Evening Star Newspaper, November 3, 1930, Page 15

[« . FINANCIAL. 7 INCURB DEALNS «0il Shares Are Also Well Suppofted, but List Is Irregular. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, November 3.—Public utility and petroleum shares were fea- tures on the upside of an irregular Curb “Exchange session today, with coppers and miscellaneos industrials furnishing ~contrasting soft spots. " Electric Bond & Share moved within +& range of 2 points, climbing close to its peak of the morning as the session ‘entered the afternoon period. Cities Service, moving within a small range, behaved similarly. was the first of the red metal group to crash into new low territory. Imperial Oil, Ltd, a Canadian sub- sidiary of Standard Oil of New Jers:y, brought about moderate strength in the oils as it declared a special dividend of 50 cents.and the usual quarterly ‘common of 121 cents. The special “Imperial Oil dividend, which brought about an advance of .mearly 2 points in forenoon trading, came from accumulated revenue derived from foreign investments. Of this $13,- 270,259 special dividend, $9,400,000 goes to Standard Oil of New Jersey, and this 7is equal to 37 cents a common share of 'he " latter company, which owns 18,000,000 shares of Imperial Qil. ., Trading in the forenoon amounted o 165.800 shares, This compares with 160.300 shares in the same period last Friday, which was the smallest total since September 18. . American & Foreign Power opencd up 23 points. Shawinigan Water & Power opened off 11, at 51!, a new low for the year. Standard Power & ‘Light, which has not appeared on the tape two weeks, opened at 42 un- :hmgcd. Following the low record registered by Newmont Mining some of the foreign coppers, among them Hudson ay Mining, moved into new low ter- “fitory. Anglo-Chilean Nitrate opened finchanged despite its 1930 fiscal year Newmont Mining | earning report showing a deficit, after depletion of $1,513,425. BRANCH BANK VOTE * HAS BEEN DROPPED Head of Association Decides Refer- endum Would Be Violation of -Rules. By the Associated Press. & ¥ There will be no referenlum con- ‘ducted by the American Bankers' Asso- ciation on the question of branch proposal on the resolution re- the association which “Was rejected by President Stephenson on the grounds that compliance *“would “hot only be unauf but would be NEW YORK, November 3 (Special) .~ Curtis and Weld, Ul;' u: consolidation will place the new firm among the foremost in New England. The firm is a member of the New .York, Boston and Chicago Stock Ex- changes and the New York Curb Ex- . ghange. BONDS ON THE CURB MARKET. DOMESTIC BONDS. High, 104 bt adedd 2090 G 69 10415 onsum Pow 4125 '58 10034 nt G & E 55 A '58 85 ucible Steel 55 '40. 991. 9972 Cudshy Pkg S'os 37 963, 963, ¢ Int Brdg 6%as '52 93 ' 92% 93 s EI Bost 534 "33 1034 100 103% 10472 104 18553 1a842 8514 19090 92 582 o0 gmmt ’3 5 corgia Power 5s '67. 10034 1003, 1003 oodrich Co s '45.. 100 ° 100 * 100 rand Trunk 6%:s ‘38 10 Sulf Oll Pa 55 47... 10113 1 ous GG, 6755 cod '43 92% 923 9 85 A 57101 10155 10 000 T I = 2! 1tz Uil 55 55 t 4! Note—All stocks are sold in one hundred-share lots excepting those designated by the letter 8 (80s) (250s) which shows those stocks to be sold in odd lots only. ~Prev. 1930.~ High 132% 90 23% 13 THE EVENING STAR. WASHINGTON. D. C., MONDAY. NOVEMBER 3, 1930. FINANCIAL. *$% A_15 Stock and Dividend Rate Ala Gr Sou (17) All AmGen Corp 215 Allegheny Gas. 18 Alum Goods (1.20).. 150 Aluminum Co of Am. 838 Am Arch Co (3).. 5 Am Br B fd shars 5 Am Capital (B) 8% AmC P&L B (10% 15% Am Com P A (b10% 10 Am Cyanamid (B).. 8% Am Equities 20 Am For Pow (war). 85% Am Gas & El (11) 5% Am Invest Inc (B).. 49 Am Laund Mach (4). 49% Am Lt& Trac (2%). 1 Am Maricabo. 6% Am Natural Gas 14 Am Superpower 5 AmU&G B vic 40c 5 Anchor P F (b10 14% Anglo Chil Nitra 6 Appalachian Gas. 56% Apponaug Co (2).... 14 Ariz Com Mining... 74 Arkansas Nat Gas 7 Ark NatGas (A). 7% Ark N G cu pf (60c). 4% Asso Elec Ind (30c). 2115 Asso GRE A (at2 40) 19 Asso Tel Util (h8%) # Atlantic Fr & Sug 14 Auto Voting Mach 7 Auto Vot M cv pf pt 24% Aviation Cor of Am.. 36 Axton-F Tob A 3.20. 2 Bahia Corp. .. o 3% Blue Ridke Cp (40c). 324 Blue Ridge cv pf a3.. 20% Brazil Tr&Lt(h8%). 28% Brit A To B 1.78 10c. 24% Buff N&EP pf (1.60). 5 Burco Inc. 2 Bwana M Kubwa.... 1 Cable & Wire B rets. 264 Canada Marconi. . % Carib Syndicat Carnegie Metals. Carrier Eng nv A (1) Celanese 1st pf (7% ) Celluloid Corp. ...... Cent Pub Sve A al.75 Cent St El (k40c). ... Cen St El v pf n(a6) Cent StEIDE (T)...u Chain Stores Stock. . 15% Chat Ph Alnv (50c).. 22% Cites Serv (g30c) 88 Citles Serv pf (6)... Low. 14 Consol Auto Merch. . 2 Consol Copper. .. ... 90% Cons Gas Balt (3.60). 10 Consol Laundries(1) 2% Cons Royal Oil (50¢) 50 Contl Share cv pf (6) 200 2434 Cooper Bessemer (2) Copeland Pr Inc A % CrCork Int A (1).... & Cuban Ca ropt w. 16 Cuneo Press (2%)... % Curtiss Wright war. 11 Davenport Hos (2).. 2% Dayton Alr & Eng... 2% De Forest Radio . 6% DeH Afr Ltd ret 41 Derby Oll Refining 1% Detroit Alreraft....: 121 Diamond Match new. 24% Dia Match cu pf (n).. 12% Douglas Alr (75¢)... 85 Driver Harris pf (7). 2 Dubilier Cond & Rad 128 Duke Power (§15)... 1% Durant Motors. 20% EastC & F A 35 [East Util Asso (2) 5% Elsler Electric Cor e P TSI T PO~y e Sales— Add 00. Open. High. Low. Close. 0 ibs RS e e e 2 B P Ban OSSO e 10 ek ek VD OV 1O e 0 R0 10 S0 90 127 90 4 Pandem Of1 % Philip Morris Inc. . Stack and Sales— vidend Rate. Add 00. Open. High. L Lion Ol Ref (2). 1 10% 10% Loew'sIncdebrts... 1 22 21 Lone Star Gasn (1). 11 25% Long sl cu pt B (6). 50s 104 Louisiana Lan & Ex. 11 1% MacMarr Stores (1). 104 Mavis Bottling. .. ... ) Mead Johnson (+41() T4H Memphis N G (+70¢). 12% Met & Min Inc (1.20). 1 Mexico Ohio Ol Mid St Pet vte & 4 Mid St Pet vte B Mid West Ut (b8 Mid West Ut A war, . Mid West Ut B (w.1.) Midvale Co (4)...... Mo Kan P L (b10%). Mo Kan P L vtc..... Miss Riv Fuel bd rts. Montecatini deb rts. . Monroe Chemical. .. Moore Drop F(A) (6) Mount Prod (1.60)... Mount StT & T (8).. 10 Nat American Co. Nat Aviation. Nat Baking p! . Nat B & Sh ep 60c. Nat Fam Stb2% %. . Nat Rubber Mach (1) Natl S T Sec A f50c.. Nat Transit (1). Nat Union Radio.... Nelson(Herman) (1) New E N7 e Newmont Min (£4) Newport Co (2) 4« NYP&LUDE (6). N Y Tel pf (6%).... Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow B w Noranda Mines (2) No Am Aviat A war.. Nor Central Texas 3 4 Nor St Pow pf (6). Ohto Copper. 5 5 Oflstocks LA B 50c... 30 OKla Gas & E1 pf(7). 50s Orange C (1.50). Outboard Mot (B)... Pac PubSv (1:30)... Pac Western Oil. Pantepec O Pennroad Cp (20c).. Penn Mex Fuel (2).. Peop L& P A a2.40. . Pie Bak of Am A (2). Pitts Forg (1.60)...4 Plymouth Oil (2).... Prince & Whit (25¢). Prince & Whit pf (3) Prod Royalty (£1)... Prudential Invest. Pub Ut Hold (50¢) Public Util Hold war Puget SP & Lt pf(6) 10s Pure Oll pf (6) Quiney Mining. R R Sh Corp (25¢). Repetti Candy. Reybarn Co. . 8 Rich Oil Cal pf (1%) Rolls-R Ltd ret 50¢. Roosevelt Field In Rossia Int Corp. Rubberoid Co (4) St Regis Paper (1).. Salt Creek Prod (2).. Saxet Co........ . Seaboard Utll (50¢) . Schift (The) Co (2).. Schulte Un 5c-31 St.. Seg Lock & H (50c! Selected Industries.; Sel Ind all ctfs(43%4). Select Ind pr (5% ) Shattuck Den Min. Shawingan W (23% PRI NO A NN RO Solar Refining....... 1 SoCalEdpfA (1%). 1 Southern Corp...... 3 Edis 55 '60 wi.. 1002 100%, 100! G & E 4'as F wi 97% 972 97% Ed B 59101 101 101 Flec 5ias 65" 48 11 Portland GE 4128 . 7Pug 8 P & L 5ias '49 10243 102'¢ 102%5 Roch Cen Pow 55 '53. 69 69 = 69 Ant P S 55 B SE Pl A 18outh Calif E South E 155 D 0% 70" 70 10 Union Guif 5s '50..0. 10133 101% 101% FOREIGN BONDS. % | in the expansion of markets which are IS 2588 FAN2232B2B2S! ' arrants Without Warrants. issued. 50 Elec Bond & Sh (b6). % 91% EIl Bond & Shcupf 6. 103% EI1Bond & Sh'pf (6).. 16% Elec Pow Asso (1)..1 14% Elec Pow Asso A (1) 25% El Pow & Lt op war., 12 Elec Sharehold (1). . 2% Empire Corporation. 12% Emp P Ser A (a1.80) 3% Empire Steel Cofp. .. % Engineers Gold. % Fabrics Finishing. 1% Fairchild Aviation.., & Falcon Lead. . 2%, Foltis Fischer Corp.. 18% Ford Mot Can A 11% 6% Ford Mot France 28c. 2% Fox Theater Cl (A).. 1% General Bakini 27 Baking pf 9% E Ltd ret (50¢). 16% Gen Empire Cor (1) .. B5% Gen G&E cv pf B (6) 12% Gen Theat EQ w.A.... 34% Gen Thev pf w.i.(3)s 62 Glen Alden Coal (8). 8% Globe Underwriters.. 34 Golden Cente 3 9% Goldman Sach TC .. 10% Gramaph rcts (20¢).. 24% Graymur Corp...... 115% GrA&PTopf (7). 8% Grier Stores (1) B% Groc Strs Prod v.tc., 78% Gulf Ofl of Pa (1%). 5 Hollinger Gold (60c). 33 Horn & Hard (2%).. 4% Hudson Bay M&S. 72% Humble O11 (2). 25% Hydro Elec Sec (2).. 15% Imp Of1l of Can (50c) 16% Imp Oil.Can reg(50c) 26 Ind Pipe L new(13) 2214 Ind Ter Lllu Oil (A) 22% Ind Ter Illu Ofl (B).. 10 Ind Finctfs (b10%). 43Y% Insull Ut (1b10% %). 82 Insull UIprpf(5%) 54 InsCoN Am (13).... 7% Insurance Sec (1.40) 13% int Petroleum (1)... 2% Internat Products... 344 Int Utilities A (3%). 8% Irving Afr Chute (1). 1% Irving Air Chu war., 4 Itallan Superp (A)..» 10 Johnson Motor...... 95 Koppers G&C pf (6). 11 Lefcourt Real t1.85.. 19 Lefcourt Real pf (3). % nard Ofl......... 30% Ley (P T) & Co (3).. 17% Lily Tullp Cup (1%) 13 - e [URPRPRSE PPN JUTC RIS - JPEP - 30 Bwift & 14% 27% b 1 cash or stock. b 2 3 18% 8% in stock. us Plus Swift Intl (13%).... Syracuse Wash Ma B Tampa Electrie (32). ‘Technicolor Inc. % Teck Hughes (60 ‘Toledo Ed cu pf (7) ‘Tran Con Afr Tran. Triplex Safety Gla: ‘Tubize Chatel (B).., Ungerleider F Corp.. Unlon Am Invest. ... Un N G of Can 11.60.. Union Tobacco. ..., Utd Car Fast (60c) 4 Utd Corp (War)..... Utd EI Sv pr war Utd Found b2-36 sh.. Utd Gas Co (new)... Utd Gas (war). . Utd Gas pt (7).. Utd Lt & Pow A ( Utd Lt & Pow pf (6). Utd Milk Prod pf..:. Utd Profit Sharing.., U S Elec Pow Ww. ey U S Foll (B) (1 US& Int Secur....... U S & Int Sec 18t (5), U S Lines pf (1)..... U S & Overseas ctf; US Playing Cards(4) Util & Ind pf (1%).0 Utllity Equitles. Vacuum Ofl (4). Vic Finan Cor (40 Vogt Mfg Co (2).. green Co. . ) Wil-Low Cafeterias. Zonite Products ¢1).. RIGHTS. 8% N Y Steam. Dividend rates in doliars yment. < Ex divi 1Partl; dend. tPartly extra IPlus 4% in stock. & Payable tn SouthldRoyalty(60¢) 11 7 2 Stand Ofl Ky, (11.80) 8 Stand O11 Ohio (234). 50s Stand O Ohio pf (7). 360s 0% Stand Pow & Lt (2).. 4 Stand P& L B (2). Co new (2).. wmmena anoseasn monStanane ao » S a <5 [UToN | [P RS - R S T T =TT 'S = 1 © Adlustment dividend. f Plus 6% tock. b Pl 10% 'In *Rock. "m Pita ‘3% "I *Soki. o 14 RAILROADS PROMOTE VEGETABLE INDUSTRY| Statistics Show Rapid Movement | of Products Aids Farmers of United States. By the Associated Press. A study just completed by the Ameri- can Railway Association indicates rapid United States has been an important factor in the development of the fresh fruit and vegetable industry of this country, which is likewise a main source of supply for Canada. Such transportation has aided in the location of large producing areas in regions favorable to the growth of fruits and vegetables, has stimulated large in- creases in production, and has assisted frequently situated at long distances from the producing regions, the associ- ation claims. Domestic fresh fruits and vegetables unloaded in the 66 markets, in 1929, Wl&d 615,387 carloads, an increase 19,284 over 1928. California led all States as a source of supply in six of the 18 products. ‘This State supplied practically all the about two-thirds the lettuce; over 63 per cent of the oranges, and more than one-half the pears. Florida led in three products, fur- nishing 87 per cent of the grapefruit; 37 per cent of the celery and 28 per cent of the tomatoes. New York City constituted the largest market for domestic fresh fruits and vegetables, taking 130,702 cars, or over 21 per cent of the whole. Chicago ranked second with 63,108 cars, or 10 per cent. Other cities followed in the order named: Philadelphia, Boston, Detroit, Pittsburgh, Cleveland, St. Louis and Los Angeles. o: and efficient rail transportation in the | |MPR6VETI:EATHER SALES ARE FORECAST Recent Purchases Indicate a Ris- ing Trend in Consumer Demand. | By the Associated Press. An immediate brighter outlook for improved leather sales in this country is forecast by the Department of Com- merce. Both forelgn and domestic trade has been in a lethargic state during most of 1930, but consumers are now making pnrc“ hases, it is said, not entirely neces- lemons unloaded in the 66 markets; about 92 per cent all the of nearly 70 per cent of the can! the alonpes; purchases thas ta previoss sitated by depleted stocks. nt claims Moreover, months of the year and seem to have more fai in the stabilization of the mnrkeet. P:l: vorable reports from the larger con- suming centers are responsible for the opinion on the part of reliable obsery- ers that the trade in the last quarter of 1930 will be much better than in any similar period of the year. Upper and patent leathers are ex- pected to sell much more freely, but sales of sole leather are predicted to be maintained at their present levels. Pancy leathers should also enjoy a larger demand, it is said, while uphol- stery and reptiles will be favored. Besides, a larger volume of foreign trade and increased sales on the do- mestic market are predicted. Domestic producers do not expect keen competi- tion at home from foreign sources, but are of the opinion that in the export mll;);eu the trade rivalry will be very acute. DANVILLE WILL LOSE $50,000 IN REVENUE Special Dispatch to The Star. DANVILLE, Va., November 3.—The city of Danville faces a reduction of $50,000 in revenue during the coming fiscal year, the Finance Committee has been informed by P. G. Harland, Com- missioner of Revenue, who gave esti- mated returns from various taxable sources. It was Indicated that the city will receive a tota! income of $1,200,000 against $1,250,000 last year. However, this is not as great as I:;g been anticipated and it is not expect :'uuumm to SLIGHT ADVANCES INTRADE TRENDS :Commerce Department Sums Up Domestic and Foreign Business Situations. By the Assoclated Press. An unchanged to_slightly improved trend was evidenced in the domestic tusiness situation for the week ended October 25, in reports from home and abroad to the Department of Commerce. Bank debits outside New Ycrk City howed an increase over the previous week, but declined from the corre- sponding period in 1929. Total loans and discounts of Federal Reserve member banks, although show- ing a fractional change from the pre- seding week, were lower than a year ago. Interest rates, both for call and time money, while showing no change from a weck ago, were cinsiderably lower than last year. Prices for representa- tive stocks and bonds were lower than the week ended October 18. Bond Prices Increased. As compared with a year ago, stock prices declined, while bond prices in- creased. ‘The number of defaulting firm., during the past week were more numerous than the previous period. Wholesale prices as measured by Fish- er's index showed no change from the preceding week, but were considerably lower than for the same week in 1929. For the period ended October 18, 1930, increases occurred over the pre- ceding week in the production of petro- leum ang, lumber and in the receipts at principal rharkets of cattle and calves. Declines from the previous week occurred In the production of bitumin- ous_coal, and steel ingots, in the value of building contracts awarded and in the receipts of wheat and hogs at im- portant centers. Brazil Business Paralyzed. Bank loans and discounts were greater and the prices pald for representative bonds higher for the period ended Octo- ber 25, 1930, when compared with the week of October 27, 1928, two years ago. In the Argentine general business was quiet, although weather conditions for agriculture and the live stock in- dustry continued to be very favorable. The record depreciation in the peso ex- change served to discourage imports and to further diminish stocks of manufac- tured goods, with the exception of such goods as are mainly consumed by farm- ers, the demand for which is still ad- versely affected . by last year's un- favorable crop. The first airplane con- structed in Argentina in the govern- ment’s Cordoba factory was successfully fiown on-October 22. In Brazil trade has been practically paralyzed during the month, with the exceptions of foodstuffs and war ma- terfals, owing to military operations connected with the revolution. Be- cause of the need for certain primary necessities, certain duties were lifted and fair quantities ordered; other larger orders were expected to be placed abroad when armed forces in the capi- tal rebelled to end revolution and the government was deposed and a provi- sional military machine set up. In view of the economic crisis the former gov- ernment decreed a national bank holi- day from October 6 to 21, later ex- tending it to November 30. Canada Doing Better. In Canada a slight improvement in trade in the maritime provinces and Quebec, and decreased unemployment in the latter province are reported, as evidence of better conditions in Eastern Canada. Some optimism is expressed also with regard to general conditions in Ontario. The prairie provinces re- port a slight retail acceleration, but wholesale trade there continues dull. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., November 3.— Potatoes, white, 100 pounds, 1.00a2.00; sweet potatoes, barrel, 1.7522.50; yams, barrel, 2.50a3.00; beans, bushel, 2.00a 3.25; beets, 100, 2.00a4.00; 12.00a18.00; carrots, cauliflower, crate, celery, crate, 1.00a1.75; eggplant, crate, 1.50a 2.50; lettuce, crate, 50a1.00; lima beans, hamper, 1.0021.50; peppers, hamper, 25a 50; Mpinach, bushel, 60a75; tomatoes, hamper, 75a1.50; turnips, bushel, 90a 1.20; apples, bushel, 65a1.75; canta- loupes, crate, 1.50a2.00; grapes, basket, 18a22; pears, bushel, 1.10a2.00; quinces, bushel, 1.25a1.50. Dairy Market. Poultry, alive—Turkeys, pound, 25; chickens, springers, 19a22; Leghorns, 17 al8; barebacks, 12a15; old hens,, 15a22; Leghorns, 12a15; roosters, 12a15; ducks, 13a18; guinea fowls, each, 30a36; pigeons, pair, 20. Eggs—Receipts 2,511 cases; nearby firsts, 38a40; hennery white, firsts, 48; Southern, firsts, 36a38; current receipts, 36a38. Butter—Good to fancy creamery, pound, 36a42; ladles, 28a30; rolls, 27a28; process, 32a 34; store-packed, 19a20. Hay and Grain. Wheat—No. 2_red Winter, export, 813%; No. 2 red Winter, garlicky, spot, ; October, 81%;; November, 83, 2 domestic, yellow, old, 93a94; cob corn, new, 4.50a4.60. Rye—Nearby, 60a65. Oats—White, No. 2, new 44; No. 3, 43. Hay—Receipts, none. General hay market strengthening. Drought has seriously curtailed nearby crops, chang- ing the entire situation. Sections'here- tofore shipping are now asking for of- fers of hay. Good clover mixed and timothy new hay will bring from 24.00 to_28.00 per ton. Wheat straw, No. 1, per ton, 9.00a }3:‘%1: oat straw, No. 1, per ton, 9.00a COAL PRODUCTION GAINS FOR WEEK OF OCTOBER 25 By the Associated Press, Production of bituminous coal in the United States was larger for the week ending October 25 than for any similar period since the middle of last February. The total output for the week, as an- nounced at the Commerce Department, was 10,438,000 tons, an increase of 1,208,000 tons over the preceding week. Production for the corresponding week last year was 11,625,000 tons. Peliminary _returns from railroads covering the first two days of last week indicated that the improvement in mining was continuing and that the next weekly total compiled would show additional gains. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid, Offer. 002 1003 Allis-Chalmers Co, & 95 105 100% Gen. Mot, General Pet. Cor General Theaters ear T. & R. a G i of P 9: Humble Ol 5145 1932. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, November 3.—The fol- | lowing is a summary of important corpo- l ration news, prepared by the Standard Statistics Co., Inc, New York, for the Associated Press: Weekly News Review. Following a period of upward tend- encles, stock quotations again turned reactionary during the past week. On the New York Stock Exchange prices of industrial issues, as measured by the Standard Statistics index, touched new low levels on Friday. ‘The composite price average of 90 of the most repre- sentative stocks lost 4.4 points, or 3.1 r cent, during the six trading ses- sions. Based on Seturday's closing prices, this index stood at 135.7 and compared with the year's low point of 134.2 established October 22 and a hign of 2058 recorded on April 10. Bonds, after & period of reaction, recently have been displaying moderate strength. High-grade obligations, led by United States Government issues, moved for= ward steadily last w Our composite index advanced in all but one session and gained 037 points. Underlying economic factors are fully as favorable to higher bond values as at any time in recent months. Interest rates continue at extremely low levels, and are unlike- ly to register marked firmness for a considerable time to come. An advance in commodity prices of sufficient pro- portions to exert & marked irfluence on the purchasing power of the interest dollar is not in prospect. Except for rubber and silver, com- modity prices closed Saturday below the levels of the preceding week. Grains were off moderately, cotton declined about $2 a bale, sugar lost several points and silk and hides were lower. Coffee was again disturbed by the Brazilian situation and declined more than 20 points. Weakness in_crude ofl prices extended further. Several companies announced additional cuts in mid- continent, while in Texas and Louisiana Gult Refining reduced posted prices on average about 20 cents under quotations GRAIN MARKET CHICAGO, November 8 (Special).— The wheat market was weak toda reflecting the decline in Liverpool. Al gentine weather was more favorable. December, old, opened 76'; to 76%: new, 76%. March, old, 80'2: new, 8034 to 80%. May, old, 821i; new, 823, After /first half hour December, old 76'5; new, 763, March, old, 803 new, 80%. May, old, 83!a: new, 82%. Corn was easier with wheat. ber old and new opened 72i: to 72%. March, )2“. 57 to 1513; neWw, 76 to; | 7534, 3 835 to 787, cember, old and new, 7214, old, 7813 to 178 new, After first half hour De- March, old, 38?4: new, 76's. May, old, 787%; new, | Oats were little changed. December, old, 33% to 33%. March, old. 353 May, old, 36%; to 36%: new, 363, to 37, After first half hour December, old, 33%. March, old, 35'5. May, old and new. 36%. Provisions were quiet, but firm, COLLECTIONS GAIN IN OGTOBER SHOWN Credit Chief Says Six Per Cent Advance Was Scored in Month. Special Dispatch to The Star. NEW YORK, November 3.—Collec- tions of wholesale and manufacturing firms throughout the country are at least 6 per cent better than they were a month ago, according to the Novem- ber bulletin of the National Assoclation of Credit Men. “From the credit point of view, the standing feature of the present by situation is this country-wide im provement in collections,” said Dr. Stephen 1. Miller, executive manager of the association. “We can see in it a dependable sign of better things just around the corner.” of the Standard Oil of New York sub- sidiary. Brokers’ mm:flnc& rokers’ loans, as Yeported by the F\vge?al Reserve Board, were reduced by $101,000,000 in the week ended October 29. This is the fifth successive week that borrowings have declined, The latest reported total of $2,512,000,000 is the lowest since June 9, 1926, and only $103,000,000 above the smallest amount recorded since publication ef the figures was initiated in January, 1926. In the money market, month end requirements failed to exercise any in- fluence on rates.. Call money rate con- tinued at 2 per cent officially, but was available outside the exchange at 1 per cent. The average call money renewal charge for October was 2 per cent, the lowest of any month in many years. In October last year the average renewal rate was 9 per cent. News of the week from industry was mostly of an adverse nature. Oper- ations in the steel industry receded fur- ther to 50 per cent of theoretical ca- pacity, compared with 52 per cent in the preceding week and 55 per cent two weeks ago. Freight car loadings during the third week of October recorded the largest decrease of any week this year compared with 1929 and were the low- est for the period since 1919. Total loadings for the year to date are below any like period since 1922. Electricity production of the country for the week ended October 25 was 4.1 per cent less than in 1929 period, but 2.8 per cent above the 1928 week. In the preceding week decline from 1929 was 3.5 per cent. Building contracts awarded in the States east of the Rockies during the week of October:24 fell sharply under those in the weeks immediately pre- ceding. Total was $59,724,400, a decline of 287 per cent from the preceding week and 32.3 per cent less than in the same week year ago. Residential build- ing was the most important item, com- m‘{sflnz 36 per cent of all the awards. This division of the industry is com- monly regarded as an index of oper- ations for the entire industry, since more than half of the total floor space contracted in recent years has fallen into this group. In view of the fact that this division first pointed the way downward for construction in general, and is currently retarding its rate of decline, there is a strong possibility of its being the first to stage a recovery. Corporation ~ earnings statements again provided an important part of the week’s financial news. Analysis of the results of 191 companies which have reported, presents an interesting study. Income of these concerns for the first nine months of this year ag- gregated about $830,000,000, or 73 per cent of the total reported by 'm_for the same 1929 period. Excluding U. 8. Steel and American Telephone & Tele- graph from the total, the remaining 189 companies showed returns amount- ing to 71 per cent of those a year ago. Railroads, as a group, have shown the most drastic deflation, 27 roads report- ing a total 63 per cent of that for the 1929 period. The 153 industrials in- cluded experienced income equal to 70 per cent of the 1929 amount, and 10 utilities, excluding slight gain of Ameri- can Telephone & Telegraph, were at a level 91 per cent of that attained in the 1929 period. The Companies. Amerada Corporation earned $4.53 common share in_first nine months vs. $2.83 year ago. Profit from sale lease holds included both periods. Associated Oil Construction of $2,- 000,000 cracking plant started at Avon, Calif., has daily capacity 10,000 barrels of oil. Atchison, Topeka & Santa Fe Rail- way to purchase about $5,000,000 worth of new equipment. Calumet & Arizona Mining reduced metal surplus by 5,000,000 pounds in September; sales for month exceeded 13,500,000 pounds. Exeter Oil third-quarter earnings 10 cents common share vs. 5 cents year ago; nine months, 30 cents vs. 14 cents. Firestone Tire & Rubber to construct Sound Credit Policy. Dr. Miller takes the view that more careful analysis of credit risks and vig- orous collection methods are, in large ‘measure, respvnsme for the gain in collections. “We are learning to apply the princi- ples on which sound credit appraisal is based and to make a more discriminat- ing selection of credit risks” he said. “We have discovered that credit abuses, such as discount piracy and ‘terms- grabbing,’ give way before a concerted and vigorous attack.” ‘The bulletin includes results of a spe- cial credit survey covering wholesale and manufacturing business in Califor- nia, Washington, Oregon, Idaho, Utah and Arizona. Sixty-four per cent of the firms re- ported larger sales in September than in the previous month, and 66. per cent reported larger collections. Unfavorable Factors. For the next six months, 44 per cent anticipated improved sales and collec- tions, 41 per cent no change and 15 per cent less favorable conditions. Inactivity in lumbering and the de- pressed copper and silver markets were the chief unfavorable factors reported. A good fruit crop, with favorable prices, was mentioned as an important aid to business, particularly in Idaho, Tire Plant for Argentine. NEW YORK, November 3 (#).—Fire- stone Tire & Rubber Co. has authorized construction of a tire factory in Argen- tina with a capacity of 1,000 tires and tubes a day. Decem- | ' RAIL COMPARISONS SHOW CONTRASTS Factors in Traffic Earnings Quite Different in 1921 | From 1930 Conditions. “With 10 months of the year passed, railway traffic continues to show no ime | provement,” says the Railway Age. “October usually is the best month of the year, and in the first three weeks of that month car loadings were about 19; per cent less than in October, 1929, larger decline relatively than has been reported for her month. | __"Comparisons between 1921 apd 1930 are interesting because 1921 was the last previous year of depression. In the first 42 weeks of 1921 the decline of car loadings averaged 13.3 per cent, while in the corresponding part of 1930 it averaged 124 per cent. The true measure of railroad freight business, however, is the number of tons carried one mile. Measured by this standard, the decline- in freight business in 1921 | was much larger than it has yet been in 1930. There was a larger decline in average tons per car in 1921 than there has been this year, and consequently this year's carloading statistics are somewhat d-ceptive. “In the first seven months of 1921 the decline in ton miles was 24.3 per cent, while in the first seven months of 1930 it was less than 12 per cant. The decline in traffic in 1921, however, | was almost uniform throughout the vear, while throughout 1930 it has in- | creased at an accelerating rate, and, | consequently, when total figures for 1930 | are available, they probably will show that the decline in ton miles for the | entire year more closely approached the I - | decline in 1921 than it did in the first seven months. | _“Earnings figures for 1921 and 1930 make a very different comparison from | trafic figures. The largest general ad~ | vance in freight and passenger rates in history was made late in 1920, and the average rates in effect in 1921 were, consequently, much higher than in 1920. As a result, passenger earnings in the first eight months of 1921 were only 1 |per cent less than in the first eight months of 1920, and freight earnings only 115 per cent less, while both freight and passenger earnings in the first eight months of 1930 were about 12! per cent less than in 1929. Because of a | constantly increasing decline of traffic, {the decline of both passenger and freight earnings reported for the year 1930 will be substantially in excess of these figures. “The railways in 1930 have had no week in which as many as 1,000,000 cars have been loaded with freight. This |is the first year since 1922 when this has been true. In fact, in the five consecutive years ending with 1929 average loadings exceeded 1,000,000 cars |8 week, while in the first 42 weeks of this year they averaged only 905,169 cars a week.” NEW YORK COTTON NEW YORK, November 3 (Special).— Opening quotations for cotton were 9 to 15 points above Saturday’s closing. The eastern and central belts reported cloudy weather with light scattered rains and the western belt was fair. | _Opening prices were: December, net 11.24, up 13; January, old, 11.40, up 1 January, new, 11.38, up 13; March, 11.65, up 15; May, 11.85, up 14; July, 12.095, up 14, and October, new, 12.20, up 9. ‘The jury system was in existence in the thirteenth century. Equitable Co-operative Bldg. Assn Orgl fzed 18’ 50th MPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr, Secretary Assets .. +..$5,723,083.61 Surplus & Profits «e..$1L,755,911.57 Subscription for the 99th Issue of Stock Being Received We will gladly explain our systematic plan for saving! Come in today! SYSTEMATIC SAVING —is the quickest way to accumulate money. Pro- vide now for that “Rainy Day™” Dy opening an account with us, 915 F St. N.W. Guarded Assets ican prudence—life insurance com- panies and savings banks—guard the safety of their assets closely...investing the billions of dollars placed in their custody with the utmost care and regard for security. And what is their choice for a sound and stable investment which assures maximum safety...First Mortgages. 71WO great institutions typifying Amer plant in Argentina with capacity 1,000 tires and tubes daily. Imperial Oil, Ltd, declared 50 cents special distribution of accumulgted rev- enue from foreign inyestments in ad- dition to quarterly dividend Kendall Co. had deficit 12. weeks to September 6 vs. income $188,668 year ago; 36 weeks' deficit, $58,171 vs. income $701,998. Henry Klein & Co. omits dividend on preferred stock currently due. National Bellas Hess October cash receipts declined 34.4 per cent from year ago; 10 months, 31 per cent small- er. Excluding sales stores not operated in 1929, decline was 35.5 per cent. Pond Creek Pocahontas earned $1.123 common share in third quarter and $1.31 for nine months. Public Utility Holding of America declared initial quarterly dividend of 12!, cents share on class A and com- mon stocks. * Southern Cities Public Utility ac- [ quires $61,840 capital stock of Salem Gas Light. Ulen & Co. third quarter earnings 81 cents common share ainst 86 cents year ago; nine mon! $2.48 against $2.47. Universal Pictures had deficit $146,- 340 in quarter to August 2 against net income $73,390 year ago; nine months, deficit $1,338,560 against income $119,- 96 1. Webster Eisenlohr, Inc., third quarter net income $49,840 against $166,878 year ago; for nine months had deficit $62,620, income $404,643. Yale & Towne Manufacturing had deficlt $9,960 in third quarter against net income $589,464 year ago; nine months, net, $144,602 against net $1,- Charged with the great responsibility in pay- ing in full all policies, the leading life insur- ance companies of the nation this year have placed about fifty per cent of their funds or more than six billions of dollars in First Mortgags. More than five billion dollars, also half their resources, was invested last year by the 611 mutual savings banks, located in 17 States of the country, in mortgage loans. These investmemts were made scientifically and painstakingly, solely on the basis of safety of principal and income yield. The selection of insurance companies and savings banks should also be YOURS. The 6 per cent First Mortgage Notes issued through Swartzell, Rheem & Hensey Company, too, with their perfect record of more than 61 years without loss to an investor, demonstrates that investments in these notes are truly GUARDED ASSETS. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 782,527, Yellow' Truck & Coach Manufactur- iing had deficit $384:432 in third quar- ter against deficit $5,591 year ago: for nine months had net income $1,053,481 against net $853,068, -\ 727 15 STREET N.W./ . WASHINGTON D.C.