Corcoran Thom, jr., and Robert Van Order Mellefont, F iggs National, Joseph R. Fitzpatrick, Second National; Willard G. Me- 1939, $96,424,508 82,733,900 103.916,350 of the| Graw, Bernard L. Amiss and George | ©O. Schweinhaut, Washington Loan & Trust Co. About 600 bankers have regnstered including 200 “freshmen” and 200 who will graduate this year. Chain Store Managers Lauded. Six Washington chain store man- agers have won places on the 1940 roll of honor of community build- ers, the selections being made an- nually by Chain Store Age. The list includes: E R. Burns, Sanitary Grocery Co., 332 "Eastern avenue N.E, for civic activities at Seat Pleasant; George Geiger, Peoples Drug Stores, for interest in Northeast Businessmen's Association; Charles G. McCall, Sanitary Grocery Co., 1631 Kenil- worth avenue N.E. for activity in Kenilworth Citizens’ Association. B. W. Seaton, Peoples Drug Btores, Fourteenth street and Park road N.W, for work in Red Cross roll call and Metropolitan Police Boys' Club; Henry W. Stoehr, Sani- tary Grocery Co., 3317 Connecticut avenue, for interest in Kensington Civic League,. and W. F. Strong, Sanitary Grocery Co., 4853 Massa- | chusetts avenue N.W., activity in American University Park Citizens’ Association. Lively Trading on Exehange. Trading was unusually active on the Washington Stock Exchange to- day, opening sales being $3,000 and $2,000 transfers in Capital Traction bs at 98. ‘Washington Gas preferred stock appeared on the board at 9934, 50 shares of National Mortgage & In- vestment preferred came out at 3% and 20 shares of Peoples Drug Stores common moved at 153;. ‘Woodward & Lothrop preferred figured in several small-lot sales at 118. The market closed with Poto- mac Electric Power 6 per cent pre- ferred selling at 112. It was announced that the ex- change will be closed tomorrow and every Saturday until September 7, the usual summer schedule. John A. Reilly, president of the Second National Bank, gave a very interesting address on “Credit” at the closing session of the National Industrial Bankers' Association at the Wardman Park Hotel, 125% 1094, B4y 2214 113Y% 107% Dayton P&L pf ¢.50 Am Ice = Am Inv(111) pf 2.50 Am Locomotive ___ Am Loco pf (1k) Am Mach & Fy 80__ Am Metals (le) ___ Am News (1.50) Am Ppwer & Light 4 AP&L $5 pf 2.8125k AP&L $6 pf 3.375k Am Radiator = Am Rolling Mills Am Safety Raz .80 Am Seating (.50g)_. Am Shipbuilding __ % Am Smelt & R (le)_ Am Smelt&R pf (7) Am Steel Fdry .50e. Am Stove (.50e) Am Sugar Refining. 4 Am Sumat Tob (1) - Am Tel & Teleg (9). Am Tobacco (5) . Am Tobacco(B) (5). Am Type Founders_ 4 Am Water Works_ Am Woolen Am Zinc & Lead Anaconda Arch-Dan-) Armour (rwl)pn.) Armour (I11) Armstrong C'k .50e_ Arnold Const .50e Assoo Dry Goods Assoc Invest pf (5). Atch T & Santa Fe . % Atch T& SFe pf(5e) Atl Coast Line Atl Refining (1) _ Atlas Corp (.25e) _ Atlas Corp pf (3) Austin Nichols pf A % Aviation Corp Baldwin Loco ctfs . Balto & Ohio Balto & Ohio pf 2 Barber Asphalt .50e Barker Bros . __ Barnsdall Oil .30e _ Bayuk Cigars .5ve . Beatrice Cre (1a) Bendix Aviat'n(le) Beneticial Loan.45e Beneficial Ln pf 2.50 Best & Co (1.60a) Beth Steel 2.25¢ ___ Beth Steel pf (7) Bigelow Sant'd(le) Black & Decker .25e Blaw Knox Bliss & Laugh .25e Blumenthal (8) pf. Boeing Aeroplane _ Bohn Alum'n .o0e _ Bon-Ami (A) (4a) - Bon-Ami (B) 2.50a_ Bordzn Co (.60e) __ Borg-Warner .50e Bower Roller B (3). Bridgeport Brass _ Briges Mfg (.50e) . Bklyn-Man Transit. Bklyn & Queens . Bklyn & Qu pf ctfs Bklyn Un Gas .50e Brunswick-B .75e Bucyrus-Erie _ Bucyrus-Erie pf(7) Budd Mfg . _____ Budd Wheel _ Bullard Co (.75e) Bulova Watch ( Burlington M (1) Burr's Add M .20e__ Bush Terminal Butler Bros (.15e) . Butte Copper _____ Byers (Am) Co Calif Packing .25e _ Callahan Zinc g Calumet & Hee .50e Campbell Wy .65e _ anamn = Canadian Pacific __ Comin Mills .50e _ Carpenter Stl 1.75e Carriers & Gen .05e Caterpillar Trac(2) Celanese Corp .50a 514 Celanese pr pf (7) - Celotex Corp Cent Aguirre 1.50_ Central Foundry Central Violetta § _ 2 Cerro de Pasco(2e). 2 Certain-teed Certain-teed pf_ 3% Chnesapeake Corp (r 3013 Ches & Ohlo (2.50) _ % Chi & East I11 pf (r) 614 Chi Matl Order 3» Chi & Northw'n (r) % Chi & Norwn pt (r). 8% Chi Pneu Tool _ % ChiR 1 &P (1) # Chi RI&P 7% pf(r). 215 Childs Co S 2413 Chile Copper (le) . 5313 Chrysler Corp 2.50e 10's City Ice & Fuel .60e 90 City 1&F pt (6.60) . 2 City Stores . 24 Clark Equip 1. 25e _ 108 Clev El 1llu pt 4.60. 25% Climax Molyb 1.20. 259 Cluett Peab (le) __ 10% Coirate-ral-P .60) 16!z Collins & Atk (2.25e 1215 Colo Fuel & Iron .. 2 Colo&Solstpf._.. 2 Colo& So2d pt ___ 16 Columb B C(A) .90e 16 Columb B C (B).90s 4% Columb G & EIl .20e 67's Col G& I ot (A)(6). 6612 Col G & E pf (5) 14% Columb Pic pf 2. 71 Columb'n Carb (2e) 28 Comci Credit (4) .. 33 Comel Inv Tr (4).. 8 Comel Solvents _ 26 Comwlith Ed (1.80 % Comwith & Soutl 42 Comwlith & S pt (3) 14 Congoleum (1).. 8 Congress Clgar.. 19% Consol Aircraft. 63 Consol Cigar pt (1 75 Consol C pr pf 6.50._. 4% Consol Cop M . 23 Consol Edison (2) .. 97Y% Consol Edis pf (5) 5% Consol Film pt .50k. 2% Consol Laundri, 5% Consol Ol .80) . 24 Consolidation Coal.. 8% Consolidt’n Coal pf.. 9% Contalner Corp .608 Tt Cont1 Baking (A) 33 Contl Can (1e) o PS8 cmrh ro-—aNR S -G O a e e S & TS eTeTory 8 oS 116‘5 110 Conti Can pf (4.50). 4% Contl Diamond .25e. 27% Contl Lnsur 1.{ 2 Contl Motor 16% Contl Oil (.50e) 18% Contl Steel (.50e 15% Copperwaeld Stl .40e 47 Copperweld pf 2.50. 41 Corn Exchange (3). 120 44% Corn Products (3) .. 4 Coty Ine (.26e). 11 13% Crane Co 5 25 Cream of Wheat(3) 3% Crosley Corp 12 Crown Zeller (le) _. 75 Crown Zeller pf(5). 25 Crucible Steel 64 Crucible Steel pf._. 3% Cuban Am Sugar . 20 Cuneo Press (1.50). 31% Curtis Pub pf (2k). 7% Curtiss- Wright 21% Curtiss-Wr (A) 1e 14% Cutler-Hamm'r .50ex 2 16 2 B 60 13 6 10! 23% 13% Deere & Co..... 28% 21% Deere & Co pf(1.40) P4+ ++ +1+ [ 55 o +1a+01 P4+t +d++1+ 044+ + FEE S FEF F T4+ 14+ EFEeEE + - 71 +3% 4% = W 20 31% + % 8% 24% + U 16% + % 110 110 +2% 15% 16 + % l 21% 21% 21k 127w 19% 333, 15% 314 13% 64 18% 4174 375 39% 464 25 162 13614 121% 56 !fi 4 Ex-Cell-O (1e) Kairb’ks Morse(1a) Federat Dep St .T5e Federat'd DS pf 4.26 Ferro Enamel (1a) Fidelity Phoe 1.60a Firestone Tire .50e Flintkote (1g) 4 Florence Stove .60e Food Mach (.25e) _ Foster Wheeler Freeport Sulph (1) 4 Gair (Robert) __ = Gair (Robert) pf samewell Co(1.50e) 2. Gar Wood Indust _ Gen Baking (.16e) . Gen Bronze Gen Cable Gen Electric (.70e). Gen Foods (2) Gen Gas & El (A) Gen Mills (4a) __ Gen Mills pf (5) Gen Motors (1.75e) Gen Motors pf (5) Gen Rwv Siznal Gen Refractor 50e. x Gen Shoe (1.20) . 14 Gen Steel Cast pf _ 7% Gen Thea Equ .20e 4 Gillette Sat R (.60) x Gimbel Bros Glidden Co (.30e) . Gobel (Adolf) __ Goebel Brew (.20) __ Gold Stock Tel (6) .. Goodrich (BF) 2 Goodyear T&R T5e Goodyear pt (5) Graham-Paige Granby Consol 50e Grant (WT) 1.20e _ Great North'n pf . Grt Nor O ctfs .75e_ Great Wn Sug (2) Greyhound (1) _. Greyhound of (.55 Grumman Afrcraft. Guantanamo Sugar Hall (WF) Prtg (1) Hamilton W (.50e)_ Hanna(M)pf(5) Harb-Walker (.60e) Hayes Mfg Corp Hecker Prod (.60)_. Hercules P pf (6) Hinde & Dauch 35e Holland Furn (1¢) Holly Sugar i Homestake (4.60) _ Houd-Her (B) .Te. Houston O1l o Hudson Bay (le) Hudson Motor Hupp Motor . Lilinots Central Indian Refining ___ Indust Rayon .60e .. Ingersoll-Rand (2e) Ingersoll-Rd pf(6) _ Inland Steel (2e) _ Inspiration Copper Interchemical(.80e) 4 Interlake Iron Intl Bus Mach (6a). Intl Harvester 1.60_ Intl Hyaro-El (A)_ Intl Mercantile Ma_ int] Nickel Can (2). Intl Nickel pf (7) _ Intl Paper & Power 4 Intl Pap&P pf 1.25¢ > Intl Silver . Intl Tel & Teleg IntI T & T for'n cfs Intertype Corp .40g Island Crk C pf (6) Jarvis (WB)« 275e) Jewel Tea (2.40) Johns-Manville Johns-Manv pf (") _ Kans City Sou pf. Kayser (J) 60e _ Kelsey-Haves (A)_ Kelsey-Hayes (B) Kennecott Cop (1e) Keystone Steel .50e Kr Dept Strs 4 Kresge (SS) 1.20a_. Kroger Groe (2)_ Lambert (.75e) _ Lee Rub & T (.75e Leh Valley Coal pt. Leh Valley RR (r) - Lehman Corp (.40e) Libbey-Ow-F (1e)_ Libby McN & Lib _. Life Savers (1.60) _. Ligg & Myers(B)4a Lima Locomotive__ Lion U1 Ref (1) Liquid Carbonic (1) Lockheed Airc Loew’s Inc (2) Loft Ine Lone Star Cmt (3)_ Lorillard (.60e) Lorillard pt (7) MacAnd&F pr (6) . Mack Trucks Macy (RH) Co (1e) Magma Copper (le) Manart Sugar Man Ry m gtd et(r) Man Ry gtd et(r) Maracaibo 011 Martin (Glen) .. Martin-Parry _ Masonite Corp (1a). Mathieson Alk 1.50. May Dept Strs (3)_. Maytag 1st pt (6) McCrerv Strs (1) McGraw Elec (1) _. Meclntyre Porc (2a) McKeesport Tin .. McKesson & Rob _. McKesson & R pf.. McLellan pf (6) _ Mead Corp Melville Shoe (2)... Mengel Co Menge)l o 6% pt Mesta Mach (1.50e) %4 Miam Copper .20e M1d Cont Pet (.40e) » Midland Stl P(le) .. Mid Sti 1st pt (8) Minn-Hon Ros (2a) 116 9% 20 1% 33 87 1‘3‘/4 ll)'u 27% 20% 15% 29% 18% 140 132 17 204 21% 2 131 24 1 29% 614 2118 9% 24 % 119 9l 89% 113% 313 Mian-Moline imp Mo-Kan-Texas _ Mo-| -Tex pf Mohawk Carpet .50e Monsanto Ch (2) . Monsanto C pf 4.50. Monsanto pf B 4.50. Montg Ward 2.25e.. Morris & Es (3. Mueller Bross ____. ‘Mullins Mfg (B) ... Mullins Mfg pf. Murray Corp . Nash-Kelvinator... Natl Acme (.60g) .. Natl Auto Fib .40e _. Natl Auto Fib pf .60 Natl Aviation Natl Biscuit(.80e. 9% Natl Cash Reg (1) 6 Natl Cyl Gas (.20 12% Natl Dairy (.80) 3 Natl Dept Sto 17% Natl Distillers (2)_. 5% Natl Gypsum _. 14% Natl Lead (.60) 13% Nat Malleable .50e... 5% Natl Pwr & Lt .60__ 48 Natl Steel (.60e 4% Natl Supply 45% Newmont Min (19). 6% Newport Indus *30% N Y Alr Brake (le). 9% N ¥ Centrai 8% N ¥ Chi & 8t Louis. 15 NYCh&StLopt . NINBOR (). 4 ranBromannnEaneBoalano 100 1 1o 1 50 3 10 T8 = i 19 59 00 =1 1= 4 4 O S 1 = O 8 B0 D 1 €8 00 10 80 30: o B RN T S D DS B D R - ®3 3 11 8 10s 10s 10s = o St Brommm wnBoBarmmnrpanoann 3 8 PYPPES-§ o ) W a—Em 9 S 3 S o S P [%- PO TS T TSR 1 Minn-Hon pf B (4). 1601 2 3 4 13 10s 408 29 5) uo. 12 29% 2213 184 29% i9% 13812 130 301, 197% 13819 THl++ 14440+ +1+14+ E +HH+ s+ T+ 44+ i+ 140 =11% 71 41 +1% llL++| EF OFEF - sEE e oo &% 1+ 5 112 115% +1% 36% = 28% - Parker Rust (1a)._ Pathe Film Patino Mines Penick & Ford (3) _ x TPenney (JC) 1.50e _ Penn Coal & Coke % Penn-Dixie Cement Penn-Dixie Cem nt Penn Railroad .50e Peop G L&C (1.50e) Pere Marauette Pere Marquette pf Pere Mara pr nf Petrol Corp (.35e) Pleiffer Brew (1) Phelps Dodge .50e Phila & HC & 1 (r). Philip Morris (3a)_ 4 Phillips Petrol Pierce 011 of - Pilisbury F1 (1.60)_ Pitts Coal pt Pitts Coke & [ron Pittsbgh Screw .15e Pitts Steel 4 Pitts Steel pf (B) _ Plymouth Of1 1.40 . Poor & Co «B) Pressed Steel Car Proctor & Gam (2a) Proctor & G pf (5) Pub Sve (NJ) 1.20e. Pub Sve(NJ 1pf(5) Pub Sve(NJ)pf(7). Pullman (.50e) ___ Pure 011 Pure Ol ot (5) Purity Baking .50e_ Radio Corp 1.20e) Radio C ev pf(3.60) Radio-Keith-Ur (r) Ravonter Inc Rayonier pf (1k) Reading Co (1) Reading 2d pf (2)__ Reis & Co 1=t pf Reming Rand .60 Reo Motor vic ctfs Republic Steel Revere Covper Reynolds Metals . Reynolds Spring Reynolds Tob (1e). Reyn Tob (B) (le). Richfieid Ol (.50%) Safeway Strs 75e Safewav 8 f (5) ~ St Joseph Lead(1a) Savage Arms (.60e) 2 Schenley istillers 2 Schuite Retall 8 (r) 13 Scott Paper (1.60) . 1 Seaboard Afr L «r)_ 2 Sears Roebuck (3)._ Servel Inc (1) Sharon Steel Sharp & Dohme Shell Un Oil ¢ 50!\ Shell Un O pf (5.50) Stmmons Co . Simms Petroleum. . Skelly Ot (.26e Sloss-Sheff pf (6)__ Smith (AO) . 15'2 Snider Pkg T's Socony-Vac 235e 115 So Am Gold (.10e. 10 S.E.Greyh'nd 1.60__ 23% Southn Cal E4 1.50a 6% Southern Pacific . 8 Southern Raflway.. Southern Rwy pf = Sparks Withington Spencer Kell (1.60) Sperry Corp (2g) - Spicer Mfg (1le) Spiegel, Ine (.30e) . Spiegel Inc pf 4.60 Square D Co ( 30e) and Brands(.30e) Stana G&E 34 pt 1211 Stand G&E $7 pr pt 12 2 20s 2 841y 224 1234 147 1% 1181y 112' 4315 11551 145 127 321 167 1 7 89 3% 15% 9% ’ 4 4814 3 31 6 84 110s 16 14 4 150s 5 5 1214 1% 13 % 105 Th 10% 12 30s 9 43 2 2 8 55% 20s 1134 34% 3 101% ] 1274 1 133 200s 107% 1 11 14 20th Ce 26 9‘/. Un Bag 1164 105 ;N 20% 224 53% 40 23% 12 18 124 Un Tan Unit At Unit Ay Unit € Unitea FrEWS U 8 Ind h = R AR Pla. FIE FFEEF 8 8 k] 8 8m 8 Ste Unit St 6% Twin Coach % Ulen & Co (1 Sz Underw-El-F(le) . United LorD of (3). % Unit Electric Coal_. United Fruit (4) United Gas Imp (1) Unit Mer & Mfg .60e U S Gvpsum (2) . U 8 Hoftman ‘2 US Leather 8 Pipe & Fdry (2) Realty & Im(r) Rubter U S Steel pf (1) U 8 Tobacco pf 1.75 Unit Stockyards Unit Stores (A Univ-Cyclops § 208 Vanadium Vick Chemical (2a) Va-Caro Chem Va-Caro Chem pf n F pt 1.5 PPYPTOTNN PR - PSSP ST TCEE - P & Pap .16e) Unton Carb (1.10e) Union El(Mo)pf(5) Union Pacific (6) k Car (1.80) reraft 1.50e 1 Lines United Biscuit .50e Unit Rixeutt pf (7) rbon (1.70e) Drug us Alcohol .. y Cards (2a) » & Ref (2¢)_ el (le) ___ o e [ A o e AT IR ockyds pf.70 Va Elec Pwr pf (6) Vulcan Detin 4.50e Wabash pf (A)(r) Waldor:! Walker 't System 60 (H) (4) Walworth Co - Ward Baking (A) .. West P 22 w n 'n 145 West'n 7 26 3% Wiison 15% Woodw: 13% Wortht 9% Yellow 48% 2813 4% Approximate Sales 11:00 A.M. 1:00 P.ML Bankruptey Act or sed on tien Ui included ar_this year tack { Pay: Sewing Mch. 11z Willys-Overland _. 30 Woolworth (2.40) . 15% Yale & Towne (.60) 6% Young Spg & Wire 27% Ygstwn Sh & T 25¢ 12% Ygstwn Steel D .50e 2 Zonite Products . otherwise noted special or extrs dividends ai I8z dividend E3 rignts a Accumulated dividends paid last vear & Accumniated Aividends oal Ward Baking (B) Ward Baking pf__ Warner Bros Pict Wesson U1l & Snow enn E pf (7) | 1185, 108'® W Penn Pw pf 4.50 Auto 8 (2) Maryland __ Union Tel . 15% Westh se A B 50e Westhse Elec 1.75¢ Weston El Inst (2) . 27% Westvaco (1.40) 2874 Westvaco pf (1.50) & Co 1937-38. 193 6. R Y S T 337 169 618 (Compiled by the Associated Press.) By VICTOR EUBANK, Asscciated Press Financial Writer. NEW YORK, May 31.—Steels and aircrafts, buoyed by prospects of growing domestic and foreign arma- ment demands, provided the main bullish leadership in today's stock | market. It was far from a one-way trend, however, and gains running to 2 or more points for favorites in the forenoon were reduced at the close, and numerous issues were about even to down a shade. The final session for May was one of the slowest of the month, trans- fers for the five hours approximat- ing 550,000 shares. War news was hardly to the liking of speculative forces, although some voiced hopes a stronger Allied stand would be made following the retreat from Flanders. Many traders, with Europear. dispatches continuing cloudy, inclined to stretch their Thursday recess through the week end on the theory developments | abroad might take a spectacular turn before Monday. Of especial interest to Wall Street in the latter part of the session was action of the President in asking Congress for a supplemental defense appropriation of ‘over a billion | dollars.” Stocks in front the greater part of | the day were U. S. Steel, Bethlehem, Youngstown Sheet, United Aircraft, | Glenn Martin, Sperry, Du Pont, Allied Chemical, Sears-Roebuck, | Anaconda, Texas Corp., N. Y. Ship- building and Electric Boat. Santa Fe, New York Central, Pennsylvarlia and Southern Pacific were sluggish despite a slightly more than seasonal upturn in last week's | freight loadings. | Backward also were United States Rubber, International Harvester, | Standard Oil of New Jersey, Philip Morris and United States Gypsum. Motors and utilities were virtually at a standstill. ard iron 20% 30% 16 1574 11% 7 ngton Pump Truck LR 30% 15'& 2% 2w 5 + Grain Markets Request |Removal of Minimums | By the Associated Press. Officials were considering today a | request of Chicago and Kansas City futures grain markets that the of Stocks on the N. Y. Stock Exchange 200,000 12:00 Noon 300,000 360,000 420,000 Total Sales for the sUnit of trading 10 shares T In DAnNKruptcy or recelversnip or being reorganized unde: securities assumed oy such companies dividend n the foregoine table are annual dis. the last quarterly or semi-annual deciars. ot Also extrs or extras € Declarea of gaid so s Paia last vear E Camh o A or declared this able in stock Todd Shipyards Corp. Reports $832,721 Net for Year Result Contrasts With $250,150 in Previous Fiscal Period By the Assoclated Press. NEW YORK, May 31.—Todd Ship- yards Corp. and subsidiaries report- ed today net income for the fiscal year ended March 31 of $832,727, or $4.05 a share, compared with $250,- 150, or $1.22 a share, in the preced- ing 12 months. In the last year the earnings of Todd-Johnson Dry Docks, Inc., exceeded the dividends received from that company by $59,478; in the previous year the dividends received from Todd-John- son exceeded the equity in the earn- ings of that company by $35,622. International Hydro. International Hydroelectric Sys- | tem and subsidiary companies re- ported consolidated net income for the quarter ended March 31 of $83,- 224,999, equal to 58 cents a share on the $3.50 preferred, compared with $625,286.96, or 58 cents on the class A stock, in the same quarter last year. Irwin L. Moore, president, stated that the sharp decline in earnings was due primarily to adverse water conditions in New England. For the year ended March 31 net income totaled $762,844.73, equal to 31 cents a share on the class A, com- pared with $763,623.42, also 31 cents on the class A, in the previous year. John B. Stetson Co. John B. Stetson Co., hat manu- facturers, reported net profits for six months énded April 29 of $49,575, equal to 82 cents a share on 8 per cent cumulative preferred stock, compared with $37,090, or 62 cents on preferred, in the comparable pe- riod a year earlier. Paris Bank Changes PARIS. May 31 (P.—Bank of PFrance statement as of May 24 showed (in millions of francs): Gold reserve. 84.615: un- changed. Balances abroad. 84: increase, 2. Discounted commercial biils. Prance, 14.- 076: increase, 8,044, Negotiable bills bought in Fran 8.426; increase, 914. Advances against sécurities, 3.800: increase. Thirty-day advances against govern- Bt secuitiien 2.821; incresse, 1445, Temporary advances to . 26.700; in- crease, 3.550. Circulation, 166.696: crease. 5,765 . Tatal credit to current ac. counts. 25,079; increase, 7.775. Ratio of gold to sight 'liabilities. 44.12° per cent. compared with 47.47 last week. Bank rate, 2 per cent. New York Bar Silver NEW YORK, M:cy 31 (#).—Bar silver, 35%, down Y. Japan has a motor truck molueflvedtrommmblu. i Buffalo Steel Rate to Soar Further By the Associated Press. BUFFALO, N. Y., May 31.—Oper- ation plans announced today will bring the Buffalo area steel produc- tion rate to 79'; per cent over the week end. The Bethlehem Steel Co. is adding one blast and three open hearth furnaces and Wickwire Spencer Steel Co., one open hearth furnace. Mefal-Working Machines Bolster U. S. Defense ‘The abiblbity of any nation to de- fend itself depends largely on that nation’s productive equipment. In the case of the United States, with its relatively small stores of defense equipment, the productive capacity of America’s metal-working industry is a primary factor in current de- fense plans. The productive capacity of that industry, greatest of that of any nation in the world, has just been dramatically shown by the latest inventory of metal-working equipment made by American Ma- chinist. This shows a total of 1,323,- 131 metal-working machines and 324,345 units of plant service equip- ment. The survey further shows a total of 11,050 units of metal-working equipment in the rapidly expanding aircraft industry, 93961 in motor vehicle plants and 95,390 more units in the motor vehicle body and part plants, all of which are vitally im- portant in the production of national defense items. Army arsenals, which would act as pilot plants in the event of national emergency, are shown to have 15,803 units of equip- ment. Agricultural implement plants have 23,831. Plans for industrial mobilization have already been laid which will throw this tremendous productive capacity into the manufacture of armament, motorized equipment, and other defense items in the event of national emergency. Hercules Dividend Voted ‘WILMINGTON, Del, (Special) —Directors of Hercules Powder Co. have declared a dividend of 60 cents a share on the common stock, payable June 25 to holders of record at the close of business June 14. 0Odd-Lot Dealings By the Assoclated Press. 'nl M!IHM.I co-mgunmm“m ?“ lot dealers or May 31]lars Retail Trade Slowed By Poor Weather And War News Volume Is Estimated 2 to 5 Per Cent Above Year Ago By the Associated Press. NEW YORK, May 31.—War and adverse weather were blamed by merchants for generally disappoint- ing retail trade during the last week, Dun & Bradstreet said today in its weekly survey. Retail volume for the Nation was estimated 2 to 5 per cent higher than last year. “The only region to maintain its year-to-year increase,” asserted the review, “was the Middle West, where industrial centers recorded gains averaging 5 to 11 per cent. Sales and war moves, were a little under a year ago, the total decrease being no more than 3 per cent. “Rtailers continued to buy as close to the vest as possible. For round out summer stocks or pro- motional lines. “Wholesalers pointed out, how- ever, that the slowing down in trad- ing by no means signifies a disrup- sentiment is said to have been quite deeply affected by recent develop- ments abroad, few attempts have been made to withdraw orders or put pressure on prices.” Foreign Exchange dofllr ent i the Torek %At 78 Juored modest, improvement ~in 'ncies today and declined txdunle m! Stal i hatling 4 fces recently tl lllhtfl anced lll Canadian_Control Board rates lot anud States dollars, buying 10 per premium, selling 11 per cent premjum, -nnv‘-hat to discounts n ltllifll; ol nnrfiu 2‘1‘6 dwr:il 5. Qeat, Britain, _demand, gt m:«. ben-nk” "“’(nea lfl‘g unquoted. Fin- B"fi. ‘Fance, - Cebevont uo) 566 xm n ’)Il "flt‘ ’ unl Rumanis 23, Bwitzserlanc. 2242%. Yulolhvu, %380, Latin Ame tina. official, 20.77; free, 22.36; official, 6.05: free, 5.10; Mexico, on Canadian dol- m ;:rrl of buying 9.91 per cent, in New York open nt discount, or 78.37% lt 16.90n, 5:]!!!. 23.48; Hong Kong, 20.07; Shang- -&:u- rz uhlu unless otherwise L . in the East, which have been most | susceptible to stock market trends | the most part the only ordersZuly placed during the week were to | De m May 31 (P.—The Canadian | g, ‘Agriculture Department assent to | the removing of minimum prices on | grains, established on May 20 after | sensational declines. | On request of Secretary Wallace the markets pegged prices at closing | quotations of Saturday, May 18. | Representatives of the markets, in conferences with Wallace, and Dr. J. W. T. Duvel, chief of the Com= modity Exchange Administration, were said to have stated that the price-pegging action was interfer- ing with “normal” trading and hedging operations. The markets are free to lift the price limitations, but Agriculture Department officials said representa- tives of the exchanges explained they desired to “co-operate fully” with the Government to prevent un= due price fluctuations. Officials said the department might have a statement later in the day on the situation. Chicago Grain By the Associated Press. CHICAGO, May 31.—Wheat prices slumped as much as 2 cents a bushel and some corn contracts were off that much, as a result of post-holi- day liquidation today due to war developments and expectations that forthcoming private crop reports may increase estimates of domestic wheat production. Reports that Government au- thorities are considering a request of exchange officials concerning pos- sible removal of minimum prices on grains established 11 days ago at- tracted much attention. Wheat closed at the day’s bottom prices or 1';-215 cents lower than ‘Wednesday; July 81'2-81%, Septem- ber 817%-81%; corn, 1'4-1%2 down, July 6114-61%, September 601%; Oats, 32-1Y4 down. WHEAT— Open. High. Low I = :1* Close. tion of markets. Although retailer g fi: o OO Ll eaxo at, sample lrlde, har 815, Corn. 1 yeilow, 65-67%: No. 2. 65-87%; No. by vhm. 5%, (s, sample grade mixed: 33%2-34: No. 2 white, 38-38%: No. 3, 37: sample nlde white, 33V,." Soy beans. No. 3 85-86: nlfl! Yellow. 75. Barley, (Rd 40—48 nominal alting. 48- 55 nominal; No. 2 maiting, 61: No, 3, 59. 323 321 No_ i Northern. 3,°87. Onts. No. 2 white, aih. Quo JALT! IHOR!. lny 31 (P) —Whlli. No. 8 red winter, garlicky, spot, domestie, n%. 'Lo'ndon Tin Prices e 31 (».—Tin firm: soot. ‘asked: future. £273 bid, LONDON. May £374 1o bia, ¥y £273 B8 asked. Department stores of Japan are holding war propaganda shows. ) |