Evening Star Newspaper, November 3, 1930, Page 14

TA—14 wxx BANK CONFERENCE WATCHED CLOSELY Meeting in London May Cause Changes in Finan- cial Situation. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, November 3.—As was predicted in this column October 23, the proposed New York conference of the central bank leaders of the world has been called off. So many complications arose it was decided to hold the meet- ing in Europe. George L. Harrison, governor of the Federal Reserve Bank of New York, leaves this week to attend the confer- ence abroad. When Mr. Harrison start- ed for Europe in February last the New York Federal Reserve Bank rate was 4 per cent, that of the Bank of France 3 r cent and that of the Bank of Eng- and 4!, per cent. Following Mr. Har- rison's conference with the central bank leaders in Europe, the New York Federal Reserve Bank rate moved down to its present_level of 2'> per cent, the rate of the Bank of England went to 3 per cent and that of the Bank of France to 21, per cent : Perhaps far-reaching changes in’ the financial situation will occur as a re- sult of this next conference of the cen- tral bank leaders, which will take place in London within the following two weeks. Farmers' Problems. J. C. Nichols of Kansas City, builder of model subdivisions, discussed with the writer lately some of the problems that are confronting the farmers of the ‘West. “So many lines of business have been passing through rapid change in meth- ods and styles that there has been nec- essarily large losses in this readjustment period,” sald Mr. Nichols. “The re- markable improvement in the uses of machinery will in the long run be of general public benefit, but the improve- ment necessarily has created temporary losses. In the agricultural areas of the ‘West the large amount of labor being relased from farms by the use of im- proved machinery has tended to in- crease the unemployment problem. The expenditures on the part of farmers for machinery under present prices have not as yet proved profitable to them, but in the long run these expenditures should turn into gains. “I believe the tendency of the last few years for dieting and reduction in the amount of food consumed is a factor in our surplus food supply. The tendency for less hard physical labor as a result of use of machinery has also reduced the amount of food con- sumed by laboring people.” Upon the question of cities issuing bonds to open up new public improve- ments to _help the unemployed situa- tion, Mr. Nichols said: “While I believe in carrying on all needed public improvements 2t this time in order to increase employment and th~ use of materials, T do not feel that tne emergency of the situation is 80 great as to justify any public im- provements which are not actually needed. In the long run the public the costs, and the benefits must weighed over a long period rather than the immedjate relief.” Some Firms Prosper. ‘When George B. Everitt, president of Montgomery Ward & Co., announced that this company had lost $2,848,000 for the first nine months of this year it sent a chill down the backs of many investors, who feared for the future of every blue chip stock. The Mont- ery Ward Co. common stock divi- nd of 75 cents, due last week, was d and the dividend money, nearly $8,500,000 was kept in the treasury for use in the company'sc program of fu-} ture expansion. But many other businesses, instead of showing a loss in net profits, are showing an increase, or at least are making an_excellent showing in com- parison with 1929. Here are a few, comparing them with 1 the 1929 record: First Nine Months. (000's omitted.) 1929 58 r Reduction chnut Packin riges Mfg. (Bodies) terpillar Tractor rn Products Refininy lamond_Match General Foods ershey Chocolate . mbert (Listerine).. ational Biscuit . Texas Gulf Sulphe: Union Carbide & Carbon % Not much to worry about in above record! Shoe Industry Grows. M. Bata, at one time an employe in & Boston shoe manufacturing establish- ment, but now Czechoslovakia’s out- standing manufacturer, is not discour- aged by the fact that the United States has an annual capacity of 900,000,000 shoes and a demand for but one-third .of that number. For this shoe manufacturer, a fore- most exponent of the mass production methods, in the midst of the world- wide deflation, is just completing plans for 40 new reinforced concrete build- ings to be erected in the larger cities of Czechoslovakia to better take care of his ever-expanding business. This new expansion is in addition to the new six- story building which he has just com- leted at Carlsbad and other new Eulld\ngs at Melnik, Zvolen and Znojmo. These buildings, in addition to being | shoe and repair shops, will contain | apartments for clerks and working men 18 the Bata organization. They are lo. cated in the larger cities of Czecho- slovakia Mr. s early forties, got his shoe training in the United States. He watched mass production methods used in the Massachusetts factories. studied how the shoes were sold and the busi- ness financed: then he returned to his native country and began his spectacu- Jar and successful career by copying American mass production methods. Today he is called the “Ford of the shoe industry of Southeastern Europe.” (Copyright, 1930. by th American News- pape nee. ) NEW CONSTRUCTION. NEW YORK. November 3 (#) —New construction of all types undertaken in the metropolitan area of New York showed a slight decrease to $80,053.300 in October from the total of $81,572.900 in September, F. W. Dodge Corporation veports. The total also was slightly Jower than the $80.402,000 reported for October last year. For the vear to the end of October the total in the area was $819.699200, against $985103,000 for the like period last year SEEvab-Sanel PR AR vt oSS 30 B! 2833 I3 8 RAW SILK FUTURES. NEW YORK, November 3 (Special).— Opening quotations for raw silk futures were irregular today. ranging from 2 points above Saturday’s close to 3 points under it. Today was notice day for November contracts, but there were no transferable notices iss The near- by options were the strongest. There was a holiday in the Far Eastern mar- kets today. The spot market was rather dull ‘The total volume of trading on the National Raw Silk Exchange during October exceeded any month this year, with a turnover of 29,540 bales. DEBITS SHOW DECLINE. By the Associated Press. A decrease of 15 per cent in debits to individual accounts is reported for last week as _compared with the pre- vious week. The totals for comparable FINANCIAL. THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page Sales— Add 00. Hi ~Prev.1930— High. Low. 98% 60% 41% 16 2% 9y vada Copper (1).. 58 19% Newton Steel. .. 192% 135 N ¥ Central (8 144 84% 448 25 32 14% 324 174% 128% 88 135'% 116 1% ¢ 4 15% 13 105% 97 4 1 12 10 1 1 2 1 6 1 Harlem (5)... H & Hart (6) 11 Nor Am (b10%stk). . North Am Ed pf (6).. Northern Pacific (5). Norwalk Tire & Rub. Ohto 011 Co (2).. Oliver Farm Equip. . OlivF Eqpf A (8 Oliver Farm Eq cv pt OtisElevn (2%4).... Otis Steel (23%), . Outlet Co (4) Owens Il Glass (3).. Pacific Gas & El (2).. Pacific Lighting (3). Pacific Mills Pacific Tel & Tel (7) Pac Tel & Tel pf (6). Packard Motor (60c) Pan-Am Petrol (B) Param’nt Publix (¢). Park Utah. . Parmelee Tran Pathe Exchange. .. Pathe Exchange (A. Patino Mine: G Peerless Motor Car... Penick&Ford (11%). Penney (J C) (3) Penn Coal & Coke. ... Penn Dixie Coment. . Penna RR (4). Pere Marquette (18). Pere Marq pr pf (5). Petrol Corp (13%). Phelps Dodge (3). ... Phila Co pf new (6). . Phila Read C& 1. Philip Morris&Co(1) Phillips Petrol (n2).. Plerce Ofl. .. 3 Plerce Petrolm (10c) Pirelll Italy (a3.14). Pittsburgh Coal..... Pitts Terminal Coal.. Pittsburgh Unit Corg Pitts Unit Cp pf(7). Pittston Co (75¢)..e0 Poor & Co (B) (2). PR Am Tob (B). Postal Tel & C pf (7) Prairie Pipe L (15).. Pres: Steel Car. .. Proct & Gamb (2.40). Prod & Refiners. Pub Sv N J (3.40) Pub Sv N J pf (5) Puilman Corp (4) Punta AlegreSugar. PureOll. ... Pure O11 pf (8). Radio Corp, .... Radio Corp (B) (5) Radio-Keith-Orph A. 253 Raybestos Man260. 2 Real Silk (5).... Reading 2d pf (2) Rem Rand (1.60).... Rem-Rand 1st pf (7) Reo Motor Car (80¢). Republic Steel. ... Republic Steel pf (6) Reynolds Metals (2). Reynol 3z 34% 90% 3 =3 RPPL I P VYT SR FURRTUY I -1 PG - V1 - PP, » 8 M 2 5 ‘Reynolds Tob B (3).. Richfield Ofl (new).. Rio Grande Ofl...... Rossia Insur (2.20).. Royal Dutch a3.2165. Safelvay Stores (5). Safeway pf (6). St Joseph Lead (13). 5 St L-San Fran (8)... St L Southwestern Schulte Retall Strs. Seaboard Alr Line. Seab'd Air Line nf... Sears Roebuck $2%.. Second Natl Inv..... Sec Nat Inv pf (5)... Seneca Copper. Servel Inc....... Sharon Steel Hoop Sharp & Dohme. Sharp & Do pf ( . Shattuck(FG)(t1%) Shell Trans (a2.423). Shell Unlon Ol .. ... Shell Un Of] pf (53%) Shubert Theaters. ... Simmons Co. Simms Petrol Sinclair Con Ofl (2). Skelly Of1 (2)....... Solvay Am pr ww 5% Southern Cal Ed (2). Sou P Ric Sug (1.40) Sou Dairles (B)..... Southern Pacific (6). Southern Rwy (8)... Sou Ry M&Oct (4).. Spang-Chalfant .o Sparks Withing (1).. Spicer Mfg pf (3).... Stand Brands (1%).. B O o I T T LT Lol T ot o OO SO PP o3 4 s 1 634 20 140 90 27 108 182 89 13.) igh. Low. 63t 16% 10 20 1384 90 Stand G Stand G 6% Stand O 01y 0 Stand O! 5 Stewart. Stone & Studebal Sun Of1 6% Telauto; Texas P Thomps Thomps Timken Timken Transue Truax T Twin Ci Union B: Union O Utd Fru Utd Gas U S Dist: u U Ind P& Rubl Smel Steel S Steel s 8 s s s s s s s u U u U U u U u u Vadasco VaEl& ‘Wabash Waldorf Warner Warner Warren Warren West Pe Western 43 1% 3% 4814 5% 52 1% 43 13 18% 58 264 381 10% 74 6 124 9% 13% 175 10215 491 15% 47 10313 71 89 284 114 3014 15% ston Whi! Youngs 1023 | 9% “3:30 P 2 18|, Dividena rates as 104 | 7 98 281 1in | 300 | 16 tions. per cent In stock aPald this yea referred stock. r Sub: Stock and Dividend Rate. Add 00. High. Low. Stand Comm Tob, Stand O11 Exp pf (5). Stand Ofl of Kan (2) Stand OSI N Y (1.60). Sterl Sec pf (1.20) Sterl Sec cv pf (3) Superheater (t13%). Superior Ofl.... Tenn Cop & Ch (1) Texas Corp (3).. .. Tex Gulf Sulph (4 Texas Pac Land Tr. Thatcher Mfg (1.60). Thermold Co. - Third Natl Inv (a2). Tide Water As (60c) Tob Prod (A) (80¢c). Transamerica (1)... Tri-Cont Corp. Trico Prod (2%) Union Carbide (2.60) Union Pacific (10)... Union Pacific pf (4) Un Tank Car (1.60).. Utd Alrcraft. Utd Alrcraft pf (3).. Utd Carbon (2) Utd Cigar Store: % Utd Corp (50¢) Utd Corp pf (3). Utd Electric Coal. Utd Piece Dye W (2) Utd Stores (A) . U S & For Secur. S & For Sec pf (6). Hoftman Pipe & F (2) U S Tobacco (4) . Univ Leaf T pf (8) Univ Pic 1st pf (8) Univ Pipe & Rad Util Pow & Lt A (e2) Vanadium Corp (3).. Va-Car Chem. . Vulean Det (4).. Walworth Co (2) Ward Baking (A)... Ward Baking (B) Ward Baking pf (7). War Bros cv pf (3) Western Md... Western Pacific. Westing E & M (65).. Westvaco Chlor (2). Wextark Radio Str Wh Rock M S 414%). White SewingMach. . Sew Mach pf.. Wilcox Ol & Gas. ... Willys-Overland. ... Wilson & Co... Wilson & Co (A). Woolworth (2.40)... Worthington Pump. . Worth Pump (A) (7) Worth Pump(B) (6). Yellow Truck... Zenith Radlo. Sales of Stocks on New cash payments based on the latest qu 8Unit of trading less than 100 shares §Payable in scrip. when earned. o Paysble in cash or stock. stock g Plus 6 per cent in atock. i Plus 8 per cent in stock, er cent in stock. n Plus § per cent in Prev. Close. Close. 3% 4 72 170% 6214 624 511y 514 103% 102 20 19 53% 53% 26% 267 9 3314 19% LT 201, 5314 33 1% 18 9 404 52% 5% 15% 17% 51y 244 14 64 10 9% 49 105 17% 84 101 Sales— 8% 73 1 624 6 51n 3 103% 20% 54 27 814 33% 19% 55% 21 53 33% 3% T1'e 624 51% 102 19% 53% 264 1 &E (3%) 10 & Epf (4)... of Cal (23%). 11 0f NJ (12) -Warner (2). Webster (4). ker Corp (3). (11)eaans graph (11.40) caon. on Pr (2.40).. on Starrett. . Det Ax (80c) Roller (3) &W (1) raer (1.60).. ty RTr (§4). 10 Twin City RT pf (7) 1008 Und-Ell-Fischer (3). 1 1 56 9 5 2 82 ag & Paper. . i1, Calif (32). IS ® o e T -T o P e it (4).. & Im (1.20) ributin; Al.ohol (17) F 1st (1.20) ber 1st pf. 1t & Ref (1) 1(7). . 1 pf (7). Sales Corp.. Pow Df (6).. pf (A) (5).. Systm (1%) Bros Plct. Quinlan.... Bros (3) 3 208 FAy &P (2). 1 un Bl pf (7). 40 Pacific pf. S el eSO nan e R R e El Instr (1) 62% 78 'S . 96% 5 | 87 10% 10 21% 208 | 3 3 3% | York Exchange Spring (3).. 221.400 1 859,000 given m the tPartly extra. iPlus ¢ 1Flus 9 per cent in_stock. b Payable in stock. d Payable tPlus 10 per cent in h Pius 3 cent 1n stock. XPlus 3 per cent tock m Plus 1 o p Plus 50¢ cents in Ject to spproval of stockbolders. regular_rate. PLANS ARE ANNOUNCED By the Associated Press. NEW YORK, November 3—The Texas Corporation, which controls the Texas Co., the California Petroleum Corporation and other ofl concerns, has announced an offer to exchange its stock for common stock of the Indian Refining Co. The exchange would be on the basis of one share of Texas Corporation stock for_eight shares of Indian Re- fining. The offer is based on the proviso that on or before December 15 75 per cent of the Indian Refining stock shall have been deposited with the Guarantee Trust Co. of New York for_exchange. [ The Texas Corporation has reserved the right to declare the offer binding | when 51 per cent of the Indian Re- | fining stock has been deposited. The offer is subject to the right of the Texas Corporation to examine the rec- | ords and prcperty of the Indizn Re- | fining Co. and to determine on or | before November 20, 1930, whether it | satisfactory. | announcements of the offer | will be mailed to Indlan stockholders within the next few days. CHICAGO LIVE STOCK MARKET CHICAGO, November 3 (/) (United | States Department of Agncullul’ei.—‘; Hogs—Receipts, 45,000 head, including | Friday's average: packing sows, 25 up; | best, 180-280 pounds, 9.00a9.25; top, | 9.35, pigs, 8.75a9.00; packing sows, | 7.85a8.75, light light, good and choice, | 140-160 pounds, 8.75a9.10; light weight, | 160-200 pounds, 8.90a9.20; medium | weight, 200-250 pounds, 9.10a9.35; heavy weight, 250-350 pounds, 9.20a8.35; pack- | ing sows, medium and good, 275-500 | pounds, 7.75a8.75; slaughter pigs, good and choice, 100-130 pounds, 8.50a9.00 Cattle—Receipts, 15,000 head: calves, 2,500; strictly good and choice fed steers and yearlings unevenly higher; mostly 25 up, instances more: compa tively little beef in run; yearlings and light steers getting best outlet on ship- per account. other classes mostly steady; early top vearlings, 13.10: slaughter cattle and vealers, steers, good and choice, 600-900 pounds, 10.00a13.50: | 900-1,100 pounds, 10.00a11.25: 1,100~ | 1,300 pounds, 9.00a12.50; 1,300-1,500 | pounds. 8.75a11.75; common and me- dium, 600-1,300 pounds, 6.00a9.00. | Heifers, good and choice, 550-850 | pounds, 8.50a12.50; common and medi- | um, 4.50a9.25; cows, good and choice, 5.00a7.50; common and medium, 3.75a 5.00; low cutter and cutter, 2.75a3.75; buils (yearlings excluded), good and choice, (beef), 5.0026.00; cutter to me- dium, 350a5.50; vealers (milk fed), good and choice, 8.50a11.00; “medium, '7.50a 8.50; cull and common, 5.00a7.50; stocker and feeder cattle, stecrs, good | cities to the Federal Reserve Board: Week ended October 29..$11,232,604.000 week .. 131223,028,000 . 28,976,874,000 . m follow, based on reports from and choice, 500-1,050 pounds, 7.00a9.00: | common and medium, 5.00a7.00. | | Sheep, receipts, 20,000 head: gener- ally steady with weak undertone on fat lambs; bulk natives. 8.00a8.25 to ers; few 8.50 to city butchers; These show a decline o | mobile accessories. | 7.00a7.50; feeders, 6.75a7.00; lambs, 90 pounds down, good and choice, 7.50a {875, medium, 6.50a7.50; all weights, | common, 5.0026.50; ewes, 90-150 pounds, | | medium to choice, 2.2524.00; all weights, | cull and common, 1.00a2.75; feeding | | lambs, 60-75 pounds, good and choice, 6.75a7.35. . 'BOTTOM OF DEPRESSION | INDICATED IN SURVEY | Special Dispatch to The Etar. | NEW YORF, November 3—The No- vember review of the National City | Bank issued today finds the business situation showing no clear indication of | | a definite turn during the past month, | but expresses the opinion that “there | can be little doubt but that the de- | pression in this country is scraping bot- | tom. It presents a summary of business profit of 200 corporations that have re- ported for the third quarter of 1930. 45 per cent, or to about $218,000,000 from over $403,- 000,000 last year. months’ decline to 33 per cent, or roughly to $390,000,000. The 12 industrial groups in which the 200 corporations are embraced in- dicate decreases for the September quarter ranging from about 19, per cent in food products to nearly 73 per cent in companies manufacturing auto- ‘The iron and steel group is off over 61 per cent, automo- biles 57.6 per cent, petroleum 57 per cent, machinery 54.6 per cent, tobacco 21,000 irect; active; 10a15 higher than |and electrical equipment 33 per cent. | chemical and drugs 29.2 per cent and miscellaneous over 30 per cent. u. s. S?)APEHIPMENTS INCREASE DURING YEAR By the Associated Press. Valued at f.0.b. factory prices, soap shipped or delivered last year by manu- facturers engaged primarily in such production with $242,927,457 reported for 1927, the last census year, The gaged wholly or manufacture of from 256 to 274 in the two years. In 1929 manufacturers gave employoment to 14,050 wage earners and paid $18.- 620,690 in wages, as compared with 13,432 wage earners receiving $19,715,- 931 in the previous period. principally in the Shipbuilding Contracts. By the Assoclated Press. On_October 1 American shipyards were building, or were under contract to build, for private owners 221 steel vessels of 413,122 gross tons, compared with 251 steel vessels of 478,592 gross tons the beginning of the previous month, the Commerce Department an- nounces. = There were 26 wood vessels of 10,120 goss tons bullding or under contract for private owners during the same [ | the latter. This_brings the nine | amounted to $258,815408, | an increase of 6.5 per cent as compared | number of establishments en- | this article increased | WHOLESALE PORK LOIN PRICES SHOW DECLINE | Prices of fresh pork loins at whole- sale have declined from 15 to 25 per cent from the levels reached during the early part of October, according to a review of the live stock and meat situation issued today by the Institute of American Meat Packers. Fresh pork shoulders, butts and spareribs, all suit- able for roasting, also have declined 10 per cent or more during this period. The demand for smoked meats was a feature of the pork trade during the month just closed. There was a very good demand for bacon and an im- proved demand for picnics, although there was some reduction in prices of Some observers attribute the good demand for bacon during the last few months in part to the rela- | tively low price of eggs. When eggs are cheap it is believed that the use of bacon is stimulated There was a good demand” for dry | salt meats and prices advanced. There | was an improved demand for lard and | prices _increased somewhat. Beef prices declined slightly during | October ‘and at the close showed fur- ther declines. With ‘continued heavy production of pork in Denmark and elsewhere on the | Continent, the general export situation | continued’ unsatisfactory, although the | demand for lard in England at satis- | factory prices from stocks previously |landed was the most active which | American exporters of pork products have experienced for a long time. e MERGER IS PLANNED. SPRINGFIELD, Mass, November 3| (#).—Announcement was made today by | the American Bosch Magneto Corpo- | ration of steps toward the merging of | that company with the Robert Bosch | Magneto Co. The plan, subject to stockholders’ approval, contemplates an increase of American Bosch common stock, which will be issued in exchange for Robert Bosch assets, and it is pro- posed to change the name of the Ameri- can Bosch Magneto Corporation to United American Bosch Corporation All litigatior. between the two com- panies was concluded more than a year | ago. | | | | | | PULLMAN co. REPORT. CHICAGO, November 3 (#).—Pull- man, Inc, and subsidiaries have re- ported earnings of $10,189.763 for the | quarter ended September 30, and after | ;operntml expenses and reserve for Fed- |eral income_tax. net income for_the | | period was $6,767,321. No comparison | with last year was given. Firm to Expand. NEW YORK November 3 (#).—A contract has been entered into for the | purchase by the Owens-Illinols Glass wo. of Toledo of the manufacturing as< sets of the Atlantic Bottle Co. of New York City, manufacturers of milk bot- ck- | period, compared with 27 wood vessels | tles, opera a plant at Brackenridge, cks, of 10,320 gross tons the previod month. Pa. S oo D. C, MONDAY, NOVEMBER 3, 1930. FINANCIAL. BONDS ARE STEADY | [Coxwew vonx BONDSsroux excanncz] (NEW WHEAT CROP Received by Private Wire Direct to The Star Office INRALLYING TREND List Gives Indication That Selling - Pressure Has Abated Temporarily. BY F. H. RICHARDSON. Speclal Dispatch to The Star. NEW YORK, November 3—A steadier market for bhoth domestic anq foreign bonds was indicated today, with trading moderate and retarded by the approaching holiday. The best feature was the rallying ten- dency in issues that have been notably weak for some time. This indicated that selling pressure had been lifted and that in some instances favorable de- velopments had occurred that bettered the status of the issue. Dealers find little demand for bonds, with the public still holding aloof in spite of the attractive yields and the uncertain character of the stock list. The fact that money rates and the supply of funds become more favorable to investment issues from week to week does not encourage accumulation of fixed interest securities. The preferred stock market recently has had an un- expected and discouraging relapse. United States Government issues to- day were firmer. So were the legal rails and public utilities. Spectal strength was noted in Great Northern 7Ts, the Canadian Pacifics, Columbia Gas & Electric 5s, Duquesne Light 4'2s and Frisco 4':s and 4s. Among bonds that were under pres- sure in October, but are now showing a resistance to sales and were higher today, were American & Foreign Pow- er 5s, which rose about a point and are 7 points above their low; Chicago & Eastern Illinois 5s at 50, compared with 36 in October: U. S. Rubber and Good- year 5s, St. Paul adjustment$ and Sea- board Airline 4s Bonds that were heavy included. In- ternational Paper 6s at a new low, American Water Works 6s, off a point, and Interborough Rapid Transit 5s. In the foreign list the Australian 5s showed a rally of a point after last week's break of 7 points. German gov- ernment 7s and 5':s were slightly lower, but the newly listed Prussian 6!is gained a point. A rather belated state- ment on the strong position of German bonds was issued today. South Americans were quiet, with small price changes. Investors in the better South American, credits have re- covered their nerve and have ceased selling obligations whose position is un- doubted. No new financing was reported at the beginning of the week. It is probable that the November total will be smaller than that for October, as arrangements for bringing out the municipal loans, which are to be voted tomorrow, and may aggregate $400.000,000, cannot be completed for some time. Washington Stock Exchange SALES. Washington Rwy. & Elec. 4s—$1,000 at 89%. Washington Rwy. & Elec. pfd.—10 at 987;. Lanston Monotype—10 at 108, 10 at 108. Mergenthaler Linotype—5 at 90. AFTER CALL. Washington Rwy. & Elec. pfd.—10 at 9835, 10 at 98%, 10 at 98%, 10 at 9835, 10 at 98%, 10 at 9814, 10 at 9814, 10 at 987, 10 at 98Va. Capital Traction Co.—6 at 50, 4 at 50. Potomac _Electric 5%% pid.—10 at 108%, 15 at 108%. Notice—This exchange will be closed tomorrow, election day. PUBLIC UTILITY. Amer. Tel. & Telga. 4'2s '33 Amer. Tel. & Telga. 4's '39. Am. Tel. d& Tel. ctl. tr.'5s... Anacostia & Pot. R. R. 55.. na. & Pot. GUAT. 55....... C. & P. Tel. of Va. 55 Capital Traction . R. 85 City & Suburban 5s. . Georgetown Gas 1st 55 Potomac Elec. cons, 5' Potomac Elec. 65 1953... . 00 Wash., Alex & Mt. Vernon ctf Wash. Balto, & Annap. 5 Washington Gas 5s... . Wash. Gas 65, series A Wash. Gas 63, series B Wash: 805.%% Eiec’ & : MISCELLANEOUS. Barber & Ross. Inc. 6'2s.. Cheyy Chase Ciub D.C Paper Mfs g W, M. cold sicrase 550 % ash. Cons. Title 65 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction Co. (4} Wash. Gas Light Co. (18 N. & W. Steamboat (12) Pot. Elec Power 6 pfd ..l Pot. Elec. Power 512% pid. 'l Wash. Rwy. & Elec. ‘com. (1) wash. Rwy. & EL pfd (5) NATIONAL BANK. Capital (14) Columbia (12) Commercial (stamped) District (8) Federal-American (10 . Liberty (751 : Lincoln (12) Metropolitan’ (14) Riggs (15) Second (Be) Washingion (i3, TRUST COMPANY. Amer_Security & Trust Co. (15) Continental Trust (6) v Merchants' Bank & Trust'(6) Natl. Savings & Trust (12:) Prince Georges Bank & Trusi . Union Trust ( : i Wash. Loan & Trust (14) SAVINGS BAN Bank of Bethesda (65)... Commerce & Savings (i0). East Washington (12). Potomac (1) ... ¢ Security Savinhgs & Com.'(i7 Seventh Street (12) . United States (30) Wash. Mechanics' FIRE American (12) Corcoran (10) Firemen's (8) 4 National Union’ (15) TITLE INSURANCE. Columbia (6h).......... Real Estate (6h) : Title & Inv. Co. Md. com B MISCELLANEOUS. Barber & Ross, Inc. com .. Chevy Chase Dairy pfd. (7). Col. Medical Blds. Corp. ... Col. Sand & Gravel pfd. (1) D C. Paper Mfg. pid ... Dist. Natl. Sec. pfd. Emer. Bromo-Selz. “A” Federal Storage pfd Fed.-Am.” Co. com. Fed.-Am’ Co. pfd. Lanston Monotype (). Mer. Tr. & Stge. com. Mer Tr. & Stge. pfd. (7) Mergenthaler Linotype (8) Natl. Mtge. & Inv. pfd ¢ Peoples Drug Stores pfd. " (6i2). Real Est. M. & G. pfd. (8) Security ‘Storage (de) Ter. Ref. & Wh. Corp. (3) The Carpel Corp (150) W Mech Mtge. com. (8) Wash. Med. Bldg. Corp. . oo s (10} (20) : INSURANCE. Woodward & Lothroj “Ex_dividend B Books closed. nase extra f30c extra §1° extra e1'2% extra, ext; & hich 4 extra. 8% FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks 1 today. 248512 392c 13.94i%c 23820 52312¢ 19.41c London, Paris. Brussels Berlin, Rome,’ Zurich, pound franc belg franc. | Athens, Madrid| Vienna, schilling Budapest, pengo Prague, crown (nom.) Warsaw, zloty... Copenhagen, ~crown Oslo. crown Stockholm, TBEAQIRY CEBTIFIEATES‘ (Reported by J. & W. Seligman & Co.) Bic Offer. pe: crown <o | | UNITED STATES. (Sales are in $1.000.) Sales. High. 20 10110 1017 7 10222 10215 10215 Lib3%s. Lib 1st 4%s. Low. Close. 1017 83 10320 103 15 10320 11026 1026 1026 6 10829 10825 10829 61135 FOREIGN. Sales. High. Low. Close. Argentine 53,562, Argentine May "61. Argentine 63 Ju '59 Argentine 6s Oc ‘59 Argentine 63 A '57. Argentine Australl; Australia b Australia b Belgium 6s *5! Belgium 6%s Belgium 7s 5! Belgium 78" Belgium 83 *41. Bolivar 7s '58 Bolivia 7s etfs'69.. Bolivia 85 '45 Brazil 8s'41, Canada 68 ‘31 Canada 5s '52 Chin Gve Ry Christdana 6s '64 Colombia 6s Jan '6: Con Pow Japan 7s. Cupenhag 4148 '53. Copenhag 53 '62. Czecho 8s Dan Mun 8s A "46. Dan Mun 8s B *46. . Denmark 4% Denmark 5 Denmark 6s'42. ., .. Dutch East I 65 47 Dutch East 1 63 '62 Fiat 7s war. Kiat 7s ex war Finland 7s 60 Fram I D 7% French 7s 49 i French Gvt 7i4s 41 @elsenkirchen 6s'34 German 63 German Bank 6: German s rep '49. Greek 65 '63 Haitl 65 '52. Hungary 7% . Irish Free St 55 '60 A TSIY: .. 0. Italy Pub Sv 7s '62. Japanese s °31.... Japanese 5348 ‘65. . Japanese 6148 '54. ., Karstadt 6s *43 Kreug & Toll 53 '69 Lyons 65 '34. Marsellle 65 ‘34. Milan 6348°52... ., Montevideo 78 '52. New So Wales '57.. Norway 6s 52. Norway 5%s '65. Orfent dev 5% '58 Orfent dev 65 '53. .. Paris-Ly M 6s°58.. Paris-Ly M 7s'58.. Peru 65 '60. Peru 65 61. Peru 7s ‘59, Poland 6s Poland 7s '47. Poland 8s 50 . Queenland 6s 47.. Queenland 7s*41.", Rhinelbe 7s *46 ww Rhine West 6 Rio de Jan 85 *46. . R Gr De Sul 6368 R Gr De Sul8s "46. Rome 6148 62..... Roy D 4545 ww. Saxon 7s *45 Seine 7s "4 Serbs-Cr S17s '62.. Serbs-Cr-S 8 '62., Shinyetsn 615 '52. Sweden 53554, Swiss 5158 '46. Toho El Pow 6s "2 Toho El Pow 78 '55. Tokio 5%s 61 Utd King 5% 837, Uruguay 6s '60. Vienna 6s ‘52.. Warsaw 7s 58 | Yokohama 6 | 21 3 1 4 5 23 30 66 67 6 10 4 13 5 1 884 8Ty 95 9415 9415 94 1 95% Sa » —~on BaRSan anna~aman N S 105% 102% 1025 91w 96% 5% 96% 96% MISCELLA_NEDUI, AbItibI P& P 55 '63 Ab & St 543543, Allegheny 5s ‘44. Alleghany s 49. Allis-Chalm bs '37. Am Ag Ch 73541, Am F P53382020.. AmIGChs% Am Int Cor 6% Am Metal 6% Am N Gas 618 42 Am S&R 1st 5847, Am Sug Ref 6537, Am T&T cv 4%5'39 Am T&T 58 '65. Am T&T c tr 68 46. Am T&T 68 s '60. Am T&T b%s 43.. Arm & Co 4%8'39 Arm Del 5% '43. . Asso O1l 63'35.... At Ref deb 53 '37. .. Reth St p m s '36. Cert-td deb 5145 '48 | Chile Cop db 53 °47. Col G&E 5s May '62 Com Invest 5%8°49 Com Invest CCMaistr ConGNYbY% C Am Sug col 85’31 e Edison 55 °40. Ed rf 65 B '40 Dodge Br col ‘40 Duquesne 4% s '67. | Gen Cable 5%s ‘47, Gen Motors 6s'37., Gen PSv51s'39., Gen Thea Eq 6s '40 Good 15t 638 47 Goody'r Rub b8 5’ Humble Ol 5s '37 Hum O&R 5%s '62. MBTIistpf6s A, 111 Steel 4148 "40 Inland Steel 41578 Int Cement 58 Int Hydro El 63 Int Match bs 47 In M M col tr 6 41 Int Pap 68 55. IntT &T 4%s'62.. Int T&T cv 414339 Int T & T 53’6 Kan Gas&E ¢ Kend 5%s '48 ww.. LacG St L 5s'34.. Laclede 5%s C '53. Laclede 5%s : Lautaro Nit 6s ‘54 Lig & Myers 78 '44. Loew's 6s ex war Loew's 6s war "41.. Lorillard 6%s'37.. Lorillard 78 Lou G & EI 58 Midvale Steel 55° Mont Pow 58 43... Nat Dairy 614548 N Y Ed 68 B'44 NY ELH&P N Y Tel 4%s ‘39 N ¥ Tel 6s'41 Nor Am Ed 5s ‘57 Nor Am Ed 5%s 63 Nor St Pow 68 A “41 PacG & El 6s°42. . Pac T&T1st 6 '37. Pac T&T ref 68 '52. Pan-Am Pet 6s'34. Paramount 6s '47.. Pressed St C 58 '33. 73 T2'% 100% 100% 90 90 91 91 91 o1 100% 100% 104 1035 83% 83y 101% 1010 928 92, 94%, 94 56~ 55 102 1011 103% 1033 146 145% 1067 1065 105% 105% 106% 106, 1081 1081 8915 89% 77 764 102% 1025 101 101 101% 1015 39 a9 90% 504 102 1015, 94 93 103 101y 30 30 106% 10614 95% 951 1001, 101% 6914 80 9%, 9474 60 1081 108% 1031 64 123 98 111 9015 1041, 106 1013 1031 9954 105% 108% 101% 106% 1034 103% 103 103 104% 106% 102%% 95% 5218 101% 89 92% 81 7 824 824 98 1133 1133 88 95 94% 94y 943 951 68% 2% 89 95 103 107% 12 108 108% 66 63 83 100% 104 8315 101% 923, 94 55 1014 103% 146 106% 1058 10674 108%, 89%, w 1028 101 1013 39 90% 101% 94 103 30 106% 954 104 107% 8514 103 9614 10274 93 841 1015 S8 101% 102% 106 102 96% 951 93% 100% 101% 691 81 9354 90 Sales. High. Low. Close. PubSvG4%s'eT.. Pub 8v G 4%8°70. Rem Arms 63 A ‘37, Rem R'45%8 A 47 Richfi'd O cal 6 Sincl O 6%s B '3 Sincl O Tacv A '317 Sinel Cr O 53s 38 Sinclair P L 58 42 Solvay Am bs '42.. Sou Bell T&T 58 'S1 SW Bell T 63 A *54. StOIlN J 63 "46.. StOIIN Y 4348 '51. Tenn E1 P 68 A *47.. Tex Corp v bs *44 . Trans Oil 6%s'38., Utd Drug cv 6s ‘53, U S Rublst b: Utah P & L 6 Util Pow 6% Warn Br Ple Warn Quin 63°39. . West El deb 58 *44.. West Un Tel 58 '51. West Un T 61526 WEO5%s'37 ww.§i4 Wick Spen ov 753§ 2 Wil&Colst6s'41, 3 WInRATY%s 1 You St & T bi - 7 5 10 1 5 25 1 27 17 30 11 2 9 102 102 974 94 77 101% 102% 1015 100 99% 104% 105% 104 100 106 101 109% 99 704 1011 878 9% 553 105% 103% 109 1024 118 981y 102 103 RAILROAD. Ann Arbor 48 '52. .. Atchison gen 4s '95 Atch'oncv 414841 B&O4s"48....... B&Ocv4lks'as.. 5 26 4 10 13 46 B&O Swndy § B & O Toledo 4 BA & Tth Av fs 43, Bos & Me 68 1955. . Bos & Me 5s '67. Brooklyn Elec 6s. . Bklyn Elev 635 .. Bklyn Man 63 ‘68.. 3 Brooklyn Un 58 '45. Bklyn Un E 63 '50. Bklvn Un 1st bs ‘50 B R & Pitt 4%s 57, Can Nat 4% 8 '67 “an Nat 414s 68 n Nat 4% 3 Can Nat 5s July Can Nat 58 Oct '69.. Can Nor 7s deh '40. Can Pacific db Can Pac 4345 °46. .. Can Pacific 4345'60 Can Pac 5s ctfs '44. Can Pacific 58 '54. . Can South 55 '62. .. Car Clin & O 6s°52. Cent of Ga 5%s '59. Cent Pacific 45 '49.. Cent Pacific 5s 60. Ch & East 1] 6s ‘51 Ch Gr West 45 '59. , ChIn&Lrf 5847, Ch M &St P4s 89, Ch M&STP 4 %5 C. Ch M&StP 414 Ch M&StP 4% s 89, Ch M St P&P 68 75. Ch M & St P adj bs Chi NW 415 C 2037 Ch & NW con 4% s Ch & NW 6353 ChR1&Prt 4 ChRIcva ChRI&P4 C TH&SE in Ch Un Sta 6145 63, C& W Ind ev 4s '52 C& W Ind 515862 CCC&St L 4%s (E) C ¥ Ter 41;s 2020.. Clev Term 5s Colo & Sou 418 '35 Colo Sou 4148 80.. Cuba R R 58 '52. Cuba RR rf 7145°36 Cuba Nor 6%s 42 Del & Hud rf 4543 D& R Gr en 4s '36. Den&R G W 58 °55. DRG& W st 55'78 E Tenn Va&Ga 5i Erie conv 4s (B)... Erle Gen 4s. Erfe 58 1967, Frie 3 1975, Erie & Jer 63 55. .. Erie Pa clt tr 4s ‘51 Fla E Coast 55 '74. CrTrsfdbes" Gr Trunk 7 Gr Nor 4% Gr Nor 55 73 g Gr Ner gen 7s '36. . Gulf Mobile 58 '50. Hav El Ry 515 '51. Hud & M adj 5157, Hud & M rf 58 '67. . T1l Cent ref 45 °55. . Il Cent 4% s°66... 111 Cent 6%5°36. .. 111 CCStL&N 4135, 11 CCStL&N 5s A. Int Rap Tr 55 '66. . Int Rap Tr sta '6%. Int Rap Tr 6s'32.. Int Rap Tr7s '32.. Int & Gr Nor 6s'52. 3 Int & G N ad 6s'52. 32 Int Rys C A 5872, Int Ry C A 63547 Kan City Sou 35’50 Kan City Sou 6s 50 Kan City Ter 4s'60 Lake Shore 33 s '97 Lake Shore 43 ‘31. . Leh Val cv 4s 2003. Leh Vcv 4%s 2003 L & N uni 4s*40. L&Nistrf5s.. Manh Ry 1st 4s°90. M1l E Ry & L 6s 61 M StP&SSM con 4s. M StP&SSM 61s. . MK & T 18t 45 '90. MK&T4sB 62... MK&TprinésA. Mo Pac gen 4875, . Mo Pacific s A '65. Mo Pacific 5s F *77. Mo Paclfic 5s G *78. Mo Pacific 5s H ‘80 Mo Pac 5%scv 49, N Ch & St L 4518, Nassau Elec 4s ‘51, NOT&M5l%s'54. N YCgn3ke 9T.. N Y Cen 4598 N Y Centdb 4s '3 Y Cent 4148 2013 YCreim 5s2013. ¥ Cent db 68 '35. Y CLScl3%s'93. YC&St L db 48'31 NY C&StL 4%s ‘78, N I C&StL6s'32. NH&H 3%s 54 Y NH & Hclt 6s. NY O&W gn 48 '55. NY W&B 4348 '46.. Norf South 58 '41. . Nor Pacific 3s 204 Nor Pacific 45'97. . Nor Pacr 1682047, Ore Short L 5s gtd. Oreg-Wasn 4s '61.. Penn cv 4345 '60. .. Penn gen 4143 '65. . Penn 4348 ‘70 4 Penn 4%s Penn gen 68 Penna 6564 . . Penn 6348 36 . Pa Oh & D 4%s ‘77, Pere M 1st 63 56 PCC&StL6sB P& WV 4%sC60. Port Ry b8 '42 Por R L&P 734346 Read gen 435 A’97 RIAr&L4%s 34 St L Ir M'nt 53 '31.. StL&SFIn4s 4%8 78, Sewn - - Ro aro-pmunhade- oo ~RuBow i 2 13 2 .8 17 8% 977% 122 9614 101% 967 102 109 96% 41y 24 561 30 21 102 102 974 % 5% 101% 1024 10114 " 106 1054 103% 109 102% 1% 981, 102 103 7% 9714 122 9615 101 9614 102 1084 96% 103 88 100% 100% 71 79 100 108% 1031, 9% 938 991 991 10414 10474 104% 111% 887% 1005 98, 1038 103% 108% 107% 100% 958 1044 112% 10315 109 96% 105% 108 101% 100 100% 88% 85 100% 100 9014 101% 941 4 20 102 102 971y 9 6 101% 1028 1011 100 99 1043 105% 108% 998 100% 6974 1015 878 79 54w 105% 103% 109 10214 113 98y 102 103 874 974 ‘1221 9614 101% 9614 102 108% 96% 108 88 5 1004 100% 71 79 100 1083, 103% 100 | 10315 109 96% 105% 108 1014 100% 10099 88% 85% 100% 9 29% 2014 | Sou Pac 4%s ‘68 .. | Sou P atks €9 ww. ' MAY TURN MARKET Election Results Also Awaited by Traders for Possible ~ Advances. BY FRANK I. WELLER, Assoclated Press Farm Editor. Apparently ready and willing for grain values to rise, the counury at * large seems to be marking time until the trade turns up something on which to pin an argument for higher prices. With the start of harvest in the Southern Hemisphere only a little more than a fortnight away, c news from either Australia or Argentina probably could start the most important market reaction if it were of bullish nature. No small element belleves an upturn in @ wheat prices is contingent upon the immediate future movement of corn, while still another is of the opinion the ;'x'-n‘c!etiflb is T &mt‘nu;,; 1t will be infly- y returns e gen on Tuesday. R Await Election Results. In Minneapolis. particularly, where trading in graih has been limited to pit operations, expressions from the floor of the exchange indicate not much change in prices is expected until after election returns are in, when the . political outlook may be more clearly ¢ de:{l!d. most without exception private esti- mates of the corn yield A;;e nmnl:\]l above the Government foreeast of 2,047,000,000 bushels. The more optimistic piace it at about 2,109.000,000 bushels. Some interests believe that the short supply, although more than previ- ously forecast, together with the appar- ent excellent quality of the crop, should be of bullish influence. ‘Tecltinically, the statistical position of corn iy bullish. However, the real or supposed substitu- tion of wheat for corn as a Mve stook :e‘l;;ollfi hunl}rg bem'fl demand for corn v much bene: S t to the price of If private reports in the next few da show that farmers have cecided to he their corn pretty well, it is possible that advance. Dispatches from Illinols and other points in the corn belt indicate that the better fixed farmers will net sell corn. Corn Believed Oversold. In some quarters it is believed De- cember corn is quite heavily oversald and that corn may yet register substan- tially higher prices,” influencing the de- livery of other grains. The potential supply of barley and oats from Canada as well 8s some corn fro=1, Argentina which the tariff is not sufficient to stop at seabdwrd points is discouraging. However, Argentina’s chief ‘export outlet for corn is in Europe, and Europe’s corn crop this year is relatively as far be- low last year's crop as the United States crop is below the crop of & year ago. That circumstance is taken to indicate the improbability that any material amount of Argentine corn will be_diverted to this country. 2 In the last 10 years the United States has imported a total of only 19,000,000 bushels of corn, whereas exports of corn .. have totaled 496,000,000 bushels. Regardless of the outcome of the election and whether or not ti» liquida- tion of corn is stemmed, whes» ‘indoubt- edly is going to be influence¢ by move- ment of the new crop. The ettire world trade is watching developments in the Argentine with considerable anxiety, since it would not take much loss in ™ the outlook there or in Austraila to make a rather radical change in the world statistical position, and currept low prices are regarded as making cer- tain unusually heavy consumption. Much is heard about possible rust | damage in Argentina, but there is no officlal confirmation. Apparently no important damage has occurred, for the Buenos Alres Exchange has failed to show. sucn feature. Estimated at 21,316,000 acres, the Argentine wheat area is the laigest on record, being 2,000,000 acres more than that sown last year and 5,000,000 acres more than | was harvested. The Argentine harvest | will not become general until the mid- ; dle of December. Domestic Market. . The country, no doubt, will follow | the usual practice of selling the first run of wheat at prices obtainable when | the grain reaches the terminal markets. Argentina is generally unable, for lack | of storage facilities and because farmers need their money, to hold back wheat until markets might be more favorable and shipments by the middle of Janu- ary are generally large. » As far as the domestic market is cons cerned, wheat is drifting without direc- tlon, trading is light, and, while mostly | bearish, traders are not pressing the market. There has been scattered liquidation of December wheat, quo- tations being 6!; cents under May wheat, the widest differential in some time. From the action of the market | it appears broader buying power will develop on all dips from closing levels. FAIRFAf)(iTAX COLLECTING POINTS ARE SCHEDULED | Treasurer and Deputies to Visit Various Places in County to Receive Payments. Special ‘Dispatch to The Star. FAIRFAX, Va., November 3.—County _ Treasurer F. W. Huddleson and his deputies Friday held the first of & series of meetings with taxpayers in the different communities for the purpose of receiving taxes due this Fall. The last of the tax bills are being mailed out this week. Payment must be made before December 5 to avoid the impo- sition of the 5 per cent penalty. Friday Huddleson spent at Buck- ley's store at Clifton and Saturday he was at Springman's store at Lorton. Today he will be at Broader's store at Franconia, Wednesday at the Herndon National Bank, Tuesday at S. M. Fol- lin's store in Forestville, Saturday in Alexandria at_the office of the Fairfax Mutual Co., Prince and Royal streets. On November 10 he will be at Olive store at Baileys Cross Roads, Tuesday, November 11, at Carter's store at Lin- colnia; November 12, Oliver's store at Kenmore; Thursday, November 13, Courtlands Title Co.,, McLean; Friday, November 14, at the Vienna Trust Co. and Tuesday, November 18, at the Falls Church National Bank. - . Low Close. 96%, 96% 98 98 98 981 100% 86 107 112% 19 945 10414 100% 1007 4815 301 97 98% 92 96 100% 106 102 884 102% 101% 100 8414 9% 93% Sou Pac ref 4 Sou P&Or 414877 Sou Rwy gen 4556 Sou Rwy b8 94.... Sou Rwy 68'66. ... Sou Rwy 618 ‘56 Sou Ry M&O 4s '38. Tex & Ark 538 '50. Tex & Pac 53T '19. Tex & Pac 58 B*77. Third Av ref 4s '60 Third Av ad) 58 '60 ‘Third Av 1st 5s '37. Un Pag 1st 43 '47 Unton Pac 48 6 Un Pac rf 45 2008. . Un Pac4%s 67.... Ry 15t 5, A Va Ry & Pow 6334 hash 4% a ‘7! ba Wabash 24 t Md 2 West Pac 63°46. ... ‘Wt Sh 1st 45 2361 - ¢ ] quotations on wheat us well as corn will ¢ 4